Logo

RKLB

Rocket Lab USA, Inc.

RKLB

Rocket Lab USA, Inc. • NASDAQ
$42.33 ▲ 0.95% (+0.40)
Market Cap $21.71 B
52w High $73.97
52w Low $14.71
Dividend Yield 0%
P/E -111.39
Volume 5.56M
Outstanding Shares 512.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $155.08M ▲ $116.283M ▲ $-18.257M ▲ -11.773% ▲ $-0.03 ▲ $-47.158M ▲
Q2-2025 $144.498M ▲ $106.027M ▲ $-66.414M ▼ -45.962% ▲ $-0.13 ▼ $-52.347M ▼
Q1-2025 $122.569M ▼ $94.435M ▲ $-60.616M ▼ -49.455% ▼ $-0.12 ▼ $-50.136M ▼
Q4-2024 $132.388M ▲ $88.366M ▲ $-52.345M ▼ -39.539% ▲ $-0.1 $-40.753M ▲
Q3-2024 $104.808M $79.895M $-51.939M -49.556% $-0.1 $-42.446M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $976.74M ▲ $2.221B ▲ $940.409M ▲ $1.281B ▲
Q2-2025 $688.136M ▲ $1.553B ▲ $864.748M ▲ $688.485M ▲
Q1-2025 $428.396M ▲ $1.255B ▲ $823.679M ▲ $431.294M ▲
Q4-2024 $418.99M ▼ $1.184B ▲ $801.889M ▲ $382.453M ▼
Q3-2024 $442.389M $1.153B $733.194M $419.835M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-18.257M ▲ $-23.523M ▼ $-207.228M ▼ $475.686M ▲ $243.722M ▼ $-69.435M ▼
Q2-2025 $-66.414M ▼ $-23.242M ▲ $-7.421M ▲ $290.545M ▲ $260.737M ▲ $-55.284M ▲
Q1-2025 $-60.616M ▼ $-54.225M ▼ $-28.601M ▼ $115.503M ▲ $32.949M ▲ $-82.902M ▼
Q4-2024 $-52.345M ▼ $-2.387M ▲ $-17.926M ▼ $183K ▲ $-21.49M ▲ $-23.941M ▲
Q3-2024 $-51.939M $-30.915M $-17.304M $-444K $-47.759M $-41.933M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $0 ▲$0 ▲$80.00M ▲$90.00M ▲
Service
Service
 $0 ▲$0 ▲$40.00M ▲$50.00M ▲
Launch Services
Launch Services
 $20.00M ▲$70.00M ▲$0 ▼$0 ▲
Space Systems
Space Systems
 $80.00M ▲$170.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown rapidly from a very small base, showing that demand for Rocket Lab’s services is building. Gross profit has moved from negative to positive, which means each dollar of sales is starting to contribute something after direct costs, though not yet enough to cover the company’s heavy operating expenses. The company still runs at sizable operating and net losses, reflecting big spending on engineering, R&D, and scaling the business. Losses per share have stayed fairly persistent rather than narrowing decisively, which signals that profitability is still a long‑term goal, not a near‑term feature.

Balance Sheet

Balance Sheet The balance sheet shows a company that has bulked up its asset base and now has a solid pool of equipment, technology, and acquired capabilities. Cash is meaningful but has trended down from earlier peaks, while debt has risen, shifting the funding mix more toward borrowing. Equity has turned positive and grown from a negative starting point, which is a sign that capital raises and past losses have now settled into a more stable capital structure. Overall, Rocket Lab has resources to keep investing, but not an unlimited cushion; balance sheet strength will depend heavily on how well it controls future cash burn and debt levels.

Cash Flow

Cash Flow Rocket Lab is still burning cash. Day‑to‑day operations consume cash each year, and on top of that the company is investing heavily in factories, test facilities, launch infrastructure, and new programs. Free cash flow is noticeably negative, which is typical for a capital‑intensive, fast‑growing aerospace company but also means the business is not yet self‑funding. Continued development of Neutron and expansion of space systems will likely keep cash needs elevated, so future access to funding and a clear path to narrowing the cash outflow are important watchpoints.

Competitive Edge

Competitive Edge Rocket Lab has carved out a strong niche in dedicated small satellite launch with Electron, giving customers tailored orbits and flexible timing rather than rideshare compromises. Its strategy of offering end‑to‑end solutions—launch, spacecraft buses, and critical satellite components—deepens relationships with customers and makes it harder to switch providers. Government and defense work, including U.S. national security and hypersonic testing, adds credibility and more stable contract flows. At the same time, the company faces powerful competitors across launch and space systems, and the transition into the medium‑lift market with Neutron will put it up against even larger and better‑funded players. Execution, reliability, and cost control will largely determine how durable its competitive edge is.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Rocket Lab’s strategy. Electron’s 3D‑printed, electric‑pump engines and composite structure, the Photon spacecraft platform, and in‑house production of space‑grade components all showcase a high engineering bar and deep vertical integration. The Neutron rocket and its Archimedes engines represent the next big technological leap, especially with their focus on reusability and a novel fairing design aimed at lowering costs. The company is also pushing into specialized areas like radiation‑hardened semiconductors and hypersonic test services. This heavy R&D focus strengthens its moat but also keeps expenses high and delays profitability; the payoff depends on successful, timely deployment of Neutron and continued traction for its spacecraft and component lines.

Summary

Rocket Lab is a classic high‑growth, high‑investment space company: revenue is ramping quickly and its technology portfolio is broadening, but the business is still loss‑making and cash‑hungry. Its strengths lie in a proven small‑launch platform, an integrated space systems offering, and strong relationships with government and commercial customers. Financially, the company has built a reasonable asset base and equity cushion but relies on external capital to fund ambitious development and expansion. The key uncertainties center on execution of Neutron, the scalability of its space systems and component businesses, and the pace at which margins and cash flows can improve. How well Rocket Lab converts its technological lead and contract wins into a sustainable, cash‑generating business will be the central story to watch over the next several years.

NEWS

November 24, 2025 · 4:30 PM UTC

Rocket Lab Schedules First Dedicated Launch for Japan Aerospace Exploration Agency (JAXA)

Read more

November 20, 2025 · 9:35 AM UTC

Two Launches in Two Days from Two Hemispheres: Rocket Lab Beats Annual Launch Record with Back-To-Back Electron Missions

Read more

November 20, 2025 · 3:01 AM UTC

Rocket Lab to Launch Second Mission in 48 Hours

Read more

November 18, 2025 · 1:12 PM UTC

Rocket Lab Successfully Launches HASTE Mission for Defense Innovation Unit, Missile Defense Agency

Read more

November 18, 2025 · 8:44 AM UTC

Defiance ETFs Launches RKLZ: the First 2X Short ETF of Rocket Lab Corporation

Read more