Rocket Lab Announces Third Quarter 2026 Financial Results: Posts Record Revenue, $1.2 Billion or 52% Sequential Quarterly Backlog Growth, Positive GAAP Operating Cash Flow, and Guides to Record Revenue and Gross Margin Expansion in Q4 2026

Launch backlog reached 117 missions, while quarterly net loss widened despite positive operating cash flow.

Rhea-AI Summary

Rocket Lab (Nasdaq: RKLB) reported record third-quarter 2026 revenue of $267.834 million, up 73% from a year earlier. Backlog reached approximately $3.6 billion, up 52% from the end of Q2, and quarterly GAAP operating cash flow was positive at $7.2 million. Net loss widened to $79.677 million from $18.257 million a year earlier.

New launch contracts totaled approximately $1 billion, including over $515 million for Neutron. Rocket Lab targets Neutron's first launch for no earlier than 2027. A completed equity offering fully funded the pending Iridium Communications acquisition; Iridium shareholders and lenders approved specified transaction steps.

For Q4, 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. Cash and cash equivalents stood at $4.448 billion on September 30.

22 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 18 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue of $267.834 million rose 73% year over year.
• Moderate pointBacklog of approximately $3.6 billion increased 52% from the end of Q2 2026.
• Moderate pointQ3 gross profit of $90.071 million increased from $57.314 million a year earlier.
• Moderate pointApproximately $1 billion in new launch contracts brought total launch backlog to 117 missions. 2.9% of market cap
• Moderate pointSpace Systems contracts signed in Q3 totaled $470 million. 1.4% of market cap
• Moderate pointCompleted equity financing fully funded the pending Iridium Communications acquisition.
• Moderate pointIridium shareholder approval and lender approval to maintain its credit facility advanced the pending acquisition.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 revenue guidance of $270 million to $290 million exceeds Q3 revenue.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 GAAP gross margin is expected between 34% and 36%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 non-GAAP gross margin is expected between 39% and 41%.

12 minor points

• Minor pointQ3 GAAP operating cash flow was positive at $7.2 million.
• Minor pointOver $515 million in Q3 Neutron contracts expanded its backlog to 16 missions.
• Minor pointNeutron base launch pricing rose to $70 million for several newly contracted missions.
• Minor pointTwelve Rocket Lab-built spacecraft successfully launched and are operating in orbit.
• Minor pointMore than 55 spacecraft are in development and construction for government and commercial customers.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 net interest income is expected to be $45 million.
• Minor pointCash and cash equivalents of $4.448 billion at September 30 increased from $828.660 million at year-end 2025.
• Minor pointConvertible senior notes, net fell to $1.289 million from $152.395 million at year-end 2025.
• Minor pointQ3 interest expense of $323,000 declined from $7.285 million a year earlier.
• Minor pointQ3 interest income of $28.627 million increased from $6.695 million a year earlier.
• Minor pointNine-month revenue of $702.248 million increased from $422.147 million a year earlier.
• Minor pointNine-month gross profit of $251.140 million increased from $138.949 million a year earlier.

Negative

• Moderate pointQ3 net loss widened to $79.677 million from $18.257 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Neutron's first launch is now targeted for no earlier than 2027.
• Moderate pointCompleted equity offering issued shares to fund the Iridium acquisition, diluting existing holders.
• Minor pointQ3 loss per share widened to $0.12 from $0.03 a year earlier.
• Minor pointQ3 operating loss widened to $79.189 million from $58.969 million a year earlier.

13 minor points

• Minor pointQ3 research and development expense rose to $98.388 million from $70.694 million a year earlier.
• Minor pointQ3 selling, general and administrative expense rose to $70.872 million from $45.589 million a year earlier.
• Minor pointQ3 debt extinguishment loss was $27.259 million.
• Minor pointQ3 income tax provision of $3.503 million replaced a $41.091 million benefit a year earlier.
• Minor pointIridium acquisition remains pending despite completed financing and specified approvals.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 adjusted EBITDA loss is expected between $14 million and $20 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 GAAP operating expenses are expected between $162 million and $168 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 stock-based compensation is expected between $17 million and $19 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 basic weighted-average shares are expected at 681 million, including approximately 41 million convertible participating preferred shares.
• Minor pointNine-month net loss widened to $173.957 million from $145.287 million a year earlier.
• Minor pointNine-month operating loss widened to $192.672 million from $177.796 million a year earlier.
• Minor pointNine-month research and development expense rose to $261.330 million from $191.937 million a year earlier.
• Minor pointNine-month selling, general and administrative expense rose to $182.482 million from $124.808 million a year earlier.

