Rocket Lab ($RKLB) Q1 2025 earnings report shows revenue of $123 million (a 78% year-over-year increase), with a backlog exceeding $1 billion, and plans to launch the reusable Neutron rocket by the end of 2025. Its 16 annual launches and $450 million in new contracts indicate strong growth momentum. If the Neutron rocket progresses smoothly, it could challenge SpaceX in the small to medium satellite launch market.