Rendering of Rocket Lab’s Flatellite satellite design tailored for constellation. Photo: Rocket Lab

Rocket Lab’s first quarter 2025 results on Thursday came with a slate of announcements — a new launch contract from the U.S. Air Force Research Laboratory for the upcoming Neutron rocket; plans for a new company structure under Rocket Lab Corporation; and insight into Rocket Lab’s recent acquisition of Mynaric and constellation opportunities. 

Rocket Lab posted $123 million revenue in the first quarter of 2025, a 32% increase year-on-year compared to the same time last year. 

However, revenue was down 7.4% sequentially, which was due to a mix of lower priced Electron missions in the quarter and a reduction in the company’s components businesses. CFO Adam Spice said these headwinds are expected to reverse in Q2.

Net loss increased to $60.6 million, compared to $44.3 million in the same time last year.

On Thursday, Rocket Lab announced the U.S. Air Force Research Laboratory (AFRL) tapped Rocket Lab for a rocket cargo mission with Neutron for point-to-point cargo transportation. The mission is scheduled for a return-to-Earth Neutron launch no earlier than 2026.

In addition, Rocket Lab is incorporating under the new parent company Rocket Lab Corporation. Rocket Lab USA, Inc. will become a direct wholly owned subsidiary of Rocket Lab Corporation and continue to hold its existing subsidiaries and assets across the United States, Canada, New Zealand, and Australia. The new company structure is expected to be in effect by June 1, 2025.

CFO Spice said the new company structure will make it simpler and more efficient to manage growth, particularly for classified U.S. government programs. 

Mynaric Acquisition Puts Rocket Lab in Europe, Supports Constellation Opportunity 

Rocket Lab CEO told investors that the Mynaric acquisition gives Rocket Lab a “clear line of sight” to European growth opportunities. Mynaric is a laser terminal developer based in Munich, Germany, that Rocket Lab announced a deal to acquire in March. 

Beck said the acquisition gives Rocket Lab “extensive production assets, intellectual property, product inventory and a committed backlog for future constellations,” with a backlog including the Space Development Agency. Rocket Lab plans to use the acquisition to establish a European footprint in Munich and expand the existing team. 

Mynaric has had some well-documented issues with production. Beck said the company has a great product, and Rocket Lab can use its strength in production to fix production, and the size of Rocket Lab’s operations will improve Mynaric supply chain access.

Beck also mentioned the potential for Mynaric’s laser terminals to serve a potential Rocket Lab constellation, which the company has been teasing in recent months. Earlier this year, Rocket Lab rolled out a “Flatellite” satellite offering as a “strategic move” toward Rocket Lab building its own constellation.

“We’ve proven across all of our acquisitions to date that we can take a highly sought after product, scale it and make it available in high volume. It’s our full intention to do the same here again by expanding into Europe and to bring Mynaric terminals to the world and potentially for our own constellation too,” Beck said. 

He added that Rocket Lab intends to be a merchant supplier to the space industry for components and Mynaric is no different, and at the same time build capability at scale for its own endeavors. 

“When it comes time for us to build our own stuff, then we already have that capability at scale,” Beck said. “We’re just methodically going through every element of the satellite that we’re going to need now and in the future. When opportunities present themselves, we take advantage of that.” 

While Rocket Lab is considering its own constellation, Beck said business development is focused on securing other customers that represent “larger and needle-moving opportunities both across commercial and government.” 

He assured investors that if Rocket Lab goes after its own constellation it doesn’t plan to take on a large R&D project that would set back its goal to be a scalable, profitable company. “We’re moving as rapidly as we can into constellations and where we think is important, but we’re not going to do that at the cost of the security of the business,” Beck said.