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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Rocket Lab USA Inc | NASDAQ:RKLB | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -3.11 | -11.79% | 23.26 | 23.25 | 23.50 | 26.78 | 22.89 | 26.29 | 21,281,942 | 01:00:00 |
From Jun 2024 to Dec 2024
Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today shared the financial results for fiscal second quarter, ended June 30, 2024.
Rocket Lab founder and CEO, Sir Peter Beck, said: “This year’s second quarter was Rocket Lab’s highest revenue quarter in Company history at $106 million. This 71% year-on-year revenue increase demonstrates the strong and growing demand for our launch services and space systems products, and importantly, our team’s ability to execute against it. Meanwhile, we reached a critical milestone in the development of our new medium lift rocket Neutron, with the successful completion of the first hot fire for the Archimedes engine. Over the same period, we made significant progress in Neutron production and launch infrastructure with the scaling of engine production facilities, installation of the automated fiber placement machine that will produce Neutron’s largest carbon fiber structures, and we furthered development of Launch Complex 3 and the integration and assembly facility on site in Wallops, Virginia. On the small launch front, Electron remains the leading small rocket globally with successful launches in the quarter for government and commercial customers, and demand for it continues to grow with 17 new launches signed so far this year. We also continue to reach development and production milestones across our space systems programs, in which we have more than $720 million in spacecraft under contract. Some significant achievements on this front include the completion of twin Rocket Lab-designed and built satellites for a NASA mission to Mars, as well as completing successful development reviews for the government and commercial constellations we have in work.”
Business Highlights for the Second Quarter 2024, plus updates since June 30, 2024:
Third Quarter 2024 Guidance
For the third quarter of 2024, Rocket Lab expects:
See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q3 2024 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $12 million to $14 million in Q3 2024.
Conference Call Information
Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our second quarter, to provide our outlook for the third quarter, and other updates.
The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events
About Rocket Lab
Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, various satellite platforms, and is developing the Neutron launch vehicle for large spacecraft and constellation deployment. From its first orbital launch in January 2018 to date, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 191 satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab’s Photon spacecraft platform has been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a third launch site in Virginia, USA. To learn more, visit www.rocketlabusa.com.
+ FORWARD-LOOKING STATEMENTS
This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release, including statements regarding our expectations of financial results for the third quarter of 2024, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to delays and disruptions in expansion efforts; delays in the development of our Neutron rocket; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased competition in our industry due in part to rapid technological development; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; general economic uncertainty and turbulence which could impact our customers’ ability to pay what we are owed; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design, in engineering, in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; launch failures; natural disasters and epidemics or pandemics; any inability to effectively integrate recently acquired assets; a US government shutdown or delays in government funding; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024, and elsewhere. There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Notes to Editor: All dollar amounts in this press release are expressed in U.S. dollars, unless otherwise stated.
+ USE OF NON-GAAP FINANCIAL MEASURES
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:
+ ADJUSTED EBITDA
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.
+ OTHER NON-GAAP FINANCIAL MEASURES
Non-GAAP gross profit, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.
