Rocket Lab USA Inc (RKLB) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Bailey and I will be your conference operator today.

我叫貝利，今天我將擔任你們的會議操作員。

At this time.

此時。

I would like to welcome everyone to the Rocket Lab.

我歡迎大家來到火箭實驗室。

Third quarter, 2024 fiscal results update and conference call.

2024 年第三季財務業績更新及電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。

If you would like to withdraw your question again, press the star and one.

如果您想再次撤回您的問題，請按星號和一。

I would now like to turn the call over to Mario Baker, senior communications manager at Rocket Lab.

我現在想將電話轉給 Rocket Lab 的高級通訊經理 Mario Baker。

You may begin.

你可以開始了。

Thank you.

謝謝。

Hello and welcome to today's conference call to discuss Rocket Labs third quarter, 2024 financial results.

大家好，歡迎參加今天的電話會議，討論 Rocket Labs 2024 年第三季的財務業績。

Now, before we begin the call, I'd like to remind you that our remarks may contain forward-looking statements that relate to the future performance of the company.

現在，在我們開始通話之前，我想提醒您，我們的言論可能包含與公司未來業績相關的前瞻性陳述。

And these statements are intended to qualify for the safe harbor protection from liability established by the Private Securities Litigation Reform Act.

這些聲明旨在獲得《私人證券訴訟改革法案》規定的免責安全港保護。

Any such statements are not guarantees of future performance and factors that could influence our results are highlighted in today's press release and others are contained in our filings with the Security and Exchange Commission.

任何此類聲明都不能保證未來的業績，今天的新聞稿中強調了可能影響我們業績的因素，其他內容也包含在我們向美國證券交易委員會提交的文件中。

Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments except as required by law.

此類聲明基於截至本協議發布之日公司可獲得的信息，並且可能會因未來的發展而發生變化，除非法律要求。

The company does not undertake any obligation to update these statements.

本公司不承擔更新這些聲明的任何義務。

Our remarks and press release today also contain Nongaap financial measures within the meaning of regulation g enacted by the SEC included in such release.

我們今天的言論和新聞稿還包含此類新聞稿中 SEC 制定的監管含義內的 Nongaap 金融措施。

And our supplemental materials are reconciliations of the historical nongaap financial measures to the comparable financial measures calculated in accordance with GAAP.

我們的補充資料是歷史非公認會計原則財務指標與根據公認會計原則計算的可比較財務指標的調節表。

Now, this call is also being webcast with a supporting presentation and a replay and a copy of the presentation will be available on our website.

現在，該電話會議也正在進行網路直播，並提供支援演示和重播，並且演示文稿的副本將在我們的網站上提供。

Our speakers today are Rocket Lab founder and Chief Executive Officer, Sir Peter Beck, as well as Chief Financial Officer, Adam Spice.

今天我們的演講者是 Rocket Lab 創辦人兼執行長 Peter Beck 爵士以及財務長 Adam Spice。

They will be discussing key business highlights including updates on our launch and space systems programs and we will discuss the financial highlights and outlook before we finish by taking questions.

他們將討論關鍵業務亮點，包括我們的發射和太空系統計劃的最新情況，我們將在回答問題之前討論財務亮點和前景。

So with that, let me turn the call over to Sir Peter.

那麼，讓我把電話轉給彼得爵士。

Thanks Marielle and thanks for everybody joining us today.

感謝瑪麗埃爾，也感謝今天加入我們的所有人。

Before we take you through the achievements of the quarter, I'd like to remind everybody what every launch, every development milestone, every spacecraft we build is working towards rocket lab is an end to end space company, we provide the ride to space with our launch vehicles and we build the spacecraft to do the work in orbit.

在我們向您介紹本季度的成就之前，我想提醒大家，我們建造的每一次發射、每一個發展里程碑、每一個航天器都致力於實現火箭實驗室是一家端到端的太空公司，我們提供前往太空的旅程我們的運載火箭和我們建造的太空船在軌道上進行工作。

This ultimately gives us the keys to space, unlocking the largest market of all space applications with excuse me with phase one and two, the rockets in the spacecraft now well established.

這最終為我們提供了太空的鑰匙，打開了所有太空應用的最大市場，對不起，第一階段和第二階段，太空船中的火箭現在已經成熟。

We're well positioned to create our own constellations to provide in demand services and capabilities in space.

我們完全有能力創造自己的星座，以提供太空中所需的服務和能力。

In Q3, we strengthened this position with a few key achievements including the signing of a multi launch deal for neutron with a commercial constellation operator.

在第三季度，我們透過一些關鍵成就鞏固了這一地位，包括與商業星座運營商簽署了中子多次發射協議。

And we've been very considered in the way that we've approached Neutron's first commercial contracts.

我們在處理 Neutron 的第一份商業合約時經過了深思熟慮。

And I look forward to sharing more on this.

我期待就此分享更多資訊。

Later in the call on the small rocket front, we successfully launched multiple electron missions in Q3 and signed $55 million in new, excuse me, new electron launch contracts.

後來在小型火箭方面的電話會議中，我們在第三季度成功發射了多個電子任務，並簽署了價值 5500 萬美元的新電子發射合約。

Excuse me.

打擾一下。

A testament to a strong and growing demand for dedicated small launch and acknowledgment of electrons position as the space systems.

這證明了對專用小型發射和承認電子作為太空系統的地位的強烈且不斷增長的需求。

I'll be sharing updates on various programs.

我將分享各種程式的更新。

But one key call out is the Mars sample return contract study.

但一個關鍵的問題是火星樣本返回合約研究。

Anybody who's familiar with Mars sample return understands NASA believes their current mission architecture is too costly, will take too long.

任何熟悉火星樣本返回的人都知道美國宇航局認為他們目前的任務架構成本太高，而且需要太長時間。

So they've requested innovative new proposals to deliver samples sooner and bring the cost down.

因此，他們要求提出創新的新建議，以更快地交付樣品並降低成本。

We are delighted to be selected by NASA to put forward a study into how rocket lab would achieve this.

我們很高興被美國太空總署選中來進行一項關於火箭實驗室如何實現這一目標的研究。

And I'm very excited to share more details about our proposal to support the mission today.

我很高興能夠分享有關我們今天支持這項使命的提案的更多細節。

And of course, to deliver space systems at scale, you need to be able to pump out constellations of spacecraft quickly and cost effectively.

當然，為了大規模交付太空系統，您需要能夠快速且經濟高效地生產太空船群。

I'm proud to share that the spacecraft production line in Long Beach is churning out spacecraft at a faster rate than ever which builds with builds underway for a backlog of more than 40 spacecraft.

我很自豪地告訴大家，長灘的太空船生產線正在以前所未有的速度生產太空船，目前正在建造積壓的 40 多艘太空船。

All of these achievements and capabilities feed into our final strategic pillar, being able to build and launch and operate our own constellations.

所有這些成就和能力都構成了我們最終的戰略支柱，能夠建造、發射和運作我們自己的星座。

I'll address it right up front that right up front, which is that we're not ready to reveal details on what this constellation or application may be.

我會一開始就解決這個問題，那就是我們還沒準備好透露這個星座或應用程式的細節。

But I think it's important to understand the strong foundation we've built up across launch and space systems to enable it in due course.

但我認為重要的是要了解我們在發射和太空系統中建立的堅實基礎，以便在適當的時候實現這一目標。

Okay.

好的。

Excuse me on to some quick financial highlights for Q3, we delivered delivered another really strong quarter with positive metrics across the business.

請容許我簡單介紹一下第三季度的一些財務亮點，我們交付了另一個非常強勁的季度，整個業務指標都呈現積極的指標。

The third quarter revenue topped out at 105 million within a million dollars of our record revenue achieved last quarter.

第三季營收達到 1.05 億美元，較上季創紀錄的營收相差 100 萬美元。

That's a 55% revenue increase year on year while our backlog has grown 80% year on year to set at 1.05 billion at the end of September.

截至 9 月底，營收年增 55%，而我們的積壓訂單年增 80%，達到 10.5 億。

I'll let Adam dig into the numbers properly, but I think it's important to note upfront that once again that we're delivering on the old rock, a lab adage and mantra of we do what we say we were going to do across both engineering and technical achievements but as well as financial goals, okay.

我會讓 Adam 正確地深入研究這些數字，但我認為重要的是要預先指出，我們再次在古老的岩石上交付，實驗室格言和口頭禪，我們做我們所說的我們要做的事情工程和技術成就，還有財務目標，好。

On to electron updates, we've reached 12 missions for the year and counting.

關於電子更新，我們今年已經完成了 12 項任務，而且還在增加。

Setting a new annual launch record for electron.

創造了 Electron 的新年度發射記錄。

Only two rockets globally launched more than electron.

全球只有兩枚火箭發射的火箭數量超過電子發射量。

That's the falcon nine and the Chinese Long March making Electron, one of the most globally significant rockets flying today.

這是獵鷹九號和中國長徵火箭製造的電子號，這是當今全球最重要的火箭之一。

Launch cadence is one thing but doing so in a financially sustainable way is quite another.

發布節奏是一回事，但以財務上可持續的方式進行則是另一回事。

We've sold 55 million in new electron launch contracts in Q3.

第三季我們已售出 5,500 萬份新電子發射合約。

But what's really important to note about about is the significant increase in average sales price.

但真正值得注意的是平均銷售價格的大幅上漲。

This is now 60% higher than when Electron first started flying.

現在比 Electron 剛開始飛行時高了 60%。

We bought a service to market that works that customers need need and we've proven we can scale the cost just reflects how rare and sought after this capability is just to help visualize it.

我們向市場購買了一項滿足客戶需求的服務，我們已經證明我們可以降低成本，這恰恰反映了這種功能是多麼稀有和受追捧，只是為了幫助可視化它。

Here's a snapshot of the global launch cadence this year across all vehicles.

以下是今年所有車輛的全球發布節奏的快照。

And you can see electron is right up there in the top ranking in number three spot.

你可以看到 Electron 名列前茅，位居第三。

Now on to electron launches for the quarter, we had three missions for three separate commercial constellation operators during Q3.

現在談到本季的電子發射，我們在第三季為三個獨立的商業星座營運商執行了三項任務。

Each of the missions are part of multi launch contracts with return customers.

每項任務都是與回頭客簽訂的多次發射合約的一部分。

Electron provides a vital sought after service for small set constellation operators who want to be in control of their orbits, launch schedule and mission parameters in a way that's just not possible in large rideshare missions.

Electron 為小型星座營運商提供了至關重要的服務，這些營運商希望以大型乘車共享任務中不可能實現的方式控制其軌道、發射時間表和任務參數。

We had another quick turnaround between missions to launching electrons back to back from launch complex one within just eight days of each other.

我們在任務之間進行了另一次快速週轉，從發射綜合體連續發射電子，僅在八天內完成。

Speaking of vast turnarounds after Q3, we completed another record launch in record time, we launched a mission for a confidential constellation operator just 10 weeks after signing contract.

說到第三季後的巨大轉變，我們在創紀錄的時間內完成了另一次創紀錄的發射，在簽訂合約後僅 10 週，我們就為機密星座營運商發射了一項任務。

This kind of speed is pretty well unheard of in the space industry.

這種速度在航太工業中是聞所未聞的。

It's typical to take a year to go from contract to orbit.

從合約到進入軌道通常需要一年的時間。

Of course, that causes bottlenecks and limited launch opportunities for satellite satellite operators.

當然，這會為衛星營運商帶來瓶頸和有限的發射機會。

Electron has plugged this GAAP getting a satellite operation on orbit faster so they can test the technology sooner, begin generating revenue for constellations earlier or collect urgent data from space on demand.

Electron 已經插入了這個 GAAP，讓衛星更快地在軌道上運行，這樣他們就可以更快地測試技術，更早地開始為星座創收，或者按需從太空收集緊急數據。

I've discussed at length previously.

我之前已經詳細討論過。

That launch is a lumpy business.

這次發射是一項坎坷的事業。

It's common for customers to request delays and new launch dates causing a constant manifest, shuffles causing constant manifest, shuffles.

客戶通常會要求延遲和新的發布日期，從而導致不斷的清單、洗牌，從而導致不斷的清單、洗牌。

This results in an ever changing fluid launch schedule.

這導致了不斷變化的流體發射時間表。

But because we have a factory of rockets and three launch sites standing by to support, we can slot new customers in as these gaps open up quickly.

但由於我們有一個火箭工廠和三個發射場隨時提供支持，因此我們可以在這些差距迅速擴大時引入新客戶。

And I'm sure the software team will laugh at me for this.

我確信軟體團隊會因此嘲笑我。

But in reference to ultimate flexibility, it's a feature not a bug of the Electron business model, especially as we collect up to 90% of the contract value for every mission before launch day with revenue recognized on launch.

但就最終的靈活性而言，這是Electron 商業模式的功能，而不是一個錯誤，特別是當我們在發射日之前為每個任務收取高達90% 的合約價值，並在發射時確認收入時。

So if a launch slips a month here or there, the overall impact to the business is pretty well negligible, right?

因此，如果發佈時間延後一個月，對業務的整體影響可以忽略不計，對嗎？

Moving on from small launch on to neutron updates.

從小發射轉向中子更新。

Okay.

好的。

So we've signed a launch agreement with the constellation operator which encompasses two very early launches on neutron.

因此，我們與星座運營商簽署了一項發射協議，其中包括兩次非常早期的中子發射。

Thanks to our proven track record with electron.

感謝我們在 Electron 方面的良好記錄。

The space industry has come to expect high performing reliable launch vehicles from rocket lab because of this.

因此，航太工業開始期望火箭實驗室能提供高性能、可靠的運載火箭。

We work with a lot of different customers for neutrons first few missions.

在中子最初的幾次任務中，我們與許多不同的客戶合作。

But we we're in a fortunate position to be able to choose who flies first and have made a careful and considered, considered strategic decisions around that.

但我們很幸運，能夠選擇誰先飛，並為此做出了仔細、深思熟慮的策略決策。

We see this agreement as an important opportunity that signifies the beginning of a productive collaboration that could see neutron deploy this particular customer's entire constellation.

我們認為這項協議是一個重要的機會，標誌著富有成效的合作的開始，中子可以部署這個特定客戶的整個星座。

I'm confident in these two launches will be the first of many more to come from this particular customer.

我相信這兩次發布將是該特定客戶推出的更多產品中的第一個。

Now, we've really been methodical about when we open the bookings on Neutron two.

現在，當我們開放中子二號的預訂時，我們確實很有條理。

It's all too common in the space industry for aspiring launch providers to sign nonbinding agreements and sell missions that are lost to fund to fund development.

