Firefly Aerospace Inc. (FLY) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Firefly Aerospace second-quarter 2026 financial results conference call.

各位好。歡迎參加 Firefly Aerospace 2026 年第二季財務業績電話會議。

(Operator Instructions) Please note, this conference call is being recorded.

(接線員指示) 請注意，本次電話會議將被錄音。

I would now like to turn the conference over to Michael Sheetz, Firefly's Director of Investor Relations. Michael, you may begin.

現在我想把電話會議交給 Firefly 投資人關係總監 Michael Sheetz。Michael，請開始。

Thank you, Carmen. Hello there. I'm Michael Sheetz. And welcome to Firefly's second-quarter financial results call.

謝謝你，Carmen。大家好。我是 Michael Sheetz。歡迎參加 Firefly 第二季財務業績電話會議。

I'm pleased to be joined on the call by CEO, Jason Kim; and CFO, Darren Ma, as we report for the period ending June 30, 2026.

很高興在本次電話會議中與執行長 Jason Kim 以及財務長 Darren Ma 一同出席，我們將報告截至 2026 年 6 月 30 日止期間的業績。

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.

今天的電話會議將包含前瞻性陳述，包括但不限於公司將就未來財務與營運表現、成長策略及市場展望所作的陳述。實際結果可能與這些前瞻性陳述所預期者有重大差異。

Factors that could cause the actual results and trends to differ materially are set forth in our annual and quarterly reports filed with the SEC.

可能導致實際結果與趨勢出現重大差異的因素，已載於我們向美國證券交易委員會（SEC）提交的年度與季度報告中。

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

Firefly 不承擔更新任何前瞻性陳述的義務；該等陳述僅截至其各自發表之日有效。

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 2026 earnings release. Unless otherwise stated, financial information referenced in this call will be non-GAAP.

此外，在本次電話會議中，我們將討論 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之調節表已包含於 2026 年第二季財報新聞稿中。除非另有說明，本次電話會議所提及之財務資訊均為非 GAAP。

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.

我們的財報新聞稿、SEC 申報文件以及今日電話會議的重播，可於投資人關係網站 investors.fireflyspace.com 查閱。

Now, I'll turn the call over to Jason.

現在，我把電話會議交給 Jason。

Thank you, Michael. And welcome to our second-quarter 2026 earnings call.

謝謝你，Michael。歡迎參加我們 2026 年第二季財報電話會議。

Firefly's first quarter surpassing $100 million comes in just our ninth year as a business, pairing record-breaking revenue with our history-making programs.

Firefly 在成立僅第九年就迎來首個單季營收突破 1 億美元的季度，並以破紀錄的營收搭配我們具里程碑意義的計畫。

Halfway through the year, the momentum we started with is building across our entire company, bolstered by multiple flagship-contract wins and operational milestones achieved on our revenue-generating Blue Ghost, Elytra, Alpha, Eclipse, Forge, and Golden Dome programs, as well as the recent acquisition of Space-ng.

今年過半，我們年初啟動的動能正擴展至全公司，在多項旗艦合約得標與營運里程碑的推動下，我們在 Blue Ghost、Elytra、Alpha、Eclipse、Forge 與 Golden Dome 等可創收計畫上持續推進，並且近期完成對 Space-ng 的收購。

Our second-quarter contract wins drove our backlog to a record total of $1.5 billion, further supporting our long-term growth trajectory.

我們第二季的合約得標使在手訂單（backlog）推升至創紀錄的 15 億美元總額，進一步支撐我們的長期成長軌跡。

Our strategic investments to increase spacecraft-production capacity are timely, given the latest round of NASA's Moon Base contract awards for both Blue Ghost and Elytra.

鑑於 NASA 最新一輪 Moon Base 合約同時授予 Blue Ghost 與 Elytra，我們為提升太空船產能所做的策略性投資正逢其時。

To showcase our extended 144,000 square-foot spacecraft campus, my team and I hosted NASA's moon-base lead Carlos García-Galán for a tour of landers, transfer vehicles, vertically integrated manufacturing, and our mission-operations center.

為展示我們擴建後達 144,000 平方英尺的太空船園區，我與團隊接待 NASA 月球基地負責人 Carlos García-Galán，帶他參觀登陸器、轉移載具、垂直整合製造能力，以及我們的任務運作中心。

After seeing our end-to-end capabilities, Carlos shared that our recent MoonFall Program award is not only important for space exploration, it is also important for national security, as future missions can collaborate with the Space Force.

在看過我們端到端的能力後，Carlos 表示，我們近期獲得的 MoonFall 計畫獎項不僅對太空探索重要，對國家安全也同樣重要，因為未來任務可與太空軍協同合作。

Our capabilities are inherently dual use, such as our Ocula imaging and mapping service, so we embrace this call to action.

我們的能力本質上具有軍民兩用特性，例如我們的 Ocula 影像與測繪服務，因此我們樂於回應這項行動呼籲。

We will continue to find ways to synergize between NASA and the Space Force with [Forge] to multiply their investments toward a common strategic goal of securing the ultimate high ground.

我們將持續尋找方法，透過 [Forge] 促進 NASA 與太空軍之間的協同效應，讓其投資在共同的策略目標上發揮倍增效果，以確保最終制高點的安全。

As demonstrated by our recent track record of landing and surface operations, as well as contract awards, the spacecraft we're building will deliver and support many of the capabilities needed to enable a permanent presence on the moon.

如我們近期在著陸與地表作業，以及合約得標方面的紀錄所示，我們正在打造的太空船將交付並支援在月球建立永久存在所需的多項能力。

Our lunar contracts constitute a revenue-generating flywheel with NASA as the base customer, in addition to bolt-on contracts from a diverse set of commercial and international customers.

我們的月球合約構成一個可創收的飛輪，以 NASA 作為基礎客戶，並在此之外，透過多元的商業與國際客戶取得附加合約。

Additionally, space is a national-security priority, as shown by significant year-over-year increases in the US Space Force budget, major conflicts around the world, and evolving missile threats.

此外，太空是國家安全的優先事項，這可從美國太空軍預算逐年大幅增加、全球重大衝突，以及不斷演變的飛彈威脅中看出。

Market signals from customers point to orbital launch only getting more supply-constrained. Demand for government and commercial constellations and missions outstrips the rocket capacity available, both in the US and globally.

來自客戶的市場訊號顯示，軌道發射只會變得更加供給受限。政府與商業星座及任務的需求，已超過美國及全球可用的火箭運力。

Moon Base, national security, Golden Dome, and assured access to launch are driving significant industry tailwinds for space.

Moon Base、國家安全、Golden Dome，以及確保可取得的發射能力，正為太空產業帶來顯著的順風。

Firefly is addressing those pressing needs with the advancement of our technology, scaling of our product lines, and development and training of our workforce. Space is accelerating. And Firefly is accelerating with it.

Firefly 正透過推進技術、擴大產品線規模，以及培育與訓練我們的員工隊伍來回應這些迫切需求。太空正在加速。Firefly 也正與之同步加速。

For those new to Firefly -- and as a reminder for others -- we are a space and defense company delivering innovative hardware and software to perform the hardest missions in space for national security, exploration, and commercial technology.

對於剛認識 Firefly 的朋友——也提醒其他人——我們是一家太空與國防公司，提供創新的硬體與軟體，為國家安全、探索與商業科技執行最艱鉅的太空任務。

Our hardware is represented by our spacecraft, the Blue Ghost lunar landers and Elytra satellite orbiters; and our launch vehicles, the small-lift Alpha and medium-lift Eclipse.

我們的硬體包括太空船：Blue Ghost 月球登陸器與 Elytra 衛星軌道載具；以及運載火箭：小型運力 Alpha 與中型運力 Eclipse。

Our Spacecraft Solutions platform also includes our software portfolio of AI-enabled offerings, which are proven in national-security operations, as well as autonomous guidance and navigation systems.

我們的 Spacecraft Solutions 平台亦包含以 AI 賦能的軟體產品組合，已在國家安全作業中獲得驗證，並包括自主導引與導航系統。

The industry tailwinds behind artificial intelligence, data centers, and autonomy are fueling operational realities for our company, as we deliver crucial, no-fail systems in support of the US and our allies.

人工智慧、資料中心與自主化的產業順風，正推動我們公司在營運上的現實需求；我們正交付關鍵、零失誤的系統，以支援美國及其盟友。

We have co-located vertically integrated infrastructure within a 25-mile radius near Austin, Texas. This is where we develop and build our own carbon-composite structures, in-house patented-engine technology, and software autonomy for all of our products.

我們在德州奧斯汀附近 25 英里半徑內，設置了同址的垂直整合基礎設施。我們在此研發並製造自有的碳纖維複合材料結構、內部具專利的引擎技術，以及適用於所有產品的軟體自主化能力。

We are obsessively focused on prioritizing safety, quality, and reliability, as we scale up our hardware and software product deliveries for our national security, space exploration, and commercial customers.

在擴大硬體與軟體產品交付規模、服務國家安全、太空探索與商業客戶的同時，我們以近乎苛求的態度優先確保安全、品質與可靠性。

Now, turning to our business updates, in the second quarter, we completed new milestones across each of our product lines and services, while also engaging with our top customers.

接著談我們的業務更新：第二季我們在各產品線與服務上完成新的里程碑，同時也與我們的主要客戶保持密切互動。

As a leading lunar company, we're proud to have won our fifth and sixth moon mission contracts during the second quarter, adding two more missions for delivery in 2028.

作為領先的月球公司，我們很自豪在第二季拿下第五與第六個月球任務合約，新增兩項預計於 2028 年交付的任務。

During the second quarter, NASA awarded us with another commercial lunar-payload services contract for an accelerated Blue Ghost lander mission to the moon.

第二季期間，NASA 再次授予我們一項商業月球酬載服務合約，用於一項加速的 Blue Ghost 登陸器登月任務。

The primary goal of this mission is to demonstrate repeatable access to the lunar surface on an accelerated timeline, executing the mission half the time of our first landing.

此任務的主要目標，是在加速時程下展示可重複的月面抵達能力，以僅用我們首次著陸一半的時間完成任務。

This increases our target from one annual lunar landing to multiple per year. NASA's contract represents a near build-to-print lander design to enable faster production cycles and template our successful Blue Ghost into a production-line vehicle.

這使我們的目標從每年一次月球著陸提升為每年多次。NASA 的合約採用近乎照圖生產（build-to-print）的登陸器設計，以加快生產週期，並將我們成功的 Blue Ghost 模板化為產線化載具。

For our next lunar mission that is landing on the far side of the moon, we completed assembly of the Blue Ghost lander's main structural and fluid components. We're now integrating the avionics and payloads, as we prepare to stack the lander on top of our Elytra spacecraft.

針對我們下一個將在月球背面著陸的月球任務，我們已完成 Blue Ghost 登陸器主要結構與流體系統組件的組裝。目前正整合航電與酬載，並準備將登陸器堆疊至我們的 Elytra 太空船之上。

All of our primary structures have passed acceptance testing for our far side mission, while our flight-proven Spectre engines are undergoing acceptance testing in preparation for integration. All the mission payloads have been delivered, as well.

我們月背任務的所有主要結構均已通過驗收測試；同時，我們經飛行驗證的 Spectre 引擎正在進行驗收測試，為後續整合做準備。所有任務酬載也都已交付。

We are currently anticipating Riders 2 the Dark will launch early next year, pending delivery of our spacecraft to Florida and confirmation of the launch window.

目前我們預期 Riders 2 the Dark 將於明年初發射，仍需視我們太空船交付至佛羅里達以及發射窗口確認情況而定。

Similar to our first mission, we'll have one-week windows each month to ensure we arrive at the surface for the beginning of lunar day.

與我們的首次任務類似，我們每個月都會有為期一週的窗口，以確保能在月晝開始時抵達月面。

Riders 2 the Dark will showcase one of the most complex multi-stage missions to the moon to date. The full spacecraft stack is 22 feet tall, consisting of our lander on top, the European Space Agency - Lunar Pathfinder [satellite] in the middle, and our Elytra spacecraft at the bottom.

Riders 2 the Dark 將展示迄今最複雜的多級登月任務之一。完整的太空船堆疊高度為 22 英尺，由上至下依序為我們的登陸器、中間的歐洲太空總署（ESA）— Lunar Pathfinder [satellite]，以及底部的 Elytra 太空船。

Elytra will serve as a long-haul communications-relay orbiter and host our commercial Ocula imaging and mapping service.

Elytra 將作為長程通訊中繼軌道器，並承載我們商業化的 Ocula 影像與測繪服務。

We are proud to support both commercial and international payloads. Our far side mission carries payloads representing the US, Australia, Canada, the United Arab Emirates, and the United Kingdom.

