Intuitive Machines Inc (LUNR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Machines second-quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您稍候並歡迎參加 Intuitive Machines 2026 年第二季電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to turn the conference over to Stephen Zhang, Head of Investor Relations. Go ahead.

現在我想把會議交給投資人關係主管 Stephen Zhang。請開始。

Good morning. Welcome to the Intuitive Machines second quarter 2026 earnings call. Chief Executive Officer, Steve Altemus, and Chief Financial Officer, Pete McGrath, are leading the call today. Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business, the economy, and other events.

早安。歡迎參加 Intuitive Machines 2026 年第二季財報電話會議。執行長 Steve Altemus 與財務長 Pete McGrath 將主持今天的會議。在開始之前，請注意，今天會議中討論的部分資訊將包含前瞻性陳述，闡述我們對於公司業務未來、經濟以及其他事件的當前預期。

The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements. We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations.

由於多項因素，公司實際結果可能與任何前瞻性陳述所示存在重大差異。這些因素已在公司財報新聞稿中的前瞻性陳述章節，以及公司最近向美國證券交易委員會（SEC）提交的 10-K 與 10-Q 中說明。我們不承擔更新前瞻性陳述的任何義務。我們也預期將討論某些財務衡量指標與資訊，這些屬於適用 SEC 規則與法規所定義的非 GAAP 指標。

Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation to our website, which provides additional context on our operational and financial performance. You can find this presentation on our investor relations page at www.intuitivemachines.com/investors.

與公司 GAAP 指標的調節表已包含在以 Form 8-K 提交的財報新聞稿中。最後，我們已在網站上發布財報電話會議簡報，提供我們營運與財務表現的更多背景資訊。您可在 www.intuitivemachines.com/investors 的投資人關係頁面找到該簡報。

Now I'll turn the call over to Steve Altemus.

現在我把電話會議交給 Steve Altemus。

Good morning, and thank you for joining us. We delivered a strong quarter, highlighted by $206 million of revenue, more than 4 times the prior year, exited the quarter with approximately $1.8 billion of backlog and have positioned the company for the next phase of growth. Our backlog now spans civil, commercial, and national security customers, and we have more than 80 spacecraft under contract.

早安，感謝各位加入。我們交出強勁的一季，亮點包括營收 2.06 億美元，較去年同期成長超過 4 倍；本季結束時在手訂單（backlog）約 18 億美元，並已為公司下一階段成長做好布局。我們的在手訂單目前涵蓋民用、商用與國家安全客戶，且已有超過 80 艘太空載具簽約在案。

Based on that visibility, we are reaffirming and remain confident in our $900 million to $1 billion revenue outlook and our expectation for positive adjusted EBITDA for the full year. Two years ago, Intuitive Machines returned America to the Moon for the first time since Apollo. Last year, we became the first company to land a second time at the lunar south pole. Those missions demonstrated our ability to deliver complex space missions that advanced the state of lunar exploration.

基於這樣的能見度，我們重申並持續有信心維持 9 億至 10 億美元的營收展望，以及全年調整後 EBITDA 轉正的預期。兩年前，Intuitive Machines 讓美國自阿波羅計畫以來首次重返月球。去年，我們成為第一家在月球南極第二次成功著陸的公司。這些任務展現了我們交付複雜太空任務、推進月球探索前沿的能力。

That was never our ultimate destination. It was the foundation for building the next generation space prime, a fundamentally different company. Our strategy has evolved alongside the market. As our customers increase their presence across LEO, GEO, cislunar, and deep space, their need is now for more than individual missions alone. We believe the next era of space will require a next generation space prime capable of building spacecraft, connecting them through resilient networks, and operating the resulting infrastructure across the space ecosystem.

但那從來不是我們的最終目的地，而是打造下一代太空主承包商（space prime）——一家本質上截然不同的公司——的基礎。我們的策略隨市場一同演進。隨著客戶在近地軌道（LEO）、地球同步軌道（GEO）、地月空間（cislunar）與深空的布局增加，他們的需求已不僅是單一任務。我們相信，下一個太空時代將需要一個能夠建造太空載具、透過具韌性的網路將其連結，並在整個太空生態系中營運所形成基礎設施的下一代太空主承包商。

Over the past 18 months, every strategic decision we have made has been focused on building that next generation space prime. The Lanteris acquisition transformed Intuitive Machines to one of the nation's leading satellite manufacturers, adding proven production capabilities. The KinetX acquisition added mission operations, flight dynamics, deep space precision navigation, and satellite constellation management, allowing us to support customers throughout the operational lives of their missions.

過去 18 個月，我們所做的每一項策略決策都聚焦於打造這個下一代太空主承包商。收購 Lanteris 使 Intuitive Machines 轉型為全美領先的衛星製造商之一，並加入經驗證的量產能力。收購 KinetX 則補強任務營運、飛行動力學、深空高精度導航與衛星星座管理，使我們能在任務全生命週期中支援客戶。

Our most recent acquisition of Goonhilly Earth Station and COMSAT expanded our ground segment communications infrastructure with globally recognized deep space ground systems that strengthen our ability to deliver resilient communications and navigation services from Earth orbit to cislunar space and beyond. With these acquisitions, Intuitive Machines is an integrated aerospace company capable of building, connecting, and operating a system of systems as space infrastructure.

我們最近收購 Goonhilly Earth Station 與 COMSAT，擴大了地面段通訊基礎設施，導入全球知名的深空地面系統，強化我們從地球軌道到地月空間乃至更遠處提供具韌性的通訊與導航服務的能力。透過這些收購，Intuitive Machines 已成為一家整合型航太公司，能夠建造、連結並營運「系統中的系統」（system of systems）作為太空基礎設施。

We believe that integration is becoming increasingly valuable as customers move beyond individual spacecraft toward complete operational systems. Combined with our existing leadership in lunar transportation and infrastructure, we believe these capabilities have expanded our addressable market from roughly $20 billion only a few years ago to well over $150 billion across civil, commercial, and national security space sectors. As part of our strategy, we are investing today to establish capabilities that we believe will generate value over many years.

我們相信，隨著客戶從單一太空載具走向完整的作業系統，這種整合的價值正日益提升。結合我們在月球運輸與基礎設施方面既有的領先地位，我們認為這些能力已將可服務市場（addressable market）從幾年前約 200 億美元擴大到橫跨民用、商用與國家安全太空領域、超過 1,500 億美元。作為策略的一部分，我們今天進行投資，以建立我們相信將在多年內創造價值的能力。

This quarter, those investments include inventory purchases, production capacity increases, and manufacturing efficiency initiatives. Customers are increasingly seeking greater production volume and faster delivery. Companies can no longer rely solely on the traditional model of waiting until a procurement or contract is awarded to begin preparing. Our investments position us to respond more quickly and deliver on our customers' timelines.

本季，這些投資包括採購庫存、提升產能，以及製造效率改善計畫。客戶正日益尋求更高的產量與更快的交付。企業已無法僅依賴傳統模式——等到採購或合約得標後才開始準備。我們的投資使我們能更快速回應，並依照客戶時程交付。

NASA Moon Base is an example, an excellent example. While we begin by building and landing lunar delivery systems for NASA under the CLPS contract, we've since expanded our capability by providing communications and navigation systems for NASA and other government customers under the Near Space Network Services contract. We continue to evolve towards production-ready landing systems and satellites in support of the rapid cadence of Moon Base missions required.

NASA 的 Moon Base 就是一個例子，而且是非常好的例子。我們起初在 CLPS 合約下為 NASA 建造並著陸月球運送系統，之後又在 Near Space Network Services 合約下，為 NASA 及其他政府客戶提供通訊與導航系統。我們持續演進，朝向可量產的著陸系統與衛星發展，以支援 Moon Base 任務所需的快速發射節奏。

Across manufacturing, communications, and mission operations, these investments support our objective of delivering and operating space infrastructure and expanding long-term durable operational revenue. The effect of these investments can be seen in the recent uptick in bookings this quarter.

在製造、通訊與任務營運等面向，這些投資支持我們交付並營運太空基礎設施、擴大長期且具持續性的營運型收入之目標。這些投資的效果可從本季近期訂單（bookings）上升看出。

As of this call, Intuitive Machines generated $1.7 billion in bookings this year, including $1.2 billion in new bookings in quarter two through today. This marks the highest quarterly bookings in company history and validates our strategy by expanding the infrastructure base we are building for the future. Quarter two bookings also include partial awards with authority to proceed. We anticipate these ATPs will contribute an additional $300 million in bookings through the second half of the year as the contracts are fully definitized.

截至本次電話會議，Intuitive Machines 今年已取得 17 億美元的訂單（bookings），其中第二季截至今日新增訂單為 12 億美元。這是公司史上最高的單季訂單，並透過擴大我們為未來打造的基礎設施底盤，驗證了我們的策略。第二季訂單亦包含具備「授權開始執行」（authority to proceed）的部分授標。我們預期隨著合約完全定案（definitized），這些 ATP 將在下半年額外貢獻 3 億美元的訂單。

Our diversification strategy and capability investments have expanded our total addressable market, moving us beyond a primarily NASA and civil lunar delivery company to one able to address the broader space ecosystem. This quarter's bookings reflect that diversification. Our $1.8 billion Q2 backlog is split approximately 37% civil space, 49% commercial space, and 14% national security space.

