"Rocket Lab has had a strong start to the year, with our four Electron missions in Q1 marking an accelerated cadence of launches this year and maintaining our status as operators of the United States' second most frequently launched rocket," said Rocket Lab founder and CEO Peter Beck. "Most recently we were awarded close to $50 million across two mission contracts post quarter for the United States Space Force's Space Systems Command: the Victus Haze responsive space demonstration with Electron and a Rocket Lab Pioneer-class satellite that must launch within 24 hours' notice, and the next mission in the Space Systems Command's Space Test Program that will lift-off from our launch pad in Virginia."
Beck highlighted the progress in the company's Space Systems business, including a $515 million contract with the Space Development Agency for a constellation of 18 satellites. "Execution on our constellation build program for the Space Development Agency has begun in earnest with a successful program kick-off, completed preliminary design studies for the constellation's 18 spacecraft, and the selection and onboarding of the program's subcontractors," he explained.
Other notable achievements included significant progress on several spacecraft programs and major developments in Rocket Lab's Neutron rocket program. "For Neutron, we've also achieved major development milestones to date this year, including the first assembly of an Archimedes engine, now ready for a hot fire engine test campaign at our facilities at NASA Stennis in Mississippi," Beck added.
First Quarter 2024 Business Highlights:
- Ended Q1 2024 with a backlog exceeding $1 billion. - Launched four Electron missions for various clients, including commercial and national security sectors. - Initiated major projects, such as the assembly of two spacecraft for NASA's ESCAPADE mission to Mars and the return of a spacecraft for Varda, marking a first in in-space manufacturing.
Business Highlights Since March 31, 2024:
- Successfully launched the quarter's first mission for KAIST and NASA. - Advanced infrastructure at Launch Complex 3 for Neutron, with significant construction milestones completed.
Second Quarter 2024 Guidance:
- Anticipated revenue between $105 million and $110 million. - Projected Space Systems revenue between $77 million and $81 million. - Expected Launch Services revenue between $28 million and $29 million. - Forecasted GAAP and Non-GAAP Gross Margins of 24-26% and 30-32%, respectively. - Operating expenses are expected to range from $62 million to $76 million across different metrics.
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