Firefly Aerospace Inc (FLY) 2025 Q3 法說會逐字稿

Welcome to the Firefly Aerospace third-quarter 2025 financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

歡迎參加螢火蟲航太公司2025年第三季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Michael Sheetz, Firefly Director of Investor Relations. Michael, you may begin.

現在我將把會議交給螢火蟲投資者關係總監邁克爾希茨。邁克爾，你可以開始了。

Thank you, operator. Hello there. I'm Michael Sheetz, and welcome to Firefly's third quarter financial results call. I'm pleased to be joined on the call by CEO, Jason Kim; and CFO, Darren Ma, as we report for the period ending September 30, 2025.

謝謝接線生。你好呀。我是麥可希茨，歡迎參加螢火蟲公司第三季財務業績電話會議。我很高興與執行長 Jason Kim 和財務長 Darren Ma 一起參加本次電話會議，我們將報告截至 2025 年 9 月 30 日的期間。

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. Firefly assumes no obligation to update any forward-looking statements, which speak only as of their respective dates.

今天的電話會議將包含前瞻性陳述，包括但不限於公司將對其未來財務和營運績效、成長策略和市場前景作出的陳述。實際結果可能與這些前瞻性陳述所設想的結果有重大差異。可能導致實際結果和趨勢與預期存在重大差異的因素已在提交給美國證券交易委員會的年度和季度報告中列出。Firefly不承擔更新任何前瞻性聲明的義務，這些聲明僅代表其各自發布之日的情況。

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 third quarter 2025 filing. Unless otherwise stated, financial information referred in this call will be non-GAAP.

此外，在本次電話會議中，我們將討論GAAP和非GAAP財務指標。2025 年第三季文件中包含了 GAAP 與非 GAAP 指標的調整表。除非另有說明，本次電話會議中提及的財務資訊均為非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.

我們的獲利新聞稿、提交給美國證券交易委員會的文件以及今天電話會議的錄音都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，我把電話交給傑森。

Thank you, Michael, and welcome to our third-quarter 2025 earnings call. As yesterday was Veterans Day, I want to kick off today's call by thanking our country's service members for their dedication, courage, and sacrifices in serving our nation, ensuring we remain the home of the free and the land of the brave. Firefly proudly employs many veterans like myself, and we are honored to continue to serve as we work critical national security missions supporting our war fighters.

謝謝邁克爾，歡迎參加我們2025年第三季財報電話會議。昨天是退伍軍人節，我想在今天的通話開始時，感謝我們國家的軍人們為保衛國家所付出的奉獻、勇氣和犧牲，確保我們仍然是自由的家園和勇敢者的土地。螢火蟲公司很榮幸能僱用像我這樣的許多退伍軍人，我們很榮幸能繼續為國家安全事業服務，支持我們的作戰人員。

Firefly is a space and defense company delivering innovative hardware and software to perform the hardest missions in space for national security, exploration, and commercial technology, built to keep America as the leader in space while inspiring the world. Our hardware is represented by four revenue-generating products: our small lift Alpha rocket; medium-lift Eclipse rocket; Blue Ghost lunar lander; and Elytra satellite orbiter. These hardware products have a robust backlog of $1.3 billion at the end of quarter three.

Firefly 是一家航太和國防公司，致力於提供創新的硬體和軟體，以執行太空中最艱鉅的任務，服務於國家安全、探索和商業技術，旨在保持美國在太空領域的領先地位，同時激勵世界。我們的硬體產品主要由四款創收產品組成：小型運載火箭 Alpha；中型運載火箭 Eclipse；Blue Ghost 月球登陸器；以及 Elytra 衛星軌道器。截至第三季末，這些硬體產品的積壓訂單額高達 13 億美元。

Our software offerings come through our recent strategic acquisition of SciTec. These capabilities include AI-enabled defense software proven in operations, including missile warning and defense, intelligence surveillance and reconnaissance, space domain awareness, remote sensing and analysis, and autonomous command and control to support diverse spacecraft missions.

我們的軟體產品源自於我們近期對 SciTec 的策略性收購。這些能力包括經過實戰驗證的人工智慧防禦軟體，包括飛彈預警和防禦、情報監視和偵察、太空領域感知、遙感和分析以及自主指揮和控制，以支援各種太空船任務。

Firefly's product suite is strategically tailored to support the growing opportunities in space. Every day, there are new industry tailwinds for the space sector, artificial intelligence development, data center expansion, and an intensifying focus on the strategic and economic benefits of the moon. In addition, we have seen a major shift on defense funding and priorities supporting Golden Dome with $175 billion planned for the program over three years.

Firefly 的產品組合經過策略性調整，旨在支援太空領域不斷增長的機會。每天，太空領域、人工智慧發展、資料中心擴張以及對月球戰略和經濟效益的日益關注，都帶來了新的產業利好因素。此外，我們看到國防資金和優先事項發生了重大轉變，支持金穹頂計劃，三年內將為該計劃投入 1,750 億美元。

We are positioned to meet the call from the Secretary of War in his Arsenal Freedom address, where he demanded commercial speed and scale, similar to what we delivered on the US Space Force with the 24-hour turnaround VICTUS NOX launch as well as our landing on the moon earlier this year at a fraction of the time and cost of previous missions.

我們已做好準備，響應戰爭部長在「自由兵工廠」演講中的號召，他要求以商業化的速度和規模開展工作，就像我們為美國太空部隊提供的24小時快速完成的VICTUS NOX發射以及今年早些時候以遠低於以往任務的時間和成本成功登月一樣。

Before I get into our third quarter business updates, I will provide an update on the status of one of our multiple product lines, Alpha. A few weeks ago, an event during a ground test firing at our facility in Texas led to the loss of the Alpha first stage booster that we were preparing for Flight 7.

在介紹我們第三季業務更新之前，我將先介紹我們眾多產品線之一——Alpha 的最新情況。幾週前，我們在德克薩斯州的工廠進行地面測試點火時發生意外，導致我們正在為飛行 7 準備的 Alpha 第一級助推器丟失。

Following a thorough review, Firefly identified a process error during Stage 1 integration that resulted in a minute hydrocarbon contamination, which then led to a combustion event in one of the engines during the ground test. Proper safety protocols were followed and all personnel were safe. The test stand structure remained fully intact, and no other facilities were impacted.

經過徹底審查，螢火蟲公司發現第一階段整合過程中出現了一個製程錯誤，導致少量碳氫化合物污染，進而導致地面測試期間其中一台引擎發生燃燒事件。安全規程正確執行，所有人員均安全。測試台結構完全完好無損，其他設施也沒有受到影響。

We immediately took action and implemented corrective measures, including a production stand-down day. As this was not a design issue, those corrections included increasing inspection requirements for the fluid systems, optimizing the first stage sensors, and incorporating additional automated robots for testing.

我們立即採取行動並實施了糾正措施，包括停產一天。由於這不是設計問題，因此這些糾正措施包括提高對流體系統的檢查要求、優化第一級感測器以及增加用於測試的自動化機器人。

We also implemented key process improvements following the standdown day, where the production, integration, and test teams conducted exercises to review and optimize existing procedures. As part of Firefly's effort to improve reliability and quality, the team will continue to hold regular exercises for sustained process enhancements.

在停工日之後，我們也實施了關鍵的流程改進，生產、整合和測試團隊進行了演練，以審查和優化現有程序。作為 Firefly 提高可靠性和品質工作的一部分，團隊將繼續定期進行演練，以持續改善流程。

Flight 7 will now utilize the next Alpha first stage booster from our production line, which is currently undergoing final preparations for shipment to our launch site in Vandenberg. Prior to the event, we had already tested the second stage and fairing and delivered them to the launch site.

7 號班機將使用我們生產線上的下一個 Alpha 第一級助推器，目前正在進行最後的準備工作，即將運往我們在范登堡的發射場。在發射之前，我們已經測試了第二級火箭和整流罩，並將它們運送到了發射場。

As part of Firefly's test campaign ahead of each launch, the team will then conduct a static fire test at our launch pad prior to Flight 7 launch. Our Flight 7 launch is targeted between late fourth quarter to early first quarter, depending on range availability.

