Rocket Lab Posts Record $268 Million Revenue as Backlog Jumps 52% to $3.57 Billion
Rocket Lab said Monday its third-quarter revenue rose 73% from a year earlier to a record $268 million, while its backlog grew 52% in three months to a record $3.57 billion, according to its earnings release.
Revenue was $34 million higher than in the second quarter. The space company also reported positive GAAP operating cash flow of $7.2 million.
The net loss widened to $79.7 million, or 12 cents a share, from $18.3 million, or 3 cents, a year earlier.
Neutron demand
Rocket Lab said it secured more than $515 million of contracts for its Neutron rocket from constellation operators in the quarter, lifting Neutron's backlog to 16 missions before its first flight. The company said it raised the base launch price to $70 million for several of those missions "as industry launch capacity tightens." Neutron's first launch is now targeted for no earlier than 2027.
Its total launch backlog reached a record 117 launches, and it signed $470 million of Space Systems contracts in the quarter, Chief Executive Peter Beck said in the release.
The company also said it fully funded its pending acquisition of Iridium Communications through an at-the-market equity offering, and that Iridium shareholders approved the deal.
Fourth-quarter guidance
For the fourth quarter, Rocket Lab expects revenue of $270 million to $290 million, GAAP gross margin of 34% to 36% and an adjusted EBITDA loss of $14 million to $20 million.
By the numbers
- Q3 revenue: $268 million, up 73%
- Backlog: $3.57 billion, up 52% since end of Q2
- Net loss: $79.7 million, or $0.12 a share
- Neutron contracts signed in Q3: more than $515 million
- Q4 revenue outlook: $270 million to $290 million
Sources
- Form 8-K with Exhibit 99.1 earnings release, Rocket Lab Corporation, filed Nov. 9, 2026, accession 0001819994-26-000073
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