我們很榮幸能同時支援商業與國際酬載。我們的月球背面任務搭載的酬載代表美國、澳洲、加拿大、阿拉伯聯合大公國與英國。

Additionally, we acquired Space-ng, a leader in AI-powered vision navigation and autonomous-guidance systems, further adding to Firefly's vertical integration.

此外，我們收購了 Space-ng——一家在 AI 驅動視覺導航與自主導引系統領域的領導者——進一步強化 Firefly 的垂直整合。

They bring proven spacecraft software and camera hardware for Blue Ghost and Elytra, bolstering our capabilities to advance the future of autonomous space operations.

他們帶來經驗證的太空器軟體與相機硬體，可用於 Blue Ghost 與 Elytra，強化我們推進自主太空作業未來的能力。

Firefly is partnering with Benchmark Space Systems on their recent selection for the DARPA LASSO program. We will help the mission operate safely and persistently in very low lunar orbit, utilizing our newly acquired Space-ng team and their vision-navigation hardware and software.

Firefly 正與 Benchmark Space Systems 合作，針對其近期入選 DARPA LASSO 計畫一事共同推進。我們將運用新收購的 Space-ng 團隊及其視覺導航硬體與軟體，協助任務在極低月球軌道中安全且持續地運作。

The software from our new acquisition was proven on Blue Ghost Mission 1, when it performed autonomous hazard avoidance and navigation in the last hour to ensure we safely and softly landed on the moon's surface.

我們新收購所帶來的軟體已在 Blue Ghost 任務 1 中獲得驗證：在最後一小時執行自主避險與導航，確保我們安全且柔和地著陸於月球表面。

Work on Blue Ghost's mission to the Gruithuisen Domes is well underway, as the team completed the critical-design review with our customer during the second quarter.

Blue Ghost 前往 Gruithuisen Domes 的任務進展順利，團隊已於第二季與客戶完成關鍵設計審查。

This milestone progressed development of the spacecraft, as we march towards this historic mission to the silica-rich volcanic features of the moon, where humanity has never explored.

此一里程碑推進了太空器的研發進度，我們正邁向這項歷史性任務——前往月球富含二氧化矽的火山地貌，而人類從未探索過該地。

Our rover subcontractor Blue Origin recently passed its critical-design review, unlocking the flight build toward delivery to Firefly.

我們的探測車分包商 Blue Origin 近期通過其關鍵設計審查，啟動飛行件製造，並朝交付 Firefly 邁進。

Likewise, on Blue Ghost's south pole mission, we completed the preliminary-design review to verify the vehicle's design before production begins. We continue to expand our spacecraft capabilities, both in infrastructure and technologies.

同樣地，在 Blue Ghost 的南極任務方面，我們完成了初步設計審查，以在開始生產前驗證載具設計。我們持續擴充太空器能力，涵蓋基礎設施與技術兩方面。

During the second quarter, we expanded our Cedar Park campus, adding a new headquarters that is closer to our spacecraft facilities. We are more than quadrupling our spacecraft-cleanroom space, thanks to our grant from the Texas Space Commission.

第二季期間，我們擴建了 Cedar Park 園區，新增一座更靠近太空器設施的新總部。在德州太空委員會補助支持下，我們的太空器無塵室空間將擴增至原來的四倍以上。

And we added our Gloworks innovation lab to support accelerated research and development without any disruption to our mature production lines.

我們也新增 Gloworks 創新實驗室，以支援加速研發，同時不干擾我們成熟的生產線。

We're also looking ahead toward larger lander designs, which are maturing. We have submitted our proposal for the $6 billion CLPS 2.0 program and look forward to competing for opportunities to support the increased payload mass and volume needed to build Moon Base infrastructure.

我們也正前瞻更大型的著陸器設計，相關方案正逐步成熟。我們已提交 60 億美元 CLPS 2.0 計畫的提案，並期待競逐機會，以支援建置月球基地基礎設施所需的更大酬載質量與體積。

Moving to Elytra, in the second quarter, Firefly won a new flagship role: MoonFall. We're proud to support this high-priority mission for NASA's Jet Propulsion Laboratory under a $75 million subcontract for Elytra to deliver flying JPL drones to the moon's south pole in 2028.

談到 Elytra，第二季 Firefly 贏得一項新的旗艦角色：MoonFall。我們很榮幸在 7,500 萬美元的 Elytra 分包合約下，為 NASA 噴射推進實驗室（JPL）的高優先任務提供支援，於 2028 年將可飛行的 JPL 無人機送往月球南極。

We have a robust working relationship with JPL from our Blue Ghost missions and are eager to collaborate further, as we dare mighty things together.

我們在 Blue Ghost 任務中已與 JPL 建立穩健的合作關係，並渴望進一步協作，與其一同勇於成就偉大之事。

There's key national-security interest in Elytra, as well. Building upon the way we are using Elytra to carry our landers and support MoonFall, the Space Force has come out with a pressing request for information about fast-transfer vehicles.

Elytra 亦具關鍵國家安全利益。在我們運用 Elytra 搭載著陸器並支援 MoonFall 的基礎上，太空軍已發布一項緊急資訊徵詢，聚焦於快速轉移載具。

These spacecraft could take critical national-security small-satellite payloads from [GTO] to [GO] on diverse launch vehicles on a recurring basis. Elytra is uniquely suited to service this type of upside opportunity.

這些太空器可在多樣化的運載火箭上，以經常性方式，將關鍵國安小型衛星酬載從 [GTO] 轉移至 [GO]。Elytra 對於服務此類上行機會具有獨特優勢。

In today's launch-constrained reality, transfer vehicles become a relief valve for critical customers who are more schedule-sensitive and just need a way to get to their mission-unique destination from any available medium- to heavy-launch vehicle.

在當前發射資源受限的現實下，轉移載具成為關鍵客戶的「洩壓閥」：這些客戶對時程更敏感，只需要一種方式，能從任何可用的中型至重型運載火箭，抵達其任務專屬目的地。

The Elytra we are building for the Defense Innovation Unit's Project Sinequone is making progress toward launching next year.

我們為國防創新單位（DIU）的 Project Sinequone 所打造的 Elytra，正朝明年發射持續推進。

During the second quarter, we completed the Integrated Readiness Review, which ensures that the spacecraft segment, components, and subsystems are available and ready to be integrated into the system.

第二季期間，我們完成了整合就緒審查（Integrated Readiness Review），以確保太空器分系統、元件與子系統均可取得且已準備好整合進系統。

Since the end of the quarter, we also won a new spacecraft subcontract to support NASA's SkyFall mission to Mars. Through JPL, this $13 million award will see us manufacture, test, and deliver the mission to aeroshell for launch in late 2028.

自第二季結束以來，我們也贏得一項新的太空器分包合約，以支援 NASA 的 SkyFall 火星任務。透過 JPL，這項 1,300 萬美元的獎項將使我們製造、測試並交付該任務的氣動外殼（aeroshell），以於 2028 年底發射。

This is a strategic win for Firefly, as it is the first time our core capabilities for the moon will extend to Mars. This is another statement mission for JPL, as SkyFall is a high-visibility program that will deploy a cluster of helicopter drones to the Mars surface.

這對 Firefly 而言是策略性勝利，因為這是我們以月球為核心的能力首次延伸至火星。這也是 JPL 的另一項指標性任務：SkyFall 為高能見度計畫，將在火星表面部署一群直升機無人機。

We have many upcoming shots on goal to support consequential Moon Base, national-security, and space-exploration missions with our landers and orbiters.

我們有許多即將到來的「射門機會」，可透過我們的著陸器與軌道器，支援具重大影響的月球基地、國家安全與太空探索任務。

Our SciTec National Security AI team added multiple wins, as well. In the second quarter, we were awarded a US Air Force contract option to deliver the operational data-fusion system for the cloud-based command and control program.

我們的 SciTec 國家安全 AI 團隊也新增多項勝利。第二季，我們獲得美國空軍合約選擇權，將為雲端式指管計畫交付作業化資料融合系統。

This came after a multi-year competition wherein our data-fusion system was evaluated and selected from among high-profile industry and government-owned alternatives. This program is a centerpiece to the Department of Air Force's [Air Battle Management System].

這是在一場歷時多年的競爭之後取得的成果；我們的資料融合系統經評估後，從多個高知名度的產業方案與政府自有替代方案中脫穎而出並獲選。此計畫是美國空軍部[空中作戰管理系統]（Air Battle Management System）的核心支柱。

Also in the second quarter, the Air Force Research Laboratory awarded us a contract to support development of the advanced algorithm, R&D, and verification architecture.

同樣在第二季，空軍研究實驗室（AFRL）授予我們一份合約，以支援先進演算法、研發與驗證架構的開發。

We will be supporting AFRL by implementing deep learning and advanced AI algorithms on small-sized weight and power processors. This capability supports enhanced target detection, tracking and custody, and is conducive to future on-orbit processing missions across multiple domains.

我們將透過在小型、低重量與低功耗處理器上實作深度學習與先進 AI 演算法來支援 AFRL。此能力可強化目標偵測、追蹤與持續掌握（custody），並有助於未來跨多領域的在軌處理任務。

It's also worth emphasizing again that Firefly was announced as a prime contractor for the Golden Dome program early in the second quarter.

也值得再次強調，Firefly 已於第二季初宣布成為 Golden Dome 計畫的主承包商。

As a prime contractor on Golden Dome, we have a decisive seat at the table with the customer to listen to their needs and drive rapid solutions.

作為 Golden Dome 的主承包商，我們在與客戶的協作中擁有關鍵席位，能傾聽其需求並推動快速解決方案。

It is no surprise to us that our AI capabilities are well positioned due to our battle-tested operational Forge program.

我們的 AI 能力之所以具備良好定位並不令人意外，因為我們擁有經實戰驗證的作業化 Forge 計畫。

We are processing high volumes of missile-warning and tracking-satellite data at rapid data rates to help inform our guardians of threats simultaneously to keep our nation and allies safe.

我們以高速資料率處理大量飛彈預警與追蹤衛星資料，同步協助我們的守護者掌握威脅，以確保國家與盟友安全。

In the first half of the year, I spoke to senior Pentagon Generals and Congressional Leaders. There is unanimous support and advocacy for how critical Forge is to the nation to keep ahead of advanced missile threats.

在今年上半年，我與五角大廈資深將領及國會領袖交流。各方一致支持並倡議 Forge 對國家至關重要，能使我們領先先進飛彈威脅。

Forge recently achieved another operational milestone by integrating the GO-wide field of view spacecraft into the platform. Forge continues to support conflicts around the world and recently received a superior performance rating from the Department of War for supporting operations in the Iran conflict.

Forge 近期透過將 GO-wide 視場太空器整合至平台，達成另一項作業里程碑。Forge 持續支援全球各地的衝突，並因支援伊朗衝突相關作業，近期獲戰爭部（Department of War）評為卓越績效。

A few weeks ago, Firefly's SciTec won a $94 million Space Force contract under the ground-based radar digitization effort. The [GBARD] program of record is critical overhaul of legacy missile-defense systems.

數週前，Firefly 的 SciTec 在地面雷達數位化工作項下，贏得一份 9,400 萬美元的太空軍合約。[GBARD] 正式計畫對既有飛彈防禦系統進行關鍵性翻新。

We took the Forge playbook in missile warning and traction and applied it to the GBARD competition to secure the strategic win. And now we are in execution.

我們將 Forge 在飛彈預警與追蹤方面的作戰手冊套用到 GBARD 的競標中，從而取得這項策略性勝利。而現在我們已進入執行階段。

Nearly a year since our acquisition, this win represents the synergy of Firefly and SciTec in a one-plus-one-equals-four moment, as our combined platform helps unlock capability.

距離我們完成收購將近一年，這項勝利展現了 Firefly 與 SciTec 的協同效應，呈現「一加一等於四」的時刻；我們的整合平台有助於釋放能力。

Shifting to launch, we are driving forward to launch our first Block II Alpha, with Flight 8 now targeting the fourth quarter of the year.

轉到發射業務，我們正推進首枚 Block II Alpha 的發射，Flight 8 目前目標為今年第四季。

We are preparing for acceptance testing of Alpha in the next few weeks, followed by delivery to Vandenberg, [static fire], payload integration, and then, launch.

我們將在未來幾週為 Alpha 進行驗收測試，隨後交付至范登堡，進行 [static fire]、酬載整合，然後發射。

As with any flight, we'll disclose more specific timing, as we get closer to launch. Launch timing is always dependent on variable factors, such as customer readiness, regulatory approval, range availability, weather conditions, and other factors that are not within our control.

如同任何一次飛行，我們會在更接近發射時披露更具體的時程。發射時間一向取決於多項變動因素，例如客戶就緒度、法規核准、靶場可用性、天候條件，以及其他非我們所能控制的因素。

We also will conduct a thorough review of our post-Flight 8 data to ensure any lessons learned flow into subsequent launches.

