Rocket Lab Corp
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
RKLB$53.07+15.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001628280-25-038936
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001819994-25-000021
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 122 previous paragraphs and 133 current paragraphs.
72 unchanged; 41 reworded; 20 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
Mynaric
Current report
On September 25, 2025, we entered into a Stock Purchase Agreement (together with the ancillary documents thereto, the “Mynaric Purchase Agreement”), by and among the Company, Rocket Lab USA (“Buyer”), OC III LVS LIII LP, a Delaware limited partnership (“OC III”) and CO Finance II LVS I LLC, a Delaware limited liability company (“COF II” and together with OC III, the “Sellers”), which provides for, among other things, Buyer’s purchase and acquisition of all of the issued and outstanding ordinary shares of Mynaric AG, a stock corporation (Aktiengesellschaft) incorporated under the laws of the Federal Republic of Germany (“Mynaric”).
Current report
Government Shutdown
Current report
The ongoing U.S. government shutdown, which began on October 1, 2025, has affected our business operations. A significant portion of our revenues and cash flow are derived from U.S. government contracts, the shutdown has and continues cause delays in anticipated contract awards and payments. We are also actively monitoring the situation and assessing its potential effects on our operations, some of the impacts include:
Current report
•U.S. State Department delays impacting our ability to timely obtain the necessary licenses to support launches for foreign customers as well as the delay in processing of U.S. visa application for foreign Rocket Lab personnel;
Current report
•Reduced government support for U.S. missions and programs, including the furlough of civilian employees, which have reduced communication and increased response times; and
Current report
•Reduction of workforce at critical mission sites such as at our Wallops facility.
Current report
A prolonged shutdown could negatively impact our business, financial condition, and operating results.
Current report
Nine Months Ended September 30, 2025 and 2024
Current report
Revenue and Cost Per Launch
Current report
Nine Months Ended September 30, 2025 and 2024
Current report
Gain (loss) on Foreign Exchange
Current report
Benefit (Provision) for Income Taxes
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
Benefit (Provision) for Income Taxes
Current report
Business Combinations
Current report
The results of businesses acquired in a business combination are included in our condensed consolidated financial statements from the date of the acquisition. The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed measured at their fair values on the date acquired. Goodwill is measured as of the acquisition date as the excess of consideration transferred over the net acquisition date fair value of the assets acquired and the liabilities assumed. The determination of fair values of identifiable assets and liabilities requires estimates and the use of valuation techniques when fair value is not readily available and requires a significant amount of management judgment.
Current report
We perform valuations of assets acquired and liabilities assumed and allocate the purchase price to its respective assets and liabilities. Determining the fair value of assets acquired and liabilities assumed requires us to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities assumed in a business combination.
Current report
In certain business combinations, we may agree to pay contingent consideration based on the future performance of the acquired business. Contingent consideration is measured at fair value as of the acquisition date and included as part of the total purchase price. Subsequent changes in the fair value of contingent consideration are recognized in earnings in the period of the change. The determination of the fair value of contingent consideration requires significant judgment and estimates, including projections of future financial performance, discount rates and volatility assumptions.
Current report
These estimates are inherently uncertain, as they rely on forward-looking assumptions about our business and market conditions. Changes in these assumptions can materially impact the fair values assigned to identifiable intangible assets, goodwill and amortization expense.
Removed paragraphs (9)
Previous report
GEOST
Previous report
On May 22, 2025, Rocket Lab USA Inc., a Delaware corporation (“Rocket Lab USA”) entered into a Stock Purchase Agreement (the “GEOST Purchase Agreement”), by and among the Rocket Lab USA, LightRidge Solutions Holdings LP (“LightRigde Solutions”), and LightRidge Interco Solutions Holdings, Inc. (“LightRidge Interco”), which provides for, among other things, Rocket Lab USA’s purchase and acquisition of all of the issued and outstanding shares of common stock of LightRidge Interco, the owner of GEOST LLC ( “GEOST”). On May 23, 2025, pursuant to the Purchase Agreement, the Company executed a joinder to become party thereto.
Previous report
Six Months Ended June 30, 2025 and 2024
Previous report
Revenue and Cost Value Per Launch
Previous report
Six Months Ended June 30, 2025 and 2024
Previous report
(Provision) benefit for Income Taxes
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
(Loss) Gain on Foreign Exchange
Previous report
(Provision) benefit for Income Taxes
Reworded paragraphs (41)
Previous wording
While our business has historically been centered on the development of small-class launch vehicles and the related sale of launch services, we are currently innovating in the areas of medium-class launch vehicles and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications. Each of these initiatives addresses a critical component of the end-to-end solution and our value proposition for the space economy:
Current wording
While our business has historically been centered on the manufacture of small-class launch vehicles and the related sale of launch services, we are currently innovating in the areas of medium-class launch vehicle and launch services, space systems design and manufacturing, on-orbit management solutions, space data applications and optical systems. Each of these initiatives addresses a critical component of the end-to-end solution and our value proposition for the space economy:
Previous wording
•Space Systems is the design and manufacture of spacecraft components and spacecraft program management services, space data applications and mission operations.
Current wording
•Space Systems is the design and manufacture of spacecraft components and spacecraft program management services, space data applications, mission operations and optical systems.