News Explained

The balance sheet reports common shares outstanding rising from 543,574,552 on December 31, 2025 to 639,163,713 on September 30, 2026; the supplied definition says additional issuance reduces existing holders’ percentage ownership absent offsetting changes.

Argus 15 min delay 211 alerts

-0.47% vs previous close $58.58 last price 1.6x rel. volume Open Argus

Details

Market Reaction – RKLB

-3.7% Trough in 4 min

$51.90 – $59.69 Day Range

$37.46B Mkt Cap at Last Price

On Nov 9, the day this news came out, the latest delayed price for RKLB is 0.47% below the previous close. Argus tracked a trough of -3.7% from its starting point during tracking. Our momentum scanner has recorded 211 alerts for this stock so far that day. The latest delayed price is $58.58. Relative volume is above average at 1.6x what this stock usually trades by this time of day.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

LONG BEACH, Calif., Nov. 09, 2026 (GLOBE NEWSWIRE) -- Rocket Lab Corporation (Nasdaq: RKLB), a global leader in launch services and space systems, today shared the financial results for fiscal third quarter ended September 30, 2026.

Rocket Lab founder and CEO, Sir Peter Beck, says: “Q3 2026 was a defining quarter for Rocket Lab. We delivered a record $268 million in revenue ($34 million higher than Q2 2026) alongside a record backlog which has grown to $3.57 billion. Nearly $1 billion of that backlog comes from new launch contracts, signed in Q3 2026 alone, as well as $470 million signed for Space Systems. Our end-to-end space strategy is delivering exactly as designed: the world's most critical and ambitious missions increasingly rely on Rocket Lab for launch, spacecraft, and components, sometimes all on a single mission, and every part of our business is growing as a result.”

Highlights for the Third Quarter 2026, plus business updates since September 30, 2026.

• Record quarterly revenue of $268 million, a 73% increase year-on-year.
• Record backlog of approximately $3.6 billion, a 52% increase since end of Q2 2026.
• Positive GAAP operating cash flow of $7.2M.
• Approximately $1 billion in new launch contracts signed across Electron, HASTE, and Neutron, bringing Rocket Lab’s total launch backlog to 117 launches: a new record.
• Secured over $515M in Neutron launch contracts from constellation operators in Q3, growing the rocket’s backlog to 16 missions ahead of its debut and lifting the base launch price to $70 million for several of these missions as industry launch capacity tightens. With first launch now targeted for no earlier than 2027, critical milestones continue to be achieved across assembly, integration, testing, and delivery of first flight hardware to Launch Complex 3.
• Twelve Rocket Lab-built spacecraft successfully launched to orbit and now operating, including eight satellite platforms for Globalstar’s direct-to-device communications constellation, twin spacecraft conducting Mars science for NASA, the responsive space VICTUS HAZE mission for the United States Space Force, and a single spacecraft for Viasat’s NASA Communications Services Depot.
• More than 55 spacecraft now in development and build across Rocket Lab’s production complexes, including spacecraft for NASA, the Space Development Agency, USSF, and commercial constellation operators.
• Fully funded Rocket Lab’s pending acquisition of Iridium Communications through a completed ATM equity offering and received approval by Iridium lenders to maintain Iridium’s credit facility post-transaction, and obtained overwhelming approval from Iridium shareholders in favor of the acquisition.

Fourth Quarter 2026 Guidance
For the fourth quarter of 2026, Rocket Lab expects:

• Revenue between $270 million and $290 million.
• GAAP Gross Margins between 34% and 36%.
• Non-GAAP Gross Margins between 39% and 41%.
• GAAP Operating Expenses between $162 million and $168 million.
• Non-GAAP Operating Expenses between $136 million and $142 million.
• Interest Income net $45 million.
• Adjusted EBITDA loss of between $14 million and $20 million.
• Basic Weighted Average Common Shares Outstanding of 681 million, including approximately 41 million of Series A Convertible Participating Preferred Shares.

See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q4 2026 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $17 million to $19 million in Q4 2026.

Conference Call Information
Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our third quarter, other updates, and to provide our outlook for the fourth quarter 2026.