我們的多元化策略與能力投資擴大了整體可服務市場，使我們從以 NASA 與民用月球運送為主的公司，轉型為能涵蓋更廣泛太空生態系的公司。本季訂單反映了這種多元化。我們 2026 年第二季 18 億美元的在手訂單約分為：民用太空 37%、商用太空 49%、國家安全太空 14%。

Q2 bookings through today were composed of approximately 20% civil, 50% commercial, and 30% national security space, highlighting our continued diversification. As you've heard me talk about on previous earnings calls, our strategy is organized around three integrated pillars: build, connect, and operate space infrastructure. Let me walk through each.

截至今日的第二季訂單約由民用 20%、商用 50%、國家安全太空 30% 組成，凸顯我們持續多元化。正如我在先前財報電話會議中提到的，我們的策略圍繞三個整合支柱：建造（build）、連結（connect）與營運（operate）太空基礎設施。接下來我將逐一說明。

The first pillar, build, begins with the spacecraft and physical infrastructure that make our broader strategy possible. Today, we are applying our engineering and production discipline across lunar landers, government and commercial communication satellites, national security spacecraft, orbital transfer vehicles, and deep space systems. Beginning with our civil portfolio, NASA continues to advance its long-term vision for sustained lunar exploration through the Moon Base initiative. Earlier this year, we were awarded the CT-4 mission, and this quarter, NASA selected Intuitive Machines for the CS-8 mission, extending our lunar delivery cadence beyond 2028 into 2030.

第一個支柱「建造」，從使我們更廣泛策略得以實現的太空載具與實體基礎設施開始。今天，我們將工程與量產紀律應用於月球著陸器、政府與商用通訊衛星、國家安全太空載具、軌道轉移載具，以及深空系統。先從民用產品組合談起，NASA 持續透過 Moon Base 計畫推進其長期、可持續的月球探索願景。今年稍早，我們獲得 CT-4 任務；本季 NASA 選定 Intuitive Machines 執行 CS-8 任務，將我們的月球運送節奏從 2028 年之後延伸至 2030 年。

These awards represent our fifth and sixth missions under the CLPS contract. Looking ahead, we expect to compete for four additional CLPS task order opportunities this year, including the 10-year CLPS 2.0 Multi-award follow-on contract. These opportunities represent far more than individual delivery missions. They reinforce the transition from demonstration missions toward higher cadence, repeatable, and reliable lunar transportation, supporting long-term operations on the Moon.

這些授標代表我們在 CLPS 合約下的第五與第六次任務。展望未來，我們預期今年將競標另外四個 CLPS 任務單（task order）機會，其中包括為期 10 年、可多家得標的 CLPS 2.0 後續合約。這些機會遠不只是單次運送任務；它們強化了從示範任務轉向更高頻率、可重複且可靠的月球運輸，並支援月球上的長期作業。

We also began work with NASA under our first contract supporting the reconfiguration of the gateway power and propulsion element for NASA's flagship Mars mission, SR-1 Freedom. This program demonstrates how spacecraft developed for lunar exploration can be adapted for entirely new missions, in this case, a deep space Mars mission, extending the value of existing technologies while reducing development risk for future exploration architectures.

我們也在與 NASA 的第一份合約下展開工作，支援為 NASA 旗艦火星任務 SR-1 Freedom 重新配置 Gateway 的電力與推進元件。此計畫展示了為月球探索開發的太空載具如何能調整以適用於全新任務——在此為深空火星任務——在延伸既有技術價值的同時，降低未來探索架構的研發風險。

At the same time, we continue operating the Lunar Reconnaissance Orbiter Camera and ShadowCam programs, providing mission operations, data collection, and lunar surface analysis. Next week, we'll fly over and image the impact area of a recently disposed upper stage on the surface of the Moon. As lunar activity accelerates, we see significant opportunities to expand these capabilities through future lunar surveying, mapping, and data repository services supporting NASA's Artemis program and moonbase initiatives. Now moving to national security space.

同時，我們持續營運月球勘測軌道器相機（Lunar Reconnaissance Orbiter Camera）與 ShadowCam 計畫，提供任務營運、資料蒐集與月表分析。下週，我們將飛越並拍攝近期一枚已處置上面級在月球表面撞擊的區域。隨著月球活動加速，我們看到透過未來月球測量、製圖與資料儲存庫服務來擴大這些能力的重大機會，以支援 NASA 的 Artemis 計畫與 Moon Base 相關倡議。現在轉到國家安全太空。

This quarter, we successfully delivered all 16 satellites supporting the SDA Tranche 1 tracking layer while continuing production on Tranche 2 tracking layer. Earlier this year, we expanded that production line with awards for the SDA Tranche 3 tracking layer, representing another 18 satellites. As of this earnings call, we were awarded an additional 18 satellites supporting AMDT3, part of the nation's Golden Dome architecture.

本季，我們成功交付了支援 SDA Tranche 1 追蹤層的全部 16 顆衛星，同時持續推進 Tranche 2 追蹤層的生產。今年稍早，我們透過獲得 SDA Tranche 3 追蹤層的獎項擴充了該生產線，該獎項代表另外 18 顆衛星。截至本次財報電話會議，我們又獲授予額外 18 顆支援 AMDT3 的衛星，AMDT3 為國家「Golden Dome」架構的一部分。

In addition, we received ATP on an award for two restricted 300 series spacecraft to an undisclosed customer. With these recent awards, we have more than 70 IM 300 spacecraft under contract today. This represents an unprecedented number of IM 300 series spacecraft simultaneously in production. This month, we also received authority to proceed for continued development of our Nebula orbital transfer vehicle on a phase III contract for a government customer.

此外，我們就提供給未揭露客戶的兩艘受限 300 系列太空載具之獎項，已取得 ATP（授權開始執行）。隨著近期這些獎項，我們目前在合約項下的 IM 300 太空載具已超過 70 艘。這代表 IM 300 系列太空載具同時處於生產中的數量前所未見。本月，我們也取得授權繼續開發 Nebula 軌道轉移載具（OTV），該案為政府客戶的第三階段（phase III）合約。

This award will take the OTV design from paper to full-scale spacecraft development, integration, and testing, all the way through flight. Collectively, these programs demonstrate our ability to manufacture spacecraft at production scale while supporting some of the nation's highest priority national security missions. In commercial space, we continue to see strong demand for our flight-proven IM 1300 series platform. In Q2, we were awarded three geostationary communication satellites from an undisclosed customer, valued at over $600 million over the next 30 months.

此項獎項將把 OTV 設計從紙上規劃推進到全尺寸太空載具的開發、整合與測試，直至飛行。整體而言，這些計畫展現了我們在量產規模製造太空載具的能力，同時支援國家最高優先等級的國家安全任務。在商業太空方面，我們持續看到市場對我們經飛行驗證的 IM 1300 系列平台需求強勁。於第二季，我們獲得一位未揭露客戶的三顆地球同步軌道通訊衛星訂單，未來 30 個月合約價值超過 6 億美元。

SiriusXM SXM-11 also launched and deployed during the quarter, and we are on track to hand that spacecraft over to the customer later this month, continuing the long heritage of one of the industry's most reliable commercial communication satellites. Beyond traditional communication satellites, we believe the same high-power spacecraft architecture positions us well for the emerging commercial orbital data center market.

SiriusXM SXM-11 亦於本季發射並完成部署，我們正按計畫於本月稍晚將該太空載具交付客戶，延續其作為業界最可靠商業通訊衛星之一的長期傳承。除傳統通訊衛星外，我們相信相同的高功率太空載具架構也使我們在新興的商業軌道資料中心市場具備良好定位。

We are currently discussing strategic partnerships to bring our expertise and satellite production capability to this burgeoning market. The second pillar is connect, linking spacecraft, ground systems, and users through resilient communications and navigation networks. As activity expands beyond Earth orbit, communications, navigation, and data transport become essential infrastructure rather than supporting capabilities.

我們目前正洽談策略合作夥伴關係，將我們的專業能力與衛星量產能力帶入這個快速成長的市場。第二支柱是「連結」（connect），透過具韌性的通訊與導航網路，連結太空載具、地面系統與使用者。隨著活動擴展至地球軌道之外，通訊、導航與資料傳輸將成為關鍵基礎設施，而不再只是支援能力。

Through Near Space Network Services, our lunar data relay architecture, Goonhilly, COMSAT, and our investments in resilient communication networks, we are building systems that connect spacecraft from Earth orbit to cislunar space, and ultimately to the lunar surface. These investments are designed to support many customers across many missions rather than a single contract. At the lunar frontier, Altus-1, our first lunar communications relay satellite, remains in production and is scheduled to launch aboard IM's Mission 3 during the first quarter of 2027.

透過 Near Space Network Services、我們的月球資料中繼架構、Goonhilly、COMSAT，以及我們在具韌性通訊網路上的投資，我們正在建置可連結從地球軌道到地月空間（cislunar space），並最終延伸至月球表面的系統。這些投資旨在支援多個客戶與多項任務，而非單一合約。在月球前沿，Altus-1（我們第一顆月球通訊中繼衛星）仍在生產中，預計將於 2027 年第一季搭載 IM 的 Mission 3 發射。

As with any launch manifest, timing will reflect spacecraft readiness, launch vehicle availability, and NASA stakeholder priorities. As part of the acceleration associated with Moon Base, development continues on Altus-2 through Altus-5. We now plan to deploy these remaining four satellites together in 2028 to complete our lunar communications constellation ahead of schedule.

