Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab,” “the
Company,” “we” or “us”), a global leader in launch services and
space systems, today shared preliminary financial results for its
fiscal fourth quarter ended December 31, 2023 following the
successful deployment of Spire and NorthStar’s Space Situational
Awareness Mission.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240131503356/en/
Rocket Lab's Electron launch vehicle
lifts off the pad at Launch Complex 1 in New Zealand for the
Company's 43rd launch, successfully deploying satellites for
NorthStar and Spire. (Photo: Business Wire)
Rocket Lab founder and CEO, Peter Beck, said: “Our fourth
quarter included Electron’s successful return to service and our
largest contract award to date with the $515 million Space
Development Agency’s Tranche 2 Beta award. In addition, our Space
Systems business improved year-over year on increased merchant
component business. With our 43rd Electron mission now launched,
more launches scheduled in 2024 than in any prior year, and a
record backlog, we’re excited to continue building on our success
delivering end-to-end space solutions to the market. We are also
encouraged by progress made against key Neutron development
milestones and look forward to introducing new medium lift launch
technical capabilities and much needed incremental capacity to the
market.”
Certain Estimated Preliminary Results for the Three Months
Ended December 31, 2023 (unaudited)
Our audited consolidated financial statements for the year ended
December 31, 2023 are not yet available; however, certain of our
estimated preliminary unaudited financial results for the three
months ended December 31, 2023 are set forth below. With respect to
certain presented results, we have provided ranges, rather than
specific amounts, because these results are preliminary and subject
to change. These results are based on the information available to
us as of the date of this release. Our actual results may vary from
the estimated preliminary results presented below, including due to
the completion of our financial closing and other operational
procedures, final adjustments, and other developments that may
arise between now and the time the Company releases its financial
results for the fourth quarter and full year 2023, which is
currently scheduled for February 27, 2024. Our fourth quarter
revenue was impacted by the postponement of an Electron launch
previously scheduled to occur before the end of 2023, which was
partially offset by strength in our Space Systems business. The
postponement is not expected to impact our future results.
These estimates should not be viewed as a substitute for our
full interim or annual financial statements prepared in accordance
with US generally accepted accounting principles (“GAAP”).
Accordingly, undue reliance should not be placed on this
preliminary data.
The estimated preliminary financial results for the three months
ended December 31, 2023 have been prepared by, and are the
responsibility of, management. Our independent registered public
accounting firm, Deloitte & Touche LLP, has not audited,
reviewed, compiled or performed any procedures with respect to the
estimated preliminary financial results. Accordingly, our
independent registered public accounting firm does not express an
opinion or any other form of assurance with respect thereto.
Certain monetary amounts, percentages, and other figures included
below have been subject to rounding adjustments. Percentage amounts
included below have not in all cases been calculated on the basis
of such rounded figures, but on the basis of such amounts prior to
rounding. For this reason, percentage amounts below may vary from
those obtained by performing the same calculations using the
figures in our consolidated financial statements. Certain other
amounts that appear below may not sum due to rounding.
(figures in millions)
Three Months Ended December
31,
2022
2023 Estimated
Preliminary Unaudited Results
Actual
Low
High
Revenue
$
51.8
$
59.0
$
61.0
Space Systems revenue
$
39.7
$
50.5
$
52.5
Launch Services revenue
$
12.0
$
8.5
$
8.5
GAAP Gross margin
3.5
%
24.8
%
26.8
%
Non-GAAP Gross margin
14.5
%
31.4
%
33.2
%
GAAP Operating expenses
$
39.1
$
62.5
$
64.5
Non-GAAP Operating expenses
$
27.3
$
52.5
$
54.5
Interest expense, net
$
0.9
$
1.4
$
1.4
Net loss
$
(37.2
)
$
(52.5
)
$
(49.0
)
Adjusted EBITDA loss
$
(14.5
)
$
(30.0
)
$
(28.0
)
Basic shares outstanding
474
487
487
Non-GAAP Financial Measures
We have included information about certain non-GAAP financial
measures in this release. We supplement the reporting of our
financial information determined under 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 our ongoing business performance. These
non-GAAP measures should not be considered in isolation or as a
substitute for, or superior to, 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.
The following tables present a reconciliation of our estimated
preliminary Adjusted EBITDA loss, non-GAAP gross profit, non-GAAP
gross margin and non-GAAP operating expenses for the three months
ended December 31, 2023 to the most directly comparable financial
measure presented in accordance with GAAP. 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. Non-GAAP
gross profit, non-GAAP gross margin and non-GAAP operating expenses
further exclude 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.
(figures in millions)
Three Months Ended December
31,
2022
2023 Estimated
Preliminary Unaudited Results
Actual
Low
High
Net loss
$
(37.2
)
$
(52.5
)
$
(49.0
)
Depreciation
4.8
4.6
4.6
Amortization
3.5
3.6
3.6
Stock-based compensation expense
12.3
10.2
10.2
Transaction costs
0.1
0.0
0.0
Interest expense, net
0.9
1.4
1.4
Change in fair value of contingent
consideration
(0.2
)
0.2
0.2
Performance reserve escrow
1.9
0.0
0.0
(Benefit) provision for income taxes
(1.0
)
2.0
0.5
Loss on foreign exchange
0.5
0.4
0.4
Accretion of marketable securities
purchased at a discount
(1.1
)
(1.2
)
(1.2
)
Loss (gain) on disposal of assets
0.9
(0.4
)
(0.4
)
Loss on debt extinguishment
0.0
1.7
1.7
Adjusted EBITDA loss
$
(14.5
)
$
(30.0
)
$
(28.0
)
GAAP Gross profit
$
1.8
$
14.6
$
16.3
Stock-based compensation
3.9
2.2
2.2
Amortization of purchased intangibles
1.7
1.7
1.7
Performance reserve escrow
0.1
0.0
0.0
Non-GAAP Gross profit
$
7.5
$
18.5
$
20.2
Non-GAAP Gross margin
14.5
%
31.4
%
33.2
%
GAAP Operating expenses
$
39.1
$
62.5
$
64.5
Stock-based compensation
(8.5
)
(8.0
)
(8.0
)
Amortization of purchased intangibles
(1.5
)
(1.8
)
(1.8
)
Transaction costs
(0.1
)
0.0
0.0
Performance reserve escrow
(1.8
)
0.0
0.0
Change in fair value of contingent
consideration
0.2
(0.2
)
(0.2
)
Non-GAAP Operating expenses
$
27.3
$
52.5
$
54.5
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 and the Photon satellite platform 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 176 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 fourth quarter of 2023,
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
adjustments or changes that may be required after the date hereof
in connection with the preparation of our full year and fiscal
quarter ended December 31, 2023 financial statements, 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
production or through no fault of our own; launch schedule
disruptions; supply chain disruptions, product delays or failures;
design and engineering flaws; 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, 2022, which was
filed with the SEC on March 7, 2023, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240131503356/en/
+ Rocket Lab Investor Relations Contact Colin Canfield
investors@rocketlabusa.com
+ Rocket Lab Media Contact Morgan Bailey
media@rocketlabusa.com
Rocket Lab USA (NASDAQ:RKLB)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Rocket Lab USA (NASDAQ:RKLB)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024