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Annual Report - March 7, 2023
2022 Revenue: $211M (+239% YoY), gross margin improved to 9% from -3%; backlog $504M.
Financial Metrics
Brief
Rocket Lab reported FY2022 revenue of $211M, up 239% YoY driven by 9 Electron launches and Space Systems growth from acquisitions. Gross margins improved to 9% from -3% YoY amid scaling efficiencies. Net loss widened to $136M due to higher operating expenses and R&D for Neutron.
Detailed Brief
Rocket Lab's FY2022 revenue reached $211M, a 239% increase from $62M in 2021, fueled by Launch Services ($61M, +56% YoY from higher cadence) and Space Systems ($150M, +546% YoY via SolAero, PSC, ASI acquisitions and organic growth). Gross profit turned positive at $19M (9% margin) vs $2M loss prior year, aided by production scaling. Operating loss was $135M amid $65M R&D (Neutron, components) and $89M SG&A (public company costs, amortization). Cash position strong at $481M liquid assets; backlog $504M supports visibility. 29 Electron missions, 152 spacecraft deployed by YE2022.
Key Telemetry
- • Revenue: $211M (+239% YoY) with Space Systems $150M (+546%) from acquisitions
- • Gross Margin: 9% (+12pp YoY) via efficiencies; Launch cost/launch down to $7.5M
- • Backlog: $504M (+YoY) incl. $387M Space Systems; 9 launches in 2022
- • Cash: $481M liquid; debt/equity 0.15; op. cash flow -$107M
Impact Vector
Strong revenue growth and margin expansion signal path to profitability via Neutron (2024 debut) and Space Systems scaling. $504M backlog ensures sustainability amid constellation demand. Competitive edge from vertical integration, frequent launches; risks include execution delays, cash burn (~$40M/qtr), Neutron development. Catalysts: Neutron first flight, constellation wins; monitor burn rate vs. runway >12mos.