Core Insights - Rocket Lab USA (NASDAQ: RKLB) reported a strong third quarter with record revenue, leading to a positive market response as shares increased in after-hours trading [2] - The company experienced a 48% year-over-year increase in revenue, reaching $155.08 million, surpassing analyst expectations [3] - The growth was primarily driven by the Electron launch services and the expansion of the Space Systems division, which includes satellite manufacturing and spacecraft components [4] Financial Performance - Rocket Lab's Launch Services segment nearly doubled its revenue year-over-year, supported by a full manifest and strong customer demand [4] - Non-GAAP gross margin improved to 41%, reflecting stronger pricing power, improved manufacturing scale, and cost leverage from increased launch activity [5] - The company ended the quarter with a backlog of over $1.1 billion, with expectations for a significant portion to convert to revenue within the next year [6] Future Outlook - Rocket Lab continues to guide for sequential growth in Q4 and has indicated that Neutron R&D spending is nearing its peak, with the maiden flight scheduled for Q1 2026 [5] - The company holds over $1 billion in cash and marketable securities, providing the financial flexibility to scale Neutron development, pursue acquisitions, and invest in manufacturing without immediate financing pressure [6]