我們也將對飛行 8 後的數據進行全面審查，以確保任何汲取的經驗教訓都能納入後續發射。

We are targeting at launch of Alpha two additional times this year, Flight 8 and 9, for a total of three launches in 2026. The Flights 10 and 11 are already flowing through our production line, as we build ahead for next year.

我們的目標是在今年再發射 Alpha 兩次，即飛行 8 與飛行 9，使 2026 年合計達到三次發射。飛行 10 與飛行 11 已在我們的生產線上推進中，我們正提前為明年建造。

Our demand remains strong, having sold the majority of Alpha's manifest through 2027. We have visibility into outyears, as well, in part thanks to the extension of our Lockheed Martin multi-launch agreement. Additionally, we added a second hypersonic task order for Alpha from a confidential customer.

我們的需求仍然強勁，Alpha 的發射清單（manifest）多數已售至 2027 年。我們也能掌握更長期的需求能見度，部分得益於我們與洛克希德・馬丁（Lockheed Martin）多次發射協議的延長。此外，我們還為 Alpha 新增了一筆來自保密客戶的第二份高超音速任務訂單（task order）。

During the second quarter, I visited Sweden's Esrange Space Center and met with our partner, SSC Space. With our support, they have completed critical milestones to get the pad ready, including the payload-processing facility, horizontal-integration building, ground-support-equipment buildings, and a launch control center.

在第二季期間，我造訪了瑞典的 Esrange 太空中心，並與我們的合作夥伴 SSC Space 會面。在我們的支持下，他們已完成使發射台就緒的關鍵里程碑，包括酬載處理設施、水平整合廠房、地面支援設備建築，以及發射控制中心。

Final construction of Launch Complex 3C is underway. And our first launch from Sweden is targeted for no earlier than 2028.

發射複合體 3C 的最後施工正在進行中。我們在瑞典的首次發射目標不早於 2028 年。

We also recently hosted SPACE COTAN, our partners from Japan, who are eager to replicate Sweden's blueprint on their side of the Pacific.

我們近期也接待了來自日本的合作夥伴 SPACE COTAN，他們渴望在太平洋彼岸複製瑞典的藍圖。

And at the Farnborough Air Show in the UK, we met with new and existing customers who are keen to fly on Alpha from our current and future launch sites.

在英國的范堡羅航空展（Farnborough Air Show）上，我們也與新舊客戶會面，他們都很希望從我們現有及未來的發射場搭乘 Alpha 飛行。

These launch-site expansions increase our cadence capacity beyond our operational Vandenberg Space Force Base launch pad.

這些發射場的擴張，使我們的發射節奏產能超越目前在范登堡太空軍基地（Vandenberg Space Force Base）的營運發射台。

As we go global, our increased production rate supports Alpha's underlying growth strategy. We are making progress on rating up Alpha production, while keeping safety, quality, and reliability top of mind.

隨著我們走向全球化，提高的生產速率支撐 Alpha 的核心成長策略。我們在提升 Alpha 產能方面持續取得進展，同時將安全、品質與可靠性放在首位。

We have taken new steps to increase Alpha production and between May and August, we significantly increased overall production throughput.

我們已採取新措施以提升 Alpha 產量，並在 5 月至 8 月期間大幅提高整體生產吞吐量。

For a few examples, our new Alpha [mandrel] tooling drove improvements in structure-production time, allowing our automated fiber-placement machine to decrease runtime and enhance quality, while manufacturing multiple vehicle structures simultaneously.

舉幾個例子，我們新的 Alpha [mandrel] 工裝帶動結構製造時間的改善，使自動纖維鋪放機能降低運行時間並提升品質，同時可並行製造多個載具結構。

We are increasing Reaver chamber throughput via more efficient machine-labor and equipment utilization, leading to Reaver engine integration at higher rates.

我們透過更有效率的機台人力配置與設備利用率，提高 Reaver 燃燒室的產出吞吐量，進而以更高的速率進行 Reaver 引擎整合。

Our [cortex] engineering facility, which opened in spring, added 55,000 square feet for subsystems production. This has already driven improvements in the pace of making harnessing, batteries, and avionics that are used across our vehicles.

我們於春季啟用的 [cortex] 工程設施，新增了 55,000 平方英尺用於子系統生產。這已帶動線束、電池與航電等（跨載具共用）製造節奏的提升。

Moving to Eclipse, we are focused on delivering the vehicle's first stage to our co-developer, Northrop Grumman, progressing through milestones for building and testing Eclipse.

轉到 Eclipse，我們專注於將該載具的第一級交付給共同開發夥伴諾斯洛普・格魯曼（Northrop Grumman），並持續推進 Eclipse 的建造與測試里程碑。

We are maturing Eclipse toward first flight. Our thunderous Miranda engine designed for reusability crossed 150 hot-fire tests to date, as the campaign crosses key milestones at pace.

我們正推動 Eclipse 成熟化以邁向首次飛行。我們為可重複使用而設計、聲勢驚人的 Miranda 引擎迄今已完成超過 150 次熱點火測試，整體測試活動正以快速節奏跨越關鍵里程碑。

A big recent unlock was the flight-like mission duty-cycle test that the team completed with the engine firing for 226 seconds, all while completing both power-ratio and mixture-ratio sweeps.

近期一項重大突破是團隊完成了類飛行任務的工作循環測試，引擎點火 226 秒，同時完成了功率比與混合比的掃描測試。

Our Miranda-engine qualification test campaign is imminent, as our recent tests demonstrated the performance needed to meet the range of stress requirements during a launch. We're building ahead, with flight Miranda engine chambers in production.

我們的 Miranda 引擎鑑定（qualification）測試活動即將展開，因為近期測試已證明其性能足以滿足發射期間各項應力需求。我們也在提前建造，飛行用 Miranda 引擎燃燒室已在生產中。

The team also completed a first press qualification campaign of first-stage [COPBs]. And the first flight's forward bay is built in completed testing, with our first-stage test campaign now underway.

團隊也完成了第一級 [COPBs] 的首次加壓鑑定活動。此外，首飛任務的前段艙（forward bay）已完成製造與測試，而我們的第一級測試活動現已展開。

The engine-bay structure, which mounts the seven Miranda engines for each Eclipse, first stage, is in assembly and bonding, as we prepare for integration.

引擎艙結構（用於在每枚 Eclipse 第一級上安裝 7 具 Miranda 引擎）正在組裝與黏接中，我們正為整合做準備。

And finally, the metal hold-down release adapter is in build, which is a key piece of ground infrastructure that we are preparing for proof testing.

最後，金屬型的固定釋放轉接器（hold-down release adapter）正在製造中，這是我們準備進行驗證測試（proof testing）的關鍵地面基礎設施之一。

We invested in a new on-site mezzanine at our Rocket Ranch, with workstations that bring engineering and manufacturing teams to the factory floor, which you can see here is co-located with our production line.

我們在 Rocket Ranch 現場投資新建了一座夾層（mezzanine），設置工作站，讓工程與製造團隊能直接到工廠現場作業；如各位在此可見，其位置與我們的生產線同址。

Firefly is addressing the most pressing demands from our diverse blue-chip customer base. Our team is focused on executing, improving our technologies, scaling our capacity to deliver our products, and strengthening our bold and passionate workforce.

Firefly 正在回應我們多元且具代表性的藍籌客戶群最迫切的需求。我們的團隊專注於落實執行、精進技術、擴大交付產品的產能，並強化我們大膽且充滿熱情的人才隊伍。

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

以上為業務摘要，接下來我將交由 Darren 來回顧第二季財務表現。

Thank you, Jason. And good afternoon, everyone.

謝謝你，Jason。各位下午好。

Today marks a defining moment for Firefly. We delivered record revenue, crossing the $100 million threshold for the first time, while simultaneously achieving the highest backlog in the company's history at $1.5 billion.

今天對 Firefly 而言是一個具指標性的時刻。我們創下營收新高，首次突破 1 億美元門檻，同時也達成公司史上最高的在手訂單（backlog）—15 億美元。

These milestone results demonstrate the accelerating demand for end-to-end space and defense solutions and are a direct reflection of our team's execution.

這些里程碑式成果顯示端到端太空與國防解決方案的需求正在加速成長，並直接反映了我們團隊的執行力。

Second-quarter revenue of $117.7 million represents 46% sequential growth and an impressive 659% increase year over year.

第二季營收為 1.177 億美元，較前一季成長 46%，年增更高達 659%，表現亮眼。

This acceleration was driven by exceptional performance in our Spacecraft Solutions business, where, for the first time in company history, our team is executing on five lunar missions in parallel.

這波加速主要來自我們太空載具解決方案（Spacecraft Solutions）業務的卓越表現；公司史上首次，我們的團隊正同時並行執行五項月球任務。

We are also experiencing similar momentum in our AI software solutions, with a national-security customer requesting acceleration of their hardware order by one quarter.

我們在 AI 軟體解決方案方面也看到類似動能，一位國安客戶要求將其硬體訂單提前一季加速交付。

Within total revenue, spacecraft accounted for $108.3 million. And launch was $9.4 million.

在總營收中，太空載具業務貢獻 1.083 億美元。發射業務為 940 萬美元。

For those new to Firefly, let me briefly explain our revenue-recognition model, as it's critical to understanding our financial trajectory.

對於剛認識 Firefly 的各位，我先簡要說明我們的營收認列模式，因為這對理解我們的財務走勢至關重要。

The Spacecraft Solutions business generally recognizes revenue over time under each contract, as we complete contract milestones. This provides a more predictable recurring-revenue component, alongside the more event-driven Launch business.

太空載具解決方案業務通常依各合約在履約期間按進度認列營收，隨著我們完成合約里程碑而逐步認列。這使我們在較偏事件驅動的發射業務之外，還能擁有更可預測的經常性營收組成。

For the Launch business, we focus on the number of launches. For example, revenue for Alpha is recognized at a point in time when the launch occurs.

就發射業務而言，我們聚焦於發射次數。例如，Alpha 的營收會在發射發生時於某一時點認列。

For Eclipse, we currently 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 when launches occur in the same manner as Alpha.

至於 Eclipse，我們目前在諾斯洛普・格魯曼合作架構下，依計畫里程碑以完工百分比（percentage of completion）方式認列營收。一旦 Eclipse 載具投入營運，我們將比照 Alpha，在發射發生時認列營收。

We closed the second quarter with a total backlog of approximately $1.5 billion, up from $1.3 billion last quarter. This represents significant growth, when you consider that we converted existing backlog into $117.7 million in quarterly revenue.

我們在第二季結束時的在手訂單總額約為 15 億美元，高於上一季的 13 億美元。考量到我們已將既有在手訂單轉化為 1.177 億美元的單季營收，這代表顯著成長。

The contract awards this quarter were headlined by two additional NASA lunar missions and the Alpha multi-launch agreement extension from Lockheed Martin.

本季的合約得標重點包括另外兩項 NASA 月球任務，以及洛克希德・馬丁延長 Alpha 多次發射協議。

Subsequently after Q2, we closed an additional hypersonic task order, won a NASA JPL mission to Mars, and onboarded to the Space Force's GBARD and NITE-STAR programs.

在第二季之後，我們又完成了一筆額外的高超音速任務訂單、贏得一項 NASA JPL 的火星任務，並加入太空軍的 GBARD 與 NITE-STAR 計畫。

Second -quarter GAAP gross margin was 20.3% compared with 21.6% in the prior quarter. The modest decline was driven primarily by Forge hardware purchases to support a US government program during heightened geopolitical conflicts, as mentioned previously in the revenue section.

第二季 GAAP 毛利率為 20.3%，相較前一季的 21.6%。這一小幅下滑主要是因應地緣政治衝突升溫期間，為支援美國政府計畫而採購 Forge 硬體所致，如先前在營收段落所提及。

GAAP operating expenses for the second quarter were $119.1 million compared with $113.1 million in the first quarter. Non-GAAP operating expenses for the second quarter were $94.3 million compared with $93.7 million in the first quarter.

第二季 GAAP 營業費用為 1.191 億美元，第一季為 1.131 億美元。第二季非 GAAP 營業費用為 9,430 萬美元，第一季為 9,370 萬美元。

The slight increase represents our continued R&D investments to support Alpha Block II production ramp and Eclipse development.

這項小幅增加反映我們持續投入研發，以支援 Alpha Block II 的產能爬坡與 Eclipse 的開發。

As a reminder, the primary differences between the GAAP and non-GAAP figures are stock-based compensation expense, one-time transaction-related expenses, and the amortization of intangibles.

提醒各位，GAAP 與非 GAAP 數字之間的主要差異包括：以股票為基礎的薪酬費用、一次性交易相關費用，以及無形資產攤銷。

GAAP operating loss was $95.2 million compared with a loss of $95.7 million in last quarter. Non-GAAP operating loss was $70.4 million compared with a loss of $76.2 million in the first quarter.

