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Rocket Lab posts record Q2 revenue and backlog, shares slip on margin view
Rocket Lab guided Q3 non-GAAP gross margins of 35.0% to 37.0%, softer than its latest quarter, while citing elevated Neutron development and infrastructure spending.
Rocket Lab reported Q2 2026 results after the close Monday, Aug. 11, posting what the company described as its strongest quarter in history across revenue and backlog, but the stock fell in after-hours trading.
Revenue rose to a record $234.0 million, up 62.0% year over year and 16.8% sequentially, topping consensus, while Rocket Lab reported a loss of 8 cents per share, better than the 6 cents expected. Product revenue nearly doubled to $181.3 million as the Space Systems segment grew, including contributions from its Mynaric and Motiv acquisitions.
Backlog jumped 137.0% to a record $2.36 billion, split roughly 40% Launch Services and 60% Space Systems. The company also signed more than $1.0 billion in new contracts across the quarter and the period immediately after, including over $437.0 million in new launch bookings, and said it now has more than 90 missions on its manifest.
Looking ahead, Rocket Lab guided Q3 revenue of $250.0 million to $265.0 million, also expected to be a record, but it projected non-GAAP gross margins of 35.0% to 37.0% and an adjusted EBITDA loss of $17.0 million to $23.0 million. MarketBeat Ratings attributed the profit outlook pressure to continued cash usage for Neutron development, infrastructure investment, and acquisition integration occurring at the same time.