Slide 1: Q1 2024 Investor Update
Rocket Lab USA, Inc. Q1 2024 Investor Update May 6th, 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: Today's Presenters
T O D AY ’ S PRESENTERS Peter Beck Adam Spice Founder, Chief Executive Officer, Chief Engineer Chief Financial Officer 3
Slide 4: Agenda
Agenda 1 Electron 2 Space Systems 3 Neutron 4 Financial Highlights and Outlook 5 Q&A and Upcoming Events 4
Slide 5: Launch: Key accomplishments Q1 2024
SECTION Key accomplishments Q1 2024 LAUNCH
Slide 6: Four successful launches in Q1
S e c t i o n 1 | K e y A c c o m p l i s h m e n t s Q 1 2 0 2 4 Four successful launches in Q1 F43 | Rideshare Launch Complex 1 Launched: 31 January, 2024 F44 | Astroscale Japan Launch Complex 1 Launched: 19 February, 2024 F45 | Synspective Launch Complex 1 Launched: 13 March, 2024 F46 | National
Slide 7: First launch in Q2 2024 complete
S E C . 1 | a d d i t i o n a l A C C O M P L I S H M E N T S First launch in q2, 2024 complete ‘Beginning Of The Swarm’ was Electron’s 47th launch. Two satellites deployed to 520km and 1,000km orbits respectively for KAIST and NASA. The ability of Electron’s Kick Stage to perform multiple engine bu
Slide 8: Q2 Launch Schedule
S E C . 1 | a d d i t i o n a l A C C O M P L I S H M E N T S Q2 LAUNCH SCHEDULE UP TO FOUR MORE LAUNCHES SCHEDULED: F47 | KAIST & NASA LAUNCHED Two satellites deployed to 520km and 1,000km orbits respectively for KAIST and NASA. Launch Complex 1, New Zealand BACK-TO-BACK MISSIONS FOR NASA PREFIRE-1
Slide 9: Electron manifest 2024
S E C . 1 | a d d i t i o n a l A C C O M P L I S H M E N T S Electron manifest 2024 22 missions sold for 2024 but customer readiness, payload delays and other factors continue to cause manifest movement. Several customers requested new launch dates in 2025. Launch flexibility is critical to Electro
Slide 10: $32M End-to-end mission for Space Force
S E C . 1 | a d d i t i o n a l A C C O M P L I S H M E N T S $32M End-to-end mission for S pa c e F o r c e Validation of our model as an end-to-end space company delivering mission design, spacecraft build, components, launch, and on-orbit operations. Rocket Lab will design and build a spacecraft,
Slide 11: Awarded second U.S. Space Force launch contract worth $14.49 million
S E C . 1 | a d d i t i o n a l A C C O M P L I S H M E N T S Awa r d e d s e c o n d U . S . S pa c e F o r c e l a u n c h contract worth $14.49 million The Space Test Program (STP)-S30 mission expected to launch within 24 months of contract signing. The STP-S30 mission for the USSF’s Space System
Slide 12: Major reusable Electron milestone reached
S E C . 1 | a d d i t i o n a l A C C O M P L I S H M E N T S Major reusable electron milestone reached ‘Four Of A Kind’ Electron first stage launched January 2024 currently undergoing assurance testing for possible relaunch. An Electron first stage, successfully recovered during January 2024 recove
Slide 13: Space Systems
SECTION Key accomplishments Q1 2024 Space Systems
Slide 14: $515M SDA constellation program begins
S e c t i o n 1 | K e y A c c o m p l i s h m e n t s Q 1 2 0 2 4 $515m SDA C O N S T E L L AT I O N PROGRAM BEGINS Completed the selection and onboarding of the program’s six subcontractors who will contribute toward the SDA constellation across various mission requirements, incl. payloads & ground
Slide 15: Spacecraft returned to Earth for Varda
S e c t i o n 1 | K e y A c c o m p l i s h m e n t s Q 1 2 0 2 4 S pa c e c r a f t r e t u r n e d t o e a r t h f o r va r d a Rocket Lab is now one of only two commercial companies with spacecraft re-entry capabilities. Work on re-entry missions is informing a future capsule on Neutron. Rocket L
Slide 16: Globalstar constellation now shipping
S e c t i o n 1 | K e y A c c o m p l i s h m e n t s Q 1 2 0 2 4 G l o b a l s ta r c o n s t e l l at i o n now shipping Spacecraft flight hardware now waiting for Globalstar payload deliveries before final integration begins. First two flight frames of 17 spacecraft delivered to MDA for Globalsta
Slide 17: Twin spacecraft going to Mars for NASA
S e c t i o n 1 | K e y A c c o m p l i s h m e n t s Q 1 2 0 2 4 T w i n s pa c e c r a f t going to mars for nasa First of two spacecraft for ESCAPADE mission, Blue, undergoing 24/7 operations and vacuum chamber testing to survive its journey to Mars. Second spacecraft, Gold, is fully assembled an
