Rocket Lab Q3 revenue rises 73%; net loss hits $79.7M
Fourth-quarter outlook includes revenue of $270 million to $290 million and GAAP gross margins of 34% to 36%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Rocket Lab Corporation (RKLB) reported Q3 2026 revenue of $267.834 million, up 73% year over year, and a GAAP net loss of $79.677 million, compared with $18.257 million. Gross profit was $90.071 million and operating loss was $79.189 million.
Backlog reached $3.57 billion, up 52% from the end of Q2. Q3 agreements included nearly $1 billion in new launch contracts and $470 million signed for Space Systems. Rocket Lab said its pending Iridium Communications acquisition was fully funded through a completed ATM equity offering; Iridium lenders approved maintaining the credit facility after the transaction, and Iridium shareholders approved the acquisition.
For Q4, Rocket Lab expects $270 million to $290 million in revenue and GAAP gross margin of 34% to 36%, and forecasts an Adjusted EBITDA loss of $14 million to $20 million. For the nine months ended September 30, operating cash used was $127.254 million, versus $100.990 million in 2025; cash and equivalents were $4.447665 billion as of September 30, 2026.
2 points · 0 major0 major · 2 points
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.
Positive
- Moderate pointRevenue rose 73% year over year to $267.834 million in Q3 2026.
- Moderate pointBacklog was $3.57 billion, up 52% from the end of Q2 2026.
Negative
- Moderate pointGAAP net loss was $79.677 million, versus $18.257 million a year earlier.
- Minor pointNine-month operating cash used was $127.254 million, versus $100.990 million in 2025.
Filing Explained
Common shares outstanding were 639,163,713 on September 30, 2026, versus 543,574,552 on December 31, 2025, reducing existing holders’ percentage ownership absent offsets.
This Form 8-K furnishes Rocket Lab’s third-quarter results; its balance sheet shows a higher common-share count by
The release also reports positive GAAP operating cash flow for the third quarter.
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, or exhibit attachments filed with this report.
Key Figures
Revenue: $267.834 million
Year-over-year revenue growth: 73%
GAAP net loss: $79.677 million loss
+4 more
7 metrics
Revenue
$267.834 million
Three months ended September 30, 2026
Year-over-year revenue growth
73%
Q3 2026
GAAP net loss
$79.677 million loss
Three months ended September 30, 2026
Backlog
$3.57 billion
Q3 2026; up 52% from the end of Q2
Net cash used in operating activities
$127.254 million
Nine months ended September 30, 2026
Q4 revenue guidance
$270 million to $290 million
Fourth quarter of 2026
Q4 GAAP gross margin guidance
34% to 36%
Fourth quarter of 2026
Key Terms
Adjusted EBITDA, Non-GAAP Gross margin, ATM Equity Offerings, Contract liabilities
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA further excludes items of income or loss"
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 38.4%"
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.
ATM Equity Offerings financial
"Proceeds from ATM Equity Offerings"
An at-the-market (ATM) equity offering is a way for a public company to sell newly issued shares directly into the open market over time at prevailing market prices, rather than in one large block at a fixed price. It matters to investors because it can dilute existing ownership gradually and signal how management is funding growth or needs cash, similar to a merchant restocking and selling small amounts as demand and prices change.
Contract liabilities financial
"Contract liabilities"
Contract liabilities are amounts a company has been paid in advance for goods or services it still owes to customers — think of them like gift cards or prepaid subscriptions the company must fulfill later. For investors, they show promised future work or deliveries that will turn into revenue over time, reveal cash already collected, and help assess whether a firm has a backlog of obligations that could affect future earnings and cash flow.
Earnings Snapshot
Revenue: $267.834 million · Guidance included
Third quarter ended September 30, 2026
Revenue
$267.834 million
73% increase year over year
GAAP net loss
$79.677 million loss
versus $18.257 million loss in Q3 2025
GAAP gross profit
$90.071 million
versus $57.314 million in Q3 2025
Non-GAAP gross margin
38.4%
versus 41.9% in Q3 2025
Guidance
For Q4 2026: revenue $270 million to $290 million; GAAP gross margin 34% to 36%; Non-GAAP gross margin 39% to 41%; GAAP operating expenses $162 million to $168 million; Non-GAAP operating expenses $136 million to $142 million; interest income, net, $45 million; Adjusted EBITDA loss $14 million to $20 million; basic weighted average common shares outstanding 681 million, including approximately 41 million Series A Convertible Participating Preferred Shares.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did RKLB report for Q3 2026?
Rocket Lab reported Q3 2026 revenue of $267.834 million, a 73% increase year over year. Product revenue was $197.487 million and service revenue was $70.347 million for the quarter, compared with total revenue of $155.080 million in Q3 2025.
What is RKLB's Q4 2026 revenue and margin guidance?
Rocket Lab expects Q4 2026 revenue of $270 million to $290 million, GAAP gross margin of 34% to 36%, and Non-GAAP gross margin of 39% to 41%. It also forecasts GAAP operating expenses of $162 million to $168 million, Non-GAAP operating expenses of $136 million to $142 million, and an Adjusted EBITDA loss of $14 million to $20 million.
How large is Rocket Lab's backlog, and what launch contracts did it add?
Backlog reached $3.57 billion, up 52% from the end of Q2 2026. Rocket Lab said it secured over $515 million in Neutron launch contracts from constellation operators in Q3, growing Neutron's backlog to 16 missions; total launch backlog reached 117 launches.
What is the status of Rocket Lab's pending Iridium acquisition?
Rocket Lab said its pending acquisition of Iridium Communications was fully funded through a completed ATM equity offering. Iridium lenders approved maintaining Iridium's credit facility after the transaction, and Iridium shareholders approved the acquisition.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 9, 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 November 9, 2026, Rocket Lab Corporation (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 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 November 9, 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: | November 9, 2026 | By: | /s/ Adam Spice | ||||||||
| Adam Spice Chief Financial Officer | |||||||||||
MEDIA RELEASE |  | ||||
Exhibit 99.1
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
Long Beach, California. November 9, 2026 – 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.
rocketlabcorp.com | media@rocketlabusa.com
MEDIA RELEASE | | ||||
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.
rocketlabcorp.com | media@rocketlabusa.com
MEDIA RELEASE | | ||||
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.
rocketlabcorp.com | media@rocketlabusa.com
MEDIA RELEASE | | ||||
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.
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
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 | |||||||||||||||||||
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
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 | |||||||
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
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 | |||||||
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| MEDIA RELEASE | | ||||
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) | |||||||||||||||
rocketlabcorp.com | media@rocketlabusa.com
| MEDIA RELEASE | | ||||
| 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) | |||||||||||||||
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