Rocket Lab (RKLB) Q3: record $268M revenue, backlog up 52% to $3.57B

$RKLB reported record revenue of $267.8M for the third quarter, up 73% from a year ago and above the top of its own $250M to $265M guide, and a backlog that grew 52% in one quarter to $3.57B. Neutron, the reusable rocket our /stocks/rklb teardown in the Space / Sat Comms bubble was built around, still targets a first launch no earlier than 2027. This recap walks the print, the guide, the backlog, the cost side and the lines to watch next.

The print

$RKLB reported the quarter ended September 30, 2026 after the US close on November 9. The company had guided revenue of $250M to $265M and an adjusted EBITDA loss of $17M to $23M for the quarter; revenue landed above the range and the adjusted EBITDA loss inside it.

What moved the numbers:

• Revenue. Product revenue nearly doubled from a year ago. The release credits twelve Rocket Lab-built spacecraft launched in the quarter, including eight satellite platforms for Globalstar and two spacecraft for NASA at Mars.
• Gross margin. GAAP gross margin slipped 2.5 points from Q2. The cash flow statement carries a $7.5M inventory valuation adjustment over nine months, and amortization of acquired intangibles in cost of revenues rose to $7.7M in the quarter.
• The Iridium deal costs. Transaction costs were $21.3M in the quarter, inside SG&A, and the early retirement of the convertible notes booked a $27.3M loss on extinguishment of debt.
• Interest income. $28.6M in the quarter, against $6.7M a year ago, on a much larger cash pile.
• Tax. The Q3 2025 net loss was small because it carried a $41.1M tax benefit; Q3 2026 carried a $3.5M provision. The operating loss, not the tax line, is the like-for-like comparison.

Over nine months, revenue is $702.2M against $422.1M a year ago (+66%), and the net loss $174.0M against $145.3M.

The backlog

The remaining performance obligation in the 10-Q is $3.573B at September 30, against $2.356B at June 30: $1.22B more in one quarter, or 52%. The release breaks out the new business:

• Launch. About $1B of new launch contracts across Electron, HASTE and Neutron, for a launch backlog of 117 launches.
• Neutron. Over $515M of Neutron contracts from constellation operators, for 16 missions booked before the first flight, with the base price lifted to $70M for several of them.
• Space Systems. $470M of new contracts, and more than 55 spacecraft in development and build.

The guide

The revenue midpoint of $280M is about 5% above Q3. Added to the nine months, it puts 2026 revenue near $982M. The guide expects gross margin to recover a little and the adjusted EBITDA loss to stay in the same range. These are company guides, not results.

What it changes to our teardown

Our RKLB teardown (November 2) framed the stock as a growth story priced for a Neutron that has not flown, with a $2.36B backlog, a slipped first launch, and dilution from the Iridium deal. The release gives the next pieces.

• The order book. The backlog the video quoted is now $3.57B, and Neutron has paying customers before its first flight. That was the bull case.
• Neutron timing. First launch is still targeted "no earlier than 2027," with flight hardware delivered to Launch Complex 3. No new slip, no new date.
• Dilution. Proceeds from at-the-market equity sales were $3.91B over nine months, and outstanding common shares rose to 639.2M from 543.6M in December. The release says the Iridium acquisition is now fully funded, and Iridium shareholders approved it.
• Cash. Cash and equivalents of $4.45B at September 30, plus $256M of marketable securities, against $828.7M of cash in December. The convertible notes fell to $1.3M from $152.4M.
• Cash flow. GAAP operating cash flow was positive at $7.2M in the quarter, helped by customer prepayments: contract liabilities rose to $423.6M from $195.4M in December. Over nine months, operating cash flow was -$127.3M and capital spending $84.2M.

Net read: the bull side (revenue, backlog, Neutron demand) moved further than the video expected; the bear side (no Neutron before 2027, a wider loss, a much larger share count) is unchanged or heavier.

Peer reaction

$RKLB's closest correlated names in the QA universe over 252 days are $FLY (0.81), $LUNR (0.79, in the same bubble), $RDW (0.77) and $ASTS (0.74).

• A 52% jump in backlog at the sector's largest listed pure play is a demand data point for the whole Space / Sat Comms group. For the private name everyone compares to, read SpaceX explained.
• The print came after the close, so the session reaction was not established when this recap was written.

What worked

• Record revenue of $267.8M, up 73% in a year and above the top of the guide.
• Backlog up 52% in a quarter to $3.57B, with 117 launches booked.
• Over $515M of Neutron contracts and 16 missions booked before the first flight.
• Positive GAAP operating cash flow of $7.2M in the quarter.
• Adjusted EBITDA loss of $18.0M, inside the guide and narrower than a year ago.

What broke

• Gross margin. 33.6% GAAP, down from 36.1% in Q2 and 37.0% a year ago.
• The loss. GAAP operating loss of $79.2M and net loss of $79.7M, both wider than Q2.
• Dilution. $3.91B of shares sold over nine months; Q4 basic weighted shares guided at about 681M.
• Neutron. Still no earlier than 2027.
• The tape. A $58.86 close on November 9 before the release, down 10% over a month and 27% over three months, up 14% over a year in the data QA tracks.

What to watch

• Next earnings. Q4 and full year 2026, expected in late February on Rocket Lab's usual cadence (not yet confirmed).
• Neutron. Integration and testing at Launch Complex 3, and any firm first launch date.
• Iridium. Regulatory approvals and the closing, which brings new shares and a new revenue line.
• Gross margin against the 34% to 36% Q4 guide.
• Levels. One curated level on RKLB, the key Fibonacci line at $75.80 set in May, above the November 9 close.

The teardown video, the level map and the peer table live on /stocks/rklb. The desk's full read in one document is the RKLB Teardown Dossier, included in Pro.

To follow the launch and satellite names as a group, see the Space / Sat Comms bubble. Rule-based alerts on the cohort are part of /pro.

---

Educational research on structural market dynamics. Not investment advice. QuantAbundance positions may change without notice.