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Rocket LabRKLB

Legal name
Rocket Lab Corp.
Sector
Other
Industry
Guided Missiles & Space Vehicles & Parts
Exchange
Nasdaq

Stock Price $RKLB

Latest filings

You are here#59 of 87 in Industrials by market cap

Filing record · 2020–202610-K810-Q188-K88

RKLB filed 8 annual reports (10-K), 18 quarterly reports (10-Q) and 88 current reports (8-K) between 2020 and 2026.

  1. Material agreement8-K · Sep ’20Sep ’20
  2. FY2021 annual report10-K · Mar ’22Mar ’22
  3. Leadership change8-K · Nov ’23Nov ’23
  4. Leadership change8-K · Mar ’26Mar ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  6. $601.8M
YoY changeLargest recent move+239.0%in FY22Latest +38.0%

1 older move runs past ±150% (largest +239.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All RKLB Financial Metrics58 metrics

Income Statement15

Balance Sheet27

Cash Flow12

Per Share4

02—Overview

Rocket Lab Financial Overview 2021–2025

Updated Nov 3, 2026

Rocket Lab closed FY2025 with a staggering $1,847.3 milliona backlog, buoyed by a massive $816 million Space Development Agency contract that cements its transition from a niche rocket provider to a tier-one space prime. The central thesis for this pure-play manufacturer is clear: aggressive vertical integration and strategic acquisitions are driving hyper-growth across both its Launch Services and Space Systems segments, though investors must stomach heavy near-term development costs to reach that scale. Highlighting the long-term capital intensity of this strategy, earnings per share moved only modestly from $-0.56 in FY2021 to $-0.37 by FY2025 as the company prioritized market capture and infrastructure over immediate profits.

Top-line momentum remains undeniably fierce. Total sales jumped 38% to reach $601.8 millionb in FY2025. However, the race to debut its medium-lift Neutron vehicle pushed research and development expenses up 55% to $270.7 million during the same period, yielding a net loss of $198.2 million. The market appears more than willing to fund this cash-burn phase. By the close of FY2025, investors valued the enterprise at a towering $37.9 billion market cap, with shares trading at $69.76 despite the lack of profitability. First-quarter performance in Q1 2026 offered a glimpse of future leverage, as a 38.2% gross margin alongside a 63% revenue surge signaled that improved cost absorption may eventually offset ongoing capital expenditures.

Recent Developments (Q1 and Q2 2026)

Rocket Lab agreed to acquire Iridium Communications for about $8.0 billionc, with closing expected in mid-2027. Funding began with $1.53 billion of at-the-market equity proceeds in the first half, lifting cash to $2.13 billion at June 30, 2026. Revenue hit $234.1 million in Q2 2026, up 62% year over year. Net loss narrowed to $49.3 million from $66.4 million. Q3 2026 guidance implies gross margin of 29%-31%, below Q1. In October, management moved Neutron's first launch into 2027.

Bull case: backlog of $2.36 billiond is up 137%, and the adjusted EBITDA loss shrank to $8.8 million. Bear case: the stock closed at $80.04 as of the Q2 2026 report date (August 9, 2026), with EPS of $-0.37, so no meaningful P/E exists. Share issuance, deal debt and the Neutron delay add risk.

What to watch: Iridium regulatory approvals and stockholder vote ahead of the mid-2027 close; a firm Neutron launch date and its effect on 2027 revenue timing

