Rocket Lab (RKLB.US) Q3 revenue up 73% year-on-year, surpassing expectations, with backlog reaching $3.57 billions

According to Jinse Finance APP, after the US stock market closed on November 9 (early morning of November 10 Beijing time), Rocket Lab (RKLB.US) announced its results for the third quarter of 2026. The financial report shows that the company’s revenue was $268 million, an increase of approximately 73% year-on-year, reaching a record high. This exceeded the company’s previous guidance upper limit of $250 million to $265 million and the market consensus estimate of about $257 million. Loss per share was $0.12, $0.05 less than market expectations.

The GAAP net loss was $79.7 million, widening year-on-year, mainly due to a $27.3 million debt extinguishment loss, $21.3 million in transaction fees related to the acquisition of Iridium, and $3.5 million in tax expenses. Non-GAAP adjusted EBITDA loss was $18 million, within the guided range. GAAP operating cash flow turned positive to $7.2 million.

Of this, product revenue was $197.5 million and services revenue was $70.3 million. Orders became the biggest highlight. As of the end of September, backlog orders reached $3.57 billion, a 52% increase quarter-on-quarter, with a single-quarter increase of approximately $1.2 billion. Among them, new launch contract signings were around $1 billion, and space systems contracts totaled $470 million. Launch order backlog increased to 117 launches, setting a new record. CEO Peter Beck stated that Q3 was a "decisive quarter."

Strong demand for the new-generation reusable medium-lift rocket Neutron: Over $515 million in contracts were signed in Q3, covering 8 launches across 5 constellation operators. The baseline launch price was increased from $55 million to $70 million, reflecting customer confidence amid tightening industry capacity; its maiden flight is targeted not earlier than 2027.

Regarding space systems, 12 spacecraft manufactured by Rocket Lab have successfully entered orbit (including 8 for Globalstar, 2 for NASA Mars missions, US Space Force VICTUS HAZE, etc.), with over 55 other spacecraft under development. The acquisition of Iridium has completed ATM equity financing and received approvals from lenders and shareholders.

The company expects fourth-quarter revenue of $270 million to $290 million, non-GAAP gross margin of 39% to 41%, GAAP gross margin of 34% to 36%, and adjusted EBITDA loss of $14 million to $20 million.