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Dec 31, 2025
Rocket Lab Q4 2025 Earnings Report
Rocket Lab reported record fourth quarter 2025 revenue with continued backlog growth and increased launch cadence.
Key Takeaways
Revenue increased to 179652000, up approximately 36% year over year, driven by growth in both space systems and launch services. The company posted a net loss of 52922000 while continuing to invest in Neutron development and expanding backlog to 1850000000.
Revenue grew to 179652000, up from 132388000 in Q4 2024.
Gross profit increased to 68232000 from 36817000 year over year.
Adjusted EBITDA loss improved to -17369000 from -23194000.
Seven Electron launches were completed in the quarter.
Revenue by Segment
Forward Guidance
For Q1 2026, Rocket Lab expects revenue between 185000000 and 200000000, GAAP gross margins between 34% and 36%, and adjusted EBITDA loss between 21000000 and 27000000.
Positive Outlook
- Q1 2026 revenue expected between 185000000 and 200000000.
- Non-GAAP gross margin expected between 39% and 41%.
- Backlog reached 1850000000, up 73% year over year.
- Neutron development milestones progressing toward first launch in Q4 2026.
- Interest income expected at 8000000 in Q1 2026.
Challenges Ahead
- Adjusted EBITDA expected to remain negative in Q1 2026.
- GAAP operating expenses projected between 120000000 and 126000000.
- GAAP gross margin expected between 34% and 36%.
- Continued investment in Neutron development impacting profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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