Previous wording
Electron is our orbital small launch vehicle that was designed from the ground up to accommodate a high launch rate business model to meet the growing and dynamic needs of our customers for small launch services. Since its maiden launch in 2017, Electron has become the leading small spacecraft launch vehicle delivering over 200 spacecraft to orbit for government and commercial customers across 64 successful missions through June 30, 2025. In 2024, Electron was the second most frequently orbital launched rocket by companies operating in the United States and the second most frequent orbital launcher globally. Our launch services program has seen us develop many industry-leading innovations, including 3D printed electric turbo-pump rocket engines, fully carbon composite first stage fuel tanks, a private orbital launch complex, a rocket stage that can be configured to convert into a highly capable spacecraft on orbit, and the potential ability to successfully recover a stage from space, providing a path to reusability.
Current wording
Electron is our orbital small launch vehicle that was designed from the ground up to accommodate a high launch rate business model to meet the growing and dynamic needs of our customers for small launch services. Since its maiden launch in 2017, Electron has become the leading small spacecraft launch vehicle delivering over 200 spacecraft to orbit for government and commercial customers across 68 successful missions through September 30, 2025. In 2024, Electron was the second most frequently orbital launched rocket by companies operating in the United States and the second most frequent orbital launcher globally. Our launch services program has seen us develop many industry-leading innovations, including 3D printed electric turbo-pump rocket engines, fully carbon composite first stage fuel tanks, a private orbital launch complex, a rocket stage that can be configured to convert into a highly capable spacecraft on orbit, and the potential ability to successfully recover a stage from space, providing a path to reusability.
Previous wording
Our space systems initiatives are supported by the design and manufacture of our spacecraft family along with a range of components, software and services for spacecraft, including reaction wheels, star trackers, radios, separation systems, solar solutions, command and control spacecraft software, high voltage space grade battery solutions, and additional products in development to serve a wide variety of sub-system functions. We entered this market with our acquisition of leading spacecraft components manufacturer Sinclair Interplanetary, and have since expanded our market participation with the acquisitions of Planetary Systems Corporation, SolAero Technologies Corp. and aerospace software firm Advanced Solutions, Incorporated. Each of these strategic acquisitions brought incremental vertically-integrated capabilities for our own spacecraft family and also enabled Rocket Lab to deliver high-volume manufacturing of critical spacecraft components and software solutions at scale prices to the broader spacecraft merchant market. Our spacecraft family, which are configurable for a range of low Earth orbit, medium Earth orbit, geosynchronous orbit and interplanetary missions enable us to offer an end-to-end mission solution encompassing launch, full spacecraft manufacturing, ground services and mission operations to provide customers with streamlined access to orbit with Rocket Lab as a single mission partner.
Current wording
Our space systems initiatives are supported by the design and manufacture of our spacecraft family along with a range of components, software and services for spacecraft, including reaction wheels, star trackers, radios, separation systems, solar solutions, command and control spacecraft software, high voltage space grade battery solutions, optical systems and additional products in development to serve a wide variety of sub-system functions. We entered this market with our acquisition of leading spacecraft components manufacturer Sinclair Interplanetary, and have since expanded our market participation with the acquisitions of Planetary Systems Corporation, SolAero Technologies Corp., Advanced Solutions, Incorporated and Geost LLC. Each of these strategic acquisitions brought incremental vertically-integrated capabilities for our own spacecraft family and also enabled Rocket Lab to deliver high-volume manufacturing of critical spacecraft components and software solutions at scale prices to the broader spacecraft merchant market. Our spacecraft family, which are configurable for a range of low Earth orbit, medium Earth orbit, geosynchronous orbit and interplanetary missions enable us to offer an end-to-end mission solution encompassing launch, full spacecraft manufacturing, ground services, mission operations and optical systems to provide customers with streamlined access to orbit with Rocket Lab as a single mission partner.
Previous wording
Pursuant to the terms of the Purchase Agreement, all of the issued and outstanding shares of LightRidge Interco will be purchased in exchange for aggregate consideration of $275.0 million, consisting of up to approximately $125.0 million in cash and up to approximately $150.0 million in shares of our common stock, $0.0001 par value, subject in each case to customary adjustments at closing, including for cash, working capital, transaction expenses and indebtedness (the “Transaction”). Additionally, the Purchase Agreement provides for up to $50.0 million in potential additional post-closing cash earnout payments to LightRidge Solutions tied to revenue targets of the GEOST business for 2026 and 2027. Our common stock issuable as stock consideration in the Transaction will be valued based on the closing trading price reported on the Nasdaq Capital Market on the trading day immediately prior to the closing date, subject to a base price floor closing condition of each party.
Current wording
Pursuant to the terms of the Mynaric Purchase Agreement, all of the issued and outstanding ordinary shares of Mynaric will be purchased in exchange for aggregate consideration of $75 million, consisting of cash or common stock, at our discretion, subject to adjustments at closing (the “Mynaric Transaction”). Additionally, the Mynaric Purchase Agreement provides for up to $75 million in potential additional post-closing earnout payments to the Sellers in cash or common stock based on revenue targets of the Mynaric business for 2025, 2026 and 2027. The initial closing purchase price will also be increased (and the potential earnout consideration correspondingly decreased) to the extent of any additional cash investment by the Sellers or their affiliates in Mynaric after completion of the StaRUG restructuring proceedings under German law on May 28, 2025 and before the closing of the acquisition.
