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RKLB · Rocket Lab

8 filings

10-K

RKLB 10-K Annual Reports

Rocket Lab - 8 annual reports

Filing record · 2020–202610-K810-Q188-K88

2025
Rocket Lab Annual Report, Year Ended Dec 31, 2025
Rocket Lab Corporation (RKLB) has demonstrated significant growth in its 2025 fiscal year, with revenues increasing by 38% to $601.8 million. This expansion was driven by strong performance in both its Launch Services and Space Systems segments. The company's focus on vertical integration and technological innovation, including its 3D-printed Rutherford engines and carbon composite structures, continues to be a core strength. Despite a substantial increase in research and development expenses, primarily related to the development of the Neutron launch vehicle, Rocket Lab is strategically positioning itself for future growth in the expanding space economy. However, the company is still operating at a net loss, reporting a net loss of $198.2 million for 2025, indicating ongoing investment in product development and operational scaling. A key development highlighted is an issue encountered during Neutron's first stage tank qualification testing in January 2026, which has pushed the targeted first launch to Q4 2026. Investors should monitor the progress of Neutron and the company's ability to manage its significant R&D spend while moving towards profitability.
Feb 26, 2026
2024-A
Rocket Lab Annual Report (Amendment), Year Ended Dec 31, 2024
Rocket Lab Corporation's (RKLB) 10-K filing for the period ending December 31, 2024, provides an in-depth look at its corporate governance and executive compensation practices. The filing details the composition and responsibilities of its Board of Directors and various committees, emphasizing a commitment to independent oversight. Notably, all directors, except for the CEO Peter Beck, are deemed independent by Nasdaq and SEC standards. The report also thoroughly outlines the compensation philosophy and practices for its Named Executive Officers (NEOs), highlighting a performance-driven approach with a significant portion of compensation tied to variable and equity-based incentives. Significant executive compensation adjustments were made in 2024, particularly for CEO Peter Beck, reflecting a comprehensive review of his role and market positioning. This included a substantial base salary increase and significant RSU awards intended to ensure retention and align long-term interests. The company also detailed compensation for its Chief Operations Officer, Frank Klein, upon his appointment. The filing underscores Rocket Lab's strategy to attract, motivate, and retain top talent through competitive compensation structures, with a clear emphasis on aligning executive interests with those of its shareholders, as evidenced by the substantial equity grants and performance-based bonuses.
Apr 30, 2025
2024
Rocket Lab Annual Report, Year Ended Dec 31, 2024
Rocket Lab USA, Inc. (RKLB) has demonstrated significant revenue growth in the fiscal year 2024, with a 78% increase to $436.2 million, driven by strong performance in both its launch services and space systems segments. The company launched 16 Electron rockets in 2024, a notable increase from the previous year, establishing itself as a frequent global launcher. The space systems segment also saw substantial growth, largely due to spacecraft manufacturing. The company continues to invest heavily in research and development, particularly for its upcoming Neutron medium-lift launch vehicle, with a planned debut launch in the second half of 2025. While the company remains unprofitable, reporting a net loss of $190.2 million for 2024, the growth in revenue and improvement in gross profit margins indicate positive operational momentum. Rocket Lab's strategy focuses on vertically integrated end-to-end space solutions, from launch to on-orbit management, aiming to capture a larger share of the growing space economy.
Feb 27, 2025
2023
Rocket Lab Annual Report, Year Ended Dec 31, 2023
Rocket Lab USA, Inc. (RKLB) reported its annual results for the fiscal year ending December 31, 2023. The company continues to focus on expanding its end-to-end space solutions, encompassing launch services and space systems. While revenue saw a notable increase, driven by both launch cadence and space systems growth, the company also experienced a significant rise in research and development expenses, primarily related to the development of its Neutron launch vehicle. Rocket Lab remains committed to innovation and market expansion, but investors should note the ongoing net losses and substantial operating expenses. The company achieved 38 successful orbital missions by the end of 2023, deploying 172 spacecraft, and solidified its position as a significant player in the launch market. The Space Systems segment also showed strong growth, indicating successful diversification. However, the substantial investment in R&D and SG&A, while crucial for future growth, contributed to continued net losses. The company's strong backlog and focus on expanding its capabilities position it for potential future upside, but also highlight the capital-intensive nature of its business.
Feb 28, 2024
2022
Rocket Lab Annual Report, Year Ended Dec 31, 2022
Rocket Lab USA, Inc. (RKLB) demonstrated significant revenue growth in 2022, driven by its Space Systems segment and an increase in launch cadence. The company's strategic acquisitions of SolAero, ASI, PSC, and Sinclair Interplanetary have bolstered its vertically integrated approach, expanding its capabilities in spacecraft components and design. Despite strong top-line performance, the company continues to operate at a net loss, consistent with its growth stage and significant investments in research and development, particularly for its upcoming Neutron launch vehicle. Rocket Lab's competitive strengths lie in its flight heritage with the Electron rocket, unique proprietary technologies, deep vertical integration, and multiple launch complexes. The company is actively working to scale production, improve cost efficiencies, and expand its addressable market with the Neutron vehicle. Investors should monitor the company's progress in achieving profitability and successfully scaling its operations, especially as it navigates the competitive landscape and ongoing capital expenditure requirements.
