Rocket Lab also provided a major update on the
progress of its new rocket Neutron, including that it has completed
its first Archimedes engine build and has begun its engine test
campaign in Mississippi
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 first quarter ended
March 31, 2024.
Rocket Lab founder and CEO Peter Beck said: “Rocket Lab has had
a strong start to the year, with our four Electron missions in Q1
marking an accelerated cadence of launches this year and
maintaining our status as operators of the United States’ second
most frequently launched rocket. Most recently we were awarded
close to $50 million across two mission contracts post quarter for
the United States Space Force’s Space Systems Command: the Victus
Haze responsive space demonstration with Electron and a Rocket Lab
Pioneer-class satellite that must launch within 24 hours’ notice,
and the next mission in the Space Systems Command’s Space Test
Program that will lift-off from our launch pad in Virginia. Both
missions are a further demonstration of Rocket Lab as a trusted
partner to the Department of Defense for assured access to space,
coming off the back of our fifth overall national security launch
for the National Reconnaissance Office which we flew before
quarter-end in March.
“In our Space Systems business, execution on our $515m
constellation build program for the Space Development Agency has
begun in earnest with a successful program kick-off, completed
preliminary design studies for the constellation’s 18 spacecraft,
and the selection and onboarding of the program’s subcontractors
who will contribute across various mission requirements. Other
major spacecraft programs, including our 17 spacecraft
constellation build for MDA and Globalstar, our twin spacecraft to
Mars for the NASA ESCAPADE mission, and our mission support and
reentry spacecraft for Varda, also cleared significant delivery,
build, and test milestones that advance the programs and maintain
schedule for launches or deliveries this year.
“For Neutron, we’ve also achieved major development milestones
to date this year, including the first assembly of an Archimedes
engine, now ready for a hot fire engine test campaign at our
facilities at NASA Stennis in Mississippi. The Archimedes test site
at Stennis is also now commissioned and ready to support the
upcoming test campaign, the results of which will be the driver of
Neutron’s expected date for first launch. Now with a complete
engine, we’re through some of the unknowns in the development
program and can update the schedule for first flight accordingly,
which we have adjusted to no earlier than mid-2025.
“Other developments across the program include major
installations at the Neutron launch pad in Wallops, Virginia, such
as completed concrete pours for the site’s launch mount and
finalization of the site’s 278 ft water tower, forever changing the
Wallops Island skyline and marking an exciting new era in Neutron’s
path to first launch.”
First Quarter 2024 Business Highlights:
- Closed Q1 2024 with $1+ billion in backlog.
- Successfully launched four Electron missions for commercial and
national security customers across our launch sites in the United
States and New Zealand.
- Successful program kick-off as the prime contractor for a $515m
Space Development Agency contract to design, build and operate 18
satellites for the Tranche 2 Transport Layer-Beta.
- Meaningful progress made on the production and testing of two
Rocket Lab spacecraft for NASA’s ESCAPADE mission to Mars.
- Successfully returned a spacecraft to Earth for Varda in a
world-first in-space manufacturing mission, enabling Varda’s
payload of pharmaceutical crystals made in space to return to
Earth.
- Progressed major infrastructure milestones at Launch Complex 3
for Neutron, including foundations for the launch mount, water
tower and liquid oxygen tanks.
Business Highlights Since March 31, 2024:
- First launch of the quarter successfully completed for KAIST
and NASA.
- Completed the assembly of an Archimedes engine for the first
time ahead of upcoming engine test campaign at NASA Stennis in
Mississippi.
- Completed major infrastructure installations at Launch Complex
3 for Neutron in Virginia, including the final concrete pour for
Neutron’s launch mount and finalization of the site’s 278 ft water
tower.
- Awarded a $32 million end-to-end launch-plus-spacecraft
contract with the U.S. Space Force’s Space Systems Command for a
24-hour notice responsive space demonstration.
- Awarded a second U.S. Space Force launch contract valued at
$14.49 million for the Space System Command’s Space Test Program
(STP).
Second Quarter 2024 Guidance
For the second quarter of 2024, Rocket Lab expects:
- Revenue between $105 million and $110 million.
- Space Systems revenue between $77 million and $81 million.
- Launch Services revenue between $28 million and $29
million.
- GAAP Gross Margins between 24% and 26%.
- Non-GAAP Gross Margins between 30% and 32%.
- GAAP Operating Expenses between $74 million and $76
million.
- Non-GAAP Operating Expenses between $62 million and $64
million.
- Expected Interest Expense (Income), net $1 million.
- Adjusted EBITDA loss of $23 million to $25 million.
- Basic Shares Outstanding of 494 million.
