The earnings call highlights Rocket Lab's record revenue, strong segment performance, strategic acquisitions, and robust backlog. However, the company faces challenges with elevated cash consumption, higher operating expenses, and risks in the Neutron development timeline. Overall, the positive achievements and growth prospects outweigh the challenges.

Company Guidance

During the Rocket Lab Corporation Q2 2025 earnings call, the company reported record revenue of $144.5 million, a 36% increase compared to the previous year, exceeding their guidance range. The GAAP gross margin also surpassed expectations at 32.1%, with a non-GAAP gross margin of 36.9%. The company completed 69 launches with the Electron rocket and plans for 20 or more launches by the end of the year. Rocket Lab is progressing on its Neutron rocket, with launch complex 3 set for an opening on August 28, 2025. The company is also finalizing the acquisition of Geost, as it positions itself for large-scale U.S. defense contracts, including the $175 billion Golden Dome program. Operating expenses rose due to Neutron development, with GAAP operating expenses at $106 million and non-GAAP at $86.9 million. Cash and equivalents stood at $754 million, bolstered by a recent equity offering. Revenue guidance for Q3 2025 is projected between $145 million and $155 million, with anticipated gross margin improvements.

Record Revenue and Growth

Rocket Lab reported a record revenue of $144.5 million for Q2 2025, which is a 36% increase compared to last year and exceeded the high end of their prior guidance.

Launch and Space Systems Segment Performance

Space Systems segment delivered $97.9 million, reflecting a 12.5% sequential increase. Launch Services segment revenue was $6.6 million, a 31.1% quarter-on-quarter increase.

Strategic Acquisition and Expansion

Rocket Lab is finalizing the acquisition of Geost, expanding their prime contractor status and enhancing their capabilities in missile tracking satellites for national security missions.

Strong Backlog and Future Prospects

The company ended Q2 2025 with approximately $1 billion in total backlog, with a strong pipeline of opportunities, including a potential large SDA Tranche 3 contract.

Neutron and Electron Launch Progress

Neutron's infrastructure is substantially complete, and Electron completed its 69th launch. They are on track for 20 or more launches by the year's end.

Rocket Lab USA (RKLB) Earnings, Revenues Date & History

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RKLB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	-0.10 / -	-0.1	―	―	―
Aug 07, 2025	2025 (Q2)	-0.10 / -0.13	-0.08	-62.50% (-0.05)
May 08, 2025	2025 (Q1)	-0.11 / -0.12	-0.057	-110.53% (-0.06)
Feb 27, 2025	2024 (Q4)	-0.09 / -0.10	-0.079	-26.58% (-0.02)
Nov 12, 2024	2024 (Q3)	-0.09 / -0.10	-0.051	-96.08% (-0.05)
Aug 08, 2024	2024 (Q2)	-0.08 / -0.08	-0.057	-40.35% (-0.02)
May 06, 2024	2024 (Q1)	-0.09 / -0.06	-0.063	9.52% (<+0.01)
Feb 27, 2024	2023 (Q4)	-0.08 / -0.08	-0.08	1.25% (<+0.01)
Nov 08, 2023	2023 (Q3)	-0.05 / -0.05	-0.07	27.14% (+0.02)
Aug 08, 2023	2023 (Q2)	-0.07 / -0.06	-0.04	-42.50% (-0.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

RKLB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$44.21	$44.69	+1.09%
May 08, 2025	$23.10	$20.51	-11.21%
Feb 27, 2025	$19.83	$20.49	+3.33%
Nov 12, 2024	$14.66	$18.83	+28.44%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.