Rocket Lab USA Inc

Q1 performance: strong beat + record momentum - Revenue $200.3M, +63.5% YoY and ~+12% sequential, slightly above the top end of prior guidance. - GAAP gross margin 38.2% (better than guided 34–36%); Non-GAAP gross margin 43% (above guide 39–41%). - Record backlog and cash: backlog ~$2.2B total (launch 41.5% / space systems 58.5%) and Q1 exit liquidity ~$1.48B cash & equivalents, with > $2B total liquidity after financing.

Backlog & bookings: unusually fast growth and “manifest filling” - Backlog increased to >$2B contracted, up 20% QoQ and 108% YoY (highest ever). - Rocket Lab booked record launch volume: Electron + HASTE: 31 missions in Q1; plus Neutron: 5 contracts. - In total, they state they booked more launches in first 3 months of 2026 than all of 2025. - Management expects ~36% of current backlog converts to revenue within 12 months, plus additional near-term “quick turn” revenue from components/subsystems.

Launch (Electron/HASTE): demand inflection + very strong defense momentum - Electron/HASTE: >70 launches in backlog (new record); 8 launches already off the pad in 2026 and aiming to beat last year’s launch record. - 100th Electron launch expected later in 2026; management claims it will be the fastest in industry to reach 100. - HASTE: highlighted $190M / 20-launch order tied to DoW programs (MACH-TB) (largest single order cited); HASTE now ~1/3 of launch backlog. - Anduril teaming: confirmed 3 dedicated HASTE launches (no earlier than Nov 2026) to accelerate DoD prototyping “within months, not years.”