在航太工業中，有抱負的發射提供者簽署不具約束力的協議並出售失去的任務來資助開發是很常見的。

We know that it's better to bring a real rocket to the market first and to command a premium price as we draw closer to Neutron's debut next year.

我們知道，隨著 Neutron 明年首次亮相的臨近，最好先將真正的火箭推向市場，並爭取更高的價格。

Conversations with customers and demands for launch slots have started to mature as everyone will expect.

正如每個人所期望的那樣，與客戶的對話以及對發佈時段的需求已經開始成熟。

I'm very happy to say that the contract value.

我很高興地說合約價值。

This particular contract value is in family with their standard neutron pricing for launches.

此特定的合約價值與其標準中子發射定價一致。

One of the programs that Neutron has been ideally suited for from day one was when we can see the vehicle was the US Space Force National Security Space launch program or N SSL.

Neutron 從第一天起就非常適合執行美國太空軍國家安全太空發射計畫（N SSL）的計畫之一。

The Space Force recently opened up the RFPS for the program program next lane one on ramp which will see us compete to qualify for a share of up to $5.6 billion of national security launches.

天軍最近在坡道上開放了下一通道的 RFPS，這將使我們競爭高達 56 億美元的國家安全發射份額的資格。

There is an unnerving bottleneck in the medium launch market.

中型發射市場存在令人不安的瓶頸。

Currently creating a risk for national security.

目前對國家安全構成風險。

Bringing new launch capability to N SSL is a critical to increasing the dod's diversity of opportunities, assuring access to space for national security and with our proven track record market leading design and established infrastructure.

為 N SSL 帶來新的發射能力對於增加國防部機會的多樣性、確保進入太空以維護國家安全以及憑藉我們經過驗證的市場領先設計和成熟的基礎設施至關重要。

Neutron is a pretty compelling choice.

Neutron 是一個非常引人注目的選擇。

We're well past the design phase.

我們已經遠遠超過了設計階段。

Now, moving into neutrons to build and test campaigns.

現在，進入中子來建立和測試活動。

Keeping our schedule for the first launch next year puts us inside the 2025 year end time frame sought by the space forces for the next onramp.

保持明年首次發射的時間表使我們能夠在太空部隊尋求的 2025 年年底時間範圍內進行下一次發射。

We bought a new vehicle to market before with electron which is a reliably delivered national Security payload, payloads to orbit for several years.

我們之前在市場上購買了一輛帶有電子的新車，它是可靠交付的國家安全有效載荷，有效載荷進入軌道已經好幾年了。

And with electron, we reached 50 launches faster than any other commercially developed rocket in history.

借助 Electron，我們實現了 50 次發射，比歷史上任何其他商業開發的火箭都要快。

So we know how to do this and we know how to do this.

所以我們知道如何做到這一點，我們也知道如何做到這一點。

Well, interest in neutrons development is ramping up in other areas too.

嗯，其他領域對中子開發的興趣也在增加。

This quarter, we were awarded an $8 million study contract with the US Air Force Research Lab to showcase our digital engineering prowess with Archimedes.

本季度，我們與美國空軍研究實驗室簽訂了 800 萬美元的研究合同，以展示我們與阿基米德的數位工程實力。

This contract has a tie in with N SSL with the N SSL program as well where it includes the option to expand our digital engineering processes and further build on build the digital engineering framework for N SSL phase three lane one launch providers.

該合約與 N SSL 和 N SSL 計劃相關，其中包括擴展我們的數位工程流程的選項，並進一步為 N SSL 第三階段第一階段啟動提供者建立數位工程框架。

This contract is a bit of a win win when it comes to defense industry partnerships.

就國防工業合作夥伴關係而言，這份合約有點雙贏。

It not only allows the US Air Force to collaborate with industry leaders like the Archimedes team to help develop and modernize the US Air Force's engineering processes and capabilities, but it also supports smooth integration of neutron into the N SSL program to more efficiently and quickly provide for some of the nation's most critical missions elsewhere across the dod.

它不僅使美國空軍能夠與阿基米德團隊等行業領導者合作，幫助美國空軍的工程流程和能力開發和現代化，而且還支援中子順利整合到N SSL 計劃中，以更有效率、更快速地提供用於國防部其他地方的一些最關鍵的任務。

The US Transcom has extended our 2022 research agreement that allows us to continue to explore point to point cargo delivery with neutron.

美國運輸司令部延長了我們的 2022 年研究協議，使我們能夠繼續探索使用中子進行點對點貨物運輸。

And we've recently received confirmation from the US Space Force Space Systems command that Neutron can now compete for missions under OSP $4 billion indefinite delivery delivery indefinite quantity contract that were on rent to a few years back.

我們最近收到美國太空部隊太空系統司令部的確認，Neutron 現在可以根據 OSP 價值 40 億美元的無限期交付交付無限數量合約競爭任務，該合約是幾年前租賃的。

Moving on to now to neutrons development progress and some of the technical milestones we've hit this quarter.

現在繼續討論中子開發進度以及我們本季達到的一些技術里程碑。

We're well past the design phase now and deep into the qualification and testing of a large scale flight hardware starting with the reusable captive fearing for neutron or as we like to call it the hungry hippo, these fearing halves remain attached to neutron's first stage for the first for the full flight simply opening to release the payload and the second stage before closing back and returning back to earth with the rest of stage one ready for another flight.

我們現在已經遠遠超過了設計階段，並深入到大型飛行硬體的資格和測試中，從可重複使用的中子俘虜恐懼開始，或者我們喜歡稱之為飢餓的河馬，這些恐懼的一半仍然附著在中子的第一級上對於整個飛行的第一級，只需打開以釋放有效載荷，第二級然後關閉並返回地球，第一級的其餘部分準備好進行另一次飛行。

These faring halves will soon be going through their mechanical testing before assembling an integration onto the large scale composite panels and the 7 m wide barrels that make up the first stage.

這些半段很快就會進行機械測試，然後將其整合到構成第一級的大型複合材料面板和 7 m 寬的桶上。

Another big milestone was the recent successful test of the second stage.

另一個重大里程碑是最近第二階段的成功測試。

We conducted its first wet dress rehearsal in a flight configuration going through the pressures, mechanical loads, processes and procedures that would be seen in flight operations.

我們在飛行配置中進行了第一次濕裝彩排，了解了飛行操作中可能出現的壓力、機械負載、流程和程序。

Part of the test campaign included on board avionics, taking command and control of the stage and demonstrating pressurization, fill drain and coal float operations.

測試活動的一部分包括機載航空電子設備、指揮和控制舞台以及演示加壓、填充排水和煤浮操作。

This has been one of the biggest integrated milestones yet proving out not only the flight hardware but also the supporting infrastructure to operate the vehicle.

這是迄今為止最大的綜合里程碑之一，不僅證明了飛行硬件，還證明了操作飛行器的支援基礎設施。

We have flight hardware in production for all other neutron composite structures including the barrels and domes for the vehicle's first stage propellant tank, all of the internal propellent management devices.

我們正在生產所有其他中子複合結構的飛行硬件，包括飛行器第一級推進劑箱的筒體和圓頂，以及所有內部推進劑管理裝置。

The avionics are on track for integration to the stage one before it goes through the same set of test campaign as the second stage has just done.

航空電子設備預計將整合到第一階段，然後再進行與第二階段剛完成的相同的一組測試活動。

Now on to Archimedes, we've talked about it before our approach before with Archimedes and how we were strategic in taking our time to bring a flight ready engine to the test end.

現在談到阿基米德，我們在與阿基米德接觸之前已經討論過這個問題，以及我們如何戰略性地花時間將飛行就緒的發動機帶到測試結束。

That means we could hit the ground running to qualify rather than mess around with early prototypes, needing lots of design tweaks and changes in manufacturing that would ultimately slow the program down.

這意味著我們可以立即開始進行資格認證，而不是搞亂早期的原型，需要大量的設計調整和製造方面的改變，這最終會減慢專案的速度。

We've seen that strategy really pay off in these past few months.

在過去的幾個月裡，我們看到這項策略確實得到了回報。

Our engine test cadence in Mississippi has doubled over the quarter and we brought multiple engines to the end.

我們在密西西比州的引擎測試節奏在本季度增加了一倍，並且我們最終使用了多個引擎。

The thing to point out here too is that a rocket engine program is never a one and done scenario.

這裡還需要指出的是，火箭引擎計畫從來都不是一勞永逸的。

Archimedes, engines will go through short burst tests for duration, hot fire and tweaks all the way up to Neutron's first flight.

阿基米德，發動機將經歷持續時間、熱火和調整的短爆發測試，直到中子的首次飛行。

So far, we have continued to see strong performance from the Archimedes and we're able to iterate updates rapidly, which is really where you want to be in this point in time in the test campaign.

到目前為止，我們繼續看到阿基米德的強勁表現，並且我們能夠快速迭代更新，這確實是您在測試活動中此時想要達到的目標。

All that to say is that the cornerstone of any rocket program depends on how quickly and reliably you can scale engine production in parallel.

綜上所述，任何火箭計畫的基石都取決於並行擴展引擎生產的速度和可靠性。

And I've said it before, but it bears repeating because building your first rocket engine is hard building at 1,020 50 times and at pace that can keep up with demand is even harder.

我之前已經說過，但值得重複一遍，因為建造你的第一個火箭發動機很難以 1,020 50 倍的速度建造，而要滿足需求的速度則更加困難。

With that in mind.

考慮到這一點。

We continue to scale production for Archimedes at the same time that we're testing it.

我們在測試阿基米德的同時，繼續擴大其生產規模。

We've got the assembly line in California, humming with engines, shipping out the door frequently to Mississippi setting us up.

我們在加州設有裝配線，引擎嗡嗡作響，經常將貨物運往密西西比州為我們安裝。

Well, to get into a good launch cadence with neutron.

好吧，與中子進入良好的發射節奏。

After first flight, a rocket program is much more than just a vehicle, of course and its engines launch infrastructure is a critical component and one of the pieces that we've had a bit of practice to thanks to having stood up three pads on two hemispheres with electron launch sites are a little bit like an iceberg.

首次飛行後，火箭項目不僅僅是一個運載工具，當然，它的發動機發射基礎設施是一個關鍵組成部分，也是我們進行了一些練習的部分之一，這要歸功於我們在兩個墊子上豎起了三個墊子具有電子發射場的半球有點像冰山。

There's so much of the infrastructure that is underground or hidden in the development phase with that now well established.

有許多基礎設施位於地下或隱藏在開發階段，現在已經完善。

We're starting to put the finishing touches on the above ground infrastructure including a massive 165 ton steel structure launch mount that will hold down and hold down mechanisms.

我們開始對地上基礎設施進行最後的收尾工作，包括一個重達 165 噸的大型鋼結構發射架，用於固定和壓緊機構。

It's from the structure that Neutron will lift off next year.

Neutron 明年將從這個結構中升空。

The launch mount will be installed in LC three in the coming few weeks and from there, the focus will start to shift to pad commissioning before flight one on the ground at launch complex.

發射架將在未來幾週內安裝在 LC 3 中，從那裡開始，重點將開始轉移到發射場地面發射前的發射台調試。

Three, some really big long lead items have made their way to the pad at Wallops Island including 2 90,000 gallon propellant tanks that were installed in Q3, each of them is longer than one of our electron rockets, which really helps put into perspective the scale of the works that are happening at LC three, just a few miles up the road from the launch pad, we've completed the construction of the assembly and integration and test building where neutrons vehicles will go through their final checks before they're taken to the launch pad.

第三，一些非常大的長鉛項目已經到達瓦洛普斯島的發射台，包括第三季度安裝的2 個90,000 加侖推進劑罐，每個都比我們的電子火箭還要長，這確實有幫助了解規模LC 3 正在進行的工程中，距離發射台僅幾英里，我們已經完成了組裝、整合和測試大樓的建設，中子飛行器將在起飛前接受最終檢查到發射台。

Having this building only three miles from the launch pad is a real strategic advantage for us as we don't have to grapple with the flow and expensive complex logistics of you know, transporting a hulking rocket, a hulking rocket across the country just to get to the launch pad that wraps, wraps up the headline items on the launch front.

這棟建築距離發射台僅三英里，對我們來說是一個真正的戰略優勢，因為我們不必費力應對流程和昂貴的複雜後勤問題，在全國範圍內運輸一枚巨大的火箭，一枚巨大的火箭只是為了獲得到包裝的發射台，包裝發射前沿的標題項目。

So now moving into space systems.

現在進入太空系統。

So one of nasa's flagship flagship missions is the Mars sample return program which aims to bring scientifically selected samples from Mars back from Mars to Earth for the first time in history.

因此，美國太空總署的旗艦任務之一就是火星樣本返回計劃，該計劃旨在歷史上首次將經過科學挑選的火星樣本從火星帶回地球。

But NASA has said that their current architecture is too costly at $11 billion and too slow, but the samples not expected to be into the hands of scientists until 2040.

但 NASA 表示，他們目前的架構成本太高，達 110 億美元，而且速度太慢，但樣本預計要到 2040 年才能交到科學家手中。

So the agency put out a call to industry for new proposals and I'm proud to confirm we were selected to conduct a study.

因此，該機構向業界發出了新提案的呼籲，我很自豪地確認我們被選中進行一項研究。

We're putting forward a highly compelling concept that will return Mars rocks faster and at a fraction of the cost of the current cost of the program.

我們提出了一個非常引人注目的概念，它將更快地返回火星岩石，而成本只是該計劃當前成本的一小部分。

This mission is one of the biggest most ambitious projects NASA has ever undertaken.

這項任務是美國太空總署有史以來最大、最雄心勃勃的項目之一。

It will completely change the way that we think about our solar system, potentially answer whether life ever existed on Mars and help prepare for the first human explorers on the red planet.

它將徹底改變我們對太陽系的看法，有可能回答火星上是否存在生命的問題，並幫助為第一批人類探索者在這顆紅色星球上做好準備。

Well, it might not be obvious.

嗯，這可能不明顯。

At first glance, it's a mission that we're actually uniquely suited to.

乍一看，我們實際上非常適合這項任務。

Now.

現在。

Our fingerprints are already all over Mars.

我們的指紋已經遍佈火星。

Our technology has been incorporated into missions like the Marss inside Lander, the ingenuity helicopter and even the cruise stage that brought perseverance to Mars, enabling the very rovers that are collecting samples to be brought to the samples brought to earth under the Mars sample, return from orbiters and rovers, Landers reise stages.

我們的技術已經融入火星登陸器、獨創直升機甚至是為火星帶來毅力的巡航階段等任務中，使得正在採集樣本的漫遊車能夠將帶到地球的樣本帶到火星樣本下，返回著陸器從軌道飛行器和漫遊車上升起階段。

We have experience in delivering mission success on the red planet.

