Rocket Lab: Neutron Rescheduled, But Showing Us All The Right Signs

2025-11-11 05:16:04 ET

Thesis

Since my previous coverage on Rocket Lab (RKLB), we've had quite a few updates on 3Q25 earnings from management regarding developments in the launch programs. The company also reported some pretty impressive figures on 3Q25 earnings yesterday evening. GAAP EPS came in at -$0.03, beating estimates by $0.07, and revenue topped $155.1 million, up 48% year over year and exceeding Wall Street's expectations by $3.4 million. For the next quarter, the company has guided for revenue between $170 and $180 million with GAAP gross margins of 37% to 39% and non-GAAP margins of 43% to 45%. Operating expenses are projected between $122 and $128 million (GAAP), while adjusted EBITDA loss is expected to narrow to just $23 to $29 million. Shares are on the upward swing of about 7% following the earnings release. However, with these kinds of figures, I would expect the stock to be trading much higher since the pullback in mid-October. What made investors hint on the side of caution was the pushback on the Neutron launch date....

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