Rocket Lab USA, Inc. (NASDAQ:RKLB) Q1 2024 Earnings Call Transcript May 6, 2024
Rocket Lab USA, Inc. beats earnings expectations. Reported EPS is $-0.09033, expectations were $-0.11. Rocket Lab USA, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, everyone, and welcome to the Rocket Lab’s First Quarter 2024 Financial Results Update and Conference Call. At this time, I would like to hand the call over to Murielle Baker, Communications Manager at Rocket Lab. Please go ahead, ma’am.
Murielle Baker: Thank you. Hello, everyone. We’re glad to have you join us for today’s conference call to discuss Rocket Lab’s first quarter 2024 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 presenters today are Rocket Lab’s Founder and Chief Executive, Peter Beck; and Chief Financial Officer, Adam Spice. After our prepared comments, we will take questions. And now, let me turn the call over to Mr. Beck.
Peter Beck: Thank you, Murielle, and thank you, everybody for joining us today. We’ve got a lot of great achievements and milestones to share on our start to the year, not the least of which is executing a record number of launches and space systems growth that delivered a record total revenue of $93 million in the quarter, up 55% quarter-over-quarter and 69% year-over-year. Adam will talk through the rest of the details of our financial results for the first quarter before covering the financial outlook for Q2 2024. After that, we’ll take some questions and finish today’s call with the near-term conferences we will be attending. All right. Onto what we achieved in the first quarter of the year, starting with Electron. We had a great series of launches in Q1 with four successful missions, three of them for commercial customers from Launch Complex 1 in New Zealand and a national security mission for the NRO out of our second site in Virginia.
We had to launch — we had a launch turnaround of just eight days between our flight for the Japanese customers inspective in the NRO launch, which was no small task from two launch sites across the world. In fact, we remain the only company with the capability of orbital launch from both hemispheres. It really demonstrates the capability of the team to turn around launches so quickly and sets us up well to execute against our pack manifest for 2024. We completed our fifth launch of the year less than two weeks ago, a commercial mission for KAIST Institute of South Korea, along with a landmark scientific mission for NASA to test our solar sailing technology also on board. Note here rideshared missions are the same, and this launch, in particular, was a tricky and complex one that played into our unique strengths.
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