Rocket Lab USA reported record second-quarter revenue of $144.5 million, a 36 percent increase from a year earlier, as launch services and space-systems demand continued to strengthen. The company still posted a net loss of about $66 million, or $0.13 a share, wider than the $0.11 loss analysts had expected. Product revenue, which includes satellite components, came in at $92.7 million, below the $135.4 million consensus, but overall performance lifted non-GAAP gross margin to 36.9 percent, an improvement of 650 basis points year on year. Chief Executive Officer Peter Beck said the margin gains reflected operating efficiencies and higher-value missions. For the current quarter, Rocket Lab projected revenue of $145 million to $155 million and an adjusted EBITDA loss of $21 million to $23 million. Management guided to non-GAAP gross margins of 39 percent to 41 percent and kept operating-expense forecasts largely unchanged. The company also reaffirmed that its larger Neutron rocket remains on track for a first launch before year-end, a milestone intended to expand its addressable market beyond the small-satellite segment dominated by its Electron vehicle. Rocket Lab shares, which have risen roughly 800 percent over the past 12 months, traded near $45 ahead of the results and were volatile in after-hours dealing.