Rocket Lab Posts 55% Q3 YoY Growth, Guides to Record Revenue in Q4, Signs Multi-Launch Contract, Granted AFRL Award, and Schedules Next Kinéis Launch
DENVER, Colo., Nov 13, 2024 (247marketnews.com)- Rocket Lab’s (NASDAQ: RKLB) third quarter financial results report included a 55% year-on-year growth in revenue to $105 million and is forecasting further revuenue growth for the fourth quarter to $125-135 million.
Sir Peter Beck, Rocket Lab’s founder and CEO, commented, “In the third quarter 2024 we once again executed against our end-to-end space strategy with successes and key achievements reached across small and medium launch, as well as space systems. Revenue grew 55% year-on-year to $105 million and we continue to see strong demand growth with our backlog at $1.05 billion. Significant achievements for the quarter included signing a launch service agreement for multiple launches on Neutron with a confidential commercial satellite constellation customer; successfully launching twelve Electron launches year-to-date, making 2024 a record year for launches with more still to come; signing $55 million in new Electron launches, further cementing Electron’s position as a global launch leader; and being selected by NASA to complete a study contract for a proposal to retrieve samples from Mars and return them to Earth as part of a world-first mission. We expect to close out the year strongly with more Electron launches scheduled in November and December, alongside continued progress across Neutron and space systems, that is behind our guidance for a record $125-$135 million revenue quarter in Q4.”
Rocket Lab also announced that it signed a multi-launch contract with a confidential commercial satellite constellation operator, which calls for Rocket Lab to launch two dedicated missions for its new medium-lift rocket Neutron, starting from mid-2026.
Beck stated, “Constellation companies and government satellite operators are desperate for a break in the launch monopoly. They need a reliable rocket from a trusted provider, and one that’s reusable to keep launch costs down and make space more frequently accessible – and Neutron is strongly positioned to be that rocket that provides choice and value to the industry. We’ve changed the game before with Electron for dedicated small launch and HASTE for hypersonic technology tests, and we’re looking forward to Neutron doing the same for constellation operators and national security.”
Rocket Lab further stated that the U.S. Air Force Research Laboratory (AFRL) awarded it a federal defense contract valued up to $8 million, about which Beck said, “This contract is a win-win when it comes to defense and industry partnerships. It not only allows the U.S. Air Force to collaborate with industry leaders like the Archimedes team to help modernize the U.S. Air Force’s engineering processes and capabilities, but it will also support smoother integration of Neutron to the NSSL program to more efficiently and quickly provide for some of the nation’s most critical missions. We’re looking forward to showcasing our novel technology solutions for the AFRL to help drive their digital engineering strategies to reality.
“Over the last decade we’ve seen dramatic improvements from commercial space on engine development, allowing us to shift to addressing space access shortfalls,” says Director Rocket Propulsion Division, Dr. Shawn Phillips. “Digital engineering implementation for space access is the framework we need all of industry to embrace, as it can and will impact each area of need. It’s why programs like this one are a significant step forward in how we integrate faster, speed up certification and advance success of commercial space.”
Rocket Lab also announced that it’s next Electron launch for Kinéis, a global Internet-of-Things (IoT) connectivity provider. the “Ice AIS Baby” mission, is scheduled to launch during a 14-day window that opens on November 23rd NZDT.
Alexandre Tisserant, CEO of Kinéis CEO, commented, “Kinéis continues to deploy its 25-satellite constellation on schedule. Efforts are being maintained by the technical teams who are operating our first 10 nanosatellites in flight and will be managing the positioning of the 5 new ones. This delicate operation is supported by the precision injection of our satellites into their positions by Rocket Lab’s Electron launcher. In addition to IoT, we’re delighted to announce the launch of a new service, satellite AIS, dedicated to the global maritime domain, a highly reliable sovereign offer, available in 2025. Ready for launch!”
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