ROCKET LAB U.S.A., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(unaudited; in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Revenues
$
106,251
$
62,045
$
199,018
$
116,940
Cost of revenues
79,089
47,452
147,682
95,990
Gross profit
27,162
14,593
51,336
20,950
Operating expenses:
Research and development, net
39,912
31,035
78,416
54,940
Selling, general and administrative
30,524
28,717
59,273
57,186
Total operating expenses
70,436
59,752
137,689
112,126
Operating loss
(43,274
)
(45,159
)
(86,353
)
(91,176
)
Other income (expense):
Interest expense, net
(824
)
(745
)
(1,722
)
(1,430
)
(Loss) gain on foreign exchange
(286
)
(90
)
25
44
Other income, net
1,893
866
1,304
2,343
Total other income (expense), net
783
31
(393
)
957
Loss before income taxes
(42,491
)
(45,128
)
(86,746
)
(90,219
)
Benefit (provision) for income taxes
860
(761
)
855
(1,287
)
Net loss
$
(41,631
)
$
(45,889
)
$
(85,891
)
$
(91,506
)
Net loss per share attributable to Rocket Lab USA, Inc.:
Basic and diluted
$
(0.08
)
$
(0.10
)
$
(0.17
)
$
(0.19
)
Weighted-average common shares outstanding:
Basic and diluted
494,190,708
479,735,858
492,092,709
477,977,551
ROCKET LAB U.S.A., INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2024 AND DECEMBER 31, 2023
(unaudited; in thousands, except share and per share data)
June 30, 2024
(unaudited)
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$
340,911
$
162,518
Marketable securities, current
155,844
82,255
Accounts receivable, net
50,476
35,176
Contract assets
18,744
12,951
Inventories
104,539
107,857
Prepaids and other current assets
81,322
66,949
Assets held for sale
—
9,016
Total current assets
751,836
476,722
Non-current assets:
Property, plant and equipment, net
155,894
145,409
Intangible assets, net
64,243
68,094
Goodwill
71,020
71,020
Right-of-use assets - operating leases
55,283
59,401
Right-of-use assets - finance leases
14,667
14,987
Marketable securities, non-current
46,411
79,247
Restricted cash
3,640
3,916
Deferred income tax assets, net
1,573
3,501
Other non-current assets
24,031
18,914
Total assets
$
1,188,598
$
941,211
Liabilities and Stockholders’ Equity
Current liabilities:
Trade payables
$
26,468
$
29,303
Accrued expenses
11,937
5,590
Employee benefits payable
13,918
16,342
Contract liabilities
184,042
139,338
Current installments of long-term borrowings
11,345
17,764
Other current liabilities
18,731
15,036
Total current liabilities
266,441
223,373
Non-current liabilities:
Convertible senior notes, net
344,344
—
Long-term borrowings, net, excluding current installments
50,061
87,587
Non-current operating lease liabilities
52,888
56,099
Non-current finance lease liabilities
15,112
15,238
Deferred tax liabilities
619
426
Other non-current liabilities
3,953
3,944
Total liabilities
733,418
386,667
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 496,500,849 and 488,923,055 at June 30, 2024 and December 31, 2023, respectively
50
49
Additional paid-in capital
1,165,322
1,176,484
Accumulated deficit
(709,417
)
(623,526
)
Accumulated other comprehensive income (loss)
(775
)
1,537
Total stockholders’ equity
455,180
554,544
Total liabilities and stockholders’ equity
$
1,188,598
$
941,211
ROCKET LAB U.S.A., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(unaudited; in thousands)
For the Six Months Ended June 30,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(85,891
)
$
(91,506
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
16,421
13,785
Stock-based compensation expense
27,048
29,300
(Gain) loss on disposal of assets
(1,192
)
27
Loss on extinguishment of long-term debt
1,330
—
Amortization of debt issuance costs and discount
1,454
1,431
Noncash lease expense
2,959
2,026
Change in the fair value of contingent consideration
(218
)
1,600
Accretion of marketable securities purchased at a discount
(1,605
)
(2,116
)
Deferred income taxes
2,000
248
Changes in operating assets and liabilities:
Accounts receivable, net
(15,420
)
11,433
Contract assets
(5,793
)
(7,264
)
Inventories
2,530
(10,611
)
Prepaids and other current assets
(4,638
)
(10,839
)
Other non-current assets
(5,289
)
(5,634
)
Trade payables
(1,930
)
13,234
Accrued expenses
6,566
(2,845
)
Employee benefits payables
(1,064
)
4,116
Contract liabilities
44,718
26,230
Other current liabilities
4,222
(1,881
)
Non-current lease liabilities
(2,860
)
(1,942
)
Other non-current liabilities
1,064
(241
)
Net cash used in operating activities
(15,588
)
(31,449
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software
(34,521
)
(23,246
)
Proceeds on disposal of assets, net
10,815
—
Cash paid for asset acquisition
—
(16,119
)
Purchases of marketable securities
