SPACE IS OPEN FOR BUSINESS - Investor Presentation - Rocket Lab
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Rocket Lab USA SPACE IS OPEN FOR BUSINESS Investor Presentation March 2021 rocketlabusa.com
DISCLAIMER AND
FORWARD LOOKING STATEMENTS
This presentation (this “Presentation”) was based on Vector’s and Rocket Lab’s current are not undertaking any obligation to update and unanticipated events may occur that non-GAAP measures to compare Rocket statement, the proxy statement/prospectus
prepared for informational purposes only expectations and beliefs concerning future or revise any forward-looking statements could affect results. Therefore, actual results Lab’s performance to that of prior periods and all other relevant documents filed or that
to assist interested parties in making their developments and their potential effects on whether as a result of new information, future achieved during the periods covered by the for trend analyses and for budgeting and will be filed with the SEC by Rocket Lab and
own evaluation of the proposed transaction Vector, Rocket Lab or any successor entity events or otherwise. projections may vary and may vary materially planning purposes. Not all of the information Vector through the website maintained by
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No representation, express or implied, is or of the Transaction on Rocket Lab’s business operating forecasts and projections from Vector’s shareholders in connection
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Transaction. operating performance across competitors, to Rocket Lab’s achievements compared to registration statement on Form S-4 with the
changes in laws and regulations affecting thereto. Furthermore none of Vector, Rocket 10-Q for the fiscal quarter ended September
This Presentation provided by Vector and Lab nor their respective management teams other companies, including being the first U.S. Securities and Exchange Commission 30, 2020, which was filed with the SEC on
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other expectations after the completion represents Rocket Lab’s future operations and executive officers will also be in the
Act of 1995, Section 27A of the Securities or financial conditions. Such information information known to Rocket Lab’s prospectus. A proxy statement/prospectus Registration Statement on Form S-4 to be
Act 1933, as amended, and Section 21E of of the Transaction, and identify and realize management. will be sent to all Rocket Lab and Vector
additional opportunities, and (viii) the risk is subject to a wide variety of significant filed with the SEC by Rocket Lab and Vector,
the Securities Exchange Act of 1934, as business, economic and competitive risks Non-GAAP Financial Measures. The financial shareholders. Rocket Lab and Vector will which will include the proxy statement of
amended, including statements regarding of downturns in the commercial launch also file other documents regarding the
services, satellite and spacecraft industry. and uncertainties, including but not limited information and data contained in this Vector Additional information regarding the
Vector’s, Rocket Lab’s on their management to those set forth in the second paragraph Presentation is unaudited and does not proposed transaction with the SEC. Before interests of such potential participants in
teams’ expectations, hopes, beliefs, There can be no assurance that the future making any voting decision, investors and
developments affecting Vector, Rocket Lab above that could cause actual results to conform to Regulation S-X promulgated the solicitation process will also be included
intentions or strategies regarding the future. differ materially from those contained in the under the Securities Act of 1933, as security holders of Rocket Lab and Vector in the registration statement (and will be
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“intends”, “may”, “might”, “plan”, “possible”, forward-looking statements involve a number other relevant documents filed or that will
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“would” and similar expressions may beyond Vector’s or Rocket Lab’s control) or the proposed transaction as they become
other assumptions that may cause actual Rocket Lab or that actual results will not information to management and investors
identify forward-looking statements, but differ materially from those presented in the regarding certain financial and business available because they will contain important
the absence of these words does not mean results or performance to be materially information about the proposed transaction.
different from those expressed or implied by prospective financial information. Some of trends relating to Rocket Lab’s financial
that a statement is not forward-looking. the assumptions upon which the projections condition and results of operations. Rocket Investors and security holders will be able
These forward-looking statements are these forward-looking statements. Except to obtain free copies of the registration
as required by law, Vector and Rocket Lab are based inevitably will not materialize Lab’s management uses certain of these
2 Rocket Lab USA
FROM THE FOUNDER
Space has defined
some of humanity’s
greatest achievements,
and it continues
to shape our future.
I’m motivated by the enormous
impact we can have on Earth by making
it easier to get to space and to use it
as a platform for innovation, exploration,
and infrastructure. We go to space to
improve life on Earth.”
