Feb 27, 2025 - Q4 2024 Earnings Release
Originally published 2/27/2025. Last revised 2/27/2025.
Last updated
Originally published 2/27/2025. Last revised 2/27/2025.
Last updated
Earlier today, after market main hours close, RKLB held their quarterly earnings for quarter 4 of 2024, which wraps up the 2024 fiscal year.
2024 ended as a record setting year, posting an annual revenue of $436.2 million and a record setting quarter, ending at $132.4 million - both major feats and beats. Other annual achievements include 16 electron launches (a 60% increase in launch cadence compared to 2023) and more than $450 million in secured launch and space systems contracts.
Seen below are direct copy-and-paste bullet points in which the company highlighted several aspects of their branches and their expectations going forward (curtesy of RKLB per their Q4 '24 Earnings Press Release).
Achieved a record year of 16 Electron launches in 2024, up 60% on the year prior, with a booked manifest which supports more than 20 Electron and HASTE launches for 2025 across both single satellite and constellation deployment missions and hypersonic technology test missions.
Signed a second multi-launch Electron contract in Q1 2025 with Institute for Q-shu Pioneers of Space, Inc. (iQPS), a Japan-based Earth imaging company. Along with an earlier multi-launch contract signed in 2024 with iQPS, the combined contracts represent one of the largest Electron launch agreements to date.
Selected by Kratos to support for hypersonic flight testing under the MACH-TB 2.0 Contract Award.
Successfully completed the fourth of five dedicated launches for Kineis in Q1 2025, with Electron expected to launch the fifth and final mission in the coming weeks for the French Internet-of-Things (IoT) constellation operator.
Revealed details about Rocket Lab’s plans for a new ocean landing platform for Neutron missions returning to Earth. Named ‘Return On Investment,’ the landing platform is expected to open space access further by enabling even more mission opportunities that require maximum Neutron performance.
Shared progress on Neutron’s development ahead of planned debut launch of the new reusable medium-lift rocket in the second half of 2025.
Introduced a new low-cost satellite tailored for mass manufacture to serve large satellite constellations. Named Flatellite, the satellite is a scalable and resilient platform that offers high-speed connectivity and remote sensing capabilities. It has been designed to meet the needs of the national security, defense, and commercial markets, and signals a potential next step in Rocket Lab developing, launching and operating its own constellation to deliver data and services from space.
Celebrated mission success for the latest Rocket Lab Pioneer spacecraft which successfully operated in space, then deployed to Earth, Varda’s latest orbital processing and hypersonic reentry mission.
Rocket Lab’s third Pioneer spacecraft produced for Varda has already been completed and delivered for launch in early March, the second that Rocket Lab has delivered for launch within a month.
Completed significant program milestones across two Rocket Lab spacecraft programs advancing U.S. national defense: comprehensive multi-day design reviews for Rocket Lab’s 18 spacecraft program for the constellation, and , a $32 million responsive space mission with Electron and Rocket Lab’s own spacecraft that will launch with only 24 hours’ notice.
Revenue between $117 million and $123 million.
GAAP Gross Margins between 25% and 27%.
Non-GAAP Gross Margins between 30% and 32%.
GAAP Operating Expenses between $93 million and $95 million.
Non-GAAP Operating Expenses between $77 million and $79 million.
Expected Interest Expense (Income), net $2.7 million.
Adjusted EBITDA loss of $33 million and $35 million.
Basic Weighted Average Common Shares Outstanding of 458 million, excluding approximately 51 million of Series A Convertible Participating Preferred Stock.
Neutron is set to debut later this year and some exciting updates were shared.
Neutron is currently set to land in serveral different ways, depnding on the mission profile. The first way is Return To Launch Site (RTLS), where Neutron's first stage will conduct a propulsive landing at Rocket Lab Launch Complex 3 in Virginia, similar to how SpaceX's Falcon 9s land currently. The second way is Down Range Landing (DRL), where Neutron's first stage will conduct a propulsive landing at an off-site location, now being introduced as a 400 ft modified barge called "Return On Investment".
This modified barge is provided by Canal Barge Inc., a New Orleans based private marine transportation company, and is already officially acquired but set to be modified for RKLB's purposes throughout the remainder of the year and is expected to be ready for service in 2026. Modifications of the barge include autonomous ground support equipment to capture and secure the landed Neutron, blast shielding to protect equipment during Neutron landings, and station-keeping thrusters for precise positioning.