Rocket Lab Shares Dip After the Company’s "Defining" Quarter Misses the Mark

Dow Jones
4小時前

Rocket Lab just disclosed that it’s sitting on a “record” backlog — but that wasn’t enough to give its stock a lift.

The aerospace company posted sales of $268 million, above the $257 million forecast by Wall Street analysts and up 73% from a year before, according to FactSet estimates. Rocket Lab also said it had its highest-ever backlog of $3.57 billion as of Sept. 30, up 52% compared to the June quarter. It’s contracted to carry out 117 launches, the company shared.

Almost $1 billion of that backlog comes from new launch contracts that were inked in the third quarter, along with $470 million signed for its space-systems business unit, CEO Peter Beck said in a statement. He called the September quarter “defining” for Rocket Lab.

Still, “defining” doesn’t mean perfect.

The company took a net loss of $79.6 million, compared to the $46.9 million expected by analysts, and far steeper than the $18.3 million loss it reported a year earlier.

And while Rocket Lab projected fourth-quarter revenue that, at the high point of $290 million, would represent a nearly 10% increase compared to expectations, it modeled a steeper adjusted loss than expected.

The company expects to report an adjusted loss before interest, taxes, depreciation and amortization of up to $20 million, compared to the $10.9 million previously expected by analysts. For the third quarter, Rocket Lab posted a $18 million loss, a 31% improvement compared to the same time in 2025.

Rocket Lab shares fell 5.4% in after-hours action on Monday, after gaining 11% in the day’s regular session.

The results come after the company disappointed investors last month when it announced the latest delay for its Neutron rocket, a medium-lift vehicle meant to rival SpaceX’s Falcon 9. Neutron is no longer scheduled to take its maiden voyage by the end of 2026 and is now targeting a launch no earlier than 2027.

To support its efforts, the U.S. Defense Department on Monday said it signed a $150 million conditional loan agreement with Rocket Lab. The company said research-and-development costs rose 39% from a year earlier to reach $98 million last quarter, primarily due to spending associated with Neutron.

On Monday, Rocket Lab said it secured more than $515 million in Neutron launch contracts and now has 16 missions planned for the rocket, including one to put the startup Starcloud’s orbital data centers in space in 2029.

The company added that it is now charging a $70 million base price for its missions, up from $55 million, citing the industry’s tightening launch capacity as SpaceX appears to be scaling back its third-party work. Rocket Lab thinks it can help fill that gap with Neutron, while other companies seek to make their own rockets, including the satellite-internet firm AST SpaceMobile.

AST SpaceMobile also reported mixed third-quarter earnings Monday that offset earlier enthusiasm for its stock, with shares falling 0.8% in extended trading after gaining 14% in the regular session. AST SpaceMobile previously confirmed that it would work with Japanese tech conglomerate Rakuten through a joint venture backed by $1 billion in support from the Japan’s Ministry of Internal Affairs and Communications.

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