Peter J. Beck
Founder, CEO, Chief Engineer,
Adjunct Professor
3 Rocket Lab USA
Today’s
Presenters
ROCKET LAB VECTOR ACQUISITION CORPORATION
Peter Beck Adam Spice Alex Slusky
Founder, CEO, Chief Engineer Chief Financial Officer CEO, Vector Acquisition Corporation
CIO, Founder, and Managing Director, Vector Capital
4 Rocket Lab USA
Vector Capital
Overview
OUR PEDIGREE Our Value Add for Rocket Lab
Tech-only Investment Fund Executing Accretive Acquisitions
$320M SPAC
25-Year Track Record Sales, Operations, Strategy
HIGHLIGHTS
$3B+ 40+ 100+ 39%
Capital Under Investing and Operating Tech Companies Gross IRR Since
Management Professionals Acquired Since 1997 Inception
5 Rocket Lab USA
CONTENTS
SECTION SECTION SECTION SECTION
01
Rocket Lab Overview
02
Launch
03
Space Systems
04
Transaction Overview
& Introduction & Financials
6 Rocket Lab USA
SECTION
01
ROCKET LAB
OVERVIEW &
Introduction
7 Rocket Lab USA Section 1
In the history of
spaceflight, only two
private companies have
delivered regular and
reliable access to orbit
&
8 Rocket Lab USA Section 1
Rocket lab
at a glance
A vertically integrated provider of small launch
services, satellites and spacecraft components
Delivering end-to-end IN UNDER 6 YEARS
space solutions
Launch: Proven rocket delivering dedicated access
to orbit for 3+ years
Space Systems: Manufacturing satellites and
best-in-class heritage spacecraft components
18 97 3
Launches Satellites Launch
2 ND
Most frequently
2
Mission
7
Successful
to space deployed pads built launched control missions
to orbit U.S. rocket centers for USG
customers
Space Applications: Uniquely positioned to leverage
launch and satellite capabilities and infrastructure
to build and operate our own constellations
1
Strategic
2
Factories
1
of our own
1
Recovered
3
Interplanetary
1
Awarded
acquisition built satellites on rocket missions propellant
orbit (+ more scheduled depot mission
to come) (Moon, Mars, on orbit for
Venus) NASA
9 Rocket Lab USA Section 1
Rocket Lab is way out in front
ELECTRON LIFT-OFF
LAUNCH COMPLEX 1
Uniquely compelling investment
opportunity in a generational space leader
› Unprecedented commercial investment and government expenditures are driving
Large, Rapidly
rapid growth in the space economy
Growing Market
› Market forecast to grow to $1.4T by 20301
Pioneer with Commanding › One of only two commercial companies delivering regular access to orbit
Leadership Position › Strong first-mover advantage in small launch category
› 18 launches since 2017 with cadence increasing
Proven Business
› Rocket Lab-built satellites and components on orbit
Execution
› Extensive launch and development facilities across U.S. and NZ
› Aggressive organic and inorganic expansion of Space Systems business
Expanding Scope & Seizing
› Missions scheduled to the Moon and Mars for NASA
Growth Opportunities
› Uniquely positioned to access expanding space applications TAM
› Current bookings for 2021 represent 90% of $69M forecast revenue (96% Y/Y growth)
Attractive
› Forecast EBITDA positive in 2023 and cash flow positive in 2024
Financial Model
MAHIA, NEW ZEALAND
› Forecast crossing $1B revenue in 2026
LAUNCH COMPLEX 1
› Peter Beck is a visionary in the space industry, leading Rocket Lab to a series of
Successful Executive industry-defining firsts
Team Driving Innovation › Adam Spice has public company CFO credentials and deep M&A experience
› Motivated and passionate team of 530 employees
10 Rocket Lab USA Section 1 1 Wall Street Research$350B+ TAM
forecast to grow
ROCKET LAB PRODUCTION COMPLEX
to $1.4T by 20301
Uniquely positioned to
exploit a growing market
PHOTON
1 2 3
Launch SPACE SYSTEMS SPACE APPLICATIONS
Electron & Neutron Photon TAM ~$320B1
TAM ~$10B2 TAM ~$20B2
