$RKLB · Rocket Lab Corp
Rocket Lab reported Q3 FY2026 results: record revenue of $267.8M (73% YoY growth), GAAP net loss of $79.7M ($0.12/share), and positive GAAP operating cash flow of $7.2M. Backlog grew 52% sequentially to approximately $3.6B, including ~$1B in new launch contracts and $470M in Space Systems. Q4 guidance calls for revenue of $270M-$290M, GAAP gross margins of 34%-36%, and adjusted EBITDA loss of $14M-$20M.
- Record Q3 revenue of $267.8M, up 73% year-over-year.
- Backlog rose 52% sequentially to approximately $3.6B.
- Positive GAAP operating cash flow of $7.2M in Q3.
- GAAP net loss widened to $79.7M from $18.3M a year ago.
- Q4 revenue guided to $270M-$290M with GAAP gross margins of 34%-36%.
Shares closed up 10.91% to $58.86, but extended-hours trading shows a 6.97% decline to $54.76, suggesting profit-taking after the run-up despite strong results.
Record revenue and a 52% backlog jump show accelerating demand, but widening losses and a delayed Neutron debut temper the growth story.
Rocket Lab's $3.6B backlog and Neutron pricing power at $70M per launch signal tightening industry launch capacity as constellation operators compete for slots.
Neutron's debut slipped to no earlier than 2027, delaying a key revenue catalyst. The pending Iridium acquisition adds integration and financing execution risk.