Record $200M quarter for Rocket Lab (Nasdaq: RKLB) with 63% growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Rocket Lab Corporation reported record first-quarter 2026 revenue of $200.3 million, driven by strong growth in both product and service sales. Revenue rose 63.5% year over year to $127.5 million in product revenue and $72.9 million in service revenue, producing a GAAP gross margin of 38.2% and non-GAAP gross margin of 43.0%.
The company ended the quarter with a record $2.2 billion backlog and access to more than $2 billion in total liquidity, supported by $450.3 million raised through at-the-market equity offerings. Despite this growth, Rocket Lab posted a GAAP net loss of $45.0 million, or $0.07 per share, and an Adjusted EBITDA loss of $11.8 million, both improved versus the prior year.
Management highlighted record new launch contracts, completion of the Mynaric acquisition, a definitive agreement to acquire Motiv Space Systems, and progress on the Neutron launch vehicle. For the second quarter of 2026, the company guides revenue between $225 million and $240 million with continued GAAP and non-GAAP gross margin expansion and an expected Adjusted EBITDA loss between $20 million and $26 million.
Positive
- Strong top-line acceleration and record backlog: Q1 2026 revenue reached $200.3 million, up 63.5% year over year, with GAAP gross margin at 38.2% and backlog climbing to $2.2 billion, indicating robust demand across Rocket Lab’s launch and space systems businesses.
Negative
- Business still operating at a loss with cash burn: Despite growth, Rocket Lab reported a Q1 2026 GAAP net loss of $45.0 million, Adjusted EBITDA loss of $11.8 million, and used $50.3 million in operating cash, while also relying on at-the-market equity offerings to bolster liquidity.
Insights
Rocket Lab delivers rapid growth, record backlog and improved profitability but remains loss-making.
Rocket Lab generated Q1 2026 revenue of $200.3M, up 63.5% year over year, with GAAP gross margin at 38.2% and non-GAAP gross margin at 43.0%. Backlog reached $2.2B, reflecting strong demand across launch and space systems.
GAAP net loss narrowed to $45.0M and Adjusted EBITDA loss to $11.8M, showing operating leverage despite higher R&D and SG&A to support expansion. Cash, cash equivalents and marketable securities contributed to more than $2B in liquidity, aided by $450.3M from at-the-market equity offerings, which also increased the share count.
Guidance for Q2 2026 calls for revenue between $225M and $240M, GAAP gross margin of 33–35%, non-GAAP gross margin of 38–40%, and Adjusted EBITDA loss of $20–26M. Execution on the growing launch manifest, integration of acquisitions, and Neutron’s debut later in 2026 will be key to sustaining growth while managing continued losses.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $200.3M
Revenue growth YoY: 63.5%
GAAP Gross Margin: 38.2%
+5 more
8 metrics
Q1 2026 Revenue
$200.3M
Total revenues for the three months ended March 31, 2026
Revenue growth YoY
63.5%
Increase in quarterly revenue versus Q1 2025
GAAP Gross Margin
38.2%
Record Q1 2026 GAAP gross margin
Backlog
$2.2B
Record backlog as highlighted in Q1 2026 results
Net Loss
$45.0M
GAAP net loss for Q1 2026
Adjusted EBITDA
-$11.8M
Q1 2026 Adjusted EBITDA loss
Operating Cash Flow
-$50.3M
Net cash used in operating activities, Q1 2026
Q2 2026 Revenue Guidance
$225M–$240M
Company outlook for second quarter 2026 revenue
Key Terms
Adjusted EBITDA, Non-GAAP Gross margin, backlog, at-the-market offering, +2 more
6 terms
Adjusted EBITDA financial
"The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA..."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP Gross margin financial
"Non-GAAP Gross margin | 43.0 % | | 33.4 %"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
backlog financial
"We exited the quarter with $2.2 billion in backlog and currently have access..."
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
at-the-market offering financial
"Record liquidity following completion of at-the-market offering, with access to more than $2 billion..."