Previous wording
The Purchase Agreement contains representations, warranties, covenants and closing conditions from and for the benefit of each of us and LightRidge Solutions that are customary for transactions of this kind. We have also agreed to file a resale registration statement with respect to our common stock issued in the Transaction on the closing date of the transaction, subject to certain customary exceptions and requirements. We have also agreed to customary selling securityholder indemnities with respect to such registration rights. The Transaction is expected to close in the second half of 2025.
Current wording
The Mynaric Purchase Agreement contains representations, warranties, covenants and closing conditions from and for the benefit of each of us and the Sellers that are customary for transactions of this kind. We have also agreed to file a resale registration statement with respect to our common stock issued in the Mynaric Transaction, if any, within 30 days after the closing date, subject to certain customary exceptions and requirements as well as customary selling securityholder indemnities with respect to such registration rights. The Transaction is subject to regulatory approval by the German Ministry of Foreign Affairs.
Previous wording
Our future results will depend on the success of the development and commercial acceptance of our Neutron medium-capacity launch vehicle. While we have made significant progress across Neutron’s structures and infrastructure to date, including engine testing and initial production execution, the commercial development of a new launch vehicle is inherently time consuming and involves numerous risks throughout the engineering and manufacturing development cycle, any of which could create delays in reaching the initial launch and future launches of the completed vehicle. In addition, even if we succeed in developing Neutron consistent with our targeted timeline, we could be unsuccessful in developing the ability to produce these launch vehicles in quantities and with the necessary quality manufacturing system that ensures each vehicle and engines perform as required. Any delay in the production of the Neutron launch vehicle or in our ability to produce these launch vehicles at our expected rate of production and with a reliable quality management system could have a material impact on customer acceptance as well as our future revenue, financial condition and results of operations. Additionally, delays or setbacks in Neutron development may require more research, development and capital expenditures than we currently anticipate, which could adversely affect our liquidity and capital resources in future periods.
Current wording
Our future results will depend on the success of the development and commercial acceptance of our Neutron medium-capacity launch vehicle. While we have made significant progress across Neutron’s structures and infrastructure to date, including engine testing and initial production execution, the commercial development of a new launch vehicle is inherently time consuming and involves numerous risks throughout the engineering and manufacturing development cycle, hardware and systems testing, and infrastructure readiness, any of which could create further delays in reaching the initial launch and future launches of the completed vehicle. In addition, even if we succeed in developing Neutron to a successful initial launch, we could be unsuccessful in developing the ability to produce these launch vehicles in quantities and with the necessary quality manufacturing system that ensures each vehicle and engines perform as required or meet our expectations for future launch cadence. Any delay in the production of the Neutron launch vehicle or in our ability to produce these launch vehicles at our expected rate of production and with a reliable quality management system could have a material impact on customer acceptance as well as our future revenue, financial condition and results of operations. Additional delays or setbacks in Neutron development may require more research, development and capital expenditures than we currently anticipate, which could adversely affect our liquidity and capital resources in future periods.
Previous wording
Our results will be impacted by our ability to sell our launch services, space systems services, and spacecraft components to new and existing customers. We have successfully launched Electron 64 times delivering over 200 spacecraft to orbit, including one suborbital launch, through June 30, 2025. We have flight hardware and spacecraft that have flown on over 1,800 missions, including legacy missions enabled by Sinclair Interplanetary (acquired April 2020), Advanced Solutions, Incorporated (acquired October 2021), Planetary Systems Corporation (acquired November 2021) and SolAero Technologies Corp. (acquired January 2022). Our growth opportunity is dependent on our ability to expand our addressable launch services market with larger volumetric and higher mass payload capabilities of our in-development medium-capacity Neutron launch vehicle, which will address large commercial and government constellation launch opportunities. Our growth opportunity is also dependent on our ability to win spacecraft constellation missions and expand our portfolio of strategic spacecraft components. Our ability to sell additional products to existing customers is a key part of our success, as follow-on purchases indicate customer satisfaction and decrease the likelihood of competitive substitution. To sell additional products and services to new and existing customers, we will need to continue to invest significant resources in our products and services.
Current wording
Our results will be impacted by our ability to sell our launch services, space systems services, and spacecraft components to new and existing customers. We have successfully launched Electron 68 times delivering over 200 spacecraft to orbit, including one suborbital launch, through September 30, 2025. We have flight hardware and spacecraft that have flown on over 1,800 missions, including legacy missions enabled by Sinclair Interplanetary (acquired April 2020), Advanced Solutions, Incorporated (acquired October 2021), Planetary Systems Corporation (acquired November 2021), SolAero Technologies Corp. (acquired January 2022) and GEOST LLC (acquired August 2025). Our growth opportunity is dependent on our ability to expand our addressable launch services market with larger volumetric and higher mass payload capabilities of our in-development medium-capacity Neutron launch vehicle, which will address large commercial and government constellation launch opportunities. Our growth opportunity is also dependent on our ability to win spacecraft constellation missions and expand our portfolio of strategic spacecraft components. Our ability to sell additional products to existing customers is a key part of our success, as follow-on purchases indicate customer satisfaction and decrease the likelihood of competitive substitution. To sell additional products and services to new and existing customers, we will need to continue to invest significant resources in our products and services.
