Rocket Lab USA Inc. Reports Strong Q3 2024 Earnings: 55% Revenue Growth and Record Launch Achievements

Rocket Lab USA Inc. (RKLB) released its third-quarter 2024 financial results, showcasing a robust performance with several key milestones. The company reported revenue of $104.8 million, a 55% year-over-year increase, surpassing analyst estimates of $102.28 million.

The revenue growth was driven by strong demand for its launch services, with Rocket Lab achieving a new annual record of 12 Electron launches to date. Additional launches are scheduled for November and December, contributing to the company’s optimistic outlook for the fourth quarter.

Despite the revenue growth, Rocket Lab reported a GAAP net loss of $51.9 million, translating to a loss per share of $0.10. This loss is attributed to ongoing investments in research and development and operational expansion. However, the company’s gross profit increased to $28 million from $15 million in the prior year, reflecting improved operational efficiency.

The company’s backlog stands at $1.05 billion, indicating robust future revenue potential. Notable achievements include signing multiple Neutron launches with a commercial satellite constellation customer and completing spacecraft for NASA‘s ESCAPADE mission to Mars.

Rocket Lab provided guidance for the fourth quarter, anticipating record revenue between $125 million and $135 million, with GAAP gross margins projected between 26% and 28%. The company also expects an adjusted EBITDA loss of $27 million to $29 million in the fourth quarter.

In addition to its financial performance, Rocket Lab announced several strategic developments, including a multi-launch agreement with a confidential commercial satellite constellation operator and an award of up to $8 million from the U.S. Air Force Research Laboratory.