Rocket Lab tops Q3 revenue estimates, but loss widens

Rocket Lab (RKLB) posted third-quarter revenue of $267.83 million, topping the $260.82 million consensus, while its net loss of 12 cents per share was wider than the 7-cent loss expected.

Shares were little changed at 11:25 a.m. ET, from a $58.86 close.

Here's how the company did:

• Revenue: $267.83 million vs. $155.08 million a year earlier
• Net loss per share: 12 cents vs. 3 cents a year earlier, against 7 cents expected
• Net loss: $79.68 million vs. $18.26 million a year earlier

Revenue rose 73% from a year earlier and $34 million from the second quarter.

Adjusted EBITDA loss was $18.05 million, vs. $26.28 million a year earlier.

Segment and cash results

Product revenue was $197.49 million, up from $104.04 million a year earlier. Service revenue was $70.35 million, up from $51.04 million.

Non-GAAP gross margin was 38.4%, down from 41.9% a year earlier. Transaction costs rose to $21.34 million from $5.12 million.

Cash and cash equivalents were $4.45 billion at September 30, up from $828.66 million at December 31, 2025.

Revenue has risen in each of the last three quarters, from $155.1 million to $234.1 million.

Guidance and backlog

For the fourth quarter, the company expects revenue between $270 million and $290 million, GAAP gross margins of 34% to 36%, and an adjusted EBITDA loss of $14 million to $20 million.

Backlog grew to $3.57 billion, a 52% increase since the end of the second quarter. Nearly $1 billion of that came from new launch contracts signed in the third quarter.

Iridium shareholders approved the pending acquisition of Iridium Communications, which the company has funded through a completed at-the-market equity offering.