Rocket Lab shares fell more than 2% Tuesday after management indicated that the timeline for Neutron's debut launch is becoming tighter, raising the prospect that the rocket's first flight could move into 2027, according to an earnings call.

Rocket Lab still expects Neutron to arrive at the launchpad during the fourth quarter of 2026. However, the company did not reaffirm its earlier goal of completing the inaugural flight before the end of the year, putting greater focus on the pace of final development work.

The Neutron program is central to Rocket Lab's plans to expand beyond its existing launch business. The reusable medium-lift vehicle is being developed for satellite deployments, national security missions and future exploration projects, while also positioning Rocket Lab to compete with SpaceX's (SPCX) Falcon 9.

Rocket Lab CEO Peter Beck said production remains aligned with a fourth-quarter pad delivery. He indicated that the company is weighing launch timing against the need to make the vehicle ready for a faster production ramp after its initial mission.

The shift in timing adds another uncertainty for Rocket Lab investors as the company works to turn Neutron into a larger part of its long-term growth strategy.