RKLB Rocket Lab USA Inc

Rocket Lab also provided a major update on the progress of its new rocket Neutron, including that it has completed its first Archimedes engine build and has begun its engine test campaign in Mississippi

Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today shared the financial results for fiscal first quarter ended March 31, 2024.

Rocket Lab founder and CEO Peter Beck said: “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. 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. Both missions are a further demonstration of Rocket Lab as a trusted partner to the Department of Defense for assured access to space, coming off the back of our fifth overall national security launch for the National Reconnaissance Office which we flew before quarter-end in March.

“In our Space Systems business, execution on our $515m 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 who will contribute across various mission requirements. Other major spacecraft programs, including our 17 spacecraft constellation build for MDA and Globalstar, our twin spacecraft to Mars for the NASA ESCAPADE mission, and our mission support and reentry spacecraft for Varda, also cleared significant delivery, build, and test milestones that advance the programs and maintain schedule for launches or deliveries this year.

“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. The Archimedes test site at Stennis is also now commissioned and ready to support the upcoming test campaign, the results of which will be the driver of Neutron’s expected date for first launch. Now with a complete engine, we’re through some of the unknowns in the development program and can update the schedule for first flight accordingly, which we have adjusted to no earlier than mid-2025.

“Other developments across the program include major installations at the Neutron launch pad in Wallops, Virginia, such as completed concrete pours for the site’s launch mount and finalization of the site’s 278 ft water tower, forever changing the Wallops Island skyline and marking an exciting new era in Neutron’s path to first launch.”

First Quarter 2024 Business Highlights:

• Closed Q1 2024 with $1+ billion in backlog.
• Successfully launched four Electron missions for commercial and national security customers across our launch sites in the United States and New Zealand.
• Successful program kick-off as the prime contractor for a $515m Space Development Agency contract to design, build and operate 18 satellites for the Tranche 2 Transport Layer-Beta.
• Meaningful progress made on the production and testing of two Rocket Lab spacecraft for NASA’s ESCAPADE mission to Mars.
• Successfully returned a spacecraft to Earth for Varda in a world-first in-space manufacturing mission, enabling Varda’s payload of pharmaceutical crystals made in space to return to Earth.
• Progressed major infrastructure milestones at Launch Complex 3 for Neutron, including foundations for the launch mount, water tower and liquid oxygen tanks.

Business Highlights Since March 31, 2024:

• First launch of the quarter successfully completed for KAIST and NASA.
• Completed the assembly of an Archimedes engine for the first time ahead of upcoming engine test campaign at NASA Stennis in Mississippi.
• Completed major infrastructure installations at Launch Complex 3 for Neutron in Virginia, including the final concrete pour for Neutron’s launch mount and finalization of the site’s 278 ft water tower.
• Awarded a $32 million end-to-end launch-plus-spacecraft contract with the U.S. Space Force’s Space Systems Command for a 24-hour notice responsive space demonstration.
• Awarded a second U.S. Space Force launch contract valued at $14.49 million for the Space System Command’s Space Test Program (STP).

Second Quarter 2024 Guidance

For the second quarter of 2024, Rocket Lab expects:

• Revenue between $105 million and $110 million.
• Space Systems revenue between $77 million and $81 million.
• Launch Services revenue between $28 million and $29 million.
• GAAP Gross Margins between 24% and 26%.
• Non-GAAP Gross Margins between 30% and 32%.
• GAAP Operating Expenses between $74 million and $76 million.
• Non-GAAP Operating Expenses between $62 million and $64 million.
• Expected Interest Expense (Income), net $1 million.
• Adjusted EBITDA loss of $23 million to $25 million.
• Basic Shares Outstanding of 494 million.

See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q2 2024 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $14 million to $15 million in Q2 2024.

Conference Call Information

Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our first quarter, to provide our outlook for the second quarter, and other updates.

The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events.

About Rocket Lab

Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier, and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, our family of spacecraft platforms, and the Company is developing the large Neutron launch vehicle for constellation deployment. Since its first orbital launch in January 2018, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 180+ satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab spacecraft have been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a third launch pad in Virginia. To learn more, visit www.rocketlabusa.com.

