What factors drove the changes in Rocket Lab's revenue and profit?

What were the key takeaways from Rocket Lab's earnings call?

What is the market's earnings forecast for Rocket Lab next quarter?

Did Rocket Lab beat or miss consensus estimates last quarter?

What is Rocket Lab's gross profit margin?

What is Rocket Lab's latest dividend and current dividend yield?

What were the key takeaways from Rocket Lab’s earnings call?

What is the revenue and EPS growth rate for Rocket Lab year over year?

- **Revenue Surge**: Q3 2025 revenue up 48% YoY to $155M, driven by Space Systems growth and Launch cadence improvements. North American market recovery and AI investments were key.
- **Neutron Milestones**: First flight in early 2026, with 3-5 launches in 2026 and 7+ in 2027. $250-300M budget for R&D and production, emphasizing rigorous testing.
- **Financial Strength**: Non-GAAP gross margin of 41%, with Q4 guidance for 37-39% GAAP margin. Free cash flow negative due to Neutron spending, but strong government contract collections.
- **Strategic Moves**: M&A focused on payload ownership (e.g., GEOs, Mynaric). Long-term vision for end-to-end space solutions, including potential constellations.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $155 million, up 48% YoY and 7% QoQ, driven by Space Systems ($114.2M, +16.7% QoQ) and Launch ($40.9M, -12.3% QoQ due to delayed launches). North American market recovery and AI investments were key drivers.
- **Gross Margin**: Q3 GAAP gross margin was 37%, with non-GAAP at 41%, benefiting from higher-margin Space Systems contracts and launch cadence improvements.
- **Neutron Development**: First flight targeted for early 2026, with 3-5 launches in 2026 and 7+ in 2027. Emphasis on rigorous testing and reliability, with $250-300M budget for R&D and production.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Launch segment ($40.9M) impacted by delayed missions, while Space Systems ($114.2M) saw growth in satellite manufacturing and components. Backlog stood at $1.1B (Q3 2025), with 48% in Launch and 52% in Space Systems.
- **Margins and Expenses**: GAAP operating expenses were $116.3M (vs. $104-109M guidance), driven by Neutron R&D. Non-GAAP expenses were $98.1M, up 10% QoQ due to headcount and test facility expansion.
- **Cash Flow**: Free cash flow negative due to Neutron development, but $23.5M in operating cash flow from government contracts. Q4 2025 guidance: $170-180M revenue, 37-39% GAAP gross margin, and $122-128M operating expenses.

**【Q&A Highlights】**
- **Backlog Growth**: Q3 2025 bookings surged 48% YoY, with 17 new Launch contracts and multi-year Space Systems agreements. Customers prioritizing bulk purchases for Electron (e.g., 5+ launches at once).
- **Neutron Cadence**: First flight in early 2026, with 3-5 launches in 2026 and 7+ in 2027. Test launch as R&D, followed by commercial missions. Peak R&D spending in Q4 2025, tapering post-launch.
- **M&A Strategy**: Acquisitions like GEOs and Mynaric expand access to defense payloads and space infrastructure. Focus on tuck-in deals for payload ownership and end-to-end space solutions.
- **Government Shutdown Impact**: Minimal cash flow disruption; SDA payments continued despite shutdown. Long-term contracts (e.g., FDA Tranche-3) remain on track.
- **Gross Margin Targets**: Launch business (45-50% non-GAAP), Space Systems (30-40% non-GAAP), with Neutron expected to match Electron margins over time.

Rocket Lab USA, Inc.(RKLB)-20251111-2025 Q3 Earnings call transcript

- **Revenue Record**: Q2 2025 revenue of $144.5M (+36% YoY) driven by Space Systems and Launch Services growth.
- **Neutron Milestones**: Launch Complex 3 nearing completion; engine testing accelerates with 3-4 hot fires/day.
- **Strategic Acquisitions**: Geost and Mynaric acquisitions to enhance missile warning and optical communications capabilities.
- **Government Contracts**: $515M SDA contract secured; Golden Dome program positions for largest DoD contract in history.
- **Electron Cadence**: 69th launch completed; 20+ launches expected in 2025, including 3 HASTE missions.
- **Gross Margin Expansion**: Non-GAAP 36.9% Q2, targeting 40-45% with Space Systems vertical integration.
- **Cash Position**: $754M liquidity; negative free cash flow expected through 2025 due to Neutron development.


**【CEO Summary Section】**
- **Record Revenue Growth**: Q2 2025 revenue reached $144.5 million, up 36% YoY, driven by Space Systems and Launch Services segments.
- **Neutron Progress**: Launch Complex 3 nearing completion; engine testing at 3-4 hot fires/day, with FCC license and FAA approval secured.
- **Strategic Acquisitions**: Geost acquisition nearing close, adding missile warning payloads; Mynaric acquisition to enhance optical communications.
- **Government Contracts**: Secured $515 million SDA contract for 18 spacecraft; Golden Dome program could be largest DoD contract in history.
- **Electron Momentum**: 69th launch completed; 20+ launches expected in 2025, including 3 HASTE missions.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Space Systems ($97.9M, 12.5% QoQ), Launch Services ($6.6M, 31.1% QoQ).
- **Gross Margins**: GAAP 32.1%, Non-GAAP 36.9%, driven by higher Electron ASP and component sales mix.
- **Backlog**: $1B total, 41% launch-related; 58% of backlog expected to convert within 12 months.
- **Operating Expenses**: GAAP $106M, Non-GAAP $86.9M, up due to Neutron R&D and production scaling.
- **Cash Position**: $754M, supported by $303.8M ATM offering; negative free cash flow expected to continue through 2025.