如同任何發射清單，時程將取決於太空載具就緒度、運載火箭可用性，以及 NASA 利害關係人之優先順序。作為與 Moon Base 相關加速計畫的一部分，Altus-2 至 Altus-5 的開發持續進行。我們目前規劃於 2028 年將其餘四顆衛星一併部署，以提前完成我們的月球通訊星座。

On Earth, we continue enhancing the ground segment of our Near Space Network, including installation of our first of several triband antenna feeds, starting with Catawissa, Pennsylvania, and integrating the newly acquired Goonhilly, UK, and COMSAT US facilities into our network. These investments extend our ability to provide secure communications, navigation, timing, and data relay services across Earth, lunar, cislunar, and deep space operations. The third pillar is operate. We believe the path toward durable recurring revenue is to not only develop and deliver systems, it is to then operate the infrastructure throughout its life cycle.

在地球端，我們持續強化 Near Space Network 的地面段，包括安裝我們首個（亦為多個之一）三頻（triband）天線饋源，首先從賓夕法尼亞州 Catawissa 開始，並將新近收購的英國 Goonhilly 與美國 COMSAT 設施整合進我們的網路。這些投資擴大了我們在地球、月球、地月空間與深太空作業中，提供安全通訊、導航、授時與資料中繼服務的能力。第三支柱是「營運」（operate）。我們相信，通往可持續的經常性收入之路，不僅在於開發與交付系統，更在於於其全生命週期內營運該等基礎設施。

Through KinetX, with our mission operations expertise, lunar navigation capabilities, communications infrastructure, and future network operations, we are positioning Intuitive Machines to generate recurring operational revenue from the systems we deploy. Near Space Network Services, our operations supporting LROC and ShadowCam, and the continued expansion of our communications architecture demonstrate that evolution.

透過 KinetX，結合我們的任務營運專業、月球導航能力、通訊基礎設施與未來的網路營運，我們正使 Intuitive Machines 具備從所部署系統中創造經常性營運收入的定位。Near Space Network Services、我們對 LROC 與 ShadowCam 的營運支援，以及通訊架構的持續擴張，皆展現了這一演進。

As additional infrastructure comes online, we expect to expand communications, navigation, hosted payload, mission operations, and data services that deepen customer relationships and increase recurring revenue opportunities. Whether supporting NASA's evolving moonbase, expanding national security space capabilities, enabling commercial communications, or helping commercialize the next generation of space communications networks, each opportunity builds upon capabilities that already exist within the company. As we add missions, assets, and customers, we strengthen the platform and expand the opportunity to provide long duration services and revenue.

隨著更多基礎設施上線，我們預期將擴大通訊、導航、搭載式酬載（hosted payload）、任務營運與資料服務，以深化客戶關係並增加經常性收入機會。無論是支援 NASA 持續演進的月球基地、擴展國家安全太空能力、促進商業通訊，或協助商業化下一代太空通訊網路，每一項機會都建立在公司既有能力之上。隨著我們增加任務、資產與客戶，我們將強化平台並擴大提供長期服務與收入的機會。

We believe this transition from delivering hardware to operating infrastructure represents one of the largest value creation opportunities in the emerging space economy. Intuitive Machines is positioned to lead that transition because we now bring spacecraft manufacturing, communication networks, navigation expertise, mission operations, and ground infrastructure together within one company. Our objective is not simply to win the next mission, it is to build, connect, and operate the systems that enable the missions that follow. This is the next generation space infrastructure prime we are building.

我們相信，從交付硬體轉向營運基礎設施，是新興太空經濟中最大的價值創造機會之一。Intuitive Machines 之所以具備引領此轉型的定位，是因為我們如今在同一家公司內整合了太空載具製造、通訊網路、導航專業、任務營運與地面基礎設施。我們的目標不僅是贏得下一個任務，而是建置、連結並營運能夠支撐後續任務的系統。這就是我們正在打造的下一代太空基礎設施主承包商（prime）。

With that, I will turn the call over to Pete for a review of our financial results.

接下來，我將把電話會議交給 Pete，請他回顧我們的財務結果。

Thank you, Steve, and thanks to everyone joining us today. Q2 demonstrates how the business is changing as we scale across civil, commercial, and national security markets. Year-over-year, we generate significant revenue growth, materially improve gross profit and adjusted EBITDA, and added substantial backlog while continuing to invest ahead of customer demand.

謝謝你，Steve，也感謝今天加入我們的各位。第二季展現了隨著我們在民用、商業與國家安全市場擴張，業務正在如何轉變。與去年同期相比，我們實現顯著的營收成長，毛利與調整後 EBITDA 明顯改善，並在持續超前客戶需求投資的同時，新增了可觀的在手訂單（backlog）。

Those investments, which Steve described, increased near-term cash usage, but they also strengthened our ability to execute the backlog we have already secured. We delivered $206 million in revenue for the quarter. That was driven primarily by execution across satellite manufacturing, CLPS missions, NSNS, and OMES programs. Gross profit increased to $36 million in the quarter, up significantly from -$12 million in the prior year. This improvement was driven by the growing contribution from our satellite business and the continued focus on cost and execution across our programs.

Steve 所描述的這些投資提高了短期現金使用量，但也強化了我們執行既有已取得在手訂單的能力。本季我們實現 2.06 億美元營收，主要由衛星製造、CLPS 任務、NSNS 與 OMES 計畫的執行所帶動。本季毛利提升至 3,600 萬美元，較去年同期的 -1,200 萬美元大幅改善。此改善主要來自我們衛星業務貢獻增加，以及我們在各項計畫中持續聚焦成本與執行。

SG&A was $60 million in the quarter, which includes approximately $11 million of share-based compensation, $8 million of acquisition-related transaction and integration costs, some additional headcount as we adjusted our growth initiatives, as well as some timing on software license renewals in the quarter. Operational loss for the quarter was $47 million, driven by a higher SG&A amortization and $14.7 million estimated at complete adjustment on the IM-4 to accommodate payload changes.

本季 SG&A 為 6,000 萬美元，其中包含約 1,100 萬美元的股份基礎給付（share-based compensation）、800 萬美元與併購相關的交易與整合成本、因調整成長計畫而增加的部分人力，以及本季軟體授權續約時點所致的部分影響。本季營運損失為 4,700 萬美元，主要由較高的 SG&A 攤銷，以及為因應酬載變更而對 IM-4 進行的 1,470 萬美元完工估計（EAC）調整所驅動。

Research and development was $8 million in the quarter. These investments are focused on upgrading our lunar landers, expanding our software-defined satellite architecture, increasing addressable market opportunities in GEO and systems communications, and supporting future high-margin infrastructure services.

本季研發費用為 800 萬美元。這些投資聚焦於升級我們的月球著陸器、擴展我們的軟體定義衛星架構、在 GEO 與系統通訊領域提升可服務市場機會，並支援未來高毛利的基礎設施服務。

Q2 profitability continues to improve as adjusted EBITDA was -$14 million compared to -$25 million last year, driven primarily by higher margin contributions from Lanteris, partially offset by IM-4 EAC adjustments, SG&A, and investment in R&D. Operating cash used was $60 million during the quarter. Operating cash reflected strategic investments in long lead inventory to position for competitive awards, as Steve described earlier.

第二季獲利能力持續改善，調整後 EBITDA 為 -1,400 萬美元，較去年同期的 -2,500 萬美元改善，主要由 Lanteris 較高毛利的貢獻所帶動，部分被 IM-4 的 EAC 調整、SG&A 以及研發投資所抵銷。本季營運活動使用現金為 6,000 萬美元。營運現金反映了在長交期存貨上的策略性投資，以利取得具競爭力的獎項，如 Steve 先前所述。

Operating cash included approximately $17 million of accelerated inventory and infrastructure investment supporting awarded or anticipated programs, $8 million of acquisition and integration costs, and $17 million associated with the IM-4 milestone payment to SpaceX. We believe the strategic investment in the quarter has strengthened our production readiness, supported recent awards, and positioned us to convert our growing backlog into future revenue. Capital expenditures of $24 million was primarily for our NSNS satellite constellation and ground segment.

營運現金包含約 1,700 萬美元的加速存貨與基礎設施投資（用以支援已獲授予或預期的計畫）、800 萬美元的併購與整合成本，以及與支付 SpaceX 的 IM-4 里程碑款相關的 1,700 萬美元。我們相信，本季的策略性投資已強化我們的生產就緒度、支援近期獎項，並使我們能將持續成長的在手訂單轉化為未來營收。資本支出（CapEx）為 2,400 萬美元，主要用於我們的 NSNS 衛星星座與地面段。

Note that CapEx in the quarter includes not only our first NSNS satellite, but also upgrades to our ground segment and long lead material buys for Satellites 2 through 5, as we look to accelerate the full constellation following our discussions with NASA. CapEx is expected to be at these elevated levels in the coming quarters as we continue to work on all five satellites. Taken together, these investments, along with timing of milestone payments received, resulted in an $84 million of cash deployment during the quarter.

請注意，本季 CapEx 不僅包含我們第一顆 NSNS 衛星，也包含地面段升級，以及為第 2 至第 5 顆衛星採購長交期材料；在我們與 NASA 討論後，我們希望加速完成整個星座。預期未來幾季 CapEx 將維持在較高水準，因為我們將持續推進全部五顆衛星的工作。綜合而言，這些投資加上所收到里程碑款的時點因素，使本季現金動用達 8,400 萬美元。

While investments increased near-term cash usage, we believe it strengthened our ability to execute our record backlog, expand our long-term competitive position, and accelerate recurring infrastructure services. Free cash flow is expected to improve throughout the second half of the year as investments stabilize and milestone receivables come in following our recent awards. We ended the quarter with $367 million in cash, which includes $235 million in net proceeds in the quarter from our at-the-market program. Total to date, we have raised $291 million gross at a VWAP of $26.81. Our current liquidity provides the capital necessary to fund current operations.

