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Annual Report - March 24, 2022
FY2021 Revenue: $62.2M (+77% YoY), net loss $117M
Financial Metrics
Brief
Rocket Lab reported FY2021 revenue of $62.2M, up 77% YoY from $35.2M, driven by higher launch pricing and space systems growth. Gross margin improved to -3% from -34%, but operating loss widened to $102M due to R&D and SG&A expansion post-SPAC. Backlog reached $242M with strong cash position of $691M after Business Combination.
Detailed Brief
Rocket Lab's FY2021 revenue grew 77% YoY to $62.2M, with Launch Services at $39M (+18% YoY) from higher ASPs and Space Systems surging to $23M (+1,021% YoY) via organic growth and Q4 acquisitions (ASI, PSC). Gross loss narrowed to $1.9M (-3% margin) from $11.8M (-34%) amid COVID impacts, but op loss hit $102M on $41.8M R&D (Neutron) and $58.4M SG&A (public co costs, SBC). Net loss $117M; OCF $(72)M. Cash swelled to $691M post-SPAC/PIPE; $100M debt. 6 Electron launches (down from 7); backlog $242M (60% in 12mo). Acquisitions added components tech; Neutron dev ongoing. Material weaknesses persist in controls.
Key Telemetry
- • Revenue: $62.2M (+77% YoY) from Launch $39M (+18%) & Space Systems $23M (+1,021%)
- • Gross Margin: -3% (vs -34% YoY) despite COVID & SBC step-up
- • Backlog: $242M (+$51M YoY), 60% expected in 12mo
- • Cash: $691M post-SPAC; OCF $(72)M; Debt/Equity 0.14
- • Net Loss: $117M (+113% YoY) on R&D/SG&A expansion
Risk Signals
Impact Vector
Strong revenue growth and $691M cash post-SPAC support Neutron dev & acquisitions, funding path to profitability via scale (Neutron 2024). Backlog validates demand; space systems diversification reduces launch reliance. Risks: high burn ($72M OCF), customer concentration (top5=69% rev), 2 launch failures, material control weaknesses. Catalysts: Neutron certs, DoD contracts; runway >12mo but dilution risk if more cap needed.