Previous wording
We built approximately 12 Electron launch vehicles in 2022, approximately 11 Electron launch vehicles in 2023 and approximately 14 Electron launch vehicles in 2024. We built approximately 12 Electron launch vehicles through the six months ended June 30, 2025. We launched nine Electron vehicles in 2022, ten Electron vehicles in 2023 and 16 Electron vehicles in 2024. We have launched ten Electron vehicles through the six months ended June 30, 2025. Growth rates between launches and total launch service revenue are not perfectly correlated because our total revenue is affected by other variables, such as the revenue per launch, which can vary considerably based on factors such as unique orbit and insertion requirements, payload handling needs, launch location, time sensitivity of mission completion and other factors.
Current wording
We built approximately 12 Electron launch vehicles in 2022, approximately 11 Electron launch vehicles in 2023 and approximately 14 Electron launch vehicles in 2024. We built approximately 17 Electron launch vehicles through the nine months ended September 30, 2025. We launched nine Electron vehicles in 2022, ten Electron vehicles in 2023 and 16 Electron vehicles in 2024. We have launched 14 Electron vehicles through the nine months ended September 30, 2025. Growth rates between launches and total launch service revenue are not perfectly correlated because our total revenue is affected by other variables, such as the revenue per launch, which can vary considerably based on factors such as unique orbit and insertion requirements, payload handling needs, launch location, time sensitivity of mission completion, method of revenue recognition and other factors.
Previous wording
We generated $144.5 million and $106.3 million in revenue for the three months ended June 30, 2025 and 2024, respectively, representing a year-on-year increase in revenue of approximately 36%. This year-on-year increase resulted from space systems revenue growth of $21.0 million, primarily driven by satellite manufacturing, and an increase in launch revenue of $17.3 million. Launch revenue growth was due to a higher launch cadence with five Electron launch missions completed in the three months ended June 30, 2025, versus four launch missions completed in the three months ended June 30, 2024, revenue recognized on over-time Electron launch missions and a higher revenue per launch on point-in-time Electron launch missions.
Current wording
We generated $155.1 million and $104.8 million in revenue for the three months ended September 30, 2025 and 2024, respectively, representing a year-on-year increase in revenue of approximately 48%. This year-on-year increase resulted from space systems revenue growth of $30.3 million, primarily driven by satellite manufacturing, and an increase in launch revenue of $20.0 million. Launch revenue growth was due to a higher launch cadence with four Electron launch missions completed in the three months ended September 30, 2025, versus three launch missions completed in the three months ended September 30, 2024, revenue recognized on over-time Electron launch missions, an increase in other launch revenue, which includes termination and study revenue, and a higher revenue per launch on point-in-time Electron launch missions.
Previous wording
We generated $267.1 million and $199.0 million in revenue for the six months ended June 30, 2025 and 2024, respectively, representing a year-on-year increase in revenue of approximately 34%. This year-on-year increase resulted from space systems revenue growth of $47.9 million, primarily driven by satellite manufacturing, and an increase in launch revenue of $20.2 million. Launch revenue growth was due to a higher launch cadence with ten Electron launch missions completed in the six months ended June 30, 2025, versus eight launch missions completed in the six months ended June 30, 2024 and revenue recognized on over-time Electron launch missions, partially offset by a lower revenue per launch on point-in-time Electron launch missions.
Current wording
We generated $422.1 million and $303.8 million in revenue for the nine months ended September 30, 2025 and 2024, respectively, representing a year-on-year increase in revenue of approximately 39%. This year-on-year increase resulted from space systems revenue growth of $78.2 million, primarily driven by satellite manufacturing, and an increase in launch revenue of $40.1 million. Launch revenue growth was due to a higher launch cadence with 14 Electron launch missions completed in the nine months ended September 30, 2025, versus 11 launch missions completed in the nine months ended September 30, 2024, an increase in other launch revenue, which includes termination and study revenue, and a higher revenue per launch.
Previous wording
Revenue value per launch represents the average revenue per launch contract attributable to point-in-time launches that occurred during a period. Revenue value per launch can be a useful metric to provide insight into general competitiveness and price sensitivity in the marketplace. Revenue value per launch can vary considerably, based on factors such as unique orbit and insertion requirements, payload handling needs, launch location, time sensitivity of mission completion and other factors, and as such may not provide absolute clarity with regards to pricing and competitive dynamics in the marketplace.
Current wording
Revenue per launch represents the average transaction price attributable to launch contract performance obligations during the period in which the launch occurs, regardless of whether the revenue is recognized as point-in-time or over-time method of revenue recognition. This metric provides insight into general competitiveness and price sensitivity in the marketplace. Revenue per launch can vary considerably, based on factors such as unique orbit and insertion requirements, payload handling needs, launch location, time sensitivity of mission completion and other factors, and as such may not provide absolute clarity with regards to pricing and competitive dynamics in the marketplace. Cost per launch is calculated by taking actual costs of the launch vehicles that occur in the period, regardless of whether the costs were recognized at point-in-time or over-time method and all period costs in the period of launch.
