$RKLB (+1,06 %)
Rocket Lab (RKLB) - Compact summary:
Finances & business situation
- Revenue (2024): Approx. $436m
- Net loss: ca. $190m
- Cash reserves: approx. 428 million $
- Cash burn: approx. 40-50 million $ per quarter
- The majority of the expenditure flows into Neutron development & Space Systems.
Launch Systems
Electron (existing system):
- 66 successful orbital launches, 94% success rate
- ~8 million $ revenue per launch, ~7 million $ costs
- Small margin, but reliable for operations & personnel
Neutron (future rocket):
- Target: ~$60m revenue per launch, ~$30-40m costs
- 20m $ margin per flight possible
- Key for scaling & profitable government/commercial contracts
HASTE - Suborbital for hypersonic tests
- Modified Electron for military testing
- Relevant revenue stream through DoD projects
- Utilizes existing infrastructure for fast, reliable suborbital flights
Space Systems & GEOST
GEOST (acquisition 2024):
- Builds secret optical sensors for US defense
- 80-90 million $ annual turnover, high margins
- Strong cash flows & secured customer orders
Space Systems segment:
- Builds satellite components & deep space devices
- Currently generates more revenue than the launch business
Pipeline & order security
- 1 billion in confirmed contracts (NASA, DoD, commercial satellite operators)
- Strong growth potential in defense and satellite communications (e.g. with Mynaric)
Risks & outlook
- Delay with Neutron = Impending loss of market share
- Cash requirements Could lead to further share dilution
- Competition from from SpaceX, Firefly, Relativity, etc.
Forecast for profitability: Realistic from 2027depending on Neutron launch, GEOST growth and successful order implementation.