RKLB · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Rocket Lab

33 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns from · approximately 47%named as a risk

During 2025, 2024 and 2023, approximately 47%, 33%, and 31%, respectively, of our total annual revenues were derived from contracts with the U.S. government, U.S. prime contractors and its agencies or from subcontracts with other U.S. government contractors.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Top five customers

concentrated in · approximately 49% of our revenuesnamed as a risk

For the year ended December 31, 2025, our top five customers accounted for approximately 49% of our revenues and our top five backlog customers accounted for approximately 77% of our backlog in the aggregate as of December 31, 2025.Risk factors (Item 1A)

Also named by AEHR, AROC, GXO, HAS, NXT, RMBS, RXO, WAB

Other companies

Launch insurance

exposed to its pricenamed as a risk

The cost of our insurance has been increasing and may continue to increase.Risk factors (Item 1A)

Also named by ASTS

U.S. government shutdown 2025

named as a risk

For example, the U.S. government shutdown that began on October 1, 2025, affected our business operations which caused delays in anticipated contract awards and payments.Risk factors (Item 1A)

Sir Peter Beck

depends onnamed as a risk

We are highly dependent on the services of Sir Peter Beck, our President, Chief Executive Officer and Chairman.Risk factors (Item 1A)

GEOST LLC

named as a risk

For example, we acquired GEOST on August 12, 2025.Risk factors (Item 1A)

Competitors

SpaceX

competes with

companies providing dedicated and rideshare launch vehicles to deliver payloads to generic and custom planes/inclinations and altitude trajectories, such as Northrop Grumman, SpaceX, United Launch Alliance (a joint venture between Lockheed Martin Corporation and The Boeing Company), Firefly, Blue Origin, and established Russian, Indian, Chinese, European and Japanese launch providers;Business (Item 1)

Also named by BA, RBC

Places

Mahia, New Zealand (Launch Complex 1)

operates in · up to 120 launches per yearnamed as a risk

continued access to our LC-1 at Mahia, New Zealand at lease expiration;Risk factors (Item 1A)

NASA Wallops Flight Facility / Mid-Atlantic Regional Spaceport, Virginia

operates in · licensed to launch 8 missions per yearnamed as a risk

access to launch capacity, as well as securing additional capacity, at government-controlled launch sites, such as our LC-2 (and, when completed, LC-3) at the NASA-operated Mid-Atlantic Regional Spaceport at Wallops Island, Virginia;Risk factors (Item 1A)

Auckland, New Zealand

operates in · approximately 200,000 square foot complex

We conduct these operations at four adjacent leased buildings comprising an approximately 200,000 square foot complex in Auckland, New Zealand (the “Auckland complex”).Business (Item 1)

Albuquerque, New Mexico

operates in · approximately 160,000 square foot

Our solar cell through solar array production activities are conducted at our Albuquerque, New Mexico facility.Business (Item 1)

Long Beach, California

operates in

Electron is propelled by a total of ten Rutherford engines that we manufacture at our headquarters in Long Beach, California.Business (Item 1)

Also named by MOH

Tucson, Arizona

operates in

Our optical systems business is based out of our Tucson, Arizona facilities.Business (Item 1)

Also named by MTRN

Hazards

Space weather and space debris

named as a risk

Space weather, including coronal mass ejections and solar flares have the potential to impact the performance and controllability of launch vehicles and spacecraft on orbit, including completely disabling our launch vehicles or spacecraft on orbit.Risk factors (Item 1A)

Commodities and inputs

New Zealand dollar

exposed to its price · approximately 15% of our expenditures, or $126.8 millionnamed as a risk

During 2025, approximately 15% of our expenditures, or $126.8 million, were denominated in foreign currencies, whereas primarily all of our revenues were denominated in U.S. dollars.Risk factors (Item 1A)

Rare earth minerals

depends onnamed as a risk

Disruptions in the supply of key raw materials or components, including restrictions on our ability to obtain rare earth minerals, and difficulties in the supplier qualification process, as well as increases in prices of raw materials, could adversely impact us.Risk factors (Item 1A)

