Firefly Aerospace Inc (FLY) 2025 Q2 法說會逐字稿

Greetings. Welcome to the Firefly Aerospace second-quarter 2025 financial results conference call.

大家好！歡迎參加 Firefly Aerospace 2025 年第二季財務績效電話會議。

(Operator Instructions)

（操作員指示）

Please note this conference call is being recorded.

請注意，本次電話會議正在錄音。

I will now turn the conference over to Michael Sheetz, Firefly's Director of Investor Relations.

現在我將會議交給 Firefly 投資者關係總監 Michael Sheetz。

Michael, you may begin.

邁克爾，你可以開始了。

Thank you, operator.

謝謝您，接線生。

Hello there, I'm Michael Sheetz, and welcome to Firefly's inaugural quarterly financial results call. I'm pleased to be joined on the call by CEO Jason Kim; and CFO Darren Ma as we report our second quarter 2025 results for the period ending June 30, 2025.

大家好，我是 Michael Sheetz，歡迎參加 Firefly 首次季度財務業績電話會議。我很高興執行長 Jason Kim 和財務長 Darren Ma 出席此次電話會議，我們將報告截至 2025 年 6 月 30 日的第二季業績。

Today's call will include forward-looking statements including but not limited to statements the company will make about its future financial and operating performance, growth strategy and market outlook. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause the actual results and trends to differ materially are set forth in the annual and quarterly reports filed with the SEC.

今天的電話會議將包含前瞻性陳述，包括但不限於公司關於其未來財務和營運績效、成長策略和市場前景的陳述。實際結果可能與這些前瞻性陳述的預期有重大差異。可能導致實際結果和趨勢出現重大差異的因素已在提交給美國證券交易委員會 (SEC) 的年度和季度報告中列出。

Firefly assumes no obligation to update any forward-looking statements which speak only as of their respective dates. Also in this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the second quarter of 2025 filing, unless otherwise stated, financial information referenced in this call will be non-GAAP.

Firefly 不承擔更新任何前瞻性聲明的義務，這些陳述僅代表其各自日期的觀點。此外，在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 指標的對帳表已包含在 2025 年第二季的文件中。除非另有說明，否則本次電話會議中引用的財務資訊均為非 GAAP 財務資訊。

Our earnings press release, SEC filings, and a replay of today's call can be found on our investor relations website at investors.fireflyspace.com.

我們的收益新聞稿、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播可以在我們的投資者關係網站 investors.fireflyspace.com 上找到。

Now I'll turn the call over to Jason.

現在我將把電話轉給傑森。

Thank you, Michael, and welcome to our second quarter 2025 earnings call. We're proud to be reporting quarterly results for the first time on the heels of our historic IPO, the largest by US space and defense company and one of the largest of any industrial company in the 21st century.

謝謝邁克爾，歡迎參加我們2025年第二季財報電話會議。我們很榮幸能夠在歷史性IPO之後首次公佈季度業績。這次IPO是美國航太和國防公司規模最大的IPO，也是21世紀工業公司規模最大的IPO之一。

Raising $1 billion in gross proceeds to supercharge our growth.

籌集 10 億美元的總收益來推動我們的成長。

For those new to our journey, Firefly is a space and defense company delivering rockets and satellites to perform the hardest missions in space for national security, exploration, and commercial technology built to keep America as the leader in space.

對於那些剛踏上我們旅程的人來說，Firefly 是一家太空和國防公司，它提供火箭和衛星來執行太空中最艱鉅的任務，以確保國家安全、探索和商業技術，從而保持美國在太空領域的領先地位。

Our products position us to support the $175 billion Golden Dome opportunity, as well as NASA's Moon to Mars plan.

我們的產品使我們能夠支持價值 1750 億美元的“金穹頂”計劃以及美國宇航局的“月球到火星”計劃。

We have four revenue generating products, our small lift Alpha rocket, medium lift Eclipse rocket, Blue Ghost Lunar Lander, and Elytra satellite orbiter.

我們有四種創收產品：小型運載火箭 Alpha、中型運載火箭 Eclipse、藍色幽靈月球登陸器和 Elytra 衛星軌道器。

Today, these products have a robust backlog of $1.3 billion. Our backlog consists of high quality customers with critical missions that shape the world we live in.

如今，這些產品擁有高達13億美元的訂單儲備。我們的訂單來自高品質的客戶，他們肩負著塑造我們生活世界的關鍵使命。

Alpha is differentiated as the only operational 1 ton to orbit rocket. It is the first and only rocket to successfully perform a technically responsive space launch with a 24 hour notice for the US Space Force.

「阿爾法」火箭是唯一一枚可運轉的1噸級入軌火箭。它是美國太空部隊在24小時內通知的情況下，首次也是唯一一次成功完成技術響應的太空發射的火箭。

Alpha's 1 ton capability gives our customers more options to perform critical high stakes missions to help deter threats and maintain our freedom.

Alpha 的 1 噸能力為我們的客戶提供了更多選擇來執行關鍵的高風險任務，以幫助阻止威脅並維護我們的自由。

Earlier this year, Kratos onboarded Alpha to the Missile Defense Agency's Mock TB 2.0 contract to launch hypersonic missile tests, further diversifying the upside opportunities to our backlog.

今年早些時候，Kratos 將 Alpha 納入了導彈防禦局的模擬 TB 2.0 合同，以發射高超音速導彈試驗，進一步豐富了我們積壓訂單的上行機會。

All of Alpha's proven technologies are scaled up to our larger reusable Eclipse rocket capable of carrying 16 tons to orbit.

Alpha 的所有成熟技術都已擴展到我們更大的可重複使用的 Eclipse 火箭，能夠將 16 噸的物體送入軌道。

This medium lift rocket is built to support commercial constellations, exploration, and the National Security Space launch program. Eclipse is a right-sized launch vehicle, meeting the growing customer demand for dedicated missions.

這款中型運載火箭旨在支援商業星座、探索和國家安全太空發射計畫。 Eclipse 是一款尺寸合適的運載火箭，能夠滿足客戶日益增長的專用任務需求。

Earlier this year, Firefly became the first company in the world to successfully land on the moon. In total, Blue Ghost sent nearly 120 gigabytes of data back to Earth, supporting 10 NASA payloads and unlocking new insights that will have a substantial impact on future human and robotic missions to the moon, Mars, and beyond.

今年早些時候，Firefly 成為全球首家成功登陸月球的公司。 「藍色幽靈」計畫總共向地球發回了近 120GB 的數據，為 10 個 NASA 有效載荷提供了支持，並帶來了新的洞見，這些洞見將對未來載人航天和機器人登陸月球、火星及更遠地方的計劃產生重大影響。

Blue Ghost Mission 1 was not only the longest commercial operation on the moon to date, but also set the tone for the future of commercial exploration across cislunar space.

藍色幽靈一號任務不僅是迄今為止持續時間最長的月球商業行動，也為未來地月空間商業探索奠定了基調。

The other spacecraft in our portfolio is Elytra, a multi-orbit, multi-mission satellite capable of high performance maneuvering missions.

