Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ROCKET LAB USA, INC. | |
Entity Central Index Key | 0001819994 | |
Securities Act File Number | 001-39560 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Tax Identification Number | 98-1550340 | |
Entity Address, Address Line One | 3881 McGowen Street | |
Entity Address, City or Town | Long Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90808 | |
City Area Code | 714 | |
Local Phone Number | 465-5737 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 492,779,716 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | RKLB | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash And Cash Equivalents | $ 365,929 | $ 162,518 |
Marketable securities, current | 126,593 | 82,255 |
Accounts receivable, net | 31,167 | 35,176 |
Contract assets | 14,895 | 12,951 |
Inventories | 99,901 | 107,857 |
Prepaids and other current assets | 78,606 | 66,949 |
Assets held for sale | 8,532 | 9,016 |
Total current assets | 725,623 | 476,722 |
Non-current assets: | ||
Property, plant and equipment, net | 148,087 | 145,409 |
Intangible asset, net | 66,845 | 68,094 |
Goodwill | 71,020 | 71,020 |
Right-of-use assets - operating leases | 56,870 | 59,401 |
Right-of-use assets - finance leases | 14,827 | 14,987 |
Marketable securities, non-current | 68,566 | 79,247 |
Restricted cash | 3,849 | 3,916 |
Deferred income tax assets, net | 3,353 | 3,501 |
Other non-current assets | 22,884 | 18,914 |
Total assets | 1,181,924 | 941,211 |
Current liabilities: | ||
Trade payables | 25,995 | 29,303 |
Accrued expenses | 9,091 | 5,590 |
Employee benefits payable | 13,934 | 16,342 |
Contract liabilities | 150,535 | 139,338 |
Current installments of long-term borrowings | 10,996 | 17,764 |
Other current liabilities | 21,911 | 15,036 |
Total current liabilities | 232,462 | 223,373 |
Non-current liabilities: | ||
Convertible senior notes, net | 343,829 | 0 |
Long-term borrowings, excluding current installments | 52,717 | 87,587 |
Non-current operating lease liabilities | 54,101 | 56,099 |
Non-current finance lease liabilities | 15,177 | 15,238 |
Deferred tax liabilities | 530 | 426 |
Other non-current liabilities | 4,162 | 3,944 |
Total liabilities | 702,978 | 386,667 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
Stockholders' equity | ||
Common stock, value | 49 | 49 |
Additional paid-in capital | 1,148,484 | 1,176,484 |
Accumulated deficit | (667,786) | (623,526) |
Accumulated other comprehensive income (loss) | (1,801) | 1,537 |
Total Stockholders' equity | 478,946 | 554,544 |
Total liabilities and stockholders' equity | $ 1,181,924 | $ 941,211 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, share authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, share issued | 492,670,716 | 488,923,055 |
Common stock, share outstanding | 492,670,716 | 488,923,055 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 92,767 | $ 54,895 |
Cost of revenues | 68,593 | 48,538 |
Gross profit | 24,174 | 6,357 |
Operating expenses: | ||
Research and development, net | 38,504 | 23,905 |
Selling, general and administrative | 28,749 | 28,469 |
Total operating expenses | 67,253 | 52,374 |
Operating loss | (43,079) | (46,017) |
Other income (expense): | ||
Interest expense, net | (898) | (685) |
Gain on foreign exchange | 311 | 134 |
Other (expense) income, net | (589) | 1,477 |
Total other (expense) income, net | (1,176) | 926 |
Loss before income taxes | (44,255) | (45,091) |
Provision for income taxes | (5) | (526) |
Net loss | (44,260) | (45,617) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation loss | (3,075) | (938) |
Unrealized gain (loss) on available-for-sale marketable securities | (263) | 368 |
Comprehensive loss | $ (47,598) | $ (46,187) |
Net loss per share attributable to Rocket Lab USA, Inc.: | ||
Earnings Per Share, Basic | $ (0.09) | $ (0.1) |
Earnings Per Share, Diluted | $ (0.09) | $ (0.1) |
Weighted-average common shares outstanding: | ||
Weighted Average Number of Shares Outstanding, Basic | 489,994,709 | 476,199,710 |
Weighted Average Number of Shares Outstanding, Diluted | 489,994,709 | 476,199,710 |
Condensed Statements of Changes
Condensed Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Other Comprehensive Income [Member] |
Balance at Beginning at Dec. 31, 2022 | $ 673,206 | $ 48 | $ 1,112,977 | $ (440,955) | $ 1,136 |
Balance at Beginning (in Shares) at Dec. 31, 2022 | 475,356,517 | ||||
Net Income (Loss) | (45,617) | (45,617) | |||
Issuance of common stock under equity plans, Shares | 2,672,625 | ||||
Issuance of common stock under equity plans | 771 | 771 | |||
Stock-based compensation | 12,228 | 12,228 | |||
Purchase of capped calls | 0 | ||||
Issuance of common stock for acquisition, Shares | 123,933 | ||||
Other comprehensive loss | (570) | (570) | |||
Balance Ending at Mar. 31, 2023 | 640,018 | $ 48 | 1,125,976 | (486,572) | 566 |
Balance Ending (in Shares) at Mar. 31, 2023 | 478,153,075 | ||||
Balance at Beginning at Dec. 31, 2023 | 554,544 | $ 49 | 1,176,484 | (623,526) | 1,537 |
Balance at Beginning (in Shares) at Dec. 31, 2023 | 488,923,055 | ||||
Net Income (Loss) | (44,260) | (44,260) | |||
Issuance of common stock under equity plans, Shares | 3,747,661 | ||||
Issuance of common stock under equity plans | 943 | 943 | |||
Stock-based compensation | 14,225 | 14,225 | |||
Purchase of capped calls | (43,168) | (43,168) | |||
Other comprehensive loss | (3,338) | (3,338) | |||
Balance Ending at Mar. 31, 2024 | $ 478,946 | $ 49 | $ 1,148,484 | $ (667,786) | $ (1,801) |
Balance Ending (in Shares) at Mar. 31, 2024 | 492,670,716 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (44,260) | $ (45,617) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 8,313 | 7,033 |
Stock-based compensation expense | 13,093 | 14,036 |
Loss on disposal of assets | 3 | 5 |
Loss on extinguishment of long-term debt | 1,330 | 0 |
Amortization of debt issuance costs and discount | 639 | 709 |
Noncash lease expense | 1,491 | 988 |
Change in the fair value of contingent consideration | (271) | 300 |
Accretion of marketable securities purchased at a discount | (842) | (1,147) |
Deferred income taxes | 78 | 420 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 3,939 | (14,116) |
Contract assets | (1,944) | (3,109) |
Inventories | 7,509 | (6,712) |
Prepaids and other current assets | (5,303) | (10,035) |
Other non-current assets | (4,266) | 103 |
Trade payables | (1,673) | 11,305 |
Accrued expenses | 3,200 | 403 |
Employee benefits payables | (622) | 1,294 |
Contract liabilities | 11,205 | 17,292 |
Other current liabilities | 6,729 | 2,305 |
Non-current lease liabilities | (1,425) | (891) |
Other non-current liabilities | 489 | 49 |
Net cash used in operating activities | (2,588) | (25,385) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, equipment and software | (19,177) | (12,674) |
Purchases of marketable securities | (79,359) | (76,394) |
Maturities of marketable securities | 46,280 | 78,099 |
Net cash used in investing activities | (52,256) | (10,969) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from the exercise of stock options and public warrants | 943 | 771 |
Proceeds from Employee Stock Purchase Plan | 507 | 1,202 |
Proceeds from sale of employees restricted stock units to cover taxes | 5,119 | 3,078 |
Minimum tax withholding paid on behalf of employees for restricted stock units | (5,163) | (1,915) |
Payment of contingent consideration | 0 | (1,000) |
Purchase of capped calls related to issuance of convertible senior notes | (43,168) | 0 |
Proceeds from issuance of convertible notes | 355,000 | 0 |
Repayments on Trinity Loan Agreement | (43,215) | 0 |
Payment of debt issuance costs | (11,226) | 0 |
Finance lease principal payments | (90) | (78) |
Net cash provided by financing activities | 258,707 | 2,058 |
Effect of exchange rate changes on cash and cash equivalents | (519) | 127 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 203,344 | (34,169) |
Cash and cash equivalents, and restricted cash, beginning of period | 166,434 | 245,871 |
Cash and cash equivalents, and restricted cash, end of period | 369,778 | 211,702 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 2,270 | 3,417 |
Cash paid for income taxes | 26 | 315 |
Unpaid purchases of property, equipment and software | 1,580 | 924 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 908 |
Accrued debt issuance costs | 979 | 0 |
Issuance of common stock for payment of accrued bonus | $ 1,795 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (44,260) | $ (45,617) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS | 1. DESCRIPTION OF THE BUSINESS Rocket Lab USA, Inc. (“Rocket Lab” and, together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) is an end-to-end space company with an established track record of mission success headquartered in Long Beach, California and is the parent company for several wholly owned operating subsidiaries located in the United States, New Zealand, Canada and Australia. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. We operate one of the only private orbital launch ranges in the world, located in Mahia, New Zealand, enabling a unique degree of operational flexibility and control of customer launch manifests and mission assurance. While our business has historically been centered on the development of small-class launch vehicles and related sale of launch services, we are currently innovating in the areas of medium-class launch vehicles and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Summary Of Significant Accounting Policies Details [Line Items] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Principals of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the SEC for interim financial information and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, our management evaluates estimates and assumptions including those related to revenue recognition, contract costs, loss reserves, valuation of warrants and stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions. Other Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2024, except for the addition of accounting policies with respect to convertible senior notes and capped call transactions below. Refer to Note 2 - Significant Accounting Policies disclosed in the “ Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 28, 2024. Convertible Senior Notes The Company accounts for convertible senior notes under Accounting Standards Codification (“ASC”) ASC 470-20 - D ebt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity's Own Equity (“ASU 2020-06”). The Company records the convertible senior notes as a long-term liability at face value net of debt issuance costs. If any of the conditions to the convertibility of the convertible senior notes is satisfied, or the convertible senior notes become due within one year, then the Company may be required under applicable accounting standards to reclassify the carrying value of the convertible senior notes as a current, rather than a long-term liability. Debt issuance costs related to the convertible senior notes were capitalized and recorded as a contra-liability and are presented net against the convertible senior notes balance on the condensed consolidated balance sheets . Debt issuance costs consist of underwriting, legal and other direct costs related to the issuance of the convertible senior notes and are amortized to interest expense over the term of the convertible senior notes using the effective interest method. Capped Call Transactions Capped call transactions cover the aggregate number of shares of the Company’s common stock that will initially underlie the convertible senior notes. The Company determined that the freestanding capped call option contracts qualify as equity under the accounting guidance on indexation and equity classification, and recognized the contract by recording an entry to “Additional paid-in capital” (“APIC”) in stockholders’ equity in its condensed consolidated balance sheets. The Company also determined that the capped call option contracts meet the definition of a derivative under ASC Topic 815, “ Derivatives and Hedging ” (“ASC 815”), but are not required to be accounted for as a derivative as they meet the scope exception outlined in ASC 815. The capped call options are recorded in APIC and not remeasured. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 280”), which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 280 requires a public entity to disclose the title and position of the Chief Operating Decision Maker. ASU 280 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in ASU 280 retrospectively to all prior periods presented in the financial statements. The Company is assessing the potential impact of adopting ASU 280 on its financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 740”) , which focuses on the rate reconciliation and income taxes paid. ASU 740 requires a public business entity ( “ PBE ” ) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in ASU 740 prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre- ASU 740 disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company is assessing the potential impact of adopting ASU 740 on its financial statements. In March 2024, the SEC adopted final rules requiring public entities to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, entities will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules will be effective for large accelerated filers in annual periods beginning in calendar-year 2025. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule to facilitate the orderly judicial resolution of pending legal challenges to the rule. The Company is assessing the effect of the new rules on our consolidated financial statements and related disclosures. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2024 | |
REVENUES | 3. REVENUES The following table provides information about revenue by recognition model during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, Revenues by recognition model 2024 2023 Point-in-time $ 44,109 $ 28,662 Over-time 48,658 26,233 Total revenue by recognition model $ 92,767 $ 54,895 The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period. The following table presents the balances related to enforceable contracts as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Contract balances Accounts receivable, net $ 31,167 $ 35,176 Contract assets 14,895 12,951 Contract liabilities ( 150,535 ) ( 139,338 ) Changes in contract liabilities for the three months ended March 31, 2024 were as follows: Contract liabilities, at December 31, 2023 $ 139,338 Customer advances received or billed 68,370 Recognition of unearned revenue ( 57,173 ) Contract liabilities, at March 31, 2024 $ 150,535 The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the three months ended March 31, 2024 and 2023 was not material. Backlog The Company’s backlog represents the estimated transaction prices on performance obligations to the Company’s customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of backlog when an enforceable agreement has been reached. Remaining backlog totaled $ 1,015,339 as of March 31, 2024 , of which approximately 42% is expected to be recognized within 12 months, with the remaining 58% to be recognized beyond 12 months. Concentration of Credit Risk and Significant Customers As of March 31, 2024 , the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were: March 31, 2024 Lockheed Martin Corporation 17 % MDA Corporation 14 % Northrop Grumman Corporation 13 % For the three months ended March 31, 2024, the Company’s customers that accounted for 10% or more of the total revenue, were as follows: Three Months Ended March 31, 2024 MDA Corporation 25 % U.S. government customer 12 % Customer Financing In connection with the signing of two separate multi-launch agreements with commercial customers, the Company entered into subordinated loan and security agreements. The commercial customers may choose to have certain milestone payments financed under the terms of the subordinated loan and security agreements. The receivables will bear no interest until the initial launch dates passes, after which interest will accrue at a fixed rate of 10.8% or 12.6%, respectively based on the commercial customer. Principal and interest payments will be made over 12 quarterly payments from the launch date. As of March 31, 2024 , the Company had $ 3,733 customer financing in prepaid and other currents assets and $ 16,200 customer financing receivable in other non-current assets on the condensed consolidated balance sheets. Customer financing interest income for the three months ended March 31, 2024 was $ 252 . |
CASH AND CASH EQUIVALENTS AND M
CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents and marketable securities | 4. CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES Cash and cash equivalents and marketable securities consisted of the following as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Cash and cash equivalents $ 365,929 $ 162,518 Marketable securities, current 126,593 82,255 Marketable securities, non-current 68,566 79,247 Total cash and cash equivalents and marketable securities $ 561,088 $ 324,020 As of March 31, 2024, cash equivalents and marketable securities consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Money market accounts $ 329,079 $ — $ — $ 329,079 $ 329,079 $ — Certificates of deposit 27,541 8 ( 1 ) 27,548 — 27,548 Commercial paper 16,067 — ( 10 ) 16,057 — 16,057 Corporate debt securities 68,010 44 ( 136 ) 67,918 — 67,918 Yankee bonds 4,888 3 ( 6 ) 4,885 — 4,885 U.S. Treasury securities 57,963 — ( 459 ) 57,504 — 57,504 Mortgage- and asset-backed securities 21,230 24 ( 7 ) 21,247 — 21,247 Total $ 524,778 $ 79 $ ( 619 ) $ 524,238 $ 329,079 $ 195,159 The following table presents the Company’s marketable securities with unrealized losses by investment category a nd the length of time the marketable securities have been in a continuous loss position as of March 31, 2024: In Loss Position for In Loss Position for Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 12,659 $ ( 1 ) $ — $ — $ 12,659 $ ( 1 ) Commercial paper 14,373 ( 10 ) — — 14,373 ( 10 ) Corporate debt securities 48,488 ( 130 ) 1,244 ( 6 ) 49,732 ( 136 ) Yankee bonds 2,178 ( 6 ) — — 2,178 ( 6 ) U.S. Treasury securities 57,504 ( 459 ) — — 57,504 ( 459 ) Mortgage- and asset-backed securities 6,764 ( 6 ) 472 ( 1 ) 7,236 ( 7 ) Total $ 141,966 $ ( 612 ) $ 1,716 $ ( 7 ) $ 143,682 $ ( 619 ) The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. The Company does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity. As of March 31, 2024, the Company had not recognized an allowance for credit losses on any marketable securities in an unrealized loss position. The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2024: Amortized Cost Fair Value Due within one year $ 456,006 $ 455,672 Due within one to two years 68,772 68,566 Total $ 524,778 $ 524,238 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 5. FAIR VALUE OF FINANCIAL INSTRUMENTS As of March 31, 2024 and December 31, 2023 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows: March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 329,079 $ — $ — $ 329,079 Marketable securities, current: Certificates of deposit — 27,548 — 27,548 Commercial paper — 16,057 — 16,057 Corporate debt securities — 39,300 — 39,300 Yankee bonds — 4,146 — 4,146 U.S. Treasury securities 39,451 — — 39,451 Mortgage- and asset-backed securities — 91 — 91 Marketable securities, non-current Corporate debt securities — 28,618 — 28,618 Yankee bonds — 739 — 739 U.S. Treasury securities 18,053 — — 18,053 Mortgage- and asset-backed securities — 21,156 — 21,156 Total $ 386,583 $ 137,655 $ — $ 524,238 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 785 $ 785 Total $ — $ — $ 785 $ 785 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 121,491 $ — $ — $ 121,491 Marketable securities, current: Certificates of deposit — 24,590 — 24,590 Commercial paper — 10,484 — 10,484 Corporate debt securities — 41,871 — 41,871 Yankee bonds — 2,676 — 2,676 U.S. Treasury securities 2,633 — — 2,633 Marketable securities, non-current Corporate debt securities — 10,968 — 10,968 U.S. Treasury securities 54,900 — — 54,900 Mortgage- and asset-backed securities — 13,380 — 13,380 Total $ 179,024 $ 103,969 $ — $ 282,993 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 1,056 $ 1,056 Total $ — $ — $ 1,056 $ 1,056 The estimated fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument. There were no transfers between fair value measurement levels during the three months ended March 31, 2024 . |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 6. INVENTORIES Inventories as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Raw materials $ 42,142 $ 45,062 Work in process 48,821 53,628 Finished goods 8,938 9,167 Total inventories $ 99,901 $ 107,857 |
