Rocket Lab Shares Dip as Neutron Rocket Launch Pushed to Late 2026

Rocket Lab posts record 2025 revenue of $602M and a $1.85B backlog, but its stock slips after announcing a Neutron rocket delay to late 2026 due to a tank test setback.

Despite announcing record financial results for its fourth quarter and full fiscal year 2025, Rocket Lab USA saw its stock edge down 0.44% in after-hours trading to $69.89. The decline followed the company's disclosure of a further delay for its highly anticipated Neutron rocket, with initial launches now targeted for the final quarter of 2026.

Record Revenue and a Growing Backlog

The launch provider's financial performance for the period ending December 31, 2025, was robust. Fourth-quarter revenue reached $179.6 million, surpassing market expert consensus estimates of $176.8 million. The company reported a loss per share of $0.09, an improvement over the anticipated $0.10 loss. On an adjusted basis, the loss stood at $17.3 million, coming in well below the forecast of $25 million.

For the full 2025 fiscal year, Rocket Lab achieved record revenue of $602 million, marking a 38% increase compared to the previous year.

A significant indicator of future performance, the company's contractually secured backlog, swelled to $1.85 billion by the end of 2025. This represents a substantial 73% year-over-year expansion. A major contributor was an $816 million contract with the Space Development Agency (SDA) for the construction of 18 missile warning and tracking satellites as part of the Proliferated Warfighter Space Architecture (PWSA) program.

Neutron Delay Rooted in Tank Test Setback

The shift in the Neutron rocket's debut to Q4 2026 is attributed to an unsuccessful tank test for the launch vehicle's first stage. The reusable medium-lift rocket was initially slated for a late 2025 maiden flight, a timeline that had already been revised to the first half of 2026.

Other critical development milestones for the Neutron program remain on track. The "Hungry Hippo" fairing and the thrust structure have successfully completed qualification testing, while the interstage is currently undergoing its test phase.

Strategic Moves and New Missions

Coinciding with its earnings release, Rocket Lab announced several strategic developments. The company has acquired Auckland-based Precision Components Limited to scale production capabilities for both Electron rocket components and future Neutron parts.

In launch operations, four additional Electron missions were secured with BlackSky Technology. This agreement brings Rocket Lab's total number of launches for BlackSky to 17 since their partnership began in 2019.

The company also confirmed it has advanced other space systems initiatives. These include the introduction of advanced solar modules designed for gigawatt-class data centers in low Earth orbit and the completion of commissioning for two Mars spacecraft bound for NASA's ESCAPADE mission.

Continued Growth Forecast

Looking ahead, Rocket Lab provided guidance for the first quarter of 2026, projecting revenue between $185 million and $200 million. The midpoint of this range would equate to growth of approximately 57% over the same period last year. The company expects an adjusted EBITDA loss of $21 million to $27 million for Q1 2026.

Operationally, the fourth quarter of 2025 set a new company record with seven successful missions. Across the full year, Rocket Lab executed 21 Electron and HASTE missions with a 100% success rate. This tally included three suborbital hypersonic test flights for U.S. defense programs, such as the Golden Dome missile defense initiative. The company will next report earnings, for Q1 2026, on May 15, 2026.