Previous wording
In the three months ended June 30, 2025 and 2024, our revenue value per launch was $7.9 million and $7.1 million, respectively. Meanwhile, cost per launch for the three months ended June 30, 2025 and 2024 was $5.0 million and $5.4 million, respectively. Revenue and cost per launch can fluctuate depending on customer mix and mission type.
Current wording
In the three months ended September 30, 2025 and 2024, our revenue value per launch was $10.1 million and $7.0 million, respectively. Meanwhile, cost per launch for the three months ended September 30, 2025 and 2024 was $5.9 million and $5.0 million, respectively. The increase in revenue and cost per launch reflects changes in customer mix and mission complexity during the period in which the launches occurred.
Previous wording
In the six months ended June 30, 2025 and 2024, our revenue value per launch was $7.5 million and $7.7 million, respectively. Meanwhile, cost per launch for the six months ended June 30, 2025 and 2024 was $5.3 million and $5.7 million, respectively. Revenue and cost per launch can fluctuate depending on customer mix and mission type.
Current wording
In the nine months ended September 30, 2025 and 2024, our revenue value per launch was $8.2 million and $7.5 million, respectively. Meanwhile, cost per launch for the nine months ended September 30, 2025 and 2024 was $5.5 million and $5.5 million, respectively. Revenue per launch can fluctuate depending on customer mix, mission type, and other factors during the periods in which launches occurred.
Previous wording
Backlog represents future revenues that we would recognize in connection with the completion of all contracts and purchase orders that have been entered into by our customers but have not yet been fulfilled, excluding any customer options for future products or services that have not yet been exercised. Contracts for launch services and spacecraft builds typically include termination rights that may be exercised by customers upon advanced notice and payment of a specified termination fee. Our backlog decreased from $1,067.0 million as of December 31, 2024 to $995.4 million as of June 30, 2025, of which $585.8 million is related to space systems and $409.6 million is related to launch services. The decrease was primarily a result of recognizing revenue on contracts during the period, partially offset by continued bookings during the period.
Current wording
Backlog represents future revenues that we would recognize in connection with the completion of all contracts and purchase orders that have been entered into by our customers but have not yet been fulfilled, excluding any customer options for future products or services that have not yet been exercised. Contracts for launch services and spacecraft builds typically include termination rights that may be exercised by customers upon advanced notice and payment of a specified termination fee. Our backlog increased from $1,067.0 million as of December 31, 2024 to $1,096.0 million as of September 30, 2025, of which $586.3 million is related to space systems and $509.7 million is related to launch services. The increase was primarily a result of continued bookings during the period and the acquisition of GEOST, partially offset by recognizing revenue on contracts during the period.
Previous wording
Selling, general and administrative expenses consist primarily of personnel-related expenses for our sales, marketing, supply chain, finance, legal, human resources and administrative personnel, as well as the costs of customer service, information technology, risk management and related insurance, travel, allocated overhead and other marketing, communications and administrative expenses. We also expect to further invest in our corporate infrastructure and incur additional expenses associated with operating as a public company, including increased legal and accounting costs, investor relations and compliance costs. As a result, we expect that selling, general and administrative expenses will increase in absolute dollars in future periods but decline as a percentage of total revenue over time.
Current wording
Selling, general and administrative expenses consist primarily of personnel-related expenses for our sales, marketing, supply chain, finance, legal, human resources and administrative personnel, as well as the costs of customer service, information technology, risk management and related insurance, travel, allocated overhead, other marketing, communications and administrative expenses and transaction expenses. We also expect to further invest in our corporate infrastructure and incur additional expenses associated with operating as a public company, including increased legal and accounting costs, investor relations and compliance costs. As a result, we expect that selling, general and administrative expenses will increase in absolute dollars in future periods but decline as a percentage of total revenue over time.
Previous wording
Revenue increased by $38.2 million, or 36%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Space systems revenue was $97.9 million for the three months ended June 30, 2025, an increase of $21.0 million, or 27%, primarily due to spacecraft manufacturing growth. Launch Services revenue was $46.6 million for the three months ended June 30, 2025, an increase of $17.3 million, or 59%, primarily due to a higher launch cadence with five Electron launch missions completed in the three months ended June 30, 2025, versus four launch missions completed in the three months ended June 30, 2024, revenue recognized on over-time Electron launch missions and a higher revenue on point-in-time Electron launch missions in the three months ended June 30, 2025.
Current wording
Revenue increased by $50.3 million, or 48%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Space systems revenue was $114.2 million for the three months ended September 30, 2025, an increase of $30.3 million, or 36%, primarily due to spacecraft manufacturing growth. Launch Services revenue was $40.9 million for the three months ended September 30, 2025, an increase of $20.0 million, or 95%, primarily due to a higher launch cadence with four Electron launch missions completed in the three months ended September 30, 2025, versus three launch missions completed in the three months ended September 30, 2024, revenue recognized on over-time Electron launch missions, which included a cumulative catch-up adjustment to revenue of $13.3 million, an increase in other launch revenue, which includes termination and study revenue, and a higher revenue on point-in-time Electron launch missions in the three months ended September 30, 2025.
