Rocket Lab USA, Inc. (RKLB) Q1 2025 Earnings Call Transcript

2025-05-08 21:51:11 ET

Rocket Lab USA, Inc. (RKLB)

Q1 2025 Earnings Conference Call

May 08, 2025, 05:00 PM ET

Company Participants

Murielle Baker - Senior Communications Manager

Peter Beck - Founder and CEO

Adam Spice - CFO

Conference Call Participants

Edison Yu - Deutsche Bank

Gautam Khanna - TD Securities

Ryan Koontz - Needham

Andre Madrid - BTIG

Matthew Akers - Wells Fargo

Suji Desilva - ROTH Capital

Jason Gursky - Citi

Michael Leshock - KeyBanc Capital Markets

Erik Rasmussen - Stifel

Presentation

Operator

Thank you for standing by. My name is Jessica and I will be your conference operator today. At this time, I would like to welcome everyone to Rocket Lab’s First Quarter 2025 Financial Results Update and Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] At this time, I would like to turn the call over to Murielle Baker, Senior Communications Manager. Murielle, you may begin.

Murielle Baker

Thank you. Hello and welcome to today's conference call to discuss Rocket Lab's first quarter 2025 financial results. Before we begin the call, I'd like to remind you that our remarks may contain forward-looking statements that relate to the future performance of the company and these statements are intended to qualify for the safe harbor protection from liability established by the Private Securities Litigation Reform Act. Any such statements are not guarantees of future performance and factors that could influence our results are highlighted in today's press release and others are contained in our filings with the Security and Exchange Commission. Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments. Except as required by law, the company does not undertake any obligation to update these statements.

Our remarks and press release today also contain non-GAAP financial measures within the meaning of Regulation G enacted by the SEC. Included in such release and our supplemental materials are reconciliations of these historical non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP. This call is also being webcast with a supporting presentation and a replay and copy of the presentation will be available on our website.

Our speakers today are Rocket Lab’s Founder and Chief Executive Officer, Sir Peter Beck, as well as Chief Financial Officer, Adam Spice. They will be discussing key business developments and highlights including updates on our launch and space systems programs. We will discuss financial highlights and outlook before we finish by taking questions.

So, with that, let me turn the call over to Sir Peter.

Peter Beck

Thanks Murielle and thanks everybody for joining us today. While we had a very strong start for 2025 across the business, I want to provide a bit of an update as we build towards our future as a Constellation owner and operator. As we take you through our achievements for the quarter, keep this in mind how every milestone and every mission brings us closer to that lucrative piece of the space value chain. We continue to launch and book more and more electron missions proving we hold the keys to space with regular launch access.

As Neutron rises closer to the pad, we also get closer to having a 13-ton reusable launch vehicle that can deploy our own satellites with speed and cost efficiency. We are also generating revenue through the missions we will fly for our national security and commercial customers. Having gone after the full space ecosystem with satellites, launch vehicles and everything in between, our deep vertical integration is one of our distinct competitive advantages.

And while it's bringing us closer to our strategic end goal this quarter, it's also served us well against a backdrop of dynamic international trade environments, ensuring that we have the supply chain lock with secure and predominantly U.S. based manufacturing. So with that let me move on to some more specifics for the quarter.

We've posted a near record quarterly revenue of 122.6 million, nudging to the top end of our prior guidance and 32% up 32% compared to last year. We have another strong looking quarter on the horizon. With the midpoint of our guidance range for Q2 pointed to another record sending quarter for the business, and I'll let Adam go into those details a little bit later.

On the launch side, demand is soaring. We booked eight new Electron and HASTE missions for Q1 and at the same time launched five missions with 100% mission success. Three of those took flight within just 13 days of each other and there is demand from our customers for more than 20 launches this year....

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