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Jun 30, 2025
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
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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