作為螢火蟲火箭每次發射前測試活動的一部分，團隊將在第七次飛行發射前在我們的發射台上進行靜態點火測試。我們的7號飛行器發射計畫在第四季末至第一季初之間進行，具體時間取決於靶場的可用性。

Firefly will have more details to share on the technology demo mission in the coming weeks, and I have full confidence in our vehicle's design as well as our passionate and dedicated Alpha team to return to flight safely. Additionally, we are concurrently upgrading the Alpha stage test stand at our Briggs facility. These previously planned upgrades are expected to be complete in the next few months.

螢火蟲號將在未來幾週內分享更多關於技術演示任務的細節，我對我們飛行器的設計以及我們充滿熱情和奉獻精神的 Alpha 團隊充滿信心，相信他們能夠安全地重返藍天。此外，我們正在布里格斯工廠同時升級 Alpha 級測試台。這些先前已計劃好的升級預計將在未來幾個月內完成。

Another key update since the end of the third quarter is that Firefly closed the acquisition of SciTec in line with our strategic growth plan. SciTec is an exceptional company with more than four decades of operational excellence, bringing game-changing proven software applications and big data processing elements that bolster Firefly's proven hardware elements.

第三季末以來的另一個重要進展是，Firefly 已按照我們的策略成長計畫完成了對 SciTec 的收購。SciTec 是一家卓越的公司，擁有四十多年的卓越營運經驗，帶來了顛覆性的成熟軟體應用程式和大數據處理元素，增強了 Firefly 成熟的硬體元素。

As an analogy, Firefly builds the hardware smartphone, such as our launch vehicles and spacecraft. SciTec develops the software apps such as mission autonomy, targeting and sensor intelligence. Together, we expand from hardware-centric programs into long-term software-enabled revenue.

打個比方，Firefly 就像製造智慧型手機的硬件，就像製造我們的運載火箭和太空船一樣。SciTec 開發了任務自主性、目標定位和感測器智慧等軟體應用。我們共同努力，從以硬體為中心的專案擴展到以軟體為支撐的長期收入。

SciTec has operational defense software applications and big data processing. Their infrastructure is state-of-the-art with classified facilities in support of the Department of War, intelligence community, and commercial customers. SciTec is differentiated from other defense software companies through its industry-leading multi-phenomenology expertise that are closely linked with spacecraft and constellations. Together with SciTec, Firefly will be able to provide the Golden Dome program with comprehensive end-to-end capabilities.

SciTec擁有國防軟體應用和大數據處理能力。他們的基礎設施一流，擁有機密設施，為戰爭部、情報界和商業客戶提供支援。SciTec 與其他國防軟體公司的區別在於其行業領先的多現象學專業知識，這些專業知識與太空船和星座密切相關。借助 SciTec 的支持，Firefly 將能夠為金穹計劃提供全面的端到端能力。

There are three major elements of Golden Dome that we are pursuing. We can fly and deliver space-based interceptors utilizing our Elytra spacecraft, launch surrogate targets and hypersonic tests with our alpha rocket as well as integrate data processing from a network of sensors to perform fire control with SciTec ground processing. This closes the fire control loop with an integrated network of interceptors, essentially filling the missing link for the air and missile defense shield for the US Homeland.

我們正在努力實現金穹頂的三大要素。我們可以利用我們的 Elytra 太空船飛行和投放天基攔截器，利用我們的 Alpha 火箭發射替代目標和高超音速試驗，以及整合來自感測器網路的數據處理，利用 SciTec 地面處理進行火控。這樣就透過攔截器的整合網路完成了火控迴路，從根本上填補了美國本土防空和飛彈防禦體系中缺少的一環。

Firefly's workforce following the SciTec acquisition stands at over 1,300 strong. SciTec's highly technical employees are made up largely of PhDs and software developers, 90% of whom have security clearances.

收購 SciTec 後，Firefly 的員工人數超過 1,300 人。SciTec 的高技術員工主要由博士和軟體開發人員組成，其中 90% 的人擁有安全許可。

Now, turning to our business updates. In the third quarter, we completed important program milestones across each of our revenue-generating product lines. Let's start with spacecraft.

接下來，我們來看看最新的業務動態。第三季度，我們完成了所有創收產品線的重要專案里程碑。我們先從航天器說起。

As the only company to have successfully landed and completed a NASA commercial lunar payload services mission, we were honored to have the agency award us with back-to-back contracts worth $177 million to fly Blue Ghost Mission 4. Targeting a 2029 launch, this mission will see Blue Ghost deliver five NASA payloads to the Moon South Pole, supporting our annual lunar flight cadence.

作為唯一一家成功著陸並完成 NASA 商業月球有效載荷服務任務的公司，我們很榮幸獲得 NASA 連續授予的價值 1.77 億美元的合同，執行“藍色幽靈”4 號任務。該任務計劃於 2029 年發射，屆時「藍色幽靈號」將向月球南極運送五個 NASA 有效載荷，以支援我們每年的月球飛行計劃。

On this mission, Blue Ghost will enable NASA to evaluate the moon South Pole resources such as hydrogen and water as well as study the radiation and thermal environment. The Moon South pole is a strategic priority for our nation as we anticipate a high density of resources that supports the growth of the lunar ecosystem.

在這次任務中，「藍色幽靈」將使美國太空總署能夠評估月球南極的資源，例如氫和水，並研究輻射和熱環境。月球南極是我們國家的戰略重點，因為我們預期那裡蘊藏大量資源，能夠支持月球生態系統的發展。

Another opportunity we are able to provide to our customers was collecting additional data above contractual requirements during our first mission. In September, NASA awarded us a $10 million contract addendum for Blue Ghost Mission 1 for the acquisition of additional LUNAR data collected. This stands as a historic lunar economic milestone as it represents the start of monetizing valuable data of the moon to support more science and exploration, the understanding of the geographic features of the moon surface, and to support future human mobility, mining, and infrastructure initiatives.

我們能夠為客戶提供的另一個機會是，在我們的第一次任務中收集超出合約要求的額外數據。9 月，NASA 授予我們一份價值 1000 萬美元的「藍色幽靈」1 號任務合約補充協議，用於獲取收集到的更多月球數據。這標誌著月球經濟發展史上的里程碑，因為它標誌著開始將月球的寶貴數據貨幣化，以支持更多的科學研究和探索，了解月球表面的地理特徵，並支持未來的人類移動、採礦和基礎設施建設。

Of note, we continue to pursue additional sales opportunities beyond NASA for our Blue Ghost Mission 1 lunar data. We're in discussions with multiple commercial and international organizations about how the information gathered by Blue Ghost Mission 1 can benefit future missions such as how we successfully landed and maintain operations through extreme temperature ranges on the moon.

值得注意的是，我們仍在尋求向 NASA 以外的客戶銷售我們的「藍色幽靈」1 號任務月球資料。我們正在與多家商業和國際組織討論如何利用「藍色幽靈」1號任務收集的資訊來幫助未來的任務，例如我們如何在月球上成功著陸並在極端溫度範圍內維持運作。

The Blue Ghost data sale also serves as validation for our Ocula commercial imaging and mapping service model we are debuting with our Blue Ghost Mission 2. Hosted by an electroorbiter, Ocula will continue to provide even higher resolution imagery, videos, and multispectral phenomenology data that can support NASA, the commercial lunar industry, international entities, and the US Space Force missions on and around the moon.

Blue Ghost 資料銷售也驗證了我們 Ocula 商業影像和測繪服務模式的有效性，我們將在 Blue Ghost Mission 2 中首次推出此模式。由電軌探測器搭載的 Ocula 將繼續提供更高解析度的影像、視訊和多光譜現象學數據，以支援 NASA、商業月球產業、國際實體和美國太空部隊在月球上和月球周圍的任務。

Blue Ghost Mission 2 targeted to launch next year is well underway. We built and fit-checked the structural qualification models that will support our second mission as well as performed initial systems level qualification testing on site in Texas before delivering to the Jet Propulsion Laboratory in Pasadena, California, where further testing is underway.

