The latest mission, “Insight At Speed Is A Friend Indeed,” lifted off from Launch Complex 1 in Mahia, New Zealand, on Friday, deploying a single commercial satellite to a 470 km low Earth orbit for a confidential customer. The mission utilized Rocket Lab’s Motorized Lightband separation system, which has achieved a perfect success rate, highlighting the company’s vertically integrated approach that combines launch and space systems capabilities.

The rapid cadence by Rocket Lab (RKLB) follows a mission just six days earlier from Launch Complex 2 on Wallops Island, Virginia, which carried a hypersonic test flight for the U.S. Department of War’s Defense Innovation Unit using the company’s HASTE vehicle. The back-to-back launches were highlighted as demonstrating Rocket Lab’s (RKLB) operational efficiency and reaffirming its position as the most active provider of small-lift launches globally.

“Insight At Speed Is A Friend Indeed” marks the company’s fourth launch of 2026 and the 83rd overall for its Electron rocket family, including both orbital and suborbital variants. Rocket Lab (RKLB) plans another Electron mission later this month from its New Zealand site, with additional details to be announced soon.

Shares of Rocket Lab (RKLB) were down 1.1% in premarket trading. Short interest on RKLB has fallen all the way to just 3.7% of the total float.

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The ETF seeks exposure to the space economy and enabling technologies, focusing on space companies powering industries reliant on space infrastructure, including GPS, internet, agriculture, banking, healthcare, and weather forecasting. Roundhill said the ETF is actively managed to allocate across the space value chain, identifying emerging leaders across launch, satellites, and space-enabled data as commercial demand for space infrastructure accelerates. It was noted that McKinsey estimates the global space economy will be worth $1.8T by 2035, up from $630B in 2023.

Rocket Lab (RKLB) has a 10.3% weighting in the ETF. AST SpaceMobile (ASTS) and EchoStar Corporation (SATS) are the only other two stocks with a weighting over 6%.

Shares of Rocket Lab (RKLB) are up 278% over the last 52 weeks.

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Here is a list of top defense names with their performance so far in 2026 and their Seeking Alpha Quant ratings.

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Management View

• CEO Peter Beck announced a record annual revenue of $602 million for 2025, reflecting 38% year-on-year growth, and Q4 revenue of $180 million, up 36% from Q4 2024. Beck highlighted, “At the end of Q4, our backlog sat at a record $1.85 billion, which is up 73% from the same time in 2024.” He emphasized the company’s execution, stating, “We launched and signed a record number of electron missions and led the way on hypersonics testing with haste and achieved some significant qualification and development milestones on Neutron.”
• Beck detailed strategic acquisitions, welcoming Geost, Optical Support, Inc., and Precision Components Limited. He identified the $816 million Space Development Agency (SDA) contract as “the largest single contract in Rocket Lab’s history” and noted that additional subsystem opportunities could total approximately $1 billion.
• On Neutron, Beck addressed the Stage 1 tank hydrostatic test failure, attributing it to a manufacturing defect from a handlaid process and confirmed, “Neutron’s first launch is now targeted for Q4 2026.”
• CFO Adam Spice reported, “Fourth quarter 2025 revenue was a record $180 million, coming in at the high end of our prior guidance range and representing an impressive year-over-year growth of 36%.” Spice noted a sequential revenue increase of 16%. He highlighted, “GAAP gross margin for the fourth quarter was 38%, at the center of our prior guidance range of 37% to 39% and an increase of 100 basis points quarter-over-quarter.”

Outlook

• Management guided Q1 2026 revenue between $185 million and $200 million, representing 7% quarter-on-quarter growth at the midpoint. GAAP gross margin is expected between 34% and 36%, with non-GAAP gross margin from 39% to 41%. Operating expenses are forecasted to range between $120 million and $126 million (GAAP). Adjusted EBITDA loss is projected between $21 million and $27 million. Spice stated, “We expect first quarter GAAP and non-GAAP net interest income to be $8 million.” The company expects negative non-GAAP free cash flow in Q1 to remain at elevated levels due to Neutron development and production scaling.
• Neutron’s first launch is now targeted for Q4 2026, with Q1 2026 expected to mark peak Neutron R&D spending.

