Rocket Lab Stock Earnings Reports

Rocket Lab reported a record Q1 2026: revenue of $200.3M (up 63% y/y), GAAP gross margin 38.2% (non-GAAP 43%), adjusted EBITDA loss of $11.8M (better than guide), and ending cash and equivalents of ~$1.48B with access to over $2.0B of total liquidity. Backlog rose above $2.2B (up ~108% y/y), driven by a record quarter of bookings: 31 Electron/HASTE missions and five Neutron contracts (including the company's largest-ever multi-launch Neutron deal). Key commercial/contract highlights include a $190M, 20-launch HASTE order for hypersonic testing, teaming with Anduril on HASTE launches, selection with Raytheon for the Space‑Based Interceptor (Golden Dome) work, and continued SDA/Space Force program execution. Strategic moves: closed Mynaric (establishing a European footprint), announced acquisition of Motive (robotics/mechanisms), and launched an in‑house electric propulsion (EP) thruster with a 200-unit production line. Neutron development progress: AFP-manufactured components on the floor, tank and stage separation testing underway, Archimedes engine hot-fires ongoing, landing barge (Return on Investment) progressing with sea trials planned later this year; company still targeting Neutron’s first launch later this year with reusability attempts planned (soft splashdown Flight 1; barge catch Flight 2). Guidance: Q2 revenue $225–240M, GAAP gross margin 33–35% (non-GAAP 38–40%), GAAP op. expenses $138–144M, non-GAAP op. expenses $120–126M; adjusted EBITDA loss guide for Q2 of $20–26M. Management reiterated a disciplined pricing posture for Neutron, ongoing vertical integration to improve cost/schedule control, and that Space Systems mix (large SDA tranches) will create some near-term margin lumpiness but scale long‑term. Risks/notes for investors: near‑term cash consumption tied to Neutron development and CapEx, program lumpiness from large government awards, and one-time GAAP impacts (e.g., stock‑based compensation) in Q1.