Rocket Lab founder and CEO, Sir Peter Beck, said: "This past quarter we've once again delivered record revenue of $155m at record GAAP gross margin of 37%, and a new annual launch record is just days away. With progress across our major space systems programs, record backlog of contracts for our launch services business, and well-timed, strategic M&A in growth areas that are well-aligned with next-generation defense programs like Golden Dome and the Space Development Agency's future constellations, our momentum is strong and we're poised to deliver long-term exciting growth."
Business Highlights for the Third Quarter 2025, plus updates since September 30, 2025.
Secured 17x Electron launch contracts in Q3, 2025, a record-breaking quarter of dedicated launch contracts for our industry-leading small launch vehicle. Rocket Lab is also set to surpass its previous annual launch record in the fourth quarter, and remains on track to close out the year with 20+ launches.
Successfully launched two back-to-back HASTE missions across the quarter at an unprecedented pace of delivery for the nation that supports critical advancements in hypersonic technology.
Closed our acquisition of electro-optical and infrared sensor maker Geost for up to $325 million in a cash-plus-equity transaction, expanding our end-to-end capabilities for U.S. national security with launch, spacecraft, and now payloads. Other significant M&A activity for the quarter included the completed financial restructure of German laser communications company Mynaric as part of our intended acquisition process. Rocket Lab also exited the quarter with $1+ billion in liquidity following the Company's recent at-the-market offering program, further strengthening our capital position to act decisively on our robust M&A pipeline.
Officially opened Launch Complex 3, the test and launch site for the Company's new medium-lift reusable rocket Neutron.
Updating our Neutron schedule that has the rocket arriving at Rocket Lab Launch Complex 3 in Q1, 2026, with the first launch thereafter, pending the successful completion of the vehicle's qualification testing and acceptance program.
Fourth Quarter 2025 GuidanceFor the fourth quarter of 2025, Rocket Lab expects:
Revenue between $170 million and $180 million.
GAAP Gross Margins between 37% and 39%.
Non-GAAP Gross Margins between 43% and 45%.
GAAP Operating Expenses between $122 million and $128 million.
Non-GAAP Operating Expenses between $107 million and $113 million.
Expected Interest Income, net $3.5 million.
Adjusted EBITDA loss of $23 million and $29 million.
Basic Weighted Average Common Shares Outstanding of 571 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 Q4 2025 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 $15 million to $17 million in Q4 2025.
Conference Call InformationRocket 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, to provide our outlook for the fourth quarter, and other updates.
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
Rocket Lab Media Contact Murielle
About Rocket LabRocket 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 StatementsThis 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 first quarter of 2025, 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, 2024, 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 MeasuresWe 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 EBITDAEBITDA 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 MeasuresNon-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 SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024(unaudited; in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenues:
Product revenues
$
104,042
$
79,419
$
277,571
$
205,848
Service revenues
51,038
25,389
144,576
97,978
Total revenues
155,080
104,808
422,147
303,826
Cost of revenues:
Cost of product revenues
72,841
58,448
188,402
153,215
Cost of service revenues
24,925
18,364
94,796
71,279
Total cost of revenues
97,766
76,812
283,198
224,494
Gross profit
57,314
27,996
138,949
79,332
Operating expenses:
Research and development, net
70,694
47,723
191,937
126,139
Selling, general and administrative
45,589
32,172
124,808
91,445
Total operating expenses
116,283
79,895
316,745
217,584
Operating loss
(58,969
)
(51,899
)
(177,796
)
(138,252
)
Other income (expense):
Interest expense, net
(590
)
(454
)
(5,547
)
(2,176
)
Gain (loss) on foreign exchange
388
(490
)
(235
)
(465
)
Other (expense) income, net
(177
)
1,848
(675
)
3,152
Total other (expense) income, net
(379
)
904
(6,457
)
511
Loss before income taxes
(59,348
)
(50,995
)
(184,253
)
(137,741
)
Benefit (provision) for income taxes
41,091
(944
)
38,966
(89
)
Net loss
$
(18,257
)
$
(51,939
)
$
(145,287
)
$
(137,830
)
Net loss per share attributable to Rocket Lab Corporation:
Basic and diluted
$
(0.03
)
$
(0.10
)
$
(0.28
)
$
(0.28
)
Weighted-average common shares outstanding:
Basic and diluted
528,725,980
497,701,715
516,560,266
493,976,025
ROCKET LAB CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETSAS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024(unaudited; in thousands, except share and per share values)
September 30, 2025(unaudited)
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
807,875
$
271,042
Marketable securities, current
168,865
147,948
Accounts receivable, net
59,086
36,440
Contract assets
52,785
63,108
Inventories
144,999
119,074
Prepaids and other current assets
82,813
55,009
Total current assets
1,316,423
692,621
Non-current assets:
Property, plant and equipment, net
278,003
194,838