計劃於明年發射的「藍色幽靈」2號任務正在順利進行中。我們建造並檢查了將支援我們第二次任務的結構鑑定模型，並在德克薩斯州現場進行了初步的系統級鑑定測試，然後交付給位於加利福尼亞州帕薩迪納的噴氣推進實驗室，在那裡正在進行進一步的測試。

This pioneering multi-mission effort will land on the far side of the moon, which will be a first for a US lunar lander and then perform the NASA's LuSEE-Night science mission to sense radio frequency signals traveling over millions of years that could help unlock answers about our universe. In addition, our lander will deploy the Rashid Rover 2 for the United Arab Emirates' Mohammed Bin Rashid Space Centre. The full stack will also include an electric transfer vehicle that will deploy the lander as well as a European Space Agency Lunar Pathfinder satellite.

這項開創性的多任務計劃將登陸月球背面，這將是美國月球著陸器首次登陸月球背面，然後執行 NASA 的 LuSEE-Night 科學任務，探測數百萬年來傳播的無線電頻率信號，這些信號可能有助於揭開我們宇宙的秘密。此外，我們的登陸器還將為阿聯酋穆罕默德·本·拉希德航天中心部署拉希德火星車 2 號。完整的系統還將包括一輛電動運輸車，用於部署登陸器以及歐洲太空總署的月球探路者衛星。

We are excited about the nation, Congress, and world's growing focus on the moon. We anticipate the next NASA administrator to further reinforce this, leveraging transformative commercial technologies and increasing both the magnitude and frequency of high return on investment programs like that of the Commercial Lunar Payload Services program.

我們對國家、國會和全世界日益關注月球感到興奮。我們預計下一任 NASA 局長將進一步加強這一點，利用變革性的商業技術，並增加商業月球有效載荷服務計劃等高投資回報計劃的規模和頻率。

Moving to Elytra, our Mission 1 team conducted simulation testing in preparation for the spacecraft to ship out for launch. This rigorous testing campaign saw our team perform more than 200 hours of rehearsals, simulating dozens of orbits around the earth. Back in our Hive Spacecraft clean room, assembly is underway of our Elytra Mission 2 spacecraft, which will support Blue Ghost Mission 2, as mentioned earlier.

接下來，我們的任務 1 團隊前往 Elytra，進行模擬測試，為太空船出貨發射做準備。在這項嚴格的測試活動中，我們的團隊進行了超過 200 小時的排練，模擬了數十次在地球軌道上運行。回到我們的 Hive Spacecraft 無塵室，我們正在組裝 Elytra Mission 2 航天器，該航天器將支援 Blue Ghost Mission 2，正如前面提到的。

And Elytra Mission 3 completed its preliminary design review, maturing the vehicle's high maneuverability design as we prepare for the Defense Innovation Unit's high-priority national security space domain awareness demonstration mission in 2027 and reduced risk for future space domain awareness programs of record. In addition, our SciTec team can enhance the mission with its over four decades of classified data processing and mission operations experience.

Elytra 任務 3 完成了初步設計審查，完善了飛行器的高機動性設計，為國防創新部門在 2027 年開展的高優先級國家安全空間領域感知演示任務做準備，並降低了未來空間領域感知計劃的風險。此外，我們的科技團隊擁有超過四十年的機密資料處理和任務操作經驗，可以增強任務的完成能力。

Additionally, Elytra is increasingly supporting more NASA initiatives. We partnered with Advanced Space to support NASA's LunaNet Communications Relay service. We're developing a mission framework that utilizes our Elytra vehicle as a transfer stage for the Relay network, similar to how we will use Elytra on Blue Ghost missions.

此外，Elytra 也越來越多地支持 NASA 的各項計畫。我們與 Advanced Space 公司合作，為 NASA 的 LunaNet 通訊中繼服務提供支援。我們正在開發一個任務框架，利用我們的 Elytra 飛行器作為中繼網路的轉移階段，類似於我們將在 Blue Ghost 任務中使用 Elytra 的方式。

NASA also awarded an Elytra study contract to demonstrate how to meet the need for multi-spacecraft and multi-orbit delivery to difficult-to-reach orbits beyond current launch service offerings, highlighting the multi-mission capability of Elytra.

NASA 還授予了 Elytra 研究合同，以展示如何滿足將多航天器和多軌道貨物運送到當前發射服務無法到達的軌道的需求，從而突出了 Elytra 的多任務能力。

Shifting to the launch side of our business, we signed an IDIQ and task order for a hypersonic test mission on Alpha with a confidential customer. We're proud to have Alpha support these critical national security missions, which further diversifies Alpha customer base, and we look forward to sharing more information when possible.

轉向我們業務的發射方面，我們與一位保密客戶簽署了一份 IDIQ 和任務訂單，用於在 Alpha 上進行高超音速測試任務。我們很榮幸 Alpha 能夠支援這些重要的國家安全任務，這進一步豐富了 Alpha 的客戶群體，我們期待在條件允許的情況下分享更多資訊。

We also signed an agreement with SPACE COTAN to study launching Alpha from the Hokkaido Spaceport in Japan, in addition to work underway at our coming launch sites in Virginia and Sweden. This potential launch site in Northern Japan offers strategic orbital access advantages, provides resiliency in launch pads, and would allow us to tap into the large satellite industry in Asia, while also supporting US allies in the region.

我們還與 SPACE COTAN 簽署了一項協議，研究從日本北海道航太發射場發射 Alpha 火箭，此外，我們在維吉尼亞州和瑞典即將建成的發射場也正在進行相關工作。日本北部這個潛在的發射場具有戰略性的軌道接入優勢，能夠增強發射台的韌性，使我們能夠進入亞洲龐大的衛星產業，同時支持該地區的美國盟友。

Development of Eclipse, our medium-lift reusable rocket, continued to progress in the third quarter. The build of all first flight Miranda engines is underway. The first Vira development engine, which powers the upper stage of Eclipse has completed the majority of design reviews, clearing the way for manufacturing to begin build. We're on track to begin Vira hot fire testing in the first half of next year. And we've begun final assembly of the launch site hold-down release adapter ahead of a fit check with the first flight engine bay.

我們的中型可重複使用火箭「日蝕」的研發工作在第三季繼續取得進展。所有首架米蘭達引擎的建造工作正在進行中。為 Eclipse 上層提供動力的 Vira 首款開發引擎已完成大部分設計評審，為開始製造掃清了障礙。我們正按計劃推進，並將於明年上半年開始對 Vira 進行高溫測試。我們已經開始對發射場固定釋放適配器進行最終組裝，以便與第一架飛行引擎室進行適配性檢查。

I am so proud of our Firefly and the SciTecers who now are part of our team. They achieved historical milestones, proven to deliver operational systems, and continue to do the boldest missions in space, and we are just getting started. We are focused on executing our strategic growth plan, fostering a culture of safety, quality, reliability, and innovation. We are enhancing our products and with our dedicated and passionate Firefly team, we collaborate with our partners in achieving new category-defining missions in space to help protect, connect, and explore.

我為我們的螢火蟲和現在加入我們團隊的科學技術員們感到無比自豪。他們取得了歷史性的里程碑，證明了他們能夠交付可運行的系統，並且繼續執行太空中最艱鉅的任務，而我們才剛剛起步。我們專注於執行策略性成長計劃，培養安全、品質、可靠性和創新文化。我們正在改進我們的產品，憑藉我們敬業且充滿熱情的螢火蟲團隊，我們與合作夥伴攜手合作，在太空領域完成新的、定義類別的任務，以幫助保護、連接和探索。

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

有了這份業務概要，接下來我將把第三季財務報告交給達倫進行審核。

Thank you, Jason. And good afternoon, everyone. In today's call, I'm going to review the SciTec acquisition, which recently closed, discuss our third quarter financial results, and provide our revenue outlook for the remainder of 2025.

