Rocket Lab USA, Inc. reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company achieved revenues of $104.8 million for Q3 2024, marking a 55% increase from $67.7 million in Q3 2023. For the nine-month period, revenues rose to $303.8 million, up 65% from $184.6 million in the same period last year. This growth was primarily driven by a substantial increase in space systems revenue, which grew by 81% year-over-year to $83.9 million in Q3 2024, attributed to heightened spacecraft manufacturing activities.
Despite the revenue growth, Rocket Lab reported an operating loss of $51.9 million for Q3 2024, compared to a loss of $38.9 million in Q3 2023. The nine-month operating loss also widened slightly to $138.3 million from $130.0 million in the prior year. The net loss for Q3 2024 was $51.9 million, compared to $40.6 million in Q3 2023, while the nine-month net loss increased to $137.8 million from $132.1 million.
Total operating expenses for Q3 2024 were $79.9 million, up from $53.8 million in Q3 2023, reflecting increased investments in research and development (R&D) and selling, general, and administrative (SG&A) expenses. R&D expenses surged by 79% to $47.7 million, driven by advancements in the Neutron rocket program and increased staffing costs.
On the balance sheet, Rocket Lab reported cash and cash equivalents of $292.5 million as of September 30, 2024, a significant increase from $162.5 million at the end of 2023. Total assets rose to $1.15 billion, up from $941.2 million at the end of 2023. However, total liabilities also increased to $733.2 million, primarily due to the issuance of $355 million in convertible senior notes, which were recorded as long-term liabilities.
The company’s backlog as of September 30, 2024, stood at $1.05 billion, with approximately 50% expected to be recognized within the next 12 months. This backlog reflects ongoing demand for both launch services and space systems.
In terms of strategic developments, Rocket Lab has made progress on its Neutron rocket, including the completion of an assembly, integration, and testing facility in Virginia. The company has also signed a launch service agreement for two dedicated Neutron launches with a confidential customer. Additionally, Rocket Lab has ceased mid-air recovery of its Electron rocket boosters and sold its remaining helicopter assets, recognizing a gain of $2.1 million from the sale.
About Rocket Lab USA, Inc.
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