PREPAIDS AND OTHER CURRENT ASSE
PREPAIDS AND OTHER CURRENT ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
PREPAIDS AND OTHER CURRENT ASSETS | 7. PREPAIDS AND OTHER CURRENT ASSETS Prepaids and other current assets as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Prepaid expenses and deposits $ 59,460 $ 48,031 Government grant receivables 9,631 9,940 Customer financing receivables 3,733 3,733 Other current assets 5,782 5,245 Total prepaids and other current assets $ 78,606 $ 66,949 |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract] | |
ASSETS HELD FOR SALE | 8. ASSETS HELD FOR SALE In the first quarter of 2023, the Company updated its Electron recovery strategy by completing a marine recovery, which we believe will be a more effective and financially viable type of recovery. As a result, the Company has ceased mid-air rocket booster recovery and began the sale process of two helicopters. As of March 31, 2023, the Company’s two helicopters met the held for sale criteria and the Company ceased depreciating these assets. On October 18, 2023, the Company sold one of the Company’s held for sale helicopters to a purchaser unaffiliated with the Company. As of March 31, 2024 , the Company’s remaining helicopter continued to be classified as held for sale with a carrying amount of $ 8,532 . |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 9. Property, plant and equipment, NET Property, plant and equipment, net, as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Buildings and improvements $ 62,825 $ 59,730 Machinery, equipment, vehicles and office furniture 91,436 82,973 Computer equipment, hardware and software 12,773 11,624 Launch site assets 13,856 14,193 Construction in process 19,607 25,999 Property, plant and equipment—gross 200,497 194,519 Less accumulated depreciation and amortization ( 52,410 ) ( 49,110 ) Property, plant and equipment—net $ 148,087 $ 145,409 Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023 consisted of the following: Three Months Ended March 31, Depreciation expense 2024 2023 Cost of revenues $ 2,749 $ 2,352 Research and development 1,392 818 Selling, general and administrative 624 388 Total depreciation expense $ 4,765 $ 3,558 |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 3 Months Ended |
Mar. 31, 2024 | |
GOODWILL AND INTANGIBLE ASSETS, NET | 10. Goodwill and Intangible assets, NET Goodwill The carrying amount of goodwill for the Space Systems reportable segment was $ 71,020 as of March 31, 2024 and December 31, 2023. Intangible Assets The components of intangible assets consisted of the following as of March 31, 2024 and December 31, 2023: March 31, 2024 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 56,065 $ ( 18,358 ) $ 37,707 Capitalized software 13,287 ( 7,934 ) 5,353 Customer relationships 16,122 ( 3,542 ) 12,580 Trademarks and tradenames 10,104 ( 1,994 ) 8,110 Backlog 3,491 ( 3,491 ) — Other 1,252 ( 457 ) 795 Indefinite-Lived Intangible Assets In-process Technology 2,300 — 2,300 Total $ 102,621 $ ( 35,776 ) $ 66,845 December 31, 2023 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 56,065 $ ( 16,649 ) $ 39,416 Capitalized software 11,690 ( 7,454 ) 4,236 Customer relationships 16,135 ( 3,234 ) 12,901 Trademarks and tradenames 10,106 ( 1,789 ) 8,317 Backlog 3,491 ( 3,366 ) 125 Other 1,222 ( 423 ) 799 Indefinite-Lived Intangible Assets In-process Technology 2,300 — 2,300 Total $ 101,009 $ ( 32,915 ) $ 68,094 Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023, respectively consisted of the following: Three Months Ended March 31, 2024 2023 Cost of revenues $ 1,773 $ 1,782 Research and development 11 48 Selling, general and administrative 1,300 1,490 Total amortization expense $ 3,084 $ 3,320 The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2024: 2024 (for the remaining period) $ 9,623 2025 9,812 2026 9,640 2027 8,661 2028 7,672 Thereafter 19,137 Total $ 64,545 |
LOAN AGREEMENT
LOAN AGREEMENT | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LOAN AGREEMENTS | 11. LOAN AGREEMENTS Indenture and Notes On February 6, 2024, the Company issued $ 355,000 aggregate principal amount of its 4.250 % Convertible Senior Notes due 2029 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of February 6, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the Notes in right of payment; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, including borrowings under its equipment financing agreement, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. The Notes accrue interest at a rate of 4.250 % per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024 . The Notes mature on February 1, 2029 , unless earlier converted, redeemed or repurchased. Before November 1, 2028, noteholders have the right to convert their Notes only upon the occurrence of certain events. From and after November 1, 2028, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The initial conversion rate is 195.1029 shares of common stock per $ 1 principal amount of Notes, which represents an initial conversion price of approximately $ 5.13 per share of common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. As of March 31, 2024, the Notes were not convertible at the option of the holder. As of March 31, 2024, there was $ 355,000 outstanding under the Notes, before unamortized discount and debt issuance costs of $ 11,171 . As of March 31, 2024, the effective interest rate under the Notes was 5.0 %. Capped Call Transactions In connection with the pricing of the Notes, on February 1, 2024 and February 2, 2024, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions. Collectively, the Capped Call Transactions cover, subject to customary adjustments, the number of shares of common stock initially underlying the Notes. The cost of the Capped Call Transactions was $ 43,168 . The Capped Call Transactions are expected generally to reduce or offset the potential dilution to the Company’s common stock upon exercise of the Notes and/or the Company’s election to offset the cash payments the Company is required to make in excess of the principal amount of the Notes upon conversion of the Notes in the event that the market price per share of the Company’s common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. The Capped Call Transactions have an initial cap price of $ 8.04 per share of the Company’s common stock ,which represents a premium of 100% over the last reported sale price of the Company's common stock on February 1, 2024. The Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the Company’s stock. The premiums paid for the Capped Call Transactions have been included as a net reduction to additional paid-in capital within shareholders’ equity. Trinity Master Equipment Financing Agreement On December 29, 2023 (the “Effective Date”), the Company and certain of its subsidiaries (the “Subsidiaries”, together with the Company, the “Borrowers”), entered into a Master Equipment Financing Agreement (the “Trinity Loan Agreement”) with Trinity Capital, Inc., a Maryland corporation (the “Lender”) to provide financing for certain equipment and other property (the “Equipment”). The Trinity Loan Agreement provides that the Lender shall provide equipment financing in the aggregate of up to $ 120,000 (the “Conditional Commitment”), with advances (“Draws”) to be made as follows: (i) $ 70,000 on the Effective Date (the “Effective Date Draw”); and (ii) $ 40,000 to be drawn on the Effective Date (the “Blanket Lien Draw”), with each of the Effective Date Draw and Blanket Lien Draw payable over sixty (60) months beginning January 2024, with the final payments due in January 2029. After the Blanket Lien Draw is repaid in full, Borrowers may make Draws as follows: (x) $ 30,000 to be drawn in not more than three advances of at least $ 10,000 each at the Borrowers’ option no later than the date that is 18 months after the Effective Date; and (y) $ 20,000 to be drawn at Borrower’s option between January 1, 2025 and June 30, 2025 (such date, the “Termination Date”), subject to customary conditions. The Company repaid an existing term loan with the proceeds from the Trinity Loan Agreement and Blanket Lien Draw. The monthly payment factors under the Trinity Loan Agreement and Blanket Lien Draw have a term of sixty (60) months and a rate factor of 0.022266 . In connection with the Trinity Loan Agreement, the Company issued warrants to Lender to acquire 728,835 shares of the Company’s common stock at an exercise price of $ 4.87 per share (see Note 12). On February 8, 2024, the Company paid off all obligations under the Blanket Lien Draw in the amount of $ 38,778 , which includes principal, unpaid interest and legal fees, resulting in a loss on extinguishment of debt of $ 1,330 for the three months ended March 31, 2024. As of March 31, 2024, there was $ 66,790 outstanding under the Trinity Loan Agreement, before unamortized discount and debt issuance costs of $ 3,077 , of which $ 10,996 is classified as current installments of long-term borrowings in the Company’s condensed consolidated balance sheets, with the remainder classified as long-term borrowings, net, excluding current installments. As of March 31, 2024, the effective interest rate under the Trinity Loan Agreement was 14.8 %. The Company is required to pay an end of term charge of $ 700 upon repayment of the Effective Date Draw. The future principal payments under the Trinity Loan Agreement as of March 31, 2024 were as follows: 2024 (for the remaining period) $ 8,094 2025 12,071 2026 13,663 2027 15,464 2028 17,498 Total $ 66,790 |
WARRANTS
WARRANTS | 3 Months Ended |
Mar. 31, 2024 | |
Warrants and Rights Note Disclosure [Abstract] | |