An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.
convertible senior notes financial
"Convertible senior notes, net | 36,869 | | | 152,395"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
stock-based compensation financial
"Stock-based compensation expense | 28,116 | | | 19,234"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
Earnings Snapshot
Revenue: $200.3M · Guidance included
Q1 2026
Revenue
$200.3M
+63.5% YoY
GAAP Net Loss
$45.0M
improved from $60.6M loss
GAAP Gross Margin
38.2%
record level
Adjusted EBITDA
-$11.8M
improved from -$30.0M
Guidance
For Q2 2026, Rocket Lab expects revenue of $225–240M, GAAP gross margin of 33–35%, non-GAAP gross margin of 38–40%, GAAP operating expenses of $138–144M, non-GAAP operating expenses of $120–126M, and Adjusted EBITDA loss of $20–26M.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: 714 465-5737
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Rocket Lab Corporation (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 (the “Section”) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | Description | |||||||
| 99.1 | Press Release of Rocket Lab Corporation, dated May 7, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ROCKET LAB CORPORATION | |||||||||||
| Date: | May 7, 2026 | By: | /s/ Adam Spice | ||||||||
| Adam Spice Chief Financial Officer | |||||||||||
MEDIA RELEASE |  | ||||
Exhibit 99.1
Rocket Lab Announces First Quarter 2026 Financial Results: Surpasses All Guidance Metrics Including Revenue, Margin, and Adjusted EDITDA; Posts Record $200M Quarterly Revenue and over $2.2B Backlog; Guides Another Record Revenue
Long Beach, California. May 7, 2026 – Rocket Lab Corporation (Nasdaq: RKLB), a global leader in launch services and space systems, today shared the financial results for fiscal first quarter ended March 31, 2026.
“Rocket Lab has delivered another exceptional quarter with record financial performance of more than $200 million in revenue, consistent execution across launch and space systems programs, a record number of significant new contracts signed, and strategic acquisitions secured. We exited the quarter with $2.2 billion in backlog and currently have access to more than $2 billion in liquidity, putting us in a very strong position for continued growth and M&A execution.
“Rocket Lab continues to lead on execution and growth. We completed successful orbital launches and hypersonic test missions, introduced new space systems products including the highly sought after Gauss satellite electric propulsion system, have been selected to support the Department of War’s Space Based Interceptor program under Golden Dome for America in partnership with Raytheon, and expanded our leading role in hypersonic test launch with a record contract under the MACH-TB program. We also closed the Mynaric acquisition to establish our first European footprint with Rocket Lab Europe, and entered into a definitive agreement to acquire Motiv, adding Mars-proven robotics heritage to our suite of capabilities, while also insourcing costly and supply-constrained spacecraft components, including solar array drive assemblies and other precision mechanisms and motion control systems. Rocket Lab’s tailwinds are strong. We’re already embedded in the most demanding and significant space programs of our generation and we’re in an incredibly strong position to continue expanding this.”
Highlights for the First Quarter 2026, plus business updates since March 31, 2026.
•Record quarterly revenue of $200.3M, a 63.5% increase YoY
•Record GAAP gross margin of 38.2%
•Record backlog of $2.2B, up 20.2% QoQ
•Record liquidity following completion of at-the-market offering, with access to more than $2 billion in total liquidity strongly positioning the Company for further organic growth and M&A execution
•Record new launch contracts, with 31 new Electron and HASTE contracts signed in Q1, plus five new dedicated Neutron launches signed. Rocket Lab has now sold more launches in Q1 2026 than in the full year 2025, demonstrating strong continued demand and growth for the Company’s extensive launch capabilities. Rocket Lab’s total launch manifest now exceeds 70 contracted missions.
•Completed the acquisition of Mynaric AG, a leading provider of laser optical communications terminals for air, space, and mobile applications which further strengthens Rocket Lab’s extensive capabilities as a supplier of satellite components at scale to the global space market.