雖然投資在短期內增加了現金使用，但我們相信這強化了我們執行創紀錄在手訂單的能力、擴大我們的長期競爭地位，並加速經常性基礎設施服務。隨著投資趨於穩定，且在我們近期得標後的里程碑應收款入帳，預期自由現金流將在今年下半年持續改善。我們在本季末持有3.67億美元現金，其中包含我們透過隨市發行（at-the-market）計畫於本季取得的2.35億美元淨募資。截至目前，我們已以26.81美元的成交量加權平均價（VWAP）累計募得2.91億美元總額。我們目前的流動性提供了支應現行營運所需的資本。

Turning to growth and backlog. We exited the quarter with a record $1.8 billion in backlog, supported by $920 million in new bookings, highlighted by three commercial GEO satellite awards, our sixth CLPS mission, CS-8, and 18 AMDT3 Golden Dome satellites for L3Harris in support of their national security space customer. This backlog provides strong multi-year visibility and reflects increasing demand across both civil and national security markets. Approximately 25% to 30% of our Q2 backlog is expected to be revenue in 2026, 35% to 40% in 2027, and the remaining thereafter.

接著談成長與在手訂單。我們在本季結束時的在手訂單創下18億美元新高，主要由9.2億美元的新接單所支撐，其中亮點包括三項商用GEO衛星獎項、我們第六次CLPS任務CS-8，以及為L3Harris建造、支援其國家安全太空客戶的18顆AMDT3 Golden Dome衛星。這些在手訂單提供強勁的多年期能見度，並反映民用與國家安全兩大市場需求同步提升。預計我們第二季在手訂單約25%至30%將於2026年認列為營收，35%至40%於2027年認列，其餘則在之後年度認列。

Looking ahead, as Steve mentioned, we expect additional backlog growth from several large multi-year NASA national security programs in the second half of the year, including the AMDT3 Golden Dome award that was already booked in the third quarter. In addition, we have other ATPs with contracts pending, proposals submitted awaiting selection, and expect to bid on three new CLPS awards later this year, along with other NASA Moon Base opportunities. As of August 6, our total share outstanding are 228.9 million, with 173.2 million shares of Class A and 55.7 million shares of Class C.

展望未來，如Steve所提，我們預期今年下半年將有數個大型多年期NASA國家安全計畫帶來額外的在手訂單成長，其中包括已於第三季入帳的AMDT3 Golden Dome獎項。此外，我們還有其他ATP（授權執行）在合約待定中、已提交提案等待遴選，並預期今年稍晚將競標三項新的CLPS獎項，以及其他NASA月球基地相關機會。截至8月6日，我們流通在外股數為2.289億股，其中A類股1.732億股、C類股5,570萬股。

Moving on to guidance. We are reaffirming our full-year revenue outlook of $900 million to $1 billion and continue to expect positive adjusted EBITDA for the year. Our $1.8 billion backlog provides substantial visibility into the remainder of '26. The primary variable determining where we land within the range is the timing of contract definitization and revenue conversion, not customer demand.

接著談財測。我們重申全年營收展望為9億至10億美元，並仍預期全年調整後EBITDA為正。我們18億美元的在手訂單，為2026年剩餘期間提供了相當可觀的能見度。決定我們落在區間內哪個位置的主要變數，是合約定案（definitization）與營收轉換的時點，而非客戶需求。

On the profitability side, we continue to expect positive adjusted EBITDA for the full year. Our decision to reaffirm guidance reflects not only our confidence in execution, but also the benefits of a significantly more diverse business portfolio. This quarter demonstrates that Intuitive Machines is no longer dependent on a single market, customer, or mission cadence for growth.

在獲利方面，我們仍預期全年調整後EBITDA為正。我們決定重申指引，不僅反映我們對執行力的信心，也反映業務組合顯著多元化所帶來的效益。本季顯示，Intuitive Machines的成長已不再依賴單一市場、單一客戶或單一任務節奏。

We now have meaningful business across civil, commercial, and national security space with $1.8 billion of backlog with a growing communication and mission operations infrastructure. Our focus for the second half is straightforward: execute the backlog, convert it into revenue while improving profitability, and continue building recurring infrastructure revenue. We remain confident in our full-year outlook.

我們目前在民用、商用與國家安全太空領域皆有具規模的業務，並擁有18億美元在手訂單，以及持續成長的通訊與任務運作基礎設施。我們下半年的重點很明確：執行在手訂單、將其轉換為營收並提升獲利能力，同時持續打造經常性基礎設施營收。我們對全年展望仍具信心。

With that, operator, we are now ready for questions.

以上，接線員，我們現在準備開始問答。

(Operator Instructions)

（接線員指示）

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley Securities。

Hi. Thank you, and good morning. So just off the bat, wanted to touch on backlogs. You just mentioned 25% to 30% expected to convert to revenue this year, and you have already added $300 million to the backlog in 3Q. So assuming maybe even just 5% or 10% of that extra $300 million is also converted this year, you are getting relatively close to the lower of the guidance.

嗨，謝謝，早安。我想一開始先談談在手訂單。你剛提到有25%到30%預計會在今年轉為營收，而且你們在第三季已經又增加了3億美元在手訂單。所以假設那額外的3億美元中即便只有5%或10%也在今年轉為營收，你們就相對接近指引區間的下緣了。

So I just kind of want to dig into what the major swing factor is to get up to the midpoint. Are there -- is it these programs that you are bidding on that you expect to come through in the second half that are going to have immediate impact, or is it more so, is the delta primarily additional ATPs on contracts already won that you expect to flow through over the remainder of the year? Thank you.

所以我想再深入了解一下，推升到區間中位數的主要變動因素是什麼？是你們下半年正在競標、預期會得標且能立即帶來影響的那些計畫嗎？還是說，差異主要來自你們已得標合約上的額外ATP，預期在今年剩餘期間逐步落地？謝謝。

Yeah. So thank you, Griffin. I would say when I look at revenue conversion, you are right. We have a very strong visibility at the bottom end of the range. The opportunities to get to the middle of the range are a couple of things. One is timing of procurements and things as they come in. We see some acceleration of that gives us opportunities to move higher into the range. There are also those ATPs as we definitize them, and the timing of that definitization will pull revenue into this year versus, if they roll later, it would defer it to next year. So that is why we are keeping, I would say, the wider range because we see opportunities at the low end all the way through that high end.

是的。謝謝你，Griffin。我會說，就營收轉換來看，你說得沒錯，我們對區間下緣有非常強的能見度。要達到區間中位數的機會主要有幾點：其一是採購等事項的時點，隨著訂單進來，我們看到若有些加速，就有機會把結果推升到區間更高的位置。其二是那些ATP，當我們將其定案（definitize）時，定案的時點會把營收拉進今年；若延後到更晚，則會遞延到明年。因此我們維持較寬的區間，因為我們看到從低端到高端都有機會。

Got it. Thanks for the color, Pete. And then just for my second or my follow-up, wanted to dive into CLPS, the task orders that you are bidding on. What is the timeline for bid submission of the remaining four, I believe you said, CLPS task orders for the remainder of the year? Do you expect those to be multi-lander awards, or are these four individual awards? And then also related, did you say that one of those four is expected to be an initial CLPS 2.0?

了解。謝謝你的補充，Pete。接著第二個／追問，我想深入談談CLPS，你們正在競標的那些任務單（task orders）。今年剩餘期間你們要提交其餘四個（我記得你說是四個）CLPS任務單投標的時間表是什麼？你們預期這些會是多著陸器（multi-lander）獎項，還是四個各自獨立的獎項？另外相關地，你是否提到這四個之中有一個預期會是CLPS 2.0的初始案？

Yeah. Griffin, good morning. Yes. We expect -- well, there's two awards, or I'm sorry, task orders issued with draft RFPs that are coming on top of each other here for this summer. Plus, those are landed missions. The other mission coming out this year, a little bit later this summer, maybe early fall, is the orbiter surveyor to map the Moon in replacement of the Lunar Reconnaissance Orbiter.

是的。Griffin，早安。是的。我們預期——嗯，目前有兩個獎項，或更正，是兩個任務單已發布草案RFP，會在今年夏天前後相繼推出。而且那些是著陸任務。今年稍晚、可能是夏末或初秋，還會有另一個任務，是軌道探測器（orbiter surveyor），用來繪製月球地圖，以取代月球勘測軌道器（Lunar Reconnaissance Orbiter）。

And then there is this year, we expect the CLPS 2.0, which is estimated to be over $10 billion multi-award IDIQ. So that'll be much like CLPS 1.0 that spans 10 years with probably an option for five more years plussed up about 4x from where CLPS 1 was, to really get to the heavier cargo landers, and that'll be multi-award. And then we think as we cross the new year into January timeframe, there's the final award for CLPS 1.0, which will be a procurement called CLPS CP-32.