The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabcorp.com/

Rocket Lab Investor Relations Contact
Patrick Vorenkamp
investors@rocketlabusa.com

Rocket Lab Media Contact
Murielle Baker
media@rocketlabusa.com

About Rocket Lab
Rocket Lab (Nasdaq: RKLB) is an end-to-end space company delivering rockets, satellites, and spacecraft components for commercial, government, and defense missions. Driven by its industry-leading small-lift rockets Electron and HASTE and its upcoming reusable Neutron medium-lift rocket, Rocket Lab delivers reliable and responsive launch for the world’s most important missions from constellation deployment to missile defense. Rocket Lab’s satellites and components have powered more than 1,700 missions in Earth orbit, as well as deep-space exploration of the Moon, Mars, and beyond. Learn more at www.rocketlabcorp.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations of financial results for the fourth quarter of 2026, launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development and anticipated timeline to launch, operational expansion, business strategy, our backlog, revenue momentum, and contract activity; and the anticipated benefits or impacts of our pending acquisition of Iridium Communications are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.investors.rocketlabcorp.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Use of Non-GAAP Financial Measures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:

Adjusted EBITDA
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Other Non-GAAP Financial Measures

Non-GAAP gross profit, gross margin, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.

ROCKET LAB CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (unaudited; in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenues:
Product revenues	$	197,487			$	104,042			$	506,322			$	277,571
Service revenues		70,347				51,038				195,926				144,576
Total revenues		267,834				155,080				702,248				422,147
Cost of revenues:
Cost of product revenues		133,077				72,841				331,600				188,402
Cost of service revenues		44,686				24,925				119,508				94,796
Total cost of revenues		177,763				97,766				451,108				283,198
Gross profit		90,071				57,314				251,140				138,949
Operating expenses:
Research and development, net		98,388				70,694				261,330				191,937
Selling, general and administrative		70,872				45,589				182,482				124,808
Total operating expenses		169,260				116,283				443,812				316,745
Operating loss		(79,189	)			(58,969	)			(192,672	)			(177,796	)
Other income (expense):
Interest expense		(323	)			(7,285	)			(2,178	)			(21,470	)
Interest income		28,627				6,695				55,262				15,923
Gain (loss) on foreign exchange		473				388				(1,325	)			(235	)
Loss on extinguishment of debt		(27,259	)			—				(27,259	)			—
Other income (expense), net		1,497				(177	)			1,253				(675	)
Total other income (expense), net		3,015				(379	)			25,753				(6,457	)
Loss before income taxes		(76,174	)			(59,348	)			(166,919	)			(184,253	)
(Provision) benefit for income taxes		(3,503	)			41,091				(7,038	)			38,966
Net loss	$	(79,677	)		$	(18,257	)		$	(173,957	)		$	(145,287	)
Net loss per share attributable to Rocket Lab Corporation:
Basic and diluted	$	(0.12	)		$	(0.03	)		$	(0.28	)		$	(0.28	)
Weighted-average common shares outstanding:
Basic and diluted		652,263,684				528,725,980				629,298,251				516,560,266

ROCKET LAB CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025 (unaudited; in thousands, except share and per share values)
	September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	4,447,665			$	828,660
Marketable securities, current		160,290				187,917
Accounts receivable, net		118,311				39,001
Contract assets		124,361				61,606
Inventories		280,885				158,407
Prepaids and other current assets		121,413				89,953
Total current assets		5,252,925				1,365,544
Non-current assets:
Property, plant and equipment, net		410,083				319,473
Intangible assets, net		307,849				224,746
Goodwill		301,420				205,750
Right-of-use assets - operating leases		112,449				90,371
Right-of-use assets - finance leases		12,155				13,895
Marketable securities, non-current		95,894				82,247
Restricted cash		8,414				4,885
Deferred income tax assets, net		2,009				1,895
Other non-current assets		65,509				15,672
Total assets	$	6,568,707			$	2,324,478
Liabilities and Stockholders’ Equity
Current liabilities:
Trade payables	$	85,150			$	72,699
Accrued expenses		19,285				19,299
Employee benefits payable		45,068				25,803
Contract liabilities		423,580				195,438
Other current liabilities		41,035				21,237
Total current liabilities		614,118				334,476
Non-current liabilities:
Convertible senior notes, net		1,289				152,395
Long-term borrowings, net		1,716				1,716
Non-current operating lease liabilities		102,905				85,191
Non-current finance lease liabilities		14,374				14,653
Deferred income tax liabilities		10,399				1,241
Other non-current liabilities		21,336				12,952
Total liabilities		766,137				602,624
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 40,951,250 and 45,951,250 at September 30, 2026 and December 31, 2025, respectively		4				5
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 680,114,963 and 589,525,802 at September 30, 2026 and December 31, 2025, respectively; outstanding shares: 639,163,713 and 543,574,552 at September 30, 2026 and December 31, 2025, respectively		64				54
Treasury stock, at cost; shares: 40,951,250 and 45,951,250 at September 30, 2026 and December 31, 2025, respectively		—				—
Additional paid-in capital		6,998,701				2,735,669
Accumulated deficit		(1,185,867	)			(1,011,910	)
Accumulated other comprehensive loss		(10,332	)			(1,964	)
Total stockholders’ equity		5,802,570				1,721,854
Total liabilities and stockholders’ equity	$	6,568,707			$	2,324,478

