Rocket Lab reported second-quarter revenue of $234 million, topping analyst consensus of $231.6 million, and disclosed a backlog that grew 137 percent year-over-year to $2.36 billion, according to the company's earnings announcement.
The aerospace company posted adjusted earnings per share of negative $0.08 against consensus of negative $0.07. Gross margin held at 36 percent, matching estimates. For the third quarter, Rocket Lab guided revenue to a range of $250 million to $265 million, with a midpoint of $257.5 million above consensus expectations of $238 million. The company projected third-quarter adjusted EBITDA of negative $20 million versus consensus of negative $12 million.
Rocket Lab's backlog expansion to $2.36 billion is the largest absolute level in company history. The backlog grew 137 percent year-over-year across both its Electron small-launch vehicle and government contracts, the company said. Rocket Lab operates as a vertically integrated launch provider, manufacturing most components in-house, and has in recent quarters expanded into space infrastructure services.
On the same day as earnings, Rocket Lab unveiled GHOST, described as a deployable launch system designed for responsive space missions. The company said GHOST will be operational in 2027 and is now in production. GHOST is intended to enable launch operations from non-traditional sites, addressing military and commercial demand for dispersed launch capability.
Rocket Lab's stock has traded publicly since September 2021 following a merger with a special-purpose acquisition company. The company posted its first profitable quarter in adjusted EBITDA in early 2024 and has worked to sustain profitability while expanding launch cadence. Electron has completed over 40 orbital flights to date.
The backlog-to-quarterly-revenue ratio reached 10.1 times at the Q2 close, versus a 3.4-times ratio that would match consensus estimates. Analyst models embed contracts at lower values or over longer time horizons than Rocket Lab's current backlog composition.
Investors will watch whether Rocket Lab achieves its Q3 guidance and delivers the profitability trajectory it has outlined for 2025 and beyond. If the company sustains gross margins above 35 percent while scaling revenue, the path to consistent adjusted EBITDA profitability would strengthen.