另外，今年我們預期會推出CLPS 2.0，估計是一個超過100億美元、可多家得標的IDIQ合約。這會很像CLPS 1.0，涵蓋10年，並可能有再延長5年的選項，規模約為CLPS 1的4倍，目標是推進到更重載貨物的著陸器，且將是多家得標。然後我們認為跨入新的一年、約在1月的時間點，會有CLPS 1.0的最後一個獎項，該採購將稱為CLPS CP-32。

So those are the, what, five awards or task orders that we're expecting and contracts we're expecting for the balance of the year and crossing into the new year.

所以這些就是——總共五個獎項或任務單——我們預期在今年剩餘期間以及跨到新年度會看到的任務單與合約。

Excellent. Thank you for that, Steve, and thanks, Pete. Appreciate you taking the questions.

太好了。謝謝你，Steve，也謝謝Pete。感謝你們回答問題。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Hey, good morning. Thanks for taking my questions. Congratulations on the backlog build in your hall. Fantastic momentum there. Can you talk a little bit about what it means to have simultaneous satellite construction? Just how similar are some of these satellites? I know you cannot share too many details on what you have won, but just what does that mean for margins building this many satellites all at once? Thank you.

嗨，早安。謝謝讓我提問。恭喜你們在你們這邊的在手訂單大幅增加，動能非常強。你們能談談同時進行衛星建造代表什麼嗎？這些衛星之間有多相似？我知道你們不能分享太多得標細節，但同時建造這麼多衛星，對毛利率意味著什麼？謝謝。

Yeah. Good morning, Jonathan. The 300 series satellite is a full-on production. You hear us talking about SDA tracking layer, tranche 1, 2, and 3. Those satellites, full production line spinning off those 300 series satellites for proliferated low Earth orbit constellation. We have production line for the 1300 series geosynchronous satellites, communication satellites.

好的。早安，Jonathan。300系列衛星是完整的量產。你們聽到我們談到SDA追蹤層（tracking layer）、第1、2、3批次（tranche 1、2、3）。這些衛星是完整的生產線，持續產出這些300系列衛星，用於大規模部署的近地軌道（LEO）星座。我們也有1300系列同步軌道（geosynchronous）衛星的生產線，也就是通訊衛星。

You heard recently we have launched and checked out EchoStar satellite. We have launched and are checking out the SiriusXM satellites. You see them coming in lesser numbers, but full production. And then we have a series of that 80 satellites under contract. The 300 series has the bulk in production. And then we have a series of one-off satellites. Those are our spacecraft. Those are our CLPS mission landers, which we have Mission 3, 4, 5, and 6 to build.

你們最近也聽到我們已發射並完成在軌檢測（checked out）的EchoStar衛星。我們也已發射並正在進行在軌檢測的SiriusXM衛星。你會看到它們數量較少，但同樣是完整量產。接著我們有一系列合約中的80顆衛星。300系列占了量產的大宗。然後我們也有一些一次性（one-off）衛星。那些是我們的太空載具（spacecraft），也就是我們的CLPS任務著陸器，我們有第3、4、5、6次任務要建造。

We have then what we call the Nebula orbital transfer vehicle, which is a one-off to start with the possibility of moving that spacecraft into production later with further orders. And then we have our satellites, which we are building five of those Altus satellites. So you see us production in the 10s, like 50-70. You see those that are a handful, 5 or so to 10, and then you see the one-offs that are 1 to 5 satellites. That is what the production kind of layout is across the company.

接著我們有所謂的 Nebula 軌道轉移載具（orbital transfer vehicle），目前先以一次性專案為主，未來若有進一步訂單，也有可能把該航天器導入量產。然後是我們的衛星，我們正在建造五顆 Altus 衛星。所以你會看到我們有以「數十」為單位的量產，例如 50–70 顆；也會看到一些是少量，約 5 顆左右到 10 顆；再來也有一次性的案子，大概 1 到 5 顆衛星。這就是公司整體的生產配置概況。

Just to add one more thing to that. Steve mentioned the 300-class satellite. That is the one where we are producing 70 currently. The bulk of the non-recurring was retired with the first 16 satellites that were delivered to SDA for tranche 1, and there is very high commonality across the BUS going forward. So that is truly more of a production run of a common satellite. So that is how we can put 70 through the factory at a given time.

再補充一點。Steve 提到的 300 級衛星，就是我們目前正在生產 70 顆的那一型。大部分的一次性工程費用（non-recurring）已隨著第一批交付給 SDA、用於 tranche 1 的 16 顆衛星而攤提完成，而且後續在衛星平台（BUS）上具有非常高的共通性。因此這確實更像是一個共通衛星的量產批次。也因此我們才能在同一時間讓 70 顆在工廠內流轉生產。

And when we think about the capacity for additional orders, can you layer on more in the near term, or do they get added to the back of the queue? Thank you.

那當我們思考額外訂單的產能時，短期內能否再疊加更多產量？還是會被排到隊列後面？謝謝。

We have capacity and have been putting on additional capacity, not only here in Houston, where we are adding another 75,000 square feet of production space and manufacturing space to actually build the additional landers and satellites for the data relay constellation. And also, we have not yet tapped out the full 300 series production line. We have additional room to expand that throughput in that production as further orders come in. So with over 1 million square feet of manufacturing production space and office space in the company, we have ample room to grow still.

我們有產能，而且也一直在擴充產能，不僅是在休士頓這裡——我們正在新增 75,000 平方英尺的生產與製造空間，用來實際建造資料中繼星座所需的額外登陸器與衛星。此外，我們也尚未把 300 系列的產線用到滿載；隨著後續訂單進來，我們還有空間把該產線的產出吞吐量再往上擴。整個公司合計超過 100 萬平方英尺的製造生產空間與辦公空間，因此我們仍有充足的成長空間。

Thank you.

謝謝。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Hey, everyone. Good morning. Congratulations on the quarter, and thanks for taking our questions, and very exciting to see the growing backlog. Steve, I wanted to maybe touch on IM since I don't think we've touched that on the Q&A. But just curious, what are the milestones left between now and the launch window, and how confident are we in that Q1 2027 launch window? Thank you.

各位早安。恭喜本季表現，也謝謝回答我們的問題；看到在手訂單（backlog）持續成長非常令人振奮。Steve，我想談一下 IM，因為我覺得在 Q&A 還沒提到。想請教，從現在到發射窗口之間還有哪些里程碑？以及我們對於 2027 年第一季的發射窗口有多大把握？謝謝。

We are scheduled in the launch window January through March for Mission 3 of next year on a SpaceX Falcon 9. We are in assembly, integration, and test. We are doing functional testing right now on the powered-up spacecraft. We have engine hot fire once it's integrated into the vehicle to do, which is where we fire the LOX/Methane engine on the lander to verify that all systems are functioning through an engine ignition. That's yet to come here in the coming month.

我們已排定明年任務 3 的發射窗口為 1 月到 3 月，將搭乘 SpaceX Falcon 9。我們目前在進行組裝、整合與測試（assembly, integration, and test）。現在正在對已上電的航天器做功能測試。等整合進載具後，還有一次引擎熱點火（engine hot fire）要做，也就是在登陸器上點火 LOX/甲烷引擎，以驗證所有系統在引擎點火過程中都能正常運作。這項工作會在接下來一個月內進行。

We're finalizing with Mission 2, and the laser sensor challenges that we had there. We're finalizing the integrated suite of laser sensors, cameras, IMUs that get integrated on the vehicle for precision landing and hazard avoidance. Those are the technical tests that need to be done and proved correct and accurate before we are go for launch.

我們也在收尾任務 2，以及當時遇到的雷射感測器挑戰。我們正在完成整合式的雷射感測器、相機、IMU（慣性量測單元）套件，並把它們整合到載具上，用於精準著陸與避障。這些技術測試必須完成，並證明其正確性與精度，之後我們才能放行發射。

We've had our initial flight readiness review back in July, and we'll have a Delta flight readiness review to check out all the status of all the systems in October, which will give us our green light ready to fly in the first quarter of 2027. So that's what's ahead of us, and we're really looking forward to that flight and a soft touchdown.

我們在 7 月已完成初次的飛行整備審查（flight readiness review），並將在 10 月進行一次 Delta 飛行整備審查，檢視所有系統狀態，這將為我們在 2027 年第一季飛行提供綠燈。以上就是接下來的工作，我們非常期待那次飛行以及一次柔性著陸（soft touchdown）。

Excellent. Thank you, Steve. That's well said. Maybe just as a quick follow-up, I wanted to touch on LTVs. How are you thinking about the opportunities here? I think it's roughly about 10% or so of the total LTV contracts that have been awarded. So just how are you thinking about these? How are you positioned? Perhaps any catalysts here that we can look forward to. Thank you.

很好，謝謝你，Steve，講得很清楚。再快速追問一下，我想談談 LTV。你們如何看待這裡的機會？我理解目前已授出的 LTV 合約大概只占總額的 10% 左右。你們怎麼看這些機會？你們的定位如何？是否有任何我們可以期待的催化劑？謝謝。

Yeah. The LTV contract was a massive award to three vendors that could bid on that $4.5 billion worth of value over a period of about 10 years, I think, with a five-year option. The very small initial awards were issued back in May, if you recall. In talking to Moon Base initiative, folks at NASA, there is a lot more activity left to go on LTV as they build greater and greater capability, and we will wait to see when those task orders come out, and we will bid on those and move that forward.

