Rocket Lab USA Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.56%.
Did RKLB Beat Earnings? Q1 2025 Results
Rocket Lab posted a strong first quarter in 2025, with revenue of $122.57 million — a 32% year-over-year increase that landed at the top end of the company's own guidance — while reporting a loss of $0.12 per share as accelerating investment in Neutron development weighed on the bottom line. Product revenues were the standout driver, climbing to $80.80 million from $54.15 million a year earlier, helping lift non-GAAP gross margin to 33.4% from 31.7%. The wider net loss of $60.62 million compared to $44.26 million in Q1 2024 reflected a deliberate scaling posture, with R&D spending jumping to $55.11 million as Neutron's development cadence intensifies. Strategically, the quarter carried real weight: Neutron's on-ramping to the DoD's $5.60 billion NSSL Phase 3 Lane 1 program and the planned acquisition of laser terminal developer Mynaric — which CEO Peter Beck positioned as a springboard into Europe and a building block for future constellation capabilities — underscored the company's broadening ambitions. Looking ahead, Rocket Lab guided Q2 revenue of $130 million to $140 million, with non-GAAP gross margins expanding further to 34%-36%, a trajectory consistent with its <a href="https://247wallst.com/investing/2026/02/27/rocket-labs-reports-revenue-surge-of-36-to-a-record-180-million/">record revenue growth ahead</a>.
- 32% year-over-year revenue growth driven by wins across launch and space systems divisions
- Five successful Electron missions launched in Q1 2025 for three commercial constellation operators
- Product revenues grew 49% year-over-year to $80.8 million
- Non-GAAP gross margin expanded to 33.4% from 31.7% year-over-year
“Rocket Lab has delivered a strong first quarter performance, with wins across our launch and space systems divisions reflected in our near-record $123 million revenue – at the top end of our guidance and a 32% increase year-on-year compared to Q1 2024. We also remain confident in our ability to execute and deliver on what's set to be another strong quarter, with our Q2 2025 revenue guidance in the $130m-$140 million range – which would reflect the underlying strength of our increasingly diverse business within the current geopolitical climate, showing the resilience of our vertically integrated end-to-end space company business model.”
Rocket Lab CEO, on the earnings call
Forward Guidance & Outlook
For Q2 2025, Rocket Lab expects revenue between $130 million and $140 million, GAAP gross margins of 30%-32%, non-GAAP gross margins of 34%-36%, GAAP operating expenses of $96-$98 million, non-GAAP operating expenses of $82-$84 million, net interest expense of $3.1 million, and Adjusted EBITDA loss of $28-$30 million. Stock-based compensation is expected to range from $13-$14 million. Basic weighted average common shares outstanding expected at 514 million, including approximately 51 million of Series A Convertible Participating Preferred Stock.
RKLB YoY Financials
RKLB Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.