› TAM growth driven › S
ignificant growth in › Market growth driven
by historic levels small satellite mega by demand for space-
of demand for constellations driven by based connectivity, Earth
responsive small demand for commercial observation (including
satellite launch Earth observation and synthetic aperture radar,
and constellation telecom applications electro-optical and RF)
deployments and other services
› D
oD focused on resiliency
› Small satellite of space infrastructure › Significant untapped
constellations will and satellite constellation potential for value-added
account for ~83% deployment and services including data
of all satellites replenishment management & analytics
launched by 20283 to support end
› Increased focus from
customer insights
ELECTRON LIFT OFF
LAUNCH COMPLEX 1
multiple governments on
high value deep space
planetary exploration and
discovery missions
11 Rocket Lab USA Section 1 1 Wall Street Research 2 Allied Market Research 3 Bryce ReportsWORLD LEADING
TECHNOLOGY
Large technology moat
AUCKLAND, NEW ZEALAND
PRODUCTION COMPLEX
1 st
3D printed
1 st
Electric-pump
1 st
Fully carbon
1 st
And only
rocket engine -fed rocket composite private orbital
engine launch vehicle launch site
PHOTON ENCAPSULATION
LAUNCH COMPLEX 1, 2020
LAUNCH COMPLEX 1, 2020
FIRST Unique Only FIRST
ELECTRON LIFT-OFF
Rocket that Kick Stage Reusable Private
converts to a enabling small launch interplanetary
satellite on orbit in-space vehicle mission
transportation
12 Rocket Lab USA Section 1vertically integrated
space company
From raw material to orbit
1 2
1 2 5 6
Rocket Lab HQ inclair
S Auckland Mission Control
Space Systems Interplanetary Production New Zealand
Mission Control U.S. by Rocket Lab Complex
3 4
5 6
3 4 7 8
Global Tracking aunch
L ropulsion Test
P aunch
L
Systems Complex 2 Complex Complex 1
13 Rocket Lab USA Section 1
7 8PROVEN TEAM
led by industry
veterans
EXECUTIVE LEADERSHIP
Peter Beck Adam Spice Shaun O’Donnell Lachlan Matchett
Founder, CEO, Chief Engineer Chief Financial Officer EVP – Global Operations VP – Propulsion
Shaun D’Mello Doug Sinclair Lars Hoffman Shane Fleming, VP – Global
VP – Launch Space Systems Engineering Fellow SVP – Global Launch Services Commercial Launch Services
Ehson Mosleh Richard French, Director – Business Robbie Hurwitz Morgan Bailey
Space Systems Chief Engineer Development & Strategy Space Systems Senior Legal Counsel Head of Communications
14 Rocket Lab USA Section 1Our execution
MAHIA, NEW ZEALAND
ELECTRON LIFT-OFF
history
We do what we say we will do
Launch 6 YEARS
2014 2018 2020
1st venture NZ launch 1st flight Factory built First NRO U.S. launch Successful 4th most Monthly launch
capital site built to orbit to support 1 launch site built reuse mission frequent cadence into
FIRST NASA MISSION
raised rocket per week launcher in 2021
production the world in
‘19 & ‘20
2018
Space Systems 1 YEAR
2019 2020
Photon program Acquired Sinclair Awarded Awarded NASA Developed KSAT First Scheduled
announced Interplanetary NASA CAPSTONE propellant multiple partnership Photon missions to the
mission depot mission Rocket Lab launched Moon (2021),
to the Moon in LEO satellite Venus (2023) and
components Mars (2024)
PHOTON FIRST LIGHT
Space Applications 0.5 YEARS
NOVEMBER 2020
2020
First Rocket Lab Positioned to provide
satellite on orbit space data to the market
15 Rocket Lab USA Section 1SECTION
02
LAUNCH
16 Rocket Lab USA Section 2dedicated small
launch is critical
Not all space access is the same
Rocket Lab delivers the first dedicated ride to orbit
for small satellites, providing customers control
over launch schedule and enabling tailored orbits
that cannot be matched by large rocket rideshare