我們擁有在紅色星球上成功執行任務的經驗。

Now, everything we've put into place over the over the years, either through our own organic development or through acquisitions of some of the industry's leading technology suppliers has been part of a methodical strategy to offer vertically integrated solutions for complex emissions.

現在，我們多年來所採取的一切，無論是透過我們自己的有機發展還是透過收購一些業界領先的技術供應商，都已成為為複雜排放提供垂直整合解決方案的系統策略的一部分。

Just like these mass sample returns requires an immense depth of experience and capability.

就像這些大量樣本返回一樣需要深厚的經驗和能力。

The very kind that our team and technologies have delivered on before.

這正是我們的團隊和技術之前所提供的。

We have the expertise in building and launching small rockets from little planets.

我們擁有在小行星上建造和發射小型火箭的專業知識。

We have the innovative Mars spacecraft.

我們擁有創新的火星飛船。

We have demonstrated reentry capability.

我們已經展現了再入能力。

We've enabled rendezvous and proximity missions where leaders in guidance, navigation control and our flight software is already on moon Landers and we know how to manage large and complicated missions, including ones for NASA.

我們已經實現了交會和接近任務，其中引導、導航控制和我們的飛行軟體的領導者已經在月球著陸器上，我們知道如何管理大型和複雜的任務，包括美國宇航局的任務。

We've shown time and time again that we're disruptors in the industry who are able to conduct missions beyond earth's orbit on a rapidly fast development timelines.

我們一次又一次證明，我們是產業的顛覆者，能夠在快速發展的時間內執行地球軌道之外的任務。

And when others say they can't do it, we can do it at a fraction of the traditional cost.

當其他人說他們做不到時，我們可以以傳統成本的一小部分做到這一點。

We look forward to delivering this once again for our sample return.

我們期待再次為我們的樣品退貨提供此服務。

Should our proposal make it through the selection process later this year?

我們的提案應該在今年稍後通過遴選過程嗎？

Now on to other updates across our space systems business before I dive into more specific mission updates, I want to provide a quick snapshot of just some of the various programs underway.

現在，在我們深入討論更具體的任務更新之前，我們的空間系統業務的其他更新，我想提供一些正在進行的各種計劃的快速快照。

This one is just this is just the latest lineup of spacecraft we're building right now or we have already completed like two escapade spacecraft for MARS, two completely different constellation spacecraft, one for cell connectivity for MD A global staff, the other for National Security and the Space Development Agency and other individual technology test missions ranging from connectivity in space to cryogenic fuel storage on orbit.

這只是我們現在正在建造的最新航天器陣容，或者我們已經完成了兩個火星越軌航天器，兩個完全不同的星座航天器，一個用於 MD A 全球工作人員的細胞連接，另一個用於國家安全和太空發展局以及其他單獨的技術測試任務，範圍從太空連接到軌道上的低溫燃料儲存。

Beyond these missions and constellations, we continue to do strongly in our merchant space systems business with mega constellation contracts too.

除了這些任務和星座之外，我們還透過大型星座合約繼續在商業太空系統業務中表現強勁。

Some of you will remember me talking about scaling up our satellite facilities in California as we bring on new and bigger spacecraft contracts.

你們中的一些人會記得我談論過在我們簽訂新的、更大的太空船合約時擴大我們在加州的衛星設施的規模。

Well, part of the benefit for us taking over the previous virgin orbit building for pennies on the dollar for our new engine production site.

好吧，這對我們來說是一個好處，部分是為了我們的新引擎生產基地以低廉的價格接管了以前的處女軌道建設。

Was it allowed us to use that extra space in our headquarters to be converted to our satellite production facility?

是否允許我們利用總部的額外空間改建為我們的衛星生產設施？

We're really starting to see that strategy pay dividends with production lines of our various spacecraft platforms now up and running without or without a single shovel in the ground.

我們確實開始看到這項策略帶來了紅利，我們各種太空船平台的生產線現在已經啟動並運行，無論是否有一把鏟子在地上。

We've avoided all the headaches of having to build new buildings and factories from scratch and save precious time and resource in a in a scaling strategy and the beauty of having all those space systems products co located in one building in one building.

我們避免了必須從頭開始建造新建築和工廠的所有麻煩，並透過擴展策略節省了寶貴的時間和資源，以及將所有這些空間系統產品集中在一棟建築中的美妙之處。

There are simple ease of integration for our teams.

我們的團隊可以輕鬆輕鬆地進行整合。

A technician can literally walk across the floor, hand over an avionics box to a spacecraft integration team as opposed to waiting for months for a supplier to produce it, ship it and then deliver it.

技術人員實際上可以走過地板，將航空電子設備箱交給太空船整合團隊，而不是等待供應商生產、運輸然後交付數月。

It's really the true beauty of vertical integration for our business.

這確實是我們業務垂直整合的真正魅力。

Now on to some more specific program updates under the space systems umbrella.

現在我們來看看太空系統下的一些更具體的計畫更新。

And if I can stick with Mars for just the Mars for just a little bit longer in Q3, we completed and delivered the two spacecraft for the escapade science mission to Mars for NASA.

如果我能在第三季在火星上停留一段時間，我們就為 NASA 完成並交付了兩艘太空船，用於火星冒險科學任務。

It was a really monumental feat in itself given the 3.5 year time span handed to us to deliver this mission.

考慮到我們完成這項任務的時間跨度為 3.5 年，這本身就是一項具有里程碑意義的壯舉。

Unfortunately, however, outside our control, the rocket, the satellites were launched on wasn't quite ready in time for that Mars transfer window.

然而不幸的是，在我們的控制範圍之外，發射衛星的火箭並沒有及時準備好迎接火星轉移窗口。

So the mission has been somewhat delayed but the team is standing by and ready to support once the new launch date is set onto our onto our $500 million prime contract with the Space Development Agency for their tranche to transport layer constellation.

因此，任務有所延遲，但一旦新的發射日期確定，我們與太空發展局簽訂了價值 5 億美元的運輸層星座主合同，團隊就隨時待命並準備提供支援。

And the team is hitting some great technical targets within the program.

該團隊正在實現該計劃中的一些偉大的技術目標。

The preliminary design of the spacecraft complete the work being pulled, The work can begin pulling the hardware together in the clean rooms at headquarters.

太空船的初步設計完成了正在進行的工作，該工作可以在總部的無塵室中開始將硬體組裝在一起。

This progress puts us in a strong position for the upcoming solicitation of 200 satellites under the tranche three of the DS program.

這項進展使我們在即將進行的 DS 計畫第三期 200 顆衛星招標中處於有利地位。

A procurement process expected to begin in 2025 and finally to wrap up space systems and two satellites for space industries have been completed and are now ready for launch a pioneer class based satellites, hosters capsules and provide power, communications propulsion and altitude attitude control for the mission.

預計於2025 年開始的採購流程已完成，最終將用於航太工業的航太系統和兩顆衛星已經完成，現在準備發射先鋒級衛星、主機艙，並為太空船提供動力、通訊推進和高度姿態控制。

It's our first spacecraft, our first spacecraft for va to help bring the capsule back home from space landing it in the Utah desert last year with our next spacecraft set to do the same thing again.

這是我們的第一艘太空船，我們的第一艘太空船幫助維吉尼亞州將太空艙從太空帶回家，去年它降落在猶他州沙漠，我們的下一艘太空船將再次做同樣的事情。

But this time over Australia where both missions are set to reenter the earth's atmosphere and land in southern Australia soon after launch next year.

但這一次，這兩個任務都將在澳洲上空重新進入地球大氣層，並在明年發射後不久在澳洲南部著陸。

In the meantime, the team is already working on the fourth pioneer spacecraft for the same mission.

同時，該團隊已經在為執行相同任務而開發第四艘先鋒太空船。

And before I hand it over to Adam, I just wanted to wrap up with a couple of a couple of personnel changes at the board and executive level for this past quarter.

在我將其交給 Adam 之前，我只想總結一下上個季度董事會和高階主管的一些人事變動。

So Mike Griffin has finished up with finished up on the rocket lab board after a four year tenure serving the company.

麥克·格里芬在為公司服務了四年後，已經完成了火箭實驗室董事會的職務。

We're incredibly grateful for the experience and leadership helping guide rocket labs growth from a private startup to a global industry leader in launch and space systems And really want to thank him and wish him all the best as he retires from rocket labs board.

我們非常感謝他的經驗和領導力，幫助引導火箭實驗室從一家私人新創公司成長為發射和航太系統的全球行業領導者，並且非常感謝他並祝他在從火箭實驗室董事會退休時一切順利。

But as one chapter ends another to begin at rocket labor cross board and executive level.

但隨著一個章節的結束，另一個章節將在火箭勞工跨部門和高階主管層級開始。

This quarter, we welcomed Frank Klein to the team.

本季度，我們歡迎 Frank Klein 加入團隊。

As our new Chief Operations Officer, Frank joins us with 30 years of international manufacturing experience and leadership in the automotive industry at Daimler Mercedes Benz and most recently a prominent EV company as AC Ro Frank is leading our efforts to scale global manufacturing of our spacecraft launch vehicles and spacecraft components.

作為我們新任營運官，Frank 憑藉在戴姆勒·梅賽德斯·奔馳(Daimler Mercedes Benz) 以及最近成為著名電動汽車公司AC Ro 的30 年國際製造經驗和領導力加入我們，Frank正在領導我們努力擴大太空船發射的全球製造規模車輛和太空船零件。

And it's great to have a seasoned and experienced leader like Frank, bring his wealth of knowledge in lean manufacturing and scaling to rocket lab.

很高興有像弗蘭克這樣經驗豐富的領導者，將他在精益製造和擴展方面的豐富知識帶到火箭實驗室。

And Ken Posen also joined, joined us on the board of directors this past quarter.

肯·波森 (Ken Posen) 在上個季度也加入了我們的董事會。

He joins Rocket Lab after 30 after a 35 year career at Lockheed Martin and financial leadership leadership positions including serving as the Space Prime's Chief Financial Officer, Ken's deep aerospace and defense industry experience, combined with his financial leadership as to even more horsepower on an already impressive board lineup and it's fantastic to have him on board to help us shape the future.

他在洛克希德馬丁公司工作了35 年，並​​擔任過包括擔任Space Prime 首席財務官在內的財務領導職務，30 歲後加入Rocket Lab，Ken 擁有深厚的航空航天和國防工業經驗，再加上他的財務領導能力，為已經擁有更多馬力的公司提供了更多支持。

So with that, I hand it over to Adam now to provide further commentary and to discuss our financial financial highlights and outlook over to you, Adam.

因此，我現在將其交給 Adam，以提供進一步的評論，並與您討論我們的財務亮點和前景，Adam。

Great.

偉大的。

Thanks Pete.

謝謝皮特。

All right.

好的。

Third quarter, 2024 revenue was $105 million which is, which was at the high end of our prior guidance range and reflects significant year on year growth of 55% driven by strong contribution from both business segments but led by space systems.

2024 年第三季的營收為 1.05 億美元，處於我們先前指引範圍的高端，反映出在兩個業務部門的強勁貢獻（但以太空系統為主導）的推動下，同比增長了 55%。

Our launch services segment delivered revenue of $21 million in line with our prior guidance.

我們的發射服務部門實現了 2,100 萬美元的收入，符合我們先前的指引。

Our current backlog continues to support our 2024 target average revenue per launch of $7.5 million with some quarterly variability tied to volume purchase commitments, launch location and mission assurance requirements.

我們目前的積壓訂單繼續支持我們 2024 年每次發射平均收入 750 萬美元的目標，但季度變化與批量採購承諾、發射地點和任務保證要求相關。

Our space system segment delivered 89 sorry, $83.9 million in the quarter near the high end of our prior guidance range of 79 million to $84 million reflecting sequential growth of over 9% driven primarily by a strong quarter from our space solar business.

我們的太空系統部門本季交付了8,900 萬美元，8,390 萬美元，接近我們先前指導範圍7,900 萬至8,400 萬美元的高端，反映出超過9% 的環比增長，這主要是由我們的太空太陽能業務強勁的季度推動的。

Now turning to gross margin.

現在轉向毛利率。

GAAP gross margin for the third quarter was 26.7% in line with our prior guidance range of 25 to 27% nongaap gross margin for the third quarter was 31.3% which was also in line with our prior guidance range of 30 to 32% relatedly, we ended Q3 with production related headcount of 964.

第三季 GAAP 毛利率為 26.7%，符合我們先前 25% 至 27% 的指引範圍；第三季非 GAAP 毛利率為 31.3%，也符合我們先前 30% 至 32% 的指導範圍，我們截至第三季度末，生產相關員工總數為964 人。

Up 50 from the prior quarter.

較上一季增加 50。

That turns a backlog.

這就造成了積壓。

We ended Q3 2024 with $1.05 billion of total backlog with launch backlog of $326 million and space systems backlog of $721 million.

截至 2024 年第三季度，我們的積壓訂單總額為 10.5 億美元，其中發射積壓訂單為 3.26 億美元，太空系統積壓訂單為 7.21 億美元。

The Q3 of last year total backlog increased 80% or $465 million.

去年第三季的未完成訂單總額增加了 80%，即 4.65 億美元。

Primarily due to our $515 million contract award to build 18 spacecraft for the SD A.

主要是因為我們獲得了價值 5.15 億美元的合同，為 SD A 建造 18 艘太空船。

We won last year.

去年我們贏了。

Sequentially, there's a slight remixing of our backlog as a result of particularly strong bookings in our launch segment, we continue to cultivate a healthy pipeline including multi launch deals and large satellite manufacturing contracts that can create lumpiness in our backlog growth given the size and complexity of these opportunities.

因此，由於我們的發射部分的預訂量特別強勁，我們的積壓訂單略有重新組合，我們繼續培育健康的管道，包括多次發射交易和大型衛星製造合同，考慮到規模和複雜性，這些合同可能會導致我們的積壓訂單成長出現波動。

We expect approximately 50% of current backlog to be recognized as revenues within 12 months, turn to operating expenses.

我們預計目前積壓訂單的約 50% 將在 12 個月內確認為收入，轉為營運費用。

GAAP operating expenses for the third quarter, 2024 were $79.9 million.

2024 年第三季 GAAP 營運費用為 7,990 萬美元。

Up $9.5 million sequentially which was at the low end of our guidance range of 80 million to $82 million.

環比增長 950 萬美元，處於我們 8000 萬至 8200 萬美元指導範圍的低端。

Nongaap operating expenses for the third quarter were $68.7 million.

