Slide 1: Q3 2024 Investor Update
Rocket Lab USA, Inc. Q3 2024 Investor Update November 12, 2024 rocketlabusa.com
Slide 2: Forward Looking Statements
F O R WA R D L O O K I N G S TAT E M E N T S Forward Looking Statements This presentation 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 Securit
Slide 3: Agenda
Q 3 | 2 0 2 4 E A R N I N G S Agenda 1 Highlights 2 Electron 3 Neutron 4 Space Systems 5 Financial Highlights and Outlook 6 Q&A and Upcoming Events 3
Slide 4: Delivering as an end-to-end space company
S e c t i o n 1 | O V E R V I E W D e l i v e r i n g a s a n e n d - t o - e n d s pa c e c o m pa n y Our latest achievements support the strategic vision. 1 2 3 COMPLETE COMPLETE FUTURE THE RIDE TO SPACE THE TOOLS TO DO THINGS IN SPACE THE END USE Launch S PA C E C R A F T S PA C E S E R V I C E
Slide 5: Q3 delivered strong growth year-on-year
S e c t i o n 1 | H I G H L I G H T S Q 3 d e l i v e r e d S t r o n g g r o w t h y e a r - o n -y e a r $1.05b Backlog as of Q3 2024, representing 80% YoY growth. $125- $105m $135m Third quarter revenue, representing Revenue guidance for Q4, 2024 – on 55% YoY increase. track to be our biggest qua
Slide 6: Electron: Key accomplishments
SECTION Key accomplishments ELECTRON
Slide 7: Electron: 3rd most launched rocket, $55m new contracts
S e c t i o n 2 | E l e c t r o n Now the world’s $55m 3rd in new launch contracts most frequently launched signed in Q3, 2024. rocket globally in 2024. 67% Increase in Electron’s average sale price since its debut launch in 2017 – from $5m to now $8.4m. 7
Slide 8: Electron is the world's third most frequently launched rocket
S e c t i o n 2 | E l e c t r o n Electron is the world’s third most frequently launched rocket annually after SpaceX & China. 2024 Orbital launches Globally (109) *Source: Wikipedia, “2024 in spaceflight. By rocket.” As of November 5th, 2024. 8
Slide 9: Missions launched under multi-launch contracts
S e c t i o n 2 | E l e c t r o n missions launched Under m u lt i - l a u n c h c o n t r a c t s Three successful missions launched in Q3 for three separate commercial constellation operators. • All missions were a continuation of multi-launch contracts with return customers. • Includes two missio
Slide 10: From contract to launch in just 10 weeks
S e c t i o n 2 | E l e c t r o n From contract to launch in just 10 weeks The expedited launch successfully deployed a single satellite for a confidential commercial customer. Additional mission added to the manifest and successfully launched in Q4 within ten weeks of contract signing – our fastest
Slide 11: Neutron: Key accomplishments
SECTION Key accomplishments neutron
Slide 12: Neutron is open for business
S e c t i o n 3 | n e u t r o n NEUTRON is open for business Signed launch agreement w i t h c o m m e r c i a l c o n s t e l l at i o n o p e r at o r Launching from Two dedicated Neutron Consistent with Launch Complex 3 launches booked our target price in Virginia. in 2026 & 2027. for Neutron. Be
Slide 13: Neutron well positioned for NSSL Lane 1 on-ramp
S e c t i o n 3 | N E U T R O N Neutron well positioned for NSSL Lane 1 on-ramp RFP now live for next on-ramp to Space Force’s NSSL Lane 1 program. Neutron is a compelling choice for NSSL Phase 3 Lane 1. • Program is an Indefinite Delivery, Indefinite Quantity (IDIQ) contract projected at $5.6 billi
Slide 14: Government integrated in Neutron development
S e c t i o n 3 | N E U T R O N G o v e r n m e n t i n t e g r at e d in neutron development U.S. Air Force Research Laboratory • Federal defense contract to support the development of Archimedes, valued up to $8m. • Study contract will showcase Rocket Lab’s digital engineering processes. • Contrac
Slide 15: Flight hardware: Reusable fairing
S e c t i o n 3 | N E U T R O N FLIGHT H A R D WA R E : R e u s a b l e fa i r i n g Fairing Assembly Flight hardware fairing assembly and integration complete. Interstage panels connecting the two fairing halves to Neutron’s first stage in production. Next up: qualification campaign. 15 15 15
