Rocket Lab delivered record third quarter 2026 revenue of $268 million, surpassing the analyst estimate of $257 million. While top-line growth was robust, the company reported a GAAP loss of $0.12 per share, wider than the expected $0.05 loss, partly due to $27.3 million in debt extinguishment costs and elevated research and development spending for the Neutron program.
Key Highlights
- Total backlog reached a record $3.57 billion, representing a 52% sequential increase driven by $1 billion in new launch contracts signed during the quarter.
- GAAP gross margin expanded to 33.6%, significantly outperforming company guidance of 29% to 31% as the company benefited from improved operational scale.
- The company achieved positive GAAP operating cash flow of $7.2 million for the quarter, a significant milestone as it continues heavy investment in its medium-lift rocket.
- Neutron launch contracts now total 16 missions with a backlog value exceeding $515 million, as the base launch price for several missions rose to $70 million due to tightening industry capacity.