WARRANTS | 12. WARRANTS Equity Classified Common Stock Warrants In connection with the Trinity Loan Agreement, the Company also issued to Lender a warrant (“Warrant”), dated December 29, 2023, to purchase up to 728,835 shares of the Company’s common stock, at an exercise price of $ 4.87 per share, payable in cash or on a cashless basis according to the formula set forth in the Warrant. The exercise price of the Warrant and the number of shares issuable upon exercise of the Warrant are subject to adjustments for stock splits, combinations, stock dividends or similar events. The Warrant is exercisable until December 29, 2027. The Warrant also provides for an automatic cashless exercise upon expiration if the value of one share of the Company’s common stock is greater than the exercise price of the warrant. The warrants were classified as equity in accordance with ASC 480, Distinguishing Liabilities from Equity , as the agreements provide for the settlement of the instruments in shares of common stock. The proceeds from the Trinity Loan Agreement were allocated to the loan and warrants based on the relative fair value at inception, resulting in a reduction to the loan amount and amortized to interest expense over the term of the loan. The warrants are recognized as additional paid-in capital, a component of equity in the consolidated balance sheets. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED COMPENSATION | 13. STOCK-BASED COMPENSATION Equity Incentive Plans The Company has a single active equity incentive plan, the Rocket Lab 2021 Stock Option and Incentive Plan (the “2021 Plan”), with the objective of attracting and retaining available employees and directors by providing stock-based and other performance-based compensation. The 2021 Plan provides for the grant of equity awards to officers, employees, directors and other key employees as well as service providers which include incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards, restricted stock units or any combination of the foregoing any of which may be performance based, as determined by the Company’s Compensation Committee. An aggreg ate of 59,875,000 shares were initially reserved for the issuance of awards under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan automatically increases each January 1, beginning on January 1, 2022, by 5 % of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. The Company was authorized to issu e up to 95,685,029 shares of common stock as equity awards to participants under the 2021 Plan as of March 31, 2024 . There were 76,406,661 shares of common stock available for grant as of March 31, 2024. The Rocket Lab 2013 Stock Option and Grant Plan (the “2013 Plan”) was terminated, and accordingly, no shares are available for future issuance under the 2013 Plan following the closing of the Company’s business combination with Vector Acquisition Corporation in 2021. The 2013 Plan will continue to govern outstanding awards granted thereunder. Total stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023 consisted of the following: Three Months Ended March 31, Stock-based compensation 2024 2023 Cost of revenues $ 3,503 $ 3,813 Research and development 3,985 5,022 Selling, general and administrative 5,605 5,201 Total stock-based compensation expense $ 13,093 $ 14,036 Options Options issued to all optionees under the 2013 Plan vest over four years from the date of issuance (or earlier vesting start date, as determined by the board of directors) as follows: 25 % on the first anniversary of date of grant and the remaining vest monthly over the remaining vesting term. All options had vested as of March 31, 2024. Restricted Stock Units During the three months ended March 31, 2024 and 2023 , the Company granted 7,221,561 and 3,361,528 restricted stock units, respectively, to certain key employees pursuant to the 2013 Plan and 2021 Plan. The time-based service vesting condition is generally satisfied over periods of approximately four years as the employees provide service. As of March 31, 2024 , the total unrecognized compensation expense related to unvested performance-based restricted stock units granted under the 2013 Plan and 2021 Plan was $ 98,340 and will be recognized upon vesting. 2021 Employee Stock Purchase Plan In August 2021, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved to reserve 9,980,000 shares of common stock for issuance for awards in accordance with the terms of the 2021 ESPP. In addition, the number of shares reserved for issuance will ultimately increase on January 1 of each year from 2022 to 2031 by the lesser of (i) 9,980,000 shares of common stock, (ii) 1 % of the number of shares of common stock outstanding as of the close of business on the immediately preceding December 31 or (iii) the number of common stock shares as determined by the Company’s board of directors. The purpose of the 2021 ESPP is to enable eligible employees to use payroll deductions to purchase shares of common stock and thereby acquire an interest in the Company. Eligible employees are offered shares through a 12-month offering period, which consists of two consecutive 6-month purchase periods. Employees may purchase a limited amount of shares of our stock at a discount of up to 15 % of the lesser of the fair market value at the beginning of the offering period or the end of each 6-month purchase period. No shares were issued under the 2021 ESPP during the three months ended March 31, 2024 and 2023 . As of March 31, 2024 , 16,768,828 sh ares remain available for issuance under the 2021 ESPP. Total ESPP stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 was $ 939 and $ 770 , respectively. As of March 31, 2024 , the total unrecognized compensation expense related to the 2021 ESPP was $ 1,197 an d will be recognized over the remaining offering period. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | 14. LEASES The Company has operating and finance leases for properties, vehicles and equipment. The Company’s leases have remaining lease terms of less than one year to twenty-six years , some of which include options to extend the lease term, and some of which include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. There have been no other material changes in the Company’s lease portfolio since December 31, 2023. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES Litigation and Claims The Company is, and from time to time may be, a party to claims and legal proceedings generally incidental to its business that are principally covered under contracts with its customers and insurance policies. In the opinion of management, there are no legal matters or claims likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Other Commitments The Company has commitments under its lease obligations (see Note 14). Contingencies The Company records a contingent liability when it is both probable that a loss has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. In connection with the acquisition of SolAero Holdings, Inc. in January 2022, the Company assumed a contract with a customer to provide solar panel module at a fixed price. The Company determined that it was probable that the costs to complete the solar panel modules as stipulated by the contract would exceed the fixed firm price of the solar panel modules. The provision for contract losses outstanding as of March 31, 2024, which primarily is related to the solar panel module agreement, was $ 7,146 included in other current liabilities i n the Company’s condensed consolidated balance sheets . |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 16. INCOME TAXES Income tax provision and the effective tax rate for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Income tax provision $ ( 5 ) $ ( 526 ) Effective tax rate ( 0.0 )% ( 1.2 )% The tax provisions for the three months ended March 31, 2024 and 2023 were computed using the estimated effective tax rates projected to be applicable for domestic and international taxable jurisdictions for the full year as adjusted for discrete items arising during each quarter. The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our US deferred tax assets, as well as the impact of discrete items that may occur in any given year but which are not consistent from year-to-year. The Company is not currently under examination by the IRS, state and local, or foreign tax authorities. Due to its net operating loss carryforwards, the Company remains subject to examination for U.S. federal and state jurisdictions for all years beginning with the year ended March 31, 2016. The Company’s foreign subsidiaries are generally subject to examination within four years from the end of the tax year during which the tax return was filed. As of March 31, 2024 , the Company anticipates that $ 3,885 of uncertain tax positions will be settled within the next twelve months. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | 17. NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period. The holder of each share of common stock has the right to one vote for each share and is entitled to notice of any stockholders’ meeting and to vote upon certain events. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common and dilutive common equivalent shares outstanding for the period using the treasury-stock method or the if-converted method, whichever is more dilutive. Potentially dilutive shares are comprised of restricted stock units and stock options. For the three months ended March 31, 2024 and 2023, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Numerator Net loss attributable to common stockholders-basic and diluted $ ( 44,260 ) $ ( 45,617 ) Denominator Weighted average common shares outstanding-basic and diluted 489,994,709 476,199,710 Net loss per share attributable to common stockholders-basic and diluted $ ( 0.09 ) $ ( 0.10 ) The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive: March 31, 2024 2023 Stock options and restricted stock units 29,772,128 29,851,750 Common stock warrants 728,835 — Shares underlying our convertible senior notes 69,261,530 — |
SEGMENTS
SEGMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segments | 18. SEGMENTS The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily based upon two operating segments, Launch Services and Space Systems. Each of these operating segments represents a reportable segment. Launch Services provides launch and launch related services to customers on a dedicated mission or ride share basis. Space Systems is comprised of spacecraft engineering and design services, spacecraft components, spacecraft manufacturing and on-orbit mission operations. Although many of the Company’s contracts with customers contain elements of Space Systems and Launch Services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The chief operating decision maker evaluates the performance of its reportable segments based on gross profit. For contracts with customers that contain both Space Systems and Launch Services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Launch Space Launch Space Revenues $ 32,719 $ 60,048 $ 19,621 $ 35,274 Cost of revenues 24,312 44,281 20,379 28,159 Gross profit (loss) $ 8,407 $ 15,767 $ ( 758 ) $ 7,115 Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS As of March 31, 2024 and December 31, 2023 , there are no amounts due to or from related parties. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principals of Consolidation and Basis of Presentation | Principals of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the SEC for interim financial information and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, our management evaluates estimates and assumptions including those related to revenue recognition, contract costs, loss reserves, valuation of warrants and stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions. |
Other Significant Accounting Policies | Other Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2024, except for the addition of accounting policies with respect to convertible senior notes and capped call transactions below. Refer to Note 2 - Significant Accounting Policies disclosed in the “ Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 28, 2024. |
Convertible Senior Notes | Convertible Senior Notes The Company accounts for convertible senior notes under Accounting Standards Codification (“ASC”) ASC 470-20 - D ebt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity's Own Equity (“ASU 2020-06”). The Company records the convertible senior notes as a long-term liability at face value net of debt issuance costs. If any of the conditions to the convertibility of the convertible senior notes is satisfied, or the convertible senior notes become due within one year, then the Company may be required under applicable accounting standards to reclassify the carrying value of the convertible senior notes as a current, rather than a long-term liability. Debt issuance costs related to the convertible senior notes were capitalized and recorded as a contra-liability and are presented net against the convertible senior notes balance on the condensed consolidated balance sheets . Debt issuance costs consist of underwriting, legal and other direct costs related to the issuance of the convertible senior notes and are amortized to interest expense over the term of the convertible senior notes using the effective interest method. |
Capped Call Transactions | Capped Call Transactions Capped call transactions cover the aggregate number of shares of the Company’s common stock that will initially underlie the convertible senior notes. The Company determined that the freestanding capped call option contracts qualify as equity under the accounting guidance on indexation and equity classification, and recognized the contract by recording an entry to “Additional paid-in capital” (“APIC”) in stockholders’ equity in its condensed consolidated balance sheets. The Company also determined that the capped call option contracts meet the definition of a derivative under ASC Topic 815, “ Derivatives and Hedging ” (“ASC 815”), but are not required to be accounted for as a derivative as they meet the scope exception outlined in ASC 815. The capped call options are recorded in APIC and not remeasured. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 280”), which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 280 requires a public entity to disclose the title and position of the Chief Operating Decision Maker. ASU 280 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in ASU 280 retrospectively to all prior periods presented in the financial statements. The Company is assessing the potential impact of adopting ASU 280 on its financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 740”) , which focuses on the rate reconciliation and income taxes paid. ASU 740 requires a public business entity ( “ PBE ” ) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in ASU 740 prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre- ASU 740 disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company is assessing the potential impact of adopting ASU 740 on its financial statements. In March 2024, the SEC adopted final rules requiring public entities to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, entities will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules will be effective for large accelerated filers in annual periods beginning in calendar-year 2025. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule to facilitate the orderly judicial resolution of pending legal challenges to the rule. The Company is assessing the effect of the new rules on our consolidated financial statements and related disclosures. |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Reconciliation of Disaggregation of Revenue | The following table provides information about revenue by recognition model during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, Revenues by recognition model 2024 2023 Point-in-time $ 44,109 $ 28,662 Over-time 48,658 26,233 Total revenue by recognition model $ 92,767 $ 54,895 |
Balances Related to Enforceable Contracts | The following table presents the balances related to enforceable contracts as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Contract balances Accounts receivable, net $ 31,167 $ 35,176 Contract assets 14,895 12,951 Contract liabilities ( 150,535 ) ( 139,338 ) |
Changes in Contract Liabilities | Changes in contract liabilities for the three months ended March 31, 2024 were as follows: Contract liabilities, at December 31, 2023 $ 139,338 Customer advances received or billed 68,370 Recognition of unearned revenue ( 57,173 ) Contract liabilities, at March 31, 2024 $ 150,535 |
Schedule of Concentration of Credit Risk and Significant Customers | As of March 31, 2024 , the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were: March 31, 2024 Lockheed Martin Corporation 17 % MDA Corporation 14 % Northrop Grumman Corporation 13 % For the three months ended March 31, 2024, the Company’s customers that accounted for 10% or more of the total revenue, were as follows: Three Months Ended March 31, 2024 MDA Corporation 25 % U.S. government customer 12 % |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents and Marketable Securities | Cash and cash equivalents and marketable securities consisted of the following as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Cash and cash equivalents $ 365,929 $ 162,518 Marketable securities, current 126,593 82,255 Marketable securities, non-current 68,566 79,247 Total cash and cash equivalents and marketable securities $ 561,088 $ 324,020 |
Schedule of Cash Equivalents and Marketable Securities | As of March 31, 2024, cash equivalents and marketable securities consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Money market accounts $ 329,079 $ — $ — $ 329,079 $ 329,079 $ — Certificates of deposit 27,541 8 ( 1 ) 27,548 — 27,548 Commercial paper 16,067 — ( 10 ) 16,057 — 16,057 Corporate debt securities 68,010 44 ( 136 ) 67,918 — 67,918 Yankee bonds 4,888 3 ( 6 ) 4,885 — 4,885 U.S. Treasury securities 57,963 — ( 459 ) 57,504 — 57,504 Mortgage- and asset-backed securities 21,230 24 ( 7 ) 21,247 — 21,247 Total $ 524,778 $ 79 $ ( 619 ) $ 524,238 $ 329,079 $ 195,159 |
Summary of Cash Equivalents and Marketable Securities with Unrealized Losses | The following table presents the Company’s marketable securities with unrealized losses by investment category a nd the length of time the marketable securities have been in a continuous loss position as of March 31, 2024: In Loss Position for In Loss Position for Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 12,659 $ ( 1 ) $ — $ — $ 12,659 $ ( 1 ) Commercial paper 14,373 ( 10 ) — — 14,373 ( 10 ) Corporate debt securities 48,488 ( 130 ) 1,244 ( 6 ) 49,732 ( 136 ) Yankee bonds 2,178 ( 6 ) — — 2,178 ( 6 ) U.S. Treasury securities 57,504 ( 459 ) — — 57,504 ( 459 ) Mortgage- and asset-backed securities 6,764 ( 6 ) 472 ( 1 ) 7,236 ( 7 ) Total $ 141,966 $ ( 612 ) $ 1,716 $ ( 7 ) $ 143,682 $ ( 619 ) |
Summary of Contractual Maturities of Cash Equivalents and Marketable Securities | The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2024: Amortized Cost Fair Value Due within one year $ 456,006 $ 455,672 Due within one to two years 68,772 68,566 Total $ 524,778 $ 524,238 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of March 31, 2024 and December 31, 2023 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows: March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 329,079 $ — $ — $ 329,079 Marketable securities, current: Certificates of deposit — 27,548 — 27,548 Commercial paper — 16,057 — 16,057 Corporate debt securities — 39,300 — 39,300 Yankee bonds — 4,146 — 4,146 U.S. Treasury securities 39,451 — — 39,451 Mortgage- and asset-backed securities — 91 — 91 Marketable securities, non-current Corporate debt securities — 28,618 — 28,618 Yankee bonds — 739 — 739 U.S. Treasury securities 18,053 — — 18,053 Mortgage- and asset-backed securities — 21,156 — 21,156 Total $ 386,583 $ 137,655 $ — $ 524,238 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 785 $ 785 Total $ — $ — $ 785 $ 785 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 121,491 $ — $ — $ 121,491 Marketable securities, current: Certificates of deposit — 24,590 — 24,590 Commercial paper — 10,484 — 10,484 Corporate debt securities — 41,871 — 41,871 Yankee bonds — 2,676 — 2,676 U.S. Treasury securities 2,633 — — 2,633 Marketable securities, non-current Corporate debt securities — 10,968 — 10,968 U.S. Treasury securities 54,900 — — 54,900 Mortgage- and asset-backed securities — 13,380 — 13,380 Total $ 179,024 $ 103,969 $ — $ 282,993 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 1,056 $ 1,056 Total $ — $ — $ 1,056 $ 1,056 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Raw materials $ 42,142 $ 45,062 Work in process 48,821 53,628 Finished goods 8,938 9,167 Total inventories $ 99,901 $ 107,857 |
PREPAIDS AND OTHER CURRENT AS_2