是的。LTV 合約是一個非常大的案子，授予三家供應商，可在約 10 年期間內競標總計 45 億美元的價值，我記得還有一個 5 年的選擇權。你若記得，5 月已先發出非常小的初始任務單（task orders）。我們與 NASA 的 Moon Base initiative 團隊交流後得知，隨著他們建立越來越強的能力，LTV 還有很多後續活動要推進；我們會等待這些任務單釋出，並參與投標、推動進展。

I think the long pole or what is driving the actually slow pace of the LTV is the fact that there are no heavy cargo landers available to fly the larger LTV, which was what our primary bid was. So we are working heads down to build a heavier cargo variant of our Nova class lander that can accommodate LTV flights in the future. And that is part of the roadmap that NASA Moon Base is looking for in Phase 2, and that is where we are positioning ourselves.

我認為 LTV 進度偏慢的關鍵瓶頸（long pole）在於：目前沒有可用的重型貨運登陸器，能把較大型的 LTV 送上去，而那正是我們主要投標的方案。因此我們正全力投入，打造我們 Nova 級登陸器的更重型貨運變體，以便未來能承接 LTV 飛行。這也是 NASA Moon Base 在第二階段（Phase 2）路線圖中所尋求的一部分，而我們正在朝這個方向布局。

Excellent. Thank you very much, and congrats again on all the great progress. I will pass it on.

非常好。非常感謝，也再次恭喜你們取得這麼多進展。我把時間交回去。

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

Hi, Steve. Hi, Pete. Congratulations on the strong backlog growth here. Just curious, I do not know if you talked, Pete, about the pipeline, but I imagine with all the backlog conversion, unclear what could be happening with the pipeline, but I am sure there is a lot of opportunity ahead of you. Any quantification or understanding of the pipeline expansion here as well?

嗨，Steve。嗨，Pete。恭喜在手訂單強勁成長。我想請教，我不確定你是否有談到，Pete，關於 pipeline（商機管線）；但我想像在手訂單持續轉換之下，pipeline 可能會有些變化，不過我也相信你們前方仍有很多機會。能否量化或說明一下 pipeline 也在擴張的情況？

Yeah, Suji, good morning. I did talk briefly about the CLPS opportunities with Griffin in the first question. We have four opportunities this year to bid on additional CLPS missions. Recently, there was a call, in addition in our communications and networking area, there was a call for commercialization of a portion of the Tracking and Data Relay Satellite service network, TDRS. We bid on the TDRS replacement that is in K-band. And so we will wait and see whether or not we will receive that award. That comes in three phases.

好的，Suji，早安。我在第一個問題中，已和 Griffin 簡要談到 CLPS 的機會。今年我們有四個機會可以投標額外的 CLPS 任務。最近另外還有一個徵求案：在我們的通訊與網路領域，針對追蹤與資料中繼衛星服務網路（Tracking and Data Relay Satellite service network, TDRS）的一部分進行商業化。我們已針對 K 波段的 TDRS 替換方案投標。接下來就等待是否能獲得該案，該案分三個階段。

And then there is some other strategic partnerships we are looking at in terms of orbital data centers that we bid, and we will wait to hear whether or not our experience in high-power satellites wins the day, and we win those development efforts on orbital data centers. So those are some of the major activities. I think there is one other in national security space that we are really keenly looking for, that is Andromeda. It is called the RG-XX. It is a GEO, highly maneuvered geosynchronous orbit satellite for national security space. And so really exciting opportunities in front of us, all major programs, and that is yet to be seen in our backlog.

此外，我們也在評估一些策略合作夥伴關係，例如我們已對軌道資料中心（orbital data centers）提出投標；我們會等待結果，看看我們在高功率衛星方面的經驗是否能勝出，並贏得這些軌道資料中心的開發工作。這些是幾項主要活動。我想另外還有一個我們在國安太空（national security space）領域非常關注的案子：Andromeda，稱為 RG-XX。這是一顆 GEO、具高機動性的地球同步軌道衛星，用於國安太空。因此我們面前有非常令人振奮的機會，都是大型計畫，但目前尚未反映在我們的在手訂單中。

No, sounds good, Steve. You guys are very busy, certainly. And then my other question is around the pipeline for the Altus Satellites 2 to 5 in 2028, roughly. Do those satellites imply four separate missions, one per? Or is there the ability to take multiple in a mission? Any color there would be helpful.

了解，聽起來不錯，Steve。你們確實非常忙。我的另一個問題是關於 2028 年左右 Altus 衛星 2 到 5 的 pipeline。這些衛星是否意味著四次獨立任務、每顆一個任務？還是有可能在一次任務中搭載多顆？如果能提供一些說明會很有幫助。

Yeah. So initially, Suji, what we had planned was a launch of Altus-1, and then our missions to fly additional satellites were opportunistic to align with the CLPS awards that we had received, and we would rideshare two additional satellites on every lander mission. What that did, in effect, was while it got the next two after Altus-1 up in orbit sooner, our fully operational capability was delayed out to 2029 or 2030. When we spoke to NASA, they were interested in putting on the fully operational capability.

好的。最初，Suji，我們的規劃是先發射 Altus-1，然後後續衛星的發射會採取機會式安排，配合我們拿到的 CLPS 得標任務；我們會在每次登陸器任務上以共乘（rideshare）方式再帶兩顆衛星上去。這樣做的效果是：雖然能讓 Altus-1 之後的兩顆更早進入軌道，但我們的完全作戰能力（fully operational capability）會被延後到 2029 或 2030。當我們與 NASA 討論時，他們希望能更早達成完全作戰能力。

So we pulled the satellites off of our CLPS missions, are negotiating with NASA for a dedicated launch to fly all four simultaneously on an independent mission to take all four of the trans-lunar injection and then fly all four out and deposit them in lunar orbit, all at once to get a fully operational capability in 2028. That is the acceleration that we are talking about. So we are very excited about that and getting that network up and running in time for the Artemis missions.

因此我們把這些衛星從 CLPS 任務中抽離，並正與 NASA 協商一個專屬發射（dedicated launch），在一次獨立任務中同時發射全部四顆：把四顆一起送入地月轉移軌道（trans-lunar injection），再把四顆一次性部署到月球軌道，以在 2028 年就達成完全作戰能力。這就是我們所說的加速。我們對此非常興奮，也希望能及時把這個網路建置完成，以支援 Artemis 任務。

Great. Helpful color. Thanks, Steve.

太好了。很有幫助的補充資訊。謝謝你，Steve。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Good morning. Thanks for taking our questions. One, to start off, housekeeping. The $600 million in GEO sats, for the three GEO sats, is that for the C-band? Is that related to the C-band reallocation or is that separate?

早安。謝謝讓我們提問。第一個，先做個例行問題。三顆GEO衛星的6億美元（GEO sats），這是針對C頻段嗎？這和C頻段重新分配有關，還是另外獨立的？

Yeah. I have that yet undisclosed, Edison, and in the future, we'll come out and give you a little more color on that one.

是的。Edison，這部分我目前還不能揭露，之後我們會再出來提供更多補充說明。

Okay. And then secondly, on the cash flow, I know you talked about some of the drivers for that. How are you thinking about it in the second half? Should we expect some of these headwinds to continue? Is the working capital getting better? I do not know if you can provide some rough numbers around how we should be modeling the burn.

好的。第二個，關於現金流，我知道你們談到了一些驅動因素。你們怎麼看下半年？我們是否應該預期這些逆風會持續？營運資金狀況有在改善嗎？不知道你們能否提供一些大概的數字，讓我們在模型裡估算現金消耗（burn）。

Yeah. I will give you a little color around that. So when I look at the current OpEx and cash burn, there are a couple of anomalies that are occurring. We have, as part of our transaction agreement with Lanteris, we have a slight uptick in RSUs or share-based comp that will exist through this year, through the end of this year, as part of our retention agreement on certain employees as part of the transaction. Those will tick down next year, but we are seeing that increase this year, which is causing some of that OpEx growth.

可以。我提供一些補充說明。當我看目前的營運費用（OpEx）與現金消耗時，有幾個異常因素正在發生。依照我們與Lanteris的交易協議，我們的RSU或以股份為基礎的薪酬今年會有小幅上升，並會持續到今年年底，這是交易中針對部分員工的留任協議的一部分。明年這些會下降，但今年我們確實看到增加，這也造成了部分OpEx成長。

The -- so we do see, I would say, something more of a steady state through the end of the year if you take all the adjustments out. The other benefit we are seeing, too, is our new CLPS contracts now have milestones lined up with the SpaceX payments. The one you saw in the second quarter, which was specific IM-4, did not. And so we will see cash more match those significant events now on the SpaceX payments for CS-8 and CT-4. So I think those will balance out the cash as well. So you take the anomalies out, I think you are pretty much at a steady state. That is probably a good way to look at it.

另外——所以我會說，如果把所有調整因素拿掉，年底前會更接近一個穩態（steady state）。我們也看到另一個好處：我們新的CLPS合約現在把里程碑與SpaceX的付款節點對齊。你們在第二季看到的那筆、特別是IM-4那一筆，並沒有對齊。因此，接下來在CS-8與CT-4上，我們會看到現金流更能與SpaceX付款的重大事件相匹配。我認為這也會讓現金狀況更平衡。把異常因素排除後，我認為基本上就是穩態；這大概是個不錯的看法。

Great. Thank you.

很好，謝謝。

Greg Pendy, Clear Street. Please go ahead.

Greg Pendy，Clear Street。請繼續。

Hi, thanks for taking my question. Just on the NSNS contract, can you give us what the most likely cadence right now is to get to five satellites? And also, what does the demand right now look like in the environment in terms of the pay-by-the-minute service? Thanks.

