As of Q4'25, RKLB's cash and short-term investments reached $1.02B USD, marking a significant increase from prior quarters, while debt stood at $254M USD, reflecting a notable reduction from the $517M USD peak in Q3'25. This latest data point indicates improved liquidity with cash substantially exceeding debt by over 4 times. Over the period from Q1'23 to Q4'25, cash levels initially declined from $399M USD to a low of $245M USD in Q4'23 before surging to $1.02B USD, driven by a sharp upward trend starting in Q1'24 with consistent growth averaging around 20-30% quarter-over-quarter in the latter half. In contrast, debt remained relatively stable at $150-500M USD through Q3'25, with minor fluctuations, before dropping sharply in Q4'25, resulting in a strengthening net cash position and reduced leverage for the company. This pattern suggests effective capital management and potential funding inflows supporting operational expansion.