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Rocket Lab | 8-K: Rocket Lab Announces First Quarter 2024 Financial Results Reflecting Year-on-Year Revenue Growth of 69%, Sequential Quarterly Growth of 55%, and Continued Growth in Q2 2024

SEC announcement ·  May 7 04:46
Summary by Futu AI
On May 6, 2024, Rocket Lab USA, Inc. reported its financial results for the first quarter ending March 31, 2024, showcasing significant growth. The company announced a year-on-year revenue increase of 69% and a sequential quarterly growth of 55%. Rocket Lab also provided updates on its Neutron rocket development, including the completion of its first Archimedes engine build and the commencement of engine testing in Mississippi. The company's CEO, Peter Beck, highlighted Rocket Lab's successful Electron missions, contracts with the U.S. Space Force, and progress on various spacecraft programs. Rocket Lab's first quarter achievements included a $1+ billion backlog, successful Electron launches, and major milestones in infrastructure development for the Neutron launch complex. Looking ahead to Q2 2024, Rocket Lab anticipates revenues between $105 million and $110 million, with projected GAAP gross margins between 24% and 26%, and an Adjusted EBITDA loss of $23 million to $25 million. The company's financial statements and cash flow reports further detail its performance and position.
On May 6, 2024, Rocket Lab USA, Inc. reported its financial results for the first quarter ending March 31, 2024, showcasing significant growth. The company announced a year-on-year revenue increase of 69% and a sequential quarterly growth of 55%. Rocket Lab also provided updates on its Neutron rocket development, including the completion of its first Archimedes engine build and the commencement of engine testing in Mississippi. The company's CEO, Peter Beck, highlighted Rocket Lab's successful Electron missions, contracts with the U.S. Space Force, and progress on various spacecraft programs. Rocket Lab's first quarter achievements included a $1+ billion backlog, successful Electron launches, and major milestones in infrastructure development for the Neutron launch complex. Looking ahead to Q2 2024, Rocket Lab anticipates revenues between $105 million and $110 million, with projected GAAP gross margins between 24% and 26%, and an Adjusted EBITDA loss of $23 million to $25 million. The company's financial statements and cash flow reports further detail its performance and position.
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