Rocket Lab USA, Inc.

First-quarter 2026 revenue was a record $200.3 million, up 63.5% year over year and nearly 12% sequentially. Space Systems revenue was $136.7 million, up 57.2% year over year and 31.7% sequentially, while Launch Services revenue was $63.7 million, up 78.9% year over year but down 16.1% sequentially. GAAP gross margin was 38.2% and non-GAAP gross margin was 43%; GAAP EPS was a loss of $0.07 per share. Backlog ended Q1 at approximately $2.2 billion, and cash, cash equivalents, restricted cash and marketable securities were about $1.48 billion. For Q2, Rocket Lab guided revenue to $225 million-$240 million, GAAP gross margin to 33%-35%, non-GAAP gross margin to 38%-40%, GAAP operating expenses to $138 million-$144 million, non-GAAP operating expenses to $120 million-$126 million, adjusted EBITDA loss to $20 million-$26 million, and net interest income of $12.5 million.

Peter Beck framed the quarter as evidence that Rocket Lab is becoming an end-to-end space company, emphasizing vertical integration across launch, spacecraft, and subsystems. He highlighted record launch contracting, HASTE demand tied to hypersonic testing and Golden Dome-related work, and multiple strategic wins in national security and civil space. His tone was upbeat and confident, especially on Neutron, where he said the manifest is filling and the company is staying disciplined on pricing rather than discounting.

Adam Spice said the quarter beat guidance on revenue, margins and adjusted EBITDA, with gross margin strength helped by solar products and launch. He pointed to the mix shift toward Space Systems and lower launch mix as the main reason Q2 gross margins guide lower, while noting launch margins should expand as cadence improves. On the balance sheet, he cited roughly $1.48 billion of liquidity, $450.4 million from ATM sales during the quarter, another $24 million raised in April, and a forward transaction floor of $474 million; he also noted capped call proceeds tied to 2024 convertibles and said total liquidity exceeds $2 billion. He also flagged that capex and cash consumption should stay elevated due to Neutron development, SDA programs and inventory build.

Analysts focused heavily on Neutron timing, pricing, customer reception and what milestones still need to be watched before first flight. Management said the key items are continued testing of large vehicle components on test stands, with first launch still targeted for later this year, but they would not narrow timing to early or late Q4. On pricing, Beck said Rocket Lab will not discount Neutron to fill the manifest, and Spice said they expect an upward bias in ASP over time as cadence and credibility build. Questions also centered on the new acquisitions and Golden Dome/SBI opportunities, where management described the addressable market as very large but gated by procurement milestones and program execution.