Filing Flows › Rocket Lab (RKLB) › Q1 2025
Rocket Lab (RKLB) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Rocket Lab (RKLB) reported revenue of $123M for the first quarter 2025 (Q1 2025), +32% from a year earlier and -7% from the quarter before. Operating margin was -48.3%, net loss $60.6M (49.5% of revenue).
Rocket Lab, Q1 2025: revenue $123M (+32% year over year), operating margin -48.3%, net loss $60.6M, operating cash flow −$54.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $123M | -7% | +32% |
| Operating profit | −$59.2M | — | — |
| Net earnings | −$60.6M | — | — |
| Operating cash flow | −$54.2M | — | — |
What changed
Revenue was $122.6M in Q1 2025, up 32% year over year and down 7% from the previous quarter. Product revenues was the largest line at 66% of revenue. Product revenues added $26.7M year over year (up 49%), 89% of the total change.
Gross margin was 28.8%, up 2.7 points from a year earlier. Operating costs exceeded revenue by $59.2M, an operating margin of -48.3%. Operating expenses grew 40% against revenue growth of 32%. The fastest-growing cost line was Research & development (+43%). The quarter ended with a net loss of $60.6M, wider than the previous quarter's $52.3M loss.
Operating cash flow was −$54.2M. Non-cash charges added back $8.7M of depreciation and amortization and $19.2M of share-based compensation. Working capital and other items used $21.6M. Capital expenditures of $28.7M exceeded it, leaving free cash flow of −$82.9M.
Questions
What was Rocket Lab's revenue in the first quarter 2025?
Rocket Lab (RKLB) reported revenue of $123M for the first quarter 2025 (Q1 2025), +32% from a year earlier and -7% from the quarter before.
Was Rocket Lab profitable in the first quarter 2025?
Operating loss was $59.2M (-48.3% of revenue) and net loss $60.6M.
Source: Rocket Lab 10-Q on SEC EDGAR.