Launch Frequent
On demand launch
Strategically critical for 132 launch slots every year
Small satellites More than 50% Large rockets do not military space resilience and (more than all U.S. launch
face costly delays of small satellites provide adequate commercial constellation sites combined)
when flying launched in control for many
replenishment
rideshare on large the past 5 years small satellite orbital
rockets due to low were delayed from destinations
launch frequency 4 months to 2 years
Tailored SCHEDULE
orbits CONTROL
Small satellite customers in control Ability to control launch time
of exact orbits. Wide range of down to the second
launch azimuths
17 Rocket Lab USA Section 2Meet
electron
LAUNCH COMPLEX 1
Fairing
ELECTRON
SIGNIFICANT
Payload
plate
technology Kick stage
moats
SECOND
stage
RUTHERFORD
VACUUM ENGINE
ELECTRON ON LAUNCH PAD
INTERSTAGE
97 1st 132 180
LAUNCH COMPLEX 1
Satellites Carbon Launch 3D printed
deployed to composite opportunities engines
orbit to date orbital launch every year delivered FIRST STAGE
vehicle in across 3 to space
the world launch pads
Powered by the Unique Kick Stage Designed for Tailored for
PRODUCTION COMPLEX
world’s first 3D standard with every manufacturability satellites up
printed and electric- launch to provide and reliability to 300 kg
pump-fed rocket industry-leading (660 pounds)
engine technology, precision and payload class Power Pack
ELECTRON
backed by a growing flexibility
IP portfolio and
patent filings 9x Rutherford
Sea Level Engines
18 Rocket Lab USA Section 22nd most frequently
launched rocket
in the U.S.
5
1 SPACEX 2 ROCKET LAB MAY
2017
JANUARY
2018
NOVEMBER
2018
DECEMBER
2018
MARCH
2019
MAY
2019
4th most frequent
launcher globally
JUNE AUGUST OCTOBER DECEMBER JANUARY JUNE
2019 2019 2019 2019 2020 2020
1 CHINA 4 ROCKET LAB
2 RUSSIA 5 EUROPE
3 SPACEX 6 JAPAN
S
y
s
n
in
s
g
pe
n ight be
cti
Strive |
l' s
X-
w
o
α
e
Th
19 Rocket Lab USA Section 2
ro b
c ke t l a
JULY AUGUST OCTOBER NOVEMBER DECEMBER JANUARY
2020 2020 2020 2020 2020 2021only two private companies
are delivering regular and
reliable access to orbit
Rocket Lab
scaled
to a
Rocket Lab is the
monthly
Small Launch LEADER launch
Successful Satellites Capital In-house cadence
faster
Company Orbital Delivered Raised Satellite
Launches to Orbit to Date1 Program
Rocket Lab 16 97 $275M than any
OTHER
commercial
Virgin Orbit 1 9 $1B
Firefly 0 0 ~$210M launch
Relativity 0 0 ~$685M
provider
Astra 0 0 $100M
20 Rocket Lab USA Section 2 1 PitchBook, Press, Investor MaterialsOur customers
18 missions, 97 satellites deployed ~50%
COMMERCIAL
for more than 20 organizations
2 Missions 1 Mission 1 Mission 2 Missions
1 Mission (upcoming) 1 Mission 3 Missions 1 Mission
4 Missions 2 Missions 3 Missions 1 Mission
1 Mission 1 Mission 1 Mission 2 Missions
~20%
CIVIL
~30%
DEFENSE
2 Missions 1 Mission 2 Missions 2 Missions
21 Rocket Lab USA Section 2STATE OF THE ART
MANUFACTURING
AUCKLAND, NEW ZEALAND
PRODUCTION COMPLEX
Production facilities capable of
producing a rocket every week
LONG BEACH, U.S.
PRODUCTION HQ
R&D and Extensive ll production
A ~90% vertically
manufacturing automation incl. scaling integrated. Engines,
facilities across 3D printing and investments and vehicle structures,
the U.S., NZ custom robotic infrastructure avionics, guidance
and Canada processing. complete sets and flight
Largest robotic termination
machining center hardware
LONG BEACH, U.S.
PRODUCTION HQ
in the Southern produced
Hemisphere in-house
PRODUCTION COMPLEX
22 Rocket Lab USA Section 2
AUCKLAND, NEW ZEALANDUnrivaled launch
infrastructure
3 launch pads across 2 countries
MAHIA, NEW ZEALAND
LAUNCH COMPLEX 1
Launch Complex 1
New Zealand
Launch Complex 2
Virginia, U.S.
