In This Article:
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Revenue: $122.6 million, up 32% year-over-year.
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Launch Services Revenue: $35.6 million.
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Space Systems Revenue: $87 million.
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Gross Margin (GAAP): 28.8%.
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Gross Margin (Non-GAAP): 33.4%.
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Total Backlog: $1.067 billion.
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Launch Backlog: $422.2 million.
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Space Systems Backlog: $644.8 million.
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Operating Expenses (GAAP): $94.4 million.
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Operating Expenses (Non-GAAP): $76.8 million.
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R&D Expenses (GAAP): Increased by $6.9 million quarter-on-quarter.
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R&D Expenses (Non-GAAP): Increased by $4 million quarter-on-quarter.
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Cash and Equivalents: $517 million at the end of Q1 2025.
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Adjusted EBITDA Loss: $30 million.
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Q2 2025 Revenue Guidance: $130 million to $140 million.
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Q2 2025 Gross Margin Guidance (GAAP): 30% to 32%.
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Q2 2025 Gross Margin Guidance (Non-GAAP): 34% to 36%.
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Q2 2025 Adjusted EBITDA Loss Guidance: $28 million to $30 million.
Release Date: May 08, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Rocket Lab USA Inc (NASDAQ:RKLB) reported a near-record quarterly revenue of $122.6 million, marking a 32% increase compared to the previous year.
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The company successfully launched five Electron missions with 100% mission success, demonstrating reliable access to space.
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Rocket Lab USA Inc (NASDAQ:RKLB) has been selected for the Department of Defense's high-value launch contract in the National Security Space Launch (NSSL) program, highlighting its capability as a launch provider.
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The company is expanding its vertical integration with the acquisition of Mynaric, which specializes in laser-based satellite communications, enhancing its product offerings.
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Rocket Lab USA Inc (NASDAQ:RKLB) is making significant progress with its Neutron launch vehicle, targeting its first launch in the second half of the year, which is expected to drive future growth.
Negative Points
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The company experienced a sequential decline in revenue of 7.4% due to a mix of lower-priced Electron missions and a reduction in component businesses.
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Rocket Lab USA Inc (NASDAQ:RKLB) reported a negative GAAP operating cash flow of $54.2 million in the first quarter, driven by lumpy cash receipts and continued investment in Neutron.
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The company faces challenges with production and supply chain issues, particularly highlighted in its acquisition of Mynaric.
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There is a high level of fixed overhead and expenses associated with maintaining launch operations, impacting profitability when launch cadence is not optimized.
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Rocket Lab USA Inc (NASDAQ:RKLB) is experiencing elevated levels of negative free cash flow, expected to continue until the first launch of Neutron is achieved.