我們投資組合中的另一顆太空船是 Elytra，這是一顆能夠執行高效能機動任務的多軌道、多任務衛星。

Elytra will support national security capabilities, including space domain awareness with rendezvous proximity operations, resilient long haul communications, and high resolution planetary observation.

Elytra 將支援國家安全能力，包括具有會合近距離操作的太空領域感知、彈性長途通訊和高解析度行星觀測。

Now turning to our business update, in the second quarter, we completed a host of program milestones while also winning new contracts across our product lines. I'll start with spacecraft.

現在談談我們的業務更新。在第二季度，我們完成了一系列專案里程碑，同時也贏得了各個產品線的新合約。我先從航天器開始。

In April, I had the honor of testifying before the United States Congress, speaking to the House Committee on Science, Space and Technology about the success of Blue Ghost Mission 1 and its historic role in NASA's commercial lunar Payload Services Initiative. The bipartisan congressional support for more lunar missions is a welcome boon to Firefly as we ramp up annual cargo deliveries to the moon's surface.

今年四月，我有幸在美國國會作證，向眾議院科學、太空和技術委員會介紹了「藍色幽靈1號」任務的成功及其在美國國家商業月球有效載荷服務計劃中的歷史性作用。國會兩黨對更多月球任務的支持，對螢火蟲計畫來說是一個可喜的利好，因為我們每年都會增加向月球表面的貨物運送量。

NASA continues to be an outstanding customer, especially as Blue Ghost delivers research and science to maximize returns on investment. Firefly is working with NASA to pave the way for international and commercial partners to build the logistics that support the lunar economy on and around the moon.

NASA 一直以來都是我們傑出的客戶，尤其是在「藍色幽靈」提供科學研究成果以實現投資回報最大化的情況下。螢火蟲號正與 NASA 合作，為國際和商業合作夥伴鋪平道路，共同建造支持月球及其周邊地區月球經濟的物流系統。

And Firefly is steadily working on our next lunar missions.

螢火蟲號正在穩定地執行我們的下一次月球任務。

Blue Ghost Mission 2, valued at $130 million will deliver our lander to the far side of the moon, marking the first such mission by a US lander. The structures for this mission entered assembly in our spacecraft clean room after completing the crucial integration readiness review earlier this year.

價值1.3億美元的「藍色幽靈」任務2號將把我們的登陸器送至月球背面，這是美國登陸器首次執行此類任務。今年早些時候，該任務的結構已完成關鍵的整合準備審查，並進入我們的太空船潔淨室進行組裝。

The first payloads arrived with Australian company Fleet Space delivering its spider payload and NASA's Jet Propulsion Laboratory delivering their user terminal.

首批有效載荷由澳洲公司 Fleet Space 運送其蜘蛛有效載荷，美國太空總署噴射推進實驗室運送其用戶終端。

We are also conducting specter engine testing in preparation for Blue Ghost Mission 2. Additionally, we signed another customer to Blue Ghost Mission 2 through our contract with the United Arab Emirates Mohammad Bin Rashid Space Center to fly their Rashid 2 rover. This UAE contract carries dual significance.

我們也正在為「藍色幽靈2號」任務做準備，進行「幽靈」引擎測試。此外，我們與阿聯酋穆罕默德·本·拉希德航天中心簽訂了合同，為“藍色幽靈2號”任務簽下了另一位客戶，將負責發射他們的“拉希德2號”火星車。這份阿聯酋合約具有雙重意義。

It represents both Firefly's expansion of Blue Ghost services to commercial and international customers. It also shows how we can add value to core NASA contracts by selling additional capacity on our lander.

它不僅代表了 Firefly 將「藍色幽靈」服務拓展至商業和國際客戶，也體現了我們如何透過出售登陸器的額外容量來提升 NASA 核心合約的價值。

In December, NASA awarded Firefly's third Blue Ghost contract, valued at $180 million. Our team completed a systems requirements review, allowing us to move forward with design and development of the lander system. And as you will hear more about later, NASA awarded a $177 million contract for Blue Ghost Mission 4 in July.

去年12月，NASA授予了螢火蟲號第三份「藍色幽靈」任務合同，價值1.8億美元。我們的團隊完成了系統需求審查，使我們能夠推進著陸器系統的設計和開發。此外，NASA於7月授予了價值1.77億美元的「藍色幽靈」任務4號合同，稍後您將了解更多詳情。

All of these missions support the growing NASA Clips initiative, which recently received a $250 million budget increase for fiscal year 2026.

所有這些任務都支持日益壯大的 NASA Clips 計劃，該計劃最近獲得了 2026 財年 2.5 億美元預算增加。

Moving to Elytra product line under Firefly's spacecraft business. In the second quarter, we secured a contract from the Pentagon's Defense Innovation Unit for Elytra Mission 3, flying in 2027 to demonstrate responsive rendezvous proximity operations using our Elytra vehicle.

轉向 Firefly 太空船業務旗下的 Elytra 產品線。第二季度，我們獲得了五角大樓國防創新部門的合同，用於 Elytra 任務 3，該任務將於 2027 年進行飛行，使用我們的 Elytra 飛行器演示響應式近距交會操作。

This mission positions us well for upcoming opportunities like the Space Force's RGXX Geosynchronous Space Domain Awareness program of record.

這次任務使我們為即將到來的機會做好了準備，例如太空部隊的 RGXX 地球同步空間領域意識計劃。

Notably, the high thrust maneuverability, ample fuel reserves, and generous payload capacity of Elytra are well suited for future Golden Dome space-based interceptor hosts.

值得注意的是，Elytra 的高推力機動性、充足的燃料儲備和巨大的有效載荷能力非常適合未來的金頂太空攔截器主機。

We also unveiled our Ocula imaging service, which Elytra will host on upcoming Blue Ghost missions. This groundbreaking commercial lunar imaging capability, enabled through telescopes provided by Lawrence Livermore Laboratory, uses our electro vehicles in lunar orbit to provide high resolution data.

我們還推出了 Ocula 成像服務，Elytra 將在即將進行的「藍色幽靈」任務中提供這項服務。這項突破性的商業月球成像功能，透過勞倫斯利弗莫爾實驗室提供的望遠鏡實現，利用我們在月球軌道上的電動車提供高解析度數據。

Ocula will map the surface of the moon and provide space domain awareness services for customers to purchase during five-year missions.

Ocula 將在五年的任務期間繪製月球表面地圖並提供可供客戶購買的空間領域感知服務。

Finally, we're looking forward to Elytra's first demonstration mission. The spacecraft completed testing and preparing to launch. Elytra Mission 1 will test and validate Elytra's core capabilities, as well as demonstrate Xtenti's FANTM-RiDE dispenser for the National Reconnaissance Office.

最後，我們期待Elytra的首次演示任務。該航天器已完成測試並準備發射。 Elytra任務1將測試並驗證Elytra的核心能力，並為國家偵察局示範Xtenti的FANTM-RiDE分配器。

Shifting to the launch side of our business, the FAA approved Alpha to return to flight. Alongside the FAA, government agencies, customers, and industry experts, our independent review board conducted a thorough mishap investigation that found Alpha's flight safety system performed as expected through all phases of flight and pose no risk to public safety.

