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AI核心结论
Rocket Lab (RKLB) delivered strong Q1 FY2026 results with revenue surging 63.5% YoY to $200.3M and gross margin expanding nearly 10 percentage points to 38.2%, while a major equity raise dramatically strengthened the balance sheet with cash reaching $1.21B and long-term debt slashed 89.3%.
营业收入
$200.35M
同比 ++63.46%
每股收益（基本）
$-0.07
同比 ++41.67%
毛利率
38.2%
同比 ++9.42%
营业利润
$-55.97M
同比 ++5.44%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Rocket Lab (RKLB) Q1 FY2026 营收 $200.35M，同比增长 63.5%。 净亏损 $45.02M，稀释每股收益 -$0.07。 毛利率 38.2%。
Revenue grew 63.5% YoY to $200.3M in Q1 FY2026, up from $122.6M in Q1 FY2025, reflecting significant scaling across Rocket Lab's launch and space systems segments. This marks a meaningful inflection in top-line growth for the company.
来源: Source: 10-Q Income Statement, Q1 FY2026
Gross profit more than doubled YoY (+117.0%) to $76.5M, pushing gross margin from 28.8% to 38.2% — a 9.4 percentage point improvement. This suggests better cost absorption and pricing power as launch cadence and systems revenue scale.
来源: Source: 10-Q Income Statement, Q1 FY2026
Operating loss improved modestly to -$56.0M from -$59.2M YoY (+5.4%), even as R&D expense surged 46.1% to $80.5M and SG&A rose 32.1% to $51.9M, indicating the company is investing aggressively in future capabilities while slowly closing the gap to profitability.
来源: Source: 10-Q Income Statement, Q1 FY2026
Total stockholders' equity surged 425% YoY to $2.26B, cash and equivalents jumped nearly 4x to $1.21B, and long-term debt was reduced 89.3% to $36.9M, reflecting a major capital raise that has fundamentally de-risked the balance sheet.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement, Q1 FY2026
Operating cash outflow was -$50.3M in Q1 FY2026, a slight improvement from -$54.2M in Q1 FY2025 (+7.2% YoY), while financing activities generated $463.3M — primarily from the equity raise. With $1.21B in cash, the company has substantial runway to fund operations.
来源: Source: 10-Q Cash Flow Statement, Q1 FY2026
Rocket Lab continues to generate significant operating losses (-$56.0M in Q1 FY2026) and negative operating cash flow (-$50.3M). While the recent equity raise provides a substantial cash buffer of $1.21B, the company must demonstrate a credible path to profitability to avoid future dilutive capital raises.
来源: Source: 10-Q Income Statement & Cash Flow Statement, Q1 FY2026
R&D expense grew 46.1% YoY to $80.5M in Q1 FY2026, representing a significant portion of revenue. While this investment is necessary for developing next-generation launch vehicles and space systems, it creates a structural drag on operating margins and delays the path to profitability.
来源: Source: 10-Q Income Statement, Q1 FY2026
Financing activities generated $463.3M in Q1 FY2026, primarily from equity issuance, which contributed to the 425% surge in stockholders' equity. Repeated equity raises to fund operations and capital expenditures could significantly dilute existing shareholders over time.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet, Q1 FY2026
Revenue growth of 63.5% YoY requires sustained operational execution across launch cadence and space systems manufacturing. Any delays, launch failures, or supply chain disruptions could materially impact revenue recognition and customer relationships.
来源: Source: 10-Q Income Statement, Q1 FY2026
Combined R&D and SG&A expenses totaled $132.5M in Q1 FY2026 against revenue of $200.3M, meaning operating expenses alone consume 66% of revenue. This leaves limited room for error and requires continued strong revenue growth to achieve operating leverage.
来源: Source: 10-Q Income Statement, Q1 FY2026
Q1 FY2026 实际 EPS $-0.07，分析师一致预期 $-0.08，超预期 +14.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $200.35M | $122.57M | +63.46% |
营业成本 | $123.86M | $87.32M | +41.84% |
毛利润 | $76.49M | $35.25M | +117.02% |
营业利润 | $-55.97M | $-59.19M | +5.44% |
净利润 | $-45.02M | $-60.62M | +25.73% |
每股收益（基本） | $-0.07 | $-0.12 | +41.67% |
每股收益（稀释） | $-0.07 | $-0.12 | +41.67% |
研发费用 | $80.51M | $55.11M | +46.10% |
销售及管理费用 | $51.95M | $39.33M | +32.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $2.82B | $1.25B | +124.70% |
流动资产 | $1.8B | $724.85M | +148.38% |
总负债 | $555.57M | $823.68M | -32.55% |
流动负债 | $402.35M | $348.12M | +15.58% |
股东权益 | $2.26B | $431.29M | +425.02% |
现金及等价物 | $1.21B | $303.15M | +297.66% |
长期债务 | $36.87M | $345.93M | -89.34% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-50.33M | $-54.23M | +7.18% |
投资活动现金流 | $-35.72M | $-28.6M | -24.89% |
筹资活动现金流 | $463.29M | $115.5M | +301.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 38.2% | 28.8% | +9.42% |
营业利润率 | -27.9% | -48.3% | +20.35% |
净利率 | -22.5% | — | — |
净资产收益率 | -2.0% | — | — |
总资产收益率 | -1.6% | — | — |
流动比率 | $4.475 | — | — |
资产负债率 | $0.245 | — | — |
预计发布日期、分析师预期与关注要点
Rocket Lab's revenue grew 63.5% year-over-year to $200.3M in Q1 FY2026, up from $122.6M in Q1 FY2025. This strong growth reflects scaling across both its launch services and space systems segments.
No, Rocket Lab is not yet profitable — it reported a net loss of $45.0M in Q1 FY2026, though this is an improvement from the -$60.6M net loss in Q1 FY2025. The company continues to invest heavily in R&D ($80.5M) and SG&A ($51.9M), which together exceed gross profit.
Rocket Lab's balance sheet is significantly stronger following a major equity raise, with cash and equivalents reaching $1.21B and long-term debt reduced 89.3% to just $36.9M. The current ratio of 4.47x and debt-to-equity of 0.25x indicate a well-capitalized, low-leverage position with substantial runway.
Yes, Rocket Lab's gross margin expanded significantly to 38.2% in Q1 FY2026, up from 28.8% in Q1 FY2025 — a nearly 10 percentage point improvement. Gross profit more than doubled YoY to $76.5M, signaling improving unit economics as the business scales.
The primary risks include sustained operating losses (-$56.0M in Q1 FY2026) and negative operating cash flow (-$50.3M), which require continued capital raises that could dilute shareholders. Additionally, the company's heavy R&D spending ($80.5M, up 46.1% YoY) and high operating expense base (combined R&D and SG&A of $132.5M vs. $200.3M revenue) create execution pressure to scale revenue fast enough to achieve profitability.