嗨，謝謝讓我提問。關於NSNS合約，你們能否說明目前最可能的節奏（cadence）是什麼，才能達到五顆衛星？另外，就按分鐘計費（pay-by-the-minute）的服務而言，目前在這個環境下的需求看起來如何？謝謝。

Yeah. As you heard in this introduction, we're going to fly the Altus-1 first communication and data relay satellite on Mission 3 in the first quarter of '27. We'll then follow it up with four additional satellites. Our complete constellation includes five satellites around the Moon that do communications in K, X, and S-band. Those will all be deployed and operational in 2028, is the plan.

好的。如同你在開場介紹中聽到的，我們會在2027年第一季的第3次任務（Mission 3）先發射Altus-1，這是第一顆通訊與資料中繼衛星。之後我們會再接續發射另外四顆。我們完整的星座包含環月五顆衛星，提供K、X與S頻段的通訊服務。依計畫，這些都會在2028年完成部署並投入運作。

We'll have a pay-by-the-minute structure with a minimum set of minutes for data relay, but then there's an additional position, navigation, and timing service revenue as we add the PNT, the navigation and timing, which will be a kind of a broadcast always-on service that'll be supported by the government to keep that signal processing for any missions that go around the Moon. So that's kind of the two-phase structure for the business in terms of payments and revenue, and the timing being the 2028 activation of the full operational capability.

我們會採用按分鐘計費的架構，資料中繼會有最低分鐘數的設定；此外，隨著我們加入PNT（定位、導航與授時）服務，還會有額外的PNT服務收入。PNT會是一種廣播式、常開（always-on）的服務，政府會支持維持該訊號處理，供任何繞月任務使用。因此，就付款與營收而言，這是兩階段的商業結構；而時間點則是2028年啟用完整作戰能力（full operational capability）。

Okay. So I guess what I'm saying is that's ahead of the prior thought process, which I think was just one and then a mission with two in 2028. Is that a reflection that there's significant demand in the market, I guess, for the services?

了解。所以我的意思是，這比先前的想法更提前了；我記得之前是先一顆，然後在2028年有一個任務帶兩顆。這是否反映市場對這些服務有顯著需求？

Yeah. What is really important as part of the NASA ignition event was to align all of the systems that, pardon me, all the systems that have to support Artemis IV, which is humans on the Moon in 2028. Our fully operational capability was opportunistic, flying two birds on the next two subsequent missions after Mission 3, the CLPS missions, which extended us out into July of 2029. So we needed to pull those back in, and it really was not a constraint for how we build the satellites. That wasn't a challenge. It was when we could get launch capacity to put those in orbit. By renegotiating with NASA the launch strategy for those satellites, we are able to pull full operational capability back to the left into 2028 to support the Artemis program.

是的。作為NASA點火事件（ignition event）的一部分，真正重要的是要把所有系統——抱歉，是所有必須支援Artemis IV（2028年人類登月）的系統——對齊。我們原本的完整作戰能力是比較機會式的安排：在第3次任務之後的兩次後續任務（CLPS任務）各飛兩顆，這會把時程延到2029年7月。因此我們需要把時程往前拉；這並不是衛星製造能力的限制，那不是挑戰。挑戰在於我們何時能取得發射能量把它們送入軌道。透過與NASA重新協商這些衛星的發射策略，我們得以把完整作戰能力往左移回到2028年，以支援Artemis計畫。

Yeah, and just to know, we are seeing some benefits in that too, because now we are buying four ship sets, and we have got good commonality in purchasing as well as assembly and integration. So it actually is becoming more beneficial from a business perspective to accelerate as well.

另外補充一下，我們也看到一些好處，因為現在我們一次採購四套（ship sets），在採購以及組裝與整合方面都有很好的共通性。所以從商業角度來看，加速反而更有利。

Got it. That is very, very helpful. Thanks a lot.

了解。這非常、非常有幫助。非常感謝。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

Hey, good morning. Just wanted to ask on lunar landers and given NASA's accelerated demand for landers, how quickly can you produce a Nova-C with your current footprint? Do you see any need to expand capacity further on the lander side to support NASA's initiatives? Also, how does that compare for the Nova-D production expectations? Thank you.

嗨，早安。我想問一下月球著陸器。考量NASA對著陸器的需求加速，以你們目前的產能規模（footprint），你們能多快生產一台Nova-C？你們是否認為需要在著陸器端進一步擴充產能，以支援NASA的倡議？另外，這與Nova-D的生產預期相比如何？謝謝。

Yeah. We recently bid a mission called CS-8, which was exactly what you're pulling on, is how do you get to production lander. That's the whole idea here is no longer building bespoke landers for each individual mission, but how do you get the production rate up? And we bid a 26-month development and build time for CS-8, and that'll fly in 2028. That's for the Nova-C.

好的。我們最近投標了一個叫CS-8的任務，正是你所提到的重點：如何走向量產型著陸器。整個概念是不再為每個單一任務打造客製化（bespoke）著陸器，而是如何把產能節奏拉高。我們對CS-8投標的是26個月的研發與製造期，並將在2028年執行發射。這是針對Nova-C。

We do have a Nova-D class, roughly 500 kilograms of payload to the surface, under contract in CT-4. We're looking at building two in a row or two in parallel, is a better way to put it, in our facilities here, anticipating an award for a second Nova-D in the same time frame, which is the 2029-time frame.

我們也有一款Nova-D等級的著陸器，在CT-4合約中，能把約500公斤的酬載送到月表。我們目前規劃在這裡的設施中連續建造兩台，或更精確地說是兩台並行建造，同時也預期在相同時間框架內再獲得第二台Nova-D的授標，也就是2029年的時間框架。

So we have about a year ago or so, began a facility expansion in anticipation of growth of the Nova-D, and so those facilities are coming online now. We finished half of the expansion here and we're completing the machine shop and manufacturing area right now. That'll accommodate this increase in cadence and throughput through the factory to support the heavier cargo missions.

大約在一年前左右，我們就開始進行設施擴建，以因應Nova-D成長的預期；這些設施現在正陸續上線。我們已完成一半的擴建，目前正在完成機械加工廠與製造區域。這將能支援節奏與產出提升，讓工廠的吞吐量增加，以支援更重的貨運任務。

Okay, great. And then just following up on NSNS, as you look ahead to fully operational revenue in 2028, given the demand you talked about and timelines, what do you see as kind of the ballpark opportunity size for that program on an annual basis as it matures?

好的，很好。接著追問NSNS：展望2028年完整作戰能力帶來的營收，考量你們提到的需求與時程，隨著該計畫成熟，你們認為它每年的機會規模大概會是多少？

Well, we initially bid about 500,000 minutes a year for that operational capability. We will have to wait and see what the ultimate demand is. I think that demand for that network will span across civil space, commercial, and national security space with all the activity that is projected to be in and around the Moon.

我們最初針對那個作戰能力投標時，估計一年約50萬分鐘。我們還得再觀察最終需求會是多少。我認為，隨著預期在月球及其周邊的各項活動增加，這個網路的需求會涵蓋民用太空、商業，以及國家安全太空等領域。

So what I quote in terms of 500,000 minutes was an initial bid into a government requirement on the civil side. I cannot quantify the top end of that, but I can quantify roughly the bottom end at about a 500,000 minutes of time. That does not include, like I mentioned, the PNT broadcast signal, which is an additional over and above the pay-by-the-minute model that we are anticipating.

所以我提到的50萬分鐘，是我們最初針對政府在民用端需求所做的投標。我無法量化上限，但我可以大致量化下限，大約就是50萬分鐘。這還不包含我剛提到的PNT廣播訊號；那是我們預期在按分鐘計費模式之外、額外增加的收入來源。

Okay, great. Thank you.

好的，很好。謝謝。

Alex Preston, Bank of America.

Alex Preston，美國銀行。

Hey, good morning, guys. Thanks for taking the question. Just curious, going back to the National Security Golden Dome side of things, right? The additional AMDT3 award supporting L3. It is clear that you guys are gaining traction on the BUS side of things. I am curious, as these programs begin to continue to scale, is there appetite to get involved more on the payloads and really come to market as an end-to-end supplier? Or I guess maybe more broadly, what does the roadmap for that national security business look like given the recent wins?

嗨，早安，各位。謝謝讓我提問。我想回到國家安全「Golden Dome」這一塊，對吧？你們新增的AMDT3獎項是支援L3。很明顯你們在BUS（衛星平台）端正逐步取得進展。我好奇的是，隨著這些計畫持續擴大規模，你們是否有意願更深入參與酬載（payload），並以端到端供應商的角色進入市場？或者更廣泛地說，考量近期的得標，你們的國家安全業務路線圖大概會是什麼樣子？

Yeah, very good. I think you will see us emerge as a prime contractor here. We do work with L3 as a sub to provide the BUS, which we are going to continue to do. But as we move into other opportunities, you will see us bidding as a prime on a lunar surveyor, supplying all the imagers for, and the BUS for mapping the Moon, and then integrating those data products, downlinking them through our networks, bringing them back to our data repository, and doing the analytics on those data products, and providing derived products and digital terrain maps of the Moon. So as I think about this, the prime aspect of it is not just providing a BUS with the sensors, but integrating that BUS and the sensor into our platform of communications and analytics to provide the data products and information that the government is going to want.