132 launch slots Critical national Dedicated
annually (more than infrastructure asset integration and
all U.S. ranges for U.S. government control facilities
combined) customers
LAUNCH COMPLEX 2
World’s only 24-hr rapid call-up The only bilateral
private, FAA- launch for defense treaty that allows
licensed orbital needs and constellation U.S. launch vehicles
VIRGINIA, U.S.
launch site replenishment to launch outside
of the U.S.
23 Rocket Lab USA Section 2REUSABILITY
THE KEY TO LAUNCH FREQUENCY
ELECTRON RECOVERY TESTING
NOVEMBER 2020
Electron is the only reusable
orbital-class small rocket
One of only two Components Enables First re-flight
companies to from first higher launch of a full booster
successfully bring recovered frequency scheduled
back an orbital- booster already without for 2022
class booster scheduled for expanding
from space re-flight production
MID-AIR CAPTURE
MARCH 2020
24 Rocket Lab USA Section 2Small Launch
was the beginning
The market needs a
constellation LAUNCHER
83% of the small satellites
launched by 2028 will be
constellation missions1
Example: Telesat Lightspeed broadband constellation2
1 2 3 4
8t
There is currently
no commercial
Constellation
satellites need to be
An analysis of large
constellations 220 20 11 7.7
medium lift class launched in batches points to an 8-ton Satellites Different SATELLITES TONS
launch vehicle to to different orbital class rocket as the need launch orbital planes per plane per launch
meet this demand planes. Large rockets ideal lift capacity
(700kg each) required
don’t solve this
25 Rocket Lab USA Section 2 1 Euroconsult 2 Space NewsNext Step: 63M
NEUTRON 98%
NEW ROCKET DEVELOPMENT ELECTRON &
NEUTRON CLASS
8-Ton PAYLOAD CAPACITY
› Rocket Lab solved small launch with Electron 40M
Rocket Lab
›N
eutron solves medium launch can lift
98% of all
satellites
forecast
to launch
through
20291
Tailored for Highly disruptive lower Direct
commercial and costs by leveraging alternative N
DoD constellation Electron’s heritage, to SpaceX e
launches launch sites and Falcon 9
u
2%
architecture
t 18M
r
OTHER o
CLASS E
l
e
n
c
t
r
Capable of human eusable-ready
R ~$200M development o
n
space flight and platform after program. First
crew resupply test program launch 2024
to the ISS completion
ELECTRON NEUTRON SPaceX, FALCon 9
(SMALL LIFT) (MEDIUM LIFT) (LARGE LIFT)
26 Rocket Lab USA Section 2 1 Euroconsult, Northern Sky ResearchSECTION
03
SPACE
SYsTEMS
27 Rocket Lab USA Section 3Space Systems
MANDATE
1 Satellites
PHOTON PATHFINDER 1
as a Service
AUGUST 2020
From LEO constellations to high-complexity
deep space and interplanetary missions
2 Satellite
COMPONENTS
Anything that goes to space should have
a Rocket Lab logo on it
3 SPACE
APPLICATIONS
PHOTON - CAPSTONE
Uniquely positioned to access expanding
space applications TAM
AUGUST 2020
28 Rocket Lab USA Section 3SATELLITES AS A SERVICE
PHOTON:
LOW EARTH ORBIT
PHOTON FIRST LIGHT MISSION
Customers no longer have to build their own satellite.
They can buy a launch, satellite, ground services and
AUGUST 2020
on-orbit management in a turn-key package
Operational Photon Every time Rocket Lab Forms the satellite
satellite is on orbit launches a customer platform for our
now and functioning mission, Photon is a free own constellations
flawlessly “stowaway” satellite
PHOTON FIRST LIGHT MISSION
Awarded NASA Strong market uptake Unique ability to
propellant depot in satellite as a service control schedule
AUGUST 2020
mission model across USG and and costs
commercial customers
29 Rocket Lab USA Section 3spacecraft AS A SERVICE
PHOTON:
Interplanetary
FOR NASA CAPSTONE LUNAR MISSION 2021
PHOTON INTERPLANETARY SPACECRAFT
Rocket Lab goes everywhere in the solar system.