業務轉向發射方面，美國聯邦航空管理局 (FAA) 批准 Alpha 恢復飛行。我們的獨立審查委員會與 FAA、政府機構、客戶和行業專家進行了全面的事故調查，結果發現 Alpha 的飛行安全系統在所有飛行階段表現正常，不會對公共安全構成風險。

In the words of our Alpha Chief Engineer, technical challenges are not roadblocks, they are catalysts and opportunities to improve. As a result, we increase the thermal protection system thickness on stage 1, and we'll reduce our angle of attack during key phases of the flight.

用我們Alpha總工程師的話來說，技術挑戰不是障礙，而是催化劑和改進的機會。因此，我們增加了一級火箭的熱防護系統厚度，並在飛行的關鍵階段降低了迎角。

Above all, safety and quality are of the highest importance. With FAA approval to return to flight and corrective actions implemented, Firefly is now working to determine the next available launch window for Alpha Flight 7.

最重要的是，安全和品質至關重要。在美國聯邦航空管理局（FAA）復飛批准並實施糾正措施後，螢火蟲公司目前正在確定阿爾法7號航班的下一個可用發射窗口。

We are ramping Alpha Flight cadence to meet the strong demand for launch services, especially for responsive national security missions and our best in class customers. We expect to launch Alpha2 more times this year and are building ahead with several additional Alpha vehicles in production.

我們正在加快「阿爾法飛行」的發射節奏，以滿足對發射服務的強勁需求，尤其是響應迅速的國家安全任務以及我們一流的客戶。我們預計今年將發射更多次「阿爾法2號」火箭，並且正在推進多艘「阿爾法」火箭的生產。

Earlier this year, Alpha on a Space Force award for the VICTUS SOL mission, a $22 million contract under the growing tactically responsive space program. That program received a $135 million budget increase for fiscal year 2026.

今年早些時候，阿爾法公司獲得了太空部隊授予的VICTUS SOL任務合同，這是一項價值2200萬美元的合同，屬於日益壯大的戰術響應太空計劃。該計劃在2026財年的預算增加了1.35億美元。

In the second quarter, Alpha won an award from the Air Force Research Laboratory. This contract will work on developing a ceramic rocket engine nozzle, which aims to reduce nozzle mass by up to 50% through use of lightweight materials. We're finding ways to enhance performance as we scale up Alpha production, to deliver a more robust vehicle in a faster launch cadence for our customers.

第二季度，Alpha公司獲得了美國空軍研究實驗室的合約。該合約將致力於開發陶瓷火箭引擎噴嘴，旨在透過使用輕質材料將噴嘴重量減輕高達50%。我們正在尋找提升性能的方法，同時擴大Alpha公司的生產規模，以便以更快的發射節奏為客戶提供更堅固的火箭。

Additionally, the United States and Sweden signed a technology safeguards agreement. We've already partnered with the Swedish Space Corporation to launch Alpha vehicles from Europe.

此外，美國和瑞典簽署了一項技術保障協議。我們已經與瑞典航太公司合作，從歐洲發射阿爾法火箭。

This critical regulatory milestone unlocks international growth opportunities and supports higher Alpha launch cadences.

這一關鍵的監管里程碑釋放了國際成長機會並支持更高的 Alpha 發布節奏。

Moving to our Eclipse launch vehicle, Northrop Grumman invested $50 million into Firefly to further advance production. Alongside Northrop, we continue to make progress in developing Eclipse flight hardware with qualification testing underway.

談到我們的日食（Eclipse）運載火箭，諾斯羅普·格魯曼公司向螢火蟲（Firefly）投資了5000萬美元，以進一步推進其生產。我們與諾斯羅普公司攜手，在日食（Eclipse）飛行硬體的研發方面繼續取得進展，目前正在進行資格測試。

Eclipse steadily completing milestones to our inaugural launch next year. We built in fit checked the first stage tanks for Eclipse's debut flight, and we've begun structural and load testing of the engine bay that will house our seven Miranda engines.

日蝕火箭正在穩步推進，為明年的首飛做好準備。我們為日蝕火箭的首飛完成了第一級燃料箱的適配性檢查，並已開始對將容納七台米蘭達引擎的引擎室進行結構和負載測試。

These powerful Miranda engines are progressing through our rigorous test campaign with more than 90 hot fire tests completed to date, including full power and mission duty cycle firings.

這些強大的米蘭達引擎正在通過我們嚴格的測試，迄今為止已完成 90 多次熱火測試，包括全功率和任務工作循環點火。

Our team is hard at work execute on an Eclipse development, especially as we prepare to compete for national security launches alongside our partner North of Grumman. Our 200 ft tall, 15 ft wide Eclipse fills an important GAAP for dedicated missions for our customers.

我們的團隊正在全力推動 Eclipse 火箭的研發工作，尤其是在我們準備與合作夥伴格魯曼北方公司競爭國家安全發射任務之際。我們 200 英尺高、15 英尺寬的 Eclipse 火箭，為我們客戶的專用任務提供了重要的通用會計準則 (GAAP)。

With that business summary, I'll turn it over to Darren for a review of the second quarter financials.

有了該業務摘要，我將把它交給 Darren 來審查第二季度的財務狀況。

Thank you, Jason. With this being our first earnings call, I'm going to review the financials from the second quarter and discuss our revenue outlook for 2025.

謝謝傑森。這是我們的第一次財報電話會議，我將回顧第二季的財務狀況，並討論我們對2025年的營收展望。

A more detailed presentation of our financial results is contained in the financial tables included in the news release we published earlier. Before we start, I will take a few minutes to explain how operational metrics drive the financial performance of the company.

我們先前發布的新聞稿中包含了更詳細的財務業績報表。在開始之前，我將花幾分鐘時間解釋營運指標如何推動公司的財務表現。

Key operational metrics include the number of launches and execution on key program milestones across both our spacecraft and launch businesses. For example, in our spacecraft business, we focus on delivery milestones because the revenue is generally recognized as a percentage of completion under each contract. For the launch business, we focus on the number of launches. Revenue for our operational Alpha vehicle is recognized at a point in time when the launch occurs.

關鍵營運指標包括太空船和發射業務的發射次數和關鍵專案里程碑的執行情況。例如，在太空船業務中，我們專注於交付里程碑，因為收入通常按每份合約的完成百分比確認。對於發射業務，我們關注發射次數。我們營運中的阿爾法火箭的收入在發射時點確認。

For Eclipse, which is in development. We recognize revenue as a percentage of completion based on program milestones as part of the North of Grummann Partnership. Once the Eclipse vehicle is operational, we'll recognize revenue as launches occur.

對於正在研發中的「日蝕」火箭，我們根據專案里程碑，按照完成百分比確認收入，這是格魯曼北部合作專案的一部分。 「日蝕」火箭投入運作後，我們將在發射時確認收入。

It is important to note that the timing of revenue could be impacted by things that are outside of our control, especially on the launch side.

值得注意的是，收入的時間可能會受到我們無法控制的因素的影響，特別是在發布方面。

Now turning to our second quarter of financial results, we generate revenue of $15.5 million. This compares with $55.9 million in the first quarter and $21.1 million in the same quarter a year ago. As a reminder, the successful launch of Blue Ghost Mission 1 drove an increase to our first quarter revenue.