GAAP 營業虧損為 9,520 萬美元，較上季的 9,570 萬美元虧損略為改善。Non-GAAP 營業虧損為 7,040 萬美元，較第一季的 7,620 萬美元虧損改善。

GAAP net loss in the second quarter was $92.3 million compared with the GAAP net loss of $96.7 million in the first quarter. Our non-GAAP net loss in the second quarter was $67.7 million. This compares with a non-GAAP net loss of $74 million in the prior quarter.

第二季 GAAP 淨虧損為 9,230 萬美元，較第一季 GAAP 淨虧損 9,670 萬美元改善。我們第二季的 Non-GAAP 淨虧損為 6,770 萬美元。相較之下，上一季 Non-GAAP 淨虧損為 7,400 萬美元。

GAAP basic and diluted net loss per share was $0.57 compared with a GAAP net loss of $0.61 last quarter. Non-GAAP basic and diluted net loss per share for the second quarter was $0.42 compared with a loss of $0.46 last quarter.

GAAP 基本及稀釋後每股淨虧損為 0.57 美元，較上季 GAAP 每股淨虧損 0.61 美元改善。第二季 Non-GAAP 基本及稀釋後每股淨虧損為 0.42 美元，較上季每股虧損 0.46 美元改善。

The net loss per share figures were calculated using a weighted average share count of 161.8 million. We exited the second quarter with a share count of 166.2 million shares, which includes shares from our common-stock offering completed in June.

每股淨虧損數據係以加權平均股數 1.618 億股計算。我們在第二季末的流通股數為 1.662 億股，其中包含我們於 6 月完成普通股發行所新增的股份。

For purposes of calculating net loss per share in the third quarter, we expect weighted average share count to be approximately 167.2 million. This number will increase by about 1 million shares per quarter.

就第三季每股淨虧損的計算而言，我們預期加權平均股數約為 1.672 億股。該數字每季將增加約 100 萬股。

Stock-based compensation expense was $17 million in the second quarter compared with $12.5 million in the prior quarter. The increase was related to new stock-based awards that were granted during the period.

第二季以股票為基礎的薪酬費用為 1,700 萬美元，較上一季的 1,250 萬美元增加。增加主要與本期間授予的新股票獎酬有關。

Adjusted EBITDA in the second quarter was a loss of $61.2 million compared with a loss of $64.7 million in the first quarter.

第二季調整後 EBITDA 為虧損 6,120 萬美元，較第一季虧損 6,470 萬美元改善。

Our balance sheet remains a position of strength, ending the quarter with total liquidity of $940.3 million. This consists of $635.3 million in cash, cash equivalents, and short-term investments; and $305 million of available capacity from our revolving-credit facility, which remains undrawn.

我們的資產負債表仍維持強勁態勢，季末總流動性達 9.403 億美元。其中包括 6.353 億美元的現金、約當現金及短期投資；以及我們循環信貸額度中尚未動用的 3.05 億美元可用額度。

Our cash balance includes approximately $182.6 million in net proceeds from our June's common-stock offering. The capital raise positions us with substantial financial flexibility to invest in growth initiatives and accompanied a controlled block sale by insider stockholders.

我們的現金餘額包含約 1.826 億美元，係來自 6 月普通股發行的淨募資款。本次募資使我們具備充足的財務彈性，可投資於成長計畫，同時也伴隨內部人股東受控的區塊出售。

Capital expenditures for the second quarter were $24.8 million, up from $16.3 million sequentially, reflecting investments that enhance production capacity to drive our growth.

第二季資本支出為 2,480 萬美元，較前一季的 1,630 萬美元增加，反映我們為提升產能、推動成長所進行的投資。

This includes test -stand upgrades to support Alpha Block II and expansion of spacecraft manufacturing, which positions us to support NASA's accelerated lunar opportunities.

其中包括測試台（test-stand）升級以支援 Alpha Block II，以及擴增太空船製造能力，使我們能支援 NASA 加速推進的月球相關機會。

Free cash flow was an outflow of $106.3 million compared with an outflow of $78.9 million in the first quarter. The increase is primarily due to the final SciTec acquisition-related payment of approximately $24 million.

自由現金流為淨流出 1.063 億美元，較第一季淨流出 7,890 萬美元增加。增加主要是由於與 SciTec 收購相關的最後一筆付款約 2,400 萬美元。

We also closed the Space-ng acquisition, which brings proven AI-vision navigation and autonomous guidance systems, critical enabling technology for our Blue Ghost landers and Elytra orbiters.

我們也完成了 Space-ng 的收購，帶來經驗證的 AI 視覺導航與自主導引系統，這是我們 Blue Ghost 登月器與 Elytra 軌道器的關鍵賦能技術。

This acquisition adds approximately 15 software engineers. And we view this as a strategic transaction that vertically integrates a key capability on a cost-neutral basis.

此項收購新增約 15 名軟體工程師。我們將其視為一項策略性交易，以成本中性方式垂直整合一項關鍵能力。

Regarding our revenue outlook for 2026, we remain confident in our trajectory to achieve significant annual revenue growth this year and reiterate the range of $420 million to $450 million.

關於我們 2026 年的營收展望，我們仍對今年實現顯著的年度營收成長軌跡充滿信心，並重申 4.20 億至 4.50 億美元的區間。

The second quarter was an inflection point for Firefly. We crossed the $100 million revenue threshold for the first time in company history, while also achieving record backlogs of $1.5 billion.

第二季是 Firefly 的轉折點。我們公司史上首次跨越 1 億美元營收門檻，同時也達成 15 億美元的創紀錄在手訂單（backlog）。

With over $940 million in total liquidity and clear line of sight to our revenue guidance for 2026, we have both the financial flexibility and operational momentum to continue scaling.

在總流動性超過 9.40 億美元，且對 2026 年營收指引具備清晰可見度的情況下，我們同時擁有持續擴張所需的財務彈性與營運動能。

As production ramps and operational efficiency improves, we expect to see corresponding expansion in gross margins and operating leverage.

隨著產能爬坡與營運效率提升，我們預期毛利率與營運槓桿將相應擴大。

We're building Firefly to be the definitive end-to-end space-solutions provider. And the results you're seeing today are proof of that vision becoming reality. We remain intensely focused on disciplined execution and delivering long-term shareholder value.

我們正打造 Firefly 成為具代表性的端到端太空解決方案供應商。而你們今天看到的成果，正證明這個願景正在成真。我們仍高度專注於紀律執行並為股東創造長期價值。

Thank you for your continued confidence in Firefly. And with that, I'll turn the call back to Jason.

感謝各位持續對 Firefly 的信心。接下來我把電話交回給 Jason。

Thank you, Darren.

謝謝你，Darren。

Our record quarterly revenue is a testament to the focused execution of the Firefly team. Our multiple contract wins show how the significant tailwinds from the efforts like the Moon Base, Golden Dome, and assured access to space are turning into realities for our programs.

我們創紀錄的單季營收，證明了 Firefly 團隊專注執行的成果。我們多項合約得標顯示，像是月球基地（Moon Base）、Golden Dome，以及確保太空進入（assured access to space）等努力所帶來的強勁順風，正逐步轉化為我們各項計畫的現實成果。

Firefly's strategic investments are paying dividends. SciTec is winning on more programs of record by leveraging our Forge playbook repeatedly for additional phenomenologies and missions.

Firefly 的策略性投資正在帶來回報。SciTec 透過反覆運用我們的 Forge 作戰手冊（playbook），在更多既定計畫（programs of record）中勝出，並延伸至更多現象學（phenomenologies）與任務。

Space-ng brings us greater vertical integration for more frequent, repeatable, and reliable spacecraft operations and landings.

Space-ng 讓我們在垂直整合方面更進一步，使太空船的運行與著陸更頻繁、更可重複且更可靠。

Expansion of our spacecraft campus and Rocket Ranch are fueling production efficiency and scaling of Alpha, Eclipse, Blue Ghost, and Elytra.

我們擴建太空船園區與 Rocket Ranch，正推動 Alpha、Eclipse、Blue Ghost 與 Elytra 的生產效率提升與規模化。

We are expanding our global reach, thanks to partners in the international markets such as Sweden and Japan, as the strong launch capacity demand extends beyond just domestically.

隨著強勁的發射產能需求不僅限於國內市場，我們也在擴大全球觸及範圍，這要歸功於瑞典、日本等國際市場的合作夥伴。

The moon opportunity is accelerating. And we're eager to apply our Blue Ghost playbook to larger landers for CLPS 2.0 to serve NASA's need for greater mass and volume to the lunar surface.

月球機會正在加速。我們也迫不及待要把 Blue Ghost 的作戰手冊應用到 CLPS 2.0 的更大型登月器上，以滿足 NASA 對月表更大載重與體積的需求。

We've talked before about missions to orbit the moon and beyond. Well, the beyond is here with our first Mars program, leveraging our moon capabilities and extending it.

我們之前談過繞月以及更遠的任務。而現在，「更遠」已經到來——我們的第一個火星計畫，將運用並延伸我們的月球能力。

Space is critical. And Firefly is a critical player in space.

太空至關重要。而 Firefly 是太空領域的關鍵參與者。

Thank you for joining today's call. Michael, back to you.

感謝各位參加今天的電話會議。Michael，交給你。

Thank you, Jason.

謝謝你，Jason。

We will be attending multiple investor events in September. And we look forward to seeing many of you next month.

我們將於 9 月參加多場投資人活動。期待下個月與各位中的許多人見面。

Operator, we're ready to take questions.

接線員，我們準備開始回答問題。

Thank you so much. (Operator Instructions)

非常感謝。(接線員指示)

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Good afternoon, Jason, Darren, Michael. Thank you so much for the time.

各位下午好，Jason、Darren、Michael。非常感謝你們撥冗。

Maybe I could just start off on launch. Two-part question, if that is possible.

也許我先從發射業務開始。如果可以的話，我有一個兩部分的問題。

You put out a press release noting the Lockheed Martin extension for two years to 2031, plus the hypersonic task order. How do we think about that?

你們發布新聞稿提到，洛克希德馬丁（Lockheed Martin）的合作延長兩年至 2031 年，另外還有一項高超音速任務訂單（task order）。我們該如何看待這件事？

And then, you noted Alpha 8 into Q4 from late summer and 10 to '27. How is Alpha shaping up, just given healthy demand in 2027, as well -- and ability for launch?

另外，你們提到 Alpha 8 從夏末延後到第四季，Alpha 10 則到 2027 年。考量 2027 年需求依然健康——以及發射能力——Alpha 的進展如何？

Thank you.

謝謝。

Yes. Hi, Sheila.

是的。嗨，Sheila。

The demand for launch is increasingly getting amplified. This is the most constrained we have seen launch. And so there is strong demand that we see with Alpha.

對發射的需求正在持續被放大。這是我們所見過最受限的發射供給狀況。因此，我們看到 Alpha 有強勁需求。

We saw it at the Space Symposium. We saw it at Farnborough at the UK, as well as our [BD] team at SPACETIDE. There is a lot of strong demand from existing and new customers.

我們在 Space Symposium 看到了。我們也在英國的 Farnborough 看到了，同時我們的 [BD] 團隊在 SPACETIDE 也看到了。來自既有與新客戶的需求都非常強勁。

That is referencing the Lockheed Martin extension. That is one of our existing customers. That just reaffirms Lockheed's confidence in our Block II Alpha. It also reaffirms the '25 Alpha multi-launch service agreement.

這也呼應了洛克希德馬丁的延長合作。他們是我們的既有客戶之一。這再次確認洛克希德對我們 Block II Alpha 的信心。也再次確認 2025 年 Alpha 多次發射服務協議。

We continue to collaborate with Lockheed on our next flights. We are even talking about offshore launches with -- combination with Seagate Space, and Lockheed Martin, and Firefly to do more responsive launches.

我們持續與洛克希德合作，推進我們接下來的飛行任務。我們甚至也在討論離岸發射——與 Seagate Space、洛克希德馬丁以及 Firefly 的組合合作，以實現更具即時性的發射。

And then, the confidential hypersonic task order, too. That is another confidence builder in Alpha Block II because we can launch not only 1 ton to orbit but 2 tons to suborbital. That makes Alpha very uniquely suited to launch multiple hypersonic missiles at a time. There is a lot of economies of scale with that.

另外，還有那個機密的高超音速任務訂單。這也進一步建立了我們對 Alpha Block II 的信心，因為我們不僅能把 1 噸送入軌道，還能把 2 噸送至亞軌道。這使得 Alpha 非常獨特地適合一次發射多枚高超音速飛彈。在這方面有很大的規模經濟效益。

And so the second task order for the hypersonic missiles really helps burn down that rich backlog of hypersonic testing that is needed.

因此，針對高超音速飛彈的第二份任務訂單，確實有助於消化並降低所需的大量高超音速測試積壓。

And then, we are seeing this with all the international customers we are talking to. We are seeing the strong demand, also, with commercial customers.

