So, you want to know how the space business is going? Rocket Lab (RKLB) just gave us a pretty clear answer on Thursday. The company, which likes to call itself an "end-to-end space company," reported its fourth-quarter numbers after the bell, and the headline is simple: they beat expectations.
Let's talk numbers first, because that's what matters on earnings day. Rocket Lab said it brought in $179.65 million in revenue for the quarter. That was just a bit better than the $178.47 million that analysts were looking for. On the bottom line, the company reported a loss of nine cents per share. That also beat the Street, which was expecting a loss of ten cents per share. So, a clean beat on both the top and bottom lines.
But the story here isn't just about one quarter. It's about momentum. Rocket Lab launched seven missions in Q4, bringing its total for the year 2025 to 21. And here's the impressive part: a 100% mission success rate. In the rocket business, that's the stat you want to see. The company also said it signed more than 30 new launch contracts during the year.
"We reached a new annual launch record, flying 21 missions across Electron and HASTE with a 100% success rate for the year, and also reached significant qualification milestones in the development of Neutron, our new medium-lift launch vehicle," said Peter Beck, the company's founder and CEO.
He also highlighted a major project that's a bit further from Earth. "It was also the quarter in which two spacecraft we built for NASA and the University of California Berkeley were successfully launched toward Mars for the historic ESCAPADE mission, proving Rocket Lab can deliver decadal class science missions on rapid timelines for a fraction of the cost of traditional interplanetary programs."
Financially, the company is sitting on a strong foundation. It ended the period with a record backlog of $1.85 billion. That's a lot of future business already booked. It also had about $828.66 million in total cash and cash equivalents on hand. That's a war chest that gives it room to keep investing in its big projects.
What's Next? A Big Rocket and More Growth
Looking ahead, the company gave guidance for the first quarter that suggests the growth story isn't over. Rocket Lab expects Q1 revenue to land between $185 million and $200 million. The consensus estimate was sitting at about $184.98 million, so the high end of that range would be a nice beat. The company does expect to keep spending, forecasting an adjusted EBITDA loss of $21 million to $27 million for the quarter.
Now, for the big-ticket item everyone's watching: Neutron. This is Rocket Lab's next-generation, medium-lift reusable rocket. It's the vehicle that's supposed to take the company to the next level of the launch market. On the earnings front, the company provided an update on timing. The first launch of Neutron is now targeted for later in 2026. It's a slight push from some earlier, more optimistic timelines, but it gives a concrete target for investors to watch.
Alongside the earnings, the company announced a flurry of other news. It completed spacecraft commissioning for that NASA ESCAPADE mission Beck mentioned. It secured a multi-launch contract with satellite imagery company BlackSky. It's even getting into the power business for space, introducing new advanced silicon solar arrays designed to power space-based data centers. And if that wasn't enough, Rocket Lab also announced the acquisition of two companies, Optical Support and Precision Components Limited, in separate deals.
