Workpaper · Electron unit economics
Launch Economics
Numbers from RKLB Form 10‑K FY2025 (filed 2026‑02‑26). SEC EDGAR ↗
01 Revenue & Cost Per Launch (management-defined, MD&A)
| $ M / launch | FY2023 | FY2024 | FY2025 | trend |
|---|---|---|---|---|
| Revenue / launch (disclosed) | $7.1 | $7.8 | $8.5 | ↑20% |
| Revenue / launch (seg÷count) | $7.19 | $7.84 | $9.48 | ↑ see §03 |
| Cost / launch | $7.0 | $5.7 | $4.8 | ↓31% |
| Margin / launch | $0.1 | $2.1 | $3.7 | ×37 |
margin = revenue − cost
2023 = 7.1 − 7.0 = $0.1M
2024 = 7.8 − 5.7 = $2.1M
2025 = 8.5 − 4.8 = $3.7M
2024 = 7.8 − 5.7 = $2.1M
2025 = 8.5 − 4.8 = $3.7M
footnote
2023 cost excludes a $2.1M employee retention credit and $4.1M contract-loss reversal stripped by management. Without adjustments, 2023 economics were thinner.
02 Launch Services Segment Gross Margin (audited segment lines)
| $ M | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Segment revenue | $71.9 | $125.4 | $199.0 |
| Segment cost | $63.8 | $90.8 | $117.8 |
| Gross profit | $8.1 | $34.6 | $81.2 |
| Gross margin | 11.3% | 27.6% | 40.8% |
gross margin = (revenue − cost) / revenue
2023 = (71.9 − 63.8) / 71.9 = 11.3%
2024 = (125.4 − 90.8) / 125.4 = 27.6%
2025 = (199.0 − 117.8) / 199.0 = 40.8%
2024 = (125.4 − 90.8) / 125.4 = 27.6%
2025 = (199.0 − 117.8) / 199.0 = 40.8%
03 Cross-check — seg. revenue ÷ launches
2023 = 71.9 / 10 = $7.19M vs $7.1M disclosed ✓
2024 = 125.4 / 16 = $7.84M vs $7.8M disclosed ✓
2025 = 199.0 / 21 = $9.48M vs $8.5M disclosed — diverges
2024 = 125.4 / 16 = $7.84M vs $7.8M disclosed ✓
2025 = 199.0 / 21 = $9.48M vs $8.5M disclosed — diverges
why 2025 splits
2025 Launch Services revenue includes termination and study fees (“other launch revenue”) beyond per-mission price. $8.5M disclosed is the cleaner per-launch figure; $9.48M overstates it.
04 Takeaways
- Cost / launch fell 31% — $7.0M → $4.8M as cadence scaled 10 → 21.
- Revenue / launch up 20% — $7.1M → $8.5M; higher-value payloads.
- Segment gross margin 11% → 41% — cleanest proof launch is a real profit engine.
Caution: all years include HASTE suborbital flights; 2025 segment revenue carries non-mission items. Trend direction is solid; single-year per-launch figures are not pure orbital Electron prices.