Key Takeaways:
- Q2 revenue of $234.1 million, up 62% year over year, a quarterly record
- Backlog reached $2.36 billion, up 137% from a year earlier
- Q3 revenue guided to $250-265 million, another record quarter
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Rocket Lab posts record $234M revenue as backlog hits $2.36B
Rocket Lab reported Q2 revenue of $234.1 million, up 62% year over year and above the $232 million consensus, as backlog hit a record $2.36 billion.
"Q2 was another fantastic quarter for Rocket Lab, highlighted by record results and massive momentum that has continued well after the close," founder and CEO Sir Peter Beck said.
Net loss narrowed to $49.3 million, or 8 cents a share, from $66.4 million, or 13 cents, a year earlier. Product revenue rose 96% to $181.3 million, while service revenue was $52.7 million. Gross profit climbed to $84.6 million from $46.4 million, and the adjusted EBITDA loss narrowed to $8.8 million from $27.6 million.
Backlog rose 137% year over year to $2.36 billion, and the company said it has signed more than $1 billion in new launch and space systems contracts in Q3 to date. Rocket Lab secured more than $437 million in new launch contracts across Electron, HASTE, and Neutron during Q2 and after the quarter, lifting its launch backlog past 90 missions.
The company closed its acquisitions of Mynaric and Motiv and announced a deal to acquire Iridium Communications, moves Beck said would make Rocket Lab a "self-launching, tier-1 space power." Cash and cash equivalents rose to $2.13 billion, supported by $1.53 billion of at-the-market equity offering proceeds. A $397 million contract to build and launch Flatellite spacecraft for the U.S. Space Force's SB-AMTI program is among the recent wins.
For Q3, Rocket Lab guided revenue of $250 million to $265 million, with GAAP gross margins of 29 percent to 31 percent and an adjusted EBITDA loss of $17 million to $23 million. The company reiterated its target to deliver Neutron's Stage 1 tank to the launch pad in Q4 2026, with the medium-lift rocket's inaugural flight expected around year-end.
Shares fell 2.6 percent to $78.00 after the release, giving the company a market value of about $48.7 billion. The stock remains roughly 45 percent below its May high of $151, though analysts carry a Strong Buy consensus with an average price target near $110.
The record backlog and Q3 guidance point to sustained revenue growth, but the widening share count — basic weighted-average shares rose to 629.7 million from 515.1 million — and continued losses keep the profitability debate alive. Investors will watch the Neutron debut, targeted for Q4 2026, as the next catalyst.
This article is for informational purposes only and does not constitute investment advice.
[1] Rocket Lab Narrows Loss As Revenue Climbs[2] Rocket Lab Announces Deal to Acquire Iridium for Global Communications[3] Rocket Lab Q2 Revenue Rises 62% YoY to Quarterly Record as Backlog Rises to $2.36 Billion[4] Rocket Lab Announces Second Quarter 2026 Financial Results: Posts Record Revenue and Record Backlog, Guides To Another Record Revenue Quarter in Q3 2026 - The Globe and Mail[5] Rocket Lab Set to Extend Revenue Streak as Wall Street Eyes $232 ...