PREPAIDS AND OTHER CURRENT ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaids and Other Current Assets | Prepaids and other current assets as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Prepaid expenses and deposits $ 59,460 $ 48,031 Government grant receivables 9,631 9,940 Customer financing receivables 3,733 3,733 Other current assets 5,782 5,245 Total prepaids and other current assets $ 78,606 $ 66,949 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment, Net | Property, plant and equipment, net, as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Buildings and improvements $ 62,825 $ 59,730 Machinery, equipment, vehicles and office furniture 91,436 82,973 Computer equipment, hardware and software 12,773 11,624 Launch site assets 13,856 14,193 Construction in process 19,607 25,999 Property, plant and equipment—gross 200,497 194,519 Less accumulated depreciation and amortization ( 52,410 ) ( 49,110 ) Property, plant and equipment—net $ 148,087 $ 145,409 Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023 consisted of the following: Three Months Ended March 31, Depreciation expense 2024 2023 Cost of revenues $ 2,749 $ 2,352 Research and development 1,392 818 Selling, general and administrative 624 388 Total depreciation expense $ 4,765 $ 3,558 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Components of Intangible Assets | The components of intangible assets consisted of the following as of March 31, 2024 and December 31, 2023: March 31, 2024 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 56,065 $ ( 18,358 ) $ 37,707 Capitalized software 13,287 ( 7,934 ) 5,353 Customer relationships 16,122 ( 3,542 ) 12,580 Trademarks and tradenames 10,104 ( 1,994 ) 8,110 Backlog 3,491 ( 3,491 ) — Other 1,252 ( 457 ) 795 Indefinite-Lived Intangible Assets In-process Technology 2,300 — 2,300 Total $ 102,621 $ ( 35,776 ) $ 66,845 December 31, 2023 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 56,065 $ ( 16,649 ) $ 39,416 Capitalized software 11,690 ( 7,454 ) 4,236 Customer relationships 16,135 ( 3,234 ) 12,901 Trademarks and tradenames 10,106 ( 1,789 ) 8,317 Backlog 3,491 ( 3,366 ) 125 Other 1,222 ( 423 ) 799 Indefinite-Lived Intangible Assets In-process Technology 2,300 — 2,300 Total $ 101,009 $ ( 32,915 ) $ 68,094 |
Summary of Amortization expense | Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023, respectively consisted of the following: Three Months Ended March 31, 2024 2023 Cost of revenues $ 1,773 $ 1,782 Research and development 11 48 Selling, general and administrative 1,300 1,490 Total amortization expense $ 3,084 $ 3,320 |
Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets | The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2024: 2024 (for the remaining period) $ 9,623 2025 9,812 2026 9,640 2027 8,661 2028 7,672 Thereafter 19,137 Total $ 64,545 |
LOAN AGREEMENTS (Tables)
LOAN AGREEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of future principal payments under the Trinity Loan Agreement | The future principal payments under the Trinity Loan Agreement as of March 31, 2024 were as follows: 2024 (for the remaining period) $ 8,094 2025 12,071 2026 13,663 2027 15,464 2028 17,498 Total $ 66,790 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Stock-based Compensation Recorded in Consolidated Statements of Operations and Comprehensive Loss | Total stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024 and 2023 consisted of the following: Three Months Ended March 31, Stock-based compensation 2024 2023 Cost of revenues $ 3,503 $ 3,813 Research and development 3,985 5,022 Selling, general and administrative 5,605 5,201 Total stock-based compensation expense $ 13,093 $ 14,036 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Expense And The Effective Tax Rate | Income tax provision and the effective tax rate for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Income tax provision $ ( 5 ) $ ( 526 ) Effective tax rate ( 0.0 )% ( 1.2 )% |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted net Loss Per Share Attributable to Common Stockholders | The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Numerator Net loss attributable to common stockholders-basic and diluted $ ( 44,260 ) $ ( 45,617 ) Denominator Weighted average common shares outstanding-basic and diluted 489,994,709 476,199,710 Net loss per share attributable to common stockholders-basic and diluted $ ( 0.09 ) $ ( 0.10 ) |
Summary of Diluted Net Loss Per Share Attributable to Common Stockholders | The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive: March 31, 2024 2023 Stock options and restricted stock units 29,772,128 29,851,750 Common stock warrants 728,835 — Shares underlying our convertible senior notes 69,261,530 — |
SEGMENTS (Tables)
SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Information by Reportable Segment | The following table shows information by reportable segment for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Launch Space Launch Space Revenues $ 32,719 $ 60,048 $ 19,621 $ 35,274 Cost of revenues 24,312 44,281 20,379 28,159 Gross profit (loss) $ 8,407 $ 15,767 $ ( 758 ) $ 7,115 |
Revenue - Reconciliation of Dis
Revenue - Reconciliation of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 92,767 | $ 54,895 |
Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 44,109 | 28,662 |
Over-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 48,658 | $ 26,233 |
Revenue - Balances Related to E
Revenue - Balances Related to Enforceable Contracts (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Disaggregation of Revenue [Abstract] | ||
Accounts receivable,net | $ 31,167 | $ 35,176 |
Contract assets | 14,895 | 12,951 |
Contract liabilities | $ (150,535) | $ (139,338) |
Revenue - Changes in Contract L
Revenue - Changes in Contract Liabilities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Disaggregation of Revenue [Abstract] | |
Contract liabilities, beginning of year | $ 139,338 |
Customer advances received or billed | 68,370 |
Recognition of unearned revenue | (57,173) |
Contract liabilities, end of year | $ 150,535 |
Revenue - Summary of Concentrat
Revenue - Summary of Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Benchmark [Member] | MDA Corporation [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration risk, percentage | 25% |
Revenue Benchmark [Member] | U.S. government customer [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration risk, percentage | 12% |
Accounts Receivable [Member] | Northrop Grumman Corporation [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration risk, percentage | 13% |
Accounts Receivable [Member] | LockheedMartinCorporation[Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration risk, percentage | 17% |
Accounts Receivable [Member] | MDA Corporation [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration risk, percentage | 14% |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Remaining unsatisfied performance obligations | $ 1,015,339 | |
Revenue recognized description | approximately 42% is expected to be recognized within 12 months, with the remaining 58% to be recognized beyond 12 months. | |
Other non-current assets | $ 22,884 | $ 18,914 |
Customer financing interest income | $ 252 | |
Commercial Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized description | The receivables will bear no interest until the initial launch dates passes, after which interest will accrue at a fixed rate of 10.8% or 12.6%, respectively based on the commercial customer. Principal and interest payments will be made over 12 quarterly payments from the launch date. | |
Financing Receivable [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other non-current assets | $ 16,200 | |
Prepaid [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other non-current assets | $ 3,733 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 71,020 | $ 71,020 | |
Stock compensation expense | $ 13,093 | $ 14,036 |
Business Combinations - Estimat
Business Combinations - Estimates Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Other non-current assets | $ 22,884 | $ 18,914 |
Other non-current liabilities | 4,162 | 3,944 |
Goodwill | $ 71,020 | $ 71,020 |
Business Combination - fair val
Business Combination - fair value of the assets acquired and the liabilities assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Other non-current assets | $ 22,884 | $ 18,914 |
Other non-current liabilities | $ 4,162 | $ 3,944 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Marketable Securities - Summary of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Line Items] | ||
Cash And Cash Equivalents | $ 365,929 | $ 162,518 |
Marketable securities, current | 126,593 | 82,255 |
Marketable securities, non-current | 68,566 | 79,247 |
Cash And Cash Equivalents And Marketable Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash And Cash Equivalents | 365,929 | 162,518 |
Marketable securities, current | 126,593 | 82,255 |
Marketable securities, non-current | 68,566 | 79,247 |
Total Cash And Cash Equivalents And Marketable Securities | $ 561,088 | $ 324,020 |
Cash and Cash Equivalents and_4
Cash and Cash Equivalents and Marketable Securities - Schedule of Cash Equivalents and Marketable Securities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 524,778 |
Gross Unrealized Gains | 79 |
Gross Unrealized Losses | (619) |
Fair Value | 524,238 |
Cash Equivalents | 329,079 |
Marketable Securities | 195,159 |
Corporate Debt Securities [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 68,010 |
Gross Unrealized Gains | 44 |
Gross Unrealized Losses | (136) |
Fair Value | 67,918 |
Cash Equivalents | 0 |
Marketable Securities | 67,918 |
Mortgage- and Asset-backed Securities [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 21,230 |
Gross Unrealized Gains | 24 |
Gross Unrealized Losses | (7) |
Fair Value | 21,247 |
Cash Equivalents | 0 |
Marketable Securities | 21,247 |
U.S. Treasury Securities [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 57,963 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (459) |
Fair Value | 57,504 |
Cash Equivalents | 0 |
Marketable Securities | 57,504 |
Yankee Bonds [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 4,888 |
Gross Unrealized Gains | 3 |
Gross Unrealized Losses | (6) |
Fair Value | 4,885 |
Cash Equivalents | 0 |