謝謝你，傑森。大家下午好。在今天的電話會議中，我將回顧最近完成的對 SciTec 的收購，討論我們第三季度的財務業績，並提供我們對 2025 年剩餘時間的收入展望。

I would like to thank the teams from both Firefly and SciTec for the incredible dedication and laser focus on completing this transaction in just a month after announcing the proposed deal. As we noted at the time of the transaction announcement on October 5, the purchase price of approximately $855 million included a combination of $300 million in cash and 11.1 million shares of our common stock at $50 per share.

我要感謝 Firefly 和 SciTec 的團隊，感謝他們令人難以置信的奉獻精神和高度專注，在宣布擬議交易後僅一個月就完成了這項交易。正如我們在 10 月 5 日宣布交易時所指出的那樣，此次收購價格約為 8.55 億美元，其中包括 3 億美元現金和 1,110 萬股普通股，每股價格為 50 美元。

Recently, we upsized our revolving credit facility to $260 million from $125 million. For the cash portion, we used $40 million from our cash balances with the remaining amount coming from our recently upsized revolving credit facility. After careful analysis, we concluded increasing our revolver and minimizing cash usage was the most prudent way to maintain our fortress-like balance sheet that we will leverage to drive our growth objectives.

最近，我們將循環信貸額度從 1.25 億美元增加到 2.6 億美元。現金部分，我們使用了現金餘額中的 4000 萬美元，剩餘部分來自我們最近擴大的循環信貸額度。經過仔細分析，我們得出結論：增加循環信貸額度並儘量減少現金使用，是維持我們堅固資產負債表的最謹慎方式，我們將利用這種資產負債表來實現我們的成長目標。

Before reviewing our third quarter performance, I want to reemphasize that operational metrics drive Firefly's financial performance. Key operational metrics include the number of launches and execution on program milestones across both our spacecraft solutions and launch businesses. Specifically, in our spacecraft solutions business, which will include SciTec going forward, we recognize revenue as a percentage of completion under each contract.

在回顧我們第三季的業績之前，我想再次強調，營運指標驅動螢火蟲的財務表現。關鍵營運指標包括太空船解決方案和發射業務的發射次數和專案里程碑的執行情況。具體來說，在我們的太空船解決方案業務（未來將包括 SciTec）中，我們以每份合約的完成百分比確認收入。

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. For Eclipse, while in development, we recognize revenue as a percentage of completion based on program milestones as part of the Northrop Grumman partnership. Once the Eclipse vehicle is operational, we will recognize revenue as launches occur.

對於產品發布業務，我們關注的是發布次數。我們營運的 Alpha 運載火箭的收入在發射發生時確認。對於 Eclipse 項目，在開發過程中，我們根據與諾斯羅普·格魯曼公司的合作，按照專案里程碑的完成百分比來確認收入。一旦 Eclipse 運載火箭投入運營，我們將根據發射情況確認收入。

Now, turning to our third quarter results. Revenue was $30.8 million. This compares with $15.5 million in the second quarter and $22.4 million in the same quarter a year ago. Within our total revenue, spacecraft solutions was $21.4 million and launch was $9.4 million. The sequential increase was primarily driven by the Blue Ghost Mission 1 data sale to NASA, progress on Blue Ghost Mission 2 development, and the ramp of Elytra Mission 3 for the Defense Innovation Unit.

現在，讓我們來看看第三季的業績。營收為3080萬美元。相比之下，第二季為 1,550 萬美元，去年同期為 2,240 萬美元。在我們的總收入中，太空船解決方案收入為 2,140 萬美元，發射收入為 940 萬美元。此次環比成長主要得益於向美國太空總署出售「藍色幽靈」任務 1 的數據、「藍色幽靈」任務 2 的開發進展以及國防創新部門「鞘翅」任務 3 的啟動。

We ended the third quarter with a total backlog of approximately $1.3 billion. This was up from $1.1 billion at the end of the second quarter, driven by the NASA Eclipse contract award Jason referenced earlier. Backlog is one of the key metrics we monitor and is a leading indicator of our future revenue performance.

第三季末，我們的積壓訂單總額約為 13 億美元。這一數字較第二季末的 11 億美元有所增長，主要得益於 Jason 前面提到的 NASA Eclipse 合約的授予。積壓訂單是我們監控的關鍵指標之一，也是我們未來營收表現的領先指標。

Third quarter gross margin was 27.6%. This compares with 25.7% in the prior quarter and 34.7% in the same quarter a year ago.

第三季毛利率為27.6%。相比之下，上一季為 25.7%，去年同期為 34.7%。

GAAP operating expenses for the third quarter were $70.7 million compared with $58.3 million in the second quarter and $42 million in the same quarter a year ago. The changes were primarily driven by an increase in launch material expenses, costs associated with becoming a public company and onetime expenses, including those related to the IPO and acquisition-related transactions.

第三季 GAAP 營運費用為 7,070 萬美元，而第二季為 5,830 萬美元，去年同期為 4,200 萬美元。這些變化主要是由於上市材料費用增加、成為上市公司的相關成本以及一次性支出（包括與首次公開發行和收購相關交易相關的支出）所致。

For operating expenses, the primary differences between GAAP and non-GAAP are stock-based compensation expense and onetime expenses. Non-GAAP operating expenses for the third quarter were $61.3 million compared with $55.8 million in the second quarter and $39.7 million in the same quarter a year ago. The changes were driven by the same factors as I noted in the GAAP operating expense comments.

對於營運費用，GAAP 和非 GAAP 之間的主要區別在於股權激勵費用和一次性費用。第三季非GAAP營運費用為6,130萬美元，而第二季為5,580萬美元，去年同期為3,970萬美元。這些變化是由與我在 GAAP 營運費用評論中提到的相同因素所驅動的。

GAAP operating loss was $62.2 million compared with a loss of $54.4 million in the second quarter and a loss of $34.2 million in the third quarter a year ago. Non-GAAP operating loss was $52.8 million compared with a loss of $51.8 million in the second quarter and a loss of $31.9 million in the third quarter a year ago.

GAAP 營業虧損為 6,220 萬美元，而第二季虧損為 5,440 萬美元，去年同期第三季虧損為 3,420 萬美元。非GAAP營業虧損為5,280萬美元，而第二季虧損為5,180萬美元，去年同期第三季虧損為3,190萬美元。

Our GAAP net loss in Q3 was $133.4 million. This compares with a loss of $63.8 million in the prior quarter and $40.8 million in the same quarter a year ago. The sequential difference was due primarily to a change in warrant liability and the payoff of an existing term loan following the IPO. Our non-GAAP net loss in Q3 was $51.4 million. This compares with a loss of $57.1 million in the prior quarter and $38.2 million in the same quarter a year ago.

我們第三季的GAAP淨虧損為1.334億美元。相較之下，上一季虧損 6,380 萬美元，去年同期虧損 4,080 萬美元。實際差異主要歸因於IPO後認股權證負債的變化以及現有定期貸款的償還。第三季非GAAP淨虧損為5,140萬美元。相較之下，上一季虧損 5,710 萬美元，去年同期虧損 3,820 萬美元。

GAAP basic and diluted net loss per share was a loss of $1.50 based on a weighted average share count of 93.8 million. Non-GAAP basic and diluted net loss per share was a loss of $0.55 based on a weighted average share count of 93.8 million.

根據 GAAP 基本和稀釋每股淨虧損為 1.50 美元，加權平均股數為 9,380 萬股。根據加權平均股數 9,380 萬股計算，以非公認會計準則計算，每股基本和稀釋淨虧損為 0.55 美元。

For some additional granularity on EPS and share count, as a reminder, our IPO date was August 7. If you took into account a full normalized quarter as a public company, assuming that the IPO and its related transactions, including the repayment of our term loan facility occurred prior to the beginning of the third quarter, the basic and diluted non-GAAP net loss per share would have been a loss of $0.33 based on a weighted average share count of 147.7 million.

為了更詳細地說明每股盈餘和股份數量，提醒一下，我們的首次公開發行日期是 8 月 7 日。如果將公司作為一家上市公司的完整正常季度考慮在內，假設首次公開募股及其相關交易（包括償還定期貸款）發生在第三季度開始之前，則基於 1.477 億股的加權平均股數，基本和稀釋的非 GAAP 每股淨虧損將為虧損 0.33 美元。

Adjusted EBITDA in the third quarter was negative $46.3 million compared with negative $47.9 million in the second quarter and negative $28 million in the third quarter a year ago.