Financial Results

• Q4 2025 revenue was $180 million. The Space Systems segment delivered $103.8 million, reflecting a sequential decrease of 9.1% due to programmatic revenue recognition, while Launch Services generated $75.9 million, an 85% increase quarter-over-quarter with 7 launches, including 1 HASTE mission.
• Full year 2025 revenue reached $602 million. GAAP gross margin for the year was 34.4%, up 780 basis points year-over-year. Non-GAAP gross margin for the year was 39.7%.
• Q4 operating expenses were $119.3 million (GAAP), below guidance. Non-GAAP operating expenses were $104.5 million. Research and development headcount was 1,012, a decrease of 7 from the prior quarter. SG&A expenses declined quarter-over-quarter.
• GAAP EPS loss for Q4 was ($0.09) per share, compared to a loss of ($0.03) per share in Q3. GAAP operating cash flow was a use of $64.5 million. Ending liquidity was $1.1 billion, driven by $280.6 million raised from common stock sales.
• Adjusted EBITDA loss for Q4 was $17.4 million, below guidance.

Q&A

• Andres Sheppard-Slinger, Cantor Fitzgerald: Asked about backlog composition, including SDA Tranche II/III and Neutron. Adam Spice responded that all SDA contracts were in backlog and Neutron flights are represented. Sheppard-Slinger also asked about Neutron cadence and CapEx after the tank issue. Beck explained that “none of the other hardware that’s qualified as being halted, obviously, it’s just that tank,” and Spice added, “the actual cost to produce that second tank is quite low.”
• Xin Yu, Deutsche Bank: Inquired about space data centers and customer interest. Beck said, “We’re early with data centers,” but Rocket Lab has developed silicon arrays for megawatt-scale power. On customer type, he said, “there’s certainly more nontraditional looking at this kind of solution than traditional players.”
• Alexander Preston, Bank of America: Asked about European opportunities. Beck described Europe as “a great opportunity for us and a real expansion beachhead.” Preston questioned attitudes towards U.S.-based providers, to which Beck replied, “I think it’s very constructive.”
• Erik Rasmussen, Stifel: Queried Neutron’s revenue flight timing and recovery. Beck stated, “The timing of Flight 2 will always depend on the results of Flight 1.” On Electron, Beck said, “we’re looking for more launch than last year.” Spice projected 20% growth in Electron/HASTE launches.
• Trevor Walsh, Citizens JMP: Asked about OSI acquisition. Beck said, “the most critical element of many of these optical systems are, in fact, the optics, bringing and owning that optics in-house really, really drives certainty for us around cost and schedule.”
• Andres Sheppard-Slinger, Cantor Fitzgerald: Asked about Space Systems segment performance. Spice noted consensus may not differentiate launch and Space Systems components/platforms and highlighted supply chain as a factor.

Sentiment Analysis

• Analyst tone was neutral to slightly positive, with a focus on growth opportunities, backlog composition, and technology development. Questions remained probing but constructive, particularly around Neutron delays and segment performance.
• Management maintained a confident and transparent tone in both prepared remarks and Q&A. Beck and Spice consistently referenced execution, vertical integration, and strategic progress. Beck used confident phrasing such as “we’re happy with the overall tank design” and “we are well positioned.”
• Compared to the previous quarter, management’s confidence was steady, with increased detail on resolving Neutron’s tank issue and expanding vertical integration. Analysts raised similar themes but with greater focus on backlog dynamics and CapEx impacts.