Marketable Securities | 4,885 |
Commercial Paper [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 16,067 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (10) |
Fair Value | 16,057 |
Cash Equivalents | 0 |
Marketable Securities | 16,057 |
Certificates Of Deposit [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 27,541 |
Gross Unrealized Gains | 8 |
Gross Unrealized Losses | (1) |
Fair Value | 27,548 |
Cash Equivalents | 0 |
Marketable Securities | 27,548 |
Money market accounts [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 329,079 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Fair Value | 329,079 |
Cash Equivalents | 329,079 |
Marketable Securities | $ 0 |
Cash and Cash Equivalents and_5
Cash and Cash Equivalents and Marketable Securities - Summary of Cash Equivalents and Marketable Securities with Unrealized Losses (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Marketable Securities [Line Items] | |
Fair value, in loss position for less than 12 months | $ 141,966 |
Unrealized Losses, in loss position for less than 12 months | (612) |
Fair value, in loss position for greater than 12 months | 1,716 |
Unrealized loss,in loss position for greater than 12 months | (7) |
Fair value | 143,682 |
Unrealized loss | (619) |
Certificates Of Deposit [Member] | |
Marketable Securities [Line Items] | |
Fair value, in loss position for less than 12 months | 12,659 |
Unrealized Losses, in loss position for less than 12 months | (1) |
Fair value, in loss position for greater than 12 months | 0 |
Unrealized loss,in loss position for greater than 12 months | 0 |
Fair value | 12,659 |
Unrealized loss | (1) |
Commercial Paper [Member] | |
Marketable Securities [Line Items] | |
Fair value, in loss position for less than 12 months | 14,373 |
Unrealized Losses, in loss position for less than 12 months | (10) |
Fair value, in loss position for greater than 12 months | 0 |
Unrealized loss,in loss position for greater than 12 months | 0 |
Fair value | 14,373 |
Unrealized loss | (10) |
Corporate Debt Securities [Member] | |
Marketable Securities [Line Items] | |
Fair value, in loss position for less than 12 months | 48,488 |
Unrealized Losses, in loss position for less than 12 months | (130) |
Fair value, in loss position for greater than 12 months | 1,244 |
Unrealized loss,in loss position for greater than 12 months | (6) |
Fair value | 49,732 |
Unrealized loss | (136) |
Yankee Bonds [Member] | |
Marketable Securities [Line Items] | |
Fair value, in loss position for less than 12 months | 2,178 |
Unrealized Losses, in loss position for less than 12 months | (6) |
Fair value, in loss position for greater than 12 months | 0 |
Unrealized loss,in loss position for greater than 12 months | 0 |
Fair value | 2,178 |
Unrealized loss | (6) |
Mortgage- and Asset-backed Securities [Member] | |
Marketable Securities [Line Items] | |
Fair value, in loss position for less than 12 months | 6,764 |
Unrealized Losses, in loss position for less than 12 months | (6) |
Fair value, in loss position for greater than 12 months | 472 |
Unrealized loss,in loss position for greater than 12 months | (1) |
Fair value | 7,236 |
Unrealized loss | (7) |
U.S. Treasury Securities [Member] | |
Marketable Securities [Line Items] | |
Fair value, in loss position for less than 12 months | 57,504 |
Unrealized Losses, in loss position for less than 12 months | (459) |
Fair value, in loss position for greater than 12 months | 0 |
Unrealized loss,in loss position for greater than 12 months | 0 |
Fair value | 57,504 |
Unrealized loss | $ (459) |
Cash and Cash Equivalents and_6
Cash and Cash Equivalents and Marketable Securities - Summary of Contractual Maturities of Marketable Securities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 524,778 |
Fair Value | 524,238 |
Due to One Year [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 456,006 |
Fair Value | 455,672 |
Due Within One To Three Years [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 68,772 |
Fair Value | $ 68,566 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value Measurements [Line Items] | |
Transfers between fair value measurement levels | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash equivalents: | ||
Marketable securities, current | $ 126,593 | $ 82,255 |
Marketable securities, non-current | 68,566 | 79,247 |
Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Total | 524,238 | 282,993 |
Other non-current liabilities: | ||
Contingent consideration | 785 | 1,056 |
Total | 785 | 1,056 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Total | 386,583 | 179,024 |
Other non-current liabilities: | ||
Contingent consideration | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Total | 137,655 | 103,969 |
Other non-current liabilities: | ||
Contingent consideration | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Total | 0 | 0 |
Other non-current liabilities: | ||
Contingent consideration | 785 | 1,056 |
Total | 785 | 1,056 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Cash equivalents | 329,079 | 121,491 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 329,079 | 121,491 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 0 | 0 |
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 91 | |
Marketable securities, non-current | 21,156 | 13,380 |
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | |
Marketable securities, non-current | 0 | 0 |
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 91 | |
Marketable securities, non-current | 21,156 | 13,380 |
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | |
Marketable securities, non-current | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 39,300 | 41,871 |
Marketable securities, non-current | 28,618 | 10,968 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Marketable securities, non-current | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 39,300 | 41,871 |
Marketable securities, non-current | 28,618 | 10,968 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Marketable securities, non-current | 0 | 0 |
Yankee Bonds [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 4,146 | 2,676 |
Marketable securities, non-current | 739 | |
Yankee Bonds [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Yankee Bonds [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 4,146 | 2,676 |
Marketable securities, non-current | 739 | |
Yankee Bonds [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 27,548 | 24,590 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 27,548 | 24,590 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Commercial Paper [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 16,057 | 10,484 |
Commercial Paper [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Commercial Paper [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 16,057 | 10,484 |
Commercial Paper [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 39,451 | 2,633 |
Marketable securities, non-current | 18,053 | 54,900 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 39,451 | 2,633 |
Marketable securities, non-current | 18,053 | 54,900 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Marketable securities, non-current | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Cash equivalents: | ||
Marketable securities, current | 0 | 0 |
Marketable securities, non-current | $ 0 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Line Items] | ||
Raw materials | $ 42,142 | $ 45,062 |
Work in process | 48,821 | 53,628 |
Finished goods | 8,938 | 9,167 |
Total inventories | $ 99,901 | $ 107,857 |
Prepaid and Other Current Asset
Prepaid and Other Current Assets - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid expenses | $ 59,460 | $ 48,031 |
Government grant receivables | 9,631 | 9,940 |
Customer financing receivables | 3,733 | 3,733 |
Other current assets | 5,782 | 5,245 |
Total prepaids and other current assets | $ 78,606 | $ 66,949 |
Assets Held for Sale (Additiona
Assets Held for Sale (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS HELD FOR SALE ABSTRACT | ||
Assets held for sale | $ 8,532 | $ 9,016 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 200,497 | $ 194,519 |
Less accumulated depreciation and amortization | (52,410) | (49,110) |
Property, plant and equipment, net | 148,087 | 145,409 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 62,825 | 59,730 |
Machinery, Equipment, Vehicles And Office Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 91,436 | 82,973 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,773 | 11,624 |
Launch Site Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,856 | 14,193 |
Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 19,607 | $ 25,999 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Schedule of Depreciation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Total depreciation expense | $ 4,765 | $ 3,558 |
Cost of revenues [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total depreciation expense | 2,749 | 2,352 |
Research And Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total depreciation expense | 1,392 | 818 |
Selling, general and administrative [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total depreciation expense | $ 624 | $ 388 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill [Line Items] | ||
Goodwill | $ 71,020 | $ 71,020 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill [Line Items] | ||
Gross Carrying Amount | $ 102,621 | $ 101,009 |
Accumulated Amortization | (35,776) | (32,915) |
Net Carrying Amount | 66,845 | 68,094 |
In Process Research and Development [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 2,300 | 2,300 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | 2,300 | 2,300 |
Developed Technology [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 56,065 | 56,065 |
Accumulated Amortization | (18,358) | (16,649) |
Net Carrying Amount | 37,707 | 39,416 |
Capitalized Software [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 13,287 | 11,690 |
Accumulated Amortization | (7,934) | (7,454) |
Net Carrying Amount | 5,353 | 4,236 |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 16,122 | 16,135 |
Accumulated Amortization | (3,542) | (3,234) |
Net Carrying Amount | 12,580 | 12,901 |
Trademark and Tradenames [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 10,104 | 10,106 |
