Rocket Lab Books Record $268 Million Quarter

The Tip Desk · November 9, 2026 · 3 min read

Backlog reached about $3.57 billion after roughly $1 billion in new launch contracts, and the company guided fourth-quarter revenue of $270 million to $290 million.

Rocket Lab Corporation (RKLB), an end-to-end space company, reported record quarterly revenue of $268 million for the three months ended September 30, 2026, $34 million higher than the second quarter and 73% above the year-ago period.

Product revenues were $197.5 million and service revenues $70.3 million. GAAP gross profit was $90.1 million, implying a GAAP gross margin of about 33.6%. Non-GAAP gross margin was 38.4%. GAAP operating loss widened to $79.2 million from $59.0 million a year earlier; non-GAAP operating loss was $27.4 million. Adjusted EBITDA loss narrowed to $18.0 million from $26.3 million a year earlier. Net loss was $79.7 million, or $0.12 a share, versus a $18.3 million net loss, or $0.03 a share, a year earlier.

The company said it posted positive GAAP operating cash flow of $7.2 million in the quarter. Cash and cash equivalents were $4.45 billion at September 30, 2026, versus $828.7 million at December 31, 2025, after $3.91 billion of ATM equity proceeds in the nine months ended September 30, 2026.

Backlog reached approximately $3.57 billion, a 52% increase since the end of the second quarter, after second-quarter backlog of $2.36 billion. Founder and CEO Sir Peter Beck said nearly $1 billion of that backlog came from new launch contracts signed in the third quarter, as well as $470 million signed for Space Systems. Approximately $1 billion in new launch contracts were signed across Electron, HASTE, and Neutron, bringing total launch backlog to a record 117 launches, up from 90-plus launches after second-quarter signings. The company said it secured over $515 million in Neutron launch contracts from constellation operators in the third quarter, growing the rocket’s backlog to 16 missions ahead of its debut and lifting the base launch price to $70 million for several of those missions as industry launch capacity tightens.

Twelve Rocket Lab-built spacecraft were successfully launched to orbit and 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 were in development and build across production complexes, including spacecraft for NASA, the Space Development Agency, USSF, and commercial constellation operators.

Neutron’s first launch is now targeted for no earlier than 2027, after second-quarter commentary that Stage 1 tank production was aligned with target delivery of Neutron to the launch pad in the fourth quarter of 2026. The company said critical milestones continued across assembly, integration, testing, and delivery of first-flight hardware to Launch Complex 3.

Rocket Lab said it fully funded its pending acquisition of Iridium Communications through a completed ATM equity offering, 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.

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 of $45 million, and an adjusted EBITDA loss of between $14 million and $20 million. Basic weighted average common shares outstanding are expected at 681 million, including approximately 41 million of Series A Convertible Participating Preferred Shares. Stock-based compensation is currently expected to range from $17 million to $19 million in the fourth quarter.