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Jun 30, 2023
Rocket Lab Q2 2023 Earnings Report
Rocket Lab's launch and space systems businesses performed strongly, marked by three successful Electron launches and the deployment of over 17 spacecraft with Rocket Lab satellite components to orbit. The company also signed multiple new launch contracts with both new and returning customers.
Key Takeaways
Rocket Lab reported strong Q2 2023 financial results, exceeding prior guidance for revenue and gross margin. Three successful Electron launches, the acquisition of Virgin Orbit assets, and significant milestones in Neutron rocket development highlighted the quarter.
Delivered strong financial results that were above the midpoint of prior guidance for revenue, and well above the high end of prior guidance for gross margin.
Launched three successful Electron missions in the second quarter, including the TROPICS constellation for NASA and the first HASTE mission.
Acquired assets and production space from the Virgin Orbit bankruptcy auction at favorable pricing, enabling significant savings and schedule acceleration for Neutron production.
Strong quarter for space systems with Rocket Lab satellite components or software featured in 17 spacecraft launched to orbit.
Revenue by Segment
Forward Guidance
For the third quarter of 2023, Rocket Lab expects revenue between $73 million and $77 million, with Launch Services revenue of approximately $30 million and Space Systems revenue between $43 million to $47 million. GAAP Gross Margins are expected to be between 21% to 23%, and Non-GAAP Gross Margins between 28% to 30%.
Positive Outlook
- Revenue between $73 million and $77 million.
- Launch Services revenue of approximately $30 million.
- Space Systems revenue of between $43 million to $47 million.
- GAAP Gross Margins between 21% to 23%.
- Non-GAAP Gross Margins between 28% to 30%.
Challenges Ahead
- GAAP Operating Expenses between $51 million to $53 million.
- Non-GAAP Operating Expenses between $38 million to $40 million.
- Expected Interest Expense (Income), net $0.5 million.
- Adjusted EBITDA loss of $10 million to $14 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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