Rocket Lab's whole next chapter rides on Neutron — a bigger, reusable rocket they're still building.
↓ the brief below
Net loss · latest quarter
−$45
M
Still unprofitable. Heavy R&D spending on Neutron is the main reason. Loss narrowed from $61M a year ago.
Source · 10-Q · Income Statement · Q1 FY26 · Filed May 7, 2026
From the 10-Q · the Neutron risk in Rocket Lab's own words
Our inability to develop our Neutron Launch Vehicle, or significant delays in developing Neutron, could adversely impact our business, financial condition and results of operations.
↳ In English: if Neutron slips, the whole story slips with it. The company is telling you this is the central risk.
When a single buyer accounts for a huge share of a company's revenue, that's customer concentration. Lose them, lose a lot at once.
For Rocket Lab right now, 36% of revenue comes from a single US government customer.
Wall Street calls this
Customer concentration
Government customers can change priorities or pause programs. One contract decision moves Rocket Lab's whole quarter.
From the 10-Q · the concentration risk
For the three months ended March 31, 2026, the Company's customer that accounted for 10% or more of total revenue was: government customer 36%.
↳ Over a third of the revenue from one US government program. The most important customer relationship in the entire business.