Previous wording
Cost of revenues increased by $19.0 million, or 24%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Space systems cost of revenue was $65.7 million for the three months ended June 30, 2025, an increase of $8.2 million, or 14%, primarily due to spacecraft manufacturing growth. Launch Services cost of revenues was $32.4 million in the three months ended June 30, 2025, an increase of $10.8 million, or 50%, primarily due to cost of revenues recognized on over-time Electron launch missions and a higher launch cadence.
Current wording
Cost of revenues increased by $21.0 million, or 27%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Space systems cost of revenue was $80.6 million for the three months ended September 30, 2025, an increase of $18.8 million, or 30%, primarily due to spacecraft manufacturing growth. Launch Services cost of revenues was $17.2 million in the three months ended September 30, 2025, an increase of $2.2 million, or 15%, primarily due to a higher launch cadence, partially offset by costs recognized on over-time Electron launch missions incurred in prior periods.
Previous wording
Research and development expense increased by $26.2 million, or 66%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to Neutron development progress, increased staff and staff related expenses as a result of hiring and prototype spend focused on expanding our spacecraft and spacecraft components product portfolio.
Current wording
Research and development expense increased by $23.0 million, or 48%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to Neutron development progress, increased staff and staff related expenses as a result of hiring and prototype spend focused on expanding our spacecraft and spacecraft components product portfolio.
Previous wording
Selling, general and administrative expense increased by $9.4 million, or 31%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to increased staff and staff related expenses to support revenue growth and increased transaction expenses related to managing an active acquisition pipeline.
Current wording
Selling, general and administrative expense increased by $13.4 million, or 42%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to increased staff and staff related expenses to support revenue growth and increased transaction expenses related to managing an active acquisition pipeline.
Previous wording
Interest expense, net of interest income increased by $3.2 million, or 188%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase of interest expense from our convertible senior notes and a reduced balance in interest-bearing accounts.
Current wording
Interest expense, net of interest income increased by $0.1 million, or 30%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to an increase of interest expense from borrowings under the Trinity Loan Agreement.
Previous wording
Loss on foreign exchange increased by $0.2 million, or 71%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to fluctuations on the foreign exchange rates of the New Zealand Dollar and Canadian Dollar as compared to the U.S. Dollar.
Current wording
Gain on foreign exchange increased by $0.9 million, or 179%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to fluctuations on the foreign exchange rates of the New Zealand Dollar and Canadian Dollar as compared to the U.S. Dollar.
Previous wording
Other expense increased by $2.9 million, or 152%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a loss on disposal of assets for the three months ended June 30, 2025.
Current wording
Other expense increased by $2.0 million, or 110%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a loss on disposal of assets for the three months ended September 30, 2025 and a gain on disposal of assets for the three months ended September 30, 2024.
Previous wording
We recorded income tax expense of $2.9 million for the three months ended June 30, 2025 and income tax benefit of $0.9 million for the three months ended June 30, 2024. The effective tax rate was (4.6)% for the three months ended June 30, 2025, compared to 2.0% for the three months ended June 30, 2024. The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our U.S. deferred tax assets.
Current wording
We recorded income tax benefit of $41.1 million for the three months ended September 30, 2025 and income tax expense of $0.9 million for the three months ended September 30, 2024. The effective tax rate was 69.2% for the three months ended September 30, 2025, compared to (1.9)% for the three months ended September 30, 2024. The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our U.S. deferred tax assets, including the release of the valuation allowance related to the deferred tax liability from the GEOST acquisition, as well as the impact of discrete items that may occur in any given year but which are not consistent from year-to-year.
Previous wording
The following table sets forth our consolidated statements of operations information and data as a percentage of revenue for the six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Current wording
The following table sets forth our consolidated statements of operations information and data as a percentage of revenue for the nine months ended September 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
Revenue increased by $68.0 million, or 34%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Space systems revenue was $184.8 million for the six months ended June 30, 2025, an increase of $47.9 million, or 35%, primarily due to spacecraft manufacturing growth. Launch Services revenue was $82.2 million for the six months ended June 30, 2025, an increase of $20.2 million, or 32%, primarily due to a higher launch cadence with ten Electron launch missions completed in the six months ended June 30, 2025, versus eight launch missions completed in the six months ended June 30, 2024 and revenue recognized on over-time Electron launch missions, partially offset by a lower revenue on point-in-time Electron launch missions in the six months ended June 30, 2025.
Current wording
Revenue increased by $118.3 million, or 39%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Space systems revenue was $299.0 million for the nine months ended September 30, 2025, an increase of $78.2 million, or 35%, primarily due to spacecraft manufacturing growth. Launch Services revenue was $123.2 million for the nine months ended September 30, 2025, an increase of $40.1 million, or 48%, primarily due to a higher launch cadence with 14 Electron launch missions completed in the nine months ended September 30, 2025, versus 11 launch missions completed in the nine months ended September 30, 2024, an increase in other launch revenue, which includes termination and study revenue, and higher revenue value per launch.
Previous wording
Cost of revenues increased by $37.8 million, or 26%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Space systems cost of revenue was $124.6 million for the six months ended June 30, 2025, an increase of $22.8 million, or 22%, primarily due to spacecraft manufacturing growth. Launch Services cost of revenues was $60.8 million in the six months ended June 30, 2025, an increase of $14.9 million, or 32%, primarily due to a higher launch cadence and cost of revenues recognized on over-time Electron launch missions.