第三季調整後 EBITDA 為負 4,630 萬美元，而第二季為負 4,790 萬美元，去年同期為負 2,800 萬美元。

Turning to our balance sheet. As of September 30, our cash and cash equivalents and restricted cash was approximately $996 million. Firefly's fortified balance sheet positions us to scale our market-leading products and fuel strategic growth in the years ahead. Capital expenditures in the third quarter were $8.9 million compared with $9.2 million in the second quarter and $8.2 million in the third quarter of 2024.

接下來來看看我們的資產負債表。截至9月30日，我們的現金及現金等價物及受限現金約為9.96億美元。Firefly 穩健的資產負債表使我們能夠擴大市場領先產品的規模，並在未來幾年推動策略成長。第三季資本支出為 890 萬美元，而第二季為 920 萬美元，2024 年第三季為 820 萬美元。

Free cash flow was negative $62 million compared with negative $37.3 million in the second quarter and negative $44.8 million in the third quarter of 2024. The increase in negative free cash flow is primarily driven by Blue Ghost mission launch prepayments and investments in Eclipse development.

自由現金流為負 6200 萬美元，而 2024 年第二季為負 3,730 萬美元，第三季為負 4,480 萬美元。負自由現金流的增加主要是由於「藍色幽靈」任務發射預付款和對「日蝕」計畫開發的投資所致。

With the government shutdown, we are assessing what lingering impact that the closure will have on our financial results. During the closure, there was a pause of many government programs that resulted in delays with some contract receivable payment dates and customer milestone reviews. As of now, we don't have clarity when the government's normal operations will ramp and payments that were on hold will be made.

由於政府停擺，我們正在評估此次停擺將對我們的財務表現產生哪些持續影響。停工期間，許多政府專案暫停，導致一些合約應收帳款的支付日期和客戶里程碑審查出現延誤。目前，我們尚不清楚政府何時才能恢復正常運轉，以及暫停發放的款項何時才能支付。

Now, moving to our outlook. We currently expect full year 2025 revenue will be in the range of $150 million to $158 million, which is an increase from the $133 million to $145 million range we previously provided. And for clarification, with the SciTec close date of October 31 and shares associated with the transaction, we expect our basic and diluted weighted average shares outstanding for Q4 to be between 155 million and 157 million shares.

現在，讓我們來看看我們的展望。我們目前預計 2025 年全年收入將在 1.5 億美元至 1.58 億美元之間，比我們之前提供的 1.33 億美元至 1.45 億美元範圍有所增加。為澄清起見，鑑於 SciTec 的交易完成日期為 10 月 31 日，且與該交易相關的股份數量，我們預計第四季度我們的基本和稀釋加權平均流通股數量將在 1.55 億股至 1.57 億股之間。

I would like to thank everyone for their interest in Firefly. I'll now turn the call back to Jason for his closing remarks.

感謝大家對《螢火蟲》的關注。現在我將把電話轉回給傑森，請他作總結發言。

Thank you, Darren. Since the end of the third quarter, Firefly has been pushing forward with additional progress on several items. Recently, we took delivery of Rashid Rover 2, which, as noted earlier, is a payload we're flying on Blue Ghost Mission 2. The UAE MBRSC team has been a pleasure to work with and payload delivery was very smooth as a testament to their team's impeccable knowledge and dedication to space and the moon. We are honored to be supporting MBRSC, further strengthening US relations with the UAE.

謝謝你，達倫。自第三季末以來，螢火蟲公司一直在推進多個專案的進展。最近，我們接收了 Rashid Rover 2，正如前面提到的，它是我們在 Blue Ghost 2 任務中搭載的有效載荷。與阿聯酋MBRSC團隊合作非常愉快，有效載荷的交付也非常順利，這證明了該團隊對太空和月球擁有無可挑剔的知識和奉獻精神。我們很榮幸能夠支持穆罕默德·本·拉希德航太中心（MBRSC），進一步加強美國與阿聯酋的關係。

Our Blue Ghost Mission 3 team completed the preliminary design review as the mission progresses towards its launch for NASA targeted for 2028. As a reminder, Blue Ghost Mission 3 will utilize Firefly's Blue Ghost lander, an electroorbiter and a Rover from Blue Origin Honeybee to investigate the unique composition of the Gruithuisen Domes, a part of the moon that has never been explored before. Blue Ghost Mission 3 will deploy the Rover and operate six NASA-sponsored payloads for more than 14 days on the lunar surface.

我們的「藍色幽靈」3號任務團隊完成了初步設計審查，該任務正朝著美國太空總署計劃於2028年發射的目標穩步推進。提醒一下，藍色幽靈任務 3 將利用螢火蟲公司的藍色幽靈登陸器、藍色起源公司的電軌道飛行器和蜜蜂號火星車，來調查格魯伊特豪森穹丘的獨特成分，這是月球上以前從未探索過的一部分。「藍色幽靈」任務 3 將部署月球車，並在月球表面運行六個由 NASA 贊助的有效載荷超過 14 天。

And I'd be remiss if I didn't mention that Time named Blue Ghost Mission 1 to its list of the best inventions of 2025, with Firefly Spacecraft Program Director, Ray Allensworth, also named among the world's rising stars on the TIME100 Next list. The planets are aligned with the White House, Pentagon, and NASA demanding speed and scale through transformational change, leveraging commercial innovation and investments into technology and production systems.

如果我不提及《時代》雜誌將「藍色幽靈」1號任務列入2025年最佳發明榜單，那就太失職了。同時，「螢火蟲」太空船計畫主管雷‧艾倫斯沃斯也被列入《時代》雜誌100位新星榜單。行星運作的趨勢與白宮、五角大廈和美國太空總署的要求一致，他們要求透過變革性變革來加快速度並擴大規模，利用商業創新和對技術和生產系統的投資。

We're delivering on those demands. We've mapped our return to flight path for Alpha Flight 7, added Alpha contracts via the hypersonic task order and are expanding our plans for multiple resilient launch sites. We are pursuing the $175 billion Golden Dome program on multiple fronts and are clearing operational milestones across our product lines. These are exciting times at Firefly as we execute our strategic growth plans and create new categories in space that support our customers and inspires the world.

我們正在滿足這些要求。我們已經為 Alpha Flight 7 制定了復飛路線圖，透過高超音速任務訂單增加了 Alpha 合同，並且正在擴大我們多個彈性發射場的計劃。我們正在多方面推進價值 1750 億美元的「金色穹頂」計劃，並在我們的產品線中逐步實現營運里程碑。對於 Firefly 而言，這是一個令人興奮的時刻，我們正在執行策略性成長計劃，並在太空領域創造新的類別，以支持我們的客戶並激勵世界。

That concludes our prepared remarks. I'll turn it back over to Michael.

我們的發言稿到此結束。我會把它交還給麥可。

Thank you, Jason. Operator, we're ready to take questions.

謝謝你，傑森。接線員，我們已準備好接受提問。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作說明）Sheila Kahyaoglu，傑富瑞集團。

Maybe just on visibility into Launch 7 timing now. How do you think about how that impacts 2026 alpha launches? Does that put pressure on the rest of the manifest? Or do we think about Launch 8 still a good target timing?

或許現在只需要了解 Launch 7 的具體時間。您認為這會對 2026 年的 alpha 版本發布產生什麼影響？這是否會對清單上的其他部分造成壓力？或者我們認為第八次發射仍然是一個合適的時機？

Yes, Sheila, thank you for that question. This is Jason. So we're targeting in between late fourth quarter and beginning of early first quarter for our Flight 7 launch. We'll get a lot of post-flight data from that. But we are still assessing 2026.

是的，希拉，謝謝你的提問。這是傑森。因此，我們計劃在第四季末到第一季初之間推出我們的第七架飛行器。我們將從中獲得大量飛行後數據。但我們仍在評估 2026 年的情況。

And our plans are we get a good flight up, get the post data and continue production. As you know, we have a production line going. And so that's how we were able to take the next Stage 1 booster and apply it to our Flight 7. So we're just continuing to make progress on production.