而且，我們在與所有正在洽談的國際客戶互動時也看到了這一點。我們也看到商業客戶同樣有強勁需求。

We are really excited about the progress we are making in our factory. We are seeing record production from our factory. Carbon composites are providing tanks that are passing first-time quality.

我們對工廠取得的進展感到非常振奮。我們看到工廠產量創下新高。碳纖維複合材料製作的儲箱首次檢驗就能通過品質標準。

We have Flight 8 that is in integration and test, right now. We are getting ready for acceptance testing before we ship it to Vandenberg and then, do the static-fire testing, integrate the payload, and then, get ready for launch.

我們的第 8 次飛行（Flight 8）目前正在進行整合與測試。我們正準備在運往范登堡之前進行驗收測試，之後再做靜態點火測試、整合載荷，並為發射做準備。

And then, Flight 9 is entering the integration and test phase, as well, because we are so rich with carbon-composite tanks. The machine shop is also flowing.

此外，第 9 次飛行（Flight 9）也正在進入整合與測試階段，因為我們的碳纖維複合材料儲箱供應非常充足。機加工車間的產線也在順暢運作。

We have a record number of Reaver chambers that are getting delivered to our Reaver engine integration and test. Thanks to a lot of the labor and equipment utilization, that is more efficient. Since May through August, we have seen our factory floor ramp up significantly.

我們有創紀錄數量的 Reaver 燃燒室正在交付，用於 Reaver 引擎的整合與測試。得益於大量的人力與設備利用率提升，效率更高。自 5 月到 8 月，我們看到工廠產線明顯加速爬坡。

And then, we have got Flight 10 tanks that are completing. Flight 11 tanks are starting to get through their automated fiber-placement machine production, as well.

另外，我們的第 10 次飛行（Flight 10）儲箱正在完成。第 11 次飛行（Flight 11）儲箱也開始透過自動化纖維鋪放機進行生產。

The factory is just flowing at record pace. Really, the demand is not the problem, the backlog is not the problem. It is really ramping up production so we can deliver the amount of Alpha rockets to meet the demand.

工廠正以創紀錄的速度順暢運轉。坦白說，需求不是問題、積壓訂單也不是問題。真正的關鍵是提升產能，讓我們能交付足夠數量的 Alpha 火箭以滿足需求。

Can I follow up with what -- is it just ability to produce or is it the customer on the three launches from four in '26? How should we think about 2027? Is it still 12 launches?

我可以追問一下嗎——這只是生產能力的問題，還是 2026 年從 4 次發射變成 3 次發射是客戶端的因素？我們應該如何看待 2027 年？還是維持 12 次發射嗎？

I have always mentioned that there is always risk with customer availability, and regulatory approvals, and range availability, as well as weather. Those are things that we will still have to address but are out of our control.

我一直提到，客戶可用性、監管核准、靶場可用性以及天候等因素始終存在風險。這些都是我們仍需面對、但不在我們控制範圍內的事情。

So those factors are things that we have to address for our Flight 8 and Flight 9. But the production is just ramped up.

因此，這些因素是我們在第 8 次與第 9 次飛行任務中必須處理的。但生產確實已經在加速爬坡。

We are going to have several Alphas in this year. We are building ahead, as I mentioned. And that is giving us a good position for 2027 and beyond.

今年我們會有數枚 Alpha 火箭。如我所提，我們正在提前建造。這讓我們在 2027 年及之後處於有利位置。

I mentioned before that a majority of our manifest for 2027 has already been sold out. That is another piece of data point that just shows the launch demand is amplified, right now.

我之前提過，我們 2027 年的發射排程（manifest）大多數已經售罄。這也是另一個數據點，顯示目前發射需求正在被放大。

We are getting a lot of demand for more and more Alpha launches because it is the 1-ton rocket with orbital flight heritage that is active.

我們收到越來越多對 Alpha 發射的需求，因為它是一款具備軌道飛行實績、且仍在服役的 1 噸級火箭。

Another thing that helps us in 2027 is we are going to bring online -- in addition to our operational Vandenberg launchpad, we are going to bring online the Wallops launchpad in Virginia, as well.

另一個有助於我們在 2027 年的因素是：除了我們在范登堡的營運發射台之外，我們也將啟用位於維吉尼亞州的瓦洛普斯（Wallops）發射台。

And then, as I mentioned before, in 2028, we will be able to bring on our Swedish Space Corporation's Sweden launchpad, as well.

此外，如我先前提到，到了 2028 年，我們也將能啟用瑞典太空公司（Swedish Space Corporation）在瑞典的發射台。

So we will have two launchpads next year, three launchpads in 2028 to help with the launch-cadence opportunities.

因此，我們明年將有兩座發射台，2028 年將有三座發射台，以協助提升發射頻率的機會。

Awesome. Thank you so much.

太棒了。非常感謝。

Seth Seifman, JP Morgan.

JP Morgan 的 Seth Seifman。

Yeah. Hey guys. This is Alex, on for Seth. Good afternoon.

是的。嗨，各位。我是 Alex，代替 Seth 發言。下午好。

Hi, Alex.

嗨，Alex。

Hey. Maybe a question for Darren. Darren, I think in your prepared remarks, you mentioned how spacecraft revenue was $108 million in Q2. And if you look at the growth on a sequential basis, it was around 60%, which is obviously a pretty big number.

嗨。也許這個問題想請教 Darren。Darren，我記得你在事先準備的發言中提到，第二季（Q2）航太器收入為 1.08 億美元。如果看季比成長，大約是 60%，這顯然是個相當大的數字。

Curious, I know you mentioned among the drivers that there is the five lunar missions you guys are working on, strength in AI software, and I think there is also an acceleration of a hardware order.

我很好奇，我知道你提到的驅動因素包括：你們正在進行的五個月球任務、AI 軟體的強勁表現，以及我想還有一筆硬體訂單的提前出貨。

I was curious if there is maybe a way that you could break that down a little bit more between those three pieces, just to give us a sense of what drove that revenue strength.

我想請問你是否能把這三部分再拆解得更清楚一些，讓我們了解是什麼推動了這樣的收入強勁表現。

Yeah. Hey, Alex. Good to hear from you.

可以。嗨，Alex。很高興聽到你的聲音。

So there is definitely some puts-and-takes this quarter from a revenue mix and timing perspective, but the trajectory and the destination to the $420 million to $450 million in annual revenue remains the same.

本季在收入組合與認列時點上確實有一些此消彼長的因素，但邁向年度收入 4.2 億至 4.5 億美元的軌跡與目標仍然不變。

I mentioned the hardware order that impacted the timing into Q2. So that was an acceleration from a national-security customer.

我提到那筆影響時點、使其落在第二季的硬體訂單。那是來自一位國家安全客戶的提前（加速）需求。

And one of the strengths in this business is, really, the diversified revenue streams from multiple product lines, right? Look, there is really strong demand, as you can see, as evidenced on the spacecraft side, as the team is working through five lunar-lander programs in parallel, right now.

而這項業務的一個優勢，確實在於來自多條產品線的多元化收入來源，對吧？你看，需求非常強勁，從航太器端就能看出來——團隊目前正同時並行推進五個月球著陸器計畫。

We are seeing similar strength in the AI-software solutions that it is really going to offset some of the revenue impact of launch, right?

我們也在 AI 軟體解決方案上看到類似的強勁表現，這將在一定程度上抵消發射業務對收入的影響，對吧？

What gives us a lot of confidence heading into the second half of the year is that we have 95% of our revenue booked for 2026, if you take the midpoint of our guidance.

讓我們對下半年很有信心的一點是：如果以我們財測指引的中位數來看，我們 2026 年的收入已有 95% 完成簽約／鎖定。

Okay. Great. And then, as a quick follow-up, Jason, I think you mentioned that you are maturing towards the first Eclipse flight.

了解。很好。接著快速追問一下，Jason，我想你提到你們正逐步成熟、朝向第一次 Eclipse 飛行。

But I might have missed it but did not hear an update on, maybe, updated expectations on when that may be. Just curious if there is any updated expectation there.

但我可能漏聽了，沒有聽到關於時間點的更新，例如最新預期會在何時發生。想請問是否有任何更新的預期。

Yeah, Alex.

是的，Alex。

Again, I can't stress enough that the demand for launch capacity is amplified, right now. We've never seen the launch capacity so constrained. That not only helps the demand for Alpha but also for Eclipse.

我再怎麼強調都不為過：目前對發射產能的需求正在被放大。我們從未見過發射產能如此受限。這不僅推升了對 Alpha 的需求，也推升了對 Eclipse 的需求。

Right now, we are heads-down getting all the qualification completed for our Miranda engine. Qualification is imminent. We just surpassed our 150th hot-fire test.

目前我們正全力以赴完成 Miranda 引擎的所有資格認證。資格認證即將完成。我們剛剛完成第 150 次以上的熱點火測試。

What was very, very encouraging on this last hot fire was it was flight-like. It was 226 seconds, which surpassed the full mission-duty cycle duration of 206 seconds. We got really great test results from that. That unlocks, moving forward.

最後一次熱點火非常、非常令人鼓舞，因為它非常接近實際飛行條件。測試持續了 226 秒，超過完整任務工作循環（mission-duty cycle）所需的 206 秒。我們從中得到非常好的測試結果。這讓後續推進得以解鎖。

We're also building the Miranda flight engines in parallel. So we're making progress there. We've got a number of chambers for the Miranda engines. The forward bay, as I mentioned, has been qualified and tested.

我們也在並行製造 Miranda 的飛行用引擎。因此我們在那方面也在取得進展。我們已經有多個 Miranda 引擎的燃燒室。如我所提，前段艙（forward bay）已完成資格認證並通過測試。

Every hardware part of the first stage of Eclipse is either in build or in test. We've already qualified our tanks. We'll continue to qualify them. We've got flight tanks also in build, as well.

Eclipse 第一級的每一個硬體部件都已進入製造或測試階段。我們的儲箱已經完成資格認證。我們也會持續進行資格認證。我們也正在製造飛行用儲箱。

So all that hardware -- we're very hardware-rich at this time. We're making sure that everything's done with safety, quality, and reliability at the forefront.

所以所有這些硬體——我們目前的硬體資源非常充足。我們確保所有工作都以安全、品質與可靠性為最優先考量。

The thing about this capability is it's going to unlock a lot of launch capacity in the future. We're working with Northrop Grumman on delivering the vehicle, the first stage, no earlier than next year. This is inaugural launch of no earlier than 2027.

這項能力的重點在於，它將在未來釋放大量的發射產能。我們正與諾斯洛普・格魯曼（Northrop Grumman）合作交付載具第一級，時間不會早於明年。首次發射時間不會早於 2027 年。

We did also complete COPVs, in addition to the rocket engines, which are the hardest part of any rocket development. The COPVs are extremely challenging and difficult for the industry, as well. We completed COPV burst-press qualification campaign testing for the first stage.

此外，除了火箭引擎（這是任何火箭研發中最困難的部分）之外，我們也完成了 COPV（複合材料包覆壓力容器）。COPV 對整個產業而言也極具挑戰、難度很高。我們已完成第一級 COPV 的爆破壓力資格認證測試活動。

And then, the hold-down release adapter, that's where rubber meets the road. That holds down the rocket before it launches. That's a key piece of the ground infrastructure. And we're preparing to proof test that.

接著是發射台的固定釋放轉接器（hold-down release adapter），這才是真正關鍵之處。它在火箭起飛前負責將火箭固定住。這是地面基礎設施中的關鍵部件。我們正準備對它進行耐壓（proof）測試。

So lots of exceptional progress. Really proud of the team for all the progress that we're making. The factory floor is just really, really hardware-rich at this moment.

所以進展非常出色。我為團隊所取得的所有進展感到非常自豪。目前工廠現場的硬體真的、真的非常充足。

Awesome. Thanks very much, guys.

太棒了。非常感謝，各位。

Edison Yu, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Edison Yu。

Hi. Thank you for taking our questions. And great seeing everyone in Farnborough.

嗨。謝謝你們回答我們的問題。也很高興在范堡羅（Farnborough）見到大家。

First question, wanted to follow up on an earlier point, let us assume the next launch, 4Q, goes well. Not asking for guidance for next year but what cadence are you targeting if the next launch goes well? Can you speak to that at all? Is it, like, once a month, once a quarter, or twice a quarter? What cadence?

第一個問題，想延續先前的一點：假設下一次發射在第四季進行且一切順利。我不是要你們提供明年的指引，但如果下一次發射順利，你們目標的發射節奏（cadence）是什麼？可以談談嗎？例如每月一次、每季一次，或每季兩次？你們的節奏是什麼？

Yeah. Hey. Good to hear from you, Edison.

是的。嗨。很高興聽到你的聲音，Edison。

We have so much hardware on the floor. Production is at an all-time high. So that gives us really, really high confidence that we are going to continue to pump out Alphas at rate.

