Rocket Lab USA, Inc. (RKLB) shares fell 4.5% in after-hours trading on Monday, changing hands at $56.24, after the space company delivered a third-quarter report that topped Wall Street's targets on revenue but showed a wider net loss and a weaker-than-expected earnings outlook for the fourth quarter. The after-hours decline followed a 10.9% jump during the regular session.

The quarter delivered record sales of $268 million, a 73% increase from a year earlier, and pushed total backlog up 52% in a single quarter to $3.57 billion. Yet the net loss widened to $80 million, the company guided to a wider-than-expected fourth-quarter EBITDA loss, and the first launch of Neutron, its medium-lift rocket, remains set for no earlier than 2027.

Record Quarter, Widening Losses

Revenue reached a record $268 million for the third quarter, up 73% from a year earlier, while analysts had expected roughly $257 million. The adjusted EBITDA loss came in at $18 million, narrower than the $21 million loss projected by analysts — a measure that excludes financing and other non-operating items and is watched closely at companies still working toward profitability. Net loss, however, widened to $80 million from $18.3 million a year earlier, with financing and acquisition-related charges driving the increase.

ROCKET LAB $RKLB Q3'26 EARNINGS HIGHLIGHTS

Revenue: $268M (Est. $256M) ; +73% YoY
EPS: -$0.12 (Est. -$0.07)
Adj. EBITDA: -$18.0M (Est. -$21.1M)
Backlog: $3.57B; +52% QoQ
Non-GAAP Gross Margin: 38.4%; -350 bps YoY
Q4 Guide: Revenue: $270M-$290M (Est.… pic.twitter.com/OxAWZv91Ne

— Wall St Engine (@wallstengine) November 9, 2026

What Is Inside the Backlog

The order book was the standout of the report: backlog reached $3.57 billion, up 52% from $2.4 billion three months earlier. Backlog represents work already under contract but not yet delivered, so its growth offers a view of revenue that has been signed but not recognized — a relevant gauge for a company still posting quarterly losses. The total includes 117 launches as well as $470 million in new Space Systems contracts. Neutron picked up eight additional missions from five constellation operators, worth more than $515 million, bringing its backlog to 16 launches before the rocket has flown once. Several of the newly added missions carry a higher base price of $70 million.

Neutron's first flight remains set for no earlier than 2027. Rocket Lab disclosed the delay in October after finding voids in a section of a composite propellant-tank dome, an issue that calls for an investigation and new hardware. Those booked missions can only begin converting into revenue once the rocket is flying, which makes the 2027 target one of the clearest milestones to watch.

Guidance and a Choppy Chart

For the fourth quarter, Rocket Lab expects sales of $270 million to $290 million, ahead of the roughly $265 million Wall Street was looking for. The company also guided to an EBITDA loss of $14 million to $20 million, wider than the $11 million loss analysts had penciled in, a range that keeps the company loss-making through year-end even as revenue continues to climb.

The stock is down about 16% this year through Monday's close. It hit $151 in May, just before SpaceX's June IPO, and closed below $46 last week before bouncing back toward $60. Space names rallied on Monday after NASA handed out new work to Voyager Technologies and Firefly Aerospace, which gained about 16% and 15%, respectively. Rocket Lab was not part of those awards.

Rocket Lab has launched 18 times in 2026, all from New Zealand aboard its Electron rocket, while SpaceX has flown Falcon 9 more than 120 times — a flight-rate gap that frames the launch market Neutron is being built to enter. Analysts expect Rocket Lab sales of $960 million this year and $1.4 billion in 2027. They project positive EBITDA of $83 million in 2027 and full-year profits once sales reach $1.8 billion in 2028, a trajectory tied to how quickly the record backlog converts into flown missions and delivered hardware.

This article originally appeared on Blockonomi.