Interplanetary Photon is a high-energy stage capable
of going to the Moon, planets, asteroids and beyond
1
No other small, Photons can fly Strong market
high-performance on Electron or traction to date
platform currently any other rocket with multiple
UPCOMING VENUS MISSION
in the market NASA deep space
missions
2023
30 Rocket Lab USA Section 3interplanetary missions
Missions awarded and spacecraft developed
first to DISRUPTING Displacing
the moon THE MARKET LEGACY SPACE
VENUS
MOON
MARS
Awarded NASA Rocket Lab’s Private mission
CAPSTONE mission mission to Venus to to Mars
to the moon search for life
Launching 2024
Launching 2021 Launching 2023
The mission will see Photon deliver
As a precursor for Gateway, a Rocket Lab will provide both the rocket a science payload to Mars to study
Moon-orbiting outpost that is part and spacecraft - international research the planet's atmosphere
of NASA’s Artemis program, team will provide the probe and
CAPSTONE will help reduce risk science instrument
for future spacecraft
31 Rocket Lab USA Section 3Satellite
Components
Mission-critical components for
small and mega constellations
Solar Panels Reaction Wheels
Everything that goes to space should have a
Rocket Lab logo on it
Secures supply Strengthened by Disruptive high- Torque Rods Fibre Optic Network Switches
chain for Rocket the acquisition of volume manufacturing
Lab-built satellites Sinclair Interplanetary of critical satellite
and spacecraft in 2020 components at
scale prices
Awarded contract to Growing demand from
supply reaction wheels mega constellations
to mega constellation
Satellite Batteries Star Trackers
32 Rocket Lab USA Section 3Uniquely positioned
to create a new
multi-billion-dollar
business vertical
Rocket Lab is in a unique position to
complete the final move up the value chain to
provide data and services to the market by
leveraging Electron, Neutron, and Photon,
further unlocking the ~$1.4T TAM1 by 2030
Rocket Lab’s in-house launch and space systems
capabilities provide significant competitive
advantages in the space applications market
33 Rocket Lab USA Section 3 1 Wall Street ResearchSECTION
04
Transaction
Overview &
Financials
34 Rocket Lab USA Section 4Transaction overview
›F
ully diluted pro forma enterprise value Sources $M Pro Forma Valuation
of $4.1B, representing 5.4x 2025E
Existing Rocket Lab Shareholders 3,960 Share Price at Closing $10.00
revenue of $749M
Vector SPAC Cash in Trust1 320 PF Shares Outstanding (M) 4, 5, 6 482.7
›E
xisting Rocket Lab shareholders will
receive 82% of the pro forma equity PIPE Equity2 467 Equity Value ($M) $4,827
›T
ransaction will result in $745M of cash Rocket Lab Existing Cash3 48 (-) PF Net Cash ($M)6 (745)
to the balance sheet to fund growth Total Sources $4,795 Enterprise Value ($M) $4,082
›F
unded by a combination of cash in
Vector’s trust account and PIPE proceeds
Uses $M Pro Forma Ownership5
Existing Rocket Lab Shareholders 3,960 SPAC SponsorFINANCIAL MODEL SUMMARY
Historical and projected revenue
› Current bookings for 2021 represent
90% of forecast revenue1 Space Systems ($M)
$1,571
Launch ($M)
›E
xisting customer relationships,
frequency of repeat business and active
opportunity pipeline of ~$2.2B provide
confidence in long-term plan $1,159 $656
$501
Current Active Pipeline
Sum: ~$2.2B
$749
$350
$450
$1.2B Launch $915
$267 $218 $658
$447M Space Systems
$176 $399
$126
Bundled Launch
$386M
+ Photon $69 $61 $232
$48 $35 $20 $141
$181M Components $13.5 $2 $115
$33 $49
2018 2019 2020E2 2021E 2022E 2023E 2024E 2025E 2026E 2027E
