Now lets do a deeper dive into the financials:
In Q2 Rocket Lab generated $62M in revenue, $39.6M came from Space Systems and $22.5M came from launch. This is a $7.2M increase or 13% compared to the previous quarter.
Backlog increased $40.1M, this is the first time we’ve seen a backlog increase in over a year!
Q2 GAAP Gross Margins were 11.6%, in Q3 they were 23.5% representing a healthy increase.
GAAP SG&A expenses increased by $200k due to M&A costs of the Virgin Orbit facility.
GAAP R&D expenses increased by $7.1M due to a higher headcount, and to support the Neutron and space systems programs.
Non-GAAP Free Cash Flow increased by $300K. In large due to the Virgin Orbit acquisition, without the acquisition, Non-GAAP Free Cash Flow would’ve been -$16.7M compared to -$38.1M from Q2.
This represents a road to profitability.
They ended Q2 with $419M in cash and cash equivalents.
#space #rocketlab #newzealand