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Mar 31, 2025
Rocket Lab Q1 2025 Earnings Report
Rocket Lab posted $123 million in revenue and launched five missions in Q1 2025.
Key Takeaways
Rocket Lab reported strong revenue growth in Q1 2025, driven by continued success in its launch and space systems segments. Despite a net loss, the company secured major defense contracts and laid out plans to reorganize under a new holding company structure.
Revenue reached $123 million, hitting the high end of guidance.
Net loss widened to $60.6 million, with an adjusted EBITDA loss of nearly $30 million.
The company launched five Electron missions, maintaining its lead in the small orbital rocket category.
Rocket Lab was selected for key U.S. and U.K. defense programs and announced plans to acquire Mynaric.
Revenue by Segment
Forward Guidance
Rocket Lab expects Q2 2025 revenue between $130 million and $140 million, with continued investment in R&D and key government contracts supporting future growth.
Positive Outlook
- Revenue guidance of $130M–$140M indicates continued growth.
- GAAP gross margin expected to reach 30%–32%.
- Expansion into hypersonic and national security programs.
- Planned acquisition of Mynaric to expand in Europe.
- Improved financial management through new holding company structure.
Challenges Ahead
- Adjusted EBITDA loss projected between $28M–$30M.
- Stock-based compensation expected to reach $13M–$14M.
- No improvement yet in net profitability.
- High R&D expenses continue to pressure operating income.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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