Rocket Lab Corporation · NASDAQ:RKLB
Rocket Lab — Rocket Lab USA — Q1 2022 Earnings Presentation
40 slides from Rocket Lab's earnings presentation, May 16, 2022
Slide 1: Rocket Lab USA, Inc Q1 2022 Investor Update
Exhibit 99.2 Rocket Lab USA, Inc Q1 2022 INVESTOR UPDATE May 16, 2022 rocketlabusa.com
Slide 2: Disclaimer and Forward Looking Statements
DISCLAIMER AND FORWARD LOOKING STATEMENTS 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 Securities
Slide 3: Today's Presenters
TODAY’S PRESENTERS Peter Beck Adam Spice Founder, Chief Executive Officer, Chief Engineer Chief Financial Officer
Slide 4: Agenda
Agenda 1 Introduction 2 Key Accomplishments 3 Financial Highlights and Outlook 4 Sell-Side Q&A 5 Upcoming Conferences and Events
Slide 5: Key accomplishments Q1 2022
SECTION Key accomplishments Q1 2022
Slide 6: Q1 2022 highlights
Q1 2022 highlights Successfully launched Signed $143 million Selected as 1 of 12 launch Successfully launched from LC-1 Pad B, contract to design and providers for NASA’s dedicated mission for Rocket Lab’s build 17 spacecraft for VADR missions, program Earth-observation third Electron launch pad Glo
Slide 7: Backlog
Backlog Backlog grew from $241M in Q4’21 to $546M in Q1’22, to $551M today At December 31, 2021, our backlog stood at $241M, ended March 31, 2022 at $546M, and today, our backlog stands at $551M, representing a $310M increase in total backlog since the end of 2021.
Slide 8: Successfully launched dedicated mission for Synspective
Key Accomplishments Q1, 2022 Successfully launched dedicated mission for synspective • ‘The Owl’s Night Continues’ successfully delivered StriX-β to low Earth orbit and H I G H E S T became the 110th satellite deployed to space P e r f o r m a n c e by Rocket Lab. E L E C T R O N • This mission was
Slide 9: First launch from third Electron launch pad
Key Accomplishments Q1, 2022 successful First launch from third electron launch pad • Launch Complex 1 Pad B doubles launch capability from New Zealand and bolsters Rocket Lab’s global capacity for responsive launches in quick succession. • Rocket Lab now operates two pads in New Zealand, with a thi
Slide 10: Awarded $143M subcontract by MDA for 17 spacecraft
Key Accomplishments Q1, 2022 Awarded $143M subcontract by MDA for 17 spacecraft for Globalstar constellation • Programmatic planning (contract kick- off ) successfully completed with MDA in Q1. • Partnership with MDA includes options for additional satellites, satellite dispensers, launch integratio
Slide 11: Closed acquisition of SolAero Technologies
Key Accomplishments Q1, 2022 Closed acquisition of solaero technologies • SolAero’s space solar cells among the highest performing in the world, having supported 1,000+ missions with 100% reliability. • Industry-leading space missions supported by SolAero technology include NASA’s James Webb Space T
Slide 12: Began qualification of next generation space solar cells
Key Accomplishments Q1, 2022 Began qualification of next generation ultra-efficient space solar cells • The IMM-β solar cell is expected to be the highest efficiency space solar cell technology in high-volume production globally. • Expected to be ready for commercial use later in 2022 to enable miss
Slide 13: Production of solar cells for OneWeb constellation complete
Key Accomplishments Q1, 2022 production of solar cells for Oneweb constellation complete • In Q1, SolAero completed production of its solar panels order for the OneWeb satellite constellation, a future constellation of small sats to provide world wide internet access. • The order is the largest prog
Slide 14: Began expansion of space systems footprint in Littleton, Colorado
Key Accomplishments Q1, 2022 Began expansion of space systems footprint in Littleton, Colorado New facility will triple capacity to support growing customer demand for flight software, mission simulation, and Guidance, Navigation and Control (GNC) services
Slide 15: Separation Systems Production Milestones
SEPARATION SYSTEMS PRODUCTION MILESTONES Planetary Systems Corporation completes the delivery of ts mbly in QI. PSC separation systems have a 100% mission success heritage having never failed on orbit. PSC facility currently under expansion to support growing customer demand for satellite separation
Slide 16: LOXSAT1 mission milestone successfully completed
