$RKLB Amazing quarter by Rocket lab all around! I just wish we'd heard more about Rocket Lab Germany, especially with Germany planning to invest $41 billion in space-related defence projects by 2030. Adam Spice did mention that early cost savings from the Mynaric acquisition were the main reason non-GAAP SG&A came down though! That's a good sign imo. I just wanna know what else they are cooking up over there in a potentially huge market! Hopefully the upcoming interviews will give us a bit more (black, red and gold) colour on that 🇩🇪

$RKLB IS BUILDING THE FULL SPACE STACK • Power through SolAero solar cells, arrays and batteries • Pointing & Navigation through Sinclair reaction wheels & star trackers • Communications through Rocket Lab radios & Mynaric laser links • Deployment Hardware through Planetary Systems separation systems & dispensers • Software & GNC through Advanced Solutions flight software and guidance • Optical Payloads through GEOST & Optical Support sensors and precision optics • Propulsion through Gauss electric satellite thrusters • Robotics & Mechanisms through Motiv robotic arms, actuators & motion systems Rocket Lab can monetize same mission whether it wins full program or supplies components to whoever does.

Raymond James initiates $RKLB at Outperform with an $80 price target calling Rocket Lab a “vertically integrated, capital-efficient space platform.” They see strong backlog growth and a path to positive FCF by 2027 with Neutron and Mynaric adding further upside.

$RKLB spent last 6 years using M&A to turn itself into a full space prime by building the spacecraft stack one capability at a time: • SolAero solar power that keeps satellites running • Sinclair Interplanetary navigation hardware that tells satellites where they are & where to point • Advanced Solutions flight software that controls how spacecraft move & operate • Planetary Systems deployment systems that release satellites once they reach orbit • Precision Components high-precision manufacturing for rockets & spacecraft • GEOST sensors for missile warning, tracking & national security missions • Optical Support precision optics for cameras, sensors & advanced payloads • Mynaric laser communications that move data between satellites • Motiv Space Systems robotics & motion systems for more complex missions • Iridium would add a global satellite network & recurring communications revenue The spacecraft in middle is almost less important than everything Rocket Lab has built around it because that network of capabilities is the moat management has been assembling one acquisition at a time.