The company reported record Q4 2025 revenue of $179.65 million and full-year revenue of $601.8 million, a 38% annual increase. It secured a significant $1.85 billion backlog, boosted by an $816 million Space Development Agency contract. It successfully launched a hypersonic test mission for the U.S. Department of Defense. However, the stock price has declined recently, and a key setback was announced with the delay of its Neutron rocket development program to late 2026.