Key Accomplishments Q1, 2022 Loxsat1 mission milestone successfully completed • Rocket Lab is contracted to Eta Space to deliver launch and satellite services for LOXSAT1, a mission concept to create a fueling depot in space in support of NASA’s mission to establish a sustainable presence on the Moo
Slide 17: Selected by NASA to provide launch services for VADR missions
Key Accomplishments Q1, 2022 Selected by NASA to provide launch services for VADr missions • Rocket Lab among 12 companies selected to provide launch services for NASA’s Venture-Class Acquisition of Dedicated and Rideshare (VADR) missions, providing new opportunities for science and technology paylo
Slide 18: Selected Virginia for Neutron launch site and production complex
Key Accomplishments Q1, 2022 Selected Virginia for neutron launch site and production complex Announcement made in Q1, 2022 with construction underway in Q2, 2022 on 250,000 sq./ft complex to support Neutron production, assembly, and integration, with new Neutron launch pad to follow.
Slide 19: Completed major U.S. Space Force review for Neutron
Key Accomplishments Q1, 2022 Successfully Completed major u.s. space force review for neutron • Systems Requirements Review (SRR) with the U.S. Space Force’s Space Systems Command completed in Q1. • The review is part of a $24m contract awarded by the U.S. Space Force to Rocket Lab for the developme
Slide 20: Additional accomplishments after March 31, 2022
Additional accomplishments After March 31, 2022
Slide 21: Successfully launched two missions, deploying 36 commercial satellites
Additional Accomplishments after March 31, 2022 Successfully launched two missions, deploying 36 commercial satellites ‘Without Mission A Beat’ and ‘There And Back Again’ missions, launched in April and May respectively, bring total count of satellites deployed by Rocket Lab to 146.
Slide 22: Electron reaches average monthly launch cadence
Additional Accomplishments after March 31, 2022 electron reaches average monthly launch cadence • Rocket Lab’s Electron launch cadence has averaged one launch every 31 days since Feb 28. • Three Electron missions launched successfully within a nine week period. • Higher launch cadence supported by n
Slide 23: First Electron recovery mission caught by helicopter
Additional Accomplishments after March 31, 2022 first electron recovery mission caught by helicopter • Completed a mid-air helicopter catch of a returning Electron rocket for the first time. • Electron booster offloaded at sea and returned to land by ship. • Proved reusability technology and concept
Slide 24: Successful launch of BlackSky dedicated mission
Additional Accomplishments after March 31, 2022 Successful launch of blacksky dedicated mission • Shortly after the Russian invasion of Ukraine in February, Blacksky requested a late orbit change on its dedicated Electron mission to deliver two satellites above the region to be able to provide time-
Slide 25: Rocket Lab Space Systems hardware on orbit
Additional Accomplishments after March 31, 2022 Rocket lab Space systems hardware on orbit More than 38% of addressable launches in 2021 globally featured technology created by Rocket Lab 1 companies, with Rocket Lab technology further supporting eight missions across two launches in Q2. Hawk4A Hawk
Slide 26: Small sat constellations supported by Rocket Lab
small sat constellations supported by DARPA Mandrake rocket lab Satellites Kinéis Globalstar Constellation Constellation Through launch and space systems, Rocket Lab is supporting numerous current and future small satellite constellations. OneWeb Constellation Pixxel Constellation Launch Solar Star
Slide 27: Signed bulk-buy launch contract with HawkEye 360
Additional Accomplishments after March 31, 2022 Signed bulk-buy launch contract with Hawkeye 360 • Rocket Lab to launch 15 satellites for HawkEye 360 across three Electron missions between late 2022 and 2024. • Contract also adds Rocket Lab separation systems for each satellite, supporting the compa
Slide 28: Multi-launch agreements with Rocket Lab on Electron
multi-launch agreements with rocket lab on electron Three launch deal Five launch deal Six launch deal Three launch deal
Slide 29: First Electron launch from Launch Complex 2 in Virginia
Additional Accomplishments after March 31, 2022 scheduled First Electron launch From launch complex 2 in Virginia • The first of three Hawkeye 360 missions scheduled to fly on rideshare launch from Launch Complex 2 no earlier than December 2022.
