Q1 2026 QUARTERLY RESULTS

• When: MAY 7, 2026 5:00 PM ET
• Webcast: https://edge.media-server.com/mmc/p/dg86fp3o/
• Financials: https://investors.rocketlabcorp.com/financial-information/quarterly-results

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As the company moves deeper into its 'scale-up era,' the market is looking for evidence that Rocket Lab can successfully bridge the gap between its heavy Neutron development spend and its evolution into a diversified, revenue-generating satellite titan.

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What to watch:

• Revenue: Consensus at ~$191M (Expected range: $185M–$200M). Looking for a ~56% YoY increase.
• EPS: Consensus at -$0.04.
• Backlog: Watching for updates on the $1.85B order book. The key metric is the conversion rate—how much of the $816M SDA contract is hitting the top line this quarter?

Scaling Milestones:

• Launch Cadence: On pace for a record 20+ launches this year. After two successful missions in April, the market is looking for a confirmation of the full-year manifest.
• Neutron Timeline: With the Q4 2026 launch goal fast approaching, any update on the "Next Gen" tank production (following the January pressure test rupture) is critical.
• Defense Expansion: Recent wins with JAXA and the U.S. Space Force have broadened the mission profile; looking for "Victus Haze" mission readiness for June.

Hardware & Margins:

• Space Systems Mix: High-margin satellite components (Star Trackers, solar arrays) now drive ~70% of revenue. Watching for non-GAAP gross margins to hold or exceed the 39%–41% guidance.
• Archimedes Engine: Seeking confirmation that full-scale qualification testing is on track. This engine is the "long pole" for Neutron’s debut and the ultimate driver of medium-lift profitability.