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 missions and five Neutron launches secured.

• Ended Q1 with over $2 billion in accessible liquidity, positioning for further growth, M&A, and strategic investments.

• Closed and announced multiple strategic acquisitions, including Motiv Space Systems, Mynaric, and GEOST LLC, expanding vertical integration and European footprint.

• Surpassed all guidance metrics including revenue, margin, and Adjusted EBITDA, with CEO compensation changes impacting results.

Financial highlights

• Q1 2026 revenue reached $200.3 million, up 63.5% year-over-year and 12% sequentially.

• Space Systems revenue was $136.7 million (+57% YoY); Launch Services revenue was $63.7 million (+79% YoY); gross margin improved to 38.2% (GAAP), non-GAAP gross margin was 43%.

• Net loss narrowed to $45.0 million from $60.6 million YoY; GAAP EPS loss improved to $0.07 per share.

• Adjusted EBITDA loss improved to $(11.8) million, better than guidance.

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

Outlook and guidance

• Q2 2026 revenue expected between $225 million and $240 million, with 16% sequential growth at midpoint.

• GAAP gross margin guidance: 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 $19M–$21M for Q2.