LONG BEACH, Calif., Nov. 10, 2025 (GLOBE NEWSWIRE) — Rocket Lab Corporation (Nasdaq: RKLB) (“Rocket Lab”, “the Company”, “we,” “us,” or “our”), a global leader in launch services and space systems, today shared the financial results for fiscal third quarter ended September 30, 2025.
Rocket Lab founder and CEO, Sir Peter Beck, said: “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. With progress across our major space systems programs, record backlog of contracts for our launch services business, and well-timed, strategic M&A in growth areas that are well-aligned with next-generation defense programs like Golden Dome and the Space Development Agency’s future constellations, our momentum is strong and we’re poised to deliver long-term exciting growth.”
Business Highlights for the Third Quarter 2025, plus updates since September 30, 2025.
- Secured 17x Electron launch contracts in Q3, 2025 – a record-breaking quarter of dedicated launch contracts for our industry-leading small launch vehicle. Rocket Lab is also set to surpass its previous annual launch record in the fourth quarter, and remains on track to close out the year with 20+ launches.
- Successfully launched two back-to-back HASTE missions across the quarter at an unprecedented pace of delivery for the nation that supports critical advancements in hypersonic technology.
- Closed our acquisition of electro-optical and infrared sensor maker Geost for up to $325 million in a cash-plus-equity transaction, expanding our end-to-end capabilities for U.S. national security with launch, spacecraft, and now payloads. Other significant M&A activity for the quarter included the completed financial restructure of German laser communications company Mynaric as part of our intended acquisition process. Rocket Lab also exited the quarter with $1+ billion in liquidity following the Company’s recent at-the-market offering program, further strengthening our capital position to act decisively on our robust M&A pipeline.
- Officially opened Launch Complex 3, the test and launch site for the Company’s new medium-lift reusable rocket Neutron.
- Updating our Neutron schedule that has the rocket arriving at Rocket Lab Launch Complex 3 in Q1, 2026, with the first launch thereafter, pending the successful completion of the vehicle’s qualification testing and acceptance program.
Fourth Quarter 2025 Guidance
For the fourth quarter of 2025, Rocket Lab expects:
- Revenue between $170 million and $180 million.
- GAAP Gross Margins between 37% and 39%.
- Non-GAAP Gross Margins between 43% and 45%.
- GAAP Operating Expenses between $122 million and $128 million.
- Non-GAAP Operating Expenses between $107 million and $113 million.
- Expected Interest Income, net $3.5 million.
- Adjusted EBITDA loss of $23 million and $29 million.
- Basic Weighted Average Common Shares Outstanding of 571 million, including approximately 46 million of Series A Convertible Participating Preferred Shares.
See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q4 2025 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $15 million to $17 million in Q4 2025.
Conference Call Information
Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our third quarter, to provide our outlook for the fourth quarter, and other updates.
The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabcorp.com/
Rocket Lab Investor Relations Contact
Patrick Vorenkamp
investors@rocketlabusa.com
Rocket Lab Media Contact
Murielle Baker
media@rocketlabusa.com
About Rocket Lab
Rocket Lab is a leading space company that provides launch services, spacecraft, payloads and satellite components serving commercial, government, and national security markets. Rocket Lab’s Electron rocket is the world’s most frequently launched orbital small rocket; its HASTE rocket provides hypersonic test launch capability for the U.S. government and allied nations; and its Neutron launch vehicle in development will unlock medium launch for constellation deployment, national security and exploration missions. Rocket Lab’s spacecraft and satellite components have enabled more than 1,700 missions spanning commercial, defense and national security missions including GPS, constellations, and exploration missions to the Moon, Mars, and Venus. Rocket Lab is a publicly listed company on the Nasdaq stock exchange (RKLB). Learn more at www.rocketlabcorp.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations of financial results for the first quarter of 2025, launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development and anticipated timeline to launch, operational expansion and business strategy are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.investors.rocketlabcorp.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Use of Non-GAAP Financial Measures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:
Adjusted EBITDA
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.
Other Non-GAAP Financial Measures
Non-GAAP gross profit, gross margin, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.
