Overview
- In Q2 2026 Rocket Lab reported a record $234 million in revenue and a backlog of about $2.36 billion, with roughly 45% of that backlog expected to convert within 12 months.
- Space Systems, Rocket Lab’s satellite manufacturing arm, produced roughly $189.5 million of Q2 revenue versus about $44.6 million from Launch Services, marking a clear shift in the company’s business mix away from launches alone.
- Neutron, the medium‑lift rocket seen as key to larger national‑security work, has not flown; management targets delivery of hardware to the pad in Q4 2026 but says the window for a 2026 maiden flight is narrowing.
- The company reported negative non‑GAAP free cash flow of about $110.1 million in Q2, finished the quarter with roughly $2.4 billion of cash and marketable securities, and sold about $1.08 billion of stock to fund acquisitions and growth.
- Large U.S. Space Force awards and a $397 million Flatellite contract support backlog quality, yet investors remain focused on high valuation multiples, the pending Iridium acquisition expected around mid‑2027, and the execution risk of integrating recent buys while funding Neutron production.