Key Highlights

  • Revenue was USD 267.8 million, up approximately 73% year over year.
  • Space systems Revenue was USD 214.8 million, up 88%.
  • Net loss was USD 79.7 million, compared with USD 18.3 million.
  • Backlog was USD 3,573.0 million at September 30, 2026.

Rocket Lab Corporation (NASDAQ:RKLB) reported third quarter 2026 revenue of USD 267.8 million, compared with USD 155.1 million in the third quarter of 2025, an increase of approximately 73%. Reported EPS was negative USD 0.12 and revenue was USD 267.83 million, compared with estimates of EPS of negative USD 0.07 and revenue of USD 257.21 million.

For the nine months ended September 30, 2026, revenue was USD 702.2 million, compared with USD 422.1 million, an increase of approximately 66%.

Segment Revenue

Space systems revenue was USD 214.8 million, an increase of USD 100.6 million, or 88%, which the company attributed primarily to spacecraft Manufacturing growth and acquisitions. Launch services revenue was USD 53.1 million, an increase of USD 12.2 million, or 30%, primarily due to a higher launch cadence, with six Electron launch missions completed in the quarter versus four in the prior year quarter. The increase was partially offset by decreased other launch revenue of USD 5.5 million, which includes contract termination and study revenue.

Revenue per launch was USD 7.8 million, compared with USD 10.1 million. Two of the four Electron missions in the prior year quarter were HASTE launch missions, for which revenue was recognized over time, including a cumulative catch-up adjustment of USD 13.3 million.

Costs and Margins

Gross profit was USD 90.1 million, a gross Margin of 33.6%, compared with USD 57.3 million and 37.0%. Cost of revenues increased by USD 80.0 million, or 82%. Space systems cost of revenue was USD 143.4 million, an increase of USD 62.8 million, and launch services cost of revenues was USD 34.3 million, an increase of USD 17.2 million, primarily due to an increase in point in time launches.

The operating loss was USD 79.2 million, compared with USD 59.0 million. For the nine months, Gross Profit was USD 251.1 million, or 35.8% of revenue, compared with USD 138.9 million, and the operating loss was USD 192.7 million, compared with USD 177.8 million.

Below the Operating Line

Interest expense decreased by USD 7.0 million, or 96%, primarily due to conversions of the Convertible Senior Notes and the extinguishment of the Trinity Loan Agreement. Interest income increased by USD 21.9 million, or 328%, primarily due to higher cash and cash equivalents balances held in interest bearing accounts.

Loss on extinguishment of Debt increased by USD 27.3 million as a result of the termination of the Bridge Loan Commitment related to the Iridium Transaction, which resulted in the write off of debt issuance costs and termination fees. Other income increased by USD 1.7 million, primarily from a change in the Fair Value of contingent consideration, partially offset by a loss on Equity securities.

The provision for income taxes increased by USD 44.6 million, and the effective tax rate was negative 4.6%, compared with 69.2% in the prior year quarter. The net loss was USD 79.7 million, or 29.7% of revenue, compared with USD 18.3 million, or 11.7%. For the nine months, the net loss was USD 174.0 million, compared with USD 145.3 million.

Backlog

Backlog increased from USD 1,847.3 million as of December 31, 2025 to USD 3,573.0 million as of September 30, 2026, of which USD 1,724.7 million relates to space systems and USD 1,848.3 million relates to launch services.