Rocket Lab USA Inc (NASDAQ:RKLB) reported record second quarter revenue that exceeded Wall Street expectations, while its quarterly loss was wider than analysts had forecast, as the company continued to invest in its Neutron rocket and other growth initiatives.
Revenue for the quarter ended June 30 reached $234 million, up 62% year over year and ahead of estimates of roughly $231.6 million to $232 million.
The company posted a GAAP loss of $0.08 per share, compared with expectations for a loss of $0.03 to $0.06 per share. Net loss was $49.3 million, while free cash flow was negative $110.1 million.
For the third quarter, Rocket Lab expects revenue of $250 million to $265 million and GAAP gross margins of 29% to 31%, compared with 36.1% in Q2. Non-GAAP gross margins are expected at 35% to 37%.
Rocket Lab founder and CEO Sir Peter Beck highlighted the company's record backlog, which reached $2.36 billion, up 137% year over year.
“Q2 was another fantastic quarter for Rocket Lab, highlighted by record results and massive momentum that has continued well after the close,” Beck said.
“Q2 2026 saw our backlog grow to $2.36 billion – another record – which, combined with new deals in the period since, equates to more than $1 billion in new contracts across launch and space systems already entered into in Q3.”
Rocket Lab said it secured more than $437 million in new launch contracts across Electron, HASTE and Neutron during Q2 and following the quarter-end, bringing its launch backlog to more than 90 launches.
The company also highlighted its planned acquisition of Iridium Communications and said it had completed its acquisitions of Mynaric and Motiv. Rocket Lab introduced its GHOST globally deployable launch system and said its first operational launch is expected from Alaska in 2027.
Rocket Lab said Neutron's first-flight hardware had reached key assembly, integration and testing milestones, with production of the Stage 1 tank aligned with a target to deliver the rocket to the launch pad in Q4 2026.
The company also received a $397.2 million contract for multiple Flatellite spacecraft for the U.S. Space Force's SB-AMTI program and more than $160 million across two contracts to build three geostationary satellites.
Rocket Lab shares were down about 2% at $79 following the release of its earnings.