Nongaap 第三季營運支出為 6,870 萬美元。

Up 10.2 million sequentially, which was also at the low end of our guidance range of 69 million to $71 million.

環比成長 1,020 萬美元，也處於我們 6,900 萬至 7,100 萬美元指導範圍的低端。

The sequential increases in both GAAP and Nongaap operating expenses were primarily driven by continued growth in headcount and prototype expensing spending to support our neutron development program related infrastructure I support for neutron and our SD A contract in R&D.

GAAP 和 Nongaap 營運費用的連續增長主要是由於員工人數和原型費用支出的持續增長，以支持我們的中子開發計劃相關基礎設施（我支持中子）和我們的研發 SD A 合約。

Specifically GAAP expenses were up $7.8 million quarter on quarter due to neutron prototyping materials and head count growth.

具體而言，由於中子原型材料和員工人數成長，GAAP 費用較上季增加 780 萬美元。

Nongaap R&D expenses were up $8.1 million quarter on quarter.

Nongaap 研發費用較上季增加 810 萬美元。

Driven.

驅動。

Similarly to GAAP expenses, Q3 ending R&D headcount was 776 representing an increase of 103 from the prior quarter in SG and A GAAP expenses increased $1.7 million quarter on quarter, largely due to an increase in outside services related to legal and it with it spend largely related to security and cyber requirements under our SD.

與GAAP 支出類似，第三季末研發人員總數為776 人，SG 較上一季增加103 人，而GAAP 支出環比增加170 萬美元，這主要是由於與法律相關的外部服務的增加，以及與之相關的支出與我們的 SD 下的安全性和網路要求有關。

A contract and legal spend driven by a range of corporate initiatives including corporate development.

由包括企業發展在內的一系列企業舉措所驅動的合約和法律支出。

As we continue to look to scale the business organically and inorganically these legal and it increases are paired with an increase in staff costs.

隨著我們繼續尋求有機和無機地擴大業務規模，這些合法性和合法性的增加與員工成本的增加相伴。

Nongaap SG&A expenses increased $2.1 million driven similarly to the GAAP SG&A expenses, Q3 ending SGN A head count was 300 representing an increase of 27 from the prior quarter.

Nongaap SG&A 費用增加了 210 萬美元，與 GAAP SG&A 費用類似，第三季末 SGN A 員工人數為 300 人，比上一季增加了 27 人。

In summary total third quarter, head count was 2040 up 180 heads from the prior quarter.

總的來說，第三季的員工總數為 2,040 人，比上一季增加了 180 人。

Now moving to Nongaap free cash flow and adjusted EBITA with regards to cash purchases of property equipment and capitalized software licenses was $11 million in the third quarter of 2024.

現在轉向 Nongaap 自由現金流，並且在 2024 年第三季度現金購買財產設備和資本化軟體許可方面調整後的 EBITA 為 1100 萬美元。

A decrease of $4.3 million from the $15.3 million in the second quarter of 2024 we continue our investment in neutron research testing and production infrastructure projects along with expansion of our satellite production and space solar solutions capacity.

我們繼續對中子研究測試和生產基礎設施項目進行投資，同時擴大我們的衛星生產和太空太陽能解決方案產能，與 2024 年第二季的 1,530 萬美元相比減少了 430 萬美元。

And we do expect our capital expenditures to increase over the next few quarters, cash consumed from operations was $30.9 million in the third quarter of 2024.

我們確實預計未來幾季的資本支出將會增加，2024 年第三季營運消耗的現金為 3,090 萬美元。

Compared to $13 million.

相比之下，1300萬美元。

In the second quarter of 2024 the sequential increase of $17.9 million was driven primarily by increased neutron and space systems program spend and lumpiness in space systems program milestone receipts partially offset by improved launch contract cash collections.

2024 年第二季度，季增 1,790 萬美元，主要是由於中子和太空系統計畫支出增加以及太空系統計畫里程碑收入的波動性，但部分被發射合約現金收款的改善所抵銷。

Overall nongaap free cash flow defined as GAAP operating cash flow, less purchases of property equipment and capitalized software in the third quarter of 2024 was a use of $41.9 million compared to $28.3 million in the second quarter of 2024.

2024 年第三季整體非公認會計準則自由現金流量（定義為 GAAP 營運現金流量減去物業設備和資本化軟體的採購量）為 4,190 萬美元，而 2024 年第二季為 2,830 萬美元。

While we are doing better versus our targeted cash consumption run rate.

雖然我們的目標現金消耗運行率做得更好。

We do expect to pick up in cash consumption in the next few quarters owing to an increased expected increase in neutron spending ahead of our mid 2025 launch and lumpiness in large space systems.

由於 2025 年中期發射之前中子支出的預期成長以及大型太空系統的不穩定，我們預計未來幾季的現金消耗將會增加。

Milestone payment collections.

里程碑付款收集。

The ending balance of cash, cash equivalents, restricted cash and marketable securities was $508 million.

現金、現金等價物、限制性現金和有價證券的期末餘額為 5.08 億美元。

As at the end of the third quarter of 2024 we exit Q3 in a strong position to execute on organic expansion initiatives as well as inorganic options to further vertically integrate our supply chain with the critical capabilities and expand our addressable market.

截至 2024 年第三季末，我們在第三季結束時處於有利地位，可以執行有機擴張計劃以及無機選擇，以進一步垂直整合我們的供應鏈與關鍵能力並擴大我們的潛在市場。

Consistent with what we've done successfully in the past, the Justin IDA loss was $30.9 million in the third quarter of 2024 compared to a loss of $21.2 million.

與我們過去的成功做法一致，Justin IDA 在 2024 年第三季的虧損為 3,090 萬美元，而同期虧損為 2,120 萬美元。

In the second quarter of 2024 the sequential increase of $9.7 million was primarily driven by increased spending related to neutron development.

2024 年第二季度，季增 970 萬美元，主要是由於與中子開發相關的支出增加。

And with that, let's turn to our guidance for the fourth quarter of 2024.

接下來，讓我們來看看 2024 年第四季的指引。

We expect revenue in the fourth quarter to range between 125 and $135 million.

我們預計第四季的營收將在 1.25 至 1.35 億美元之間。

This range reflects a step up in space systems and an increase in launch cadence.

這個範圍反映了太空系統的進步和發射節奏的增加。

Consistent with our prior outlook in the past, we've broken down guidance by launch and space system segments.

與我們過去的預期一致，我們按發射和航太系統細分市場細分了指導。

However, we found it difficult at best to predict launch customer readiness within a quarter and believe that providing a single topline guidance number is more appropriate at this time.

然而，我們發現很難在一個季度內預測啟動客戶的準備情況，並認為此時提供單一的頂線指導數字更為合適。

Given the resilience we've witnessed as a result of the expanded diversification of our business that said we'll continue to report actual revenues and related gross margins of launch and space systems as distinct segments, we expect four quarter.

鑑於我們因業務多元化擴大而看到的彈性，我們將繼續將發射和太空系統作為不同部門報告實際收入和相關毛利率，我們預計第四季度將發生這種情況。

GAAP gross margin to range between 26 to 28%.

GAAP 毛利率介於 26% 至 28% 之間。

And Nongaap gross margin to range between 32% to 34%.

Nongaap 的毛利率介於 32% 至 34% 之間。

These forecasted GAAP and Nongaap gross margins reflect improved mix within our space system segment, primarily within satellite manufacturing as well as better overhead cost absorption in our launch business.

這些預測的 GAAP 和 Nongaap 毛利率反映了我們的太空系統部門（主要是衛星製造）的組合的改善，以及我們發射業務中更好的間接成本吸收。

We expect fourth quarter, GAAP operating expenses to range between $84 million.86 million dollars and Nongaap operating expenses to range between 75 and $77 million.

我們預計第四季度 GAAP 營運費用將在 8,400 萬美元之間，Nongaap 營運費用將在 7,500 至 7,700 萬美元之間。

The quarter on quarter increases are driven primarily by continued neutron investment in the staff cost prototyping and materials.

環比成長主要是由於對員工成本原型和材料的持續投資所推動的。

We expect fourth quarter, GAAP and Nongaap net interest expense to be $1.5 million.

我們預計第四季 GAAP 和 Nongaap 淨利息支出為 150 萬美元。

And we expect fourth quarter adjusted even at a loss to range between 27 and $29 million and basic shares outstanding to be approximately 501 million shares.

我們預計，即使虧損，第四季調整後的虧損也將在 27 至 2,900 萬美元之間，流通基本股約為 5.01 億股。

And with that, we'll hand the call over to the operator for questions.

然後，我們會將電話轉交給接線生詢問問題。

At this time.

此時。

I would like to remind everyone in order to ask a question, press star and the number one on your telephone keypad, your first question comes from the line of Andre Shepard with Cantor Fitzgerald.

我想提醒大家，要提問，請按星號和電話鍵盤上的數字一，您的第一個問題來自安德烈·謝潑德和坎托·菲茨杰拉德的線路。

Your line is open.

您的線路已開通。

Hey, everyone.

嘿，大家。

Good afternoon and congratulations on the quarter.

下午好，恭喜這個季度。

Certainly a lot of developments so well done.

當然，很多進展都做得很好。

I guess first question just on the neutron.

我想第一個問題只是關於中子。

I just wanted to clarify.

我只是想澄清一下。

So it sounds like you're, you know, the target for the first launch is unchanged for mid 2025.

所以聽起來你知道，2025 年中期首次發布的目標沒有改變。

But the multi launch agreement that you just closed today, that's targeted for, I believe, to start in the middle of 2026.

但我相信，你們今天剛達成的多項發射協議的目標是在 2026 年中期啟動。

So I guess A just wanted to confirm that.

所以我猜A只是想確認這一點。

And B you know, then if that's the case, why announce this contract today just given where you still are on the neutron development.

B，你知道，如果是這樣的話，為什麼今天要宣布這份合約？

A any color there would be helpful.

任何顏色都會有幫助。

Thank you.

謝謝。

Yeah, and happy to take that question.

是的，很高興回答這個問題。

So I think, you know, we've been pretty clear about what we expect for neutrons launch cadence to be.

所以我認為，我們已經非常清楚我們對中子發射節奏的期望。

So, you know, obviously 11 test flight in the following year three and then five and then continue to, you know, seven and beyond, you know, that's following pretty much the same scaling, you know, rate as we saw that we could do with, with, with electron.

所以，你知道，很明顯，在接下來的三年裡進行了11 次試飛，然後是第五年，然後繼續，你知道，七次及以上，你知道，這遵循幾乎相同的縮放比例，你知道，我們可以看到我們可以與、與電子一起做。

And quite frankly, I mean, if you look back through history, it's pretty difficult to see any example of a scaling rate faster than that.

坦白說，我的意思是，如果你回顧歷史，很難看到任何擴展速度比這更快的例子。

So, so that, that kind of backs into real, real available slots.

所以，這樣，就可以回到真實的、真實的可用插槽。

So, you know, as we're talking to customers, obviously, they want to know when is their launch slot because they have, they have certain mission objectives from their end.

所以，你知道，當我們與客戶交談時，顯然他們想知道他們的發射時間是什麼時候，因為他們有特定的任務目標。

Of course, we want to know, you know, are the spacecraft going to be, I think we've talked about this in the past.

當然，我們想知道，你知道，太空船將會是，我想我們過去已經討論過這個問題。

So it's really just, you know, a careful marry up of, of, you know, various customer requirements and also the launch slots that we've, we've kind of made, made available to customers.

所以，這實際上只是，你知道，各種客戶需求以及我們已經為客戶提供的發佈時段的精心結合。

And, you know, as we say on the call, you know, we're very, very selective about those, especially those early slots.

而且，正如我們在電話會議上所說，我們對這些，特別是那些早期的時段非常非常有選擇性。

You know, we need to make sure that we're there on time, we need to make sure that they're on time.

你知道，我們需要確保我們準時到達，我們需要確保他們準時到達。

So, you know, we kind of, we kind of easing into that, that kind of gently with respect to announcing it now.

所以，你知道，我們現在有點放鬆地宣布它。

I mean, I think, I think it's, it's fairly material that, that once we start signing a neutron contracts, I think it's, it's been anticipated.

我的意思是，我認為，我認為，一旦我們開始簽署中子合同，我認為這是相當重要的，我認為這是預料之中的。

So I think it was a material thing that we really would really, really would have to disclose.

所以我認為這是一件我們真的、真的必須要揭露的重大事情。

Yeah.

是的。

And I, I would add to that too, Andre that, you know, we, we've talked about the fact that, you know, as you start to approach, you know, neutron readiness, you, you think about a time frame of, you know, kind of 1,218 months where, you know, you want to have your customer lined up because, you know, you, you got to again have this whole organization to make sure that, you know, the rockets ready.

我，我也想補充一點，安德烈，你知道，我們，我們已經討論過這樣一個事實，你知道，當你開始接近中子準備就緒時，你，你考慮一個時間框架在1,218 個月的時間裡，你想讓你的客戶排隊，因為你知道，你必須再次讓整個組織確保火箭做好準備。

There's a long time between signing a contract usually and getting the actual payload integrated and launched.

通常，從簽訂合約到整合和啟動實際有效負載之間需要很長時間。

So I think the timing roughly worked out to that.

所以我認為時間安排大致就是這樣。

And then, you know, I also think it's important that, you know what we've also said, and I think Pete has been very, very consistent in this, that, you know, we were, we're not, we're, we're not going to be selling, you know, heavily discounted neutron launches just because it's a new vehicle.

然後，你知道，我也認為重要的是，你知道我們也說過什麼，我認為皮特在這方面一直非常非常一致，你知道，我們曾經是，我們不是，我們」是的，我們不會僅僅因為它是新車就以大幅折扣出售中子發射。

You know, we bring a lot of heritage to this market because of the 54 successful launches that we've had with electron.

您知道，我們為這個市場帶來了很多遺產，因為我們已經成功推出了 54 次 Electron。

And so it's really did put us in a really good position to again, not be out there, kind of you know, having to do heavily discounted launches just to, to gain credibility.

因此，這確實讓我們再次處於一個非常有利的位置，而不是在那裡，你知道，不得不進行大幅折扣的發布只是為了獲得信譽。

So I think this was a definitely an important milestone for the company to reach.

所以我認為這絕對是公司要達到的重要里程碑。

And we're, we're very happy to be able to announce that today.

我們非常高興今天能夠宣布這項消息。

Thanks K you know, that, that's super helpful.

謝謝K，你知道，這非常有幫助。

I appreciate all that context.

我很欣賞所有這些背景。

Maybe just a quick follow up if I may can you maybe just remind us, you know, what are the outstanding maybe catalysts or milestones for the neutron development that you think investors should be aware of?