•Signed a definitive agreement to acquire Motiv Space Systems, a leader in space robotics, motion control systems, and precision mechanisms for spacecraft. The acquisition will achieve two strategic objectives for Rocket Lab: add Mars-proven robotics capability for advanced planetary and national security missions, and closes a critical gap in Rocket Lab’s vertical integration strategy by bringing in-house costly and supply-constrained satellite components like solar array drive assemblies (SADAs) and other precision mechanisms.
rocketlabcorp.com | media@rocketlabusa.com
MEDIA RELEASE | | ||||
•Selected to directly support the Department of War’s Space Based Interceptor (SBI) program, a critical element of President Trump’s Golden Dome for America, in partnership with Raytheon and others selected for the program. Rocket Lab’s launch and satellite capabilities are both being utilized for SBI, demonstrating the value of the Company’s agile and cost-effective end-to-end space capabilities for the warfighter and positioning the Company to capture significant revenue from what could become the U.S. government’s most important national security program.
•Introduced Gauss, a new electric satellite thruster designed for high-volume production to meet the growing demand for reliable satellite propulsion across commercial and national security constellations.
•Achieved significant milestones across the Neutron program with ongoing integration and readiness of first-flight hardware, continued progress on Archimedes engine qualification, and advancement of the second stage and reusable fairing systems, positioning the medium-lift launch vehicle on track for its debut launch later this year.
Second Quarter 2026 Guidance
For the second quarter of 2026, Rocket Lab expects:
•Revenue between $225 million and $240 million.
•GAAP Gross Margins between 33% and 35%.
•Non-GAAP Gross Margins between 38% and 40%.
•GAAP Operating Expenses between $138 million and $144 million.
•Non-GAAP Operating Expenses between $120 million and $126 million.
•Interest Income, net $12.5 million.
•Adjusted EBITDA loss of between $20 million and $26 million.
•Basic Weighted Average Common Shares Outstanding of 629 million, including approximately 46 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 Q2 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 $19 million to $21 million in Q2 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 first quarter, other updates, and to provide our outlook for the second 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/
rocketlabcorp.com | media@rocketlabusa.com
MEDIA RELEASE | | ||||
Rocket Lab Investor Relations Contact
Patrick Vorenkamp
investors@rocketlabusa.com
Rocket Lab Media Contact
Murielle Baker
media@rocketlabusa.com
About Rocket Lab
Rocket Lab is a leading space company that provides launch services, spacecraft, payloads and satellite components serving commercial, government, and national security markets. Rocket Lab’s Electron rocket is the world’s most frequently launched orbital small rocket; its HASTE rocket provides hypersonic test launch capability for the U.S. government and allied nations; and its Neutron launch vehicle in development will unlock medium launch for constellation deployment, national security and exploration missions. Rocket Lab’s spacecraft and satellite components have enabled more than 1,700 missions spanning commercial, defense and national security missions including GPS, constellations, and exploration missions to the Moon, Mars, and Venus. Rocket Lab is a publicly listed company on the Nasdaq stock exchange (RKLB). 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 second 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 and business strategy 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.
rocketlabcorp.com | media@rocketlabusa.com
MEDIA RELEASE | | ||||
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.