Also named by ALAB, AMAT, COHR, DE, EXTR, GE, GEHC, GWW and 10 more

Composites

depends onnamed as a risk

Historically, we have contracted with a single vendor or a limited number of vendors to provide certain key products or services, such as composites, inertial measurement units, construction of launch vehicle structures, and ground network services.Risk factors (Item 1A)

Also named by BA

Regulators

Federal Aviation Administration (FAA)

subject tonamed as a risk

The failed missions resulted in the loss of all payloads onboard and prevented us from conducting future launches until we had investigated the cause of the failures and obtained authorization from the Federal Aviation Administration to resume launches.Risk factors (Item 1A)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more

Federal Communications Commission

subject tonamed as a risk

The Federal Communications Commission also requires licenses for radio communications during our rocket launches.Risk factors (Item 1A)

Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more

U.S. Department of Transportation

subject tonamed as a risk

Commercial space launches require licenses from the U.S. Department of Transportation (“DoT”) and the FAA.Risk factors (Item 1A)

Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, EXPE and 19 more

NASA

subject tonamed as a risk

Our license to conduct launches at LC-2 requires certification of our flight termination system software by NASA.Risk factors (Item 1A)

Also named by BA, LHX, LMT, NOC, SPIR, TDY

U.S. Department of State

subject tonamed as a risk

U.S. State Department delays impacting our ability to timely obtain the necessary licenses to support launches for foreign customers as well as the delay in processing of U.S. visa application for our foreign personnel;Risk factors (Item 1A)

Also named by AIR

New Zealand Space Agency

subject tonamed as a risk

Commercial space launch activities require licenses from the Department of Transportation and, for launches from Launch Complex 1, the New Zealand Space Agency.Risk factors (Item 1A)

New Zealand Radio Spectrum Management

subject tonamed as a risk

Radio communications for launch activities and spacecraft operations require licenses from the Federal Communications Commission and/or New Zealand Radio Spectrum Management and frequency coordination with the International Telecommunication Union.Risk factors (Item 1A)

Laws and programs

U.S. tariffs

subject tonamed as a risk

We also operate businesses in Canada and New Zealand, which support our domestic business, which increases our potential exposure to the impact of any tariff and any retaliatory measures that may be levied against U.S.-origin goods.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

International Traffic in Arms Regulations (ITAR)

subject tonamed as a risk

Export and import control, economic sanction and trade embargo laws and regulations, including those administered by the U.S. Department of Commerce’s Bureau of Industry and Security, the U.S. State Department’s Directorate of Defense Trade Controls and the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), including, but not limited to the International Traffic in Arms Regulations (ITAR), the Export Administration Regulations (EAR) and OFAC sanctions, may limit certain business opportunities or delay or restrict our ability to contract with potential foreign customers or suppliers.Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more

Federal Acquisition Regulation (FAR)

subject tonamed as a risk

Failure to comply with the provisions of the FAR could result in contract termination.Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

National Industrial Security Program

subject tonamed as a risk

Failure to maintain an agreement with the DoW regarding the appropriate FOCI mitigation arrangement could result in invalidation or termination of the facility security clearances, which in turn would mean that we would not be able to enter into future contracts with the U.S. government requiring facility security clearances, and may result in the loss of our ability to complete existing contracts with the U.S. government.Risk factors (Item 1A)

Also named by MRVL

U.S.-New Zealand Technology Safeguards Agreement

subject tonamed as a risk

Any change or termination of this agreement could materially adversely affect our financial condition and results of operations.Risk factors (Item 1A)

Department of Commerce Direct Funding Agreement

subject tonamed as a risk

For example, in connection with the Direct Funding Agreement with the United States Department of Commerce, we are currently restricted from buying back outstanding shares of our capital stock without obtaining prior approval and from paying dividends.Risk factors (Item 1A)

NASA Launch Services Program Category 1 certification

subject to

We have achieved Category-1 certification by the NASA Launch Services Program.Business (Item 1)

Technology

Neutron launch vehicle

named as a risk

For example, we experienced a qualification testing failure of the Neutron Stage 1 tank on January 21, 2026 which ruptured the tank during a hydrostatic pressure trial resulting in an impact to Neutron’s launch schedule.Risk factors (Item 1A)

Electron launch vehicle

depends onnamed as a risk

Our launch services business is currently dependent on Electron.Risk factors (Item 1A)