Rocket Lab (RKLB) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $234.1 million, up 62% year-over-year and 16.8% sequentially, driven by strong growth in Space Systems and Launch segments, and supported by recent acquisitions including Mynaric, Motiv, and GEOST.

• Announced intent to acquire Iridium Communications, with a $3.6 billion bridge loan committed for financing, aiming to become a fully integrated space applications provider; deal expected to close in 2027 pending regulatory and shareholder approvals.

• Backlog reached $2.36 billion, up 6.1% sequentially and 137% year-over-year, with over $1 billion in new contracts signed in Q2 and Q3.

• Operational highlights include record contract wins, successful rapid-response missions, and expansion into the European market with the establishment of Rocket Lab Germany.

• CEO voluntarily cancelled unvested RSUs, redirecting compensation to R&D priorities.

Financial highlights

• Q2 2026 revenue: $234.1 million (+62% YoY); GAAP gross margin: 36.1%; non-GAAP gross margin: up to 43%.

• Q2 2026 net loss: $49.3 million, improved from $66.4 million in Q2 2025; adjusted EBITDA loss: $8.8 million, better than guidance.

• Cash and cash equivalents at June 30, 2026: $2.13 billion, with total liquidity including marketable securities and restricted cash at $2.4 billion.

• Backlog at June 30, 2026: $2.36 billion, up from $1.85 billion at year-end 2025.

• GAAP and non-GAAP SG&A and R&D expenses increased sequentially, primarily due to Mynaric integration and continued Neutron investment.

Outlook and guidance

• Q3 2026 revenue expected between $250 million and $265 million, with GAAP gross margin guidance of 29%–31% and non-GAAP margin of 35%–37%.

• Adjusted EBITDA loss projected between $17 million and $23 million for Q3 2026.

• Continued elevated cash outflows expected due to Neutron development and scaling.

• Approximately 45.5% of current backlog expected to convert to revenue in the next 12 months.

• Stock-based compensation expected to range from $18 million to $20 million in Q3 2026.