Rocket Lab printed a record quarter for launch revenue, but an exploding third-party component and a heavy cash drain are redefining the company's timeline for Q4 2025.

In ~10 minutes:

• Why the flagship Neutron rocket was delayed to Q4 2026.

• Exploring Peter Beck's plan to build orbiting AI data centers. 🛰️

• How aggressive supply-chain acquisitions solve ASC 606 revenue delays.

• A $114M free cash flow drain and peak R&D spending ahead.

Despite launching 7 rockets and expanding the total backlog to a massive $1.85 billion, RKLB stock slipped after hours as the company navigated a chaotic subcontractor network and braced for negative margins on early Neutron flights.

Rocket Lab USA, Inc. (RKLB) | Q4 FY2025

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