Key Points

• Rocket Lab is showing it can earn revenue from more than simply launching satellites.

• Only a few space companies can offer an integrated offering under a single contract.

• Repeat orders and attractive margins remain the key tests for investors.

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Rocket Lab (NASDAQ: RKLB) is building a business that extends well beyond small rocket launches.

In its recent Victus Haze mission, Rocket Lab combined an Electron rocket, a company-built Pioneer spacecraft, mission software, ground control systems, and in-space operations into a single rapid response service for the U.S. Space Force. The company launched the spacecraft just 16 hours and 42 minutes after receiving the Space Force's final instructions. The company also activated and tested the spacecraft in about 38 hours, well ahead of the 72-hour deadline.

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The spacecraft was then moved close enough to a target satellite to track, observe, and photograph it in less than 59 hours. The exercise simulated how the U.S. military could quickly inspect a satellite that was behaving unexpectedly or potentially threatening another spacecraft.

Rocket Lab sold an entire mission

Rocket Lab did not invent satellite imaging or the ability to move one spacecraft close to another. The breakthrough was to bring the rocket, satellite, software, and in-space operations together under one company and complete the entire mission within days.

Rocket Lab said Victus Haze marked the first U.S. Space Force rapid-response mission in which a single prime contractor supplied the rocket, spacecraft, and on-orbit operations. Traditional missions can involve separate companies responsible for the spacecraft, launch, software, and orbital operations. Reducing those handoffs could help the Space Force move faster and lower the risk that delays at one contractor disrupt the entire mission. Hence, the company can now earn revenue from several parts of one mission instead of being paid only for the launch.

The original $32 million Victus Haze contract covered the design and manufacture of a Rocket Lab spacecraft, its launch on Electron, and subsequent on-orbit operations. The mission included custom engineering and years of development, so its profit margin may have been modest. However, it still shows how Rocket Lab can increase revenue per customer by selling the spacecraft, launch, software, and mission operations together instead of charging only for the launch.

Growth catalysts and risks

Victus Haze was more demanding than a normal launch because Rocket Lab did not know the final orbit in advance. After receiving the Space Force's launch order, the company took about four hours to finalize the trajectory, update the rocket's software, and coordinate ground station support.

Rocket Lab will continue operating Pioneer for several months under additional Space Force assignments. These tasks will test more advanced ways of tracking, approaching, and observing.

Rocket Lab could generate more revenue from additional spacecraft and continued in-space operations. Repeat missions may also become cheaper to deliver if the company can reuse Pioneer's design, software, and testing work, although Rocket Lab has not quantified those potential savings.

However, the Victus Haze contract is still small compared with the company's $2.2 billion backlog. Hence, this integrated offering will become financially meaningful only if it secures more contracts or enters into a recurring services program with the U.S. Space Force.

Rocket Lab had about $1.48 billion in cash and investments at the end of the first quarter. After raising additional capital and securing more funding, the company said it had access to more than $2 billion in total liquidity. However, its larger financial commitment remains Neutron, the next-generation reusable rocket it is developing to launch heavier satellites.

Victus Haze could help Rocket Lab win a bigger role in future space and defense missions. The next test is whether it leads to repeat orders that generate healthy profits.

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Manali Pradhan, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Lab. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.