如果可以的話，也許只是快速跟進，您可能只是提醒我們，您認為投資者應該注意的中子發展的突出催化劑或里程碑是什麼？

And, and additionally, maybe if you can give us a little more granularity on the the hot fire test and the production of the additional engines there.

此外，也許您能給我們更多有關熱火測試和額外引擎生產的詳細資訊。

Thank you.

謝謝。

Yeah, sure.

是的，當然。

Sure.

當然。

Andre, the best way I like to explain it is is we tried to do a little bit of that in this, in this presentation was you need to think of, think of it as three kind of pillars, you know, when you have launch infrastructure and that's actually where the majority of the capital flows into.

安德烈，我想解釋的最好方法是，我們嘗試在這個演示中做一些事情，在這個演示中，你需要考慮，將其視為三種支柱，你知道，當你發佈時基礎設施，這實際上是大部分資本流入的地方。

And you know, the things, the things that everybody should be watching there as you know, is, is, you know, stuff being built quite simply, you know, steel going in the ground, concrete, being poured and, and, and things that look like a launch site.

你知道，每個人都應該在那裡觀看的事情，你知道，是，是，你知道，正在建造的東西非常簡單，你知道，鋼鐵進入地下，混凝土，被澆築，並且，並且看起來像發射場的東西。

Now, thankfully, that's relatively easy to follow because, you know, it's, it's sitting on the coast and, you know, it's, it's relatively easy to get information on that.

現在，值得慶幸的是，這相對容易遵循，因為，你知道，它坐落在海岸上，而且，你知道，它是，相對容易獲得這方面的資訊。

And of course, we provide good updates so that, you know, as long as steel is being built and shipped and propellant lines are running and all the rest of it, then you can feel pretty good about that.

當然，我們提供了良好的更新，因此，您知道，只要鋼鐵正在建造和運輸，推進劑管線正在運行以及所有其他事情，那麼您就會對此感到非常滿意。

And then the second pillar is kind of structures.

第二支柱是某種結構。

So you've seen, you know, full stage two tanks and flight configurations running during wet dresses, earrings, first stage tanks.

所以你已經看到了，你知道，全階段二級坦克和飛行配置在濕衣服、耳環、第一級坦克中運行。

So, you know, as, as you know, as long as you keep seeing all those large structures, I think, I think you can, you can see that we're on track and they all come together relatively late in the piece for an end to end wet dress rehearsal.

所以，你知道，正如你所知，只要你繼續看到所有這些大型結構，我想，我想你可以，你可以看到我們正在走上正軌，而且它們都在相對較晚的時候聚集在一起端到端的濕式彩排。

And then, then with Archimedes, you know, we're in, we're in test and qualification campaign.

然後，然後是阿基米德，你知道，我們正在進行測試和資格賽活動。

So, you know what we're doing with that engine is we're finding, it's called a run box.

所以，你知道我們正在用這個引擎做什麼，我們發現它被稱為運行箱。

Basically is we're finding all of the, all of the operational conditions of that engine and defining, you know what they are.

基本上，我們正​​在尋找該引擎的所有運行條件並進行定義，你知道它們是什麼。

So we have a kind of a desired run box and then we'll have an actual run box.

所以我們有一個想要的運行箱，然後我們將有一個實際的運行箱。

And what we're looking to do is, you know, changing various intake pressures of the propellants and various operating points and really understanding the engine and what kind of idiosyncrasies that it may or may not have.

我們想要做的是，你知道，改變推進劑的各種進氣壓力和各種工作點，並真正了解引擎以及它可能具有或不具有什麼樣的特性。

So, you know, the hot fire campaign reached a really important milestone last quarter where, you know, we put a production engine that was full of all production components, valves, hardware software, and we took it to over 100% throttle level.

所以，你知道，上個季度的熱火活動達到了一個非常重要的里程碑，你知道，我們安裝了一個充滿所有生產組件、閥門、硬體軟體的生產引擎，並且我們將其達到超過100% 的油門水平。

So I think, you know, that was a really important milestone and working from that, it's just all about accumulating this time, putting the engine into, you know, unknown conditions and continue to evolve the engine and increase its performance over time.

所以我認為，這是一個非常重要的里程碑，從那以後，一切都是為了累積時間，將引擎置於未知的條件下，並隨著時間的推移繼續改進引擎並提高其性能。

And, you know, I sort of made comment in the script here that like an engine program, it's it's a long process, you can make fire and you can you can achieve kind of preliminary targets and milestones.

而且，你知道，我在這裡的腳本中做了評論，就像引擎程式一樣，它是一個漫長的過程，你可以生火，你可以你可以實現某種初步目標和里程碑。

But you know, you're always looking to improve either manufacturing or performance or reliability of an engine over many, many years.

但您知道，多年來您一直在尋求改進引擎的製造、性能或可靠性。

So I think, I think we're in a good spot.

所以我認為，我認為我們處於一個很好的位置。

But but those are the three things, you know, for folks to track.

但你知道，這些是人們需要追蹤的三件事。

Wonderful.

精彩的。

I really appreciate all that color.

我真的很欣賞所有這些顏色。

Congrats again on the quarter, I I'll pass it on.

再次恭喜本季度，我會把它傳遞下去。

And.

和。

Your next question comes from the line of Edison, you with Deutsche Bank, your line is open.

你的下一個問題來自愛迪生的線路，你是德意志銀行的，你的線路是開放的。

Hey, thank you for taking our questions.

嘿，謝謝您回答我們的問題。

And also congrats, I know you're not saying too much on the on the Neutron award, but maybe I could kind of ask from a different perspective.

另外恭喜，我知道你並沒有對 Neutron 獎說太多，但也許我可以從不同的角度來問。

Can you provide any context in terms of what you want relative to, if they, the customer had already placed the launch with someone else and they switched you or do they have other kind of maybe like soft contracts out there with other launch providers?

您能否提供有關您想要的內容的任何背景信息，如果客戶已經將發布交給其他人，並且他們更換了您，或者他們是否與其他發布提供商簽訂了其他類型的軟合同？

Just is this, I know you said you could launch the whole thing, just some context around currently, what is the piece that you, that you have?

就是這樣，我知道你說過你可以啟動整個事情，只是目前的一些背景，你擁有的部分是什麼？

Yeah, I mean, look, you know, we probably can't, can't, can't say too much.

是的，我的意思是，聽著，你知道，我們可能不能、不能、不能說太多。

But you know, it's, it's a customer that, you know, that we know, and as I mentioned, you know, we were very strategic in these, especially these early launches about who we want to almost essentially partner with on these, these early contracts.

但你知道，這是我們所了解的客戶，正如我所提到的，你知道，我們在這些方面非常具有戰略意義，特別是這些早期發布的產品，我們希望與誰在這些方面進行合作，這些早期合約。

So look, I mean, it's not my business to, to, you know, to get into the kind of business.

所以，我的意思是，你知道，進入這種行業不關我的事。

But but needless to say, you know, we, we were, we were happy with, happy, happy with that particular customer and it's a good customer for, you know, the, the stage and, and phase of the program.

但不用說，你知道，我們對那個特定的客戶感到滿意，高興，滿意，它是該計劃的階段和階段的好客戶。

And Edison, maybe you got a little more, a little more context to that.

愛迪生，也許你對此有更多、更多的背景資訊。

So it is, as you know, we've talked about in the past, you know, there's there, there just are not that many companies in our space that have executed and in a position to, to, to, to launch with a level of confidence.

所以，正如你所知，我們過去曾討論過，你知道，在我們的領域中，沒有那麼多公司已經執行並有能力推出信心程度。

So, you know, you've got, you've got the added dynamic that, you know, there's a range of customers out there who, you know, also have payloads that compete with some of the other launch providers.

所以，你知道，你已經得到了額外的動力，你知道，有一系列客戶，你知道，他們也擁有與其他一些發射提供者競爭的有效載荷。

And at this point, we feel probably more comfortable watching with somebody they don't necessarily compete with.

在這一點上，我們可能會覺得與不一定是競爭對手的人一起觀看比賽會更舒服。

So I think that that, that plays into a lot of the discussions that we have.

所以我認為這會影響我們的許多討論。

And, you know, I would say that, you know, the the market remains pretty robust as far as demand is concerned.

而且，我想說的是，就需求而言，市場仍然相當強勁。

We know when you look at the people that have capacity, a lot of that capacity has been spoken for.

我們知道，當你觀察那些有能力的人時，你會發現很多能力都已經被體現了。

So we think Neutron is coming to market at a, at a great time where, you know, we're really filling a new need for incremental capacity.

因此，我們認為 Neutron 進入市場的時機非常好，我們確實正在滿足增量容量的新需求。

And we're doing it in a way that's really non noncompetitive and nonthreatening with those customers.

我們正在以一種對這些客戶真正非競爭性和非威脅性的方式來做這件事。

So, you know, just a lot of the stars are starting to align on that for us with regards to neutron.

所以，你知道，很多恆星開始在中子方面為我們對齊。

And I said, and I said that the follow up question a bit longer term, obviously, you got you Frank on board now and he comes from the automotive industry and curious if you can maybe dimension the the kind of scale you're looking for.

我說，我說，後續問題是一個更長期的問題，顯然，弗蘭克現在已經加入了，他來自汽車行業，很好奇你是否可以確定你正在尋找的規模。

Obviously, automotive is orders of magnitude higher scale than the aerospace is is frankly coming on board to kind of take you to that, you know, much, much, much higher level or more to kind of get the existing backlog up to up to up to speed.

顯然，汽車行業的規模比航空航天行業高出幾個數量級，坦白說，它的加入將帶您達到更高的水平或更高的水平，從而使現有的積壓訂單達到最高水平加快速度。

Yeah, look a bit of a bit of both Edison and you know, we have some components that are at low scale like, you know, Mars spacecraft are never going to be produced at high scale.

是的，看看愛迪生的一點，你知道，我們有一些小規模的組件，就像你知道的，火星航天器永遠不會大規模生產。

And then we have other things like reaction wheels where we produce thousands thousands a year of.

然後我們還有其他東西，例如反作用輪，我們每年生產數千個。

But the one thing about production and I can attest this is that it all looks the same whether you're building, you know, building a car or a spacecraft or a rocket.

但關於生產，我可以證明的一件事是，無論你是在建造汽車、太空船還是火箭，它看起來都是一樣的。

The production fundamentals are always the same.

生產基本原理始終相同。

Now, of course, you know, the numbers that roll off the end of the production line, you know, differ but, but all the manufacturing techniques and good practices remain the same.

當然，現在，您知道，生產線末端的數字有所不同，但是所有製造技術和良好實踐都保持不變。

And, you know, we've done, we've done a great job here and the team's done an amazing job here at scaling.

而且，你知道，我們已經做到了，我們在這裡做得很好，團隊在擴展方面也做得非常出色。

But, you know, as we look to, you know, to move even further up that up that curve, you know, bringing someone on with, there is just such deep experience, not just within production and production scaling, but within operations.

但是，你知道，正如我們所希望的那樣，你知道，為了進一步提高這條曲線，你知道，讓某人加入，不僅在生產和生產規模方面，而且在運營方面，都有如此深厚的經驗。

It was just kind of, you know, the right time for the company to create that position.

你知道，這正是公司設立該職位的最佳時機。

Fantastic.

極好的。

Thank you.

謝謝。

And your next question comes from the line of Matt Akers with Wells Fargo.

你的下一個問題來自富國銀行的 Matt Akers。

Your line is open.

您的線路已開通。

Yeah.

是的。

Hey guys, good afternoon.

嘿夥計們，下午好。

Thanks for the question.

謝謝你的提問。

I wanted to ask about space services.

我想問有關太空服務的問題。

You guys kind of teased on on slide 4.

你們在第四張投影片上有點被嘲笑了。

Just curious, I know you don't want to reveal what that could look like yet, but just curious what kind of time frame you had in mind, it seems like, you know, kind of the phase one and two are, are in pretty good shape.

只是好奇，我知道你還不想透露那會是什麼樣子，但只是好奇你心裡有什麼樣的時間框架，看起來，你知道，第一階段和第二階段處於這樣的階段形狀不錯。

So I guess that they move to phase three.

所以我猜他們會進入第三階段。

I mean, do we need to get Neutron sort of at a higher production cadence?

我的意思是，我們是否需要以更高的生產節奏獲得 Neutron？

Are there, you know, maybe more parts of the portfolio to, to fill in just curious how you think of kind of the timing there?

你知道，是否有更多的投資組合部分可以填補，只是好奇你如何看待那裡的時機？

Yeah, thanks Matt.

是的，謝謝馬特。

So look, everything is irrelevant without a reusable high cadence launched.

所以看，如果不啟動可重複使用的高節奏，一切都是無關緊要的。

So Neutron is really the key to unlocking that.

所以 Neutron 確實是解鎖這個問題的關鍵。

And you know, if you look at, if you look at Starlink is, it's a good example, you know, it's a great spacecraft.

你知道，如果你看看星鏈，這是一個很好的例子，你知道，這是一個偉大的太空船。

But actually the thing that, that has really made that possible is a high cadence, low cost launch.

但實際上，真正讓這一切成為可能的是高節奏、低成本的發射。

And that in turn is made possible by a reusable launch vehicle.

而這又是透過可重複使用的運載火箭來實現的。

So, you know, until Neutron is flying at some level of cadence, it's kind of, you know, academic to talk about, you know, deploying constellations.

所以，你知道，在中子以某種節奏飛行之前，談論部署星座有點學術性。

Yeah, got it.

是的，明白了。

Okay.

好的。

And, and just curious on this, this Neutron deal or maybe just neutron in general, but on kind of what the progress payment maybe looks like on that.

而且，只是對此感到好奇，這筆 Neutron 交易或可能只是一般的 neutron，但進度付款可能會是什麼樣子。

Just curious, I guess one if, if there's maybe some lumpiness and cash flow around that just because those are pretty big, big dollar items and also just how we should think about kind of the, you know, advanced payments versus kind of working capital aspect.

只是好奇，我想，是否可能存在一些波動和現金流，僅僅因為這些是相當大的、大美元的項目，以及我們應該如何考慮預付款與營運資金的關係方面。

That program ramps up.

該計劃正在加速推進。

I can take that one, that one Pete.

我可以接受那個，那個皮特。

So, you know, each we have a fairly standard, you know, launch services agreement that we've obviously used many times with electron.

所以，你知道，我們每個人都有一個相當標準的啟動服務協議，我們顯然已經在 Electron 上多次使用過該協議。

And we're leveraging most of that forward on on neutron.

我們正在利用中子來向前推進大部分。

And you're, you're right that, you know, building this, you know, this neutron vehicles, it will be a challenging working capital cycle, at least initially, particularly when you think about the context here of reusability, right?

