Rocket Lab (RKLB.US) Q3 revenue grew 73% year over year, beating expectations, with backlog reaching US$3.57 billion.

On November 9 after the U.S. market close (early morning Beijing time November 10), Rocket Lab (RKLB.US) reported its third-quarter 2026 results. The report shows the company's revenue was US$268 million, up about 73% year over year, a record high, above the upper end of the company's prior guidance of US$250 million to US$265 million and above the market consensus of about US$257 million; loss per share was US$0.12, US$0.05 lower than market expectations. GAAP net loss was US$79.7 million, widening year over year, mainly dragged down by a US$27.3 million loss on debt extinguishment, US$21.3 million in transaction costs for the Iridium acquisition and US$3.5 million in tax expenses; non-GAAP adjusted EBITDA loss was US$18 million, within the guidance range; GAAP operating cash flow turned positive at US$7.2 million. Of this, product revenue was US$197.5 million and service revenue was US$70.3 million, with orders the biggest highlight. As of the end of September, backlog reached US$3.57 billion, up 52% quarter over quarter and an increase of about US$1.2 billion in the quarter, of which launches accounted for about US$1 billion of new signings and space systems signings were US$470 million. Launch backlog rose to 117 launches, a record high. CEO Peter Beck called Q3 a "decisive quarter." Demand is strong for the new-generation medium-lift reusable rocket Neutron: more than US$515 million signed in Q3, covering 8 launches and 5 constellation operators, with the base launch price raised from US$55 million to US$70 million, reflecting customer confidence amid tightening industry capacity; its first flight target is no earlier than 2027. On space systems, 12 spacecraft built by Rocket Lab have successfully reached orbit and are operating (including 8 for Globalstar, 2 for the NASA Mars mission, and the U.S. Space Force's VICTUS HAZE, among others), with more than 55 additional spacecraft under development. The Iridium acquisition has completed its ATM equity financing and received lender and shareholder approval. The company expects fourth-quarter revenue of US$270 million to US$290 million, non-GAAP gross margin of 39% to 41%, GAAP gross margin of 34% to 36%, and adjusted EBITDA loss of US$14 million to US$20 million.