On this page of StockholderLetter.com we present the latest annual shareholder letter from Rocket Lab USA, Inc. — ticker symbol RKLB. Reading current and past RKLB letters to shareholders can bring important insights into the investment thesis.
Dear Rocket Lab Shareholders, 2025 was a record-breaking year for Rocket Lab, one that showcased our ability to deliver exceptional results while advancing our position as a leading end-to-end space company. We achieved our highest annual revenue to date of $602 million, representing 38% year-on-year growth, and ended the year with a record $1.85 billion in backlog, a 73% increase compared to 2024. This momentum has continued into 2026, with the signing of our largest launch agreement to date: a $190 million contract for 20 hypersonic test ights with our HASTE launch vehicle under the MACH-TB 2.0 program. We also set a new annual launch record in 2025, ying 21 successful Electron and HASTE launches, including three hypersonic test missions supporting critical national defense initiatives. Alongside these operational milestones, we secured Rocket Lab s largest single contract to date: an $816 million award from the Space Development Agency to design and manufacture 18 advanced missile warning and tracking satellites. Momentum also continued to build for Neutron, our medium-lift reusable rocket. In 2025, we achieved signi cant development milestones, including the quali cation of the Hungry Hippo fairing and thrust structure, and we delivered the fairing to our Virginia Assembly and Integration Complex for nal systems testing. While we ve updated Neutron s rst launch timeline to Q4 2026 to ensure the highest standards of reliability, we remain con dent in its ability to unlock new mission opportunities and address the growing demand for medium-lift launch capacity. Our space systems business also reached new heights in 2025. Two Rocket Lab-built spacecraft for NASA and the University of California Berkeley s ESCAPADE mission were successfully deployed and are on their way to Mars, demonstrating our ability to deliver decadal-class science missions on rapid timelines and at a fraction of the cost of traditional programs. Additionally, we introduced advanced silicon solar arrays designed to power gigawatt-scale space-based data centers, supporting the surging demand for AI and compute capabilities on Earth. As we look ahead, we are well-positioned to build on this momentum, with a healthy balance sheet providing us with additional exibility to pursue strategic growth opportunities and further strengthen our leadership in the space economy. We also made signi cant strides in expanding our capabilities through strategic acquisitions. In March 2026, we received regulatory approval to acquire Mynaric, a leader in satellite laser communication technology. This acquisition will enable Rocket Lab to scale production of optical communication terminals, a critical enabler for satellite constellations, and strengthen our ability to service the national security needs of sovereign nations and commercial customers globally. Rocket Lab s continued success is a testament to the dedication of our team, the trust of our customers, and the support of our shareholders. Together, we are building a company that is transforming access to space and unlocking its full potential. Thank you for your continued con dence in Rocket Lab as we embark on another exciting year. Sir Peter Beck.
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RKLB Shareholder/Stockholder Letter Transcript:

Dear Rocket Lab Shareholders,
2025 was a record-breaking year for Rocket Lab, one that showcased our ability to deliver
exceptional results while advancing our position as a leading end-to-end space company.
We achieved our highest annual revenue to date of $602 million, representing 38% year-on-year
growth, and ended the year with a record $1.85 billion in backlog, a 73% increase compared to
2024. This momentum has continued into 2026, with the signing of our largest launch agreement
to date: a $190 million contract for 20 hypersonic test    ights with our HASTE launch vehicle under
the MACH-TB 2.0 program.
We also set a new annual launch record in 2025,    ying 21 successful Electron and HASTE
launches, including three hypersonic test missions supporting critical national defense initiatives.
Alongside these operational milestones, we secured Rocket Lab   s largest single contract to date:
an $816 million award from the Space Development Agency to design and manufacture 18
advanced missile warning and tracking satellites.
Momentum also continued to build for Neutron, our medium-lift reusable rocket. In 2025, we
achieved signi   cant development milestones, including the quali   cation of the Hungry Hippo
fairing and thrust structure, and we delivered the fairing to our Virginia Assembly and Integration
Complex for    nal systems testing. While we   ve updated Neutron   s    rst launch timeline to Q4 2026
to ensure the highest standards of reliability, we remain con   dent in its ability to unlock new
mission opportunities and address the growing demand for medium-lift launch capacity.
Our space systems business also reached new heights in 2025. Two Rocket Lab-built spacecraft
for NASA and the University of California Berkeley   s ESCAPADE mission were successfully
deployed and are on their way to Mars, demonstrating our ability to deliver decadal-class science
missions on rapid timelines and at a fraction of the cost of traditional programs. Additionally, we
introduced advanced silicon solar arrays designed to power gigawatt-scale space-based data
centers, supporting the surging demand for AI and compute capabilities on Earth.
As we look ahead, we are well-positioned to build on this momentum, with a healthy balance sheet
providing us with additional    exibility to pursue strategic growth opportunities and further
strengthen our leadership in the space economy.
We also made signi   cant strides in expanding our capabilities through strategic acquisitions. In
March 2026, we received regulatory approval to acquire Mynaric, a leader in satellite laser
communication technology. This acquisition will enable Rocket Lab to scale production of optical
communication terminals, a critical enabler for satellite constellations, and strengthen our ability
to service the national security needs of sovereign nations and commercial customers globally.
Rocket Lab   s continued success is a testament to the dedication of our team, the trust of our
customers, and the support of our shareholders. Together, we are building a company that is
transforming access to space and unlocking its full potential. Thank you for your continued
con   dence in Rocket Lab as we embark on another exciting year.
Sir Peter Beck.


shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 

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