Rocket Lab (RKLB) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of $436.2 million in 2024, up 78% year-over-year, with Q4 revenue of $132.4 million, a 121% increase from the prior year and 26% sequential growth from Q3.

• Delivered 16 successful launches in 2024, including Electron and HASTE, with a 60% increase in launch cadence and a world-first of two launches in 24 hours from different hemispheres.

• Secured over $450 million in new contracts, expanding backlog to $1.07 billion, with about half expected to be recognized within 12 months.

• Advanced Neutron medium-lift rocket program, targeting first launch in the second half of 2025, with launch site nearing completion and all flight hardware in production.

• Introduced Flatellite, a scalable, low-cost, mass-manufacturable satellite platform for large constellations.

Financial highlights

• Q4 2024 revenue reached $132.4 million, with Space Systems contributing $90 million and Launch Services $42.4 million.

• Full-year 2024 revenue was $436.2 million, with Space Systems at $310.8 million (+80% YoY) and Launch at $125.4 million (+74% YoY).

• Q4 GAAP gross margin was 27.8%, non-GAAP gross margin 34%; full-year GAAP gross margin 26.6%, non-GAAP 32%.

• Adjusted EBITDA loss for Q4 was $23.2 million, improved from $30.9 million in Q3.

• Ended Q4 with $484 million in cash, cash equivalents, and marketable securities.

Outlook and guidance

• Q1 2025 revenue expected between $117 million and $123 million, representing ~29% YoY growth at midpoint.

• Q1 GAAP gross margin guidance: 25–27%; non-GAAP: 30–32%.

• Q1 Adjusted EBITDA loss expected between $33 million and $35 million; cash consumption to increase due to Neutron investments and milestone payment timing.

• Neutron's first launch targeted for the second half of 2025, with plans to triple launches in 2026 and over 20 Electron & HASTE missions scheduled for 2025.