Current wording
Cost of revenues increased by $58.7 million, or 26%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Space systems cost of revenue was $205.2 million for the nine months ended September 30, 2025, an increase of $41.6 million, or 25%, primarily due to spacecraft manufacturing growth. Launch Services cost of revenues was $78.0 million in the nine months ended September 30, 2025, an increase of $17.1 million, or 28%, primarily due to a higher launch cadence.
Previous wording
Research and development expense increased by $42.8 million, or 55%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to Neutron development progress, increased staff and staff related expenses as a result of hiring and prototype spend focused on expanding our spacecraft and spacecraft components product portfolio.
Current wording
Research and development expense increased by $65.8 million, or 52%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to Neutron development progress, increased staff and staff related expenses as a result of hiring and prototype spend focused on expanding our spacecraft and spacecraft components product portfolio.
Previous wording
Selling, general and administrative expense increased by $19.9 million, or 34%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to increased staff and staff related expenses to support revenue growth and increased transaction expenses related to managing an active acquisition pipeline.
Current wording
Selling, general and administrative expense increased by $33.4 million, or 36%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to increased staff and staff related expenses to support revenue growth and increased transaction expenses related to managing an active acquisition pipeline.
Previous wording
Interest expense, net of interest income increased by $1.5 million, or 188%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase of interest expense from our convertible senior notes and a reduced balance in interest-bearing accounts.
Current wording
Interest expense, net of interest income increased by $3.4 million, or 155%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to an increase of interest expense from our convertible senior notes and borrowings under the Trinity Loan Agreement and reduced interest income from interest-bearing accounts.
Previous wording
Loss on foreign exchange increased by $0.6 million, or 2,592%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to fluctuations on the foreign exchange rates of the New Zealand Dollar and Canadian Dollar as compared to the U.S. Dollar.
Current wording
Loss on foreign exchange decreased by $0.2 million, or 49%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to fluctuations on the foreign exchange rates of the New Zealand Dollar and Canadian Dollar as compared to the U.S. Dollar.
Previous wording
Other expense increased by $1.8 million, or 138%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a loss on disposal of assets for the six months ended June 30, 2025.
Current wording
Other expense increased by $3.8 million, or 121%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a loss on disposal of assets for the nine months ended September 30, 2025 and a gain on disposal of assets for the three months ended September 30, 2024.
Previous wording
We recorded income tax expense of $2.1 million for the six months ended June 30, 2025 and income tax benefit of $0.9 million for the six months ended June 30, 2024. The effective tax rate was (1.7)% for the six months ended June 30, 2025, compared to 1.0% for the six months ended June 30, 2024. The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our U.S. deferred tax assets.
Current wording
We recorded income tax benefit of $39.0 million for the nine months ended September 30, 2025 and income tax expense of $0.1 million for the nine months ended September 30, 2024. The effective tax rate was 21.1% for the nine months ended September 30, 2025, compared to (0.1)% for the nine months ended September 30, 2024. The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our U.S. deferred tax assets, including the release of the valuation allowance related to the deferred tax liability from the GEOST acquisition, as well as the impact of discrete items that may occur in any given year but which are not consistent from year-to-year.
Previous wording
Since inception, we have funded our operations with proceeds from sales of our capital stock, convertible senior notes, term note debt, equipment financing, research and development grant proceeds, and cash flows from the sale of our products and services. As of June 30, 2025, we had $564.1 million of cash and cash equivalents and $185.2 million of marketable securities. Our primary requirements for liquidity and capital are for investment in new products and technologies, the expansion of existing manufacturing facilities, working capital, debt service, acquisitions of complementary businesses, products or technologies and general corporate needs. Historically, these cash requirements have been met through the net proceeds we received through private sales of equity securities and convertible senior notes, borrowings under our credit and equipment financing facilities, net proceeds received in our business combination, net proceeds received from our ATM Equity Offering and payments received from customers.
Current wording
Since inception, we have funded our operations with proceeds from sales of our capital stock, convertible senior notes, term note debt, equipment financing, research and development grant proceeds, and cash flows from the sale of our products and services. As of September 30, 2025, we had $807.9 million of cash and cash equivalents and $215.1 million of marketable securities. Our primary requirements for liquidity and capital are for investment in new products and technologies, the expansion of existing manufacturing facilities, working capital, debt service, acquisitions of complementary businesses, products or technologies and general corporate needs. Historically, these cash requirements have been met through the net proceeds we received through private sales of equity securities and convertible senior notes, borrowings under our credit and equipment financing facilities, net proceeds received in our business combination, net proceeds received from our ATM Equity Offerings and payments received from customers.