現在來看看我們第二季的財務業績，我們的收入為1550萬美元。相較之下，第一季的營收為5,590萬美元，去年同期的營收為2,110萬美元。需要提醒的是，「藍色幽靈」任務1號的成功發射推動了我們第一季營收的成長。

Spacecraft revenue for the second quarter was $9.2 million based on achieving key contract milestones, launch revenue was $6.3 million driven by non-recurring engineering for Eclipse development.

第二季太空船收入為 920 萬美元，這得益於關鍵合約里程碑的實現；發射收入為 630 萬美元，這得益於 Eclipse 開發的非經常性工程。

We ended the second quarter with a total backlog of approximately $1.1 billion. In addition, we have a robust pipeline of revenue opportunities that is incremental to the backlog conversion.

截至第二季度，我們的待售訂單總額約為11億美元。此外，我們擁有豐富的收入機會，這些機會將推動待售訂單的轉換。

For example, our backlog increased in July of this year, when we secured our fourth lunar mission from NASA of approximately $177 billion bringing our current backlog to $1.3 billion.

例如，今年 7 月，我們的積壓訂單有所增加，當時我們從 NASA 獲得了第四次月球任務，價值約 1,770 億美元，使我們目前的積壓訂單達到 13 億美元。

Second quarter gross margin was 25.7%. This compares with 4% in the prior quarter and 14% in the same quarter a year ago.

第二季毛利率為25.7%，上一季為4%，去年同期為14%。

The sequential gross margin increase was primarily driven by a customer requested contract modification that results in an overall increase in contract value for our Blue Ghost mission 2. I should point out that gross margin in the near term could fluctuate from quarter to quarter based on the timing of Alpha launches and primarily because of the current accounting classification of our Alpha launches.

毛利率的環比增長主要由於客戶要求修改合同，導致我們的“藍色幽靈”任務 2 的合同價值總體增加。我應該指出，短期內毛利率可能會根據 Alpha 發射的時間逐季度波動，這主要是因為我們目前對 Alpha 發射的會計分類。

As a reminder, Alpha costs are currently expenses R&D.

提醒一下，Alpha 成本目前是研發費用。

In the future, we expect Alpha costs to be capitalized as inventory and recognized as cost of goods sold at the same time as launch. Non-GAAP operating expenses for the second quarter were $55.8 million compared with $57.9 million in the first quarter and $51.4 million in the same quarter a year ago.

未來，我們預期Alpha的成本將資本化為庫存，並在產品發佈時確認為銷售成本。第二季非公認會計準則營運費用為5,580萬美元，而第一季為5,790萬美元，去年同期為5,140萬美元。

We expect operating expenses for the remainder of 2025 to increase, driven by cliffs development, Alpha material purchases, and spacecraft development. The primary difference between GAAP and non-GAAP operating expenses are one-time expenses, such as IPO expenses, stock-based compensation expense, and other one-time expenses. Non-GAAP operating loss was $51.8 million compared with the loss of $55.7 million in the first quarter and the loss of $48.5 million in the second quarter a year ago.

我們預計，受懸崖開發、阿爾法材料採購和太空船研發的推動，2025年剩餘時間的營運費用將增加。 GAAP和非GAAP營運費用的主要差異在於一次性費用，例如IPO費用、股票薪酬費用和其他一次性費用。非GAAP營運虧損為5,180萬美元，去年同期第一季虧損5,570萬美元，第二季虧損4,850萬美元。

Our non-GAAP net loss in Q2 was $57.1 million. This compares with a net loss of $56.3 million in the prior quarter and $53 million in the same quarter a year ago. Adjusted EBITA in the second quarter was negative $47.9 million compared with negative $47.1 million in the first quarter and negative $47.7 million in the second quarter a year ago.

我們第二季的非公認會計準則淨虧損為5,710萬美元。相較之下，上一季淨虧損為5,630萬美元，去年同期淨虧損為5,300萬美元。第二季調整後息稅折舊攤提前利潤（EBITA）為負4,790萬美元，而第一季為負4,710萬美元，去年同期為負4,770萬美元。

Turning to our balance sheet, as of June 30, our cash and cash equivalents and restricted cash were approximately $221.5 million. While we are not presenting an updated balance sheet as of today, I do want to note that we raised nearly $1 billion in gross proceeds through our successful IPO in August.

回顧我們的資產負債表，截至6月30日，我們的現金及現金等價物和限制性現金約為2.215億美元。雖然我們目前尚未提供最新的資產負債表，但我想指出的是，我們透過8月成功的IPO籌集了近10億美元的總收益。

Following the IPO, we use $148.1 million to pay off our term loan, leaving us with approximately $1 billion in cash equivalents and restricted cash as of the end of August.

在首次公開發行之後，我們使用 1.481 億美元償還定期貸款，截至 8 月底，我們擁有約 10 億美元的現金等價物和受限現金。

In addition, After the close of the IPO, we secured a $125 million revolving line of credit, which gives us additional liquidity to support our growth objectives. CapEx was $9.2 million compared with $2.7 million in the first quarter and $17.3 million in the second quarter a year ago.

此外，IPO結束後，我們獲得了1.25億美元的循環信貸額度，這為我們提供了額外的流動性，以支持我們的成長目標。資本支出為920萬美元，而去年第一季為270萬美元，第二季為1730萬美元。

The sequential increase was primarily driven by investments for Eclipse infrastructure and our East Coast launch facility in Wallops, Virginia.

這一連續成長主要得益於對 Eclipse 基礎設施和位於維吉尼亞州瓦洛普斯的東海岸發射設施的投資。

Free cash flow was a negative $37.3 million compared with a negative $59.2 million in the first quarter and a negative $37.6 million in the second quarter a year ago. The sequential improvement was primarily driven by customer payment for Blue Ghost Mission 1.

自由現金流為負3730萬美元，去年第一季為負5920萬美元，第二季為負3760萬美元。環比改善主要得益於客戶支付「藍色幽靈1號」任務的費用。

Now turning to our revenue guidance for fiscal 2025, we currently expect revenue will be in a range of $133 million to $145 million.

現在談談我們對 2025 財年的營收預測，我們目前預計營收將在 1.33 億美元至 1.45 億美元之間。

In summary, our capital efficient operating model, combined with discipline execution continues to support revenue growth, margin expansion, and strong cash flow conversion potential over time.

總之，我們的資本高效營運模式，加上嚴格的執行，將繼續支持營收成長、利潤率擴大和強勁的現金流轉換潛力。

Firefly's fortified balance sheet positions us to scale our market leading products and fuel strategic growth in the years ahead.

Firefly 強大的資產負債表使我們能夠擴大市場領先產品的規模並推動未來幾年的策略成長。

Now, I will turn the call back over to Jason for his closing remarks.

現在，我將把電話轉回給傑森，請他作結束語。

Since the end of the second quarter, Firefly is pushing forward with additional wins. NASA's award of Blue Ghost Mission 4 in July represents back to back lunar lander contracts for our team. The contract will see Blue Ghost deliver 5 NASA payloads to the moon's south pole in 2029 and increases our backlog to $1.3 billion.

