On this page of StockholderLetter.com we present the 4/24/2024 shareholder letter from Rocket Lab USA, Inc. — ticker symbol RKLB. Reading current and past RKLB letters to shareholders can bring important insights into the investment thesis.
Dear Fellow Rocket Lab Stockholders, I am pleased to report that, in 2023, we further strengthened our position as a leading end-toend space company by delivering frequent and cost-effective small satellite launch, building and operating innovative spacecraft platforms, and growing our spacecraft components business. We did this this while making significant progress in the development of our medium-lift launch vehicle, Neutron, and also maintaining a commercially driven strategy we believe will deliver best-value for our customers and enhance the long term growth prospects for our shareholders. We generated $245 million in revenue for 2023, a 16% increase in revenue compared to the previous year thanks to organic space system growth and a higher launch cadence. Some key accomplishments from the past year include: Selected as prime contractor by the Space Development Agency for a $515 million contract to design, build and operate 18 satellites for the Tranche 2 Transport Layer Beta; Made significant progress in the development of Neutron, our medium-lift reusable rocket, including full scale composite tank tests and commenced production of Archimedes engine flight hardware; Hit a new annual company launch record, ending the year with ten launches across Electron and HASTE; Commenced launches from Launch Complex 2 at Virginia Space s Mid-Atlantic Regional Spaceport within NASA s Wallops Flight Facility; Introduced and launched our HASTE suborbital hypersonic vehicle; Signed 25 new launch contracts, including 18 Electron missions and seven HASTE launches; Progressed major infrastructure milestones at Launch Complex 3 for Neutron, including foundations for the launch mount, water tower and liquid oxygen tanks; and Established a Space Structures Complex in Middle River, Maryland to support the development and manufacture of carbon composite spacecraft structures and components, as well as the long-term supply of carbon composite structures for Neutron. As a company, we remain focused on investing in and executing on a robust pipeline of opportunities centered around Rocket Lab s cutting-edge technologies. Our backlog increased from $504 million as of December 31, 2022 to $1,046 million as of December 31, 2023 and we continue to cultivate a vibrant and diversified pipeline across a variety of end-markets.
Additionally, shortly after year-end we added significant strategic liquidity to our balance sheet when we closed a $355 million dollar principle Convertible Note transaction early in the first quarter of 2024. As we look ahead to the future, we remain committed to driving innovation, expanding our capabilities, and delivering value for our customers and shareholders. We believe that our disciplined approach to strategic investments and our commitment to excellence will enable us to continue to grow and achieve our long-term goals. In closing, I would like to express my gratitude to the entire Rocket Lab team, our customers, suppliers, and stockholders for their continued support and dedication. Together, we have achieved great success in 2023, and I am excited about the opportunities that lie ahead for our company and the space industry as a whole. Sincerely, Peter Beck Founder and CEO, Rocket Lab
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RKLB 4/24/2024 Shareholder/Stockholder Letter Transcript:

Dear Fellow Rocket Lab Stockholders,
I am pleased to report that, in 2023, we further strengthened our position as a leading end-toend space company by delivering frequent and cost-effective small satellite launch, building
and operating innovative spacecraft platforms, and growing our spacecraft components
business. We did this this while making significant progress in the development of our
medium-lift launch vehicle, Neutron, and also maintaining a commercially driven strategy we
believe will deliver best-value for our customers and enhance the long term growth prospects
for our shareholders.
We generated $245 million in revenue for 2023, a 16% increase in revenue compared to the
previous year thanks to organic space system growth and a higher launch cadence.
Some key accomplishments from the past year include:





Selected as prime contractor by the Space Development Agency for a $515 million
contract to design, build and operate 18 satellites for the Tranche 2 Transport Layer Beta;
Made significant progress in the development of Neutron, our medium-lift reusable
rocket, including full scale composite tank tests and commenced production of
Archimedes engine flight hardware;
Hit a new annual company launch record, ending the year with ten launches across
Electron and HASTE;
Commenced launches from Launch Complex 2 at Virginia Space   s Mid-Atlantic Regional
Spaceport within NASA   s Wallops Flight Facility;
Introduced and launched our HASTE suborbital hypersonic vehicle;
Signed 25 new launch contracts, including 18 Electron missions and seven HASTE
launches;
Progressed major infrastructure milestones at Launch Complex 3 for Neutron, including
foundations for the launch mount, water tower and liquid oxygen tanks; and
Established a Space Structures Complex in Middle River, Maryland to support the
development and manufacture of carbon composite spacecraft structures and
components, as well as the long-term supply of carbon composite structures for Neutron.
As a company, we remain focused on investing in and executing on a robust pipeline of
opportunities centered around Rocket Lab   s cutting-edge technologies. Our backlog increased
from $504 million as of December 31, 2022 to $1,046 million as of December 31, 2023 and we
continue to cultivate a vibrant and diversified pipeline across a variety of end-markets.

Additionally, shortly after year-end we added significant strategic liquidity to our balance sheet
when we closed a $355 million dollar principle Convertible Note transaction early in the first
quarter of 2024.
As we look ahead to the future, we remain committed to driving innovation, expanding our
capabilities, and delivering value for our customers and shareholders. We believe that our
disciplined approach to strategic investments and our commitment to excellence will enable us
to continue to grow and achieve our long-term goals.
In closing, I would like to express my gratitude to the entire Rocket Lab team, our customers,
suppliers, and stockholders for their continued support and dedication. Together, we have
achieved great success in 2023, and I am excited about the opportunities that lie ahead for our
company and the space industry as a whole.
Sincerely,
Peter Beck
Founder and CEO, Rocket Lab


shareholder letter icon 4/24/2024 Letter Continued (Full PDF)
 

RKLB Stockholder/Shareholder Letter (Rocket Lab USA, Inc.) 4/24/2024 | www.StockholderLetter.com
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