Rocket Lab Reschedules First U.S. Launch for January 2023, Provides Updates on Effect to Prior Q4 Guidance
WALLOPS ISLAND, Virginia - Rocket Lab USA, Inc (Nasdaq: RKLB) (“Rocket Lab”), a leading launch and space systems company, has today announced the launch window for its first Electron mission from U.S. soil has been rescheduled to January 2023.
The move of the planned launch window from December 2022 to early 2023 was driven by weather and the additional time that the National Aeronautics and Space Administration (NASA) at Wallops and the Federal Aviation Administration (FAA) required to complete essential regulatory documentation for launch. The delay in documentation left only two days in the originally scheduled 14-day launch window and both of those final remaining days were unsuitable for launch due to bad weather. The Mid-Atlantic Regional Spaceport within NASA’s Wallops Flight Facility is now closed for launch activity for the remainder of the December due to holiday airspace restrictions, preventing further launch attempts in 2022. Now scheduled for January, the mission will still take place from Virginia.
This new launch window will result in the mission and its related revenue being recognized in Rocket Lab’s fiscal Q1 2023, versus in fiscal Q4 2022 as was previously anticipated at the time Rocket Lab provided Q4 2022 financial guidance in conjunction with its Q3 2022 preliminary earnings release on November 9, 2022. As a result, Rocket Lab is updating its expected Q4 2022 revenue outlook from the range of $51 million to $54 million previously provided on November 9, 2022, to $46 million - $47 million.
The “Virginia Is For Launch Lovers” mission will deploy three satellites for radio frequency geospatial analytics provider HawkEye 360. The mission is the first of three Electron launches for HawkEye 360 in a contract that will see Rocket Lab deliver 15 satellites to low Earth orbit between by the end of 2024. These missions will grow HawkEye 360’s constellation of radio frequency monitoring satellites, enabling the company to better deliver precise geolocation of radio frequency emissions anywhere in the world.
While “Virginia Is For Launch Lovers” will be Electron’s first launch from the U.S., Rocket Lab has already conducted 32 Electron missions from Launch Complex 1 in New Zealand, delivering 152 satellites to orbit for customers including NASA, the National Reconnaissance Office, DARPA, the U.S. Space Force and a range of commercial constellation operators. Electron is already the most frequently launched small orbital rocket globally and now with the capacity of the pads at Launch Complex 1 and 2 combined, Rocket Lab has more than 130 Electron launch opportunities every year.
+ ABOUT Rocket Lab
Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, the Photon satellite platform and the Company is developing the large Neutron launch vehicle for constellation deployment. Since its first orbital launch in January 2018, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 152 satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab’s Photon spacecraft platform has been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a second launch site in Virginia, USA. To learn more, visit www.rocketlabusa.com.
+ Forward Looking Statement
This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this release, including statements regarding our expectations of financial results for the fourth quarter of 2022, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to the global COVID-19 pandemic; risks related to government restrictions and lock-downs in New Zealand and other countries in which we operate that could delay or suspend our operations; delays and disruptions in expansion efforts; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased congestion from the proliferation of low Earth orbit constellations which could materially increase the risk of potential collision with space debris or another spacecraft and limit or impair our launch flexibility and/or access to our own orbital slots; increased competition in our industry due in part to rapid technological development and decreasing costs; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; design and engineering flaws; launch failures; natural disasters and epidemics or pandemics; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 24, 2022, and elsewhere (including that the impact of the COVID-19 pandemic may also exacerbate the risks discussed therein). There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.