自第二季末以來，Firefly 正在努力取得更多成果。 NASA 於 7 月授予「藍色幽靈」4 號任務，這意味著我們的團隊將獲得連續的月球登陸器合約。根據該合同，藍色幽靈將於 2029 年向月球南極運送 5 個 NASA 有效載荷，這將使我們的訂單積壓金額達到 13 億美元。

As with Blue Ghost missions 2 and 3, an electro will support our 4th mission. Our Blue Ghost lander enables NASA to evaluate the moon's south pole resources such as hydrogen and water, as well as study the radiation and thermal environment.

與「藍色幽靈」任務2和3一樣，我們的第四次任務也將配備電力系統。我們的「藍色幽靈」登陸器將使NASA能夠評估月球南極的氫和水等資源，並研究其輻射和熱環境。

We are honored to be supporting yet another critical NASA mission. We are proud to support the United States building a sustainable long-term presence on the lunar surface and fortify US leadership of the ultimate high ground.

我們很榮幸能夠支持NASA的另一項重要任務。我們很自豪能夠支持美國在月球表面建立可持續的長期存在，並鞏固美國在月球這一終極制高點的領導地位。

In late breaking as of this morning, I am pleased to share that NASA added $10 million to our Blue Ghost Mission 1 contract as an addendum to acquire high-value data.

截至今天早上，我很高興地告訴大家，NASA 在我們的藍色幽靈任務 1 合約中增加了 1000 萬美元作為附錄，以獲取高價值數據。

This goes above and beyond the base contract to include large amounts of lunar surface images. This is significant as it shows how each NASA Eclipse mission has opportunities for additional high margin recurring revenue generation.

這超出了基本合約的範圍，涵蓋了大量月球表面圖像。這意義重大，因為它表明NASA的每一次日食任務都有機會創造額外的高利潤經常性收入。

This addendum contract also demonstrates the market for our Ocula commercial lunar imaging surface, deploying as part of upcoming Blue Ghost missions starting in 2026.

該附加合約還展示了我們的 Ocula 商業月球成像表面的市場，該表面將作為 2026 年開始的藍色幽靈任務的一部分進行部署。

As a US Air Force veteran, I'm proud that Firefly is an American-based company with American manufacturing and supported by American suppliers.

身為美國空軍退伍軍人，我很自豪 Firefly 是一家美國公司，在美國製造並得到美國供應商的支持。

Firefly is vertically integrated with production hard and facilities and engineering teams that are based in Austin, Texas. The unique co-location of our manufacturing, testing, and integration that allows us to deliver our products on cost, schedule, and at increasing capacity.

Firefly 擁有垂直整合的生產硬體、設施和工程團隊，總部位於德州奧斯汀。我們獨特的製造、測試和整合一體化佈局使我們能夠按時按成本交付產品，並不斷提升產能。

We have core technology advantages through our carbon composite technology used across all of our product lines, as well as patented, scalable tap off cycle engines that are shared across our launch vehicles.

我們擁有核心技術優勢，我們的所有產品線都採用了碳複合材料技術，我們的運載火箭也共享了專利的、可擴展的分接循環引擎。

For those who are new to Firefly, thank you for joining us in this journey and for the many longtime supporters, thank you for your years of belief and continued backing and to our Firefly's, thank you for your bold can do attitude and your dedication to our mission.

對於那些剛加入 Firefly 的人，感謝你們加入我們的旅程；對於許多長期支持者，感謝你們多年來的信任和持續的支持；對於我們的 Firefly，感謝你們大膽的態度和對我們使命的奉獻。

Together, we inspire the world, unlock new categories in space, and deliver critical national security capabilities for America and its allies.

我們共同激勵世界，開啟太空領域的新領域，並為美國及其盟友提供關鍵的國家安全能力。

Thank you, Jason.

謝謝你，傑森。

Operator, we're ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning guys and good afternoon. Congratulations on a successful launch in more ways than one.

大家早安，下午好。恭喜你們的發表會圓滿成功。

Maybe if we could start on the first question with the FAA approving return to flight for Alpha, how are you thinking about the timing of Flight 7 and 8 and how does that feed into your targeted launches for '26? What are the range of potential outcomes for next year, thinking about production capacity versus the current backlog.

第一個問題，如果美國聯邦航空管理局批准「阿爾法」火箭復飛，您如何考慮第7次和第8次飛行的時間表？這對您2026年的發射計畫有何影響？考慮到產能和目前的積壓訂單，明年可能的結果會有哪些？

Thank you, Sheila. We received our FAA return to flight determination at the end of August. We expect to launch Flight 7 in the coming weeks. If you saw our slides, in the Alpha slide, you could see that Flight 7 is in a mature state right next to Flight 8 in a mature state, and so we keep, increasing our production capacity and we're building ahead as well for 2026.

謝謝你，希拉。我們在八月底收到了美國聯邦航空管理局（FAA）的複飛決定。我們預計在未來幾週內啟動7號航班。如果你看過我們的投影片，在Alpha幻燈片中，你可以看到7號航班已經處於成熟狀態，緊鄰8號航班，因此我們將繼續提高產能，並為2026年的計畫做好準備。

So we're working closely with the range and our customer Locky Martin to share more details on the mission and payload soon, but above all, safety and quality are the highest importance.

因此，我們正在與該靶場和我們的客戶 Locky Martin 密切合作，以便很快分享有關任務和有效載荷的更多細節，但最重要的是安全和品質。

Got it. And maybe if we could talk about Golden Dome, we've heard a lot about it, but some companies are starting to solidify what it could mean. How do you think about the opportunity and what news should we look to hear? What is sort of the framework, and expected timing you're thinking about, as it relates to Golden Dome.

明白了。或許我們可以談談「金頂」項目，我們已經聽過很多了，但有些公司才剛開始明確它的意義。您如何看待這個機會？我們應該關注哪些消息？關於「金頂」項目，您目前考慮的框架和預期時間是怎樣的？

Thank you, Sheila. Yeah, being an Air Force veteran, Golden Dome is something near and dear to my heart and the Firefly's.

謝謝你，希拉。是啊，身為空軍老兵，金頂體育場在我和螢火蟲隊心中都彌足珍貴。

We have three product lines of the company that are well positioned to support the Golden Dome architecture. First off, Alpha, it is a commercially available rocket, and we're increasing our production capacity to deliver more and more Alphas per year.

我們公司有三條產品線，可以很好地支援「金頂」架構。首先是「阿爾法」火箭，它是一款商用火箭，我們正在提高產能，以便每年交付更多「阿爾法」火箭。

It can support launching surrogate targets for the Golden Dome missions. It could also support launching test missions of things like hypersonic missiles as well as space-based interceptors. And it also can serve as an operational rocket as well.

它可以支援發射“金頂”任務的替代目標。它還可以支援發射高超音速飛彈以及天基攔截器等測試任務。它也可以作為一枚作戰火箭。

As we're the first and only to launch a 24 hour call up mission on the VICTUS NOX mission, and that's something that is helpful for the Golden Dome mission on the spacecraft side. Our electric spacecraft with its ample fuel reserves and its high thrust and maneuverability as well as its payload carrying capacity is well suited to support space-based interceptor host missions and there's optionality there to provide that as a prime or as a subcontractor and then finally Eclipse, it's a 16 ton rocket, it is capable of launching constellations whether they be sensors or space-based interceptors in the future and that's part of onboarding onto the national security space launch program.