Previous wording
As of June 30, 2025, we had outstanding $427.1 million in aggregate principal amount of indebtedness under our convertible senior notes and equipment financing agreement, of which $16.5 million was scheduled to become due in the following twelve months. As of June 30, 2025, our total minimum lease payments was $124.0 million, of which $15.3 million is due in the following twelve months. For details regarding our indebtedness and lease obligations at June 30, 2025, refer to Note 10, Loan Agreements, and Note 13, Leases, to our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
As of September 30, 2025, we had outstanding $424.9 million in aggregate principal amount of indebtedness under our convertible senior notes, equipment financing agreement and other financing agreements, of which $17.1 million was scheduled to become due in the following twelve months. As of September 30, 2025, our total minimum lease payments was $153.2 million, of which $17.4 million is due in the following twelve months. For details regarding our indebtedness and lease obligations at September 30, 2025, refer to Note 11, Loan Agreements, and Note 14, Leases, to our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Our capital expenditures for the six months ended June 30, 2025 were $60.7 million. Our future capital requirements will depend on many factors, including our launch cadence, traction in the market with our space systems offerings, the expansion of sales and marketing activities, the timing and extent of spending to support product development efforts, the introduction of new and enhanced products, the continuing market adoption of our products, the timing and extent of additional capital expenditures to invest in existing and new office spaces and the number of acquisitions of complementary businesses, products or technologies we pursue, if any. We may be required to seek additional equity or debt financing or we may choose to take advantage of opportunistic capital raising or financing transactions primarily for the purposes noted above. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued product innovation, we may not be able to compete successfully, which would harm our business, operations and financial condition.
Current wording
Our capital expenditures for the nine months ended September 30, 2025 were $106.6 million. Our future capital requirements will depend on many factors, including our launch cadence, traction in the market with our space systems offerings, the expansion of sales and marketing activities, the timing and extent of spending to support product development efforts, the introduction of new and enhanced products, the continuing market adoption of our products, the timing and extent of additional capital expenditures to invest in existing and new office spaces and the number of acquisitions of complementary businesses, products or technologies we pursue, if any. We may be required to seek additional equity or debt financing or we may choose to take advantage of opportunistic capital raising or financing transactions primarily for the purposes noted above. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued product innovation, we may not be able to compete successfully, which would harm our business, operations and financial condition.
Previous wording
As of June 30, 2025, there was $355.0 million outstanding under our 4.250% Convertible Senior Notes due 2029 (the “Convertible Notes”), before unamortized discount and debt issuance costs of $8.5 million. In addition, as of June 30, 2025, there was $72.1 million outstanding under the Trinity Loan Agreement, before unamortized discount and debt issuance and end of term costs of $1.9 million.
Current wording
As of September 30, 2025, there was $355.0 million outstanding under our 4.250% Convertible Senior Notes due 2029 (the “Convertible Notes”), before unamortized discount and debt issuance costs of $8.0 million. In addition, as of September 30, 2025, there was $68.2 million outstanding under the Trinity Loan Agreement, before unamortized discount and debt issuance and end of term costs of $1.5 million and another financing agreement with $1.7 million outstanding.
Previous wording
Net cash used in operating activities was $77.5 million for the six months ended June 30, 2025 and consisted of $127.0 million in net loss, $61.7 million in non-cash activities and $12.2 million in cash used by operating assets and liabilities. Included in the non-cash activities are $37.2 million in stock-based compensation expense and $17.5 million in depreciation and amortization. Included in the cash used by operating assets and liabilities are $25.3 million in accounts receivable, net, $18.0 million in prepaids and other current assets, $11.5 million in inventories, offset by cash provided in operating assets and liabilities including $11.9 million in other non-current assets, $11.2 million in contract assets, $11.1 million in trade payables and $7.2 million in contract liabilities.
Current wording
Net cash used in operating activities was $101.0 million for the nine months ended September 30, 2025 and consisted of $145.3 million in net loss, $58.3 million in non-cash activities and $14.0 million in cash used by operating assets and liabilities. Included in the non-cash activities are $52.9 million in stock-based compensation expense and $29.2 million in depreciation and amortization, partially offset by $33.0 million in deferred income taxes. Included in the cash used by operating assets and liabilities are $25.6 million in inventories, $19.4 million in accounts receivable, net, $17.5 million in prepaids and other current assets, $9.2 million in contract liabilities, $8.3 million in non-current lease liabilities, offset by cash provided in operating assets and liabilities including $43.4 million in employee benefits payable, $12.6 million in contract assets and $10.1 million in other non-current assets.
Previous wording
Cash used in investing activities for the six months ended June 30, 2025 of $36.0 million was primarily driven by $60.7 million of capital equipment and infrastructure investments, partially offset by net cash provided by maturities, purchases and sales of marketable securities of $24.6 million.
Current wording
Cash used in investing activities for the nine months ended September 30, 2025 of $243.3 million was primarily driven by $132.4 million cash paid for the GEOST acquisition, $106.6 million of capital equipment and infrastructure investments and net maturities, purchases and sales of marketable securities of $4.6 million.
Previous wording
Cash provided by financing activities for the six months ended June 30, 2025 of $406.0 million was primarily related to $387.2 million of net proceeds from the issuance of common stock under the ATM Equity Offering and $24.7 million of net proceeds from a draw under the Trinity Loan Agreement, partially offset by $11.2 million of repayments under the Trinity Loan Agreement.
Current wording
Cash provided by financing activities for the nine months ended September 30, 2025 of $881.7 million was primarily related to $845.3 million of net proceeds from the issuance of common stock under the ATM Equity Offerings, $24.7 million of net proceeds from a draw under the Trinity Loan Agreement and $15.0 million of net tax withholding, partially offset by $15.1 million of repayments under the Trinity Loan Agreement.
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