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| MEDIA RELEASE | | ||||
ROCKET LAB CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(unaudited; in thousands, except share and per share data)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||
| Product revenues | $ | 127,488 | $ | 80,804 | |||||||
| Service revenues | 72,860 | 41,765 | |||||||||
| Total revenues | 200,348 | 122,569 | |||||||||
| Cost of revenues: | |||||||||||
| Cost of product revenues | 81,084 | 53,869 | |||||||||
| Cost of service revenues | 42,771 | 33,453 | |||||||||
| Total cost of revenues | 123,855 | 87,322 | |||||||||
| Gross profit | 76,493 | 35,247 | |||||||||
| Operating expenses: | |||||||||||
| Research and development, net | 80,513 | 55,109 | |||||||||
| Selling, general and administrative | 51,949 | 39,326 | |||||||||
Total operating expenses | 132,462 | 94,435 | |||||||||
| Operating loss | (55,969) | (59,188) | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | (1,274) | (6,795) | |||||||||
Interest income | 10,149 | 4,209 | |||||||||
| Gain (loss) on foreign exchange | 156 | (134) | |||||||||
| Other income, net | 124 | 479 | |||||||||
| Total other income (expense), net | 9,155 | (2,241) | |||||||||
| Loss before income taxes | (46,814) | (61,429) | |||||||||
| Benefit for income taxes | 1,792 | 813 | |||||||||
| Net loss | $ | (45,022) | $ | (60,616) | |||||||
| Net loss per share attributable to Rocket Lab Corporation: | |||||||||||
| Basic and diluted | $ | (0.07) | $ | (0.12) | |||||||
| Weighted-average common shares outstanding: | |||||||||||
| Basic and diluted | 605,434,642 | 505,614,185 | |||||||||
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
ROCKET LAB CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(unaudited; in thousands, except share and per share values)
| March 31, 2026 (unaudited) | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,205,499 | $ | 828,660 | |||||||
| Marketable securities, current | 177,852 | 187,917 | |||||||||
| Accounts receivable, net | 74,955 | 39,001 | |||||||||
| Contract assets | 75,036 | 61,606 | |||||||||
| Inventories | 183,146 | 158,407 | |||||||||
| Prepaids and other current assets | 83,874 | 89,953 | |||||||||
| Total current assets | 1,800,362 | 1,365,544 | |||||||||
| Non-current assets: | |||||||||||
| Property, plant and equipment, net | 343,988 | 319,473 | |||||||||
| Intangible assets, net | 220,567 | 224,746 | |||||||||
| Goodwill | 208,738 | 205,750 | |||||||||
| Right-of-use assets - operating leases | 90,933 | 90,371 | |||||||||
| Right-of-use assets - finance leases | 13,767 | 13,895 | |||||||||
| Marketable securities, non-current | 93,494 | 82,247 | |||||||||
| Restricted cash | 5,524 | 4,885 | |||||||||
| Deferred income tax assets, net | 849 | 1,895 | |||||||||
| Other non-current assets | 41,719 | 15,672 | |||||||||
| Total assets | $ | 2,819,941 | $ | 2,324,478 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Trade payables | $ | 63,112 | $ | 72,699 | |||||||
| Accrued expenses | 33,546 | 19,299 | |||||||||
| Employee benefits payable | 40,720 | 25,803 | |||||||||
| Contract liabilities | 241,412 | 195,438 | |||||||||
| Other current liabilities | 23,555 | 21,237 | |||||||||
| Total current liabilities | 402,345 | 334,476 | |||||||||
| Non-current liabilities: | |||||||||||
| Convertible senior notes, net | 36,869 | 152,395 | |||||||||
| Long-term borrowings, net | 1,716 | 1,716 | |||||||||
| Non-current operating lease liabilities | 85,517 | 85,191 | |||||||||
| Non-current finance lease liabilities | 14,568 | 14,653 | |||||||||
| Deferred income tax liabilities | 1,352 | 1,241 | |||||||||
| Other non-current liabilities | 13,207 | 12,952 | |||||||||
| Total liabilities | 555,574 | 602,624 | |||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 45,951,250 at March 31, 2026 and December 31, 2025 | 5 | 5 | |||||||||
| Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 621,718,750 and 589,525,802 at March 31, 2026 and December 31, 2025, respectively; outstanding shares: 575,767,500 and 543,574,552 at March 31, 2026 and December 31, 2025, respectively | 58 | 54 | |||||||||
| Treasury stock, at cost; shares: 45,951,250 at March 31, 2026 and December 31, 2025 | — | — | |||||||||