ROCKET LAB CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (unaudited; in thousands)
	For the Nine Months Ended September 30,
	2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(173,957	)		$	(145,287	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		57,651				29,191
Stock-based compensation expense		66,001				52,894
(Gain) loss on disposal of assets		(369	)			2,356
Loss on equity securities		882				—
Loss on extinguishment of debt		27,259				—
Lower of cost or market inventory valuation adjustments		7,462				—
Amortization of inventory step-up		399				—
Amortization of debt issuance costs and discount		189				2,551
Noncash lease expense		9,863				5,975
Change in the fair value of contingent consideration		(2,058	)			—
Accretion of marketable securities purchased at a discount		(1,278	)			(1,599	)
Deferred income taxes		514				(33,049	)
Changes in operating assets and liabilities:
Accounts receivable, net		(68,468	)			(19,442	)
Contract assets		(60,769	)			12,608
Inventories		(83,731	)			(25,567	)
Prepaids and other current assets		(20,501	)			(17,455	)
Other non-current assets		(48,622	)			10,132
Trade payables		6,892				(1,634	)
Accrued expenses		(280	)			2,671
Employee benefits payable		11,875				43,417
Contract liabilities		144,485				(9,187	)
Other current liabilities		9,859				(1,358	)
Non-current lease liabilities		(10,775	)			(8,269	)
Other non-current liabilities		223				62
Net cash used in operating activities		(127,254	)			(100,990	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software		(84,185	)			(106,631	)
Proceeds on disposal of assets		715				397
Cash paid for business combinations, net of acquired cash		(44,271	)			(132,441	)
Purchases of marketable securities		(221,667	)			(187,780	)
Maturities of marketable securities		235,515				179,822
Sale of marketable securities		—				3,383
Net cash used in investing activities		(113,893	)			(243,250	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from ATM Equity Offerings		3,911,859				865,453
Issuance costs related to ATM Equity Offerings		(36,695	)			(20,134	)
Proceeds from the exercise of stock options		1,778				2,539
Proceeds from Employee Stock Purchase Plan		13,605				7,751
Proceeds from sale of employees’ restricted stock units to cover taxes		190,665				80,659
Minimum tax withholding paid on behalf of employees for restricted stock units		(189,835	)			(65,672	)
Proceeds from secured term loans		—				26,716
Repayments on secured term loan		—				(15,103	)
Payment of debt issuance and extinguishment costs		(27,259	)			(278	)
Finance lease principal payments		(232	)			(197	)
Net cash provided by financing activities		3,863,886				881,734
Effect of exchange rate changes on cash and cash equivalents		(205	)			(86	)
Net increase in cash and cash equivalents and restricted cash		3,622,534				537,408
Cash and cash equivalents, and restricted cash, beginning of period		833,545				275,302
Cash and cash equivalents, and restricted cash, end of period	$	4,456,079			$	812,710

ROCKET LAB CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(unaudited; in thousands)

The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
NET LOSS	$	(79,677	)		$	(18,257	)		$	(173,957	)		$	(145,287	)
Depreciation		9,550				6,490				27,236				18,061
Amortization		12,168				5,236				30,415				11,130
Stock-based compensation expense		18,324				15,727				66,001				52,894
Transaction costs		21,340				5,118				31,584				11,504
Interest expense		323				7,285				2,178				21,470
Interest income		(28,627	)			(6,695	)			(55,262	)			(15,923	)
Change in fair value of contingent consideration		(2,444	)			—				(2,058	)			—
Amortization of inventory step-up		216				—				399				—
Provision (benefit) for income taxes		3,503				(41,091	)			7,038				(38,966	)
(Gain) loss on foreign exchange		(473	)			(388	)			1,325				235
Loss on equity securities		882				—				882				—
Accretion of marketable securities and cash equivalents purchased at a discount		(425	)			(553	)			(1,302	)			(1,810	)
Loss (gain) on disposal of assets		34				853				(369	)			2,356
Employee retention credit		—				—				—				515
Loss on extinguishment of debt		27,259				—				27,259				—
ADJUSTED EBITDA	$	(18,047	)		$	(26,275	)		$	(38,631	)		$	(83,821	)