我們的計畫是，我們順利飛上去，取得後續數據，然後繼續生產。如你所知，我們有一條生產線正在運作。所以，我們才能將下一個第一階段助推器應用到我們的第七次飛行任務。所以我們在生產方面正不斷取得進展。

Got it. And then maybe if I could ask on -- I know it's only been a few days since you closed SciTec. So how are you just thinking about the next quarter or going into year-end moving forward on the integration and the road map there and just potential revenue synergies?

知道了。然後，我是否可以再問一下——我知道距離您關閉 SciTec 才幾天時間。那麼，您是如何看待下一季或年底的整合工作和路線圖，以及潛在的收入綜效的呢？

Yes. Sheila, the integration with SciTec is going very smoothly. We've done a lot of work with our finance and accounting and our human resources and IT and the list goes on and on, especially in engineering. One of the strategic values of the SciTec acquisition was it bolsters our national security pursuits, particularly the $175 billion Golden Dome program. And in addition, when we look at M&A, we're looking at strategic fit.

是的。Sheila，與SciTec的整合進展非常順利。我們在財務、會計、人力資源、IT 等方面做了很多工作，尤其是在工程方面，還有很多其他方面。收購 SciTec 的戰略價值之一在於它加強了我們的國家安全事業，特別是價值 1,750 億美元的「黃金穹頂」計畫。此外，當我們進行併購時，我們也會考慮策略契合度。

We're looking at culture fit, financials as well but also synergies. And in the engineering department, there are a lot of synergies with software. Our hardware is defined by the software that goes into it. And so SciTec best practices and software developers, especially the classified software developers will help bolster our capabilities that we already build today. So there's a lot of synergies there.

我們會考慮文化契合度、財務狀況，以及綜效。在工程部門，軟體方面有許多綜效。我們的硬體是由其內部的軟體決定的。因此，SciTec 的最佳實踐和軟體開發人員，特別是機密軟體開發人員，將有助於增強我們今天已經建立的能力。所以這其中有很多協同效應。

And in addition, SciTec has a lot of capabilities that they could leverage Firefly as well for their programs, in particular. There's a lot of FORGE work that they're doing, a lot of command and control work that they're doing, a lot of autonomy that they're doing. And there's a lot of synergies with what we're doing with our Elytra spacecraft in terms of space domain awareness, missile warning, missile tracking and autonomy that we could synergize with SciTec.

此外，SciTec 擁有許多可以利用 Firefly 來進行其專案的能力，尤其是在這些專案方面。他們做了很多 FORGE 方面的工作，做了很多指揮控制方面的工作，也做了很多自主管理方面的工作。我們在 Elytra 太空船上所做的工作，在太空領域感知、飛彈預警、飛彈追蹤和自主性方面，與 SciTec 有許多協同效應，我們可以將這些協同效應結合起來。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

I wanted to follow up on SciTec. How should we think about the growth rate in that business versus the LTM revenue that you've reported? And then -- well, let's just start with that one and then I have a follow-up as well.

我想跟進一下SciTec的情況。我們應該如何看待該業務的成長率與您報告的過去 12 個月收入之間的關係？然後——好吧，我們就先從這個開始吧，之後我還有一個後續問題。

Yes. Seth, this is Darren. We haven't broken out SciTec separately. We've rolled it in and factored into our 2025 number. So I mean, when you look at 2026, that's obviously dependent on a number of factors, a number of alpha launches.

是的。塞思，這是達倫。我們沒有單獨列出 SciTec。我們已經將其納入考量，併計入了我們 2025 年的預測數據。所以我的意思是，展望 2026 年，這顯然取決於許多因素，以及一些 alpha 版本的發布。

We have -- we're making great progress on the Eclipse side while generating revenue on the development. And on the spacecraft side, we've got Blue Ghost Missions 2, 3, and 4 ramping all in parallel as well as Elytra missions.

我們在 Eclipse 方面取得了巨大進展，同時在開發過程中也創造了收入。在太空船方面，我們有藍色幽靈號任務 2、3 和 4 號都在同步推進，還有鞘翅任務。

Okay. And -- okay. And so SciTec, not really much color at this point about how that -- I think it was 160 something in the slides for the LTM revenue.

好的。好的。所以，SciTec 目前還沒有太多關於這方面的細節——我認為在幻燈片中，LTM 收入是 160 多美元。

Yes. We've included -- obviously, I mean, right now, there's some moving parts, but we've included two months of that into our 2025 revenue guidance.

是的。我們已經將——顯然，我的意思是，目前還有一些不確定因素，但我們已將其中兩個月納入了我們的 2025 年收入預期。

Right. Okay. And I guess when we think about just more conceptually about how this fits into the business, SciTec can obviously provide -- you talked about the analogy with the iPhone and the apps and having it go into your hardware. Is the intention for this to be something that's exclusively or very much having the resources dedicated to your hardware? Or to the extent that there's other hardware involved in Golden Dome that you would be pursuing the ability to have SciTec apps or SciTec involved in supporting the hardware that's made by others?

正確的。好的。我想，當我們從概念上更深入地思考這如何融入業務時，SciTec 顯然可以提供——你談到了 iPhone 和應用程式的類比，以及將其融入硬體。你們的目的是將資源完全或很大程度上用於你們的硬體嗎？或者，如果 Golden Dome 還涉及其他硬件，您是否希望 SciTec 應用程式或 SciTec 參與支援其他公司製造的硬體？

Yes, Seth, this is Jason. Thank you for that question. SciTec will be operated as a Firefly subsidiary, and they'll operate under its current business model. So Jim Lisowski is the CEO of SciTec. He'll report into me directly.

是的，塞思，這是傑森。謝謝你的提問。SciTec 將作為 Firefly 的子公司運營，並沿用其現有的商業模式。吉姆·利索夫斯基是SciTec公司的執行長。他將直接向我報告。

We did that for deliberately so that SciTec can continue to provide their best-in-class capabilities for all of their government customers but also their commercial customers. There's a number of prime contractors that they support with both ground processing and software analytics. But in addition, also onboard processing, edge processing as well with the algorithms. And so we want them to continue that growing business. But where there are synergies is we build our own spacecraft as well, our lunar landers and our electro-orbiters.

我們這樣做是刻意為了讓 SciTec 能夠繼續為所有政府客戶以及商業客戶提供一流的服務。他們為許多主要承包商提供地面處理和軟體分析的支援。此外，演算法還支援板載處理、邊緣處理等功能。所以我們希望他們能夠繼續發展這項業務。但協同效應體現在我們也能建造自己的太空船，例如月球登陸器和電軌道飛行器。

And so we will be able to leverage their software developers and their best practices and their algorithms to put on board our spacecraft as well in addition to who they already support. In addition, they also do a lot in ground command and control and ground processing. And that's something that today could help some of our programs that we have for national security in that they could provide classified mission operation centers as well as classified processing.

因此，除了他們已經支援的物件之外，我們還可以利用他們的軟體開發人員、最佳實踐和演算法，將它們部署到我們的太空船上。此外，他們還在地面指揮控制和地面處理方面做了很多工作。而這在今天可以幫助我們的一些國家安全項目，因為它們可以提供機密任務運行中心以及機密處理。

In terms of Golden Dome, what they add to our offering is, as you know, Firefly offers our Alpha responsive launch capability to launch targets as well as hypersonic test vehicles. We also have our Elytra spacecraft that can serve and is well positioned for the maneuverability requirements for a space-based interceptor capability. But SciTec has the ground processing and fire control element that is also required by the Golden Dome program. And that's something that gives us multiple shots of the goal for Golden Dome.

就 Golden Dome 而言，如您所知，他們為我們的產品增添了 Alpha 響應式發射能力，可以發射目標以及高超音速試驗飛行器。我們還有 Elytra 航天器，它能夠滿足天基攔截器所需的機動性要求，並且定位非常合理。但 SciTec 擁有金色穹頂計畫所需的地面處理和火控元件。而這給了我們多次射門得分的機會，讓金頂球場重現輝煌。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

I wanted to ask about the international opportunity. You cited the Alpha partnership in Japan. What kind of volume do you think of launches is maybe up for grabs outside the US?

