Rocket Lab beats Q2 revenue estimate as backlog more than doubles

Rocket Lab reported Q2 2026 revenue of $234.07 million, up 62.0% year over year and above the $231.62 million estimate. The result extends the growth of a business spanning launch services, spacecraft design and satellite component manufacturing.

Profitability remained the counterweight to that expansion. Rocket Lab posted a net loss of $49.3 million and an operating loss of $57.5 million. Gross profit rose 82.3% year over year to $84.6 million.

Backlog more than doubles

Rocket Lab said backlog reached $2.36 billion, up 137% from a year earlier. The company also won a $397 million U.S. Space Force contract to provide multiple spacecraft for the Space-Based Airborne Moving Target Indicator program, expanding its role as an end-to-end government space contractor.

The award reinforces the importance of spacecraft production and defense programs alongside Rocket Lab's launch operations. Investors will be watching how quickly the larger backlog converts into revenue and whether that growth improves operating leverage.

Q3 guidance points to growth and continued losses

Management guided to Q3 revenue of $250 million to $265 million, above the Q2 result. Rocket Lab expects a non-GAAP gross margin of 35% to 37% and an adjusted EBITDA loss of $17 million to $23 million.

The outlook frames the central trade-off in the report: revenue and backlog are growing rapidly, but Rocket Lab still expects adjusted losses as it funds its launch, spacecraft and component businesses.