Rocket Lab (RKLB) investor relations material

Executive summary

• Achieved record Q3 2025 revenue of $155.1 million, up 48% year-over-year, driven by strong launch cadence, space systems growth, and 17 Electron launch contracts signed in the quarter.

• GAAP gross margin reached a record 37%, with non-GAAP gross margin at 41.9%, both at or above guidance.

• Backlog reached $1.1 billion, with 49 launches on contract and 57% expected to convert to revenue within 12 months.

• Expanded end-to-end capabilities through the acquisition of GEOST and progress toward Mynaric acquisition, enhancing payload and sensor offerings.

• Advanced Neutron rocket development, with Launch Complex 3 opened and first launch targeted for 2026.

Financial highlights

• Q3 2025 revenue: $155.1 million, up 48% year-over-year and 7.3% sequentially; gross profit: $57.3 million (37% margin); non-GAAP gross profit: $65.0 million (41.9% margin).

• Q3 2025 net loss: $18.3 million, improved from $51.9 million in Q3 2024; EPS loss: $0.03 per share.

• Adjusted EBITDA loss: $26.3 million, slightly below guidance due to higher Neutron development expenses.

• Ended Q3 with over $1 billion in liquidity, including $807.9 million in cash and $215.1 million in marketable securities.

• Raised $468.8 million through at-the-market equity offering and $355 million in convertible notes, with $192 million converted to equity post-quarter.

Outlook and guidance

• Q4 2025 revenue expected between $170 million and $180 million, with year-over-year growth in both launch and space systems.

• GAAP gross margin guidance: 37%–39%; non-GAAP: 43%–45%.

• Adjusted EBITDA loss expected between $23 million and $29 million; negative free cash flow to remain elevated due to Neutron investments.

• GAAP operating expenses projected at $122–$128 million; non-GAAP at $107–$113 million.

• Anticipate shift in spending from R&D to flight inventory as Neutron nears first launch.