+ FORWARD-LOOKING STATEMENTS

This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release, including statements regarding our expectations of financial results for the second quarter of 2024, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to delays and disruptions in expansion efforts; delays in the development of our Neutron rocket; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased competition in our industry due in part to rapid technological development; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; general economic uncertainty and turbulence which could impact our customers’ ability to pay what we are owed; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design, in engineering, in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; launch failures; natural disasters and epidemics or pandemics; any inability to effectively integrate recently acquired assets; a US government shutdown or delays in government funding; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024, and elsewhere. There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Notes to Editor: All dollar amounts in this press release are expressed in U.S. dollars, unless otherwise stated.

+ USE OF NON-GAAP FINANCIAL MEASURES

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:

+ ADJUSTED EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.

+ OTHER NON-GAAP FINANCIAL MEASURES

Non-GAAP gross profit, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(unaudited; in thousands, except share and per share data)

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Revenues

 

$

92,767

 

 

$

54,895

 

Cost of revenues

 

 

68,593

 

 

 

48,538

 

Gross profit

 

 

24,174

 

 

 

6,357

 

Operating expenses:

 

 

 

 

Research and development, net

 

 

38,504

 

 

 

23,905

 

Selling, general and administrative

 

 

28,749

 

 

 

28,469

 

Total operating expenses

 

 

67,253

 

 

 

52,374

 

Operating loss

 

 

(43,079

)

 

 

(46,017

)

Other income (expense):

 

 

 

 

Interest expense, net

 

 

(898

)

 

 

(685

)

Gain on foreign exchange

 

 

311

 

 

 

134

 

Other (expense) income, net

 

 

(589

)

 

 

1,477

 

Total other (expense) income, net

 

 

(1,176

)

 

 

926

 

Loss before income taxes

 

 

(44,255

)

 

 

(45,091

)

Provision for income taxes

 

 

(5

)

 

 

(526

)

Net loss

 

$

(44,260

)

 

$

(45,617

)

Net loss per share attributable to Rocket Lab USA, Inc.:

 

 

 

 

Basic and diluted

 

$

(0.09

)

 

$

(0.10

)

Weighted-average common shares outstanding:

 

 

 

 

Basic and diluted

 

 

489,994,709

 

 

 

476,199,710

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

(unaudited; in thousands, except share and per share data)

 

 

 

 

 

 

 

March 31, 2024

(unaudited)

 

December 31,

2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

365,929

 

 

$

162,518

 

Marketable securities, current

 

 

126,593

 

 

 

82,255

 

Accounts receivable, net

 

 

31,167

 

 

 

35,176

 

Contract assets

 

 

14,895

 

 

 

12,951

 

Inventories

 

 

99,901

 

 

 

107,857

 

Prepaids and other current assets

 

 

78,606

 

 

 

66,949

 

Assets held for sale

 

 

8,532

 

 

 

9,016

 

Total current assets

 

 

725,623

 

 

 

476,722

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

 

148,087

 

 

 

145,409

 

Intangible assets, net

 

 

66,845

 

 

 

68,094

 

Goodwill

 

 

71,020

 

 

 

71,020

 

Right-of-use assets - operating leases

 

 

56,870

 

 

 

59,401

 

Right-of-use assets - finance leases

 

 

14,827

 

 

 

14,987

 

Marketable securities, non-current

 

 

68,566

 

 

 

79,247

 

Restricted cash

 

 

3,849

 

 

 

3,916

 

Deferred income tax assets, net

 

 

3,353

 

 

 

3,501

 

Other non-current assets

 

 

22,884

 

 

 

18,914

 

Total assets

 

$

1,181,924

 

 

$

941,211

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Trade payables

 

$

25,995

 

 

$

29,303

 

Accrued expenses

 

 

9,091

 

 

 

5,590

 

Employee benefits payable

 

 

13,934

 

 

 

16,342

 

Contract liabilities

 

 

150,535

 

 

 

139,338

 

Current installments of long-term borrowings

 

 

10,996

 

 

 

17,764

 

Other current liabilities

 

 

21,911

 

 

 

15,036

 

Total current liabilities

 

 

232,462

 

 

 

223,373

 

Non-current liabilities:

 

 

 

 

Convertible senior notes, net

 

 

343,829

 

 

 

—

 

Long-term borrowings, net, excluding current installments

 

 

52,717

 

 

 

87,587

 

Non-current operating lease liabilities

 

