Rocket Lab reported record third-quarter revenue of $268 million on Monday, up 73% from a year earlier and above both its own guidance and the $257 million Wall Street had expected. The space company also reported a record backlog of $3.57 billion, up 52% in a single quarter, as new launch contracts piled up ahead of the first flight of its larger Neutron rocket.

The headline numbers came with a wider loss. Rocket Lab posted a net loss of $79.7 million, compared with $18.3 million a year earlier, and a loss per share of $0.12, missing the $0.07 loss analysts had expected. The company generated $7.2 million of positive operating cash flow in the quarter, a milestone it highlighted alongside the revenue record.

Backlog jumps by $1.2 billion in one quarter

The backlog grew by about $1.2 billion in three months. Nearly $1 billion of that came from new launch contracts signed in the quarter, plus $470 million for its space systems business. The company now has 117 launches in its total launch backlog, a record, including more than $515 million of signed contracts for Neutron across 16 missions. Founder and chief executive Peter Beck called it "a defining quarter for Rocket Lab", pointing to record revenue alongside the record backlog.

Revenue of $268 million was $34 million higher than in the second quarter and above the top of the company's own $250 million to $265 million guidance range. The adjusted loss before interest, tax, depreciation and amortisation was $18 million, a 31% improvement on the same period last year.

Guidance points to another record quarter

Rocket Lab guided fourth-quarter revenue to between $270 million and $290 million, above the $265 million analysts had expected, with gross margin expansion. The midpoint of $280 million would be another quarterly record. The company also modelled an adjusted loss of up to $20 million for the quarter, steeper than the $10.9 million analysts had expected, as it continues to spend on Neutron development.

Neutron, the reusable medium-lift rocket meant to carry larger payloads than the current Electron vehicle, is still targeting a first launch no earlier than 2027. The company has also secured financing for its planned acquisition of satellite communications company Iridium, funded in part by new shares sold during the year.

Shares slip after the results

The shares had risen 10.9% to $58.86 during Monday's regular session, before the results were released, but slipped in after-hours trading after the print, as investors weighed the wider-than-expected loss against the record revenue and backlog. The stock remains well below its 2026 highs despite the day's gain.

The test for Rocket Lab now is turning the record order book into profit. A $3.57 billion backlog gives it years of contracted work, but the company is still loss-making and Neutron has yet to fly. The fourth-quarter numbers, due early next year, will show whether the revenue momentum can keep building while losses narrow.