	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
GAAP Gross profit	$	90,071			$	57,314			$	251,140			$	138,949
Stock-based compensation		4,773				3,539				13,369				12,351
Amortization of purchased intangibles and favorable lease		7,692				4,126				20,970				7,772
Amortization of inventory step-up		216				—				399				—
Employee retention credit		—				—				—				278
Non-GAAP Gross profit	$	102,752			$	64,979			$	285,878			$	159,350
Non-GAAP Gross margin		38.4	%			41.9	%			40.7	%			37.7	%
GAAP Research and development, net	$	98,388			$	70,694			$	261,330			$	191,937
Stock-based compensation		(5,645	)			(5,588	)			(18,425	)			(16,055	)
Amortization of purchased intangibles and favorable lease		—				—				—				(329	)
Employee retention credit		—				—				—				(88	)
Non-GAAP Research and development, net	$	92,743			$	65,106			$	242,905			$	175,465
GAAP Selling, general and administrative	$	70,872			$	45,589			$	182,482			$	124,808
Stock-based compensation		(7,906	)			(6,600	)			(34,207	)			(24,488	)
Amortization of purchased intangibles and favorable lease		(4,192	)			(846	)			(8,599	)			(2,250	)
Transaction costs		(21,340	)			(5,118	)			(31,584	)			(11,504	)
Employee retention credit		—				—				—				(149	)
Non-GAAP Selling, general and administrative	$	37,434			$	33,025			$	108,092			$	86,417
GAAP Operating expenses	$	169,260			$	116,283			$	443,812			$	316,745
Stock-based compensation		(13,551	)			(12,188	)			(52,632	)			(40,543	)
Amortization of purchased intangibles and favorable lease		(4,192	)			(846	)			(8,599	)			(2,579	)
Transaction costs		(21,340	)			(5,118	)			(31,584	)			(11,504	)
Employee retention credit		—				—				—				(237	)
Non-GAAP Operating expenses	$	130,177			$	98,131			$	350,997			$	261,882
GAAP Operating loss	$	(79,189	)		$	(58,969	)		$	(192,672	)		$	(177,796	)
Total non-GAAP adjustments		51,764				25,817				127,553				75,264
Non-GAAP Operating loss	$	(27,425	)		$	(33,152	)		$	(65,119	)		$	(102,532	)
GAAP Total other income (expense), net	$	3,015			$	(379	)		$	25,753			$	(6,457	)
(Gain) loss on foreign exchange		(473	)			(388	)			1,325				235
Loss on equity securities		882				—				882				—
Loss (gain) on disposal of assets		34				853				(369	)			2,356
Loss on extinguishment of debt		27,259				—				27,259				—
Change in fair value of contingent consideration		(2,444	)			—				(2,058	)			—
Non-GAAP Total other income (expense), net	$	28,273			$	86			$	52,792			$	(3,866	)

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/854ada2d-ce93-4a65-9f61-1900c14910d4

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Rocket Lab's third-quarter 2026 financial results?

Rocket Lab reported $267.834 million in revenue and a $79.677 million net loss for the quarter ended September 30, 2026. Revenue increased 73% year over year, while net loss widened from $18.257 million. Quarterly GAAP operating cash flow was positive at $7.2 million.

What is Rocket Lab's fourth-quarter 2026 outlook?

Rocket Lab expects $270 million to $290 million in revenue, GAAP gross margin between 34% and 36%, and an adjusted EBITDA loss between $14 million and $20 million. Adjusted EBITDA excludes interest, taxes, depreciation, amortization and certain other adjustments.

Which Rocket Lab spacecraft launched successfully in the third-quarter business update?

The 12 launched and operating spacecraft included eight Globalstar satellite platforms, two NASA Mars science spacecraft, the United States Space Force's VICTUS HAZE mission and one spacecraft for Viasat's NASA Communications Services Depot.