Mar 7, 2023
2021
Rocket Lab Annual Report, Year Ended Dec 31, 2021
Rocket Lab USA (RKLB) reported FY2021 revenue of $62.2 million, up 77% from $35.2 million in 2020, driven by space systems growth and acquisitions that closed in Q4 2021. The company remains deeply unprofitable: gross loss of $1.9 million (gross margin of -3.0%), operating loss of $102.1 million, and net loss of $117.3 million (EPS of -$0.56). Results were further pressured by roughly $32.6 million of stock-based compensation, largely tied to the August 2021 Business Combination with Vector Acquisition Corp, and a $15.3 million non-cash charge from the change in fair value of warrant liabilities. Management expects losses to continue for several years. Liquidity is strong following the SPAC merger and a $467 million PIPE, which together with a $100 million Hercules secured term loan left the company with $691.0 million in cash and cash equivalents at year-end. Operating cash burn was $71.8 million in 2021, and investing outflows of $92.1 million included $66.4 million for the ASI and PSC acquisitions. Management states existing cash is sufficient for at least the next twelve months. Backlog stood at $241.5 million, with about 60% expected to convert to revenue within 12 months. Revenue concentration is significant: the top five customers accounted for about 69% of 2021 revenue, and the RASR U.S. government contract represented roughly 10% of backlog. The filing also flags material weaknesses in internal control over financial reporting, and management concluded disclosure controls were not effective as of December 31, 2021. Post-period, Rocket Lab closed the approximately $80 million SolAero acquisition in January 2022 and saw most public warrants exercised or redeemed. Investors should weigh the company's launch cadence (six launches in 2021, with a second LC-1 pad operational in February 2022), the planned Neutron medium-lift vehicle (first launch targeted as early as 2024), and the rapid expansion of its space systems business against continued losses, customer concentration, and remediation of control weaknesses.
Mar 24, 2022
2020-A
Rocket Lab Annual Report (Amendment), Year Ended Dec 31, 2020
This is Amendment No. 1 (Form 10-K/A) filed May 3, 2021 by Vector Acquisition Corporation, a Cayman Islands blank check company (SPAC), not Rocket Lab Corp. The ticker RKLB and the Rocket Lab operating business came with the pending merger, which was expected to close in Q2 2021. The amendment restates the 2020 financials to reclassify the company's public and private placement warrants from equity to derivative liabilities, following the SEC Staff Statement on SPAC warrants issued April 12, 2021. The restatement is non-cash. Operating expenses, cash flows, and cash are unchanged. For the period from July 28, 2020 (inception) through December 31, 2020, the restated net loss was $12.34 million. That loss is driven almost entirely by an $11.99 million non-cash increase in warrant liability fair value, against only $357K of formation and operating costs. Trust account assets were $320.0 million and cash outside the trust was $866K at year-end. The central investor event is the March 1, 2021 merger agreement with Rocket Lab USA, Inc., which implies an aggregate share consideration of $4.0 billion less management redemption amounts, with an earnout of 8% of aggregate share consideration if PubCo stock trades at or above $20.00 for 20 of 30 trading days in days 90 to 180 after closing. The deal is backed by a $467 million PIPE at $10.00 per share for 46.7 million shares. Investors should weigh the deal's pending status, its dependence on closing conditions and the PIPE, and the fact that the financials are pre-merger shell financials with no operating revenue. Control concerns are significant. Management concluded that disclosure controls were not effective as of December 31, 2020, solely because of the warrant restatement. The company is an emerging growth company and a shell company, and it is exempt from management's ICFR assessment and auditor attestation under the SEC's transition rules. Withum, the auditor, issued an unqualified opinion that includes a restatement emphasis paragraph. Other items include a $11.2 million deferred underwriting fee payable only on a completed business combination, a September 29, 2022 deadline to complete a combination, and the sponsor's commitment to backstop certain trust account claims.
May 3, 2021
2020
Rocket Lab Annual Report, Year Ended Dec 31, 2020
This filing is for Vector Acquisition Corporation, a blank check company incorporated in the Cayman Islands. The primary focus of this report is the proposed business combination with Rocket Lab USA, Inc. Vector Acquisition Corporation itself has no operating history or revenues. The company's management team, led by Alex Slusky of Vector Capital, is experienced in technology investments. The business combination with Rocket Lab is expected to close in the second quarter of 2021, subject to closing conditions. Key financial aspects include approximately $320 million available in a trust account to fund the business combination after accounting for offering expenses and deferred underwriting fees. The company also secured $467 million in PIPE financing. The filing details various risks associated with blank check companies, including the potential inability to complete a business combination and shareholder redemption rights. Investors should note that the company is an "emerging growth company" and a "smaller reporting company," which allows for certain reduced reporting requirements.
Mar 31, 2021