我們是第一個也是唯一一個在VICTUS NOX任務中執行24小時召集任務的太空船，這對金頂任務的太空船方面很有幫助。我們的電動太空船擁有充足的燃料儲備、高推力、高機動性以及高有效載荷能力，非常適合支援天基攔截器主機任務，並且可以選擇作為主承包商或分包商提供這項服務。最後是Eclipse，它是一枚16噸重的火箭，能夠發射星座，無論是未來的感測器還是天基攔截器，這是加入國家安全航天發射計畫的一部分。

Great. Okay, thank you so much.

太好了。好的，非常感謝。

Seth Seifman, JP Morgan.

塞思‧塞夫曼，摩根大通。

Hey, thanks very much and, good afternoon. Wanted to ask, starting off, maybe, if you could talk a little bit about expectations for, either, EBITDA or free cash flow for the year.

嘿，非常感謝，下午好。首先我想問一下，您能否談談今年EBITDA（息稅折舊攤提前利潤）或自由現金流的預期。

Yeah, hey, Seth, this is Darren. So as of now we're guiding to annual revenue, we're focused on hitting the operational metrics, which is, as we discussed previously was is very much linked to our financial performance. And that's essentially what we're guiding to right now.

是的，嘿，塞斯，我是達倫。所以，到目前為止，我們的目標是年度收入，我們專注於實現營運指標，正如我們之前討論過的，這與我們的財務表現密切相關。這基本上就是我們目前的指導方針。

Okay, and then just to maybe, a little bit more qualitatively, as we think about the path to Eclipse, launch and kind of have the potential perhaps to do that next year, can you walk us through, maybe some of the milestones along the way as we think about going from where we are now to, the collaboration you'll have with Northrop next year to get that launch up.

好的，然後也許從更定性的角度來說，當我們思考 Eclipse 的發射路徑，並且有可能在明年實​​現這一目標時，您能否向我們介紹一下，也許是在我們考慮從現在的位置到明年與諾斯羅普合作發射的過程中的一些里程碑。

Yeah, Seth, this is Jason.

是的，塞斯，這是傑森。

Thank you for that question. We're extremely grateful and excited to be partnered with Northrop Grumman. They're a co-developer on the Eclipse program, as you remember in the second quarter, Nortrop Grumman, they invested a first of a kind investment into Firefly, at $50 million. We are working on the milestones towards our inaugural launch.

謝謝你的提問。我們非常感激並很高興能與諾斯羅普·格魯曼公司合作。他們是Eclipse專案的共同開發者，你還記得，諾斯羅普·格魯曼公司在第二季度向Firefly專案進行了5000萬美元的首輪投資。我們正在為首次發射的里程碑而努力。

We've completed our Miranda flight engine testing, as of, recently, over 90 hot fire tests that include full mission duty cycle hot fire testing at 206 seconds as well as at 100% thrust.

截至目前，我們已經完成了米蘭達飛行引擎測試，最近進行了超過 90 次熱火測試，包括 206 秒的全任務工作循環熱火測試以及 100% 推力的測試。

We're going to move into qualifying that engine and then building the flight engines. We also have developed the engine bay and that's undergoing testing. So once we complete testing there, we would integrate the 7 flight Miranda engines with the engine bay.

我們將著手驗證該發動機，然後製造飛行發動機。我們還開發了發動機艙，目前正在進行測試。一旦完成測試，我們將把7台米蘭達飛行引擎與引擎室整合。

We've also done the fit checks of the integration of our liquid oxygen tank in our RP1 tank. We've completed the integration of that and so we're going to, the next step would be to make the engine bay with the tanks and a section.

我們也完成了液氧罐與RP1罐整合的配合檢查。我們已經完成了整合工作，下一步就是製造引擎艙，包括液態氧罐和一部分零件。

From there we would deliver that to Northrop Grumman to integrate with the second stage, complete the payload fairing, with the payload, integrate the payload, and jointly conduct the launch campaign at our [waltz pad].

從那裡，我們將把它運送到諾斯羅普·格魯曼公司，與第二階段進行整合，完成有效載荷整流罩，與有效載荷整合，並在我們的[華爾茲發射台]聯合進行發射活動。

Great. Thanks very much.

太好了。非常感謝。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Hey, thank you for the question.

嘿，謝謝你的提問。

If you can maybe update us on the timeline for NSL lane 1 and maybe kind of talk about how the team is thinking about their proposal ahead of the December window and specifically what are customers saying kind of about the time frame from transition from onboarding to initial contract award. Thank you.

您能否更新NSL 1號頻道的時間表？能否談談團隊在12月窗口期之前對提案的思考，以及客戶對從入職到初始合約授予的過渡時間框架有何看法？謝謝。

Thank you, Colin, for that question. We wanted to provide a credible offering and so one of the requirements of onboarding into the US Space Force's national security space launch program lane 1 is to have a credible plan for the first launch.

謝謝科林的提問。我們希望提供可靠的方案，因此加入美國太空部隊國家安全太空發射計畫1號通道的要求之一就是製定可靠的首次發射計畫。

We anticipate that first launch being the late 2026 time frame and so we're pursuing along with our co-developer North of Grumman. A proposal for late this year, to be submitted, once, on boarded, you would need to have a first launch before, bidding the first task orders, and the first task orders would be around the -- after the first quarter of 2027.

我們預計首飛將在2026年末進行，因此我們正在與我們的聯合開發商北方格魯曼公司共同推進。我們計劃在今年年底提交一份提案，一旦通過，就需要在招標首批任務訂單之前進行首飛，首批任務訂單將在2027年第一季左右。

Got it. Okay. And then in terms of the tax responsive space line item in the supplemental that was mentioned in the script, the $135 million can you maybe discuss kind of the velocity of the money, and what contracting officers are saying with respect to kind of, potential near term unlock in terms of awards? I think you know one of the things that we've gotten feedback from other supplemental oriented players is that.

明白了。好的。然後，關於腳本中提到的補充條款中的稅收響應空間項目，也就是1.35億美元，您能否討論一下這筆資金的流通速度，以及合約官員對短期內可能解鎖的獎勵有何看法？我想您知道，我們從其他補充導向的參與者那裡得到的回饋之一就是。

They're seeing a pretty fast acceleration of that kind of related spend versus base accounts but happy to hear kind of. What your experience sounds like.

他們發現這類相關支出相對於基礎帳戶的成長速度相當快，但很高興聽到一些消息。您的體驗如何？

Yeah, we're very positive on this additional $135 million that was put into the reconciliation budget, because of our VICTUS NOX experience and we subsequently have been put on contract for VICTUS HAZE and VICTUS SOL, we're very, much looking forward to, working with the Space safaris, Space Force customer on the next missions.