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 Q2 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 $14 million to $15 million in Q2 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 first quarter, to provide our outlook for
the second 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, our family of spacecraft platforms, and the
Company is developing the large Neutron launch vehicle for
constellation deployment. Since its first orbital launch in January
2018, Rocket Lab’s Electron launch vehicle has become the second
most frequently launched U.S. rocket annually and has delivered
180+ 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 spacecraft have 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 pad in Virginia. 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 second 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 MONTHS ENDED
MARCH 31, 2024 AND 2023
(unaudited; in thousands,
except share and per share data)
Three Months Ended March
31,
2024
2023
Revenues
$
92,767
$
54,895
Cost of revenues
68,593
48,538
Gross profit
24,174
6,357
Operating expenses:
Research and development, net
38,504
23,905
Selling, general and administrative
28,749
28,469
Total operating expenses
67,253
52,374
Operating loss
(43,079
)
(46,017
)
Other income (expense):
Interest expense, net
(898
)
(685
)
Gain on foreign exchange
311
134
Other (expense) income, net
(589
)
1,477
Total other (expense) income, net
(1,176
)
926
Loss before income taxes
(44,255
)
(45,091
)
Provision for income taxes
(5
)
(526
)
Net loss
$
(44,260
)
$
(45,617
)
Net loss per share attributable to Rocket
Lab USA, Inc.:
Basic and diluted
$
(0.09
)
$
(0.10
)
Weighted-average common shares
outstanding:
Basic and diluted
489,994,709
476,199,710
ROCKET LAB U.S.A., INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
AS OF MARCH 31, 2024 AND
DECEMBER 31, 2023
(unaudited; in thousands,
except share and per share data)
March 31, 2024
(unaudited)
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$
365,929
$
162,518
Marketable securities, current
126,593
82,255
Accounts receivable, net
31,167
35,176
Contract assets
14,895
12,951
Inventories
99,901
107,857
Prepaids and other current assets
78,606
66,949
Assets held for sale
8,532
9,016
Total current assets
725,623
476,722
Non-current assets:
Property, plant and equipment, net
148,087
145,409
Intangible assets, net
66,845
68,094
Goodwill
71,020
71,020
Right-of-use assets - operating leases
56,870
59,401
Right-of-use assets - finance leases
14,827
14,987
Marketable securities, non-current
68,566
79,247
Restricted cash
3,849
3,916
Deferred income tax assets, net
3,353
3,501
Other non-current assets
22,884
18,914
Total assets
$
1,181,924
$
941,211
Liabilities and Stockholders’
Equity
Current liabilities:
Trade payables
$
25,995
$
29,303
Accrued expenses
9,091
5,590
Employee benefits payable
13,934
16,342
Contract liabilities
150,535
139,338
Current installments of long-term
borrowings
10,996
17,764
Other current liabilities
21,911
15,036
Total current liabilities
232,462
223,373
Non-current liabilities:
Convertible senior notes, net
343,829
—
Long-term borrowings, net, excluding
current installments
52,717
87,587
Non-current operating lease
liabilities
54,101
56,099
Non-current finance lease liabilities
15,177
15,238
Deferred tax liabilities
530
426
Other non-current liabilities
4,162
3,944
Total liabilities
702,978
386,667
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Common stock, $0.0001 par value;
authorized shares: 2,500,000,000; issued and outstanding shares:
492,670,716 and 488,923,055 at March 31, 2024 and December 31,
2023, respectively
49
49
Additional paid-in capital
1,148,484
1,176,484
Accumulated deficit
(667,786
)
(623,526
)
Accumulated other comprehensive income
(loss)
(1,801
)
1,537
Total stockholders’ equity
478,946
554,544
Total liabilities and stockholders’
equity
$
1,181,924
$
941,211
ROCKET LAB U.S.A., INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE THREE MONTHS ENDED
MARCH 31, 2024 AND 2023
(unaudited; in
thousands)
For the Three Months
Ended
March 31,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss
$
(44,260
)
$
(45,617
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
8,313
7,033
Stock-based compensation expense
13,093
14,036
Loss on disposal of assets
3
5
Loss on extinguishment of long-term
debt
1,330
—
Amortization of debt issuance costs and
discount
639
709
Noncash lease expense
1,491
988
Change in the fair value of contingent
consideration
(271
)
300
