Rocket Lab reports record revenue as backlog grows 137%
The aerospace company reported second-quarter revenue of $234 million, a 62% increase year-over-year.
Rocket Lab (RKLB), the aerospace manufacturer, reported record second-quarter revenue of $234 million. The result marked a 62% increase year-over-year and a sequential rise of $34 million from the previous quarter.
The company is scaling its operational capacity amid a significant expansion of its order book. Backlog grew to a record $2.36 billion, representing a 137% increase compared to the same period last year.
Growth was driven largely by product revenues, which rose to $181.3 million from $92.7 million in the second quarter of 2024. The company also secured more than $437 million in new launch contracts during the quarter and the subsequent period, bringing the total launch backlog to more than 90 missions, up from the 70 contracted missions reported in the first quarter.
Rocket Lab expanded its corporate footprint through several transactions. The company closed the acquisitions of Mynaric and Motiv during the second quarter. In June 2024, it announced an agreement to acquire Iridium Communications Inc. for $54 per share, representing an enterprise value of approximately $8.0 billion.
Management projected third-quarter revenue between $250 million and $265 million. However, the company expects margins to compress. GAAP gross margin guidance for the third quarter is 29% to 31%, down from the second-quarter range of 33% to 35%. Non-GAAP gross margin guidance is 35% to 37%, compared to the 38% to 40% range provided for the second quarter.
The company targeted the fourth quarter of 2024 for the first launch of its Neutron rocket. Stage 1 tank production is currently aligned with that schedule.