Rocket Lab Corporation

- Recently completed an ATM (at-the-market) equity offering, raising $450.4 million during the quarter. - In April, completed another ATM offering raising an additional $24 million in cash. - Entered into a collared forward transaction with a floor price of $474 million. - Access to capped call transaction proceeds related to 2024 convertible notes offering, with a maximum payment of $201.9 million by maturity in 2029. - February 2024, raised $355 million through convertible bond offering with an effective post-capped call price of $8.04/share. - Executed three ATM facilities at increasing average prices of $26.19, $47.85, and $70.47 per share respectively. - Recent ATM included collared forward transactions with floor price of $63.61 and ceiling price of $86.11. - Cash balance plus financing access totals over $2 billion in liquidity. - Funds intended to support acquisitions and robust M&A strategy.

- Capital expenditures in Q1 2026 were $27.1 million, down from $49.7 million in Q4 2025. - The decrease reflects less capital investment in Neutron development, specifically the return on investment recovery barge and the launch complex 3 pad at Waltz, Virginia. - Going forward, capital expenditures are expected to remain elevated to support: - Neutron testing and production scaling. - Infrastructure expansion. - The company continues to invest strategically in acquisitions such as Geost, Optical Systems, Monarch, and MOI, which will add to market opportunity and growth. - Recent capital raises and equity offerings have increased liquidity to over $2 billion, backing investment plans. - Investments aim to support M&A and scaling business beyond Neutron's initial test flight.

- Q2 2026 revenue is expected between $225 million and $240 million, reflecting 16% quarter-over-quarter growth. - Longer-term, strong top-line growth is anticipated, supported by scale-up of satellite platforms and Neutron launch vehicle. - Electron and HASTE launch frequency is targeted at about 24 launches per year, with HASTE potentially reaching ~20-25% of total launches. - Space Systems revenue is expected to grow with increasing mix contribution, alongside Electron launches, but no dramatic near-term shifts. - Margins are expected to improve as Electron reaches target margins (~24 launches/year) and Neutron matures, eventually achieving Space Systems' target margins. - Longer-term targets include gross margins around 50% or greater and operating margins in the mid- to upper-20% range. - International opportunities and hypersonics markets may broaden revenue base beyond U.S. government programs.

- Q1 2026 adjusted EBITDA loss was $11.8 million, better than guidance, driven by higher revenue and strong gross margin. - Q2 2026 revenue guidance: $225M-$240M, reflecting 16% QoQ growth at midpoint. - Q2 2026 GAAP gross margin expected between 33%-35%; non-GAAP gross margin 38%-40%, impacted by Space Systems business mix. - GAAP operating expenses for Q2 projected at $138M-$144M; non-GAAP $120M-$126M, with increases from Monarch acquisition and Neutron development. - Adjusted EBITDA loss for Q2 expected between $20M and $26M. - Long-term targets include gross margins around 50% or greater and operating margins in mid to upper 20% range. - Neutron program expected to significantly improve P&L post first flight (anticipated 2027+), with strong cash flow generation following fleet build-out. - Continued strong revenue growth anticipated from scaling satellite platforms and progressing Neutron towards first flight.

- Rocket Lab's backlog has surpassed $2 billion in contracted revenue, marking a 20% increase over the quarter and 108% year-on-year growth—the highest ever recorded. - In Q1 2026, they booked more launches (31 Electron and HASTE missions plus 5 Neutron contracts) than in all of the previous year. - Current launch backlog includes over 70 Electron and HASTE missions, setting a new record. - HASTE orders alone account for almost one-third of the total launch backlog. - The company secured a $190 million 20-launch order through Kratos for the Department of War and MACH-TB, the largest single order within the program. - Financial liquidity stands at over $2 billion, with $1.48 billion in cash and equivalents. - Neutron also has a healthy multi-year backlog with strong demand and firm pricing.