MW Rocket Lab's stock slides as yet another rocket delay overshadows 'record year'

By William Gavin

The Neutron rocket was expected to make its debut last year. Now, it's projected to launch at the end of 2026.

Rocket Lab's primary launch vehicle is the Electron rocket, which serves the small satellite market. Its Neutron rocket capable of delivering heavier payloads has been delayed.

Rocket Lab's stock is falling after the company's better-than-expected fourth-quarter earnings couldn't stem investors' disappointment over another Neutron delay.

Neutron, a medium-lift reusable rocket that analysts say can compete with SpaceX's Falcon 9, was expected to make its debut late last year. But the company delayed its maiden voyage to prevent a catastrophic launch that CEO Peter Beck said would have been a "heartbreak."

On Thursday, Rocket Lab (RKLB) officially pushed back the launch once more, to the fourth quarter of 2026, citing a recent stage 1 tank test failure. The stock dropped more than 3% in after-hours action.

Even as Rocket Lab revealed its Neutron delays, it revealed earnings that beat Wall Street's expectations. It reported a per-share loss of 9 cents, below the 10 cents analysts had expected, according to the FactSet consensus.

Rocket Lab posted an adjusted loss of $17.3 million, narrower than the $25 million loss expected by analysts. It also reported $179.6 million in revenue, more than the $176.8 million Wall Street had expected. A year ago, the firm posted $132.4 million in revenue.

That revenue comes from a combination of Rocket Lab's work both launching its rockets and developing satellites and spacecraft components. The company launched seven missions in the December quarter, a new record for Rocket Lab. Overall, the company launched 21 successful missions last year.

"2026 was a record-breaking year for Rocket Lab financially and operationally," Beck said in a statement, touting his company's work on a Mars mission and its collaboration with the U.S. government.

Rocket Lab guided for first-quarter 2026 revenue of between $185 million and $200 million. The midpoint of that guidance would mark a 57% year-over-year increase. The company also forecast an adjusted loss of between $21 million and $27 million, compared to a $30 million loss a year earlier.

The Long Beach, Calif.-based company said its contracted backlog had reached $1.85 billion at the end of the December quarter, up 73% relative to a year earlier and higher than expected. Its backlog at the end of September stood at $1.1 billion.

Rocket Lab got a boost in late December after it was awarded an $816 million contract to provide 18 missile warning, tracking and defense space vehicles for the Space Development Agency. It was the biggest award in the company's history.

Read: The 'space economy' is booming. Here's where most of the money is going.

The company is also poised to benefit from a series of industry-wide developments, including a boost from a new pro-competition NASA administrator and President Donald Trump's plans to ramp up defense spending with the Golden Dome anti-missile project. There's also excitement over SpaceX's plans to go public later this year in a potentially record-setting initial public offering that could ignite broader interest in the space sector.

Rocket Lab "is in a high-growth and evolving sector, and this could present opportunities for us to get constructive again," KeyBanc analyst Michael Leshock said in a note to investors last month. "We continue to believe that if you hold the keys to space, you are going to be a dominant player."

-William Gavin

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February 26, 2026 16:52 ET (21:52 GMT)

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