ROCKET LAB CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(unaudited; in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024Revenues: Product revenues$104,042 $79,419 $277,571 $205,848 Service revenues 51,038 25,389 144,576 97,978 Total revenues 155,080 104,808 422,147 303,826 Cost of revenues: Cost of product revenues 72,841 58,448 188,402 153,215 Cost of service revenues 24,925 18,364 94,796 71,279 Total cost of revenues 97,766 76,812 283,198 224,494 Gross profit 57,314 27,996 138,949 79,332 Operating expenses: Research and development, net 70,694 47,723 191,937 126,139 Selling, general and administrative 45,589 32,172 124,808 91,445 Total operating expenses 116,283 79,895 316,745 217,584 Operating loss (58,969) (51,899) (177,796) (138,252)Other income (expense): Interest expense, net (590) (454) (5,547) (2,176)Gain (loss) on foreign exchange 388 (490) (235) (465)Other (expense) income, net (177) 1,848 (675) 3,152 Total other (expense) income, net (379) 904 (6,457) 511 Loss before income taxes (59,348) (50,995) (184,253) (137,741)Benefit (provision) for income taxes 41,091 (944) 38,966 (89)Net loss$(18,257) $(51,939) $(145,287) $(137,830)Net loss per share attributable to Rocket Lab Corporation: Basic and diluted$(0.03) $(0.10) $(0.28) $(0.28)Weighted-average common shares outstanding: Basic and diluted 528,725,980 497,701,715 516,560,266 493,976,025 ROCKET LAB CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(unaudited; in thousands, except share and per share values) September 30, 2025
(unaudited) December 31, 2024Assets Current assets: Cash and cash equivalents$807,875 $271,042 Marketable securities, current 168,865 147,948 Accounts receivable, net 59,086 36,440 Contract assets 52,785 63,108 Inventories 144,999 119,074 Prepaids and other current assets 82,813 55,009 Total current assets 1,316,423 692,621 Non-current assets: Property, plant and equipment, net 278,003 194,838 Intangible assets, net 231,984 58,637 Goodwill 217,709 71,020 Right-of-use assets – operating leases 90,844 53,664 Right-of-use assets – finance leases 14,022 14,396 Marketable securities, non-current 46,202 60,686 Restricted cash 4,835 4,260 Deferred income tax assets, net — 3,010 Other non-current assets 21,373 31,210 Total assets$2,221,395 $1,184,342 Liabilities and Stockholders’ Equity Current liabilities: Trade payables$61,229 $53,059 Accrued expenses 17,961 19,460 Employee benefits payable 82,174 20,847 Contract liabilities 208,243 216,160 Current installments of long-term borrowings 17,090 12,045 Other current liabilities 27,760 17,954 Total current liabilities 414,457 339,525 Non-current liabilities: Convertible senior notes, net 347,014 345,392 Long-term borrowings, net, excluding current installments 51,267 44,049 Non-current operating lease liabilities 86,505 51,965 Non-current finance lease liabilities 14,742 14,970 Deferred tax liabilities 3,007 891 Other non-current liabilities 23,417 5,097 Total liabilities 940,409 801,889 COMMITMENTS AND CONTINGENCIES Stockholders’ equity: Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 45,951,250 and 0 at September 30, 2025 and December 31, 2024, respectively 5 — Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 542,175,866 and 504,453,785 at September 30, 2025 and December 31, 2024, respectively; outstanding shares: 496,224,616 and 504,453,785 at September 30, 2025 and December 31, 2024, respectively 50 50 Treasury stock, at cost; shares: 45,951,250 and 0 at September 30, 2025 and December 31, 2024, respectively — — Additional paid-in capital 2,241,982 1,198,909 Accumulated deficit (958,988) (813,701)Accumulated other comprehensive loss (2,063) (2,805)Total stockholders’ equity 1,280,986 382,453 Total liabilities and stockholders’ equity$2,221,395 $1,184,342 ROCKET LAB CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(unaudited; in thousands) For the Nine Months Ended September 30, 2025 2024CASH FLOWS FROM OPERATING ACTIVITIES: Net loss$(145,287) $(137,830)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 29,191 24,516 Stock-based compensation expense 52,894 39,944 Loss (gain) on disposal of assets 2,356 (2,356)Loss on extinguishment of long-term debt — 1,330 Amortization of debt issuance costs and discount 2,551 2,272 Noncash lease expense 5,975 4,437 Change in the fair value of contingent consideration — (218)Accretion of marketable securities purchased at a discount (1,599) (2,272)Deferred income taxes (33,049) 2,310 Changes in operating assets and liabilities: Accounts receivable, net (19,442) 12,928 Contract assets 12,608 (36,510)Inventories (25,567) (7,118)Prepaids and other current assets (17,455) 1,951 Other non-current assets 10,132 544 Trade payables (1,634) 13,853 Accrued expenses 2,671 