Core Insights - Rocket Lab reported a strong earnings beat for Q3, with sales of $155 million exceeding analyst expectations of $152 million, and a loss of $0.03 per share compared to an anticipated loss of $0.10 per share [2][3] - Despite the positive earnings report, the stock declined by 3.7% following the announcement, indicating investor disappointment [1][12] Financial Performance - Rocket Lab achieved record sales of $155 million, representing a 48% year-over-year increase, with product revenue rising 31% and service revenue nearly doubling [3] - Operating expenses increased by 46%, but the operating loss margin improved from negative 49.5% to negative 38.2% [4] - The company reported a net loss of $18.2 million, which was less severe than previous losses, primarily due to recognized tax benefits; without these benefits, losses would have increased to $59.3 million [5] Cash Flow and Investment - Free cash flow showed significant cash consumption, with a total cash burn of $207.6 million year-to-date, up 125% from the previous year [6] - Heavy capital investments totaled $106.6 million, contributing to the cash burn [6] Neutron Rocket Development - Rocket Lab confirmed that the Neutron rocket will not be ready for launch until Q1 2026, a delay from earlier projections [10] - The delay in the Neutron rocket's development has contributed to investor concerns, as it was previously expected to launch by the end of 2025 [9][10] Investor Sentiment - The combination of rising revenue, shrinking losses, and the delay of the Neutron rocket has led to a 27% decline in stock price over the past month [12] - Analysts remain optimistic that once the Neutron rocket is operational, it could lead to profitability for Rocket Lab by 2027 [12][13]