Accretion of marketable securities
purchased at a discount
(842
)
(1,147
)
Deferred income taxes
78
420
Changes in operating assets and
liabilities:
Accounts receivable, net
3,939
(14,116
)
Contract assets
(1,944
)
(3,109
)
Inventories
7,509
(6,712
)
Prepaids and other current assets
(5,303
)
(10,035
)
Other non-current assets
(4,266
)
103
Trade payables
(1,673
)
11,305
Accrued expenses
3,200
403
Employee benefits payables
(622
)
1,294
Contract liabilities
11,205
17,292
Other current liabilities
6,729
2,305
Non-current lease liabilities
(1,425
)
(891
)
Other non-current liabilities
489
49
Net cash used in operating activities
(2,588
)
(25,385
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property, equipment and
software
(19,177
)
(12,674
)
Purchases of marketable securities
(79,359
)
(76,394
)
Maturities of marketable securities
46,280
78,099
Net cash used in investing activities
(52,256
)
(10,969
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from the exercise of stock
options and public warrants
943
771
Proceeds from Employee Stock Purchase
Plan
507
1,202
Proceeds from sale of employees restricted
stock units to cover taxes
5,119
3,078
Minimum tax withholding paid on behalf of
employees for restricted stock units
(5,163
)
(1,915
)
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
(43,215
)
—
Payment of debt issuance costs
(11,226
)
—
Finance lease principal payments
(90
)
(78
)
Net cash provided by financing
activities
258,707
2,058
Effect of exchange rate changes on cash
and cash equivalents
(519
)
127
Net increase (decrease) in cash and cash
equivalents and restricted cash
203,344
(34,169
)
Cash and cash equivalents, and restricted
cash, beginning of period
166,434
245,871
Cash and cash equivalents, and restricted
cash, end of period
$
369,778
$
211,702
ROCKET LAB U.S.A., INC. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
FOR THE THREE MONTHS ENDED
MARCH 31, 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 March
31,
2024
2023
NET LOSS
$
(44,260
)
$
(45,617
)
Depreciation
4,924
3,713
Amortization
3,389
3,320
Stock-based compensation expense
13,093
14,036
Transaction costs
372
165
Interest expense, net
898
685
Change in fair value of contingent
consideration
(271
)
300
Performance reserve escrow
—
1,838
Provision for income taxes
5
526
Gain on foreign exchange
(311
)
(134
)
Accretion of marketable securities
purchased at a discount
(842
)
(1,165
)
Loss on disposal of assets
3
5
Employee retention credit
—
(3,841
)
Loss on extinguishment of debt
1,330
—
ADJUSTED EBITDA
$
(21,670
)
$
(26,169
)
Three Months Ended March
31,
2024
2023
GAAP Gross profit
$
24,174
$
6,357
Stock-based compensation
3,503
3,813
Amortization of purchased intangibles and
favorable lease
1,743
1,710
Performance reserve escrow
—
57
Employee retention credit
—
(2,130
)
Non-GAAP Gross profit
$
29,420
$
9,807
Non-GAAP Gross margin
31.7
%
17.9
%
GAAP Research and development,
net
$
38,504
$
23,905
Stock-based compensation
(3,985
)
(5,022
)
Amortization of purchased intangibles and
favorable lease
(229
)
(9
)
Employee retention credit
—
631
Non-GAAP Research and development,
net
$
34,290
$
19,505
GAAP Selling, general and
administrative
$
28,749
$
28,469
Stock-based compensation
(5,605
)
(5,201
)
Amortization of purchased intangibles and
favorable lease
(932
)
(1,434
)
Transaction costs
(372
)
(165
)
Performance reserve escrow
—
(1,781
)
Change in fair value of contingent
consideration
271
(300
)
Employee retention credit
—
1,080
Non-GAAP Selling, general and
administrative
$
22,111
$
20,668
GAAP Operating expenses
$
67,253
$
52,374
Stock-based compensation
(9,590
)
(10,223
)
Amortization of purchased intangibles and
favorable lease
(1,161
)
(1,443
)
Transaction costs
(372
)
(165
)
Performance reserve escrow
—
(1,781
)
Change in fair value of contingent
consideration
271
(300
)
Employee retention credit
—
1,711
Non-GAAP Operating expenses
$
56,401
$
40,173
GAAP Operating loss
$
(43,079
)
$
(46,017
)
Total non-GAAP adjustments
16,098
15,651
Non-GAAP Operating loss
$
(26,981
)
$
(30,366
)
GAAP Total other income (expense),
net
$
(1,176
)
$
926
Gain on foreign exchange
(311
)
(134
)
Loss on disposal of assets
3
5
Loss on extinguishment of debt
1,330
—
Non-GAAP Total other income (expense),
net
$
(154
)
$
797
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240506663287/en/
+ Rocket Lab Investor Relations Contact Adam Spice
investors@rocketlabusa.com
+ Rocket Lab Media Contact Murielle Baker
media@rocketlabusa.com
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