EX-99.1 2 rklb-02262026ex991.htm EX-99.1 Document
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Exhibit 99.1
Rocket Lab Announces Fourth Quarter and Full Year 2025 Financial Results, Posts Record Quarterly Revenue of $180M, Record Annual Revenue of $602M, Delivering Annual Growth of 38% and Growing Backlog 73% Year-on-Year to $1.85B
Guides to record Q1 revenue of $185M - $200M, representing year-on-year growth of 57% at the midpoint of the range
Long Beach, California. February 26, 2026 – Rocket Lab Corporation (Nasdaq: RKLB) (“Rocket Lab”, “the Company”, “we,” “us,” or “our”), a global leader in launch services and space systems, today shared the financial results for fiscal fourth quarter and full year ended December 31, 2025.

Rocket Lab founder and CEO, Sir Peter Beck, said: “2026 was a record-breaking year for Rocket Lab financially and operationally. We delivered record quarterly revenue of $180 million, which brought our full year revenue to a record $602 million, representing 38% growth year on year. We reached a new annual launch record, flying 21 missions across Electron and HASTE with a 100% success rate for the year, and also reached significant qualification milestones in the development of Neutron, our new medium-lift launch vehicle. At the same time we were awarded Rocket Lab’s largest single contract to date, an $816 million contract from the Space Development Agency to design and manufacture 18 satellites for the Tracking Layer Tranche 3 program under the Proliferated Warfighter Space Architecture. It was also the quarter in which two spacecraft we built for NASA and the University of California Berkeley were successfully launched toward Mars for the historic ESCAPADE mission, proving Rocket Lab can deliver decadal class science missions on rapid timelines for a fraction of the cost of traditional interplanetary programs. We ended the year with a record $1.85 billion in backlog, representing 73% year-on-year growth, a figure we look forward to building upon in 2026.”
Business Highlights for the Fourth Quarter 2025, plus updates since December 31, 2025.
•Launched seven missions in Q4 2025, a new quarterly record, and also achieved a new annual launch record with 21 Electron missions flown in 2025 with 100% mission success. Three of these 2025 launches were HASTE (Hypersonic Accelerator Suborbital Test Electron) missions delivering hypersonic suborbital test launch capability, a key priority for the Department of War needed to support initiatives such as Golden Dome.
•Signed more than 30 new launch contracts in 2025 with a diverse customer base spanning U.S. national defense and security, commercial constellations, and new and returning customers.
•Awarded $816m prime contract by the Space Development Agency to design and build a constellation of 18 advanced missile warning, tracking, and defense spacecraft. The contract further cements Rocket Lab’s position as the disruptive and preferred new prime, winning contracts historically reserved for legacy aerospace contractors.
•Twin spacecraft designed, built, and operated by Rocket Lab were successfully launched for NASA and University of California Berkeley’s ESCAPADE mission to Mars.
•Completed production of LOXSAT, an advanced spacecraft designed and built by Rocket Lab to enable an on-orbit cryogenic fueling demonstration for NASA.
•Introduced new advanced silicon solar arrays to power gigawatt-scale space-based data centers spanning kilometers in orbit, harnessing infinitely abundant solar energy to support surging A.I. and compute demand on Earth.
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•Acquired Optical Support Inc, a leader in design and manufacture of custom, high-precision optical and optomechanical instruments. It’s the latest move in Rocket Lab’s vertically integration strategy, bringing high-performance optical payload technology into the Company to unlock high value national security and commercial spacecraft opportunities.
•Acquired Precision Components Limited, expanding Rocket Lab’s high volume, precision manufacturing capabilities.
•Selected by the Missile Defense Agency for the Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) program, positioning Rocket Lab to compete for future launch and space systems contracts up to a total of $151 billion to deliver capabilities to the warfighter with increased agility.
•Welcomed Secretary of War Pete Hegseth to Rocket Lab’s Engine Development Complex in Long Beach as part of the Arsenal of Freedom Tour, highlighting the critical support Rocket Lab provides for defense and national security priorities.
•Successfully qualified Neutron’s Hungry Hippo fairing and delivered it to the Assembly and Integration Complex in Virginia ready for final integration and end-to-end systems testing.
•Completed successful qualification for Neutron’s thrust structure and entered qualification phase for the interstage, both critical development milestones for the Neutron development program.
•Updated the Neutron development schedule following the stage 1 tank test failure, with Neutron’s first launch now targeted for Q4 2026.

