Rocket Lab Posts 38% Revenue Growth to $602M, Faces Neutron Launch Delay
Rocket Lab posted $602 million in 2025 revenue, up 38% year-over-year, and closed Q4 with a $1.85 billion backlog, a 73% rise. It launched 21 missions, secured an $816 million Space Development Agency contract and delayed Neutron's first launch to Q4 2026 after a tank rupture.
1. Record 2025 Financial Performance
Rocket Lab posted record annual revenue of $602 million in 2025, a 38% increase year-over-year, and ended Q4 with a $1.85 billion backlog, up 73% from 2024.
2. Mission Count and Contract Wins
The company executed 21 launches in 2025, setting a new high and secured an $816 million Space Development Agency contract for advanced spacecraft development, bolstering future revenue streams.
3. Neutron Rocket Delay and Financial Impact
Neutron's stage one tank ruptured during a hydrostatic test, pushing the first launch to Q4 2026, while Q4 GAAP EPS showed a $0.09 loss per share and free cash flow use reached $114.2 million, indicating elevated spending.
4. Outlook and Challenges
Rocket Lab anticipates a modest decline in Q1 2026 gross margins due to higher space systems mix versus launch services, and warns that customer payload readiness could hinder maintaining a high launch cadence.