European Investor
10 Nov 2026, 09:25
Rocket Lab Falls 6% Premarket as Neutron Debut Slips Despite Record Revenue and Backlog
Rocket Lab (NASDAQ: RKLB) shares fell about 6% in premarket trading despite reporting record third-quarter revenue and backlog, as investors appeared to focus on the delay of the company’s Neutron rocket debut to no earlier than 2027.
Third-quarter revenue rose 73% year over year to a record $268 million, while backlog increased 52% sequentially to approximately $3.6 billion. Rocket Lab also generated positive GAAP operating cash flow of $7.2 million.
The company signed nearly $1 billion of new launch contracts during the quarter across Electron, HASTE and Neutron, lifting total launch backlog to a record 117 missions. Neutron alone secured more than $515 million of new contracts, bringing its backlog to 16 missions before first launch.
However, management said the first Neutron launch is now targeted for no earlier than 2027. Given the rocket’s importance to Rocket Lab’s long-term growth and its push into larger launch missions, the timing update likely weighed on sentiment despite strong commercial demand.
For the fourth quarter, Rocket Lab guided to record revenue of $270 million-$290 million and GAAP gross margin of 34%-36%, but still expects an adjusted EBITDA loss of $14 million-$20 million.
The 6% premarket decline therefore appears to reflect concern over the Neutron schedule and continued losses, outweighing otherwise strong revenue growth, record backlog and positive operating cash flow.
Rocket Lab (NASDAQ: RKLB) shares fell about 6% in premarket trading despite reporting record third-quarter revenue and backlog, as investors appeared to focus on the delay of the company’s Neutron rocket debut to no earlier than 2027.
Third-quarter revenue rose 73% year over year to a record $268 million, while backlog increased 52% sequentially to approximately $3.6 billion. Rocket Lab also generated positive GAAP operating cash flow of $7.2 million.
The company signed nearly $1 billion of new launch contracts during the quarter across Electron, HASTE and Neutron, lifting total launch backlog to a record 117 missions. Neutron alone secured more than $515 million of new contracts, bringing its backlog to 16 missions before first launch.
However, management said the first Neutron launch is now targeted for no earlier than 2027. Given the rocket’s importance to Rocket Lab’s long-term growth and its push into larger launch missions, the timing update likely weighed on sentiment despite strong commercial demand.
For the fourth quarter, Rocket Lab guided to record revenue of $270 million-$290 million and GAAP gross margin of 34%-36%, but still expects an adjusted EBITDA loss of $14 million-$20 million.
The 6% premarket decline therefore appears to reflect concern over the Neutron schedule and continued losses, outweighing otherwise strong revenue growth, record backlog and positive operating cash flow.
