Question · Q3 2025
Andre Shepherd asked for an update on the revenue recognition schedule for the SDA Tranche 2 award, particularly if the 40% target for 2026 remains on track. He also questioned the company's confidence in securing the SDA Tranche 3 award despite government shutdown delays and sought clarity on Neutron's revised launch cadence.
Answer
Adam Spice, CFO, Rocket Lab, confirmed the SDA Tranche 2 revenue recognition pattern (10%, 40%, 40%, 10%) is on track and performing well. Peter Beck, Founder and CEO, Rocket Lab, expressed confidence in the SDA Tranche 3 award, citing Rocket Lab's strong position as a prime contractor. Regarding Neutron, Peter Beck stated the cadence clock starts from the first flight, with Adam Spice clarifying the first launch is an R&D test, followed by revenue-generating flights.
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