03—Filings

Recent SEC Filings

  1. 8-KRocket Lab 8-K Report, Regulation FD Disclosure (Oct 14, 2026)Rocket Lab (RKLB) furnished an 8-K on October 14, 2026 disclosing an update to its Neutron medium-lift rocket program. The company now expects the inaugural Neutron launch to occur in 2027, rather than the previously anticipated timeframe, which it attributes to continued development work and the incorporation of process improvements. Management says the program is progressing through key manufacturing and testing milestones. The update was issued as a press release (Exhibit 99.1) and accompanied by an investor presentation on the company's investor relations website. For investors, the central takeaway is a delay in the timing of Neutron's first flight. Neutron is a central pillar of Rocket Lab's growth narrative as a reusable medium-lift vehicle that would extend the company beyond its Electron and HASTE small-lift business, so slippage affects the timing of expected Neutron revenue and the broader medium-lift opportunity. The filing does not quantify any financial impact, revised revenue expectations, updated cost estimates, or changes to guidance, so those details would need to come from the accompanying presentation or future earnings disclosures. The filing is a Regulation FD disclosure with Items 7.01 and 8.01, and the company states that the information is furnished rather than filed for Section 18 purposes. The company has not provided a new specific launch date and has committed only to further updates as work continues. Investors should watch for those updates, the detailed presentation, and any changes to the company's forward-looking financial commentary.
  2. 8-KRocket Lab 8-K Report, Regulation FD Disclosure (Sep 15, 2026)Rocket Lab (RKLB) reported on September 15, 2026 that it has fully funded its pending acquisition of Iridium Communications. The company completed its at-the-market (ATM) equity program, raising approximately $1.944 billion in gross proceeds from the sale of about 29.3 million shares before commissions and expenses. Management says these proceeds, together with the amended Iridium credit facility and other available liquidity, are sufficient to cover the anticipated cash consideration and related payments at closing. The company expects the transaction to close in mid-2027, subject to regulatory approvals and stockholder approval of the Iridium holders. On the debt side, Iridium and its lenders (at least the Required Lenders) signed Consent and Amendment No. 4 to the existing $1.775 billion term loan. The amendment carves the Transaction out of the change-of-control definition, so the loans can remain outstanding after closing, and it adds a downstream unsecured guarantee from Rocket Lab USA, Inc. at closing. Post-closing pricing steps up to SOFR plus 2.50%-3.00% (or base rate plus 1.50%-2.00%) based on Rocket Lab's credit ratings, and a 1.00% exit fee applies to prepayments after the first anniversary of closing. The $3.6 billion 364-day bridge commitment was terminated in full, removing a bridge-financing overhang. For investors, the key takeaways are reduced financing risk and a clearer capital structure, offset by meaningful dilution from the ATM issuance and a higher cost of the permanent Iridium debt once the deal closes. The filing does not disclose Iridium's or Rocket Lab's standalone financial results, purchase price breakdown, or pro forma leverage, so those figures should be sought in the S-4/final prospectus.
  3. 8-KRocket Lab 8-K Report, Regulation FD Disclosure (Aug 13, 2026)Rocket Lab (RKLB) disclosed a replacement at-the-market (ATM) equity program with Deutsche Bank Securities and Wells Fargo Securities, under which it may sell common stock with an aggregate offering price of up to $1,944,369,826. The new agreement replaces the prior equity distribution agreement dated May 20, 2026, and carries forward the unsold amount under that program rather than adding capacity. The company also may enter into forward sale agreements, including initially priced and collared forward transactions. Sales commissions are capped at 2.00% of gross proceeds, and the program may be terminated on two days' notice. The company says the net proceeds will fund cash payments for its proposed acquisition of Iridium Communications and reduce its committed bridge facility. The offering is not conditioned on completing the Iridium deal, and the company says it will use any excess proceeds for growth, potential acquisitions, and general corporate purposes. A concurrent press release on the Iridium acquisition reports several milestones. The Hart-Scott-Rodino waiting period expired at 11:59 p.m. ET on August 12, 2026, which clears U.S. antitrust review. Rocket Lab filed its Form S-4 registration statement, which is not yet effective, and FCC transfer-of-control applications were filed on August 10, 2026. The company holds a $3.6 billion 364-day senior secured bridge commitment and plans to replace it with permanent debt and equity. It also intends to seek lender consents to amend Iridium's $1.775 billion term loan so that facility can stay in place, which would reduce the bridge commitment. There is no assurance those consents will be obtained. For investors, the key points are the scale of potential dilution, the reliance on equity and debt refinancing to fund a large acquisition, and the execution risk tied to lender consents, S-4 effectiveness, and shareholder approvals. Because the ATM sales can be suspended at any time and are subject to price and volume parameters, the timing and size of actual issuance are uncertain. Investors should monitor future prospectus supplements, the S-4 review process, and any Iridium lender consent results.