Quarter-over-Quarter Comparison

• Q4 set new records for revenue, gross margin, and backlog compared to Q3. Backlog increased to $1.85 billion from $1.1 billion, driven by the SDA contract.
• The launch cadence accelerated, with 7 launches in Q4 versus fewer in Q3, and Electron/HASTE bookings remained strong.
• Management shifted Neutron’s first launch target from early 2026 to Q4 2026 due to the Stage 1 tank setback, while reaffirming commitment to reliability and vertical integration.
• Analysts’ focus shifted from international customer growth and M&A in Q3 to Neutron’s timeline, CapEx, and contract conversion in Q4.
• Management sentiment remained confident, but provided more granular updates on risk and mitigation, especially regarding Neutron and supply chain.

Risks and Concerns

• The main challenge cited was the Neutron Stage 1 tank failure, attributed to a handlaid process. Management explained mitigation by moving to automated fiber placement and minor design improvements.
• Supply chain risk in Space Systems was noted, with vertical integration as the core mitigation strategy.
• Continued elevated CapEx and negative free cash flow due to Neutron development were acknowledged by Spice.
• Analysts raised concerns about the pace of revenue recognition from large contracts and potential step-down in gross margins due to segment mix.

Final Takeaway

Rocket Lab closed 2025 with record financial results, a historic $1.85 billion backlog, and significant contract wins in space and defense. The company addressed the Neutron tank setback by advancing production automation, targeting a Q4 2026 first launch while continuing to expand its vertically integrated supply chain. Management emphasized strong momentum across launch and space systems, disciplined cost control, and strategic acquisitions to support further growth and reliability as a disruptive leader in the sector.

Read the full Earnings Call Transcript

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Rocket Lab USA (RKLB) is scheduled to announce Q4 earnings results on Thursday, February 26th, after market close.

Wall Street, on average, expects the end-to-end space company to post a quarterly EPS of -$0.05 on revenue of $178.18M (+86.4% Y/Y).

RKLB reported third quarter results ahead of expectations. The company said it is set to surpass its previous annual launch record in the fourth quarter, and remains on track to close out the year with more than launches. Rocket Lab guided for Q4 revenue of between $170M and $180M.

Rocket Lab has continued its strong launch cadence to start the year by completing its second Electron mission in eight days with the deployment of a Korean Earth-imaging satellite for KAIST, which is South Korea’s leading science and technology university.

“RKLB’s expanding business with the U.S. government and consistent Electron launches reinforce its position as a trusted, technologically advanced supplier,” pointed out a recent Seeking Alpha analysis.

Over the last 1 year, RKLB has beaten EPS estimates 0% of the time and has beaten revenue estimates 50% of the time.

Seeking Alpha’s Quant recommended the stock as a Hold while the Wall Street analysts see the company as a Buy.

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The company said in a post on X that teams are analyzing the situation, adding that the rocket’s main booster, upper stage and payload continued operating normally.

The launch marked the fourth flight of Vulcan since its debut in January 2024. The rocket, developed by the Boeing (BA) and Lockheed Martin (LMT) joint venture, is designed to offer a more affordable option in the increasingly competitive launch market. However, Vulcan’s rollout has been slowed by schedule setbacks and technical challenges.

On its second mission in October 2024, a side-mounted booster used to provide extra thrust experienced a small explosion shortly after liftoff. Despite the incident, the rocket completed its mission. ULA did not fly Vulcan again until August 2025.

Earlier this week, interim Chief Executive Officer John Elbon said prior issues had been addressed and described the rocket as ready for regular service. Elbon stepped into the role after longtime CEO Tory Bruno departed in December to join Blue Origin.

ULA is also working to expand operations at Kennedy Space Center by building an additional facility and launch pad, with the goal of increasing its flight cadence.

Once the dominant launch provider for the U.S. Defense Department, ULA now competes with SpaceX (SPACE), Blue Origin and Rocket Lab (RKLB) for government and commercial missions. Among its key customers is Amazon (AMZN), which plans to use Vulcan rockets to deploy satellites for its Project Kuiper broadband network, a rival to SpaceX’s Starlink.