我們現場有非常多的硬體。產能正處於歷史新高。因此我們非常、非常有信心能夠持續以既定速率產出 Alpha 火箭。

As I mentioned, Alpha 8 is in final-integration test before we ship it. 9 is entering right behind it in integration and test. 10, all the airframes are completed. 11, the airframes are progressing.

如我提到的，Alpha 8 在出貨前正進行最終整合測試。9 號緊接著進入整合與測試。10 號的所有箭體結構都已完成。11 號的箭體結構也在推進中。

And so that gives us a head-start on getting ready for rate next year. So that gives you an indication of what we are doing at this point. That gives us a lot, lot of optimism for next year.

因此，這讓我們在為明年的量產節奏做準備上取得先機。這也能讓你了解我們目前正在做的事情。這讓我們對明年非常、非常樂觀。

The other thing is, we are not going to talk about guidance for 2027 but I mentioned the hardware-production ramp. But the people part of it -- our workforce successfully launched Flight 7.

另外一點是，我們不會談 2027 年的指引，但我提到過硬體產能的爬坡。而在人員面——我們的團隊已成功發射第 7 次飛行任務（Flight 7）。

That was a lot of muscle memory and repetitions that they got from that, doing the static-fire testing and then, the launch itself, then doing the post-processing of the data.

這讓他們累積了大量的肌肉記憶與重複演練，包括進行靜態點火測試，接著是實際發射，然後再做資料的後處理。

They are getting faster and faster at doing that, using advanced tools that we have in-house. And so the goal is to launch Flight 8 successfully, get all the post-flight data, process that as soon as possible, let that flow into Flight 9 launch campaign and continue that momentum into 2027 and beyond.

他們在我們自研的先進工具協助下，執行速度越來越快。因此目標是成功發射 Flight 8，取得所有飛後資料，盡快完成處理，並將成果導入 Flight 9 的發射作業，持續把這股動能延伸到 2027 年及之後。

Got you. A separate topic. I want to ask you about the moon, want to ask you about CLPS.

了解。換個話題。我想問你們關於月球、關於 CLPS。

Can you give us a sense of what you're expecting for the rest of the year in terms of NASA awarding out task orders? Are we done with CLPS 1.0 and waiting for 2.0? Do we expect more from 1.0? Do we expect 2.0?

你們能否說明一下，對今年剩餘時間 NASA 在任務訂單（task orders）授予方面的預期？CLPS 1.0 是否已經結束、正在等待 2.0？1.0 還會有更多機會嗎？2.0 會有嗎？

Any just flavor of, we should expect some stuff we used to bid in and, potentially, win on some stuff before year end.

也請給我們一些方向：在年底前，我們是否應該期待一些我們過去投標的案子，並且可能在其中一些案子上得標？

Yeah. We're never done with CLPS 1.0. There's three more opportunities in the second half of this year. We already won, as we mentioned before, the CS8 opportunity. And we're on contract, and away we go because it's a near build-to -print of our successful Blue Ghost Mission 1.

是的。我們從來不會說 CLPS 1.0 已經結束。今年下半年還有三個機會。如先前提到的，我們已經贏得 CS8 的機會案。我們也已簽約，接下來就開始推進，因為它幾乎是我們成功的 Blue Ghost Mission 1 的近似「照圖製造」（build-to-print）。

We also went further vertically integrated with -- acquired Space-ng. So that is moving along.

我們也在垂直整合方面更進一步——收購了 Space-ng。因此這部分也在持續推進。

The opportunities ahead of us are two lander missions under CLPS 1.0 and then, one orbiter-imaging service under CLPS 1.0, as well. So there are multiple shots and opportunities at goal for the rest of the year.

接下來的機會包括：CLPS 1.0 之下的兩個著陸器任務，以及一個同樣屬於 CLPS 1.0 的軌道器影像服務。因此今年剩餘時間我們有多次出手機會。

Because we invested in the CapEx to have quadruple the cleanroom space, put in the most optimized, streamlined assembly line that we could into that cleanroom, as well as expanded our spacecraft campus with vertically integrated components like avionics and harnessing in-house engines, as well. that gives us a really good position and extra capacity to take on more.

由於我們投入資本支出（CapEx），將無塵室空間擴增到四倍，並在無塵室內建置我們能做到最優化、最精簡的組裝產線；同時也擴大我們的太空器園區，將航電與線束、以及自製引擎等垂直整合零組件納入內部生產。這讓我們處於非常有利的位置，並具備額外產能去承接更多任務。

So we see the CS8 win in second quarter as just the beginning. It did put us in a category of we won not only that but, also, the JPL MoonFall mission. So that was two of the moon missions this year.

因此我們把第二季的 CS8 得標視為只是開始。它也讓我們進入一個層級：我們不僅贏得該案，還贏得了 JPL 的 MoonFall 任務。所以今年我們拿下了兩個月球任務。

It expanded our number of moon missions in 2028 to three. So that's a positive trend going from one mission a year to multiple missions a year.

這也把我們在 2028 年的月球任務數量擴增到三個。因此，從一年一個任務走向一年多個任務，是一個正向趨勢。

But that capacity in our hiring and staffing up is a good combination to go after more of these CLPS 1.0 missions.

而我們在人力招募與擴編所形成的產能，與上述能力結合起來，讓我們能更有力地爭取更多 CLPS 1.0 任務。

And then, CLPS 2.0 is also happening. We did put a bid in for that. And we had designs that we were working on for that. And we hope to hear from NASA in the coming months.

另外，CLPS 2.0 也正在進行。我們已經提交投標。我們也針對該案進行設計工作。我們希望在接下來幾個月能收到 NASA 的消息。

But we're really excited about taking our success from the Blue Ghost Mission 1 and subsequent missions and applying it and extending it to a larger lander to take even more mass, even more volume to the moon so that we can be part of the infrastructure builds of the Moon Base.

不過我們非常期待把 Blue Ghost Mission 1 以及後續任務的成功經驗加以應用並延伸到更大型的著陸器，將更多質量、更多體積送上月球，讓我們能參與月球基地（Moon Base）基礎設施的建設。

Michael Leshock, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Michael Leshock。

Hey. Good afternoon.

嗨。午安。

On the guidance piece, what are the biggest swing factors that could cause revenue to shake out, either at the high end or the low end of the guidance range?

關於財測指引這一塊，哪些是最大的變動因素（swing factors），可能導致營收落在指引區間的高端或低端？

And then, given the unchanged range for the year, I think you were previously expecting four total Alpha launches in 2026 and, now, you're expecting three. So that would imply that you were able to reiterate guidance without the, maybe, $15 million or $20 million of revenue from that additional Alpha launch, assuming the [ASP] is a bit higher than these next ones for Flight 10.

另外，鑑於全年指引區間維持不變，我記得你們先前預期 2026 年總共會有四次 Alpha 發射，但現在預期是三次。因此這意味著，即使少了那一次額外 Alpha 發射可能帶來的約 1,500 萬到 2,000 萬美元營收（假設單次平均售價 [ASP] 比接下來這幾次更高、以 Flight 10 為例），你們仍能重申指引。

So ex-Alpha guidance would have increased. Is that the right way to think about it? And then, yeah, just maybe the swing factors for that range.

所以若排除 Alpha 的影響，指引其實是上調的。這樣理解對嗎？以及，這個區間的主要變動因素有哪些？

Hey, Michael. Good to hear from you.

嗨，Michael。很高興收到你的消息。

Yeah. I think I touched on this a little bit earlier. When you look at where we are from a guidance perspective, we reiterated $420 million to $450 million. Some of the moving parts there, as I mentioned before.

是的。我想我稍早已經稍微提到過這點。從我們的財測指引來看，我們重申了4.2億到4.5億美元。其中有一些變動因素，如我先前提到的。

The trajectory of our growing revenue and the destination, which is between the $420 million to $450 million, where we're going to be, we're going to land there. And we have really strong confidence because the team's been executing.

我們營收成長的軌跡以及最終落點，也就是4.2億到4.5億美元之間，我們會到那裡、也會落在那個區間。我們非常有信心，因為團隊一直在落實執行。

You can see the momentum in Q2. But, also, heading into the second half of the year, as I mentioned, 95% of that revenue was already booked. So it's just up to us in terms of execution.

你可以看到第二季的動能。而且，如我提到的，進入下半年時，95%的營收已經預訂完成。所以接下來就看我們的執行力。

Where things can swing on the high end or low end, Jason touched on it a little bit earlier. If we wind up winning one of these additional CLPS missions in the end of the year, it could push us towards the higher end of the range.

至於可能讓結果落在區間高端或低端的因素，Jason稍早也提到一些。如果我們在年底前最終拿下其中一個額外的CLPS任務，可能會把我們推向區間的高端。

Our business is really well diversified. There's multiple product lines that can generate revenue and continue to generate revenue. So you'll see that we're working on the Forge program for AI-software solutions, the five lunar missions, Golden Dome [SVI].

我們的業務其實相當多元分散。有多條產品線可以創造營收並持續帶來營收。所以你會看到我們正在推進用於AI軟體解決方案的Forge計畫、五個月球任務、Golden Dome[SVI]。

And we're really excited about some of the most recent wins in terms of GBARD and SkyFall. That allows us to offset some of the impact of the Alpha launch.

而且我們對近期在GBARD與SkyFall方面的一些最新得標感到非常振奮。這讓我們能夠抵消Alpha發射帶來的一些影響。

Okay. Great. And then, on SciTec, maybe you could talk about what you saw there in the quarter and how revenue might be impacted from geopolitical tensions, when there's a lot more activity.

好的。很好。接著關於SciTec，也許你可以談談本季你們看到的情況，以及在地緣政治緊張、活動更多時，營收可能會如何受到影響。

Do customers pay more? Is it a function of higher demand during more activity? Any color on the contract structure there and what was seen during the war?

客戶會付更多嗎？這是否是在活動增加時需求更高的結果？能否補充一下那邊的合約結構，以及在戰爭期間觀察到的情況？

I think you're seeing strong demand on that side of the house. And you can see that we had a hardware order that got accelerated in Q2 and requested by our national-security customer.

我認為你會看到那一塊的需求很強勁。你也可以看到，我們有一筆硬體訂單在第二季被加速，且是由我們的國安客戶提出的。

In terms of the geopolitical tensions, that has really been an area where there is really a strong demand in that product line.

就地緣政治緊張而言，那確實一直是該產品線需求非常強勁的領域。

Maybe I will let Jason comment on some of the geopolitical parts of it.

也許我讓Jason來評論一些地緣政治相關的部分。

Yeah. Michael, the conflicts have not gotten any better. We see a lot of the Iran conflict earlier in the year, and that continues. It is the most missile conflict that we have seen in the history.

好的。Michael，衝突情勢並沒有好轉。我們看到今年稍早的伊朗衝突，而且仍在持續。這是我們在歷史上所見過規模最大的飛彈衝突。

In the first 30 days, if you remember, Forge, earlier this year, processed over thousands of threat messages. That was just in the first few weeks. And so the problem is continuing. And it is not just in one region, it is global, as well.

在前30天，如果你還記得的話，Forge在今年稍早處理了數千則威脅訊息。那只是最初幾週。所以問題仍在持續。而且不只是在單一地區，而是全球性的。

And so missile threats are getting more advanced. Because of those reasons, we need more AI capability, more battle-space awareness, more technical intelligence, more tactical missile warning, missile tracking, and strategic missile warning and tracking.

因此，飛彈威脅正變得更先進。基於這些原因，我們需要更多AI能力、更高的戰場空間態勢感知、更多技術情報、更多戰術飛彈預警與飛彈追蹤，以及戰略飛彈預警與追蹤。

Those are all things that Forge is -- the purpose of Forge is to provide that AI-software support to the guardians and force-multiply each one of them so that we can keep our nation safe and our allies safe.

這些都是Forge所涵蓋的事項——Forge的目的就是為守護者提供AI軟體支援，讓每一位守護者都能發揮倍增效益，從而保護我們的國家與盟友的安全。

We only see more acceleration of those type of capabilities because of this threat emerging.

由於這項新興威脅，我們只會看到這類能力加速發展。

Thanks so much.

非常感謝。

Kristine Liwag, Morgan Stanley.

Morgan Stanley的Kristine Liwag。

Hey. Good evening, everyone.

嗨。各位晚安。

Jason, Darren, Michael, you've clearly seen strong order of momentum across your portfolio. I was wondering, as you convert these new awards into revenue, can you help us understand the profitability and cash milestones associated with that backlog, especially for some of these capabilities where you've already proven the technology?

Jason、Darren、Michael，你們顯然在整個產品組合上都看到強勁的訂單動能。我想請教，當你們把這些新得標轉換為營收時，能否協助我們理解與該在手訂單相關的獲利能力與現金里程碑，特別是對於一些你們已經證明技術可行的能力？

How do these margins and cash flow typically evolve, as these new orders convert into revenue?

