RK

Rocket Lab USA Inc. Common Stock Earnings Recaps

RKLB Industrials 3 recaps
Next earnings: November 9, 2026 (estimated) · full calendar
Q2 2026 Aug 12, 2026

Shares fell 3.4% as investors reacted negatively to a more cautious outlook and signs of margin pressure despite strong contract wins and revenue growth. Concerns stem from the company’s integration risks with the Iridium acquisition and the early-stage nature of its space applications strategy.

Key takeaways
  • Q2 revenue hit a record $234 million, up 62% year-over-year and $34 million above last quarter’s record.
  • Signed over $437 million in launch bookings and $581 million in Space Systems contracts in Q2 and post-quarter, resulting in a backlog of $2.36 billion.
  • Closed acquisitions of Mynaric and Motiv; announced intention to acquire Iridium to enter space applications, a deal expected to close mid-2027.
  • Strategic focus on combining launch, satellite manufacturing, and communications, but integration and regulatory approvals may weigh on near-term execution and financials.
  • First government contracts in the geostationary market secured, signaling expansion beyond traditional lower earth orbit offerings.
Full recap
Q1 2026 May 9, 2026

Rocket Lab’s shares surged 34.2% post-earnings as the company delivered a significant beat on revenue, backlog growth, and contract bookings, signaling strong execution and robust demand across launch and space systems segments.

Key takeaways
  • Revenue topped $200 million in Q1, marking a record quarter and a 63% increase year-over-year.
  • Gross margins remain healthy with GAAP at 38.2% and non-GAAP at 43%.
  • Backlog surpassed $2 billion, up 20% sequentially and 108% year-over-year, fueled by record contract signings.
  • Booked 31 missions for Electron and HASTE, the highest quarterly launch order count in company history, pushing the launch backlog above 70 missions.
  • Cash and liquidity remain strong with $1.48 billion on hand and secured access to over $2 billion, supporting growth and M&A opportunities.
Full recap
Q3 2025 Nov 11, 2025

Rocket Lab USA delivered a record-breaking third quarter with $155 million in revenue, marking a 48% year-over-year increase and setting the stage for continued growth in the small satellite launch market.

Key takeaways
  • Achieved a record 17 dedicated launches in 2025, significantly expanding the launch contract backlog to 49 contracts.
  • Gross margin improved from negative 34% in 2020 to an expected positive range of 37-39% in Q4 2025.
  • Successful integration of twin spacecraft for NASA's Mars mission, reinforcing capabilities in space systems and national security programs.
  • Closed the acquisition of Geos to bolster payload offerings and is nearing the acquisition of laser communications firm Manaruk.
Full recap

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