Accumulated Amortization | (1,994) | (1,789) |
Net Carrying Amount | 8,110 | 8,317 |
Backlog [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 3,491 | 3,491 |
Accumulated Amortization | (3,491) | (3,366) |
Net Carrying Amount | 0 | 125 |
Other [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 1,252 | 1,222 |
Accumulated Amortization | (457) | (423) |
Net Carrying Amount | $ 795 | $ 799 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 3,084 | $ 3,320 |
Cost of revenues [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | 1,773 | 1,782 |
Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | 11 | 48 |
Selling, General and Administrative [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 1,300 | $ 1,490 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2024 (for the remaining period) | $ 9,623 |
2025 | 9,812 |
2026 | 9,640 |
2027 | 8,661 |
2028 | 7,672 |
Thereafter | 19,137 |
Total | $ 64,545 |
LOAN AGREEMENT - Additional Inf
LOAN AGREEMENT - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Feb. 08, 2024 | Mar. 31, 2024 | Feb. 06, 2024 | Feb. 02, 2024 | Dec. 31, 2023 | Dec. 29, 2023 | |
Shares Issued And Outstanding [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | |||||
Debt Issuance Costs, Net, Total | $ 11,171 | |||||
Current installments of long-term borrowings | 10,996 | $ 17,764 | ||||
Term charge on repayment of debt | 700 | |||||
Long-Term Debt | 66,790 | |||||
Notes before unamortized discount | $ 355,000 | |||||
Line of Credit Facility, Interest Rate Description | The Company repaid an existing term loan with the proceeds from the Trinity Loan Agreement and Blanket Lien Draw. The monthly payment factors under the Trinity Loan Agreement and Blanket Lien Draw have a term of sixty (60) months and a rate factor of 0.022266 | |||||
Term loan advance | $ 20,000 | |||||
Long-term borrowings, excluding current installments | $ 52,717 | $ 87,587 | ||||
Borrowing capacity description | On December 29, 2023 (the “Effective Date”), the Company and certain of its subsidiaries (the “Subsidiaries”, together with the Company, the “Borrowers”), entered into a Master Equipment Financing Agreement (the “Trinity Loan Agreement”) with Trinity Capital, Inc., a Maryland corporation (the “Lender”) to provide financing for certain equipment and other property (the “Equipment”). The Trinity Loan Agreement provides that the Lender shall provide equipment financing in the aggregate of up to $120,000 (the “Conditional Commitment”), with advances (“Draws”) to be made as follows: (i) $70,000 on the Effective Date (the “Effective Date Draw”); and (ii) $40,000 to be drawn on the Effective Date (the “Blanket Lien Draw”), with each of the Effective Date Draw and Blanket Lien Draw payable over sixty (60) months beginning January 2024, with the final payments due in January 2029. After the Blanket Lien Draw is repaid in full, Borrowers may make Draws as follows: (x) $30,000 to be drawn in not more than three advances of at least $10,000 each at the Borrowers’ option no later than the date that is 18 months after the Effective Date; and (y) $20,000 to be drawn at Borrower’s option between January 1, 2025 and June 30, 2025 (such date, the “Termination Date”), subject to customary conditions. | |||||
Initial Cap Price | $ 8.04 | |||||
Capped Call Transactions [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Transactions cost | $ 43,168 | |||||
Blanket Lien Draw [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Extinguishment of debt | $ 1,330 | |||||
Repayment of loan | $ 38,778 | |||||
Trinity Loan Agreement [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.48% | |||||
Debt Issuance Costs, Net, Total | $ 3,077 | |||||
Current installments of long-term borrowings | 10,996 | |||||
Long-Term Debt | 66,790 | |||||
Equipment Financing Agreement [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Loan and security agreement, maximum amount | $ 120,000 | |||||
Repayment of term loan advance | 30,000 | |||||
Term loan advance | $ 10,000 | |||||
Equipment Financing Agreement [Member] | Effective Date Draw [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Term loan advance | 70,000 | |||||
Equipment Financing Agreement [Member] | Blanket Lien Draw [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Term loan advance | $ 40,000 | |||||
4.250% Convertible Senior Notes [Member] | Indenture and Notes [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Debt Instrument, Face Amount | $ 355,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | 4.25% | ||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||
Debt Instrument, Payment Terms | payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024 | |||||
Debt Instrument, Maturity Date | Feb. 01, 2029 | |||||
Initial conversion rate | 195.1029% | |||||
Principal Amount of Notes | $ 1 | |||||
Initial conversion Price | $ 5.13 | |||||
Common Stock [Member] | Blanket Lien Draw [Member] | ||||||
Shares Issued And Outstanding [Line Items] | ||||||
Exercise price of warrants or rights | $ 4.87 | |||||
Class of warrant or right number of securities called by warrants or rights | 728,835 |
LOAN AGREEMENTS - Summary of fu
LOAN AGREEMENTS - Summary of future principal payments under the Trinity Loan Agreement (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
2024 (for the remaining period) | $ 8,094 |
2025 | 12,071 |
2026 | 13,663 |
2027 | 15,464 |
2028 | 17,498 |
Long-Term Debt, Total | $ 66,790 |
WARRANTS - Additional Informati
WARRANTS - Additional Information (Detail) - Common Stock [Member] | Dec. 29, 2023 $ / shares shares |
Public Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Class of warrant or right number of securities called by warrants or rights | shares | 728,835 |
Public Warrants and Private Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants exercise price | $ / shares | $ 4.87 |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total Stock-based Compensation Expense | $ 13,093 | $ 14,036 |
Cost of revenues [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total Stock-based Compensation Expense | 3,503 | 3,813 |
Research And Development [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total Stock-based Compensation Expense | 3,985 | 5,022 |
Selling, general and administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total Stock-based Compensation Expense | $ 5,605 | $ 5,201 |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, share issued | 492,670,716 | 488,923,055 | |||
Shares available for grant | 76,406,661 | ||||
2013 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting period | 4 years | ||||
Options vesting on first anniversary of date of grant, percentage | 25% | ||||
Two Thousand Twenty One Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 1,197 | ||||
Sale of aggregate, shares | 59,875,000 | ||||
Outstanding number of shares of common stock Percentage | 5% | ||||
Shares authorized to issue under equity award plan | 95,685,029 | ||||
Stock-based compensation | $ 939 | $ 770 | |||
Two Thousand Twenty One Plan [Member] | Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock for issuance for awards | 9,980,000 | ||||
Common Stock Outstanding Rate | 1% | ||||
Employee Stock Options Discount Rate | 15% | ||||
Two Thousand Twenty One Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, share issued | 0 | 0 | |||
Sale of aggregate, shares | 16,768,828 | ||||
Performance-Based Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted expected to be recognized period | 4 years | ||||
Performance-Based Restricted Stock Units (RSUs) [Member] | 2013 Plan And 2021 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 98,340 | ||||
Number of Units, granted | 7,221,561 | 3,361,528 |
LEASE - Additional Information
LEASE - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Leased Assets [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 56,870 | $ 59,401 |
Vehicles and Equipment [Member] | Minimum Member | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 1 year | |
Vehicles and Equipment [Member] | Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 26 years |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Additional Information) (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Commitments And Contingencies LineItems | |
Provision for contract loss | $ 7,146 |
INCOME TAXES - Schedule Of Inco
INCOME TAXES - Schedule Of Income Tax Expense And The Effective Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ (5) | $ (526) |
Effective tax rate | 0% | (1.20%) |
INCOME TAXES (Additional Inform
INCOME TAXES (Additional Information) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Income Tax Disclosure [Abstract] | |
Uncertain Tax Positions | $ 3,885 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to common stockholders-basic and diluted | $ (44,260) | $ (45,617) |
Weighted Average Number of Shares Outstanding, Basic | 489,994,709 | 476,199,710 |
Weighted Average Number of Shares Outstanding, Diluted | 489,994,709 | 476,199,710 |
Earnings Per Share, Basic | $ (0.09) | $ (0.1) |
Earnings Per Share, Diluted | $ (0.09) | $ (0.1) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock Options And Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Equity shares | 29,772,128 | 29,851,750 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Equity shares | 728,835 | 0 |
Shares Underlying Our Convertible Senior Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Equity shares | 69,261,530 | 0 |
SEGMENTS - Additional Informati
SEGMENTS - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 Segments | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
SEGMENTS - Summary of Informati
SEGMENTS - Summary of Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales Information [Line Items] | ||
Cost of revenues | $ 68,593 | $ 48,538 |
Gross profit (loss) | 24,174 | 6,357 |
Launch Services [Member] | ||
Sales Information [Line Items] | ||
Revenues | 32,719 | 19,621 |
Cost of revenues | 24,312 | 20,379 |
Gross profit (loss) | 8,407 | (758) |
Space Systems [Member] | ||
Sales Information [Line Items] | ||
Revenues | 60,048 | 35,274 |
Cost of revenues | 44,281 | 28,159 |
Gross profit (loss) | $ 15,767 | $ 7,115 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transactions (Details) [Line Items] | ||
Related Party Transaction, Due from (to) Related Party | $ 0 | $ 0 |