Rocket Lab Corporation · Q2 2026

The quarter in short

Revenue $234M, up 62.0% year over year and 16.8% on the quarter. EPS −$0.08, up 38.5% year over year and down 14.3% on the quarter. Free cash flow −$110M, down 99.2% year over year and 42.3% on the quarter. Rule of 40 score +15.

What we learned

1. Rocket Lab raised $1.08 billion through an at-the-market equity program during the quarter. CFO Adam Spice said the program, since terminated, is earmarked for acquisitions including Iridium — most of the cash balance this piece treats as a starting point came from stock issued this quarter.
2. Space Systems revenue grew 38.6% sequentially to $189.5 million while Launch Services fell 30% to $44.6 million. CFO Adam Spice said Launch completed a similar number of missions despite the drop, splitting a single 62% growth headline into two very different segment stories.
3. The adjusted EBITDA loss narrowed to $8.8 million, well inside the $20-26 million loss guided. That beat came even as free cash flow ran negative $110.1 million for the quarter, most of it building Neutron tails and replenishing Mynaric's supply chain, per CFO Adam Spice.
4. Neutron is priced at $50 million to $55 million per launch, with no plan for early discounting. CFO Adam Spice said the company has held that price and sees more upside than downside to it, even with the first flight still not booked as of this call.

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