我想諮詢國際交流機會。你提到了在日本的 Alpha 合作關係。您認為在美國以外地區，有哪些潛在的產品發布量可供開發？

The short answer is we want to continue building on the relationship with Japan and others in that region. As we build up relationships, we'll give more firm numbers in terms of the total available market. But what I would say is, in the past, I've heard that Japan has $6 billion for applying to space. So that's a very large market. And they are also looking at their own space force that they stood up in the past couple of years.

簡言之，我們希望繼續加強與日本及該地區其他國家的關係。隨著我們與客戶關係的不斷深化，我們將提供更確切的市場總量數據。但我可以肯定的是，我過去曾聽說日本有 60 億美元用於太空探索。所以這是一個非常大的市場。他們也正在關注過去幾年組建的自己的太空部隊。

And so we envision that they'll need the same things that the US and other allies will need, things like responsive launch, things like SciTec ground processing and software, also things like constellation launch with Eclipse and furthermore, orbiters such as Elytra. We're working with not only Japan but the European Space Agency. We've been in discussions with the UAE, as mentioned before, and the MBRSC. So it goes beyond just Alpha launches, it includes all of our product lines.

因此，我們設想他們將需要與美國和其他盟友相同的東西，例如快速響應發射、SciTec 地面處理和軟體、Eclipse 星座發射以及 Elytra 等軌道飛行器。我們不僅與日本合作，也與歐洲太空總署合作。如前所述，我們一直在與阿聯酋和穆罕默德·本·拉希德航天中心 (MBRSC) 進行討論。所以它不僅限於 Alpha 版本發布，還包括我們所有的產品線。

And the success and progress we've had with expansion into other launch sites that gives us more resiliency of launch and more opportunities to have launch cadence launching from more destinations such as Wallops and Sweden, gives us a lot of good experience to support the study with SPACE COTAN.

我們在向其他發射場擴張方面取得的成功和進展，使我們的發射更具韌性，並為我們提供了更多機會，可以從沃洛普斯和瑞典等更多目的地進行發射，這為我們提供了許多良好的經驗來支持 SPACE COTAN 研究。

Understood. And then separate topic, I want to follow up on the SciTec question earlier. Can you disclose any sort of maybe backlog numbers or pipeline numbers around that business? And I know that kind of not trying to give out a growth rate but you would expect this to grow right going forward in the next couple of years?

明白了。另外，我想就之前提到的 SciTec 問題再談一下。您能否透露一下該公司的積壓訂單數量或潛在訂單數量？我知道我不想給出具體的成長率，但你肯定會預期它在未來幾年內會成長吧？

Yes, absolutely, Edison. So I'll give you a little bit more color there in terms of SciTec. SciTec backlog is roughly $170 million. So that will be additive to the $1.3 billion that we exited Q3 with.

是的，當然，愛迪生。那麼，我將從科技的角度再給你詳細介紹。科技部門的積壓訂單約為 1.7 億美元。所以這將使我們在第三季末的13億美元收入增加。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

I just wanted to follow up regarding SciTec on the guidance. You guys highlighted last 12 months, revenue for SciTec is $164 million. So if we kind of look at that on a monthly basis, that implies $14 million of revenue per month, and it looks like you're going to own this thing for about two months. So presumably, that's $28 million of potential SciTec revenue in 2025, but you only raised the midpoint of your guidance by $15 million. Can you talk us through what the moving pieces here are of the changes?

我只是想就 SciTec 的指導意見進行後續跟進。你們重點提到了過去 12 個月，SciTec 的收入為 1.64 億美元。所以如果我們按月來看，這意味著每月收入 1400 萬美元，而且看起來你大概會持有這個股票兩個月左右。因此，據推測，SciTec 在 2025 年的潛在收入為 2800 萬美元，但你們只將預期中位數提高了 1500 萬美元。您能為我們詳細介紹一下這些變化涉及哪些方面嗎？

Yes, Kristine, so just to give you a little bit more color there. Yes, it includes -- our guide includes the two months of SciTec. Not all the SciTec revenue is all linear. So that's one part of it. There's obviously some moving pieces there.

是的，克莉絲汀，我只是想給你補充一些細節。是的，它包含——我們的指南包含兩個月的 SciTec 課程。科技業的收入並非都是線性成長的。這是其中一部分。顯然，這裡面有很多變數。

We've also included in our revenue guide and the updated Alpha schedule as well. So it includes, again, the two month of SciTec and our updated Alpha schedule. So at that point, we've raised our guide to where it is the $150 million to $158 million.

我們的收益指南和更新後的 Alpha 測試日程表也包含了這些資訊。所以，它再次包含了兩個月的 SciTec 和我們更新後的 Alpha 計劃。所以，到那時，我們將指導價提高到了 1.5 億美元至 1.58 億美元。

Great. Super helpful. And then also, just looking back regarding your launch success, the Launch 6 was a failure and then this most recent ground testing, this anomalous event also was a failure. So when you look at the repeatability of your capability, can you walk us through what you're changing in your operational structure to make sure that the subsequent launches here would be successful? Are there changes that you're implementing? And how should we think about your path towards a repeatable successful launch?

偉大的。非常有用。此外，回顧一下你們的發射成功情況，第六次發射失敗了，而最近這次地面測試，這次異常事件，也是一次失敗。那麼，當您考慮自身能力的可重複性時，您能否詳細介紹您在營運結構中做了哪些改變，以確保後續的發射能夠成功？你們正在實施哪些變革？那麼，我們該如何看待您實現可重複成功發布之路呢？

Yes. Thank you for that question. Following the test event, we immediately took action and implemented corrective actions, which I mentioned before includes increasing the inspection requirements for the fluid systems, optimizing some first stage sensors and also incorporating additional automated robots. We also had a daylong quality standdown with production integration and test teams where we implemented key process improvements.

是的。謝謝你的提問。測試事件發生後，我們立即採取了行動並實施了糾正措施，正如我之前提到的，這些措施包括提高流體系統的檢查要求、優化一些一級感測器以及增加自動化機器人。我們也與生產整合和測試團隊進行了一整天的品質停工會議，會上我們實施了關鍵的流程改善。

We conducted a number of exercises to review and optimize our existing procedures. And we're going to continue to enhance our reliability and quality culture. The team is going to continue to hold regular exercises for these sustained process enhancements. I will say that safety and quality has been a major focus for me this past year at Firefly.

我們開展了一系列演練，以審查和優化我們現有的流程。我們將繼續提升我們的可靠性和品質文化。為了持續改善流程，團隊將繼續定期進行演練。我想說，在過去一年裡，安全和品質一直是我在螢火蟲公司關注的重點。

After the test event, the team immediately started the root cause analysis and when initial findings showed the process errors, that's when I immediately requested a full stand down production, integration and quality test team standdown day, required all of the executive leaders also to attend. And this was our moment to utilize industry best practices and reset, refocus and return us to flight.

測試活動結束後，團隊立即開始進行根本原因分析，當初步調查結果顯示流程錯誤時，我立即要求生產、整合和品質測試團隊全面停工一天，並要求所有高階主管也參加。而這正是我們運用業界最佳實踐，重新調整方向，重回正軌，重返藍天的時刻。

And do these events with Alpha change the time line with Eclipse at all?

那麼，Alpha 版本中的這些事件是否會對 Eclipse 版本的發佈時間軸產生任何影響？

The short answer is no. We have different flows for Eclipse in terms of the test stands, both the structural testing and the engine testing. There are some subject matter experts we have at the company that are supporting Alpha but that's for a limited period of time. We are also staffing up on the Eclipse program per our program plan. And so this should not -- Alpha should not affect our Eclipse production.

