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 fourth quarter and
full year, ended December 31, 2023.
Rocket Lab founder and CEO, Peter Beck, said: “Rocket Lab had
another strong year in 2023 across our launch and space systems
businesses. We grew revenue 16% year-on year, while expanding our
GAAP and non-GAAP gross margins by 12.0 and 6.9 percentage points,
respectively, and rounded out the fourth quarter with our largest
contract – an award up to $515 million from the Space Development
Agency which will see us act as prime contractor for the first time
to build 18 satellites for the Tranche 2 Transport Layer-Beta. We
also reached a new annual launch record, with ten Electron missions
flown in 2023. It was also a record year for securing Electron and
HASTE contracts, with 25 new orbital and suborbital missions signed
in 2023. We rounded out the year with some significant milestones
for Neutron development, including the opening of a new
manufacturing complex in Baltimore that will support the production
of Neutron’s carbon composite structures, and Archimedes engine
development entered the final stages ahead of the first hot fire.
Continuing this strong momentum, we started 2024 off strong with
the issuance of $355 million in convertible senior notes, adding
additional funding to the Rocket Lab balance sheet at an attractive
cost of capital and enabling us to take advantage of potential
M&A as well as other strategic growth investment
opportunities.”
Fourth Quarter 2023 Business Highlights:
- Selected as prime contractor by the Space Development Agency
for a $515 million contract to design, build and operate 18
satellites for the Tranche 2 Transport Layer-Beta.
- Electron successfully returned to flight in the fourth quarter,
deploying a synthetic aperture radar satellite to orbit for
Japanese constellation operator iQPS.
- Closed 2023 with a record number of 25 launches signed across
Electron and HASTE.
- Progressed major infrastructure milestones at Launch Complex 3
for Neutron, including foundations for the launch mount, water
tower and liquid oxygen tanks.
- Established a Space Structures Complex in the former Lockheed
Martin Vertical Launch Building in Middle River, Maryland to
support the development and manufacture of carbon composite
spacecraft structures and components, as well as the long-term
supply of carbon composite structures for Neutron.
- Refinanced our $100M term loan facility with Hercules Capital,
into a larger, longer duration and cost-effective $120M equipment
lending facility with Trinity Capital.
Business Highlights Since December 31, 2023:
- Successfully launched two Electron missions, including a Space
Situational Awareness mission for Spire and NorthStar, as well as
an orbital debris observation demonstration mission for Astroscale
Japan Inc.
- Progressed Electron’s reusability program with a successful
ocean splashdown and recovery in January 2024, bringing Electron’s
first stage back in the best condition yet.
- Entered the commissioning phase at the Archimedes Test Complex
at NASA Stennis Space Center in preparation for Neutron engine hot
fires.
- Closed an upsized offering of $355 million convertible senior
notes to open up a mix of opportunities including potential M&A
and other strategic growth and scaling investments.
- Successful re-entry of Rocket Lab-built in-space manufacturing
satellite developed for Varda Space Industries. The successful
reentry marked the completion of the first commercial in-space
manufacturing demonstration.
First Quarter 2024 Guidance
For the first quarter of 2024, Rocket Lab expects:
- Revenue between $92 million and $98 million.
- Space Systems revenue between $60 million and $65 million.
- Launch Services revenue between $32 million and $33
million.
- GAAP Gross Margins between 24% and 26%.
- Non-GAAP Gross Margins between 29% and 31%.
- GAAP Operating Expenses between $73 million and $75
million.
- Non-GAAP Operating Expenses between $62 million and $64
million.
- Expected Interest Expense (Income), net $1.5 million.
- Adjusted EBITDA loss of $28 million to $30 million.
- Basic Shares Outstanding of 490 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 Q1 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 $13 million in Q1 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 fourth quarter, to provide our outlook
for the first 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 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 177 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 first 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; 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.
