Rocket Lab achieved record revenue and operational milestones in FY2025, driven by strong launch performance and significant contract wins. Despite continued investment in growth initiatives and the Neutron program, the company is guiding for continued revenue growth in Q1 2026, though it remains unprofitable.
Record quarterly revenue of $180 million and record annual revenue of $602 million, representing 38% year-on-year growth.
positiveAchieved a new annual launch record with 21 Electron missions flown in 2025 with 100% mission success.
positiveAwarded an $816 million prime contract by the Space Development Agency for 18 satellites, a significant win for national security programs.
positiveEnded the year with a record $1.85 billion in backlog, representing 73% year-on-year growth.
positiveSuccessfully launched twin spacecraft for NASA and UC Berkeley's ESCAPADE mission to Mars, demonstrating capability for rapid, cost-effective science missions.
positiveNet loss for the year was $198.2 million, an increase from $190.2 million in the prior year.
negativeOperating loss for the year was $228.8 million, an increase from $189.8 million in the prior year.
negativeAdjusted EBITDA loss for the year was $101.2 million, compared to a loss of $96.9 million in the prior year.
negativeNet cash used in operating activities was $165.5 million for the year, compared to $48.9 million in the prior year.
negativePurchases of property, equipment and software increased significantly to $156.3 million from $67.1 million in the prior year, reflecting investment in growth.
attentionUpdated the Neutron development schedule, with the first launch now targeted for Q4 2026, a delay from previous expectations.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
2026 was a record-breaking year for Rocket Lab financially and operationally.
We reached a new annual launch record, flying 21 missions across Electron and HASTE with a 100% success rate for the year.
We also reached significant qualification milestones in the development of Neutron, our new medium-lift launch vehicle.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.