# Rocket Lab (RKLB) Q3 2026 earnings

Results filed 2026-11-09 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/rklb/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1819994/000181999426000073/0001819994-26-000073-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Rocket Lab posted record quarterly revenue of $268 million, a 73% increase year-on-year, with record backlog of approximately $3.6 billion and positive GAAP operating cash flow of $7.2M.

Rocket Lab had a record third quarter, with revenue of $268 million, a 73% increase year-on-year. Backlog rose to a record $3.57 billion on about $1 billion of new launch contracts and $470 million signed for Space Systems. Operating cash flow was positive at $7.2M. The GAAP net loss was $(79,677) thousand, which includes a $27,259 thousand loss on extinguishing debt.
For the fourth quarter, management expects revenue between $270 million and $290 million, with GAAP gross margins of 34% to 36%. Operating expenses are guided higher than Q3's non-GAAP level, and an Adjusted EBITDA loss of $14 million to $20 million is expected. The main tension is Neutron: first launch is now no earlier than 2027, while backlog keeps growing. The pending Iridium Communications acquisition adds execution risk.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenue | $268 million | a 73% increase year-on-year | GAAP |
| Net loss | $(79,677) |  | GAAP |
| Basic and diluted net loss per share | $(0.12) |  | GAAP |
| Non-GAAP gross margin | 38.4% | from 41.9% a year ago | non-GAAP |
| GAAP operating loss | $(79,189) |  | GAAP |
| GAAP operating cash flow | $7.2M |  | GAAP |
| Backlog | $3.57 billion | a 52% increase since end of Q2 2026 |  |
| Adjusted EBITDA | $(18,047) |  | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Product revenues | $197,487 |  |
| Service revenues | 70,347 |  |
| Total launch backlog | 117 launches | a new record |
| Neutron backlog | 16 missions |  |
| Spacecraft in development and build | More than 55 spacecraft |  |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | fourth quarter of 2026 | between $270 million and $290 million |
| GAAP gross margin | fourth quarter of 2026 | between 34% and 36% |
| Non-GAAP gross margin | fourth quarter of 2026 | between 39% and 41% |
| GAAP operating expenses | fourth quarter of 2026 | between $162 million and $168 million |
| Non-GAAP operating expenses | fourth quarter of 2026 | between $136 million and $142 million |
| Net interest income | fourth quarter of 2026 | $45 million |
| Adjusted EBITDA loss | fourth quarter of 2026 | between $14 million and $20 million |
| Stock-based compensation | fourth quarter of 2026 | $17 million to $19 million |

## Key takeaways

1. **Record revenue grew 73% year-on-year** Revenue reached $268 million, $34 million higher than Q2 2026. Product revenues were $197,487 thousand and service revenues $70,347 thousand.
2. **Backlog hit a record $3.57 billion** Backlog grew 52% since the end of Q2 2026. Nearly $1 billion came from new launch contracts and $470 million from Space Systems.
3. **Neutron demand rises but first launch slips** Over $515M in Neutron contracts lifted its backlog to 16 missions and the base price to $70 million for several. First launch is now targeted for no earlier than 2027.
4. **Losses persist despite positive operating cash flow** GAAP operating cash flow was positive at $7.2M, but the GAAP operating loss was $(79,189) thousand. Net loss included a $27,259 thousand loss on extinguishment of debt.
5. **Iridium deal funded; Q4 guided higher** Rocket Lab fully funded the pending Iridium acquisition through an ATM equity offering, and cash reached $4,447,665 thousand. Q4 revenue is guided to $270 million to $290 million.

## Questions

**What were Rocket Lab's Q3 2026 revenue and growth?** Revenue was a record $268 million, a 73% increase year-on-year and $34 million higher than Q2 2026.
**What is Rocket Lab's guidance for Q4 2026?** Management expects revenue between $270 million and $290 million, GAAP gross margins of 34% to 36%, and non-GAAP gross margins of 39% to 41%. It also expects an Adjusted EBITDA loss of between $14 million and $20 million.
**How large is Rocket Lab's backlog?** Backlog is a record $3.57 billion, up 52% since the end of Q2 2026. Total launch backlog is 117 launches, including 16 Neutron missions.
**Is Rocket Lab profitable?** No. The Q3 GAAP net loss was $(79,677) thousand, or $(0.12) per share, and Adjusted EBITDA was $(18,047) thousand. GAAP operating cash flow was positive at $7.2M.
**When will Neutron launch, and what is the status of the Iridium acquisition?** Neutron's first launch is targeted for no earlier than 2027. The Iridium acquisition is pending but fully funded, and Iridium shareholders approved it.