+ 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 EDITDA
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 AND YEARS
ENDED DECEMBER 31, 2023 AND 2022
(unaudited; in thousands,
except share and per share data)
Three Months Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Revenues
$
59,991
$
51,762
$
244,592
$
210,996
Cost of revenues
44,499
49,932
193,183
192,006
Gross profit
15,492
1,830
51,409
18,990
Operating expenses:
Research and development, net
37,488
15,018
119,054
65,168
Selling, general and administrative
25,887
24,035
110,273
89,026
Total operating expenses
63,375
39,053
229,327
154,194
Operating loss
(47,883
)
(37,223
)
(177,918
)
(135,204
)
Other income (expense):
Interest income (expense), net
(1,405
)
(892
)
(4,248
)
(7,799
)
Loss on foreign exchange
(394
)
(488
)
(470
)
(4,435
)
Change in fair value of liability
classified warrants
—
—
—
13,482
Other income (expense), net
196
385
3,715
1,010
Total other income (expense), net
(1,603
)
(995
)
(1,003
)
2,258
Loss before income taxes
(49,486
)
(38,218
)
(178,921
)
(132,946
)
Benefit (provision) for income taxes
(1,011
)
1,010
(3,650
)
(2,998
)
Net loss
$
(50,497
)
$
(37,208
)
$
(182,571
)
$
(135,944
)
Net loss per share attributable to Rocket
Lab USA, Inc.:
Basic and diluted
$
(0.10
)
$
(0.08
)
$
(0.38
)
$
(0.29
)
Weighted-average common shares
outstanding:
Basic and diluted
486,959,454
473,644,862
481,768,060
466,214,095
ROCKET LAB U.S.A., INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
AS OF DECEMBER 31, 2023 AND
2022
(unaudited; in thousands,
except share and per share data)
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
162,518
$
242,515
Marketable securities, current
82,255
229,276
Accounts receivable, net
35,176
36,572
Contract assets
12,951
9,451
Inventories
107,857
92,279
Prepaids and other current assets
66,949
52,201
Assets held for sale
9,016
—
Total current assets
476,722
662,294
Non-current assets:
Property, plant and equipment, net
145,409
101,514
Intangible assets, net
68,094
79,692
Goodwill
71,020
71,020
Right-of-use assets - operating leases
59,401
35,239
Right-of-use assets - finance leases
14,987
15,614
Marketable securities, non-current
79,247
9,193
Restricted cash
3,916
3,356
Deferred income tax assets, net
3,501
3,898
Other non-current assets
18,914
7,303
Total assets
$
941,211
$
989,123
Liabilities and Stockholders’
Equity
Current liabilities:
Trade payables
$
29,303
$
12,084
Accrued expenses
5,590
8,723
Employee benefits payable
16,342
8,634
Contract liabilities
139,338
108,344
Current installments of long-term
borrowings
17,764
2,906
Other current liabilities
15,036
22,249
Total current liabilities
223,373
162,940
Non-current liabilities:
Long-term borrowings, excluding current
installments
87,587
100,043
Non-current operating lease
liabilities
56,099
34,266
Non-current finance lease liabilities
15,238
15,568
Deferred tax liabilities
426
95
Other non-current liabilities
3,944
3,005
Total liabilities
386,667
315,917
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Common stock, $0.0001 par value;
authorized shares: 2,500,000,000; issued and outstanding shares:
488,923,055 and 475,356,517 at December 31, 2023 and December 31,
2022, respectively
49
48
Additional paid-in capital
1,176,484
1,112,977
Accumulated deficit
(623,526
)
(440,955
)
Accumulated other comprehensive income
1,537
1,136
Total stockholders’ equity
554,544
673,206
Total liabilities and stockholders’
equity
$
941,211
$
989,123
ROCKET LAB U.S.A., INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE YEARS ENDED DECEMBER
31, 2023 AND 2022
(unaudited; in
thousands)
Years Ended December
31,
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss
$
(182,571
)
$
(135,944
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
29,744
29,947
Stock-based compensation expense
53,461
55,649
(Gain) loss on disposal of assets
(111
)
923
Loss on extinguishment of long-term
debt
1,732
—
Amortization of debt issuance costs and
discount
2,904
2,827
Noncash lease expense
5,787
3,199
Noncash income associated with
liability-classified warrants
—
(13,482
)
Change in the fair value of contingent
consideration
1,343
—
Accretion of marketable securities
purchased at a discount
(4,571
)
(1,395
)
Deferred income taxes
708
(576
)
Changes in operating assets and
liabilities:
Accounts receivable, net
1,452
(9,430
)
Contract assets
(3,501
)
(7,545
)
Inventories
(15,562
)
(25,964
)
Prepaids and other current assets
(14,586
)
(15,059
)
Other non-current assets
(11,470
)
(7,072
)
Trade payables
15,585
(2,129
)
Accrued expenses
(3,275
)
(3,518
)
Employee benefits payables
5,484
2,108
Contract liabilities
30,992
22,661
Other current liabilities
(7,563
)
1,280
Non-current lease liabilities
(5,076
)
(3,686
)
Other non-current liabilities
227
668
Net cash used in operating activities
(98,867
)
(106,538
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property, equipment and
software
(54,707
)
(42,412
)
Proceeds on disposal of assets, net
3,660
