Rocket Lab slipped after hours on a wider loss, even as Peter Beck's company reported a record $3.57 billion backlog

Rocket Lab's third quarter was a story told in two numbers. Sales and orders hit records, which is what investors have been paying for. The loss was wider than expected, as the company keeps spending heavily on Neutron, the larger rocket whose first flight has slipped into 2027. After a big rally during Monday's session, the shares gave back part of it in extended trading.

The numbers

Revenue rose 73% from a year earlier to $267.83 million, Benzinga reported, beating the consensus estimate of $255.71 million in Benzinga Pro data. TipRanks put the consensus at $257.21 million. The company lost 12 cents a share, compared with expectations for a loss of 6 cents, according to Benzinga, or 7 cents, according to TipRanks.

The net loss was $79.7 million, TipRanks reported. But operating cash flow was positive, at $7.2 million, meaning the business brought in more cash from operations than it spent during the quarter. Rocket Lab ended the period with about $4.45 billion in cash and cash equivalents, Benzinga reported.

The backlog

The figure management highlighted was the backlog, which reached a record $3.57 billion, up 52% from the previous quarter, according to TipRanks. Rocket Lab said it signed about $1 billion of new Electron, HASTE and Neutron launch contracts in the third quarter, including more than $515 million of Neutron launch deals, and now has 117 launches in its backlog, Benzinga reported.

"Our end-to-end space strategy is delivering exactly as designed: the world's most critical and ambitious missions increasingly rely on Rocket Lab for launch, spacecraft, and components, sometimes all on a single mission, and every part of our business is growing as a result." - Peter Beck, founder and CEO of Rocket Lab, as quoted by Benzinga

Beck said nearly $1 billion of the backlog came from launch contracts signed in the third quarter alone, alongside $470 million signed for its Space Systems business, which builds spacecraft and components.

Neutron and the outlook

Rocket Lab delayed Neutron's first flight to 2027 in October after discovering manufacturing defects in carbon composite components, Investing.com reported. On Monday, the company said it continued to complete milestones for the rocket, including delivery of first flight hardware to Launch Complex 3, and that the first launch is targeted for no earlier than 2027.

For the fourth quarter, Rocket Lab expects revenue of $270 million to $290 million and an adjusted EBITDA loss of $14 million to $20 million, Benzinga reported. Its smaller Electron rocket remains the workhorse: the company had completed 99 Electron missions before the report, according to Investing.com, and Stocktwits reported that the 100th is scheduled for no earlier than Nov. 14.

How the stock traded

Rocket Lab shares closed up 10.91% at $58.86 in the regular session, according to Yahoo Finance data, part of a broad rally in which the S&P 500 had its best day since April and industrial stocks led the gains. After the report, the stock fell 6.61% to $54.97 in after-hours trading, Benzinga reported, and TipRanks said it slipped on the earnings miss.

Before Monday's session, Investing.com noted that the shares were down 24% for the year and well off their 2026 high, reflecting concern about the Neutron timeline and the company's path to profitability.

A busy day for space stocks

Rocket Lab was not the only space company in focus. AST SpaceMobile surged 15.8% to $37.46 by midday, Benzinga reported, after announcing a joint venture with Japan's Rakuten to build a satellite network that connects directly to smartphones. CNBC reported that Japan's Ministry of Internal Affairs and Communications awarded about $1 billion for the venture, which is aimed at keeping communications running during emergencies and disasters.

What carries into Tuesday

For Rocket Lab, the debate is the same one the stock has had for months: a fast-growing order book and strong revenue on one side, and the cost and timing of Neutron on the other. The company's earnings call and the market's reaction in Tuesday's regular session will show which side investors weigh more heavily, while the broader market waits for the October consumer price report at 8:30 a.m. ET.