Rocket Lab (RKLB) 21st Annual Needham Technology, Media, & Consumer Conference summary

Launch business performance and growth

• Electron launch cadence is increasing, with 21 launches last year and further growth expected this year, supporting margin improvements.

• HASTE missions, focused on hypersonics R&D, now represent about 20% of launches and command higher ASPs.

• A major MACH-TB program booking for 20 launches was secured, alongside three launches with Anduril.

• Revenue recognition for HASTE missions is over time, adding volatility to quarterly revenue but smoothing out annually.

• 31 launches were booked in the quarter, including five Neutron bookings, reflecting strong demand.

Neutron rocket development and financial impact

• Maiden Neutron launch is targeted for Q4, with successful test flight unlocking further backlog and NSSL program participation.

• Initial Neutron launches will have low or negative gross margins, improving with cadence and reusability.

• Positive adjusted EBITDA is expected the quarter after a successful test flight, with positive cash flow trailing by 18–24 months due to fleet build-out.

• By 2028, five Neutron flights are anticipated, enabling rapid reuse and margin expansion.

• Neutron is positioned competitively against Falcon 9, with pricing advantages and focus on medium-lift market.

Space systems and contract execution

• Execution is strong on the $515M SDA Tranche 2 contract, with layering into the larger $816M Tranche 3 award.

• Linear growth in contract awards is providing more predictable revenue, offsetting volatility in launch.

• Early win in the Golden Dome program with Raytheon partnership, targeting a large potential opportunity.