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Jun 30
Rocket Lab Q2 2025 Earnings Report
Rocket Lab posted record revenue and improved margins despite reporting a net loss.
Key Takeaways
Rocket Lab achieved record quarterly revenue of $144 million, driven by strong space systems growth and five Electron launches, while also expanding gross margins by 650 basis points YoY.
Revenue reached $144 million, a 36% increase YoY
Five successful Electron launches executed in Q2
Net loss widened to $66 million due to increased R&D and SG&A
Non-GAAP gross margin improved to 36.9% from 30.7% YoY
Rocket Lab
Rocket Lab
Rocket Lab Revenue by Segment
Revenue by Segment
Space Systems Revenue
CapyFin.comLaunch Services Revenue
CapyFin.com Forward Guidance
Rocket Lab expects continued momentum in Q3, guiding for another record quarter with growing margins and reduced losses.
Positive Outlook
- Q3 revenue expected between $145M and $155M
- GAAP gross margin expected between 35% and 37%
- Non-GAAP gross margin guided at 39% to 41%
- Progress on Neutron rocket and Launch Complex 3
- Geost acquisition to enhance payload capabilities
Challenges Ahead
- Adjusted EBITDA loss expected between $21M and $23M
- High GAAP operating expenses forecasted between $104M and $109M
- Ongoing interest expense of $1.3M expected
- Stock-based compensation still a major expense (~$16–$17M)
- No near-term profitability expected due to continued investments
Revenue & Expenses
Visualization of income flow from segment revenue to net income