是的，我們對投入和解預算的這 1.35 億美元感到非常樂觀，因為我們在 VICTUS NOX 方面的經驗，並且我們隨後簽訂了 VICTUS HAZE 和 VICTUS SOL 的合同，我們非常期待與太空部隊客戶 Space safaris 合作完成下一次任務。

We would like to have as many of our Alpha rockets that we can fit in storage at our Vandenberg Space Force base so that we could be ready at any time to launch more tactical responsive space launches in the 24 hour timeline so that we can continue to deter our US rivals.

我們希望將盡可能多的阿爾法火箭儲存在范登堡太空軍基地，以便我們隨時準備在 24 小時內發射更多戰術響應太空發射，從而繼續威懾我們的美國對手。

Got it, thank you for the call. I appreciate it.

明白了，謝謝你的來電。非常感謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Great, hey, good afternoon, everyone. Maybe on Alpha, you called out that you're going to change the design of the reinforcement of the thermal protection. I was wondering how much of a design changes that, is that major or minor and how much is your progress there? And then second, you talked about changing the angle of attack on the rocket launch. Does that change the what kind of missions you could fulfill for your customers?

好的，大家下午好。也許在「阿爾法號」上，您提到要改變熱防護加固的設計。我想知道，設計上的改變有多大，是大改變還是小改變？目前進展如何？其次，您提到要改變火箭發射時的攻角。這會改變您為客戶完成的任務類型嗎？

Hi Kristine, it's Jason. There is no change to the design, it's just adding more, layers of the thermal protection system to the bottom of the first stage, and it's negligible in terms of mass.

嗨，克莉絲汀，我是傑森。設計上沒什麼變化，只是在第一級火箭的底部增加了幾層熱防護系統，而且質量幾乎可以忽略不計。

The second part of that question is, how does this change, the angle of attack? We could control that at different phase critical phases of the flight profile and so that is something that. We can plan for and can control as well.

這個問題的第二部分是，攻角是如何改變的？我們可以在飛行剖面的不同關鍵階段控制攻角，所以這是可以規劃和控制的。

Great, super helpful. And if I could do a follow on, you guys called out the addendum contract $10 million from NASA on Blue Ghost 1, I was wondering, are there more opportunities to sell more data to other governments and commercial customers, and can you seize the opportunity of these kinds of potential annuities that you could get from these kinds of additional contracts?

太棒了，非常有幫助。請容許我繼續提問，你們提到了NASA為「藍色幽靈1號」計畫簽訂的1000萬美元的附加合同，我想知道，你們是否還有更多機會向其他政府和商業客戶出售更多數據？你們能否把握這些附加合約中可能帶來的年金機會？

Thank you for that question, Kristine. So the answer is yes, we at Firefly, we own that data and so we are able to sell that commercial data license to multiple customers this was really helpful for us because it was the first of many data sales that we planned to do you heard Ocula and that is something that is very core to the Ocula service that we unveiled a couple of months ago.

謝謝克里斯汀的提問。答案是肯定的。 Firefly 擁有這些數據，因此我們能夠將商業數據許可證出售給多個客戶。這對我們來說非常有幫助，因為這是我們計劃進行的眾多數據銷售中的第一次。你聽過 Ocula 嗎？這是我們幾個月前推出的 Ocula 服務的核心。

I'll pass it on to Darren to talk more.

我會將其轉達給 Darren 以便進一步討論。

Yeah, Kristine, I'd say engineering change proposals are common across our firm fixed price contracts. For example, on Blue Ghost Mission 1 prior to this data buy, we've already been the team's already been executing on engineering change proposals, increasing that contract from $93.3 million up over $100 million over time.

是的，克里斯汀，我想說工程變更提案在我們公司的固定價格合約中很常見。例如，在藍色幽靈任務1號上，在這次數據購買之前，我們的團隊就已經在執行工程變更提案，使得該合約金額從9,330萬美元逐漸增加到1億美元以上。

So we fully expect this trend to continue, it really gives us a differentiated revenue stream with higher margin dollars going forward with things like Ocula as Jason mentioned.

因此，我們完全預計這種趨勢將會持續下去，正如 Jason 所提到的，它確實為我們帶來了差異化的收入來源，並透過 Ocula 等產品帶來更高的利潤。

Great, if I could speak a third and last one, with the Blue Ghost 4 contract you got this summer, how did that contract, turn out versus your expectations? And can you provide some sort of revenue recognition expectations for that since that's not launching until 2029 and also any sort of profitability metrics that we should monitor?

太好了，我想問第三個也是最後一個問題：關於您今年夏天簽下的“藍色幽靈4號”合同，這份合同與您的預期相比如何？由於該合約要到2029年才開始運營，您能否提供一些收入確認預期，以及我們應該監控哪些獲利指標？

Yeah, so Blue Ghost mission for, we had, two opportunities to win one to win another additional Blue Ghost 4 contract going forward. We did plan on winning one of the two, and it's an example of how we -- the team has converted, opportunities in the backlog, it's a significant opportunity that the team is executed on from a revenue recognition perspective.

是的，所以「藍色幽靈」任務，我們有兩個機會，一個是贏得未來「藍色幽靈4」的額外合約。我們確實計劃贏得其中一個，這也是我們團隊如何轉化積壓訂單機會的一個例子。從收入確認的角度來看，這是一個非常重要的機會。

It's recognized over percentage completion based very similar Blue Ghost Mission 1, which you guys saw how it plays out in our financials.

它是根據非常相似的藍色幽靈任務 1 的完成百分比來確認的，你們看到了它在我們的財務中是如何發揮作用的。

Suji Desilva, Roth capital.

蘇吉·德席爾瓦，羅斯資本。

Hi Jason, Darren, Michael. The backlog, you just updated us on the rough mix of launch and spacecraft and maybe more specifically within the launch Alpha launch backlog. How much of that is a national security responsive versus other if you give us some rough estimate that that'll be helpful.

嗨，傑森、達倫、麥可。關於積壓，您剛才向我們介紹了發射和太空船的大致情況，更具體地說是Alpha發射積壓的情況。其中有多少是國家安全響應的，有多少是其他的，請您粗略地估計一下，這很有幫助。

Yeah, so today, I'd say we have, we haven't really disclosed the split between launch the spacecraft, but if you reference, how we -- our revenue split between Q2, it was a majority of spacecraft. So, I'd say, prior to Blue Ghost Mission 4, most of our backlog was more on the launch side, but, with Jason's background, as in the spacecraft sector over decades of experience, we would expect that waiting to shift over time and perhaps even outpace the launch side in the future.

是的，所以今天我想說，我們還沒有真正披露過發射和航天器收入的分配比例，但如果你參考我們第二季度的收入分配，大部分收入來自航天器。所以，我想說，在「藍色幽靈」任務4之前，我們的大部分積壓訂單都集中在發射方面，但鑑於傑森在太空船領域數十年的經驗，我們預計等待訂單的比例會隨著時間的推移而變化，甚至可能在未來超過發射方面。

Okay, great. And then I think there was earlier, there was an announcement about NASA's VIPER Rover launch, and I'm just curious, is there a roadmap, Jason of kind of how much capacity you can carry to the moon with the Blue Ghost and pair it up with the [electro] potentially as you, as we move toward, cargo. I know you're taking the UAE rover yourselves, a larger cargo infrastructure cargo, and then over time manned if you could help us understand the roadmap you're planning that'd be helpful.