First Quarter 2026 Guidance
For the first quarter of 2026, Rocket Lab expects:
•Revenue between $185 million and $200 million.
•GAAP Gross Margins between 34% and 36%.
•Non-GAAP Gross Margins between 39% and 41%.
•GAAP Operating Expenses between $120 million and $126 million.
•Non-GAAP Operating Expenses between $106 million and $112 million.
•Interest Income, net $8.0 million.
•Adjusted EBITDA loss of between $21 million and $27 million.
•Basic Weighted Average Common Shares Outstanding of 605 million, including approximately 46 million of Series A Convertible Participating Preferred Shares.

See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q1 2026 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $16 million to $18 million in Q1 2026.
Conference Call Information
Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our fourth quarter and full year 2025, to provide our outlook for the first quarter 2026, and other updates.
The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabcorp.com/


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Rocket Lab Investor Relations Contact
Patrick Vorenkamp
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Rocket Lab Media Contact
Morgan Connaughton
media@rocketlabusa.com
About Rocket Lab
Rocket Lab is a leading space company that provides launch services, spacecraft, payloads and satellite components serving commercial, government, and national security markets. Rocket Lab’s Electron rocket is the world’s most frequently launched orbital small rocket; its HASTE rocket provides hypersonic test launch capability for the U.S. government and allied nations; and its Neutron launch vehicle in development will unlock medium launch for constellation deployment, national security and exploration missions. Rocket Lab’s spacecraft and satellite components have enabled more than 1,700 missions spanning commercial, defense and national security missions including GPS, constellations, and exploration missions to the Moon, Mars, and Venus. Rocket Lab is a publicly listed company on the Nasdaq stock exchange (RKLB). Learn more at www.rocketlabcorp.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations of financial results for the first quarter of 2026, launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development and anticipated timeline to launch, operational expansion and business strategy are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.investors.rocketlabcorp.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

