Rocket Lab (RKLB) Q2 FY25 earnings call

Earnings call· Jun 2025 (Q2 FY25)· Industrials· Aug 7, 2025

Source: earnings call transcript

Rocket Lab delivered record Q2 FY25 revenue, driven by strong performance in both launch and space systems segments, and expanded gross margins. The company made significant strides in Neutron development, with infrastructure largely in place and engine testing accelerating, while strategically positioning itself for national security programs through the Geost acquisition and vertical integration. Management is balancing aggressive growth and development with disciplined capital allocation and a focus on long-term reliability over short-term deadlines for Neutron's debut.

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RKLB operating KPIs by quarter

RKLB operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	This call Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Backlog	$1.07B We ended Q4 2024 with $1.07 billion of total backlog with Launch backlog of $386 million and Space Systems backlog of $681 million. Source: earnings call transcript	~$1B We ended Q2 2025 with approximately $1 billion of total backlog with launch backlog representing approximately 41% of this and Space Systems 59%. Source: earnings call transcript	~$1.1B We ended Q3 2025 with approximately $1.1 billion in total backlog, with launch backlog accounting for approximately 47% and Space Systems representing 53%. Source: earnings call transcript	$1.85B At the end of Q4, our backlog sat at a record $1.85 billion, which is up 73% from the same time in 2024. Source: earnings call transcript	~$2.2B We ended Q1 2026 with approximately $2.2 billion in total backlog, with launch backlog accounting for approximately 41.5% and Space Systems representing 58.5%. Source: earnings call transcript	$2.36B We ended the quarter with a $2.36 billion in backlog and across launch in Space Systems, we've signed more than $1 billion in new contracts across Q2 and the period since the quarter closed. Source: earnings call transcript	—
Employees production	1,004 Relatedly, we ended Q4 with production-related headcount of 1,004 heads, up 40 from the prior quarter. Source: earnings call transcript	1,150 Relatedly, we ended Q2 with production-related headcount of 1,150, up 62% from the prior quarter. Source: earnings call transcript	1,198 We ended Q3 with production-related head count of 1,198, up 48% in the prior quarter. Source: earnings call transcript	1,244 Relatedly, we ended Q4 with production-related headcount of 1,244, up 46 from the prior quarter. Source: earnings call transcript	1,448 Relatedly, we ended Q1 with production-related headcount of 1,448, up 250 from the prior quarter, largely driven by a transition of dedicated R&D headcount from the first Neutron test flight to our production teams related to future revenue-generating missions as well as headcount ramps related to our recent Geost and PCL acquisitions. Source: earnings call transcript	1,688 Relatedly, we ended Q2 with production related head count of 1,688, up 240 for the prior quarter. Source: earnings call transcript	+16.6%
Employees R&D	828 Q4 ending R&D headcount was 828, representing an increase of 52 from the prior quarter. Source: earnings call transcript	935 Q2 ending R&D head count was 935, representing an increase of 12% from the prior quarter. Source: earnings call transcript	1,019 Q3 R&D headcount was 1,019, representing an increase of 84 from the prior quarter. Source: earnings call transcript	1,012 Q4 ending R&D head count was 1,012, an representing a decrease of 7% from the prior quarter. Source: earnings call transcript	949 Q1 ending R&D headcount was 949, representing a decrease of 70 from the prior quarter. Source: earnings call transcript	1,087 Q2 ending R&D head count was 1,087, representing an increase of 138 for the prior quarter. Source: earnings call transcript	+14.5%
Employees SG&A	329 Q4 ending SG&A headcount was 329, representing an increase of 29 from the prior quarter. Source: earnings call transcript	343 Q2 ending SG&A head count was 343, representing an increase of 11% from the prior quarter. Source: earnings call transcript	385 Q3 ending SG&A headcount was 385, representing an increase of 42 from the prior quarter, with the majority of those coming from the closing of the GEOs acquisition. Source: earnings call transcript	389 Q4 ending SG&A head count was 389, representing an increase of 4% from the prior quarter. Source: earnings call transcript	381 Q1 ending SG&A headcount was 381, representing a decrease of 4 from the prior quarter. Source: earnings call transcript	442 Q2 ending SG&A head count was 442, representing an increase of 61 from the prior quarter. Source: earnings call transcript	+16%
Employees	2,161 In summary, total fourth quarter headcount was 2,161, up 121 heads from the prior quarter. Source: earnings call transcript	2,420 In summary, total second quarter head count was 2,420, up 85% from the prior quarter. Source: earnings call transcript	2,602 In summary, total headcount at the end of the third quarter was 2,602, up 174 heads from the prior quarter. Source: earnings call transcript	2,645 In summary, total head count at the end of the fourth quarter was 2,645 up 43 heads from the prior quarter. Source: earnings call transcript	2,778 In summary, total headcount at the end of the first quarter was 2,778, up 176 heads from the prior quarter. Source: earnings call transcript	3,217 In summary, total headcount at the end of the second quarter was 3,217, up 439 heads from the prior quarter. Source: earnings call transcript	+15.8%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.