Rocket Lab (RKLB) Q4 2024 earnings summary

Executive summary

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

• Delivered 16 successful launches in 2024, including a world-first dual launch within 24 hours from different hemispheres, and secured over $450M in new contracts.

• Expanded backlog to $1.07B, supported by strong government and commercial contracts, with about half expected to convert to revenue within 12 months.

• Advanced Neutron medium-lift rocket development, targeting first launch in the second half of 2025, with infrastructure and hardware milestones achieved.

• Introduced Flatellite, a scalable, low-cost satellite platform for large constellations, supporting the end-to-end space services strategy.

Financial highlights

• Q4 2024 revenue reached $132.4M, up 121% year-over-year and 26.3% sequentially; full-year revenue was $436.2M, up 78%.

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

• Q4 adjusted EBITDA loss was $23.2M, an improvement of $7.7M sequentially; full-year adjusted EBITDA loss was $96.9M.

• Q4 net loss was $52.3M; full-year net loss was $190.2M; net loss per share was $(0.38) for 2024.

• Q4 ending cash, equivalents, and marketable securities: $484M.

Outlook and guidance

• Q1 2025 revenue expected between $117M and $123M, representing 29% year-over-year growth at midpoint.

• Q1 GAAP gross margin forecasted at 25–27%, non-GAAP at 30–32%.

• Q1 adjusted EBITDA loss expected between $33M and $35M.

• Over 20 Electron & HASTE missions scheduled for 2025, with Neutron's debut launch planned for the second half of the year.

• Cash consumption projected to increase in Q1 due to Neutron investments and milestone payments, expected to moderate in subsequent quarters.