RKLB · Rocket Lab USA, Inc.

Rocket Lab delivered a standout first quarter in 2026, with revenue of $200.3 million surpassing all guidance metrics and representing a 63.5% year-over-year increase. The company achieved a record GAAP gross margin of 38.2%, reflecting improved operational efficiency and scale. Net loss narrowed to $45.0 million from $60.6 million in the prior year, driven by higher gross profit and increased interest income. Management attributed the strong performance to record launch contracts (31 Electron/HASTE and 5 Neutron signed in Q1), strategic acquisitions (Mynaric closed, Motiv announced), and key program wins including the Golden Dome Space Based Interceptor program with Raytheon. The backlog reached a record $2.2 billion, up 20.2% sequentially. For Q2 2026, Rocket Lab guided revenue between $225 million and $240 million, implying continued sequential growth, with GAAP gross margins expected to moderate to 33%-35% and Adjusted EBITDA loss of $20-$26 million. The company ended the quarter with over $1.2 billion in cash and equivalents, providing ample liquidity for organic growth and M&A. The strong execution and robust pipeline position Rocket Lab for sustained growth, though investors should monitor margin trends and the pace of Neutron development.