Slide 16: Flight hardware: Stage 2 integrated test campaign
S e c t i o n 3 | N E U T R O N FLIGHT H A R D WA R E : S ta g e 2 i n t e g r at e d t e s t c a m pa i g n Stage 2 Conducted successful Stage 2 initial Wet Dress Rehearsal involving the stage in flight configuration with avionics, fluids, and propellant management systems. 16 16 16
Slide 17: Flight hardware: First stage propellant tanks
S e c t i o n 3 | N E U T R O N FLIGHT H A R D WA R E : F i r s t s ta g e p r o p e l l a n t ta n k s Stage 1 Flight hardware for the Stage 1 propellant tank undergoing manufacture. Next up: qualification in full flight configuration, similar to the second stage. 17 17 17
Slide 18: Archimedes engine testing
S e c t i o n 3 | N E U T R O N Archimedes engine testing Rocket engine testing is never a “one and done” scenario. With the Archimedes engine test campaign in full swing, multiple Archimedes engines are undergoing hot fires, tests, and refurbishments at once. Engine testing cadence doubled over the
Slide 19: Archimedes engine production
S e c t i o n 3 | N E U T R O N Archimedes engine production Strong production execution throughout the quarter, with multiple engines manufactured, assembled, and shipped from Long Beach to Mississippi for engine testing. 19 19 19
Slide 20: Launch pad structures
S e c t i o n 3 | N E U T R O N L a u n c h pa d structures Neutron hold-down mechanisms manufactured, undergoing testing ahead of installation. 165 tonne steel launch mount fabrication in progress, installation at the launch pad in the coming weeks. 20 20 20
Slide 21: Launch Complex 3
S e c t i o n 3 | N E U T R O N Launch complex 3 Launch site construction on schedule for first launch next year. Long-lead infrastructure items being installed and completed, including: • Completed installation of two 90,000 gal. propellant tanks. • Concrete poured for the Neutron flame trench at t
Slide 22: A.I.T. facility construction complete
S e c t i o n 3 | N E U T R O N A.I.T. FACILITY CONSTRUCTION COMPLETE Construction complete for Neutron’s Assembly, Integration, and Test facility. Close proximity to the launch pad ensures: • Rapid Neutron transport and launch turnaround. • Eliminates the logistics 3.1 Miles challenges experienced
Slide 23: Space Systems: Key accomplishments
SECTION Key accomplishments Space Systems
Slide 24: Mars Sample Return: selected for study contract
S e c t i o n 4 | s p a c e s y s t e m s Mars sample return: s e l e c t e d f o r s t u dy contract to reduce cost and complexity for NASA Selected by NASA to conduct a study into retrieving samples from Mars and bringing them to Earth on an accelerated schedule and at reduced cost, compared to cu
Slide 25: Our fingerprints are already on significant Mars missions
S e c t i o n 4 | s p a c e s y s t e m s O U R F I N G E R P R I N T S A R E A l r e a dy o n S O M E OF THE MOST SIGNIFICANT MARS MISSIONS Mars Insight Mars Perseverance Ingenuity Mars MAVEN MSL Twin ESCAPADE Lander Rover Helicopter (Mars Atmosphere and (Mars Science Spacecraft Volatile EvolutioN)
Slide 26: Proven execution on what matters
S e c t i o n 4 | s p a c e s y s t e m s P r o v e n e x e c u t i o n o n w h at m at t e r s Bringing samples home from Mars requires complex capabilities. We’ve executed them before. TRANSFER & DESCENT SMALL LAUNCH RENDEZVOUS RE-ENTRY OPERATIONS & LANDING TO SPACE & P R O XI M I T Y & LANDING op
Slide 27: $720m+ of spacecraft programs in production and development
S e c t i o n 4 | s p a c e s y s t e m s $ 7 2 0 m + o f s pa c e c r a f t p r o g r a m s in production & development GLOBALSTAR SDA TRANCHE 2 TRANSPORT LAYER x4 IN-SPACE MANUFACTURING & ESCAPADE MISSION x17 Spacecraft for Telecommunications x18 Spacecraft for the DoD CAPSULE RE-ENTRY x2 Spacecra
Slide 28: Satellite production at constellation scale
S e c t i o n 4 | s p a c e s y s t e m s s at e l l i t e p r o d u c t i o n at c o n s t e l l at i o n scale LIGHTNING | EXPLORER | PIONEER Satellite production facility humming, with 10,000 sq. ft. satellite cleanroom and 40,000 sq. ft production & test facilities in use for multiple constellat