 

54,101

 

 

 

56,099

 

Non-current finance lease liabilities

 

 

15,177

 

 

 

15,238

 

Deferred tax liabilities

 

 

530

 

 

 

426

 

Other non-current liabilities

 

 

4,162

 

 

 

3,944

 

Total liabilities

 

 

702,978

 

 

 

386,667

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 492,670,716 and 488,923,055 at March 31, 2024 and December 31, 2023, respectively

 

 

49

 

 

 

49

 

Additional paid-in capital

 

 

1,148,484

 

 

 

1,176,484

 

Accumulated deficit

 

 

(667,786

)

 

 

(623,526

)

Accumulated other comprehensive income (loss)

 

 

(1,801

)

 

 

1,537

 

Total stockholders’ equity

 

 

478,946

 

 

 

554,544

 

Total liabilities and stockholders’ equity

 

$

1,181,924

 

 

$

941,211

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(unaudited; in thousands)

 

 

 

For the Three Months Ended

March 31,

 

 

2024

 

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net loss

 

$

(44,260

)

 

$

(45,617

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

8,313

 

 

 

7,033

 

Stock-based compensation expense

 

 

13,093

 

 

 

14,036

 

Loss on disposal of assets

 

 

3

 

 

 

5

 

Loss on extinguishment of long-term debt

 

 

1,330

 

 

 

—

 

Amortization of debt issuance costs and discount

 

 

639

 

 

 

709

 

Noncash lease expense

 

 

1,491

 

 

 

988

 

Change in the fair value of contingent consideration

 

 

(271

)

 

 

300

 

Accretion of marketable securities purchased at a discount

 

 

(842

)

 

 

(1,147

)

Deferred income taxes

 

 

78

 

 

 

420

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

3,939

 

 

 

(14,116

)

Contract assets

 

 

(1,944

)

 

 

(3,109

)

Inventories

 

 

7,509

 

 

 

(6,712

)

Prepaids and other current assets

 

 

(5,303

)

 

 

(10,035

)

Other non-current assets

 

 

(4,266

)

 

 

103

 

Trade payables

 

 

(1,673

)

 

 

11,305

 

Accrued expenses

 

 

3,200

 

 

 

403

 

Employee benefits payables

 

 

(622

)

 

 

1,294

 

Contract liabilities

 

 

11,205

 

 

 

17,292

 

Other current liabilities

 

 

6,729

 

 

 

2,305

 

Non-current lease liabilities

 

 

(1,425

)

 

 

(891

)

Other non-current liabilities

 

 

489

 

 

 

49

 

Net cash used in operating activities

 

 

(2,588

)

 

 

(25,385

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property, equipment and software

 

 

(19,177

)

 

 

(12,674

)

Purchases of marketable securities

 

 

(79,359

)

 

 

(76,394

)

Maturities of marketable securities

 

 

46,280

 

 

 

78,099

 

Net cash used in investing activities

 

 

(52,256

)

 

 

(10,969

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Proceeds from the exercise of stock options and public warrants

 

 

943

 

 

 

771

 

Proceeds from Employee Stock Purchase Plan

 

 

507

 

 

 

1,202

 

Proceeds from sale of employees restricted stock units to cover taxes

 

 

5,119

 

 

 

3,078

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

 

(5,163

)

 

 

(1,915

)

Payment of contingent consideration

 

 

—

 

 

 

(1,000

)

Purchase of capped calls related to issuance of convertible senior notes

 

 

(43,168

)

 

 

—

 

Proceeds from issuance of convertible senior notes

 

 

355,000

 

 

 

—

 

Repayments on Trinity Loan Agreement

 

 

(43,215

)

 

 

—

 

Payment of debt issuance costs

 

 

(11,226

)

 

 

—

 

Finance lease principal payments

 

 

(90

)

 

 

(78

)

Net cash provided by financing activities

 

 

258,707

 

 

 

2,058

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(519

)

 

 

127

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

203,344

 

 

 

(34,169

)

Cash and cash equivalents, and restricted cash, beginning of period

 

 

166,434

 

 

 

245,871

 

Cash and cash equivalents, and restricted cash, end of period

 

$

369,778

 

 

$

211,702

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(unaudited; in thousands)

 

The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

NET LOSS

 

$

(44,260

)

