Rocket Lab's financial report surprise: Neutron postponed to 2026, profit dream delayed by another year.

On Monday evening, Rocket Lab ( NASDAQ: RKLB ) released its Q3 financial report, which looks good on the surface—revenue of 155 million dollars exceeded expectations, and the net loss was only 0.03 dollars, better than expected. But the stock price still fell by 13%. Why?

The problem lies with Neutron. This reusable rocket was originally set to make its maiden flight by the end of 2025, but it has now been officially announced to be postponed to Q1 or Q2 of 2026. This is not a small matter - Neutron is a key product for Rocket Lab's turnaround and holds the profit expectations of the entire company.

The Real Impact of Delays on Finances

Analysts originally believed that Rocket Lab would achieve its first profit in 2027, provided that it reaches a pace of 3-5 launches per year that year. Now that the Neutron has been delayed by a year, it means:

• The first launch has been pushed from 2025 to 2026
• The goal of accelerating to 5 times per year has been postponed from 2027 to 2028.
• 2027 is likely to still be in loss (previously expected to turn profitable that year
• Investors will have to wait another year to see the first profitable year.

CEO Peter Beck explained in a conference call that the cost of the delay is actually not significant—the labor cost for the Neutron project is about $15 million per quarter, and the revenue from a successful launch can recoup four times that. But the real issue is time cost: waiting another year extends the return period for shareholders by a year.

But there is also good news

Beck revealed that Neutron has already signed contracts with 3 customers, with zero cancellations. Moreover, the demand in the entire aerospace launch market remains strong - Rocket Lab even built a new launch site in Virginia this year to cope with market congestion. This indicates that once Neutron really takes off, orders will be waiting there.

The first flight will not attempt recovery; the recovery-specific barge “Return on Investment” will only be used in the second flight. This is a prudent approach—ensuring that the first flight is flawless.

How should investors view it

Rocket Lab is currently valued at 46 times its revenue, which is indeed not cheap. Coupled with its ongoing losses and delayed profit expectations, there is significant pressure on the stock price in the short term. However, from a fundamental perspective, the demand base for the space launch market still exists, and once Neutron is operational, there will be work to do. The only issue is that the timeline has shifted from “launching in 2027” to “seeing results in 2028.”

For investors seeking short-term returns, it may be too long; for those looking at the long term, it may just be a matter of waiting.