$3.57 billion.
$3.57 billion. That's Rocket Lab's backlog after Q3 2026, up 52% from Q2, and it's why I stay bullish on RKLB even with Neutron slipping to 2027. Demand for launch and satellites keeps showing up. What I'm still waiting on is proof that the backlog turns into cash.
- Q3 revenue rose 73% to $267.8M, per the Nov. 9 release. Management said the quarter added nearly $1B of launch contracts.
- Q3 operating cash flow was positive $7.2M. The nine months through Sept. 30 were still negative $127.3M, and management tied the quarter partly to lumpy satellite milestone payments. Cash flow is the number I check before I trust a growth story.
- On the call, Peter Beck said Neutron's first launch moved to 2027 after voids were found in the first-stage tank's forward dome. He gave no firm date.
- Electron hit mission success on its 100th launch on Nov. 14. KeyBanc's Michael Leshock reiterated a Buy with a $100 target. RKLB closed at $61.53 on Nov. 13, down 3.96%.
I'm bullish on the business and patient on the stock. I'd rather buy pullbacks or sell cash-secured puts while Neutron gets sorted out, though I could be wrong if the delay drags past 2027.
Sources:
https://investors.rocketlabcorp.com/news-releases/news-release-details/rocket-lab-announces-third-quarter-2026-financial-results-posts
https://www.theglobeandmail.com/investing/markets/stocks/RKLB/pressreleases/8760856/rocket-lab-rklb-q3-2026-earnings-call-transcript/
Source:
Seeking Alpha: https://seekingalpha.com/article/4968187-rocket-lab-buy-dip-not-rocket-science
Not financial advice. For informational and educational purposes only.