Rocket Lab (RKLB) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $200.3 million, up 63.5% year-over-year, driven by strong growth in both Launch Services and Space Systems, with six Electron launches completed and significant contract wins.

• Backlog reached a record $2.2 billion, up 20.2% sequentially, with 31 Electron/HASTE launches and 5 Neutron contracts signed.

• Ended Q1 with over $2 billion in liquidity, positioning for further growth, M&A, and ongoing investments in Neutron and new acquisitions.

• Expanded vertical integration and capabilities through acquisitions (Motiv Space Systems, SolAero, Mynaric, GEOST) and new product launches (electric propulsion thruster Gauss/OURS).

• Surpassed all guidance metrics including revenue, margin, and Adjusted EBITDA.

Financial highlights

• Q1 2026 revenue: $200.3 million (+63.5% YoY, +12% QoQ); Space Systems: $136.7 million (+57% YoY); Launch Services: $63.7 million (+79% YoY).

• GAAP gross margin: 38.2% (up from 28.8% YoY); Non-GAAP gross margin: 43%.

• Net loss narrowed to $45.0 million from $60.6 million YoY; EPS improved to $(0.07) from $(0.12).

• Adjusted EBITDA loss improved to $(11.8) million from $(30.0) million YoY.

• Cash and equivalents: $1.21 billion at quarter-end, with total liquidity exceeding $2 billion.

Outlook and guidance

• Q2 2026 revenue guidance: $225–$240 million; GAAP gross margin: 33%–35%; Non-GAAP: 38%–40%.

• Q2 adjusted EBITDA loss expected between $20 million and $26 million.

• Continued elevated capital expenditures and negative free cash flow expected due to Neutron development and scaling.

• Stock-based compensation expected at $19–$21 million for Q2.