| Additional paid-in capital | 3,324,206 | 2,735,669 | |||||||||
| Accumulated deficit | (1,056,932) | (1,011,910) | |||||||||
| Accumulated other comprehensive loss | (2,970) | (1,964) | |||||||||
| Total stockholders’ equity | 2,264,367 | 1,721,854 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,819,941 | $ | 2,324,478 | |||||||
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
ROCKET LAB CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(unaudited; in thousands)
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net loss | $ | (45,022) | $ | (60,616) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 14,990 | 8,707 | |||||||||
| Stock-based compensation expense | 28,116 | 19,234 | |||||||||
| (Gain) loss on disposal of assets | (409) | 13 | |||||||||
| Amortization of debt issuance costs and discount | 133 | 831 | |||||||||
| Noncash lease expense | 2,797 | 1,519 | |||||||||
| Change in the fair value of contingent consideration | 187 | — | |||||||||
| Accretion of marketable securities purchased at a discount | (458) | (561) | |||||||||
| Deferred income taxes | 1,155 | (585) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | (35,662) | (2,974) | |||||||||
| Contract assets | (13,434) | 2,165 | |||||||||
| Inventories | (24,571) | (6,308) | |||||||||
| Prepaids and other current assets | 4,081 | (9,617) | |||||||||
| Other non-current assets | (26,098) | 1,571 | |||||||||
| Trade payables | (8,161) | 9,779 | |||||||||
| Accrued expenses | 10,825 | (2,712) | |||||||||
| Employee benefits payables | 1,309 | (253) | |||||||||
| Contract liabilities | 45,753 | (9,294) | |||||||||
| Other current liabilities | (2,941) | (3,699) | |||||||||
| Non-current lease liabilities | (2,993) | (1,670) | |||||||||
| Other non-current liabilities | 71 | 245 | |||||||||
| Net cash used in operating activities | (50,332) | (54,225) | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchases of property, equipment and software | (27,065) | (28,677) | |||||||||
| Proceeds on disposal of assets | 715 | 16 | |||||||||
| Cash paid for business combinations, net of acquired cash | (8,021) | — | |||||||||
| Purchases of marketable securities | (91,328) | (84,639) | |||||||||
| Maturities of marketable securities | 89,979 | 84,699 | |||||||||
| Net cash used in investing activities | (35,720) | (28,601) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from ATM Equity Offerings | 450,347 | 92,806 | |||||||||
| Issuance costs related to ATM Equity Offerings | (4,740) | (2,088) | |||||||||
| Proceeds from the exercise of stock options | 1,081 | 48 | |||||||||
| Proceeds from Employee Stock Purchase Plan | 4,189 | 2,237 | |||||||||
| Proceeds from sale of employees restricted stock units to cover taxes | 52,337 | 17,310 | |||||||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (39,848) | (16,577) | |||||||||
Proceeds from secured term loans | — | 25,000 | |||||||||
| Repayments on secured term loan | — | (2,894) | |||||||||
| Payment of debt issuance costs | — | (278) | |||||||||
| Finance lease principal payments | (73) | (61) | |||||||||
| Net cash provided by financing activities | 463,293 | 115,503 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 237 | 272 | |||||||||
| Net increase in cash and cash equivalents and restricted cash | 377,478 | 32,949 | |||||||||
| Cash and cash equivalents, and restricted cash, beginning of period | 833,545 | 275,302 | |||||||||
| Cash and cash equivalents, and restricted cash, end of period | $ | 1,211,023 | $ | 308,251 | |||||||
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
ROCKET LAB CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE MONTHS ENDED MARCH 31, 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| NET LOSS | $ | (45,022) | $ | (60,616) | |||||||
| Depreciation | 7,514 | 5,689 | |||||||||
| Amortization | 7,476 | 3,018 | |||||||||
| Stock-based compensation expense | 28,116 | 19,234 | |||||||||
| Transaction costs | 1,668 | 1,378 | |||||||||
| Interest expense | 1,274 | 6,795 | |||||||||
| Interest income | (10,149) | (4,209) | |||||||||
| Change in fair value of contingent consideration | 187 | — | |||||||||