  4. 8-KRocket Lab 8-K Report, Corporate Update (Aug 13, 2026)Rocket Lab (RKLB) filed this Form 8-K on August 13, 2026 to furnish financial information tied to its pending acquisition of Iridium Communications (IRDM), agreed June 28, 2026. Under the Merger Agreement, Iridium holders would receive $27.00 in cash plus Rocket Lab stock at a floating exchange ratio: 0.4000 shares if Rocket Lab's 10-day VWAP is at or below $67.50, 0.2400 at or above $112.50, and $27.00 divided by the VWAP in between. Using the 10-day VWAP ending August 7, 2026 of $69.33, the exchange ratio is 0.3894, implying about 41.3 million new Rocket Lab shares and an estimated total purchase consideration of roughly $7.59 billion. The filing itself contains no new operating guidance; its substance is the Iridium audited and unaudited financials (incorporated by reference) and the pro forma combined statements. The pro forma statements show the financing burden clearly. The deal is funded with a $3.6 billion 364-day bridge facility at an effective rate of about 8.0%, which the filing says Rocket Lab intends to replace with permanent financing, though terms are not yet determinable. Pro forma combined cash falls to about $1.0 billion from $2.1 billion at June 30, 2026, and pro forma interest expense rises to about $143 million for the six months ended June 30, 2026 and $312 million for FY2025. On a pro forma basis, Rocket Lab's combined results show a six-month net loss of $154.7 million (EPS of -$0.23) and a FY2025 net loss of $203.0 million (EPS of -$0.36), compared with standalone Rocket Lab net losses of $94.3 million and $198.2 million. Pro forma combined revenue is about $879 million for the six months and $1.47 billion for FY2025. The filing also flags several uncertainties: preliminary purchase price allocation with about $2.2 billion of goodwill and $4.3 billion of intangibles (subject to change), a tax-free reorganization treatment that depends on the cash-to-stock mix, a possible reduction in bridge borrowings if Iridium debt amendments are completed, and the acquisition of Aireon by Iridium on July 2, 2026, which adds debt not reflected in these figures. The transaction remains subject to Iridium stockholder approval, regulatory approvals, and the effectiveness of the Form S-4.
  5. 8-KRocket Lab 8-K Report, Financial Results (Aug 10, 2026)Rocket Lab reported record second-quarter 2026 revenue of $234.1 million, up 62% year-over-year and $34 million above the prior quarter, with record backlog of $2.36 billion (up 137% year-over-year). GAAP net loss narrowed to $49.3 million from $66.4 million a year earlier, and Adjusted EBITDA improved to a loss of $8.8 million from a loss of $27.6 million. GAAP gross margin was about 36.1% (84.6 million on 234.1 million of revenue), while the company reported a non-GAAP gross margin of 41.5%. GAAP operating expenses rose to $142.1 million, driven by higher R&D and SG&A, including $8.6 million of transaction costs. Management said new contracts of more than $1 billion had been signed in Q3 to date, including a $397 million SB-AMTI launch-plus-spacecraft award from the U.S. Space Force. The balance sheet changed substantially. Cash and equivalents rose to $2.13 billion from $829 million at year-end 2025, largely because of $1.53 billion in at-the-market (ATM) equity proceeds in the first half. Shares outstanding increased to about 598 million from about 544 million. Operating cash flow was negative $134 million for the six months, and inventories and receivables grew sharply, reflecting the ramp in production and contract activity. Contract liabilities of $351 million, up from $195 million, indicate substantial customer prepayments supporting the backlog. For Q3 2026, management guided to revenue of $250 million to $265 million, GAAP gross margin of 29% to 31%, non-GAAP gross margin of 35% to 37%, and an Adjusted EBITDA loss of $17 million to $23 million. The company also announced a landmark agreement to acquire Iridium Communications, which would vertically integrate launch, satellite manufacturing, and constellation operations. The Iridium deal, the Neutron first launch timeline (target delivery to the pad in Q4 2026), and the Neutron execution risk are the key items for investors to monitor.
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04—See also

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