 

$

(45,617

)

Depreciation

 

 

4,924

 

 

 

3,713

 

Amortization

 

 

3,389

 

 

 

3,320

 

Stock-based compensation expense

 

 

13,093

 

 

 

14,036

 

Transaction costs

 

 

372

 

 

 

165

 

Interest expense, net

 

 

898

 

 

 

685

 

Change in fair value of contingent consideration

 

 

(271

)

 

 

300

 

Performance reserve escrow

 

 

—

 

 

 

1,838

 

Provision for income taxes

 

 

5

 

 

 

526

 

Gain on foreign exchange

 

 

(311

)

 

 

(134

)

Accretion of marketable securities purchased at a discount

 

 

(842

)

 

 

(1,165

)

Loss on disposal of assets

 

 

3

 

 

 

5

 

Employee retention credit

 

 

—

 

 

 

(3,841

)

Loss on extinguishment of debt

 

 

1,330

 

 

 

—

 

ADJUSTED EBITDA

 

$

(21,670

)

 

$

(26,169

)

 

 

Three Months Ended March 31,

 

 

2024

 

2023

GAAP Gross profit

 

$

24,174

 

 

$

6,357

 

Stock-based compensation

 

 

3,503

 

 

 

3,813

 

Amortization of purchased intangibles and favorable lease

 

 

1,743

 

 

 

1,710

 

Performance reserve escrow

 

 

—

 

 

 

57

 

Employee retention credit

 

 

—

 

 

 

(2,130

)

Non-GAAP Gross profit

 

$

29,420

 

 

$

9,807

 

Non-GAAP Gross margin

 

 

31.7

%

 

 

17.9

%

 

 

 

 

 

GAAP Research and development, net

 

$

38,504

 

 

$

23,905

 

Stock-based compensation

 

 

(3,985

)

 

 

(5,022

)

Amortization of purchased intangibles and favorable lease

 

 

(229

)

 

 

(9

)

Employee retention credit

 

 

—

 

 

 

631

 

Non-GAAP Research and development, net

 

$

34,290

 

 

$

19,505

 

 

 

 

 

 

GAAP Selling, general and administrative

 

$

28,749

 

 

$

28,469

 

Stock-based compensation

 

 

(5,605

)

 

 

(5,201

)

Amortization of purchased intangibles and favorable lease

 

 

(932

)

 

 

(1,434

)

Transaction costs

 

 

(372

)

 

 

(165

)

Performance reserve escrow

 

 

—

 

 

 

(1,781

)

Change in fair value of contingent consideration

 

 

271

 

 

 

(300

)

Employee retention credit

 

 

—

 

 

 

1,080

 

Non-GAAP Selling, general and administrative

 

$

22,111

 

 

$

20,668

 

 

 

 

 

 

GAAP Operating expenses

 

$

67,253

 

 

$

52,374

 

Stock-based compensation

 

 

(9,590

)

 

 

(10,223

)

Amortization of purchased intangibles and favorable lease

 

 

(1,161

)

 

 

(1,443

)

Transaction costs

 

 

(372

)

 

 

(165

)

Performance reserve escrow

 

 

—

 

 

 

(1,781

)

Change in fair value of contingent consideration

 

 

271

 

 

 

(300

)

Employee retention credit

 

 

—

 

 

 

1,711

 

Non-GAAP Operating expenses

 

$

56,401

 

 

$

40,173

 

 

 

 

 

 

GAAP Operating loss

 

$

(43,079

)

 

$

(46,017

)

Total non-GAAP adjustments

 

 

16,098

 

 

 

15,651

 

Non-GAAP Operating loss

 

$

(26,981

)

 

$

(30,366

)

 

 

 

 

 

GAAP Total other income (expense), net

 

$

(1,176

)

 

$

926

 

Gain on foreign exchange

 

 

(311

)

 

 

(134

)

Loss on disposal of assets

 

 

3

 

 

 

5

 

Loss on extinguishment of debt

 

 

1,330

 

 

 

—

 

Non-GAAP Total other income (expense), net

 

$

(154

)

 

$

797

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506663287/en/

+ Rocket Lab Investor Relations Contact Adam Spice investors@rocketlabusa.com

+ Rocket Lab Media Contact Murielle Baker media@rocketlabusa.com