你是的，你是對的，你知道，建造這個，你知道，這個中子飛行器，這將是一個具有挑戰性的營運資金週期，至少在最初是這樣，特別是當你考慮這裡可重用性的背景時，對嗎？

So I, you know, we've never said that we, that we plan to basically have a fully reusable vehicle for the first launch.

所以我，你知道，我們從來沒有說過我們計劃在第一次發射時基本上擁有一個完全可重複使用的飛行器。

So as we kind of work our way towards full reusability, you know, we'll be getting more kind of benefits from a working capital perspective as we do that.

因此，當我們努力實現完全可重複使用性時，您知道，當我們這樣做時，我們將從營運資本的角度獲得更多好處。

But, you know, the 1st, 1st few launches here are certainly going to be, you know, cash consuming.

但是，你知道，這裡的第一、第一幾次發布肯定會消耗現金。

So you can, you can think about the structure, you know, most of these, these L SAS have, you know, a deposit and then there's milestone payments.

所以你可以，你可以考慮結構，你知道，這些 L SAS 中的大多數都有存款，然後還有里程碑付款。

And you know, if you look at our, our electron business, typically, we've collected about 60% of the contract value by the time we actually start building the rocket, this might be a little bit different because, you know, it's the, we're at the very early stages of kind of coming, you know, transitioning from R&D into production.

你知道，如果你看看我們的電子業務，通常情況下，當我們實際開始建造火箭時，我們已經收集了大約 60% 的合約價值，這可能有點不同，因為，你知道，它是我們正處於從研發過渡到生產的早期階段。

But you can think of neutron should look very, very, very similar to what we've kind of disclosed and kind of produced in our results as we have with the with electron.

但你可以認為中子應該看起來非常、非常、非常類似我們在結果中所揭露和產生的東西，就像我們對電子的結果一樣。

So I did nothing, nothing too unusual with this one.

所以我什麼也沒做，這件事也沒什麼不尋常的。

It's just, you know, it's the first, the first few rockets on the shoot.

這只是，你知道，這是第一批、第一批發射的火箭。

So you kind of we got to go through that transition period.

所以我們必須經歷那個過渡期。

And as we experience also on electron, the electron, you know, came out initially with, you know, with, with, with not kind of target margins obviously, but as we kind of build towards that, you know, I think, but there's a, there's a combination of, you know, the fact that, you know, we'll be collecting payments against, you know, milestones in the contracts, but also getting production efficiencies and ultimately reusability, which is real is a real key to kind of getting neutron to its target model, which we think will look very similar to the long term model for for electron.

正如我們在電子方面的經驗一樣，電子，你知道，最初出來時，你知道，明顯沒有目標利潤，但當我們朝著這個目標邁進時，你知道，我認為，但是有一個事實，你知道，我們將根據合約中的里程碑收取付款，但同時也會提高生產效率和最終的可重用性，這是真正的關鍵讓中子到達其目標模型，我們認為模型看起來與電子的長期模型非常相似。

So hopefully that gives you a little bit of context.

希望這能為您提供一些背景資訊。

Yes, that's very helpful.

是的，這非常有幫助。

Thank you.

謝謝。

Your next question comes from the line of Eric Rasmussen with steel.

你的下一個問題來自埃里克·拉斯穆森（Eric Rasmussen）與鋼鐵的關係。

Your line is open.

您的線路已開通。

Yeah, thanks for taking the questions and congrats on the progress with neutron.

是的，感謝您提出問題，並祝賀 Neutron 的進展。

Maybe just on that subject neutron.

也許只是關於中子這個主題。

I know it's not a lot you want to really share at this time, but are you replacing anyone or, or are you being brought on to sort of you know, as another alternative just because of like Adam, you said there, you know, there's a number of, of medium rocket rockets that are, you know, in the market or, or that will be potentially in the market in the coming years?

我知道你現在想真正分享的並不是很多，但是你是否正在取代任何人，或者你是否被帶入某種你知道的，作為另一種選擇，只是因為像亞當一樣，你在那裡說，你知道，你知道，市場上有很多中型火箭，或者未來幾年可能會出現在市場上？

But is this just sort of, do you think a hedge because you guys are a lot closer than some others?

但這只是一種，你認為是一種對沖，因為你們比其他人更親近嗎？

Yeah, I think with respect to kind of commercial contracts and in some cases, yeah, definitely replacing, I would say that, you know, Eric in the N SSL world.

是的，我認為就商業合約而言，在某些情況下，是的，肯定會取代，我會說，你知道，N SSL 世界中的艾瑞克。

It's bringing on new providers.

它正在引入新的提供者。

I think if you look at the, you know, the last N SSL Lane one phase three award, 100% of that award, 100% of that award went to, you know, one particular launch provider because there was, you know, nobody else.

我想如果你看看最後一個 N SSL Lane 一期第三階段的獎項，該獎項的 100%，該獎項的 100% 都授予了一個特定的發射提供商，因為沒有人別的。

So in some cases it's replacing and in some cases it's, it's, you know, just being brought on as a, as a new alternative.

因此，在某些情況下，它正在取代，在某些情況下，它只是作為一種新的替代品而出現。

Okay.

好的。

And then, you stated that the ASP S you're going to be pretty, you know, firm on, on pricing is that the 50 to 55 million that we, that you initially talked about.

然後，您說 ASP S 的定價會很漂亮，您知道，堅定的定價是我們您最初談到的 5000 到 5500 萬美元。

And that's sort of where things have settled maybe for these two dedicated missions.

對於這兩個專門任務來說，事情可能已經解決了。

And it says you're starting in mid 26 would both of those potentially happen in 26 or how should we think about sort of timing?

它說你要在 26 年中旬開始，這兩種情況都可能在 26 年發生嗎？

Assuming you, you do meet the mid 2025 for your first test launch?

假設您確實會在 2025 年中期進行首次測試發射？

Yeah, I mean, the, you know, the launch pricing as we pointed out is, is, you know, that was a really important thing for us.

是的，我的意思是，正如我們指出的那樣，發布定價對我們來說非常重要。

And, you know, I think I've said I've made, I kind of had to, but with, with electron, it took us years to flush out that kind of, you know, contracts with respect to ASP.

而且，你知道，我想我已經說過我已經制定了，我有點不得不這樣做，但是對於 Electron，我們花了數年的時間才擺脫了與 ASP 相關的那種合約。

So, no, you know, this contract is in line with our previously discussed AP for neutron and then, you know, on the, you know, we're selling real slots with, with real launch windows.

所以，不，你知道，這份合約符合我們之前討論的中子 AP，然後，你知道，我們正在銷售真正的老虎機，具有真正的發射窗口。

So we kind of, you know, somewhat at the, at the, you know, the bequest of the customer.

所以我們有點，你知道，在某種程度上，你知道，客戶的遺贈。

So, you know, so the 26 time frames for those launches, you know, are the, are the customers, you know, driven requests?

所以，你知道，這些發布的 26 個時間框架，你知道，是客戶驅動的請求嗎？

Got you, maybe just staying with LA launch.

明白了，也許只是留在洛杉磯發射。

You're sitting at 12 launches, year-to-date.

今年迄今為止，您已經進行了 12 次發布。

You previously gave a range of 15 to 18.

您之前給出的範圍是 15 到 18。

You have another one slotted in the coming weeks at the earliest.

最早在接下來的幾週內你還會安排另一場比賽。

You need sort of four in this quarter to get to the bottom of that range.

本季需要四次才能達到該範圍的底部。

But you still feel like that's a viable range for you the 15 to 18 where we sit today.

但你仍然覺得這對你來說是一個可行的範圍，就是我們今天坐的 15 到 18 歲。

I appreciate you're not giving specific guidance on that, but I just want to get a sense of your confidence level on that prior guidance of 15 to 18.

我很高興您沒有就此給出具體指導，但我只是想了解一下您對之前 15 到 18 的指導的信心程度。

Well, I mean, if you recall at the start of the year, we thought we're going to do 22 but that, so I'm always a little bit gun shy on the team these days.

好吧，我的意思是，如果你還記得年初的話，我們以為我們會做 22 個，但那是事實，所以這些天我在團隊中總是有點害羞。

But, but no, I think, you know, we've got a certainly a very busy, busy fourth quarter and, you know, at this stage, you know, the customers are looking good, so I think we'll be within that range.

但是，但不，我認為，你知道，我們肯定有一個非常忙碌的第四季度，你知道，在這個階段，你知道，客戶看起來不錯，所以我認為我們會在那個範圍。

Okay.

好的。

And then just on the N SSL, I just want to clarify the rfps opened up, pretty recently within the last two weeks.

然後就 N SSL 而言，我只想澄清最近兩週內開放的 rfps。

Does that mean you'll be available for this particular one or it's the next cycle because of the time frame of neutron at the earliest of mid 25?

這是否意味著您可以參加這個特定的週期，或者因為中子的時間框架最早在 25 月中旬，所以可以參加下一個週期？

Yeah, the way it works is that, you know, you have to, you have to demonstrate, you know, you can launch in 25 to be on ramped and then once you're on ramp on ramped, then you'll bid for various task orders.

是的，它的運作方式是，你知道，你必須，你必須證明，你知道，你可以在 25 天內啟動，然後一旦你在斜坡上，然後你就會出價各種任務指令。

So there'll be, you know, this kind of the task order is separate from the, from the on ramp and those task orders, you know, are released, you know, at the times that NS SL or the space force, you know, decides to.

所以，你知道，這種任務訂單與坡道是分開的，這些任務訂單，你知道，是在 NS SL 或太空部隊發布的時候發布的，你知道知道，決定。

I think, Eric, I think what we're saying that, you know, even though we'll be on ramping in 2025 we wouldn't be awarded any, any contracts for launch in 2025.

我認為，埃里克，我認為我們所說的是，即使我們將在 2025 年實現產能擴張，我們也不會獲得任何 2025 年啟動合約。

And right now we're planning, you know, one test launch in 2025.

現在我們正計劃在 2025 年進行測試發射。

We're talking about three launches in 2026.

我們正在討論 2026 年的三次發射。

And then we've talked about five launches in 2027 and given kind of the discussion that we've had, you know, previously about this, this the first customer for neutron that we announced today, you know, that's obviously consuming some of that capacity in 2026.

然後我們討論了 2027 年的五次發射，並給出了我們之前進行過的討論，這是我們今天宣布的第一個 neutron 客戶，你知道，這顯然消耗了其中的一些2026 年產能。

So the the most likely scenario is that could, could you see something in 2026 for N SSL, you know, it's a possibility but it's probably not the most likely scenario that probably looks more like it, that, you know, the 2027 but never say never.

所以最有可能的情況是，你能在2026 年看到N SSL 的一些東西嗎？知道，2027 年但永遠不會永遠不要說。

Right.

正確的。

Okay.

好的。

Great.

偉大的。

And then just one last thing on, on the backlog of clarification, the the 326 million for launch.

最後一件事是積壓的澄清工作，即 3.26 億美元的發行。

Does that include this latest award win for the two for neutron?

這是否包括兩人因中子而獲得的最新獎項？

No, it does not because that was a Q3 ending and this contract was signed post the end of Q3.

不，不是因為那是第三季末，而這份合約是在第三季末後簽署的。

Great.

偉大的。

Okay.

好的。

So it'll show up in our Q4 backlog.

所以它將出現在我們第四季的積壓工作中。

Great.

偉大的。

Thank you.

謝謝。

Your next question comes from the line of Suji DeSilva with Roth capital.

你的下一個問題來自Suji DeSilva與Roth Capital的關係。

Your line is open.

您的線路已開通。

Hi, Pete.

嗨，皮特。

Hi Adam.

嗨亞當。

Congrats on the progress and the neutron success here.

祝賀這裡的進展和中子的成功。

The gross margin improvement here, Adam is that the relative contribution between launch and space systems sequentially in three Q and four Q relatively even?

這裡的毛利率改善，Adam 是發射和航太系統之間的相對貢獻依次在三個 Q 和四個 Q 中相對均勻？

And can you give an update on the solar gross margin improvement?

能否介紹一下太陽能毛利率改善的最新情況？

Is there tailwind still there?

順風還在嗎？

But the, so the gross margin percentages are actually pretty close across, I mean, they're pretty consistent across launch and space systems right now.

但是，毛利率百分比實際上非常接近，我的意思是，目前在發射和太空系統中它們非常一致。

That's just a function of kind of again where we are in the margin improvement path for for the launch part of the business and then just kind of where we are and mix within space systems.

這只是我們在業務啟動部分的利潤改善路徑中的一個功能，然後就是我們在太空系統中的位置和混合。

So, you know, if you look at the mix of our business being roughly 70% space systems, you know, 30% launch and then it kind of gives you it's all, it's all proportional.

所以，你知道，如果你看看我們的業務組合，大約 70% 是太空系統，你知道，30% 是發射，然後它就給了你一切，都是成比例的。

So you just take the percentage of the business times the same margin calculation and just apply it.

因此，您只需將業務百分比乘以相同的保證金計算結果並套用即可。

Okay?

好的？

And then on SOLR Adam is that Romana Tailend.

然後在 SOLR Adam 上的是 Romana Tailend。

So, so solar is you know, solar has actually been progressing.

所以，太陽能就是你知道的，太陽能其實一直在進步。

I see it's a little bit slower than we thought.

我發現它比我們想像的要慢一點。

And we talked about that on some prior calls where, you know, we expect it to be at target margins within which was, you know, we said about 30% Nongaap gross margins for that business within two years of the acquisition.

我們在之前的一些電話會議上談到了這一點，我們預計該業務將在收購後兩年內達到目標利潤率，Nongaap 的毛利率約為 30%。

You know, so we acquired that business in early 2022.

你知道，我們在 2022 年初收購了這項業務。

So we're a bit behind, but it's, we're making steady progress.

所以我們有點落後，但我們正在穩步進步。

I would say when we look at our backlog for that business, we're really not booking.

我想說，當我們查看該業務的積壓訂單時，我們確實沒有預訂。

I can't remember the last time.

我不記得上次是什麼時候了。

Maybe you can correct me.

也許你可以糾正我。

I can't remember the last time that we've actually booked business lower than our target for margin.

我不記得上次我們實際預訂的業務低於我們的利潤目標是什麼時候了。

So it's all about kind of replacing, flushing out some of that older.

所以這一切都是為了更換、淘汰一些舊的。

In fact, there's really just 11 bad contract in the mix that we inherited unfortunately, was a large part of the, I think it was almost $100 million of the $150 million backlog at that deal closed that came along, that was, you know, basically essentially zero margins.

