Sinolink: Rocket Lab (RKLB.US) Achieves Record High Performance in 2025 with a Backlog of Orders totaling $1.85 billion.

Sinolink publishes the minutes of the Rocket Lab (RKLB.US) Q4 2025 investor briefing. In 2025, the company achieved record financial performance with total annual revenue reaching $602 million, a 38% year-on-year increase. The fourth quarter saw a record quarterly revenue of $180 million. The company highlighted that its current backlog of orders stands at a high of $1.85 billion, which includes the full contract value of the US Space Development Agency's (SDA) Tracking Layer Batch Three project and the unconfirmed revenue portion of the Transport Layer Batch Two project. It also includes all signed contracts for multiple launch missions. Regarding the highly anticipated development progress of the Neutron Medium Launch Vehicle, management confirmed that the target first launch date has officially been adjusted to the fourth quarter of 2026. The key points are as follows: 1. Management Introduction In 2025, the company achieved record financial performance, with total annual revenue reaching $602 million, a 38% year-on-year increase, with a record quarterly revenue of $180 million in the fourth quarter. By the end of the fourth quarter, the company's backlog of orders had surged to $1.85 billion, a significant increase of 73% compared to the same period last year. Profitability also significantly improved, with gross margins of 38% and 44.3% in the fourth quarter under GAAP and Non-GAAP respectively. Looking ahead to the first quarter of 2026, Chief Financial Officer Adam Spence expects revenue to be in the range of $185 million to $200 million, with operating expenses projected to be $120 million to $126 million under GAAP, and adjusted EBITDA expected to record a loss of $21 million to $27 million. The company successfully raised $280.6 million through stock issuance, bringing its cash and equivalents to $1.1 billion at the end of the fourth quarter, providing ample liquidity support for future mergers and operational funding needs. In the launch business sector, the company achieved unprecedented operational efficiency in 2025, completing a total of 21 launch missions, including 3 HASTE (High-speed Aircraft Satellite Testbed) missions. The fourth quarter alone saw 7 successful launches, breaking the company's historical record. CEO Peter Beck noted that the company had secured over 30 additional launch mission orders throughout the year, including signing a multi-launch agreement with BlackSky for an additional 4 missions, bringing the total signed contracts to 17. To meet the growing market demand and maintain the current launch interval of 11 to 13 days, management has instructed a significant increase in the production capacity of the Electron rocket for 2026, with conventional launch operations expected to maintain a growth rate of around 20%. Additionally, as the proportion of high-value HASTE missions continues to increase, the average selling price and profitability of the overall launch business will receive continuous positive support. ... (Unfortunately, the text is too long for a complete translation. Let me know if you would like a translation of a specific section.)