RKLB

Rocket Lab closed its acquisition of Mynaric AG on April 14, 2026, paying $155.3 million in aggregate consideration consisting of a nominal cash payment plus 2,277,002 shares of RKLB common stock (109,943 shares held in indemnity escrow); the deal was originally structured around a $75 million base price plus seller pre-closing investments in Mynaric, and sellers are no longer eligible for earnout payments. The shares were issued as unregistered securities under Section 4(a)(2) and/or Regulation D.

CEO and Chairman Sir Peter Beck voluntarily reduced his annual base salary to $1.00 (or New Zealand statutory minimum), waived all bonus entitlements, and forfeited 392,155 unvested RSUs, with the freed capital redirected toward company R&D and strategic priorities.

Rocket Lab established a $1 billion at-the-market equity offering program on March 17, 2026, entering an Equity Distribution Agreement with 11 broker-dealers including Goldman Sachs, Morgan Stanley, BofA Securities, and Deutsche Bank as sales agents. The program also permits forward sale structures — both Initially Priced and Collared Forward Transactions — allowing RKLB to lock in pricing on future share issuances with up to 2% commission per transaction, drawing on the shelf registration originally filed March 11, 2025.

Rocket Lab set its 2026 annual meeting for May 20, 2026 — more than 30 days earlier than the anniversary of the 2025 meeting — and established March 22, 2026 as the deadline for stockholder proposals under Rule 14a-8 and director nominations under its Bylaws.

Revenue grew 38% year-over-year to $601.8 million in 2025, driven by two roughly equal contributors: Space Systems (up 30% to $402.8 million, led by spacecraft manufacturing wins) and Launch Services (up 59% to $199.0 million, driven by 21 Electron missions versus 16 in 2024 and rising revenue per launch from $7.8M to $8.5M). The gross margin expansion is the most significant operational story — gross margin widened from 26.6% in 2024 to 34.4% in 2025, itself up from 21.0% in 2023, as cost per launch collapsed from $5.7M to $4.8M on manufacturing scale efficiencies. Backlog surged to $1.85 billion from $1.07 billion, anchored by the $806 million SDA Tranche 3 satellite contract signed in December 2025, with Space Systems comprising $1.37 billion of that total — a structural shift toward larger, longer-duration government programs. Despite the margin improvement, operating loss widened in absolute dollars to $228.8 million (38.1% of revenue) from $189.8 million (43.6%) in 2024, as R&D spend surged to $270.7 million (45% of revenue) driven by accelerating Neutron development. A first-stage tank failure in January 2026 pushed Neutron's initial launch target to Q4 2026, introducing meaningful schedule risk that management acknowledges could slip further given the complexity of qualifying the Archimedes engine and remaining systems. Net loss narrowed modestly to $198.2 million from $190.2 million, aided by a $27.7 million income tax benefit largely from deferred tax assets recognized on the GEOST acquisition. Liquidity is being sustained almost entirely by equity issuances — financing activities generated $1.07 billion in 2025, of which $1.12 billion came from ATM equity offerings. Capital expenditures were $156.3 million and the GEOST acquisition consumed another $132.4 million in cash, reflecting the simultaneous build-out of Neutron infrastructure and expansion of the Space Systems component portfolio. Management frames the path to profitability around Neutron commercial launch enabling a step-change in revenue scale, continued Electron cadence gains absorbing fixed costs, and a component/spacecraft backlog that de-risks near-term revenue — but cash burn trajectory makes Neutron's timeline the single most consequential variable for the equity story.

Rocket Lab released Q4 and full-year 2025 financial results on February 26, 2026, with the press release furnished as Exhibit 99.1.

Rocket Lab disclosed that qualification testing of the Neutron rocket's Stage 1 tank ended in a rupture during a hydrostatic pressure trial; the team is reviewing test data to assess the impact on Neutron's launch schedule.

Rocket Lab was awarded an $816 million contract (including $806M base plus $10M in options) from the Space Development Agency to design, manufacture, and provide operations and sustainment for 18 satellites under the Proliferated Warfighter Space Architecture Tracking Layer Tranche 3 program, with final satellite delivery for launch expected in 2029.

MD&A summary generating — check back in a moment.

RKLB reported Q3 2025 financial results via press release (Exhibit 99.1) and disclosed that board member Matt Ocko resigned effective November 30, 2025, with no underlying dispute cited.