當這些新訂單轉換為營收時，毛利率與現金流通常會如何演變？

Yeah. Hey, Christine, good to hear from you.

好的。嗨，Christine，很高興聽到你的聲音。

Q2 is a great example, right? When you look at the $117 million in terms of revenue we converted, pretty much all of that was from backlog conversion. And we're in a contract.

第二季就是很好的例子，對吧？當你看我們轉換的1.17億美元營收時，幾乎全部都來自在手訂單的轉換。而且我們是在合約之中。

A lot of our contracts, primarily on the spacecraft side, are milestone-driven. So we're getting cash. And that allows us to build out our teams and buy long-lead items to support the programs for our customers, as we progress through each one.

我們很多合約，尤其是航太器那一側，主要是以里程碑驅動。因此我們會收到現金。這讓我們能擴編團隊並採購長交期項目，以支援客戶的計畫，並隨著每個里程碑推進。

So we're able to really just -- and on top of that, after we close some of these contracts, let's take the Blue Ghost orders from NASA, for example, these lunar admissions really have bolt-on opportunities, as Jason talked about.

所以我們基本上能夠——此外，在我們簽下部分合約後，以NASA的Blue Ghost訂單為例，這些月球任務確實有加掛式（bolt-on）的機會，如Jason所說。

That allows us to expand gross margins, whether they're from commercial payloads or from imaging services like Ocula, which I would expect to be much higher in gross margins.

這讓我們能擴大毛利率，不論是來自商業酬載，或是像Ocula這樣的影像服務，我預期其毛利率會高得多。

And then, from a gross-margin perspective, as we unlock Alpha, as cadence increases, I would expect the corresponding increase in gross margin there. That's, really, the big unlock for gross margin, going forward.

另外，從毛利率角度來看，隨著我們解鎖Alpha、發射節奏（cadence）提升，我預期毛利率也會相應提高。這確實是未來毛利率最大的解鎖點。

Great. Super helpful.

很好。非常有幫助。

You partially answered my follow-up question. Can you level-set us in terms of how do we think about the path to positive EBITDA, as a whole, for the company and free cash flow breakeven?

你已經部分回答了我的追問。能否幫我們校準一下，從公司整體來看，我們該如何思考達到正向EBITDA以及自由現金流損益兩平的路徑？

Specifically, is there some level of revenue, as you convert some of those specific milestones, that you get to where either it is a mix, scale, fixed-cost absorption, or more profitable contracts leveling through, where you can actually get to that profitability and positive free cash?

具體而言，是否存在某個營收水準，當你們完成某些特定里程碑的轉換後，會因為組合、規模、固定成本吸收，或更高獲利合約逐步占比提升，而能真正達到獲利並產生正向自由現金？

Yeah. Really, so much of our business is driven by these operational milestones. Our operational milestones really drive our financials.

是的。其實我們的業務很大一部分是由這些營運里程碑所驅動。我們的營運里程碑確實會帶動財務表現。

Things I look at, as everyone else is looking, is Alpha -- getting Alpha to rating cadence, right? Eclipse development -- finishing off Eclipse development. That takes a lot off the R&D line.

我關注的事情，跟大家關注的一樣，是Alpha——讓Alpha達到認證後的發射節奏，對吧？Eclipse研發——完成Eclipse研發。那會在研發費用上減輕很多。

We are excited about the ramp of our Spacecraft business. It is progressing really well. There is a really high demand there for that business, whether it is our Blue Ghost lander, Elytra vehicle, or on the AI-software solution side, right? That positions us really well for profitability in the future.

我們也對航太器業務的爬坡感到興奮。進展得非常順利。那塊業務需求非常高，不論是Blue Ghost登陸器、Elytra載具，或是AI軟體解決方案那一側，對吧？這讓我們在未來的獲利能力上處於非常有利的位置。

Great. Thank you very much.

很好。非常感謝。

Colin Canfield, Cantor.

Cantor的Colin Canfield。

Hey. Thanks for the question.

嗨。謝謝讓我提問。

Maybe following up on the supply-demand environment, if we could talk a little bit about Eclipse, how much the national-security customer are talking about essentially releasing some of the requirements on [NSSL] on-ramp?

也許延續供需環境的話題，我們能否談談Eclipse？國安客戶在談到[NSSL] on-ramp時，有多大程度是在討論基本上放寬部分需求？

And how do you think about Eclipse's prospects of getting early on-ramps to NSSL? Thank you.

你們如何看待Eclipse在NSSL取得早期on-ramp機會的前景？謝謝。

Yeah. Hey, Colin. Nice to hear from you.

好的。嗨，Colin。很高興聽到你的聲音。

We're just heads-down, right now, on our Eclipse program. We are going through qualification of Miranda and getting the test data to inform our flight builds, as well.

我們現在就是專注埋頭在Eclipse計畫上。我們正在進行Miranda的資格認證，並取得測試數據來為我們的飛行構型製造提供依據。

Same thing with the tanks -- the LOx/RP-1 tanks -- and getting to a point where we can deliver the first stage to our co-developer, Northrop Grumman.

同樣地，推進劑箱——液氧/ RP-1 儲箱——也是如此；我們正推進到能把第一級交付給我們的共同開發夥伴諾斯洛普・格魯曼的階段。

Northrop Grumman leads the government-facing work, like NSSL. And so we're confident that our co-develop -- Eclipse rocket is American-made.

諾斯洛普・格魯曼主導面向政府端的工作，例如 NSSL。因此我們有信心，我們共同開發的——Eclipse 火箭是美國製造。

It meets the standards and needs of the US Space Force. And it's an ideal solution to deploy a broad range of payloads, with such critical payloads that the Space Force demands.

它符合美國太空軍的標準與需求。而且它是部署廣泛載荷的理想解決方案，能承載太空軍所要求的這類關鍵載荷。

And so we're just working towards our first launch, showing the capability. Because at the end of the day, what matters the most is delivering the payload to the mission orbit that we sign up for. And that's what we're focused on.

因此我們正朝首次發射努力，展示能力。因為歸根結底，最重要的是把載荷送到我們承諾的任務軌道。這就是我們專注的重點。

But as I said before, the demand for launch capacity is the most constrained we've seen it. There's strong, strong demand, both on the National Security Space Launch Program side, as well as commercial and international.

但如我先前所說，對發射運力的需求是我們所見過最受限的一次。需求非常、非常強勁，無論是在國家安全太空發射計畫端，還是商業與國際市場。

As long as we continue to just focus on our first launch and get that vital data and then, continue on, that's where we're focusing.

只要我們持續專注於首次發射、取得那些關鍵數據，然後再持續推進，這就是我們目前的重點。

Got it. Maybe on that same topic, if you could discuss the pricing elements of the launch services agreement extension with Lockheed, essentially, how do we think about that versus current-list price?

了解。也許就同一個主題，能否請你談談與洛克希德的發射服務協議延長案中的定價要素；基本上，我們該如何將其與目前的牌價做比較？

And how much of that pricing increase would you attribute to hypersonics mix or other international-security factors, like stage relight on orbit maneuverability and the like? Thank you.

以及你會把多少的漲價歸因於高超音速產品組合，或其他國際安全因素，例如級段在軌重啟、在軌機動能力等等？謝謝。

Yeah. Hey, Colin. Good to hear from you.

是的。嗨，Colin。很高興聽到你的聲音。

Yeah. Just overall Alpha pricing, we would expect it -- Jason talked about the launch=-constrained environment. We would expect our Alpha [ASPs] to go up over time.

是的。就整體 Alpha 定價而言，我們預期——Jason 談到發射供給受限的環境——我們預期 Alpha 的 [ASP，平均售價] 會隨時間上升。

In the earlier years now, in the next 6,12 months, we are burning down some of our earlier backlogs. So you will see some of those lower-ASP missions burn off.

在較早期的年份、也就是接下來 6 到 12 個月，我們正在消化一些較早的積壓訂單。因此你會看到其中一些 ASP 較低的任務逐步出清。

But I would expect our prices to go up in a launch-constrained environment.

但在發射運力受限的環境下，我預期我們的價格會上升。

Griffin Boss, B Riley Securities.

Griffin Boss，B Riley Securities。

Hi. Good afternoon. Thanks for taking my questions.

嗨。下午好。謝謝回答我的問題。

First for me, wanted to jump back to the CLPS opportunity. You mentioned that you submitted a proposal for a larger lander variant of the Blue Ghost.

第一個問題，我想回到 CLPS 的機會。你提到你們提交了一份針對 Blue Ghost 更大型著陸器版本的提案。

Curious if we can hear any more details on that. Are we talking 500-kilogram payload capacity a ton? Is there any more color you can provide there?

想請問是否能再多分享一些細節。我們談的是 500 公斤的載荷能力，還是一噸？你能否再提供一些補充說明？

Hey, Griffin. The thing I could say, right now, because we cannot release any proprietary information but what the NASA Moon Base program announced in March as part of their ignition program was they wanted 30 landers in the next three years.

嗨，Griffin。我現在能說的是，因為我們不能公開任何專有資訊；但 NASA 月球基地計畫在 3 月作為其 ignition 計畫的一部分所宣布的是，他們希望在未來三年內要 30 艘著陸器。

And the first 15 were going to be nominal landers. That is anywhere between the hundreds of kilograms to the surface of the moon. But they also wanted an additional 12 landers that are around the 2 to 4 tons of capability and then, another 13 landers for the 8-ton down mass.

其中前 15 艘會是標準型著陸器。也就是可把數百公斤等級的載荷送到月面。但他們也希望另外有 12 艘著陸器具備約 2 到 4 噸的能力，然後再有另外 13 艘著陸器具備 8 噸的下行載重能力。

And so we have a scalable design that is modular, that we can take different cargo to support human presence in the future.

因此我們有一個可擴展的模組化設計，能搭載不同貨物，以支援未來的人類常駐。

You are going to need power. You are going to need navigation and guidance, communications, cargo to sustain life, rovers, light terrain vehicles, all of the above.

你會需要電力。你會需要導航與導引、通訊、維生所需的補給貨物、探測車、輕型地形車，以及以上所有項目。

And so we have a design that takes a lot of the common components that we successfully landed on the moon already with but scales it in terms of size, volume, and mass so we can take those Moon Base infrastructure cargo reliably. We are talking the multi-ton capability.

因此我們的設計採用了許多我們先前已成功登月所使用的共通元件，但在尺寸、容積與質量上進行擴展，讓我們能可靠地運送那些月球基地基礎設施貨物。我們談的是多噸級能力。

Super helpful. Thanks, Jason.

非常有幫助。謝謝你，Jason。

And then, just one more, if I could: I was hoping we could touch back on tactically responsive space and, specifically, where your work with True Anomaly stands.

然後，如果可以的話再問一個：我想回到戰術性快速反應太空（tactically responsive space），特別是你們與 True Anomaly 的合作目前進展到哪裡。

I believe or, at least, it was our understanding that Firefly was originally supposed to launch that VICTUS HAZE mission. But, of course, as we saw, Rocket Lab handle that launch.

我相信——至少我們的理解是——Firefly 原本應該要發射 VICTUS HAZE 任務。但當然，如我們所見，最後是 Rocket Lab 執行了那次發射。

So curious if you could just give an update there, specifically with your work, with True Anomaly.

所以想請你更新一下，特別是你們與 True Anomaly 的合作進度。

Yeah. We are very bullish on tactically responsive space. If you look at the Space Force budget, it could double from 2026 to 2027 numbers. With that, the tactically responsive space line could quadruple. That is how important and critical this is.

是的。我們非常看好戰術性快速反應太空。如果你看太空軍的預算，從 2026 到 2027 的數字可能會翻倍。在此之下，戰術性快速反應太空這條預算線可能會成長到四倍。這顯示它有多重要、多關鍵。

We are not just doing demonstration missions. In the future, we will do operational missions. Because this capability is, really, to meet the needs of urgent and priority missions for the Space Force. It is also to deter US adversaries in space.

我們不只是做示範任務。未來我們會執行作戰任務。因為這項能力真正是為了滿足太空軍對緊急與優先任務的需求。它也用來在太空中嚇阻美國的對手。

And so we are delighted that there is multiple providers of this capability, in addition to us. We were the first to do it within a 24-hour timeline. But there is going to be more and more. That is something we have always envisioned, along with the Space Force.

因此我們很高興，除了我們之外，還有多家供應商提供這項能力。我們是第一個在 24 小時時程內做到的。但未來會越來越多。這一直是我們與太空軍共同所設想的方向。

But the Space Force, at their direction of the Space Safari, moved our future tactically responsive space mission that will utilize, now, our upgraded Alpha Block II launch vehicle to launch True Anomaly's Jackal in the future.