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Use of Non-GAAP Financial Measures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:
Adjusted EBITDA
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.
Other Non-GAAP Financial Measures
Non-GAAP gross profit, gross margin, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.
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ROCKET LAB CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2025 AND 2024
(unaudited; in thousands, except share and per share data)
Three Months Ended December 31,Years Ended December 31,
2025202420252024
Revenues:
Product revenues$94,046 $84,003 $371,617 $289,851 
Service revenues85,606 48,385 230,182 146,363 
Total revenues179,652 132,388 601,799 436,214 
Cost of revenues:
Cost of product revenues64,446 60,620 252,848 213,835 
Cost of service revenues46,974 34,951 141,770 106,230 
Total cost of revenues111,420 95,571 394,618 320,065 
Gross profit68,232 36,817 207,181 116,149 
Operating expenses:
Research and development, net78,779 48,255 270,716 174,394 
Selling, general and administrative40,495 40,111 165,303 131,556 
Total operating expenses119,274 88,366 436,019 305,950 
Operating loss(51,042)(51,549)(228,838)(189,801)
Other income (expense):
Interest expense(5,019)(6,714)(26,489)(26,179)
Interest income9,589 4,936 25,512 22,225 
(Loss) gain on foreign exchange(228)378 (463)(87)
Other income, net5,056 1,279 4,381 4,431 
Total other income (expense), net9,398 (121)2,941 390 
Loss before income taxes(41,644)(51,670)(225,897)(189,411)
(Provision) benefit for income taxes(11,278)(675)27,688 (764)
Net loss$(52,922)$(52,345)$(198,209)$(190,175)
Net loss per share attributable to Rocket Lab Corporation:
Basic and diluted$(0.09)$(0.10)$(0.37)$(0.38)
Weighted-average common shares outstanding:
Basic and diluted572,518,399501,748,897530,664,781495,929,861
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ROCKET LAB CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2025 AND 2024
(unaudited; in thousands, except share and per share values)
December 31,
20252024
Assets
Current assets:
Cash and cash equivalents$828,660 $271,042 
Marketable securities, current187,917 147,948 
Accounts receivable, net39,001 36,440 
Contract assets61,606 63,108 
Inventories158,407 119,074 
Prepaids and other current assets89,953 55,009 
Total current assets1,365,544 692,621 
Non-current assets:
Property, plant and equipment, net319,473 194,838 
Intangible assets, net224,746 58,637 
Goodwill205,750 71,020 
Right-of-use assets - operating leases90,371 53,664 
Right-of-use assets - finance leases13,895 14,396 
Marketable securities, non-current82,247 60,686 
Restricted cash4,885 4,260 
Deferred income tax assets, net1,895 3,010 
Other non-current assets15,672 31,210 
Total assets$2,324,478 $1,184,342 
Liabilities and Stockholders’ Equity
Current liabilities:
Trade payables$72,699 $53,059 
Accrued expenses19,299 19,460 
Employee benefits payable25,803 20,847 
Contract liabilities195,438 216,160 
Current installments of long-term borrowings— 12,045 
Other current liabilities21,237 17,954 
Total current liabilities334,476 339,525 
Non-current liabilities:
Convertible senior notes, net152,395 345,392 
Long-term borrowings, net, excluding current installments1,716 44,049 
Non-current operating lease liabilities85,191 51,965 
Non-current finance lease liabilities14,653 14,970 
Deferred tax liabilities1,241 891 
Other non-current liabilities12,952 5,097 
Total liabilities602,624 801,889 
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 45,951,250 and 0 at December 31, 2025 and December 31, 2024, respectively5 — 
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 589,525,802 and 504,453,785 at December 31, 2025 and December 31, 2024, respectively; outstanding shares 543,574,552 and 504,453,785 at December 31, 2025 and December 31, 2024, respectively
54 50 
Treasury stock, at cost; shares: 45,951,250 and 0 at December 31, 2025 and December 31, 2024, respectively
— — 
Additional paid-in capital2,735,669 1,198,909 
Accumulated deficit(1,011,910)(813,701)
Accumulated other comprehensive loss
(1,964)(2,805)
Total stockholders’ equity1,721,854 382,453 
Total liabilities and stockholders’ equity$2,324,478 $1,184,342 
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ROCKET LAB CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(unaudited; in thousands)
Years Ended December 31,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(198,209)$(190,175)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization43,935 33,655 
Stock-based compensation expense71,099 56,816 
Loss (gain) on disposal of assets2,613 (2,828)
Loss on extinguishment of long-term debt5,926 1,330 
Amortization of debt issuance costs and discount3,140 3,091 
Noncash lease expense8,288 5,951 
Change in the fair value of contingent consideration(10,624)(218)
Accretion of marketable securities purchased at a discount(2,245)(2,901)
Deferred income taxes(30,667)599 
Changes in operating assets and liabilities:
Accounts receivable, net667 (1,428)
Contract assets2,296 (50,161)
Inventories(39,885)(12,398)
Prepaids and other current assets(15,460)7,591 
Other non-current assets15,834 (12,922)
Trade payables10,220 24,800 
Accrued expenses(1,931)9,086 
Employee benefits payable1,523 5,304 
Contract liabilities(21,606)76,865 
Other current liabilities849 3,249 
Non-current lease liabilities(11,507)(6,405)
Other non-current liabilities223 2,209 
Net cash used in operating activities(165,521)(48,890)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software(156,285)(67,093)
Proceeds on disposal of assets, net397 12,542 
Cash paid for business combinations and asset acquisitions, net of acquired cash(132,441)— 
Purchases of marketable securities(275,319)(162,161)
Maturities of marketable securities212,868 116,242 
Sale of marketable securities3,383 2,143 
Net cash used in investing activities(347,397)(98,327)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from ATM Equity Offerings1,146,057 — 
Issuance costs related to ATM Equity Offerings(26,514)— 
Proceeds from the exercise of stock options2,572 3,507 
Proceeds from Employee Stock Purchase Plan11,047 5,683 
Proceeds from sale of employees restricted stock units to cover taxes113,346 35,254 
Minimum tax withholding paid on behalf of employees for restricted stock units(113,487)(35,336)
Finance lease principal payments(268)(329)
Purchase of capped calls related to issuance of convertible senior notes— (43,168)
Proceeds from issuance of convertible senior notes— 355,000 
Proceeds from secured term loan26,716 — 
Repayments on secured term loans(87,920)(51,724)
Payment of debt issuance costs(278)(12,205)
Net cash provided by financing activities1,071,271 256,682 
Effect of exchange rate changes on cash and cash equivalents(110)(597)
Net increase in cash and cash equivalents and restricted cash558,243 108,868 
Cash and cash equivalents, and restricted cash, beginning of period275,302 166,434 
Cash and cash equivalents, and restricted cash, end of period$833,545 $275,302 
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ROCKET LAB CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2025 AND 2024
(unaudited; in thousands)
The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.
Three Months Ended December 31, Years Ended December 31,
2025202420252024
NET LOSS$(52,922)$(52,345)$(198,209)$(190,175)
Depreciation7,308 5,854 25,369 20,367 
Amortization7,436 3,285 18,566 13,288 
Stock-based compensation expense18,205 16,872 71,099 56,816 
Transaction costs767 2,187 12,271 2,594 
Interest expense5,019 6,714 26,489 26,179 
Interest income(9,589)(4,936)(25,512)(22,225)
Change in fair value of contingent consideration(10,624)— (10,624)(218)
Provision (benefit) for income taxes11,278 675 (27,688)764 
Loss (gain) on foreign exchange228 (378)463 87 
Accretion of marketable securities and cash equivalents purchased at a discount(658)(650)(2,468)(2,922)
Loss (gain) on disposal of assets257 (472)2,613 (2,828)
Employee retention credit— — 515 — 
Loss on extinguishment of debt5,926 — 5,926 1,330 
ADJUSTED EBITDA$(17,369)$(23,194)$(101,190)$(96,943)
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Three Months Ended December 31, Years Ended December 31,
2025202420252024
GAAP Gross profit$68,232 $36,817 $207,181 $116,149 
Stock-based compensation5,282 6,452 17,633 16,657 
Amortization of purchased intangibles and favorable lease6,069 1,751 13,841 6,998 
Employee retention credit— — 278 — 
Non-GAAP Gross profit$79,583 $45,020 $238,933 $139,804 
Non-GAAP Gross margin44.3 %34.0 %39.7 %32.0 %
 
