Rocket Lab reports record revenue and a $266 million Space Force award while preparing for the Neutron rocket launch.

While demand remains strong, management indicated that the window for a launch before the end of 2026 is narrowing, with the Neutron rocket targeted to reach the pad in Q4 2026. Despite the growth in revenue, the company's operating margin remains negative at -29.1%. The company ended the quarter with approximately $2.4 billion in cash and marketable securities, though $1.08 billion of that was sold during the quarter for acquisitions, including Iridium. The CFO projects the company will become cash-flow positive 18 to 24 months after the first successful flight of Neutron. Market analysis shows the stock has experienced five market shocks, with the company recovering from most of them within a median of two months. However, historical data shows that periods of rate and valuation downturns have been the slowest to recover, taking between 11 and 28 months to reclaim previous highs.