好的，太好了。我記得之前有關於NASA發射VIPER月球車的公告，我很好奇，傑森，你們有沒有一個路線圖，比如藍色幽靈號能攜帶多大的運力到月球，以及它和[電子]能不能配對，就像我們推進貨運一樣。我知道你們自己會帶阿聯酋的月球車去，這是一個更大的貨運基礎設施，然後隨著時間的推移會進行載人飛行，如果你能幫助我們了解你們正在規劃的路線圖，那將會很有幫助。

Yeah, thanks Suji.

是的，謝謝 Suji。

This is just the beginning, although we have the most number of commercial lunar payload services contract out of any -- a commercial company right now with NASA, we have a long term road map where we build big things here at Firefly. If you look at, for example, at our, Eclipse rocket that's a 200 ft rocket by 15 ft diameter, so that's a large structure.

這只是個開始。雖然我們目前與NASA簽訂的商業月球有效載荷服務合約數量是所有商業公司中最多的，但我們在Firefly公司有一個長期的路線圖，計劃建造一些大型設施。例如，看看我們的「日食」火箭，它長200英尺，直徑15英尺，所以它是一個很大的結構。

If you look at our Blue Ghost 2 Mission, we just sent a full stack of our lunar lander. And our depth with our electric vehicle which sits at 22 ft high to get environmentally tested at Jet Propulsion Laboratory so we're already building bigger and bigger things we are able to scale our technology because we're using carbon composite structures and tanks and all of ours.

如果你看看我們的「藍色幽靈2號」任務，我們剛剛發射了整套月球登陸器。我們的電動車深度測試了22英尺（約6.7公尺）深的月球車，在噴射推進實驗室進行環境測試。我們已經在建造越來越大的東西，我們能夠擴展我們的技術，因為我們使用了碳複合材料結構和儲罐，以及我們所有的技術。

Lunar lander technology that helped us successfully land stable and upright on Blue Ghost 1 is transferable to those bigger systems. So long term, we would like to put not only lunar landers on the moon, but, more rovers, potentially, light terrain vehicles, infrastructure like power plants, so that is all inclusive of our lunar lander road map, we see more than just annual missions to the moon, but multiple missions annually to the moon by the end of the decade.

幫助我們成功在「藍色幽靈1號」上穩定直立著陸的月球登陸器技術可以移植到那些更大的系統上。因此，從長遠來看，我們不僅希望將月球登陸器送上月球，還希望將更多的月球車、可能的輕型地形車以及發電廠等基礎設施送上月球。這些都涵蓋了我們月球登陸器路線圖的全部內容。我們不僅希望每年進行一次登月任務，而且希望到2020年，每年都能進行多次登月任務。

Appreciate the detailed color, Jason. Thanks.

傑森，欣賞你細緻的色彩。謝謝。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, thank you and congratulations on the first earnings call going public. I want to ask about the strategy from around potentially some M&A. You obviously raised quite a bit of money. Any kind of types of assets out there that you're kind of vetting or interested in, and, maybe if you could dimension kind of the size and scope you'd be willing to do.

嘿，謝謝你，也恭喜你首次公開募股後召開財報電話會議。我想問關於一些潛在併購的策略。顯然你籌集了不少資金。你正在審查或感興趣的資產類型有哪些？能否透露一下你願意收購的規模和範圍？

Thank you, Edison.

謝謝你，愛迪生。

We look at M&A, using our well defined process as it relates to M&A targets.

我們使用與併購目標相關的明確定義的流程來審視併購。

First and foremost, any M&A, target has to fit our strategy. We have a robust long term strategy. It also has to fit our culture, our firefly culture, which is, one of a can do spirit as well as speed and collaboration. And technology and innovation, also, there are synergies that, the M&A target could provide to our existing product lines. So those are things that we look for in companies.

首先，任何併購目標都必須符合我們的策略。我們擁有穩健的長期策略。它也必須符合我們的文化，我們的「螢火蟲」文化，即積極進取、速度與協作的文化。此外，併購目標還可以與我們現有的產品線產生協同效應，從而帶來技術和創新。這些都是我們在公司中尋找的特質。

Well said, and then follow-up question on Elytra. I think you made a reference to RGXX in the opening remarks. I was wondering if you could maybe elaborate around that. Is that supposed to be potentially a template for some future program that Elytra would go after or how is how should we think about that kind of reference you made?

說得好，接下來是關於Elytra的後續問題。我記得您在開場白中提到了RGXX。我想知道您能否就此進行詳細說明。這是否可能是Elytra未來某個專案的範本？或者我們應該如何看待您提到的這個例子？

Well, if you recall RGXX is a follow on to the geosynchronous space situational awareness program which once was a $6 billion program or record that the traditional prime contractors were developing. It, is a requirement that is still needed, going forward, but earlier this year, the Pentagon signed out an acquisition decision memo to open up the competition for the next generation mission called RGXX to commercial providers like Firefly and bring in our transformative commercial technologies.

嗯，如果你還記得的話，RGXX是地球同步軌道空間態勢感知項目的後續項目，該項目曾經耗資60億美元，由傳統的主承包商開發，創下了紀錄。未來它仍然是一項必要的，但今年早些時候，五角大廈簽署了一份採購決策備忘錄，將下一代任務RGXX的競爭開放給像Firefly這樣的商業供應商，並引入我們具有變革意義的商業技術。

It just so happens that earlier this year we won a DIU contract for our Elytra Mission 3. And that mission is to perform space domain awareness using rendezvous proximity operations and I already mentioned that Elytra has ample fuel reserves, high thrust maneuverability, as well as carrying capacity for different payloads. We're able to apply that same technology, to the RGXX program of record.

碰巧的是，今年早些時候，我們贏得了Elytra Mission 3的DIU合約。此任務旨在利用交會近距操作執行空間域感知任務。我之前提到過，Elytra擁有充足的燃料儲備、高推力機動性以及不同有效載荷的運載能力。我們能夠將同樣的技術應用於RGXX專案。

Great, if I could sneak in one housekeeping, the $10 million extra, is that going to be recognized in 3Q as revenue or what's the, I guess the rework on that $10 million for Blue Ghost.

太好了，如果我可以偷偷地進行一次家務，那麼額外的 1000 萬美元是否會在第三季度確認為收入，或者我猜是針對 Blue Ghost 的 1000 萬美元的重新製作。

That's correct, Edison, and we did plan for that in our road map.

沒錯，愛迪生，我們確實在路線圖中對此進行了規劃。

Okay, thank you.

好的，謝謝。

Thank you. Ladies and gentlemen, I am showing no further questions in the queue. I would now like to turn the call back over to Michael for closing remarks.

謝謝大家。女士們，先生們，現在隊列中沒有其他問題了。現在我想把節目單交還給邁克爾，請他做最後發言。

Thank you everyone for attending today's call. We look forward to speaking with you all again when we report our third quarter financial results. Let's fly.

感謝各位參加今天的電話會議。我們期待在公佈第三季財報時再次與大家交流。讓我們一起飛翔！

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。