1 Reflects approximately $16M reduction in estimated 2021 revenue recognition due to rescheduling by a US Government customer of two dedicated launches that had been scheduled for August of 2021, into January/February of 2022,
due to delays from their satellite bus partner. Concurrently with the rescheduling, the customer informed Rocket Lab that it had awarded the Company an additional dedicated launch for 2022, which increased Rocket Lab’s total backlog
36 Rocket Lab USA Section 4 by approximately $8.5M
2 Total cumulative billings associated with launches completed in 2018, 2019 and 2020 were approximately $7M, $34M and $39M, respectively. Total cumulative billings for launches to be conducted in 2021 are expected to be $59MFINANCIAL MODEL SUMMARY
Historical and projected adjusted EBITDA ($M)
›A
djusted EBITDA breakeven is $505
expected in 2023E with significant
$340
EBITDA ramp thereafter as the
company scales operations $168
$119
($32) ($24) ($36) ($48) ($20) $26
2018 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
Adjusted
EBITDA (238%) (49%) (102%) (69%) (11%) 10% 26% 22% 29% 32%
Margin
Historical and projected UFCF ($M)1
›S
ignificant free cash flow generation
driven by adjusted EBITDA growth
$465
and minimal maintenance capital
expenditure $311
$149
$97
($47) ($40) ($45) ($76) ($73) ($11)
2018 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
37 Rocket Lab USA Section 4 Note: Adjustments to EBITDA include share-based compensation, foreign exchange gains or losses, and 1U
nlevered free cash flow is defined as adjusted EBITDA minus capital
non-recurring losses, including the impact of retaining employees during COVID-19 shutdowns expenditures minus increases in working capitalhighly compelling OPPORTUNITY
$74.0
› R
ocket Lab represents a unique
opportunity for public investors to
invest in the market-leading small
launch and space systems company
$4.1
$3.2
$2.3 $2.2
$1.2 $2.1
= TEV ($B)
= Current TEV ($B)
Total payload deployment DATA NOT
revenue to date1 $0 $0 $0 $105M AVAILABLE
Successful launches
with payloads deployed 0 0 0 16 106
1st successful commercial N/A N/A N/A 2018 2009
launch (year)
38 Rocket Lab USA Section 4 Note: Market Data as of 2/26/2021 Source: Company Filings, Bloomberg, FactSet, Press Reports 1 Assumes peer revenues are recognized at launch. For Rocket Lab includes 2018, 2019, 2020E and January 2021Evaluation and operational benchmarking
Leading Technology SPACs SPACE SPACs
TEV ($B): $4.1 $8.6 $8.8 $23.6 $3.4 $4.4 $8.4 $1.4 $3.2 $2.2 $2.1
TEV / 2025E Revenue
18.0x
MEDIAN: 7.4X MEDIAN: 2.1x
11.6x
8.9x 7.4x
5.4x 6.6x
1 .7x 2.5x 2.1x 1.1x 0.8x
1 2 1 3 1 1 1 1
Revenue CAGR 67.6% 149.8% 68.6% 807.2%4 36.9% 75.0% 38.6% 56.5% 142.1% 81.0% 280.8%
(2023-2025E)
TEV / 2025E EBITDA (adj)
MEDIAN: 29.3x MEDIAN: 4.6x
101.8x
44.3x
30.7x 29.3x
24.3x 19.9x
8.1x
5.6x 4.6x 1.8x 0.8x
1 2 1 3 1 1 1 1
EBITDA (adj)
22.4% 8.7% 37.8% 25.2%5 32.9% 21.0% 40.6%6 44.7% 46.2% 61.3% 97.5%
margin (2025E)
Note: Market data as of 2/26/2021. For SPAC transactions that have closed, TEV is based on latest available filing. For SPAC transactions announced but not yet closed, TEV is based on the investor presentation or latest S-1 available
39 Rocket Lab USA Section 4 (1) ChargePoint, Proterra, BlackSky, Astra, Momentus and AST SpaceMobile have been announced but not yet closed. (2) QuantumScape represents 2027E multiple. (3) Virgin Galactic represents 2024E multiple
(4) QuantumScape represents 2025E –2027E revenue CAGR. (5) QuantumScape represents 2027E EBITDA margin. (6) Virgin Galactic represents 2024E EBITDA margin. Source: FactSet, Wall Street Research, Public FilingsPLAY For more information watch the Rocket Lab story here VIDEO
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