RKLB

1. Key Historical Highlights

• November 10, 2025: Reported record Q3 2025 revenue of $155 million, up 48% year over year, with a record GAAP gross margin of 37%.
• November 05, 2025: Completed the 74th Electron mission deploying iQPS’s QPS-SAR-14 and signed a new agreement for six additional dedicated iQPS launches.
• October 22, 2025: Completed Systems Integration Review and finished the Photon spacecraft for NASA/Eta Space’s LOXSAT mission.
• October 14, 2025: Launched the 15th mission of 2025, deploying Synspective’s next-generation StriX satellite as the first of 21 new dedicated missions.
• October 10, 2025: Signed two dedicated Electron launches with JAXA for the Innovative Satellite Technology Demonstration Program.
• September 29, 2025: Secured a second Synspective deal for 10 additional dedicated Electron launches, bringing the total to 21 missions.
• August 28, 2025: Officially opened Launch Complex 3 at Wallops Island, Virginia, to support Neutron testing, launches, and landings.
• August 23, 2025: Completed Electron’s 70th mission and 12th of 2025 amid an accelerated launch cadence.
• August 22, 2025: Received a $23.9 million CHIPS Act award and announced expanded U.S. investments in space-grade semiconductor and electro-optical production.
• August 12, 2025: Completed the $275 million acquisition of Geost to add electro-optical/infrared sensing payload capabilities.
• August 07, 2025: Posted record Q2 revenue of $144 million with gross margin expansion and guided to another record quarter for Q3 2025.
• August 05, 2025: Executed the 69th Electron mission for iQPS, marking the fifth iQPS launch of 2025.
• July 10, 2025: Awarded a contract to modify Neutron’s ocean landing platform “Return On Investment” with delivery expected in early 2026.
• July 01, 2025: Completed Critical Design Review for the Space Development Agency’s T2TL-Beta program to deliver 18 spacecraft.
• June 28, 2025: Achieved two launches from the same site within 48 hours and completed the 68th Electron mission.
• June 26, 2025: Deployed four HawkEye 360 satellites on Electron’s 67th mission with another launch scheduled within 48 hours.
• March 27, 2025: On-ramped to the U.S. Space Force NSSL Phase 3 Lane 1 program with an initial $5 million task order.
• February 27, 2025: Introduced Flatellite, a mass-manufactured satellite platform tailored for large constellations.

2. Financial Performance Overview

• Revenue growth accelerated through 2025: Q1 $123 million (+32% YoY), Q2 $144–145 million (+36% YoY), Q3 $155 million (+48% YoY), with Q4 guidance of $170–$180 million.
• Gross margins improved meaningfully: GAAP GM was 28.8% in Q1 2025, 35–37% guidance achieved in Q2, and a record 37% in Q3 with Q4 expected at 37–39%.
• Profitability remains negative but trending better: 2024 net loss was $190.2 million; Q2 2025 operating loss was $59.6 million; Q3 2025 guided adjusted EBITDA loss was $21–$23 million as margins expand and scale improves.
• Liquidity strengthened: more than $1 billion of liquidity at Q3 2025 quarter-end supported by a $500 million ATM program and disciplined capital raises; backlog stood at ~$1.07 billion in Q1 2025.
• Capital deployment prioritized strategic assets: completed $275 million Geost acquisition, advanced Mynaric restructuring, and secured a $23.9 million CHIPS award to expand U.S. semiconductor and EO/IR capacity; Gap: Detailed capex and cash burn rate disclosures for Neutron development not provided.

3. Management Effectiveness

• Executing on strategy to be an end-to-end space company with vertical integration across launch, spacecraft, payloads, software, and semiconductor/solar components, evidenced by Flatellite, Photon, STARRAY, Frontier radios, and EO/IR via Geost.
• Demonstrated strong commercial momentum and adaptability with record launch cadence, multiple multi-launch contracts (Synspective 21 launches, iQPS expansions), and rapid-turn launches within 48 hours that reinforce operational maturity.
• Effective capital allocation and timing: used ATM proceeds to bolster liquidity above $1 billion while acquiring Geost and investing in U.S. manufacturing capacity aligned with national security demand signals.
• Program execution and schedule management: opened LC-3 in under two years, on-ramped to NSSL Phase 3, and secured NASA, ESA, JAXA, SDA, and USAF work; updated Neutron timing to vehicle arrival at LC-3 in Q1 2026 with first launch thereafter pending qualification, indicating transparent schedule control.
• Margin expansion reflects focus on mix and scale, with GAAP gross margin reaching a record 37% in Q3 2025 as launch cadence and space systems delivery grow; Evidence lacking: Clear roadmap to GAAP profitability and quantified Neutron unit economics.

4. Key Quotes from Management

• "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." — Sir Peter Beck, Founder and CEO, Rocket Lab (Rocket Lab Announces Third Quarter 2025 Financial Results, November 10, 2025)
• "Success in the space industry boils down to precision and repeatability." — Sir Peter Beck, Founder and CEO, Rocket Lab (Rocket Lab Successfully Deploys Sixth Earth-Imaging Satellite for iQPS, November 05, 2025)
• "Another Electron launch for Synspective with 100% mission success, and a fantastic start to an exciting run of upcoming launches to deploy their constellation." — Sir Peter Beck, Founder and CEO, Rocket Lab (Mission Success: Rocket Lab Launches Latest Satellite for Synspective, October 14, 2025)
• "Launch Complex 3 is our commitment to providing assured access to space and the launch site diversity that’s needed in the United States for its most important missions." — Sir Peter Beck, Founder and CEO, Rocket Lab (Rocket Lab Opens Launch Complex 3, A Critical Milestone On The Path To Neutron’s First Launch, August 28, 2025)
• "Rocket Lab has delivered impressive gross margin expansion and another record revenue result this past quarter, driven by our strong operational performance and program execution that has us on track for a record year of launches and spacecraft delivery." — Sir Peter Beck, CEO, Rocket Lab (Second Quarter 2025 Financial Results Announcement, August 07, 2025)
• "Rocket Lab has delivered a strong first quarter performance, with wins across our launch and space systems divisions reflected in our near-record $123 million revenue – at the top end of our guidance and a 32% increase year-on-year compared to Q1 2024." — Sir Peter Beck, CEO, Rocket Lab (First Quarter 2025 Financial Results Announcement, May 08, 2025)
• "Supporting assured access to space for the nation’s most important missions has always been the goal with our Neutron rocket, and we’re incredibly proud to be selected by the U.S. Space Force to demonstrate this commitment for the NSSL." — Sir Peter Beck, Founder and CEO, Rocket Lab (On-Ramping to U.S. Space Force’s National Security Space Launch Program, March 27, 2025)