dailyloe.com – Rocket Lab has provided financial guidance for its first quarter. The company expects revenue between $185 million and $200 million. It forecasts GAAP gross margins of 34% to 36%. Non-GAAP margins are also expected to improve.
The company’s fiscal year 2025 backlog has reached $1.85 billion. Space Systems contracts account for 74% of this total. This backlog supports multi-year revenue visibility. Approximately 37% is expected to convert into revenue in FY26.
Improvements in launch cadence have reduced costs. The cost per launch has decreased to $4.8 million. This is down from a previous figure of $5.7 million. The reduction highlights benefits from scale-driven fixed-cost leverage.
Rocket Lab reported a FY25 net loss of $198.2 million. Its operating cash flow was negative $165.5 million. These figures reflect a heavy investment cycle. Spending is focused on Neutron development and infrastructure.
The Neutron rocket’s first launch has been delayed. It is now scheduled for the fourth quarter of FY26. This delay extends the company’s cash burn period. Early Neutron launches are expected to carry negative margins.
Long-term scale economics are expected to improve later. The article was written by Yiannis Zourmpanos. He disclosed he has no position in Rocket Lab stock. He also has no plans to initiate any positions within 72 hours.