Slide 30: CAPSTONE spacecraft integration underway for NASA moon mission
Additional Accomplishments after March 31, 2022 Capstone spacecraft integration underway for NASA moon mission • The CAPSTONE spacecraft has arrived in New Zealand ahead of its scheduled launch on the Electron rocket and Photon upper stage to the Moon for NASA. • The pathfinder mission for NASA’s fu
Slide 31: Milestone review completed for future lunar lander
Additional Accomplishments after March 31, 2022 Milestone review completed by rocket lab customer for future lunar lander • Rocket Lab is providing MAX Flight Software, GNC support, and mission operations for the Blue Ghost Lunar Lander Moon delivery mission in 2023 awarded to Firefly Aerospace. • S
Slide 32: Financial highlights and outlook
SECTION Financial highlights and outlook
Slide 33: Review of Revenue and Gross Margin Quarter-on-Quarter
REVIEVV OF REVENUE AND GROSS MARGIN QUARTER-ON-QUARTER $40.7M A8% Revenue in Q1 2022 Quarter-on-Quarter revenue growth Revenue Growth & GAAP / Non-GAAP Gross Margin Space Systems contributed 84% of the total revenue for the Q] period while growing by 149% QoQ. Launch services generated $6.6 million,
Slide 34: Review of Operating Expenses Quarter-on-Quarter
REVIEVWV OF OPERATING EXPENSES QUARTER-ON-QUARTER GAAP & Non-GAAP R&D vs. SG&A Spending $25 $: d 5 : 23, GAAP SG&A spending increase was driven by increased SolAero related expenses and a change in the fair value of contingent considerations related to PSC, slightly offset by lower deal fees, while
Slide 35: Review of Revenue and Gross Margin Year-on-Year
REVIEVWV OF REVENUE AND GROSS NIAIAIGIN ON-YEAR S40.7M 124% Revenue in QI 202 ea ear revenue growth nu GAAP / Non~ Space Systems contributed 84% of the total revenue for the QI 2022 period while growing by 1,873% YoY, benefitted from both organic and inorganic contributions. Launch services generate
Slide 36: Review of Operating Expenses Year-on-Year
REVIEVV OF OPERATING EXPENSES YEAR-ON-YEAR GAAP & Non-GAAP R&D vs. SG&A Spending cage GAAP SG&A spending increase was driven by increased SBC and amortization of purchased intangibles. Non-GAAP SG&A spending increase was driven by higher public compan’ costs, which include staff cost, outside servic
Slide 37: Financial Outlook
FINANCIAL OUTLOOK Q2 GAAP and Non-GAAP Q2 Operating Expense Q2 Interest Expense, Adjusted EBITDA and Shares Outstanding Q2 2022 Revenue Outlook Gross Margins + We expect revenue of pe pproxi $54 13%, i roduct mix and improved Operating © BafusioslSENRA tesa ciCAG produ: + We are currently planning f
Slide 38: Q&A
Slide 39: Upcoming Conferences
UPCOMING CONFERENCES Stifel Cross Sector Canaccord Genuity Bloomberg nd Insight Conference 42 Annual Growth Technology Summit Conference June 7-9, 2022 June 08, 2022 August 8-11, 2022 Peter Beck Peter Beck Founder & Chief Executive Founder & Chief Executive Peter Beck Founder & Chief Executive Adam
Slide 40: Rocket Lab
—R® ROCKETLAB