**【Q&A Highlights】**
- **Neutron Engine Performance**: Archimedes engine testing at full mission duration; reusability focus for Stage 1 (10-20 flights).
- **Backlog Dynamics**: Launch backlog growing; Space Systems bookings lumpy but healthy.
- **SDA Tranche 3**: Potential $1B+ contract; SDA Tranche 2 revenue expected to ramp in 2025-2026.
- **Neutron Pricing**: ASP similar to Falcon 9; no discounting despite competition.
- **Space Systems Margins**: Target 40-45% achievable with subsystems and payloads vertical integration.


Rocket Lab Corporation (RKLB) Q2 2025 Earnings Call Transcript

- **Revenue Record**: Q1 2025 revenue of $122.6M (+32% YoY) driven by launch cadence and space systems scale.
- **Neutron Momentum**: 2nd stage qualification complete; targeting H2 2025 first flight with $5.6B NSSL Phase 3 opportunity.
- **Mynaric Acquisition**: Enhances laser comms capabilities, with European expansion and Constellation integration potential.
- **Profitability Expansion**: Non-GAAP gross margin 33.4%, Q2 targeting 34-36% as launch ASP and cadence improve.
- **Cash Strength**: $517M liquidity supports Neutron development and strategic M&A execution.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q1 2025 revenue reached $122.6 million, up 32% YoY, driven by strong demand across launch and space systems.
- **Electron Launch Success**: Executed 5 missions with 100% success, including 3 launches within 13 days, demonstrating operational reliability.
- **Neutron Milestones**: Completed second stage qualification testing and targeting first flight in H2 2025. Secured $5.6 billion NSSL Phase 3 contract opportunity.
- **Strategic Acquisitions**: Announced intent to acquire Mynaric for laser-based satellite communications, expanding European presence and Constellation capabilities.
- **Hypersonic Growth**: Booked 7 HASTE missions for DOD's MACH-TB program, solidifying leadership in hypersonic flight testing.

**【CFO Financial Commentary】**
- **Profitability Expansion**: GAAP gross margin 28.8%, Non-GAAP 33.4%, both above guidance, reflecting improved launch ASP and scale efficiencies.
- **Q2 Outlook**: Revenue expected $130-140 million (10% QoQ growth), with GAAP/Non-GAAP gross margins targeting 30-32% and 34-36%.
- **Cash Position**: $517 million in liquidity post-ATM equity raise, supporting Neutron development and Mynaric acquisition.
- **Operating Expenses**: Q1 R&D spend increased 6.9% QoQ to $61.4 million, driven by Neutron propulsion and mechanical systems testing.

**【Q&A Highlights】**
- **Mynaric Integration**: Production constraints will be addressed by Rocket Lab's manufacturing expertise, targeting high-margin terminal production.
- **Neutron Cash Impact**: Elevated free cash flow use ($40-80M/Q2) due to long-lead component purchases, expected to moderate post-first flight.
- **Trade Environment Resilience**: Minimal tariff exposure due to U.S./NZ supply chain, with 90%+ Space Systems components domestically sourced.
- **Constellation Strategy**: Balancing government and commercial opportunities, prioritizing large-scale programs with strategic technology integration.


Rocket Lab USA (RKLB)-8 May 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: Q4 2024 revenue up 121% YoY to $132M, full-year $436M (78% YoY). Space Systems Q4 revenue $90M, +7% QoQ.
- **Launch Dominance**: 16 successful 2024 launches, 20+ 2025 missions. Neutron first flight H2 2025, targeting orbit success.
- **Cost Efficiency**: Q4 Non-GAAP gross margin 34%, with 2025 margin expansion via higher ASP Electron cadence.
- **Flatellite Innovation**: Low-cost, high-volume satellite design for Neutron, enabling 2-4 satellites per launch.
- **Cash Resilience**: $484M cash, Q1 2025 free cash flow use $23.9M, with Neutron infrastructure driving near-term consumption.


**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 revenue reached $132 million, up 121% YoY, with full-year revenue of $436 million (78% YoY growth). Space Systems contributed $90 million in Q4, up 7% sequentially.
- **Launch Momentum**: 16 launches in 2024 (100% mission success), including 2 HASTE missions. 2025 manifest includes over 20 Electron/HASTE missions. Neutron targeting first launch in H2 2025.
- **Strategic Progress**: Signed $450M+ new contracts, backlog exceeds $1B. Flatellite satellite design announced for high-volume, low-cost constellation deployment.

**【CFO Financial Commentary】**
- **Gross Margin**: Q4 GAAP gross margin 27.8%, Non-GAAP 34%. Full-year GAAP 26.6%, Non-GAAP 32%.
- **Cash Position**: $484M in cash as of Q4, with free cash flow use of $23.9M. Q1 2025 revenue guidance $117-123M, GAAP gross margin 25-27%, Non-GAAP 30-32%.
- **OpEx Growth**: Q4 GAAP OpEx $88.4M (+39% YoY), driven by Neutron development. R&D headcount 828, up 52 QoQ.

**【Q&A Key Questions】**
- **Neutron Timeline**: First launch in H2 2025, with success defined as reaching orbit. Reusability testing planned for 2026+.
- **Flatellite Design**: Low-cost, stackable design for Neutron, enabling 2-4 satellites per launch. Targeting 1-2 satellites/day production scale.
- **Cash Management**: Q1 2025 cash consumption expected to double due to Neutron infrastructure and SDA program milestones.
- **Market Mix**: 70-30 split between government and commercial Space Systems revenue, with 80%+ commercial revenue tied to defense applications.


RKLB

RKLB fundamentals

Earnings Call

You can ask Aime