2,980 Employee benefits payables 43,417 3,525 Contract liabilities (9,187) 27,791 Other current liabilities (1,358) 4,088 Non-current lease liabilities (8,269) (4,321)Other non-current liabilities 62 1,653 Net cash used in operating activities (100,990) (46,503)CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, equipment and software (106,631) (45,539)Proceeds on disposal of assets, net 397 11,756 Cash paid for business combination, net of acquired cash (132,441) — Purchases of marketable securities (187,780) (149,548)Maturities of marketable securities 179,822 102,930 Sale of marketable securities 3,383 — Net cash used in investing activities (243,250) (80,401)CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from ATM Equity Offerings 865,453 — Issuance costs related to ATM Equity Offerings (20,134) — Proceeds from the exercise of stock options 2,539 2,074 Proceeds from Employee Stock Purchase Plan 7,751 4,098 Proceeds from sale of employees restricted stock units to cover taxes 80,659 14,991 Minimum tax withholding paid on behalf of employees for restricted stock units (65,672) (15,169)Purchase of capped calls related to issuance of convertible senior notes — (43,168)Proceeds from issuance of convertible senior notes — 355,000 Proceeds from secured term loans 26,716 — Repayments on secured term loan (15,103) (48,853)Payment of debt issuance costs (278) (12,205)Finance lease principal payments (197) (269)Net cash provided by financing activities 881,734 256,499 Effect of exchange rate changes on cash and cash equivalents (86) 763 Net increase in cash and cash equivalents and restricted cash 537,408 130,358 Cash and cash equivalents, and restricted cash, beginning of period 275,302 166,434 Cash and cash equivalents, and restricted cash, end of period$812,710 $296,792
ROCKET LAB CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(unaudited; in thousands)
The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.
Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024NET LOSS$(18,257) $(51,939) $(145,287) $(137,830)Depreciation 6,490 4,793 18,061 14,513 Amortization 5,236 3,302 11,130 10,003 Stock-based compensation expense 15,727 12,896 52,894 39,944 Transaction costs 5,118 23 11,504 407 Interest expense, net 590 454 5,547 2,176 Change in fair value of contingent consideration — — — (218)(Benefit) provision for income taxes (41,091) 944 (38,966) 89 (Gain) loss on foreign exchange (388) 490 235 465 Accretion of marketable securities and cash equivalents purchased at a discount (553) (666) (1,810) (2,272)Loss (gain) on disposal of assets 853 (1,164) 2,356 (2,356)Employee retention credit — — 515 — Loss on extinguishment of debt — — — 1,330 ADJUSTED EBITDA$(26,275) $(30,867) $(83,821) $(73,749) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024GAAP Gross profit$57,314 $27,996 $138,949 $79,332 Stock-based compensation 3,539 3,029 12,351 10,205 Amortization of purchased intangibles and favorable lease 4,126 1,763 7,772 5,247 Employee retention credit — — 278 — Non-GAAP Gross profit$64,979 $32,788 $159,350 $94,784 Non-GAAP Gross margin 41.9% 31.3% 37.7% 31.2% GAAP Research and development, net$70,694 $47,723 $191,937 $126,139 Stock-based compensation (5,588) (4,626) (16,055) (13,660)Amortization of purchased intangibles and favorable lease — (302) (329) (686)Employee retention credit — — (88) — Non-GAAP Research and development, net$65,106 $42,795 $175,465 $111,793 GAAP Selling, general and administrative$45,589 $32,172 $124,808 $91,445 Stock-based compensation (6,600) (5,241) (24,488) (16,079)Amortization of purchased intangibles and favorable lease (846) (960) (2,250) (3,274)Transaction costs (5,118) (23) (11,504) (407)Change in fair value of contingent consideration — — — 218 Employee retention credit — — (149) — Non-GAAP Selling, general and administrative$33,025 $25,948 $86,417 $71,903 GAAP Operating expenses$116,283 $79,895 $316,745 $217,584 Stock-based compensation (12,188) (9,867) (40,543) (29,739)Amortization of purchased intangibles and favorable lease (846) (1,262) (2,579) (3,960)Transaction costs (5,118) (23) (11,504) (407)Change in fair value of contingent consideration — — — 218 Employee retention credit — — (237) — Non-GAAP Operating expenses$98,131 $68,743 $261,882 $183,696 GAAP Operating loss$(58,969) $(51,899) $(177,796) $(138,252)Total non-GAAP adjustments 25,817 15,944 75,264 49,340 Non-GAAP Operating loss$(33,152) $(35,955) $(102,532) $(88,912) GAAP Total other (expense) income, net$(379) $904 $(6,457) $511 (Gain) loss on foreign exchange (388) 490 235 465 Loss (gain) on disposal of assets 853 (1,164) 2,356 (2,356)Loss on extinguishment of debt — — — 1,330 Non-GAAP Total other income (expense), net$86 $230 $(3,866) $(50)
