Rocket Lab (RKLB) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $602 million in 2025, up 38% year-over-year, and record Q4 revenue of $180 million, up 36% from Q4 2024.

• Q4 backlog reached $1.85 billion, a 73% increase year-over-year, driven by major contract wins, including the $816 million SDA Tranche 3 award.

• Set a new annual launch record with 21 missions in 2025, including 7 in Q4, all with 100% mission success, and signed over 30 new launches.

• Major milestones included the ESCAPADE Mars mission for NASA, introduction of space-optimized silicon solar arrays, and expansion through acquisitions.

• Neutron development progressed, but first launch delayed to Q4 2026 due to a stage one tank issue and subsequent design changes.

Financial highlights

• Q4 2025 GAAP gross margin was 38%, with non-GAAP gross margin at 44.3%; full-year GAAP gross margin was 34.4%, non-GAAP 39.7%.

• Q4 GAAP operating expenses were $119.3 million; non-GAAP operating expenses were $104.5 million.

• Adjusted EBITDA loss for Q4 was $17.4 million, and for 2025 was $101.2 million, both improved from prior periods.

• Q4 GAAP EPS loss was $0.09 per share; Q4 net loss was $52.9 million; full year net loss was $198.2 million.

• Ended Q4 with $1.1 billion in cash, marketable securities, and restricted cash, up from $271 million at prior year-end.

Outlook and guidance

• Q1 2026 revenue expected between $185 million and $200 million, up 7% sequentially and 57% year-over-year.

• Q1 GAAP gross margin guidance: 34%-36%; non-GAAP: 39%-41%, with a modest sequential decline due to mix.

• Q1 adjusted EBITDA loss expected between $21 million and $27 million.

• Q1 GAAP operating expenses projected at $120 million–$126 million; non-GAAP $106 million–$112 million.

• Neutron’s first launch now targeted for Q4 2026 after a stage one tank issue; subsequent launches expected to follow more rapidly.