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Speaking alongside Bezos, Hegseth said the department is moving away from “business as usual,” praising Blue Origin for avoiding vendor lock-in and delays that have long plagued major programs. He contrasted the company’s progress with what he called a legacy model of over-budget, behind-schedule contracts, adding that those practices are no longer acceptable.

The visit builds on Hegseth’s broader campaign to reform defense acquisition as technologies like AI, autonomy and robotics accelerate. Last month, he delivered a similar message during a stop at SpaceX’s (SPACE) Starbase, lauding rapid iteration and bureaucratic speed.

Bezos echoed the emphasis on industrial capacity and tempo, saying national security depends on the ability to “design for scale” and produce at rate.

The administration’s stance comes as President Donald Trump pushes for a major increase in defense spending and publicly pressures large contractors to rein in stock buybacks, dividends and executive pay. Hegseth repeated that theme in Florida, saying he has no issue with profits, but expects companies to deliver promised capabilities on time for service members.

Blue Origin has gained momentum after years of delays, including a successful November flight of its New Glenn orbital rocket. The company has also narrowed its focus toward government work, hiring United Launch Alliance veteran Tory Bruno to lead national security efforts and recently pausing New Shepard space tourism flights to prioritize lunar and defense missions.

Hegseth’s “Arsenal of Freedom” tour has included stops at major primes such as Huntington Ingalls (HII) and Lockheed Martin (LMT), as well as newer defense entrants like Rocket Lab (RKLB), Castelion and Divergent Technologies, as the Pentagon seeks to broaden its industrial base and speed delivery.

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Lifting off from Launch Complex 1 in New Zealand at 2:21 p.m. NZDT on January 30, the Electron rocket delivered the NEONSAT-1A satellite into a 540 km low Earth orbit. NEONSAT-1A is an advanced Earth-observation spacecraft designed to validate technologies for South Korea’s planned NEONSAT constellation, which aims to monitor natural disasters and national security events along the Korean Peninsula.

The launch marked the company’s 81st Electron launch and was noted to underscore growing demand for small-satellite access to orbit from both commercial and government customers.

“We cemented our position as the leader in reliable and responsive launch with our record-breaking year of launches in 2025, and these latest launches show we’re gearing up for an even busier launch year in 2026,” stated CEO Sir Peter Beck.

Shares of Rocket Lab (RKLB) fell 2.8% in premarket trading on Friday but are still up more than 20% on a year-to-date basis. Short interest on RKLB is slightly elevated at 7.4% of the total float.

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Rocket Lab Corporation (RKLB) announced that its Neutron rocket’s Stage 1 tank ruptured during a hydrostatic pressure trial. The company noted that testing failures are not uncommon during qualification testing. “We intentionally test structures to their limits to validate structural integrity and safety margins to ensure the robust requirements for a successful launch can be comfortably met,” updated Rocket Lab (RKLB).

Notably, there was no significant damage to the test structure or facilities, the next Stage 1 tank is already in production, and Neutron’s development campaign continues as the RKLB team reviews the Stage 1 test data, which will determine the extent of the impact to Neutron’s launch schedule.

Weighing in on the development, BTIG analyst Andre Madrid said the firm expects Neutron to complete one test launch and one paid launch in 2026, followed by four paid launches in 2027, seven in 2028, and nine in 2029. “However, depending on investigation results, initial launches could be pushed to the right,” warned Madrid. The firm kept a Neutral rating on Rocket Lab (RKLB).

In a separate announcement, Rocket Lab (RKLB) said its first launch of 2026 was successful. The mission “The Cosmos Will See You Now” lifted off today from Rocket Lab Launch Complex 1 in Mahia, New Zealand. The mission successfully deployed two satellites into a 1,050 km circular Earth orbit for Open Cosmos, a first-time dedicated launch customer. The higher-altitude deployment showcased Electron’s wide payload trajectory range, maintaining its reputation as a versatile and dependable small spacecraft launch vehicle that meets diverse mission requirements.

Shares of Rocket Lab (RKLB) were down 1.5% in premarket trading on Thursday after shedding 1.5% on Thursday as well.

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