Rocket Lab Corp. (NASDAQ:RKLB) executives pointed to accelerating launch demand, expanding defense work and progress on the company's Neutron rocket as key drivers of momentum following a record first quarter.
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Rocket Lab's $2.2B Backlog
"Our backlog jumped to more than $2 billion in contracted revenue across our national security, civil space, and commercial programs, 20% over the quarter and 108% year-over-year," CEO Peter Beck said on the company's Thursday evening earnings call.
Beck said the record backlog was supported by strong contract activity across Rocket Lab's launch portfolio. The company signed 31 Electron and HASTE launch contracts during the quarter, along with five Neutron contracts.
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"With the 31 Electron and HASTE launches and 5 Neutron contracts combined, we’ve booked more launches in the first three months of 2026 than we did for all of last year," Beck said.
CFO Adam Spice added that Rocket Lab ended the quarter with approximately $2.2 billion in total backlog. Launch backlog accounted for about 41.5% of the total, while space systems represented the remaining 58.5%.
"During the quarter, launch backlog continued to gain share, supported by strong underlying trends as we convert a robust pipeline of opportunities across Electron, HASTE, and Neutron," Spice said.
Growing Defense Role
Management also emphasized Rocket Lab's growing role in defense and national security programs.
Beck said the company's HASTE program is delivering "critical hypersonic test launch capability to the Department of Defense."
Rocket Lab recently secured a $190 million, 20-launch HASTE order through Kratos Defense & Security Solutions (NASDAQ:KTOS) and the DOD's MACH-TB program.
Beck called the award "a very clear vote of confidence from the Pentagon in HASTE’s ability to deliver the hypersonic test and missile defense capabilities that the nation needs."
The company is also supporting the Space-Based Interceptor program under Golden Dome in partnership with RTX Corp. (NYSE:RTX), which Beck described as one of the nation's top national security priorities.
Neutron Updates
Alongside defense momentum, Rocket Lab continues to advance Neutron, its medium-lift rocket designed for constellation deployment and national security missions.
Beck said the program remains on track for a first launch later this year, citing progress on tank refinements, stage-separation tests, Archimedes engine hot fires and landing barge work.
"Current progress is keeping our aggressive schedule towards the first launch later this year," Beck said.
When asked about customer reception for Neutron, Beck said demand is not a concern.
"Demand is just not one of [the things I worry about]," Beck said. "The backlog is super healthy for a number of years."
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Looking Ahead
Rocket Lab guided for second-quarter revenue of $225 million to $240 million and an adjusted EBITDA loss of $20 million to $26 million.
With launch demand building, defense work expanding and Neutron moving closer to debut, management positioned Rocket Lab's record quarter as part of a broader growth phase rather than a one-time step-up.
RKLB Price Action: Rocket Lab stock was up 13.01% at $88.80 at the time of publication on Friday, according to Benzinga Pro.
Over the past month, RKLB has gained about 23.3% versus a 8.7% rise in the S&P 500 and is up roughly 26% year-to-date compared to the index’s 7.2% gain.
Photo courtesy of Rocket Lab Corp.