RKLB 8-K — Smart Summary

Rocket Lab Corporation (Nasdaq: RKLB) reported Q4 and full year 2025 financial results on February 26, 2026, posting record quarterly revenue of $180M and record annual revenue of $602M, representing 38% year-on-year annual growth. The company grew its backlog 73% year-on-year to $1.85B and guided to record Q1 2026 revenue of $185M–$200M, representing 57% year-on-year growth at the midpoint.

• Total revenues Q4 2025: $179,652K vs. $132,388K in Q4 2024 (YoY growth ~35.7%); full year 2025: $601,799K vs. $436,214K in full year 2024 (YoY growth ~38%)
• GAAP Gross profit Q4 2025: $68,232K vs. $36,817K in Q4 2024; full year 2025: $207,181K vs. $116,149K in full year 2024
• Non-GAAP Gross margin Q4 2025: 44.3% vs. 34.0% in Q4 2024; full year 2025: 39.7% vs. 32.0% in full year 2024
• GAAP Operating loss Q4 2025: $(51,042)K vs. $(51,549)K in Q4 2024; full year 2025: $(228,838)K vs. $(189,801)K in full year 2024
• Non-GAAP Operating loss Q4 2025: $(24,905)K vs. $(29,467)K in Q4 2024; full year 2025: $(127,437)K vs. $(118,379)K in full year 2024
• GAAP Net loss Q4 2025: $(52,922)K vs. $(52,345)K in Q4 2024; full year 2025: $(198,209)K vs. $(190,175)K in full year 2024
• Basic and diluted EPS Q4 2025: $(0.09) vs. $(0.10) in Q4 2024; full year 2025: $(0.37) vs. $(0.38) in full year 2024
• Adjusted EBITDA Q4 2025: $(17,369)K vs. $(23,194)K in Q4 2024; full year 2025: $(101,190)K vs. $(96,943)K in full year 2024
• Net cash used in operating activities full year 2025: $(165,521)K vs. $(48,890)K in full year 2024

• Product revenues Q4 2025: $94,046K vs. $84,003K in Q4 2024; full year 2025: $371,617K vs. $289,851K in full year 2024
• Service revenues Q4 2025: $85,606K vs. $48,385K in Q4 2024; full year 2025: $230,182K vs. $146,363K in full year 2024
• Cost of product revenues Q4 2025: $64,446K vs. $60,620K in Q4 2024; full year 2025: $252,848K vs. $213,835K in full year 2024
• Cost of service revenues Q4 2025: $46,974K vs. $34,951K in Q4 2024; full year 2025: $141,770K vs. $106,230K in full year 2024

• Cash and cash equivalents as of December 31, 2025: $828,660K vs. $271,042K as of December 31, 2024
• Marketable securities (current): $187,917K; marketable securities (non-current): $82,247K as of December 31, 2025
• Convertible senior notes, net (non-current): $152,395K as of December 31, 2025 vs. $345,392K as of December 31, 2024
• Proceeds from ATM Equity Offerings (full year 2025): $1,146,057K; issuance costs related to ATM Equity Offerings: $(26,514)K
• Repayments on secured term loans (full year 2025): $(87,920)K; proceeds from secured term loan: $26,716K
• Total stockholders' equity as of December 31, 2025: $1,721,854K vs. $382,453K as of December 31, 2024
• Preferred stock issued and outstanding: 45,951,250 shares at December 31, 2025 (0 at December 31, 2024); Common stock outstanding: 543,574,552 shares at December 31, 2025 vs. 504,453,785 at December 31, 2024

• Sir Peter Beck (Founder and CEO)
  • "2026 was a record-breaking year for Rocket Lab financially and operationally. We delivered record quarterly revenue of $180 million, which brought our full year revenue to a record $602 million, representing 38% growth year on year."
  • "We ended the year with a record $1.85 billion in backlog, representing 73% year-on-year growth, a figure we look forward to building upon in 2026."

• Q1 2026 revenue guidance: $185 million to $200 million (57% YoY growth at midpoint)
• GAAP Gross Margins: 34% to 36%
• Non-GAAP Gross Margins: 39% to 41%
• GAAP Operating Expenses: $120 million to $126 million
• Non-GAAP Operating Expenses: $106 million to $112 million
• Interest Income, net: $8.0 million
• Adjusted EBITDA loss: $21 million to $27 million
• Basic Weighted Average Common Shares Outstanding: 605 million, including approximately 46 million of Series A Convertible Participating Preferred Shares
• Stock-based compensation expected to range from $16 million to $18 million in Q1 2026