Rocket Lab USA Inc.Record revenue but Neutron launch timing slips and weak margin guidance disappoint.

Rocket Lab Corporation reported record second-quarter revenue of $234 million, up 62% year over year, but shares fell as management signaled the Neutron rocket's first launch could slip into 2027. The company now targets delivering Neutron to the launch pad in the fourth quarter of 2026, rather than launching in that quarter, with CEO Peter Beck acknowledging the window for a year-end launch is narrowing. Rocket Lab also forecast third-quarter GAAP gross margin of 29% to 31%, below the 37.6% analyst estimate compiled by LSEG, and an adjusted EBITDA loss between $17 million and $23 million. Space Systems generated $189.5 million, or 81% of revenue, while Launch Services contributed $44.6 million, and the company ended June with a record $2.36 billion backlog, up 137% year over year. Management expects third-quarter revenue between $250 million and $265 million, and the company signed more than $1 billion of new contracts across the second quarter and the period through the earnings date.
Rocket Lab USA Inc.Record revenue but Neutron launch timing slips and weak margin guidance disappoint.