Rocket Lab USA(US:RKLB)2025-08-07 20:19Financial Performance - Rocket Lab reported record quarterly revenue of $144 million for Q2 2025, representing a 36% year-on-year growth[1] - Gross profit for Q2 2025 was $46.4 million, with a gross margin of approximately 32.2%[15] - For Q3 2025, Rocket Lab expects revenue between $145 million and $155 million, with GAAP gross margins between 35% and 37%[10] - The company anticipates an Adjusted EBITDA loss of between $21 million and $23 million for Q3 2025[10] - Net loss for Q2 2025 was $66.4 million, compared to a net loss of $41.6 million in Q2 2024[15] - Net loss for the six months ended June 30, 2025, was $127,030 thousand, compared to a net loss of $85,891 thousand for the same period in 2024, indicating a decline of 47.8%[19] - The adjusted EBITDA for the six months ended June 30, 2025, was $(57,546) thousand, compared to $(42,882) thousand in the same period of 2024, indicating a worsening of 34.3%[22] Operational Highlights - The company successfully launched five Electron missions in the quarter, bringing the total Electron launch count to 69[5] - Rocket Lab is on track to complete Launch Complex 3 for its Neutron rocket in Q3 2025, enhancing its launch capabilities[5] - Rocket Lab is in production for a $515 million contract to build 18 spacecraft for the Space Development Agency's Tranche 2 Transport Layer[5] - The acquisition of Geost for $275 million is expected to close shortly, positioning the company for future defense satellite contracts[5] Expenses and Liabilities - Research and development expenses for Q2 2025 were $66.1 million, up from $39.9 million in Q2 2024[15] - Total current liabilities rose to $376,453 thousand as of June 30, 2025, compared to $339,525 thousand at December 31, 2024, marking an increase of 10.8%[17] - The company reported a significant increase in stock-based compensation expense, which rose to $37,167 thousand for the six months ended June 30, 2025, compared to $27,048 thousand in 2024, an increase of 37.7%[22] - GAAP Operating expenses for Q2 2025 were $106,027 million, up from $70,436 million in Q2 2024, which is a 50.6% increase[23] Cash Flow and Assets - Cash and cash equivalents at the end of the period were $564,081 thousand, significantly higher than $271,042 thousand at the end of 2024, reflecting an increase of 108.2%[17] - Net cash used in operating activities for the first half of 2025 was $77,467 thousand, compared to $15,588 thousand in the same period of 2024, showing a substantial increase in cash outflow[19] - Cash flows from financing activities provided $406,048 thousand in the first half of 2025, compared to $256,943 thousand in the same period of 2024, indicating a growth of 58.1%[19] - Total assets increased to $1,553,233 thousand as of June 30, 2025, up from $1,184,342 thousand at December 31, 2024, representing a growth of approximately 31.1%[17] - The company’s total stockholders' equity increased to $688,485 thousand as of June 30, 2025, up from $382,453 thousand at the end of 2024, representing an increase of 80.0%[17] Profitability Metrics - GAAP Gross profit for Q2 2025 was $46,388 million, up from $27,162 million in Q2 2024, representing a 71.1% increase[23] - Non-GAAP Gross profit for the first half of 2025 reached $94,371 million, compared to $61,996 million in the same period of 2024, reflecting a 52.5% growth[23] - GAAP Research and development expenses for Q2 2025 totaled $66,134 million, significantly higher than $39,912 million in Q2 2024, marking a 65.8% increase[23] - Non-GAAP Operating loss for the first half of 2025 was $69,380 million, compared to $52,957 million in the first half of 2024, indicating a 31.1% increase in losses[23] - Non-GAAP Gross margin improved to 35.3% in the first half of 2025, up from 31.2% in the same period of 2024[23]