Rocket Lab Corp (NASDAQ: RKLB) reported second-quarter results that delivered record revenue but fell short of Wall Street’s earnings expectations, sending shares lower in after-hours trading.
The space systems and launch services company posted an adjusted loss of $0.08 per share for the quarter ended June 30, missing the analyst consensus estimate of $0.06 per share.
Revenue reached a record $234.06 million for the quarter, slightly beating the analyst estimate of $232.06 million and representing a 62% increase year-over-year.
Despite the revenue beat, the bottom-line miss was enough to spook investors, with shares of Rocket Lab slipping roughly 6% in after-hours trading following the report.
The company’s backlog surged 137% year-over-year to a record $2.36 billion, driven by what management described as surging demand across all areas of the business.
Rocket Lab also disclosed that, when combined with deals signed after the quarter’s close, the company booked more than $1 billion in new contracts across its launch and space systems businesses already in the third quarter.
Looking ahead, management guided third-quarter revenue of $250 million to $265 million, which would represent yet another record, alongside an adjusted core loss of $17 million to $23 million.
The company closed the quarter with more than $2.1 billion in cash, providing a substantial financial cushion as it pursues an aggressive expansion strategy.
Among the major announcements, Rocket Lab revealed plans to acquire Iridium Communications, while also noting the completed acquisitions of Mynaric and Motiv, underscoring the company’s ambitions to broaden its capabilities.
Development of the Neutron rocket remains on track for its first flight in the fourth quarter of 2026, with Stage 1 tank production aligned for pad delivery.
Rocket Lab stock has gained 80% over the past year, trading at more than 65 times sales, a valuation that set an exceptionally high bar heading into earnings season.
With a premium multiple like that, any miss on profitability tends to magnify investor disappointment, which analysts say explains the sharp after-hours reaction despite the record top-line result.
