Rocket Lab’s revenue growth in 2022 was propelled by growth in its Space Systems business. One key mission for Space Systems in 2022 was NASA’s CAPSTONE mission, which Rocket Lab built this Photon Lunar spacecraft bus for. Photo: Rocket Lab

Rocket Lab more than tripled its revenue in 2022, propelled by growth in its Space Systems business. The launcher and spacecraft manufacturer released 2022 financials on Feb. 28, reporting $211 million in revenue, up from $62 million in 2021.  

Notably, this total 2022 revenue of $211 million exceeds Rocket Lab’s revenue targets from when the company announced plans to go public in March 2021. At the time, Rocket Lab projected $176 million in 2022 revenue, and $267 million in 2023 revenue. 

Net loss was $136 million in 2022, compared to a net loss of $117 million in 2021. 

Rocket Lab’s Space Systems business grew considerably more than the Launch segment. Space Systems brought in $150.3 million in 2022 — a 545% increase in revenue for the segment compared to 2021. 

In 2022, Space Systems revenue was greater than the Launch revenue, making up 71% of company revenue in 2022, compared to just 38% of company revenue in 2021. 

CEO Peter Beck said on a call with investors on Tuesday that more than 200 spacecraft launched in 2022 featured Rocket Lab products including reaction wheels, star trackers, ratios, solar power, light software, separation systems, and more.

Launch revenue grew as well, to $60.7 million in 2022, increasing 56% compared to 2021. Rocket Lab completed a record nine Electron launches in 2022. 

“Rocket Lab set new company records in 2022. It was our busiest launch year yet with nine Electron launches and 100% mission success,” Rocket Lab CEO Peter Beck said. “It was also a terrific year across space systems, with our strategy to become a full-service space company demonstrated with the successful CAPSTONE mission to the Moon for NASA featuring Rocket Lab developed launch vehicle and spacecraft, and further strengthened with the contract award to develop 17 spacecraft buses for MDA to support Globalstar’s new constellation.”

Beck reported that Rocket Lab more than doubled its backlog from $241 million at the end of 2021 to more than $500 million at the end of 2022. Growth was driven by a mix of both Launch and Space Systems, Beck said. 

The company provided guidance for the first quarter of 2023, expecting revenue to range between $51 million to $54 million. Space Systems revenue is expected between $32 million to $35 million, and Launch Services approximately $19 million. 

Separately, Rocket Lab signed a multi-launch deal with Capella Space for a rapid succession of four Electron missions in the second half of 2023. Each mission will deploy a single Capella synthetic aperture radar (SAR) satellite. 

Rocket Lab also established a new subsidiary, Rocket Lab Australia, to support Australia’s expanding national space capabilities. The Australian government has set a goal to triple the size of the Australian space sector to reach 12 billion Australian dollars ($8 billion) by 20230. 

“Rocket Lab is well positioned to advance Australia’s capabilities in space. We have people on the ground already and we look forward to exploring opportunities where they make strategic sense for us as a business, and where we can truly strengthen Australia’s position in the global space sector,” Beck commented.