事實上，不幸的是，我們繼承的合同中確實只有 11 份糟糕的合同，其中很大一部分，我認為這幾乎是 1.5 億美元積壓交易中的 1 億美元，也就是說，你知道，基本上是零利潤。

So as we build the new business at target margins are better, you know, that's starting to, that's starting to flow through now and we're seeing that come out, come through in a little bit more profound way.

因此，當我們以更好的目標利潤建立新業務時，你知道，這已經開始，現在開始流動，我們看到它以更深刻的方式出現。

And so I think that, you know, I think we all have actually probably more conviction now about getting to that 30% better target gross margin for that business.

所以我認為，你知道，我認為我們現在實際上可能更有信心實現該業務 30% 的更好目標毛利率。

It's just taking us a little bit longer.

只是我們需要更長的時間。

And, and so I think, you know, the, it's also not too dissimilar to our launch business where it's a very kind of fixed cost oriented business.

而且，所以我認為，你知道，這與我們的發射業務也沒有太大不同，這是以固定成本為導向的業務。

So when you have a good quarter where you're shipping a lot more product, you get the benefit of that overhead absorption.

因此，當您在一個良好的季度運輸更多產品時，您就會從間接費用吸收中受益。

And so as we mentioned earlier and we mentioned in the, in our prepared remarks that the solar business is particularly strong in in Q3.

正如我們之前提到的，以及我們在準備好的評論中提到的，太陽能業務在第三季尤其強勁。

Okay, great.

好的，太好了。

And then my other question on the launch business, I understand that Neutron is going to add to the backlog this quarter, but electron growing 55 million, I'm just wondering what that, how that compares to the last few quarters?

然後是我關於發射業務的另一個問題，我知道 Neutron 本季度將增加積壓訂單，但 Electron 增長了 5500 萬個，我只是想知道那是什麼，與過去幾個季度相比如何？

Is that kind of in a range or is it accelerating?

這是在一定範圍內還是正在加速？

And what the drivers if it is accelerating?

如果它正在加速，驅動因素是什麼？

Are, is it ASP trending up or any color that would be helpful?

是 ASP 趨勢上升還是任何有幫助的顏色？

Yeah, we have.

是的，我們有。

Yeah.

是的。

Yeah, I have CCRA and maybe add a bit more color as well.

是的，我有 CCRA，也許可以添加更多顏色。

So, so launch is lumpy, like actually launching the rockets is lumpy.

所以，發射是不穩定的，就像實際發射火箭一樣。

So is, so is, you know, the contracts and, you know, that, you know, we can go a quarter without signing anything.

合約也是如此，我們可以在不簽署任何東西的情況下度過一個季度。

So as far as historical kind of look back, I mean, certainly this is a, this is, you know, been a good quarter for Electron, but it, it tends to be pretty lumpy, you know, throughout.

因此，就歷史回顧而言，我的意思是，對於 Electron 來說，這當然是一個很好的季度，但它往往相當不穩定，你知道，整個季度。

Yeah.

是的。

And if you, if you look at certainly we booked more launches and again, as you said, it's lumpy because we're, we're chasing bigger multi launch agreements.

如果你看一下，我們確實預訂了更多的發射，正如你所說，這很不穩定，因為我們正在尋求更大的多次發射協議。

But also the, you know, the ASP has been very supportive.

而且，您知道，ASP 也給予了大力支持。

So I mentioned earlier that the average selling price for 2024 for electron works out to be about 7.5 million per launch.

所以我之前提到，2024 年 Electron 的平均售價約為每次發射 750 萬美元。

And we've also talked on previous calls that our total backlog for electron is priced at around $8.2 million ASP.

我們也在先前的電話會議中談過，我們的電子訂單總訂單價格約為 820 萬美元的平均售價。

So we're actually doing, we're doing better on, on booking at higher prices so that, that we're having a beneficial ASP mix effect.

因此，我們實際上正在做，我們在以更高的價格預訂方面做得更好，以便我們產生有益的平均售價混合效應。

And that's, that's obviously helping contribute to the, to the backlog growth.

也就是說，這顯然有助於促進積壓的成長。

But also to what we believe is kind of a nice steady progress towards our t our target margins for that electron business.

而且我們相信，我們在實現電子業務的目標利潤方面取得了良好的穩定進展。

Okay.

好的。

Very helpful.

非常有幫助。

Thanks guys.

謝謝你們。

Your next question comes from the line of Andre Madrid with BT IG.

你的下一個問題來自 BT IG 的安德烈馬德里。

The line is open.

線路已開通。

Adam Peter.

亞當彼得.

Thanks for the time.

謝謝你的時間。

I know we kind of danced around it but I wanted to just ask more specifically how much was total neutron development cost in three Q?

我知道我們有點繞著它跳舞，但我想更具體地問一下，三個問題中的中子開發總成本是多少？

I know previously you said about 160 for the year or about 40 mil a quarter.

我知道您之前說過全年大約 160 美元，或每季大約 4000 萬美元。

And also like, is that kind of still an appropriate target?

而且，這樣的目標仍然合適嗎？

Looking all in?

尋找全部？

Yeah, I'm just pulling up the number right now.

是的，我現在正在撥出號碼。

Yeah.

是的。

No, this in Q3 it was, it was a total.

不，這是第三季的情況，這是總數。

Well, you have to split out between the different elements, but if you look at total net spend for neutron across OpEx and CapEx, it was just a hair under 44 million.

嗯，你必須在不同的元素之間進行區分，但如果你看看 Neutron 在營運支出和資本支出方面的總淨支出，你會發現它只不到 4400 萬美元。

Got it, got it.

明白了，明白了。

Okay.

好的。

But I.

但我。

Didn't hear that, that and that's going to, you know, that's, that's going to, you know, step up as, as kind of as we continue to kind of get towards the, the first launch.

沒聽說，那，那將會，你知道，那，那將會，你知道，隨著我們繼續朝著第一次發射的方向邁進。

So that's why this first launch of neutron is, is so important for us.

這就是為什麼第一次中子發射對我們來說如此重要。

Because that really has such a tremendous impact on the P&L right where we have all of this cost right now, just flow hitting, hitting R&D.

因為這確實對損益產生了巨大的影響，我們現在擁有所有這些成本，只是流量、研發。

Once you get past that first test launch and you carry the first paying customer, you know, everything flips over, you've got now R&D associated with it cost of sales and so forth.

一旦你通過了第一次測試發布並擁有了第一個付費客戶，你知道，一切都會翻轉，你現在已經有了與銷售成本相關的研發等等。

So it's a, you know, it's a super important thing for us to get that first launch off because it kind of caps that initial spend because you'll have minimum viable product both in the rocket and on the infrastructure side of the house.

所以，你知道，對我們來說，完成第一次發射是一件非常重要的事情，因為它限制了初始支出，因為你將在火箭和房子的基礎設施方面擁有最低限度的可行產品。

And so I, and I think probably, you know, along with that, you know, we still feel very, very comfortable that we are, you know, we're within our target original budget for, for neutron.

所以我，我想可能，除此之外，我們仍然感到非常非常放心，我們在中子的原始目標預算之內。

And if you think about, you know, we, we, we talked, this is now going back, you know, when we came, we came public, you know, three years ago now, a little over three years ago, we said it was going to take roughly 34 years and cost 250 to $300 million.

如果你想一想，你知道，我們，我們，我們談過，這現在又要回去了，你知道，當我們來的時候，我們公開了，你知道，三年前，大約三年前，我們說該項目大約需要 34 年時間，耗資 250 至 3 億美元。

And, you know, we put that in pretty stark contrast to what some other kind of medium and larger launch vehicles have cost, you know, in the many, many billions of dollars and taken the better part of a decade to get to, to first launch.

而且，你知道，我們將其與其他一些中型和大型運載火箭的成本形成鮮明對比，你知道，花費了數十億美元，並花了十年的大部分時間才達到，首次發射。

So we feel like we're, we're on track and we're going to kind of set a new benchmark for, you know, capital efficiency and timing of getting a new launch vehicle to the path.

所以我們覺得我們正在走上正軌，我們將為資本效率和新運載火箭上路的時間設定一個新的基準。

Got it, got it.

明白了，明白了。

And if I could squeeze in one more, could you maybe highlight backlog at some of the non photon space systems?

如果我能再擠進一個，您能否強調一下一些非光子空間系統的積壓工作？

Businesses like PSC Sinclair, I mean, you know, how is, how is expansion and acquiring more business progressed at that line of business?

像 PSC Sinclair 這樣的企業，我的意思是，您知道，該業務線的擴張和收購更多業務進展如何？

Yeah, you know, those businesses continue to grow at a pretty healthy clip.

是的，你知道，這些業務繼續以相當健康的速度成長。

If you look at our, you know, our target growth for the components business within space systems is around 20% and we, and we feel very comfortable.

如果您看看我們，您就會知道，我們空間系統內組件業務的目標成長約為 20%，我們感到非常滿意。

We've been, you know, delivering, you know, better than that, considerably better than that in some parts of our business.

你知道，我們的業務交付比這更好，比我們業務的某些部分好得多。

I would say that, you know, of our components businesses, you know, Sinclair's probably had, you know, experienced the, the most recent growth and you know, that's driven by, you know, the mega constellation reaction wheel contract that we talked about in the past that, you know, has been, has been, has been starting to shift.

我想說的是，在我們的零件業務中，辛克萊可能經歷了最近的增長，這是由我們談論的巨型星座反應輪合約推動的關於過去，你知道，一直、一直、已經開始發生轉變。

But, you know, we, we've seen strength, you know, across, you know, across all of that.

但是，你知道，我們，我們看到了跨越這一切的力量。

If you take it in aggregate, we kind of look at it across all of it.

如果你把它放在一起，我們就會從整體上看待它。

And when you look at our merchant business or the components business, there's really two pieces to that.

當你看看我們的商業業務或零件業務時，你會發現這實際上分為兩個部分。

There's the merchant components that we sell into other spacecraft manufacturers.

我們向其他太空船製造商出售商業組件。

And then there's the, the integrated or vertically integrated supply element where we're now supplying our feed.

然後是我們現在提供飼料的整合或垂直整合供應元件。

If you go into these spacecraft manufacturing projects that we've won like SD A and like the MD A global star.

如果你看看我們贏得的這些太空船製造項目，例如 SD A 和 MD A 全球明星。

So it's really kind of the growth is fueled not only by overall macro growth in the broader merchant market, but also from our own, our own internal consumption as well.

因此，這種成長確實不僅是由更廣泛的商業市場的整體宏觀成長所推動的，而且還來自我們自己的內部消費。

So we feel really good about, you know, continuing a 20% cagr for that business.

因此，我們對該業務繼續保持 20% 的複合年增長率感到非常滿意。

I think, you know, some will be stronger than those.

我認為，你知道，有些人會比那些人更強。

Right.

正確的。

Like this year, I said, we're having more strength in Sinclair and that probably continues through next year.

我說過，就像今年一樣，我們辛克萊的實力更強，而且這種情況可能會持續到明年。

And then, you know, as we look forward into 2025 and 26 based on a lot of these big programs, you know, we're very good years for our solar too because, you know, we're dedicating a significant amount of our capacity to, to internal programs.

然後，你知道，當我們基於許多此類大型計劃展望 2025 年和 26 年時，你知道，我們的太陽能也是非常好的年份，因為你知道，我們投入了大量資金內部計劃的能力。

And overall, you know, it's, it's actually has a very healthy kind of road map, I would say for, for gross margin as well.

總的來說，你知道，它實際上有一個非常健康的路線圖，我想說的是，對於毛利率也是如此。

If you look at the, the components or subsystems business, that's kind of in the already in the, I call it low to mid 40s nongaap gross margin.

如果你看一下組件或子系統業務，我稱之為 40 年代低至中期的非公認會計準則毛利率。

And we think there's some upside to that.

我們認為這有一些好處。

And then there's just the kind of a little bit of the offset where you have these bigger, you know, program gross margin models that are kind of more towards call it 30%.

然後就是有一點點偏移，你知道，專案毛利率模型比較接近 30%。

So you've got that blending effect there, but we feel really good about, you know, all the elements of that, that, that subsystem business.

所以你在那裡得到了混合效果，但我們對子系統業務的所有元素感覺非常好。

And, and since you brought it up, what's the mix between what's go what goes in house for components versus what's, you know, delivered as a merchant supplier?

而且，既然您提出了這個問題，那麼內部組件與作為商業供應商交付的組件之間的組合是什麼？

And do you guys have a target mix for for space systems, I guess.

我猜你們有太空系統的目標組合嗎？

Yeah, that's a, that's a good question.

是的，這是一個很好的問題。

I, I don't have that data at the tip of my fingers.

我，我手邊沒有這些數據。

And I don't really want to try to guess on that.

我真的不想嘗試猜測這一點。

I mean, I think for some, some of the businesses, we have a little bit more visibility.

我的意思是，我認為對於某些企業來說，我們有更多的知名度。

So I'd say, for example, I think in our, in our solar business, I think our internal capacity consumption right now is probably only about 10%.

所以我想說，例如，我認為在我們的太陽能業務中，我認為我們現在的內部產能消耗可能只有 10% 左右。

So 90% is going out to the merchant market to you.

所以90%是去商業市場給你。

A lot of the, the the the people that sell into the national security market for these exquisite systems.

很多人向國家安全市場出售這些精緻的系統。

When you look at the separation systems business, for example, we sell a much more externally than we consume internally.

例如，當你觀察分離系統業務時，我們的外部銷售量遠多於內部消耗量。

Just the fact because you know, it's the, it's, it's one of the most predominant separation systems that flies on basically all rockets.

事實上，因為你知道，它基本上是在所有火箭上飛行的最主要的分離系統之一。

So really there really is, there really is a mix.

所以確實存在，確實存在混合。

And, but that's a good question.

而且，但這是一個好問題。

We can certainly follow up offline and see if we can, we can get you more kind of concrete answer to that.

我們當然可以在線下跟進，看看是否可以，我們可以為您提供更具體的答案。

Yeah, definitely.

是的，絕對是。

I would appreciate that.

我將不勝感激。

Adam, thanks so much for the call.

亞當，非常感謝您的來電。

I really appreciate it.

我真的很感激。

Sure.

當然。

The next question comes from Jason Gky with city, your line is open.

下一個問題來自 Jason Gky 的城市，您的線路已開通。

Hey, good afternoon, everybody.

嘿，大家下午好。

You don't want to have you just walk us all through if you don't mind one more time.

如果你不介意再來一次，你就不想讓你把我們全部看完。

Why it is that we have to do 13 and five.

