Rocket Lab (Rocket Lab (RKLB)) reported its first-quarter 2026 earnings after the bell Thursday, and the numbers were solid. Revenue came in at $200.35 million, beating the consensus estimate of $189.68 million and jumping 63.5% from a year ago. The company posted a loss of seven cents per share, right in line with what analysts expected.
But the headline numbers only tell part of the story. Rocket Lab signed 31 new contracts for its Electron and HASTE launch vehicles in the quarter, plus five more for the highly anticipated Neutron rocket. One of those deals was a bulk order of dedicated Neutron and Electron launches with a confidential customer — the company says it's the largest launch contract it has ever signed.
“Rocket Lab has delivered another exceptional quarter with record financial performance,” said founder and CEO Peter Beck. “Rocket Lab's tailwinds are strong. We're already embedded in the most demanding and significant space programs of our generation and we're in an incredibly strong position to continue expanding this.”
The company ended the quarter with a record backlog of $2.20 billion and more than $2 billion in total liquidity. That's a lot of dry powder for a company that's still losing money on an adjusted EBITDA basis.
Speaking of which, Rocket Lab expects second-quarter revenue between $225 million and $240 million, well above the $205.05 million analysts were looking for. The company also guided for an adjusted EBITDA loss of $20 million to $26 million in Q2 — not great, but the revenue trajectory is clearly pointing up.
On the technology front, Rocket Lab reiterated that the first launch of its medium-lift reusable Neutron rocket is on track for “later this year.” That's a big deal if they can pull it off, because Neutron is designed to compete with SpaceX's Falcon 9 in the medium-lift market.
In addition to the earnings, Rocket Lab announced two new government contracts. It was selected to demonstrate advanced capabilities for the U.S. Space Force's Space Based Interceptor program, in partnership with Raytheon. And it won a $30 million contract from Anduril for multiple hypersonic test flights using its HASTE launch vehicle.
Investors liked what they saw. Rocket Lab shares were up 6.90% in after-hours trading Thursday, changing hands at $84 at the time of publication.
Rocket Lab executives will discuss the quarter in more detail on an earnings call scheduled for 5 p.m. ET.