(113,274
)
(132,000
)
Maturities of marketable securities
73,883
154,176
Net cash used in investing activities
(63,097
)
(17,189
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of stock options and public warrants
1,159
1,808
Proceeds from Employee Stock Purchase Plan
2,665
2,522
Proceeds from sale of employees restricted stock units to cover taxes
9,270
7,801
Minimum tax withholding paid on behalf of employees for restricted stock units
(9,479
)
(6,968
)
Payment of contingent consideration
—
(1,000
)
Purchase of capped calls related to issuance of convertible senior notes
(43,168
)
—
Proceeds from issuance of convertible senior notes
355,000
—
Repayments on Trinity Loan Agreement
(45,822
)
—
Payment of debt issuance costs
(12,205
)
—
Finance lease principal payments
(477
)
(160
)
Net cash provided by financing activities
256,943
4,003
Effect of exchange rate changes on cash and cash equivalents
(141
)
(482
)
Net increase (decrease) in cash and cash equivalents and restricted cash
178,117
(45,117
)
Cash and cash equivalents, and restricted cash, beginning of period
166,434
245,871
Cash and cash equivalents, and restricted cash, end of period
$
344,551
$
200,754
ROCKET LAB U.S.A., INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(unaudited; in thousands)
The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
NET LOSS
$
(41,631
)
$
(45,889
)
$
(85,891
)
$
(91,506
)
Depreciation
4,796
3,513
9,720
7,226
Amortization
3,312
3,239
6,701
6,559
Stock-based compensation expense
13,955
15,264
27,048
29,300
Transaction costs
12
4
384
169
Interest expense, net
824
745
1,722
1,430
Change in fair value of contingent consideration
53
1,300
(218
)
1,600
Performance reserve escrow
—
1,788
—
3,626
(Benefit) provision for income taxes
(860
)
761
(855
)
1,287
Loss (gain) on foreign exchange
286
90
(25
)
(44
)
Accretion of marketable securities purchased at a discount
(764
)
(989
)
(1,606
)
(2,154
)
(Gain) loss on disposal of assets
(1,195
)
22
(1,192
)
27
Employee retention credit
—
—
—
(3,841
)
Loss on extinguishment of debt
—
—
1,330
—
ADJUSTED EBITDA
$
(21,212
)
$
(20,152
)
$
(42,882
)
$
(46,321
)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
GAAP Gross profit
$
27,162
$
14,593
$
51,336
$
20,950
Stock-based compensation
3,673
3,330
7,176
7,143
Amortization of purchased intangibles and favorable lease
1,741
1,709
3,484
3,419
Performance reserve escrow
—
76
—
133
Employee retention credit
—
—
—
(2,130
)
Non-GAAP Gross profit
$
32,576
$
19,708
$
61,996
$
29,515
Non-GAAP Gross margin
30.7
%
31.8
%
31.2
%
25.2
%
GAAP Research and development, net
$
39,912
$
31,035
$
78,416
$
54,940
Stock-based compensation
(5,049
)
(6,652
)
(9,034
)
(11,674
)
Amortization of purchased intangibles and favorable lease
(155
)
(9
)
(384
)
(18
)
Employee retention credit
—
—
—
631
Non-GAAP Research and development, net
$
34,708
$
24,374
$
68,998
$
43,879
GAAP Selling, general and administrative
$
30,524
$
28,717
$
59,273
$
57,186
Stock-based compensation
(5,233
)
(5,282
)
(10,838
)
(10,483
)
Amortization of purchased intangibles and favorable lease
(1,382
)
(1,395
)
(2,314
)
(2,829
)
Transaction costs
(12
)
(4
)
(384
)
(169
)
Performance reserve escrow
—
(1,712
)
—
(3,493
)
Change in fair value of contingent consideration
(53
)
(1,300
)
218
(1,600
)
Employee retention credit
—
—
—
1,080
Non-GAAP Selling, general and administrative
$
23,844
$
19,024
$
45,955
$
39,692
GAAP Operating expenses
$
70,436
$
59,752
$
137,689
$
112,126
Stock-based compensation
(10,282
)
(11,934
)
(19,872
)
(22,157
)
Amortization of purchased intangibles and favorable lease
(1,537
)
(1,404
)
(2,698
)
(2,847
)
Transaction costs
(12
)
(4
)
(384
)
(169
)
Performance reserve escrow
—
(1,712
)
—
(3,493
)
Change in fair value of contingent consideration
(53
)
(1,300
)
218
(1,600
)
Employee retention credit
—
—
—
1,711
Non-GAAP Operating expenses
$
58,552
$
43,398
$
114,953
$
83,571
GAAP Operating loss
$
(43,274
)
$
(45,159
)
$
(86,353
)
$
(91,176
)
Total non-GAAP adjustments
17,298
21,469
33,396
37,120
Non-GAAP Operating loss
$
(25,976
)
$
(23,690
)
$
(52,957
)
$
(54,056
)
GAAP Total other income (expense), net
$
783
$
31
$
(393
)
$
957
Loss (gain) on foreign exchange
286
90
(25
)
(44
)
(Gain) loss on disposal of assets
(1,195
)
22
(1,192
)
27
Loss on extinguishment of debt
—
—
1,330
—
Non-GAAP Total other income (expense), net
$
(126
)
$
143
$
(280
)
$
940
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808283474/en/
+ Rocket Lab Investor Relations investors@rocketlabusa.com
+ Rocket Lab Media Contact Morgan Connaughton media@rocketlabusa.com
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