但太空軍在 Space Safari 的指導下，將我們未來的戰術性快速反應太空任務調整為：未來將使用我們升級後的 Alpha Block II 運載火箭，發射 True Anomaly 的 Jackal。

This new mission will build on the lessons learned with VICTUS NOX. And we also did VICTUS DIEM earlier this year. Now, the lessons learned from the successful VICTUS HAZE and others that we'll foresee in the future -- to shape the next generation of tactically responsive space missions.

這項新任務將建立在 VICTUS NOX 的經驗教訓之上。而且我們今年稍早也執行了 VICTUS DIEM。現在，來自成功的 VICTUS HAZE 以及未來我們預期的其他任務的經驗教訓——將用來塑造下一代戰術性快速反應太空任務。

Okay. If I am still on here, I just want to then clarify what you said. Does that mean your -- there is no change in your responsive-space pipeline, just that that mission had it -- it went to Rocket Lab but, maybe, you have another mission lined up in the future then? That that mission is not lost, it is just saved for a later date.

好的。如果我還在線上，我想釐清你剛才說的。這是否表示你們——你們的快速反應太空任務管線沒有改變，只是那個任務——它轉由 Rocket Lab 執行，但你們未來可能會有另一個任務接續？也就是說那個任務並沒有流失，只是延後到之後的日期。

Is that the right way to think about it?

這樣理解對嗎？

That's the right way to think about it, save for a later date, per the Space Force direction.

這樣理解是對的；依太空軍的指示，延後到之後的日期。

Okay. All right. Great. Thank you for taking my questions. I appreciate it.

好的。好。很好。謝謝你回答我的問題。我很感激。

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

Hey. This is Ben Tomick, on for David.

嗨。我是 Ben Tomick，代 David 發問。

Going back to the CLPS missions, with all the awards you have now and, like, more awards to come, how should we think about these accelerated Blue Ghost cadences impact on Blue Ghost margins? Is there a certain rate that we really see, like, an inflection with margins there?

回到 CLPS 任務，考量你們現在已拿到的所有授標，以及未來可能還會有更多授標，我們應該如何看待這些加速的 Blue Ghost 發射節奏對 Blue Ghost 毛利率的影響？是否存在某個節奏/頻率，會讓毛利率出現明顯的拐點？

Yeah. I'll take that one.

是的。這題我來回答。

Obviously, with more Blue Ghost and spacecraft missions, that spreads out that fixed-manufacturing overhead we have in the business. So we'd expect our gross margins to continue to expand.

顯然，隨著更多 Blue Ghost 與航天器任務，能把我們業務中的固定製造間接費用分攤到更多任務上。因此我們預期毛利率會持續擴張。

On top of that, you're looking at -- in addition to the base contract that we've won from NASA, there's opportunity for commercial providers -- for additional payloads from commercial providers.

除此之外，除了我們從 NASA 贏得的基礎合約外，還有來自商業供應商的機會——可承接商業供應商的額外酬載。

And then, I talked about the Ocula imaging service, as well, right? So those can provide gross-margin expansion opportunities.

另外，我也提到 Ocula 影像服務，對吧？因此，這些都能帶來毛利率擴張的機會。

Got it. Thanks. And then, switching over to SciTec, how should we think about the contract mix, going forward? I think you talked about trying to do more fixed price there.

了解。謝謝。接著切換到 SciTec，往後我們應該如何看待合約組合？我想你有提到希望在那邊做更多固定價格合約。

Yeah. I think the way to look at it is, our mix of spacecraft and launch, for the rest of this year, you're probably looking at somewhere in 85% spacecraft and the remainder, launch. That's how I would view it.

是的。我認為可以這樣看：今年剩餘時間，我們在太空載具與發射的組合上，大概會是 85% 太空載具，其餘是發射。我會這樣看。

Yeah. I would add that the whole acquisition of SciTec has been very successful. One of the things that we look at is not only strategy and culture and financials but also synergies.

對。我也想補充，整個收購 SciTec 的案子非常成功。我們評估的不只是策略、文化與財務，也包括協同效益。

Our larger Firefly platform has been able to successfully unlock a lot of the synergies of one-plus-one-equals-four moments with SciTec. You saw that with the Golden Dome award announcement in the second quarter.

我們更大的 Firefly 平台已成功釋放出許多與 SciTec「一加一等於四」的協同效益時刻。你在第二季 Golden Dome 得標公告中就看到了。

And, also, most recently the GBARD program. That is a $94 million Phase 1 early-phase program to look at the legacy radars that do missile warning, missile tracking, and space domain awareness; and then, modernize that.

另外，最近還有 GBARD 計畫。這是一個 9,400 萬美元的第一階段早期計畫，用於檢視用於飛彈預警、飛彈追蹤與太空領域態勢感知的既有雷達，並加以現代化。

Well, we are taking the Forge playbook that is so successful and already battle-tested and getting superior ratings from all the generals in the Pentagon. We are taking that and we are extending it, lifting and shifting it to other adjacent missions of phenomenologies like radar.

我們正在把 Forge 的作戰手冊——它非常成功、且已在實戰中驗證，並獲得五角大廈所有將軍的高度評價——拿來延伸，並以「搬移與轉用（lift and shift）」的方式，套用到像雷達這類相鄰任務的不同物理現象領域。

And you could look at upside opportunities like air-moving target indication and ground-moving target indication and more.

你也可以看到像空中移動目標指示（AMTI）、地面移動目標指示（GMTI）等更多上行機會。

There is a lot of upside opportunities with what used to be the Space Development Agency in terms of the tracking-layer tranches and the ground processing there. And then, there is more Golden Dome upside opportunities, as well.

在過去稱為太空發展署（Space Development Agency）的體系中，就追蹤層（tracking-layer）各批次（tranches）與地面處理而言，也有很多上行機會。此外，Golden Dome 也還有更多上行機會。

Forge has become a really large part of what we are going to do in the future with SciTec.

Forge 將成為我們未來與 SciTec 合作要做的事情中非常重要的一部分。

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

Hi, Jason. Hi, Darren. Hi, Michael. Apologize for the background noise here. Congrats on the progress.

嗨，Jason。嗨，Darren。嗨，Michael。抱歉這裡有些背景噪音。恭喜進展順利。

The backlog number, Darren, $1.5 billion, any color there? How much of that is launch versus spacecraft? And, maybe, also how much is covering the next 12 months to understand the near-term versus longer-term backlog?

Darren，關於 15 億美元的在手訂單（backlog）數字，有沒有更多說明？其中發射與太空載具各占多少？另外，為了理解短期與長期在手訂單，未來 12 個月涵蓋了多少？

Hey, Suji. Good to hear from you.

嗨，Suji。很高興聽到你的聲音。

We haven't really broken that out. But when you look at it from a conversion perspective, this quarter, $117.7 million, pretty much all of that was backlog conversion.

我們其實沒有把它拆得那麼細。但從轉換（conversion）的角度來看，本季 1.177 億美元，幾乎全部都是在手訂單轉換。

When you look at that and extrapolate where our $1.5 billion lands, like, you see how far that stretches out. It's not exactly apples to apples because you have things like the Lockheed Martin multi-launch agreement mixed in there that extends through 2031.

你把這個數字外推，就能看出我們 15 億美元大概能延伸到多遠。但這不完全是同類比較，因為其中包含像洛克希德馬丁的多次發射協議，會一路延伸到 2031 年。

It's not not a straightforward answer. But you can give a rough ballpark by taking -- extrapolating Q2.

所以這不是一個很直接的答案。但你可以用第二季的數字做外推，得到一個大致的區間。

Okay. Got it. It's a very high conversion rate.

好的。了解。這個轉換率非常高。

And then, second question is on Elytra. Can you update us on the demand backlog there in pipeline and maybe how much Elytra is contributing to revenue in the next -- second half of this year or next year, just to understand how that's coming into the revenue mix?

第二個問題是關於 Elytra。你能更新一下那邊的需求在手訂單、管線狀況嗎？以及 Elytra 在今年下半年或明年對營收的貢獻大概是多少？我想了解它如何納入營收組合。

Yeah. Hey, Suji. I'd like to unpack that in two parts.

可以。嗨，Suji。我想把這個拆成兩個部分來說。

Maybe I'll start with the first part, which is the demand. You already see that we have an Elytra contract with the Defense Innovation Unit. That's clearly supporting space-domain awareness and rendezvous -proximity operations.

我先從第一部分——需求——開始。你已經看到我們與國防創新單位（Defense Innovation Unit）有一份 Elytra 合約。那很明確是在支援太空領域態勢感知，以及交會—近距離操作（rendezvous-proximity operations）。

It's very, very aligned with the White House executive order for space supremacy, where they're looking to advance capabilities for Department of War, as well as involve commercial technology.

這也非常符合白宮關於太空優勢的行政命令方向，他們希望提升戰爭部（Department of War）的能力，同時也納入商業技術。

We're doing all those things with our Sinequone mission. So that's progressing towards a launch no earlier than next year.

我們透過 Sinequone 任務正在做所有這些事情。因此進度正朝向最早不早於明年的發射。

And then, in addition to that, each Blue Ghost -- 2, 3, 4 -- will have an Elytra transfer vehicle that will transfer the lander to their destination on the Moon's surface, but also serve as a long-haul communications relay, and also host our commercially available Ocula imaging and mapping service.

此外，每一個 Blue Ghost——2、3、4——都會搭載一個 Elytra 轉移載具，用於把登陸器轉移到月面目的地，同時也作為長距離通訊中繼，並承載我們可商用的 Ocula 影像與測繪服務。

So those Elytras are progressing, as you know, on Blue Ghost Mission 2. We're stacking our Elytras so that's the progress we're making there.

因此，如你所知，這些 Elytra 正在 Blue Ghost 任務 2 上推進。我們正在把 Elytra 一台台堆疊起來（stacking），這就是我們目前的進展。

And thenm MoonFall, we were put on contract by Jet Propulsion Laboratory for this flagship Moon Base program that's moving really, really quickly.

另外是 MoonFall，我們已由噴射推進實驗室（JPL）簽約，參與這個進展非常、非常快的旗艦級月球基地計畫。

Because we have several Elytras in production, we're able to leverage the designs, and the manufacturing, and the supply chain for that vehicle. That gives us confidence of meeting that very stringent schedule.

因為我們有多台 Elytra 正在量產中，我們能夠沿用該載具的設計、製造與供應鏈。這讓我們有信心能滿足非常嚴苛的時程。

But everything you need to do to go successfully burn several times to get to the Moon to deploy those JPL drones is similar stuff that the Space Force needs to deploy high-value national-security constellations from GTO to GEO.

而且，為了成功多次點火、前往月球並部署那些 JPL 無人機所需的一切，與太空軍需要把高價值國安星座從 GTO 轉移到 GEO 的需求，本質上是相似的。

We responded to a request for information recently. And we are progressing along with sharing information on our Elytra transfer vehicle to serve that fast-transfer vehicle mission.

我們最近回覆了一份資訊徵詢（RFI）。我們也正持續推進，分享我們的 Elytra 轉移載具資訊，以支援那個快速轉移載具任務。

That is a new category that we want to continue working with the Space Force on.

這是一個我們希望持續與太空軍合作的新類別。

Yeah. I would also add, singling out the Elytra missions by itself, while we are very excited about these contracts that Jason talked about, including MoonFall, which will go $75 million going through 2028, really does not do that product justice.

對。我也想補充：如果只把 Elytra 任務單獨拿出來看，雖然我們對 Jason 提到的這些合約（包含 MoonFall）非常興奮——MoonFall 到 2028 年將達 7,500 萬美元——但其實仍不足以完整呈現這個產品的價值。

Because when you look at it, Blue Ghost Mission 2 has an Elytra orbiter on there, right? So that contract, in itself, is a part of Elytra. And that allows us to really just leverage every R&D dollar on there and be really efficient about how we produce these vehicles.

因為你看，Blue Ghost 任務 2 上有一個 Elytra 軌道器，對吧？所以那份合約本身也包含 Elytra 的一部分。這讓我們能把每一塊研發投入的美元都充分槓桿化，並在生產這些載具時做到非常高的效率。

Greta. Appreciate the color. Thanks, Darren. Thanks, Jason.

很好。感謝補充說明。謝謝你，Darren。謝謝你，Jason。

Thank you so much. And as I see no further questions in the queue, I will conclude the Q&A session and pass it back to Michael Sheetz for final comments.

非常感謝。由於我看到隊列中沒有其他問題，我將結束問答環節，並把時間交回給 Michael Sheetz 做最後評論。

Thank you, all, for attending today's call.

感謝各位參加今天的電話會議。

We look forward to speaking with you all, again, when we report our third-quarter results.

我們期待在公布第三季業績時，再次與各位交流。

Have a good one.

祝各位一切順利。

This concludes our conference. Thank you for participating. You may now disconnect.

本次會議到此結束。感謝您的參與。您現在可以斷線。