Slide 18: Up to $150 million solar supply agreement with space prime
S e c t i o n 1 | K e y A c c o m p l i s h m e n t s Q 1 2 0 2 4 Up to $150 million s o l a r s u p p ly agreement w i t h s pa c e p r i m e Multi-year agreement to supply space solar cells to established space prime contractor. Initial additions to backlog of approximately $30 million in Q1. The
Slide 19: Neutron
SECTION Key accomplishments neutron
Slide 20: Archimedes is here
S e c t i o n 3 | N E U T R O N U P D A T E Archimedes is here Archimedes engine build complete • First all-up engine assembly is complete. • Full engine assembly is a major program milestone, with upcoming engine test campaign a key driver to Neutron’s first launch. • Full-rate production of additi
Slide 21: Archimedes testing begins
S e c t i o n 3 | N E U T R O N U P D A T E Archimedes testing begins Archimedes’ engine test campaign • Archimedes hot fire campaign for the first engine has begun and is expected to run for several weeks. • Archimedes Test Complex at NASA Stennis has completed commissioning, currently undergoing a
Slide 22: Vehicle Development
S e c t i o n 3 | N E U T R O N U P D A T E Vehicle Development Neutron Stage 1 & 2 tanks and large structures First Neutron fairing panels complete, on track for full set to be complete and assembled in the coming weeks. Assembly test-run of Stage 2 internal tank structures completed. Next step: fi
Slide 23: Neutron Update
S e c t i o n 3 | N E U T R O N U P D A T E
Slide 24: Launch Pad Development
S e c t i o n 3 | N E U T R O N U P D A T E L a u n c h PA D DEVELOPMENT Key LC-3 Construction Milestones: • Concrete works for the Neutron launch mount completed, propellant and gas storage foundations undergoing final concrete pour. • Water tower installed for Neutron pad test and launch operation
Slide 25: Financial highlights and outlook
SECTION Financial highlights and outlook
Slide 26: Review of Revenue and Gross Margins
S e c t i o n 4 | F I N A N C I A L O U T L O O K REVIEW OF REVENUE AND GROSS MARGINS 69% 55% $93M Year-on-Year Quarter-on-Quarter Revenue in revenue increase revenue increase Q1 2024 Revenue increased 69% or $37.9M year-on-year, driven by an increase of launches from three to four as well as growth
Slide 27: Review of Backlog
S e c t i o n 4 | F I N A N C I A L O U T L O O K REVIEW OF Backlog $1,015M 2 .9 % Backlog as Quarter-on-Quarter of Q1 2024 backlog decrease Backlog by Segment Sequential backlog decrease quarter-over-quarter of 2.9%, or $30.8M, driven by step up in revenue $1200 recognized in the quarter against bo
Slide 28: Review of Operating Expenses
S e c t i o n 4 | 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 GAAP SG&A expense increased primarily due to R&D vs. SG&A Spending increases in outside services and stock-based compensation expense. $80 $70 Non-GAAP SG&A expense increase
Slide 29: Ending Cash and Non-GAAP Free Cash Flow Metrics
S e c t i o n 4 | F I N A N C I A L O U T L O O K Ending Cash and Non-GAAP Free cash flow metrics Quarter-on-Quarter $564.9M in cash and cash equivalents, marketable securities and restricted cash, end of period in Q1 2024. Non-GAAP Free Cash Flow Activities Q4 2023 Q1 2024 Cash consumed from purcha
Slide 30: Profitability Trends
S e c t i o n 4 | F I N A N C I A L O U T L O O K P r o f i ta b i l i t y t r e n d s Trailing Four Quarters Increasing revenue scale enabling meaningful progress towards adjusted EBITDA breakeven while funding Neutron Improving gross profit trends on Electron and scaling satellite manufacturing re
Slide 31: Financial Outlook
S e c t i o n 4 | F I N A N C I A L O U T L O O K FINANCIAL OUTLOOK Q2 2024 Revenue Q2 2024 GAAP and Q2 2024 GAAP and Non-GAAP Q2 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 32: Q&A
Slide 33: Upcoming Investor Events
UPCOMING Investor Events Bank of America KeyBanc Capital Cross Sector Insight Wells Fargo Industrials Roth 10th Annual Industrials Conference Markets Conference Conference London Conference May 14, 2024 May 28, 2024 June 04, 2024 June 11, 2024 June 25-27, 2024 Adam Spice Adam Spice Adam Spice Adam S
Slide 34: Rocket Lab
— ROCKETLAB