—
Cash paid for business combinations and
asset acquisitions, net of acquired cash and restricted cash
(18,966
)
(65,824
)
Purchases of marketable securities
(207,266
)
(259,567
)
Maturities of marketable securities
269,204
21,724
Sale of marketable securities
20,093
—
Net cash provided by (used in) investing
activities
12,018
(346,079
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from the exercise of stock
options and public warrants
2,444
3,874
Proceeds from Employee Stock Purchase
Plan
4,988
4,380
Proceeds from sale of employees restricted
stock units to cover taxes
15,995
31,166
Minimum tax withholding paid on behalf of
employees for restricted stock units
(15,722
)
(31,164
)
Tax payment for net settled option
shares
—
(444
)
Payment of contingent consideration
(1,000
)
(5,500
)
Finance lease principal payments
(336
)
(271
)
Proceeds from secured term loan
110,000
—
Repayments on secured term loan
(107,573
)
—
Payment of debt issuance costs
(1,427
)
—
Net cash provided by financing
activities
7,369
2,041
Effect of exchange rate changes on cash
and cash equivalents
43
4,372
Net decrease in cash and cash equivalents
and restricted cash
(79,437
)
(446,204
)
Cash and cash equivalents, and restricted
cash, beginning of period
245,871
692,075
Cash and cash equivalents, and restricted
cash, end of period
$
166,434
$
245,871
ROCKET LAB U.S.A., INC. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
FOR THE THREE MONTHS AND YEARS
ENDED DECEMBER 31, 2023 AND 2022
(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 December
31,
Years Ended December
31,
2023
2022
2023
2022
NET LOSS
$
(50,497
)
$
(37,208
)
$
(182,571
)
$
(135,944
)
Depreciation
4,571
4,809
16,034
16,720
Amortization
3,596
3,548
13,710
13,227
Stock-based compensation expense
10,063
12,337
53,461
55,649
Transaction costs
30
144
341
649
Interest expense, net
1,405
892
4,248
7,799
Change in fair value of liability
classified warrants
—
—
—
(13,482
)
Change in fair value of contingent
consideration
205
(200
)
1,343
—
Performance reserve escrow
31
1,895
5,457
7,579
Amortization of inventory step-up
—
—
—
2,618
(Benefit) provision for income taxes
1,011
(1,010
)
3,650
2,998
Loss on foreign exchange
394
488
470
4,435
Accretion of marketable securities and
cash equivalents purchased at a discount
(1,179
)
(1,092
)
(4,780
)
(1,696
)
(Gain) loss on disposal of assets
(351
)
891
(111
)
923
Employee retention credit
—
—
(3,841
)
—
Loss on extinguishment of debt
1,732
—
1,732
—
ADJUSTED EBITDA
$
(28,989
)
$
(14,506
)
$
(90,857
)
$
(38,525
)
Three Months Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
GAAP Gross profit
$
15,492
$
1,830
$
51,409
$
18,990
Stock-based compensation
2,196
3,857
12,521
17,948
Amortization of purchased intangibles
1,710
1,710
6,839
4,782
Amortization of inventory step-up
—
—
—
2,618
Performance reserve escrow
1
114
210
456
Employee retention credit
—
—
(2,130
)
—
Non-GAAP Gross profit
$
19,399
$
7,511
$
68,849
$
44,794
Non-GAAP Gross margin
32.3
%
14.5
%
28.1
%
21.2
%
GAAP Research and development,
net
$
37,488
$
15,018
$
119,054
$
65,168
Stock-based compensation
(3,828
)
(4,442
)
(21,721
)
(21,127
)
Amortization of purchased intangibles and
favorable lease
(314
)
(9
)
(647
)
(3,342
)
Employee retention credit
—
—
631
—
Non-GAAP Research and development,
net
$
33,346
$
10,567
$
97,317
$
40,699
GAAP Selling, general and
administrative
$
25,887
$
24,035
$
110,273
$
89,026
Stock-based compensation
(4,039
)
(4,038
)
(19,219
)
(16,574
)
Amortization of purchased intangibles
(1,378
)
(1,494
)
(5,585
)
(4,401
)
Transaction costs
(30
)
(144
)
(341
)
(649
)
Performance reserve escrow
(30
)
(1,780
)
(5,247
)
(7,123
)
Change in fair value of contingent
consideration
(205
)
200
(1,343
)
—
Employee retention credit
—
—
1,080
—
Non-GAAP Selling, general and
administrative
$
20,205
$
16,779
$
79,618
$
60,279
GAAP Operating expenses
$
63,375
$
39,053
$
229,327
$
154,194
Stock-based compensation
(7,867
)
(8,480
)
(40,940
)
(37,701
)
Amortization of purchased intangibles
(1,692
)
(1,503
)
(6,232
)
(7,743
)
Transaction costs
(30
)
(144
)
(341
)
(649
)
Performance reserve escrow
(30
)
(1,780
)
(5,247
)
(7,123
)
Change in fair value of contingent
consideration
(205
)
200
(1,343
)
—
Employee retention credit
—
—
1,711
—
Non-GAAP Operating expenses
$
53,551
$
27,346
$
176,935
$
100,978
GAAP Operating loss
$
(47,883
)
$
(37,223
)
$
(177,918
)
$
(135,204
)
Total non-GAAP adjustments
13,731
17,388
69,832
79,020
Non-GAAP Operating loss
$
(34,152
)
$
(19,835
)
$
(108,086
)
$
(56,184
)
GAAP Total other income (expense),
net
$
(1,603
)
$
(995
)
$
(1,003
)
$
2,258
Change in fair value of liability
classified warrants
—
—
—
(13,482
)
Loss on foreign exchange
394
488
470
4,435
Non-GAAP Total other expense,
net
$
(1,209
)
$
(507
)
$
(533
)
$
(6,789
)
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version on businesswire.com: https://www.businesswire.com/news/home/20240227634541/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