是的，非常好。我認為你們會看到我們在這裡以主承包商的身分崛起。我們確實與 L3 合作，作為分包商提供 BUS，我們也會持續這麼做。但當我們轉向其他機會時，你們會看到我們以主承包商身分投標月球勘測器，為其提供所有成像儀，以及用於月球測繪的 BUS，接著整合這些資料產品，透過我們的網路進行下行傳輸，把資料帶回我們的資料儲存庫，對這些資料產品進行分析，並提供衍生產品與月球的數位地形圖。因此，當我思考這件事時，主承包的面向不只是提供搭載感測器的 BUS，而是把該 BUS 與感測器整合進我們的通訊與分析平台，提供政府所需要的資料產品與資訊。

That is where you will see us emerge as I talk about this, selling the infrastructure as a service. And then other places where we are working now to incubate the Nebula Orbital Transfer Vehicle, we will take that and provide more of an integrated solution in the future, I anticipate, in terms of providing additional transfer vehicles with payloads.

這就是你們會看到我們如我所說的那樣，以「基礎設施即服務」的方式來銷售。在其他方面，我們目前也在孵化 Nebula 軌道轉移載具（Orbital Transfer Vehicle），我預期未來我們會把它發展成更整合的解決方案，例如提供搭載酬載的更多轉移載具。

And also, as you think about the satellite constellation around the Moon, we provide the satellites. We already provide the communications package in X, S, and K-band, and there is additional payload space on those birds, which we will integrate additional payloads to create a more fulsome offering in the data constellation. So we are moving towards being that prime and integrating the sensors with our BUSes as we move forward. But right now in the Golden Dome area, we are a subcontractor supporting the L3 on the BUSes.

另外，當你們思考月球周邊的衛星星座時，我們提供衛星。我們已經提供 X、S 與 K 波段的通訊套件，而這些衛星上還有額外的酬載空間，我們將整合更多酬載，以在資料星座中形成更完整的產品組合。因此，隨著我們向前推進，我們正朝向成為主承包商，並把感測器與我們的 BUS 進行整合。不過目前在 Golden Dome 相關領域，我們是分包商，支援 L3 的 BUS。

Yeah, just to comment. As you see us rolling out those ATPs that we are talking about and as they transition to contracts, there are some in that mix that we are a prime contractor on that you will see as we roll those out.

是的，補充一下。當你們看到我們推出我們所談到的那些 ATP，並且它們轉換成合約時，其中有一些我們是以主承包商身分承接的，你們會在我們逐步推出時看到。

All right. Thanks for the color. Really appreciate it.

好的。謝謝你提供的補充說明。非常感謝。

Austin Moeller, Canaccord. Please go ahead.

Austin Moeller，Canaccord。請開始。

Hi, good morning. I was just wondering if you see an opportunity, given the recent additions to the ground stations and the ground network to support Department of the Air Force, US Space Force programs in providing data uplink or downlink and TT&C as the growing Space Force fleet continues to expand.

嗨，早安。我想請教，鑑於近期地面站與地面網路的新增擴充，你們是否看到機會，去支援美國空軍部（Department of the Air Force）、美國太空軍（US Space Force）的計畫，提供資料上行或下行以及 TT&C（測控）服務，因為太空軍的機隊規模仍在持續擴張。

Morning, Austin. Yes, in fact, that's the case, and we've been having some discussions about that, not only here in the US, but in the UK. And we can bring down the full raw data stream and then patch that data stream to wherever that needs to go, to give it to any customers that are interested in looking at that data stream. So the network is available for users in the cislunar space arena and for space domain awareness. We're talking about that presently and actively with those customers.

早安，Austin。是的，確實如此，我們也一直在就此進行一些討論，不僅在美國，也在英國。我們可以把完整的原始資料流下傳，然後把該資料流轉接到需要去的任何地方，提供給任何有興趣查看該資料流的客戶。因此，這個網路可供地月空間（cislunar space）領域的使用者以及太空領域態勢感知（space domain awareness）使用。我們目前正與這些客戶積極討論。

Great. And can you comment on where we're at on Nova-D planning, construction, R&D process? What the capital might be required to support this, and how much might be customer-funded R&D and CapEx?

很好。你能否評論一下 Nova-D 的規劃、建造、研發流程目前進展到哪裡？為支援此計畫可能需要多少資本？以及其中有多少可能由客戶出資的研發與資本支出（CapEx）來負擔？

Yeah. For Nova-D, and that is our class of lander that is 500 kilograms to the surface of the Moon, of payload. That is currently essentially fully funded to take that development to flight and land on the Moon. The one -- the two areas that may take investment in CapEx and technology IRAD would be when you are talking about moving to a three-engine configuration with a fully gimbaled package of three main engines. That gets you to at least 1 metric ton delivery to the surface. And then NASA is calling for landers that can carry 2 to 5 metric tons to the surface. That would require an upgrade to the engine itself and maybe even an e-pump or electric pump that goes with that engine package.

好的。關於 Nova-D，也就是我們那一級可將 500 公斤酬載送達月球表面的登陸器，目前基本上已獲得全額資金支持，可推進該開發至飛行並在月球著陸。可能需要投入資本支出（CapEx）與技術 IRAD（內部研發）的兩個領域，是當你談到改為三引擎配置，並採用三具主引擎的全向萬向節（fully gimbaled）套件時。那能讓你至少把 1 公噸（metric ton）送達月球表面。接著 NASA 正在徵求可將 2 到 5 公噸送達月球表面的登陸器。那將需要升級引擎本體，甚至可能需要搭配該引擎套件的 e-pump 或電動泵（electric pump）。

So those are areas we are looking at now to provide a road map of where we are going to make technology investments in the future heavy cargo class. However, the 500-kilogram Nova-D is funded under contracts today, and there are opportunities, like I mentioned, to rebid that class of lander for yet a subsequent mission. So hopefully we could build two in parallel.

因此，這些是我們目前正在評估的領域，用以提供一份路線圖，說明我們未來在重型貨運級別上將在哪些技術上進行投資。不過，500 公斤級的 Nova-D 目前已在現有合約下獲得資金支持，而且如我提到的，也有機會針對該級別登陸器再度投標後續任務。所以希望我們能夠平行建造兩台。

So that is kind of what we are doing and coming up with that road map of where those technologies need to be matured to get to the heavier and heavier cargo, which will be an essential point or piece of CLPS 2.0.

這大致就是我們正在做的事：制定那份路線圖，明確哪些技術需要成熟化，才能逐步走向更重、更多的貨運能力，而這將是 CLPS 2.0 的一個關鍵要點或組成部分。

Awesome. Thanks for all the details.

太棒了。謝謝你提供這麼多細節。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

Hey, guys. This is Vijay on for Jeff. First on IM-4, is there anything you can provide us in terms of timeline? I think originally that was planned for 2027, if I remember correctly, but obviously with how IM-3 has moved around. Just wondering if you have any update there.

嗨，各位。我是 Vijay，代 Jeff 提問。先問 IM-4，你們能否提供任何時間表方面的資訊？我記得最初是規劃在 2027 年，但顯然 IM-3 的時程有些變動。想請問你們是否有任何更新。

Yeah. IM-4 is still on the books for late 2027 and still on track. You heard us talk about EAC as we shift resources over from IM-3, which is nearing completion to IM-4. A slight upper there. But everything seems to be on track so far for IM-4.

是的。IM-4 仍然排在 2027 年底，且仍按計畫推進。你們也聽到我們談到 EAC，因為我們正把資源從接近完成的 IM-3 轉移到 IM-4。那裡有一點小幅上調。但到目前為止，IM-4 看起來一切都在軌道上。

Great. Glad to hear that. And then as far as free cash flow, I think you guys mentioned that you expected to improve throughout the second half. Do you guys have a target time frame for when you want to hit free cash flow breakeven, or is it just sequential improvements each quarter?

很好。很高興聽到。接著關於自由現金流（free cash flow），我想你們提到預期在下半年會持續改善。你們是否有一個目標時間點希望達到自由現金流損益兩平，還是只是每季逐季改善？

We haven't guided yet on free cash flow, so we're not providing a formal date, although I will say that quarter over quarter, we've been improving gross profit. With the exception of the EAC this quarter, I think we're seeing good EBITDA growth as well. And so I think our near-term focus is EBITDA positive, then I think the next step is definitely moving into free cash flow positive.

我們尚未對自由現金流提供指引，因此不會給出正式日期。不過我會說，按季比較，我們的毛利一直在改善。除了本季的 EAC 影響之外，我認為我們也看到良好的 EBITDA 成長。因此我認為我們短期的重點是先達到 EBITDA 轉正，接下來的下一步肯定就是邁向自由現金流轉正。

Got it. Thanks for taking the questions.

了解。謝謝你回答問題。

And there are no further questions at this time. And I would now like to turn the call back over to Steve Altemus for the closing remarks. Please go ahead.

目前沒有其他問題。現在我想把電話會議交回給 Steve Altemus 作結語。請開始。

Well, thank you everybody for attending today, and for your questions. You can see Intuitive Machines continues to diversify. We saw record orders across all of our customer channels, and we look forward to executing while also expanding backlog even further throughout the rest of the year. So thank you very much.

好的，感謝各位今天的參與，以及你們的提問。你們可以看到 Intuitive Machines 持續多元化。我們在所有客戶通路都看到創紀錄的訂單，我們期待在執行的同時，也在今年剩餘時間進一步擴大在手訂單（backlog）。非常感謝。

Ladies and gentlemen, thank you all for joining, and that concludes today's conference call. All participants may now disconnect.

各位女士先生，感謝各位加入，今天的電話會議到此結束。所有與會者現在可以掛線。