On November 9, 2026, Rocket Lab announced third-quarter revenue of $267.834 million, up 73% year over year, a record backlog of $3.57 billion and $7.2 million of cash generated by operations. The same release kept the first launch of its larger Neutron rocket at no earlier than 2027.
Key takeaways
- Rocket Lab reported third-quarter revenue of $267.834 million on November 9, up 73% year over year.
- The company still posted a net loss of $79.677 million, so record sales are not profit.
- Neutron's first launch is now targeted for no earlier than 2027.
What Rocket Lab reported for Q3 2026
The figures cover the three months ended September 30, 2026, and were published on November 9. Revenue of $267.834 million was up 73% on the same quarter a year earlier. Space Systems revenue was $214.760 million, compared with $53.074 million from Launch Services.
| Metric (Q3, ended September 30) | 2026 | 2025 |
|---|---|---|
| Revenue | $267.834m | not stated |
| Launch Services revenue | $53.074m | $40.921m |
| Space Systems revenue | $214.760m | $114.159m |
| Gross profit | $90.071m | $57.314m |
| Operating loss | $79.189m | $58.969m |
| Net loss | $79.677m | $18.257m |
| Earnings per share under standard accounting rules | $(0.12) | $(0.03) |
| Operating cash flow | $7.153m provided | $23.523m used |
| Adjusted EBITDA, a company-defined profit measure | negative $18.047m | not stated |
Adjusted EBITDA is a profit measure the company calculates itself, outside standard accounting rules.
Two items appeared in the same quarter's accounts. Rocket Lab recorded a $27.259 million loss on extinguishment of debt, tied to Bridge Loan termination costs and fees. It also booked $9.403 million of Iridium amendment transaction costs inside selling, general and administrative expenses. Record sales and a bigger accounting loss can land in the same three months. On November 9, 2026, Rocket Lab said its pending acquisition of Iridium was fully funded and Iridium's lenders had approved keeping its credit facility after closing.
Reported, guidance or target: three kinds of numbers
Headlines mix them, and that is how a forecast ends up reading like a fact. Here is what each type of number in this release actually is.
| Number | Status |
|---|---|
| $267.834 million revenue, $3.57 billion backlog, $7.2 million operating cash flow | Reported, already happened |
| Q4 2026 revenue of $270 million to $290 million | Company guidance, management's own expectation |
| Neutron first launch no earlier than 2027 | A target, not a scheduled date |
Guidance can be missed. A target can move, and this one already has.
A $3.57 billion backlog is not $3.57 billion of revenue
Backlog is contracted work that has not been delivered yet. It is not money in the bank and it is not revenue the company has recorded. At September 30, 2026, backlog stood at $3.57 billion, up 52% from the end of the second quarter.
What sits inside it:
- On the Q3 2026 earnings call, Rocket Lab said launch work was approximately 52% of backlog and Space Systems approximately 48%.
- The company reported a total launch backlog of 117 launches and more than 55 spacecraft at the end of the quarter.
- It said about $1 billion of new launch contracts and $470 million of Space Systems contracts were signed during the quarter.
Backlog tells you how much work is lined up. It does not tell you when that work turns into cash, or at what margin.
Neutron: first launch now targeted no earlier than 2027
Neutron is Rocket Lab's bigger rocket, and it has not flown. The schedule has moved through the year. On August 10, 2026, the company said Neutron Stage 1 tank production was aligned with a target delivery to the launch pad in the fourth quarter of 2026, which was a pad-delivery target rather than a launch date. On October 14, 2026, Rocket Lab revised the inaugural launch timing to 2027. The November 9 update still says no earlier than 2027, so the earnings release did not restore an earlier target.
The company said assembly, integration, testing and delivery of first-flight hardware to Launch Complex 3 are continuing. Customers are already booking the rocket. On November 9, 2026, Rocket Lab announced eight Neutron missions across five constellation operators worth more than $515 million, taking the Neutron manifest to 16 missions. Those contracts are signed, while the flights remain future plans. The company also said on November 9, 2026 that Neutron's base launch price had risen from $55 million to $70 million for several missions.
What comes next
For the fourth quarter of 2026, management guided to revenue of $270 million to $290 million. It also guided to gross margin under standard accounting rules of 34% to 36%, non-GAAP gross margin of 39% to 41%, and an adjusted EBITDA loss of $14 million to $20 million. Gross margin is the share of revenue left after direct costs. Non-GAAP means the company has stripped out certain costs from the standard accounting calculation.
Cash gives it room. At September 30, 2026, Rocket Lab held $4.447665 billion in cash and cash equivalents, excluding restricted cash. Nasdaq's RKLB option-chain page reports the latest regular-session close as $58.86 per share on November 9, 2026. A move in one company's shares after results is a different thing from a move across the whole market. For a market-wide example, see our piece on the stock market sell-off of November 5, 2026.
Frequently asked questions
Is Rocket Lab profitable?
No. It reported a net loss of $79.677 million for the quarter ended September 30, 2026. Positive operating cash flow of $7.2 million is not profit. Cash flow counts money moving in and out of the business during the period. Profit also counts costs that do not move cash in the same quarter, such as the value of equipment written down over time.
What is Rocket Lab's Q4 2026 guidance?
Revenue of $270 million to $290 million, GAAP gross margin of 34% to 36%, non-GAAP gross margin of 39% to 41%, and an adjusted EBITDA loss of $14 million to $20 million. All of it is management's expectation, issued on November 9, 2026, not a result.
When will Neutron launch for the first time?
Rocket Lab targets no earlier than 2027. The company said first-flight hardware is still being assembled, integrated, tested and delivered to Launch Complex 3. Development schedules can move again, as this one did in October 2026.
How much cash does Rocket Lab have?
At September 30, 2026, the company held $4.447665 billion in cash and cash equivalents, excluding restricted cash. Restricted cash is money the company cannot freely spend.
Did Rocket Lab keep launching Electron during the quarter?
Yes. Its Form 10-Q says six Electron launch missions were completed during the third quarter. After the quarter ended, Rocket Lab reported a successful Electron mission for HawkEye 360 on October 23, 2026, and an iQPS mission announced on November 2 that launched on November 3 in New Zealand local time.
Sources
- Rocket Lab: Rocket Lab announces third-quarter 2026 financial results (9 Nov 2026)
- U.S. Securities and Exchange Commission: Rocket Lab Q3 2026 financial results exhibit (9 Nov 2026)
- U.S. Securities and Exchange Commission: Rocket Lab Neutron development update exhibit (14 Oct 2026)
- Rocket Lab: Rocket Lab lands over $515m in Neutron launch deals (9 Nov 2026)
- U.S. Securities and Exchange Commission: Rocket Lab Form 10-Q for the quarter ended September 30, 2026 (9 Nov 2026)
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