Rocket Lab reported record second-quarter revenue of $234.1 million, up 62% year over year and ahead of consensus estimates, while its GAAP net loss narrowed to $0.08 per share. The company guided third-quarter revenue to $250 million to $265 million, above Wall Street expectations, and said its backlog climbed 137% from a year earlier to a record $2.36 billion, with more than $1 billion in new launch and space-systems contracts already entered into in the third quarter. Investor focus remained on Neutron, Rocket Lab's partially reusable medium-lift rocket, after CEO Peter Beck said production still supports delivery of the stage 1 tank to the launchpad in the fourth quarter of 2026 but that the window for a first launch before year-end is narrowing as the company balances schedule risk against scaling goals. Management said free cash flow was negative $110.1 million in the quarter and warned elevated cash burn is likely to continue, with positive cash flow unlikely until 18 to 24 months after Neutron's first successful test flight. Shares were down 3.85% at $76.95 in early Tuesday trading.