簡而言之，答案是否定的。對於 Eclipse，我們在測試台方面有不同的流程，包括結構測試和引擎測試。公司裡有一些相關領域的專家會為 Alpha 提供支持，但這只是暫時的。根據我們的專案計劃，我們也在為Eclipse專案增加人手。因此，Alpha 版本不應該影響我們的 Eclipse 生產。

I will also say that one of the benefits of our commonality in our product lines is that every time we reduce risk or learn best practices on any one of our product lines, it also benefits the other programs in terms of carbon composites and tap off up cycle engines and test procedures as well.

我還要說，我們產品線的共通性帶來的好處之一是，每當我們降低任何一條產品線的風險或學習最佳實踐時，也會使其他產品線受益，例如碳複合材料、循環引擎和測試程序等。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

My first question is on Golden Dome. Can you please go through some of the details of how Firefly perhaps with SciTec would have opportunity here so we can kind of think about what may be coming as that program starts to have offerings?

我的第一個問題是關於金頂的。您能否詳細介紹一下螢火蟲計劃（Firefly）或許可以與SciTec合作，從而獲得哪些機會，以便我們能夠思考隨著該計劃開始提供課程，未來可能會出現哪些情況？

Yes. Thanks, Suji. This is Jason. I think the plan is aligned, as I mentioned in the call, the White House, the Pentagon, they have strong initiatives for reform for speed and scale and affordability. You've heard that on the Golden Dome program under General Guetlein.

是的。謝謝你，蘇吉。這是傑森。我認為該計劃與白宮和五角大樓的立場一致，正如我在電話會議中提到的，他們有強有力的改革舉措，旨在提高速度、規模和可負擔性。你在蓋特萊因將軍主持的「金頂」節目中聽過這些話。

You've also heard it from Secretary of War Hegseth and others. It's things like the first and only 24-hour Space Force VICTUS NOX mission that they want more of, and we have more of those kind of missions coming as well. They want more OTAs, more CSOs. They want to look at commercial technology first as a default. And so they're very focused on interoperability, speed, scale, strengthening competition in the industrial base.

你也從陸軍部長赫格塞斯和其他人那裡聽過類似的說法。他們想要更多像太空部隊首次也是唯一一次 24 小時 VICTUS NOX 任務這樣的行動，而我們也將有更多類似的任務即將到來。他們想要更多的OTA（線上旅行社）和更多的CSO（公民社會組織）。他們希望先考慮採用商業技術作為預設方案。因此，他們非常注重互通性、速度、規模，以及加強產業基礎的競爭。

With that, we've been in communications with the Golden Dome customers in terms of Alpha rockets, like I mentioned before, to support test targets for the space-based interceptors, also hypersonic test as well because there's a rich backlog of hypersonic test technology that needs to get burned down. So Alpha provides a commercially available capability to launch up to 1 ton into orbit and 2 tons of suborbital regimes.

因此，正如我之前提到的，我們一直在與金色圓頂的客戶就阿爾法火箭進行溝通，以支援天基攔截器的測試目標，以及高超音速測試，因為有大量的高超音速測試技術需要解決。因此，Alpha 提供了一種商業化的能力，可以將高達 1 噸的物體發射到軌道上，並將 2 噸的物體發射到亞軌道區域。

It's also something that -- if you look at Golden Dome, it's got multiple lines of effort, at least this first tranche of space-based interceptors. There's at least five lines of effort, three are space-based and two are ground-based. And with the acquisition of SciTec, we're able to go after not only the rocket part of Golden Dome but also the space-based interceptor part of Golden Dome with our electric vehicle, partnered up with SciTec for some of the discriminating algorithms.

如果你看看金穹頂計劃，你會發現它有多條努力路線，至少第一批太空攔截器就是如此。目前至少有五條研究路線，其中三條是太空路線，兩條是地面路線。透過收購 SciTec，我們不僅可以攻佔 Golden Dome 的火箭部分，還可以利用我們的電動車，結合與 SciTec 合作開發的一些關鍵演算法，攻佔 Golden Dome 的太空攔截器部分。

And then the ground piece, which includes the fire control system and the ground control element, that's something that SciTec does for a living. As you know, they are the prime contractor and software developer for the apps and the hardware portion of FORGE for the Space Force.

然後是地面部分，包括火控系統和地面控制元件，那是 SciTec 的專長所在。如您所知，他們是太空部隊 FORGE 應用程式和硬體部分的主要承包商和軟體開發商。

And if you remember what FORGE does, it takes in all the sensor data with high volume at rate from low earth orbit, medium earth orbit, geosynchronous orbit, polar orbit, SBIRS and next-generation OPIR systems takes all that data at rate and then processes it into decision quality information that the war fighters can use to go and protect our nation. So it's that type of ground processing and software analytics that can be brought to bear to Golden Dome, just like other national security ground systems that the Space Development Agency has and the Space Force has.

如果你還記得 FORGE 的功能，它從低地球軌道、中地球軌道、地球同步軌道、極地軌道、SBIRS 和下一代 OPIR 系統高速接收所有感測器數據，然後將其處理成作戰人員可以用來保衛我們國家的決策品質資訊。因此，這種地面處理和軟體分析技術可以應用於金色穹頂，就像太空發展局和太空部隊擁有的其他國家安全地面系統一樣。

Okay, Jason. I appreciate all that detail. And then thinking about SciTec and the synergies, I know it sounds like it's a very -- it feels like it's a very terrestrial sort of value proposition for SciTec but could it possibly enhance what you may be planning with Ocula and being able to extract analytics and information from lunar observation in the future as well?

好的，傑森。我很欣賞你提供的所有細節。然後，考慮到 SciTec 及其協同效應，我知道這聽起來像是 SciTec 的一種非常——感覺像是非常接地氣的價值主張，但它是否有可能增強您未來與 Ocula 的合作計劃，並能夠從月球觀測中提取分析和資訊呢？

You're spot on, Suji. Anywhere that you could take sense optical information, infrared information, even radio frequency information, whether it's around the earth or interplanetary or even the moon and Mars, SciTec has the capabilities with their 40 years of algorithm development and continuous tech refresh of those algorithms and apply it almost from a library like LEGO pieces and mix and match it to apply to different missions such as Ocula.

蘇吉，你說得完全正確。無論是在地球周圍、行星際，甚至是月球和火星上，只要能夠感知光學資訊、紅外線訊息，甚至是射頻訊息，SciTec 都擁有相應的能力。憑藉 40 年的演算法開發經驗和不斷更新的技術，他們幾乎可以從一個像樂高積木一樣的庫中取出這些演算法，並將它們混合搭配，應用於不同的任務，例如 Ocula 任務。

Ocula is going to debut next -- we're targeting late next year, 2026 to launch our Blue Ghost 2 mission. And on that Blue Ghost 2 mission, there will be an electric transfer vehicle that will orbit the moon for five years, and it will do the first commercial imaging and mapping of the lunar surface. It also be tasked to do space domain awareness in Lunar space. And so all those algorithms that SciTec provide today for missile warning, missile tracking and ISR and space domain awareness around the earth can also be applied to the moon as well.

接下來是 Ocula——我們的目標是在明年年底，也就是 2026 年發射我們的 Blue Ghost 2 任務。在「藍色幽靈 2 號」任務中，將有一輛電動轉移飛行器繞月飛行五年，它將首次對月球表面進行商業成像和測繪。它還將承擔月球空間的態勢感知任務。因此，SciTec 目前提供的所有用於導彈預警、導彈追蹤、ISR 和地球周圍空間領域感知的演算法，也可以應用於月球。

Thank you. And this concludes our Q&A session. I will turn it back to management for final comments.

謝謝。我們的問答環節到此結束。我會將這份文件交回管理階層，徵求他們的最終意見。

This is Michael. Thank you so much for joining today's call, and we look forward to talking to you next time in our fourth quarter financial results. Have a good day.

這是邁克爾。非常感謝您參加今天的電話會議，我們期待在下次會議上與您討論第四季度財務表現。祝你有美好的一天。

And ladies and gentlemen, this concludes our Q&A session. Thank you all for participating. You may now disconnect.

女士們、先生們，我們的問答環節到此結束。感謝大家的參與。您現在可以斷開連線了。