| Benefit for income taxes | (1,792) | (813) | |||||||||
| (Gain) loss on foreign exchange | (156) | 134 | |||||||||
| Accretion of marketable securities and cash equivalents purchased at a discount | (458) | (585) | |||||||||
| (Gain) loss on disposal of assets | (409) | 13 | |||||||||
| ADJUSTED EBITDA | $ | (11,751) | $ | (29,962) | |||||||
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| GAAP Gross profit | $ | 76,493 | $ | 35,247 | |||||||
| Stock-based compensation | 3,506 | 3,920 | |||||||||
| Amortization of purchased intangibles and favorable lease | 6,094 | 1,823 | |||||||||
| Non-GAAP Gross profit | $ | 86,093 | $ | 40,990 | |||||||
| Non-GAAP Gross margin | 43.0 | % | 33.4 | % | |||||||
| GAAP Research and development, net | $ | 80,513 | $ | 55,109 | |||||||
| Stock-based compensation | (5,846) | (4,894) | |||||||||
| Amortization of purchased intangibles and favorable lease | — | (165) | |||||||||
| Non-GAAP Research and development, net | $ | 74,667 | $ | 50,050 | |||||||
| GAAP Selling, general and administrative | $ | 51,949 | $ | 39,326 | |||||||
| Stock-based compensation | (18,764) | (10,420) | |||||||||
| Amortization of purchased intangibles and favorable lease | (1,105) | (776) | |||||||||
| Transaction costs | (1,668) | (1,378) | |||||||||
| Non-GAAP Selling, general and administrative | $ | 30,412 | $ | 26,752 | |||||||
| GAAP Operating expenses | $ | 132,462 | $ | 94,435 | |||||||
| Stock-based compensation | (24,610) | (15,314) | |||||||||
| Amortization of purchased intangibles and favorable lease | (1,105) | (941) | |||||||||
| Transaction costs | (1,668) | (1,378) | |||||||||
| Non-GAAP Operating expenses | $ | 105,079 | $ | 76,802 | |||||||
| GAAP Operating loss | $ | (55,969) | $ | (59,188) | |||||||
| Total non-GAAP adjustments | 36,983 | 23,376 | |||||||||
| Non-GAAP Operating loss | $ | (18,986) | $ | (35,812) | |||||||
| GAAP Total other income (expense), net | $ | 9,155 | $ | (2,241) | |||||||
| (Gain) loss on foreign exchange | (156) | 134 | |||||||||
| (Gain) loss on disposal of assets | (409) | 13 | |||||||||
| Change in fair value of contingent consideration | 187 | — | |||||||||
| Non-GAAP Total other income (expense), net | $ | 8,777 | $ | (2,094) | |||||||
rocketlabcorp.com | media@rocketlabusa.com
FAQ
How much revenue did Rocket Lab (RKLB) generate in Q1 2026?
Rocket Lab generated about $200.3 million in revenue in Q1 2026, up 63.5% year over year. Product revenue was $127.5 million and service revenue was $72.9 million, reflecting growth across both launch services and space systems offerings.
Was Rocket Lab profitable in the first quarter of 2026?
Rocket Lab was not profitable in Q1 2026, reporting a GAAP net loss of $45.0 million, or $0.07 per share. However, this loss improved from $60.6 million a year earlier, and Adjusted EBITDA loss narrowed to $11.8 million from $30.0 million.
What was Rocket Lab’s backlog and liquidity position after Q1 2026?
Rocket Lab ended Q1 2026 with a record $2.2 billion backlog and access to more than $2 billion in total liquidity. Liquidity was supported by $1.21 billion in cash and restricted cash plus marketable securities, strengthened by at-the-market equity offerings.
What financial guidance did Rocket Lab (RKLB) give for Q2 2026?
For Q2 2026, Rocket Lab expects revenue between $225 million and $240 million. The company guides GAAP gross margin of 33–35%, non-GAAP gross margin of 38–40%, GAAP operating expenses of $138–144 million, and an Adjusted EBITDA loss between $20 million and $26 million.
How did Rocket Lab’s margins and Adjusted EBITDA trend in Q1 2026?
Rocket Lab reported a GAAP gross margin of 38.2% and non-GAAP gross margin of 43.0% in Q1 2026, both higher than a year earlier. Adjusted EBITDA loss improved significantly to $11.8 million from $30.0 million, reflecting better operating leverage on higher revenue.
What major strategic moves did Rocket Lab make during and after Q1 2026?
Rocket Lab completed the acquisition of Mynaric AG and signed a definitive agreement to acquire Motiv Space Systems. It also secured record new launch contracts, advanced its Neutron launch vehicle program, and increased involvement in key national security space initiatives.