PowerPoint Presentation rocket lab
PowerPoint Presentation rocket lab
PowerPoint Presentation rocket lab
@financepresentations1 month ago
Rocket Lab USA, Inc.
Q3 2024 Investor Update
November 12, 2024
rocketlabusa.com
- 1
- 2 Electron
- 3 Neutron
- 4 Space Systems
- 5 Financial Highlights and Outlook
- 6 Q&A and Upcoming Events
- · All missions were a continuation of multi-launch contracts with return customers.
- · Includes two missions launched back-to-back within eight days.
- · Standardized, rapid production of Electron.
- · Responsive launch sites.
- · Proven & established launch systems.
- · Experienced team.
- · Program is an Indefinite Delivery, Indefinite Quantity (IDIQ) contract projected at $5.6 billion over five years, allowing the Space Force to issue individual task orders to qualified providers.
- · Neutron on track for expected first launch in 2025, meeting on-ramp requirements.
- · Experience developing launch vehicles for national security missions with Electron and HASTE.
- · On track to bring Neutron to market faster than any vehicle of its class. Demonstrated this capability with Electron, reaching 50 launches faster than any other commercially developed rocket.
- · Neutron developed in close partnership with customers to meet their needs., incl. a $24.35m contract with the Space Force to develop Neutron's upper stage.
- · Federal defense contract to support the development of Archimedes, valued up to $8m.
- · Study contract will showcase Rocket Lab's digital engineering processes.
- · Contract further recognizes Rocket Lab and Neutron to provide for the National Security Space Launch program (NSSL).
- · Extension of 2022 research agreement to continue exploring point-to-point cargo delivery with Neutron.
- · Neutron now eligible to compete for missions under OSP-4, a $986m IDIQ contract.
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 Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this presentation, including statements regarding our expectations of financial results for the fourth quarter of 2024, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, 'anticipate,' 'aim,' 'believe,' 'contemplate,' 'continue,' 'could,' 'design,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'seek,' 'should,' 'suggest,' 'strategy,' 'target,' 'will,' 'would,' and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab's current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab's control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to delays and disruptions in expansion efforts; delays in the development of our Neutron rocket; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased competition in our industry due in part to rapid technological development; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; general economic uncertainty and turbulence which could impact our customers' ability to pay what we are owed; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design, in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; design and engineering flaws; launch failures; natural disasters and epidemics or pandemics; any inability to effectively integrate recently acquired assets; a US government shutdown or delays in government funding; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab's filings with the Securities and Exchange Commission (the 'SEC'), including under the heading 'Risk Factors' in Rocket Lab's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024 and elsewhere. There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, research and development expenses, and non-GAAP net selling, general and administrative expenses. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) amortization of purchased intangible assets and favorable lease; (iii) non-cash income tax benefits and expenses (iv) depreciation; (v) transaction costs; (vi) change in fair value of contingent consideration; (vii) performance reserve escrow; (viii) provision for income taxes; (ix) (Gain) loss on foreign exchange; (x) accretion of marketable securities purchased at a discount; (xi) (gain) loss on disposal of assets; and (xii) employee retention credit. We also supplement our unaudited historical statements and forward-looking guidance with the measure of adjusted EBITDA, where adjustments to EBITDA include share-based compensation, warrant expense related to customers and partners, foreign exchange gains or losses, acquisition related performance reserve and escrow, loss on extinguishment of debt, interest expense, net and other non-recurring gains or losses. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance. Non-GAAP financial measures are not in accordance with and do not serve as an alternative for the presentation of our GAAP financial results. We are providing this information to enable investors to perform more meaningful comparisons of our operating results in a manner similar to management's analysis of our business. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in our Earnings Release dated November 12, 2024 available on our website at investors.rocketlabusa.com. We have not provided a reconciliation for the forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects.
Agenda
Highlights
Delivering as an end-to-end space company
Our latest achievements support the strategic vision.
Q3 delivered Strong growth year-on-year
$105m
Third quarter revenue, representing 55% YoY increase.
$1.05b
Backlog as of Q3 2024, representing 80% YoY growth.
$125$135m
Revenue guidance for Q4, 2024 - on track to be our biggest quarter ever.
Now the world's
3rd
most frequently launched rocket globally in 2024.
67%
Increase in Electron's average sale price since its debut launch in 2017 from $5m to now $8.4m.
$55m
in new launch contracts signed in Q3, 2024.
missions launched Under multi-launch contracts
Three successful missions launched in Q3 for three separate commercial constellation operators.
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 turnaround yet from contract to launch. Rocket Lab is the only dedicated small launch provider currently delivering this rapid turnaround service.
Rapid turnaround made possible by:
NEUTRON is open for business
Signed launch agreement with commercial constellation operator
Launching from Launch Complex 3 in Virginia.
Two dedicated Neutron launches booked in 2026 & 2027. Beginning of a productive collaboration that could see Neutron deploy the entire constellation.
Consistent with our target price for Neutron.
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.
Government integrated in neutron development
U.S. Air Force Research Laboratory
U.S. Transportation Command (USTRANSCOM)
U.S. Space Force's Space Systems Command
15
FLIGHT HARDWARE:
Reusable fairing
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.
