# Rocket Lab (RKLB) Q2 2026 earnings

Results filed 2026-08-10 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/rklb/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1819994/000181999426000061/0001819994-26-000061-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Rocket Lab posted record quarterly revenue of $234 million, a 62% increase YoY, with record backlog of $2.36 billion, a 137% increase YoY.

Rocket Lab reported record second-quarter 2026 revenue of $234 million, up 62% from a year ago and $34 million above the prior quarter. Backlog reached a record $2.36 billion. Net loss narrowed to $49.3 million from $66.4 million, and Non-GAAP gross margin rose to 41.5% from 36.9%. The company also closed the Mynaric and Motiv acquisitions and announced a deal to acquire Iridium Communications.
For the third quarter, management guides to revenue of $250 million to $265 million, another record, with Non-GAAP gross margin of 35% to 37% and an Adjusted EBITDA loss of $17 million to $23 million. The main tension is that the company is still losing money while spending heavily on Neutron, targeted for the launch pad in Q4 2026, and integrating acquisitions including the large Iridium deal.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenue | $234 million | up 62% year-over-year | GAAP |
| Net loss | $(49,258) | vs $(66,414) a year ago | GAAP |
| Net loss per share, basic and diluted | $(0.08) | vs $(0.13) a year ago | GAAP |
| Non-GAAP gross margin | 41.5% | vs 36.9% a year ago | non-GAAP |
| GAAP operating loss | $(57,514) | vs $(59,639) a year ago | GAAP |
| Adjusted EBITDA | $(8,833) | vs $(27,584) a year ago | non-GAAP |
| Backlog | $2.36 billion | a 137% increase YoY |  |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Product revenues | $181,347 | vs $92,725 a year ago |
| Service revenues | $52,719 | vs $51,773 a year ago |
| Cash and cash equivalents | $2,129,485 | vs $828,660 at December 31, 2025 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | third quarter of 2026 | between $250 million and $265 million |
| GAAP gross margin | third quarter of 2026 | between 29% and 31% |
| Non-GAAP gross margin | third quarter of 2026 | between 35% and 37% |
| GAAP operating expenses | third quarter of 2026 | between $143 million and $149 million |
| Non-GAAP operating expenses | third quarter of 2026 | between $121 million and $127 million |
| Interest income, net | third quarter of 2026 | $21 million |
| Adjusted EBITDA loss | third quarter of 2026 | between $17 million and $23 million |
| Stock-based compensation | third quarter of 2026 | $18 million to $20 million |

## Key takeaways

1. **Revenue hit a record $234 million** Q2 revenue was $234 million, up 62% year-over-year and $34 million higher than last quarter's record. Product revenues were $181,347 thousand against $92,725 thousand a year ago.
2. **Backlog reached record $2.36 billion** Backlog grew 137% YoY, and more than $1 billion in new contracts across launch and space systems has been entered into in Q3 already. Launch backlog is the highest in history with 90+ launches.
3. **Non-GAAP gross margin widened to 41.5%** Non-GAAP gross margin was 41.5% versus 36.9% a year ago. GAAP net loss narrowed to $(49,258) thousand from $(66,414) thousand.
4. **Q3 guide: revenue $250-265 million** Management guides to another record quarter, with Non-GAAP gross margins between 35% and 37% and an Adjusted EBITDA loss of between $17 million and $23 million. The guided Non-GAAP margin range sits below Q2's 41.5%.
5. **Iridium deal and big cash raise reshape company** Rocket Lab announced an agreement to acquire Iridium and closed the Mynaric and Motiv acquisitions. Cash and cash equivalents rose to $2,129,485 thousand, helped by $1,529,639 thousand of ATM equity proceeds in six months.

## Questions

**What were Rocket Lab's Q2 2026 results?** Revenue was a record $234 million, up 62% year-over-year, with a net loss of $(49,258) thousand, or $(0.08) per share. Non-GAAP gross margin was 41.5% and backlog reached a record $2.36 billion.
**What is Rocket Lab's Q3 2026 guidance?** Rocket Lab expects revenue between $250 million and $265 million and Non-GAAP gross margins between 35% and 37%. It also expects an Adjusted EBITDA loss of between $17 million and $23 million.
**What is happening with Neutron?** Rocket Lab says production of the Stage 1 tank is aligned with the target delivery of Neutron to the launch pad in Q4 2026. It reported milestones in assembly, integration and testing of first-flight hardware.
**What is the Iridium deal?** Rocket Lab announced an agreement to acquire Iridium Communications Inc. to become a vertically integrated company that designs, builds, launches and operates its own constellations. It also closed the Mynaric and Motiv acquisitions.
**How strong is Rocket Lab's cash position?** Cash and cash equivalents were $2,129,485 thousand at June 30, 2026, versus $828,660 thousand at December 31, 2025. Six-month net cash used in operating activities was $(134,407) thousand, and ATM equity offerings raised $1,529,639 thousand.