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Mar 31, 2024
Rocket Lab Q1 2024 Earnings Report
Rocket Lab's Q1 2024 earnings reflected year-on-year revenue growth and sequential quarterly growth, with continued growth expected in Q2 2024.
Key Takeaways
Rocket Lab reported a strong start to the year, marked by a 69% year-on-year revenue increase and a 55% sequential quarterly growth. The company successfully launched four Electron missions and progressed significantly on the development of its Neutron rocket, including the first Archimedes engine build.
Closed Q1 2024 with over $1 billion in backlog.
Successfully launched four Electron missions for commercial and national security customers.
Successful program kick-off for a $515 million Space Development Agency contract.
Made meaningful progress on the production and testing of two Rocket Lab spacecraft for NASA’s ESCAPADE mission to Mars.
Rocket Lab
Rocket Lab
Rocket Lab Revenue by Segment
Revenue by Segment
Space Systems Revenue
CapyFin.comLaunch Services Revenue
CapyFin.com Forward Guidance
For the second quarter of 2024, Rocket Lab expects revenue between $105 million and $110 million, with Space Systems revenue between $77 million and $81 million and Launch Services revenue between $28 million and $29 million. GAAP Gross Margins are expected to be between 24% and 26%, and Non-GAAP Gross Margins between 30% and 32%.
Positive Outlook
- 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%.
Challenges Ahead
- GAAP Operating Expenses between $74 million and $76 million.
- Non-GAAP Operating Expenses between $62 million and $64 million.
- Adjusted EBITDA loss of $23 million to $25 million.
- Expected Interest Expense (Income), net $1 million.
- Stock-based compensation is currently expected to range from $14 million to $15 million in Q2 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income