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Company Research9 Dec 2024
Rocket Lab: Breaking Ground in Space
Rocket Lab has been one of the pioneers in the commercial aerospace industry, with numerous satellite launches and space system applications.
Rocket Lab USA (RKLB) investor relations material
Rocket Lab USA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue reached $144.5M, up 36% year-over-year, driven by strong launch cadence and space systems growth, with five Electron launches and new contracts with ESA and NASA.
Progressed Neutron reusable rocket development, with infrastructure and manufacturing scaling for multiple vehicles and first launch targeted by year-end.
Announced $275M acquisition of GEOST (plus up to $50M earnout), expanding payload and national security capabilities; closing expected H2 2025.
Prime contractor status for SDA constellation, with $515M contract for 18-spacecraft Tranche 2 and continued leadership in responsive launch and space systems.
Expansion of facilities in Arizona and Virginia, with global headcount exceeding 2,600.
Financial highlights
Q2 2025 revenue: $144.5M (+36% YoY, +17.9% QoQ); Space Systems: $97.9M (+27% YoY), Launch Services: $46.6M (+59% YoY).
GAAP gross margin: 32.1% (up from 25.6% YoY); non-GAAP gross margin: 36.9% (up from 30.7% YoY).
Adjusted EBITDA loss: $27.6M, improved sequentially; GAAP operating loss: $59.6M; net loss: $66.4M.
Cash, cash equivalents, and marketable securities at June 30, 2025: $749.3M.
Backlog at $1B, with 58% expected to convert to revenue within 12 months.
Outlook and guidance
Q3 2025 revenue expected between $145M–$155M; GAAP gross margin 35–37%, non-GAAP 39–41%.
Q3 adjusted EBITDA loss guided to $21M–$23M; operating expenses to rise modestly, mainly for Neutron development.
Free cash flow expected to remain negative and elevated through 2026, with positive free cash flow more likely in 2027.
GEOST acquisition anticipated to close in H2 2025, with up to $50M in earnout payments tied to 2026–2027 revenue targets.
58% of backlog expected to convert to revenue within 12 months.
How will Geost acquisition enhance defense contracts?
What is driving the gross margin expansion?
When is Launch Complex 3 expected to open?
How does Golden Dome affect Rocket Lab?
What drove Electron's ASP this quarter?
When might Rocket Lab launch a constellation?
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Next Rocket Lab USA earnings date
Q3 202511 Nov, 2025
Next Rocket Lab USA earnings date
Q3 202511 Nov, 2025
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Frequently asked questions
Rocket Lab USA, Inc. is a space company headquartered in California with operations in New Zealand, the United States, and the Marshall Islands. It provides launch services and space systems solutions for the space and defense industries.
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