GAAP Research and development, net$78,779 $48,255 $270,716 $174,394 
Stock-based compensation(6,017)(1,966)(22,072)(15,626)
Amortization of purchased intangibles and favorable lease— (226)(329)(912)
Employee retention credit— — (88)— 
Non-GAAP Research and development, net$72,762 $46,063 $248,227 $157,856 
 
GAAP Selling, general and administrative$40,495 $40,111 $165,303 $131,556 
Stock-based compensation(6,906)(8,454)(31,394)(24,533)
Amortization of purchased intangibles and favorable lease(1,096)(1,046)(3,346)(4,320)
Transaction costs(767)(2,187)(12,271)(2,594)
Change in fair value of contingent consideration— — — 218 
Employee retention credit— — (149)— 
Non-GAAP Selling, general and administrative$31,726 $28,424 $118,143 $100,327 
 
GAAP Operating expenses$119,274 $88,366 $436,019 $305,950 
Stock-based compensation(12,923)(10,420)(53,466)(40,159)
Amortization of purchased intangibles and favorable lease(1,096)(1,272)(3,675)(5,232)
Transaction costs(767)(2,187)(12,271)(2,594)
Change in fair value of contingent consideration— — — 218 
Employee retention credit— — (237)— 
Non-GAAP Operating expenses$104,488 $74,487 $366,370 $258,183 
 
GAAP Operating loss$(51,042)$(51,549)$(228,838)$(189,801)
Total non-GAAP adjustments26,137 22,082 101,401 71,422 
Non-GAAP Operating loss$(24,905)$(29,467)$(127,437)$(118,379)
 
GAAP Total other income (expense), net$9,398 $(121)$2,941 $390 
Loss (gain) on foreign exchange228 (378)463 87 
Loss (gain) on disposal of assets257 (472)2,613 (2,828)
Loss on extinguishment of debt5,926 — 5,926 1,330 
Change in fair value of contingent consideration(10,624)— (10,624)— 
Non-GAAP Total other income (expense), net$5,185 $(971)$1,319 $(1,021)
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