Slide 29: Two Mars spacecraft complete and ready for launch
S e c t i o n 4 | s p a c e s y s t e m s T w o m a r s s pa c e c r a f t c o m p l e t e & r e a dy for launch Twin Mars-bound spacecraft for the ESCAPADE mission completed and delivered to the launch site. Both spacecraft designed, built, and ready for launch in just under 3.5 years – at cost, an
Slide 30: Executing for the Space Development Agency
S e c t i o n 4 | S p a c e S y s t e m s E X E C U T I N G F O R T H E S PA C E DEVELOPMENT AGENCY $515 million prime contract with SDA to build 18 spacecraft. Scorpius: Executing on schedule with milestone program objectives reached. • Finalized preliminary spacecraft configuration design. • Held
Slide 31: Two new spacecraft ready for next Earth re-entry missions
S e c t i o n 4 | s p a c e s y s t e m s T w o n e w s pa c e c r a f t r e a dy f o r n e x t e a r t h re-entry missions Two Pioneer spacecraft tested, integrated, and completed ahead of 2nd and 3rd missions to advance orbital pharmaceutical processing for Varda Space Industries. Earlier Pioneer
Slide 32: Mike Griffin completes term as Rocket Lab board member
S e c t i o n 4 | G E N E R A L Mike griffin completes term as rocket lab board member Mike Griffin completes his tenure on Rocket Lab’s Board of Directors after four years serving the company. We want to thank Mike for his experience and leadership helping to guide Rocket Lab’s growth from a privat
Slide 33: Rocket Lab leadership further strengthened
S e c t i o n 4 | G E N E R A L Rocket lab leadership further strengthened Frank Klein – Chief Operations Officer • Frank joins Rocket Lab with 30+ years of international manufacturing experience and leadership in the automotive industry. • Frank will work to scale Rocket Lab’s manufacturing of spac
Slide 34: Financial highlights and outlook
SECTION Financial highlights and outlook
Slide 35: Review of revenue and gross margins
S e c t i o n 5 | F I N A N C I A L O U T L O O K REVIEW OF REVENUE AND GROSS MARGINS $105M 55% Revenue in Year-on-Year Q3 2024 revenue increase Revenue increased 55% or $37.1M year-on-year, driven by significant growth in our Space Systems business. Revenue and GAAP / Non-GAAP Gross Margin Sequenti
Slide 36: Review of backlog
S e c t i o n 5 | F I N A N C I A L O U T L O O K REVIEW OF Backlog $1,048M 80% Backlog as Year-on-Year of Q3 2024 backlog increase Year-on-Year backlog increase of 80% or $465M driven primarily by the Space Development Agency (SDA) Beta contract award, paired with continued strong Electron bookings
Slide 37: Review of operating expenses
S e c t i o n 5 | F I N A N C I A L O U T L O O K R E V I E W O F O P E R AT I N G EXPENSES Quarter-on-Quarter GAAP & Non-GAAP R&D vs. SG&A Spending GAAP SG&A expense increased primarily due to increases in outside services related to legal and IT, $90 paired with an increase in staff costs. $80 $70
Slide 38: Non-GAAP free cash flow and Adj EBITDA
S e c t i o n 5 | F I N A N C I A L O U T L O O K Non-GAAP free cash flow and Adj EBITDA Quarter-on-Quarter $508M in cash and cash equivalents, marketable securities and restricted cash, end of period in Q3 2024. Cash consumed from purchases of property, Non-GAAP Free Cash Flow and Adj EBITDA equipm
Slide 39: Financial outlook
S e c t i o n 5 | F I N A N C I A L O U T L O O K FINANCIAL OUTLOOK Q4 2024 Revenue Q4 2024 GAAP and Q4 2024 GAAP and Non-GAAP Q4 2024 Adjusted EBITDA Outlook Non-GAAP Gross Margins Operating Expense • Expect revenue to range between • Expect GAAP gross margin to • Expect GAAP Operating Expenses • E
Slide 40: Q&A
Slide 41: Upcoming Investor Events
UPCOMING Investor Events Payload Space 13th Annual Roth Global Industrials STAARS Investor Summit Conference & Transportation Conference November 13, 2024 November 19-20, December 3-5, 2024 2024 December 13, 2024 Adam Spice Stephen Ananias Adam Spice Adam Spice CFO VP - Finance CFO CFO 41
Slide 42: Rocket Lab
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