為什麼我們必須做13和5。

And if there isn't an opportunity to go a little faster here, you suggest that, you know, history would suggest with others, you got to do it that way.

如果這裡沒有機會走得更快一點，你會建議，你知道，歷史會向其他人建議，你必須這樣做。

But why is that the case?

但為什麼會這樣呢？

And Adam, you talked about throwing CapEx, there's some more capexs coming into the mix here.

亞當，你談到了放棄資本支出，這裡還有更多的資本支出。

Is this, is this a something we can throw some capital at and speed things up a.

這是我們可以投入一些資金並加快進程的事情嗎？

Bit.

位元.

Jason, you asked the question that Adam asked me every day and there's some, there's some things that you can throw as much capital as you want.

傑森，你問了亞當每天問我的問題，有些事情你可以投入盡可能多的資本。

But until you fly, you know, you can only learn, learn a certain number of things and look 135 is, is a pretty, pretty, pretty good, pretty good scaling rate at best.

但在你飛翔之前，你知道，你只能學習，學習一定數量的東西，看起來 135 是，充其量是一個非常非常好的縮放率。

And, you know, fundamentally, you know, you fly your first rocket and you know, you'll do, you do the best job that you think you can.

而且，你知道，從根本上來說，你知道，你駕駛了你的第一枚火箭，你知道，你會做到，你會盡你所能做到最好。

There's a whole lot of stuff you can test on the ground and then there's a whole lot of stuff you can't test on the ground.

有很多東西你可以在地面上測試，但也有很多東西你不能在地面上測試。

And you know, it's, it's just, well, obviously Ford builders as many of the components that we think in many of the systems and structures as we can.

你知道，很明顯，福特製造了我們在許多系統和結構中考慮的盡可能多的組件。

But you can find yourself just, you know, in a dead end pretty quickly.

但你很快就會發現自己陷入了死胡同。

But it also, it just, it just takes, it just takes time to scale the production line.

但它也只是需要時間來擴大生產線。

And, you know, we've tried to, we've tried to front end loaded as best we can, you know, with the engine production line, generally the engines are, are, you know, the longest pole in the tent from, from a production perspective.

而且，你知道，我們已經盡力，我們已經盡力在發動機生產線中盡可能地前端裝載，通常發動機是帳篷中最長的桿子，從生產的角度來看。

So, you know, we've really, really leaned into that so hopefully we can do better.

所以，你知道，我們真的非常致力於這一點，所以希望我們能做得更好。

But it just, it just takes time to put one on the pad and commission it and learn it and learn from it and then roll those iterations into the next vehicle and, you know, we, we're flying customers payloads.

但這只是需要時間，將一個放在發射台上並進行調試，學習它並從中學習，然後將這些迭代推廣到下一輛車中，你知道，我們正在為客戶運送有效載荷。

So, you know, everything has to be very methodically thought through and every change is, you know, well qualified.

所以，你知道，一切都必須經過非常有條理的思考，並且每一個改變都是合格的。

You know, to, you know, to retake cadence, I guess it might be a slightly different story if you had no customers and you just, we just, you just threw everything at it and had a different risk posture.

你知道，你知道，重新開始節奏，我想如果你沒有客戶，而你只是，我們只是，你只是投入了一切，並且有不同的風險態勢，那麼情況可能會略有不同。

But, you know, we're looking to get into commercial operations as quickly as we can.

但是，你知道，我們希望盡快進入商業運營。

So when you're flying a customer, you can't just kind of be fast and loose.

因此，當您為客戶提供飛行服務時，您不能只是快速而鬆散。

You have to be very methodical in any of the changes that you, that you roll in.

你必須非常有條理地進行任何你所做的改變。

So, and we just, we just don't want to be unrealistic with what's been, you know, what can tangibly be delivered.

所以，我們只是不想對已經可以實際交付的東西變得不切實際。

But Jason I'll be, I'll be, I'll be asking Pete that question every day going forward as well.

但傑森，我會，我會，我也會每天問皮特這個問題。

If I can do it on my behalf.

如果我能代表我做的話。

I appreciate that.

我很欣賞這一點。

And then, you know, Pete look 13 and five.

然後，你知道，皮特看起來只有 13 歲和 5 歲。

Okay.

好的。

So we've got six launches, one of the test.

所以我們有六次發射，其中一次是測試。

But if you look at the pipeline, I mean, over that time period, if you had more capacity, is there more demand out there?

但如果你看看管道，我的意思是，在這段時間內，如果你有更多的產能，是否會有更多的需求？

I just want and, and maybe strip out the national security law just on the commercial side of things.

我只是想要，也許只是在商業方面取消國家安全法。

I'm just trying to get a better gauge of supply and demand equilibrium.

我只是想更好地衡量供需平衡。

Yeah.

是的。

Well, I mean, that's the fundamental reason why you're asking this question, Adam asked this question, everybody ask this question is how can we scale faster?

嗯，我的意思是，這就是你問這個問題的根本原因，亞當問這個問題，每個人都問這個問題是我們如何更快地擴展？

And indeed, but the worst thing you can do is is, you know, we promise the customer that, you know, you're going to be able to provide a whole bunch of launch like they make a big commitment to you and then you don't deliver because that, that's just it plays havoc with their business.

事實上，但你能做的最糟糕的事情是，你知道，我們向客戶保證，你知道，你將能夠提供一大堆發布，就像他們向你做出了重大承諾一樣，然後你不要交付，因為那樣會對他們的業務造成嚴重破壞。

So that's not good for, you know, not good for their business or long term, you know, long term relationships or quite frankly, our reputation.

因此，這不利於他們的業務或長期關係，或者坦率地說，不利於我們的聲譽。

So, so of all the things we worry about, I think we've said before, demand is not one of them.

所以，在我們擔心的所有事情中，我想我們之前已經說過，需求不是其中之一。

We worry more about how fast can, you know, how fast can we, can we scale the neutron rather than, you know, are there are customers there to, you know, to fly on it for Sure.

我們更擔心的是，你知道，我們能多快，我們能不能縮放中子，而不是，你知道，是否有客戶可以肯定地乘坐它飛行。

Right.

正確的。

Okay.

好的。

And then last one for me, I'm just kind of curious, you've got a new administration coming to town.

最後一個對我來說，我只是有點好奇，新政府即將到來。

Let's see here.

讓我們看看這裡。

I guess.

我猜。

What, what policy statements have you heard to date that, you know, either have you encouraged or are giving you a little bit of pause and, you know, what would you suggest we hear on the outside kind of pay attention to here as this transition happen.

到目前為止，您聽到了什麼政策聲明，您知道，您是否受到鼓勵或讓您稍稍停頓，您知道，您建議我們在外界聽到什麼要注意這裡，因為這發生轉變。

What do you, what are you going to be looking for and looking to hear from the new administration?

您想要什麼，您想要尋找什麼並希望聽到新政府的什麼消息？

Yeah, it's a really good question.

是的，這是一個非常好的問題。

So I think, you know, what I take out of it is that I don't think there's ever been such a focus on space from any administration, you know, perhaps, perhaps, you know, back in the Apollo era.

所以我認為，你知道，我從中得出的結論是，我認為任何政府都沒有如此關注太空，你知道，也許，也許，你知道，早在阿波羅時代。

But I mean, it's very clear that this administration has a very strong focus on space which, which is good and when space wins, Rocket Lab wins also, you know, we see a very strong focus on national security, which is obviously a core part of our business.

但我的意思是，很明顯，本屆政府非常關注太空，這很好，當太空獲勝時，火箭實驗室也會獲勝，你知道，我們看到對國家安全的非常強烈的關注，這顯然是一個核心我們業務的一部分。

But I guess probably the thing I'm most excited about is there's a real focus on moving away from the kind of, you know, slow government contracting and really focusing on commercial, providing much more of the, you know, traditional, you know, space and government services, which is, which is really when you think about it, there's only a few companies that are really well positioned to take advantage of those commercial opportunities and us being one of them.

但我想我最興奮的事情可能是真正關注擺脫那種緩慢的政府合同，真正專注於商業，提供更多傳統的東西、空間和政府服務，事實上，當你仔細想想時，只有少數公司真正能夠充分利用這些商業機會，而我們就是其中之一。

So, you know, look, I look out on the new administration with, with, with, you know, quite, quite, quite a bullish outlook given that given those kind of three things.

所以，你知道，考慮到這三件事，我對新政府的前景非常非常樂觀。

Right?

正確的？

Okay, great.

好的，太好了。

I'll pass the line.

我會過線。

Appreciate it.

欣賞它。

And your next question comes from the line of Michael Lho with Keyban capital markets.

你的下一個問題來自 Michael Lho 與 Keyban 資本市場的關係。

Your line is open.

您的線路已開通。

Hey, thank you.

嘿，謝謝你。

I wanted to ask on space systems.

我想問有關太空系統的問題。

You've talked about both organic and inorganic ways to scale the business was just hoping for an update there on the M&A pipeline, whether you see any new opportunities.

您談到了擴大業務的有機和無機方法，只是希望了解併購管道的最新情況，無論您是否看到任何新機會。

And then secondly, you also have those organic initiatives like additional clean room capacity that you already have the footprint for.

其次，您也可以採取一些有機舉措，例如您已經擁有的額外無塵室容量。

Just wondering if you could provide some more details there and how much is left, how much is left to go on those initiatives.

只是想知道您是否可以在那裡提供更多詳細資訊以及還剩下多少，這些舉措還剩下多少。

Architect swing at this Adam and maybe you can follow it up on the kind of the, you know, organic stuff, you know, we have, we always have a number of new products and things in development.

建築師在這個亞當上搖擺，也許你可以跟進那種有機的東西，你知道，我們總是有許多新產品和東西正在開發中。

Some of those are spin offs from of the programs that we're developing.

其中一些是我們正在開發的項目的副產品。

Some of them are just areas that we think the market opportunity for.

其中一些只是我們認為有市場機會的領域。

And the way the way we kind of talk about those is obviously, you know, you've seen in the past product releases from us.

你知道，我們談論這些的方式顯然是你在我們過去發布的產品中看到的。

So that that will you know, when we have, when we have something that we think is, is ready, then we release it.

這樣你就會知道，當我們擁有我們認為已經準備好的東西時，我們就會發布它。

And I think we have, you know, a pretty strong reputation that, you know, we release it when it's done.

我認為我們擁有相當高的聲譽，我們會在完成後發布它。

We don't, we don't kind of, you know, talk about it until really it's, it's done.

我們不會，我們不會，你知道，談論它，直到它真正完成為止。

And you saw that with even reaction wheels or something like the haste missions.

你甚至可以透過反作用輪或諸如緊急任務之類的東西看到這一點。

You know, we announced a haste mission and then, then, you know, a number of weeks later we launched one.

你知道，我們宣布了一項緊急任務，然後，你知道，幾週後我們啟動了一項任務。

So that, that, that's kind of the way we roll with, with, with organic product development.

這就是我們進行有機產品開發的方式。

And then in organic, you know, we always maintain a pretty healthy pipeline.

然後在有機方面，你知道，我們始終保持相當健康的管道。

And, you know, maybe Adam, you can provide a bit more comment on that.

而且，你知道，也許 Adam，你可以對此提供更多評論。

Yeah, I'd say on the on the corporate development front, we continue to, to look at a lot of assets out there.

是的，我想說，在企業發展方面，我們將繼續關注大量資產。

I think that, you know, one thing is we're very selective, right?

我認為，你知道，一件事是我們非常有選擇性，對吧？

So I think if you look at the assets that we've, that we've acquired in the past, you know, the team is always at the center of it.

所以我認為，如果你看看我們過去獲得的資產，你就會知道，團隊始終處於核心地位。

And if you look at the fact that, you know, you pick any one of the deals, they've always been a leading product in their, in their area from solar where they never had a single failure on orbit, you know, to bring a new kind of innovative capabilities to the market through the software capabilities for command and control software for a si and separation systems from PSC and so forth.

如果你看看這樣一個事實，你知道，你選擇任何一項交易，它們一直是他們的領先產品，在他們的太陽能領域，他們在軌道上從未發生過一次故障，你知道，通過用於si和PSC 等分離系統的命令與控制軟體的軟體功能，為市場帶來一種新型創新功能。

So it's, it's really, you know, I would say we continue to look at things and what we, we've largely gotten the bus, the satellite bus into a point where we have most of the capabilities there that we think that we need to, to, to be kind of that to fulfill the end to end requirements.

所以，這確實是，你知道，我想說，我們會繼續關注事物，我們已經在很大程度上使公共汽車、衛星公共汽車達到了我們認為我們需要的大部分能力的地步。滿足端到端的要求。

There, there's still a few little things here and there that, that we're working on and we're actually trying to address those and some of those organically as well, not just inorganically but probably the biggest missing piece to space systems from you know, that's going to be filled likely through inorganic is going to be on the payload side.

那裡，仍然有一些小事情，我們正在努力，我們實際上正在嘗試有機地解決這些問題和其中一些問題，不僅僅是無機的，而且可能是你們空間系統中最大的缺失部分知道，這可能會通過有效載荷側的無機物來填充。

So we really kind of stop at that the payload right now.

所以我們現在真的就停在有效載荷上了。

And, you know, certainly as we, you know, we've talked many, many times about our large, our grander ambitions of, of having our own applications on orbit.

而且，你知道，當然，我們已經多次談論過我們在軌道上擁有自己的應用程式的宏偉抱負。

You know, that's going to be benefited by having our own internal capabilities around the payload side of, of, of the system.

您知道，這將受益於我們在系統有效負載方面擁有自己的內部功能。

So, you know, there's, there's fortunate for us, there's actually quite a few assets out there that are quite interesting that are, are kind of I'd say poised to be part of a of a much bigger, you know, consolidated platform like we're building.

所以，你知道，對我們來說幸運的是，實際上有很多非常有趣的資產，我想說的是，它們準備成為一個更大的、你知道的、整合的平台的一部分就像我們正在建設的那樣。

So I think there's, there's ample opportunities there, but you know, we're very disciplined.

所以我認為那裡有充足的機會，但你知道，我們非常自律。

It's got to be the right team.

它必須是合適的團隊。

It's got to be the right time.

一定是正確的時間。

It's got to be the right price.

它必須是合適的價格。

And so far we haven't gotten those three stars to align.

到目前為止，我們還沒有讓這三顆星對齊。

But, you know, I'm, I'm pretty confident that, that we'll get some of those stars to align in the not too distant future.

但是，你知道，我非常有信心，在不久的將來我們將讓其中一些明星對齊。

And I think that will also provide a bit of a bread crumbing for FK, for folks to understand a little bit more specifically which applications we're targeting.

我認為這也將為 FK 提供一些麵包屑，讓人們更具體地了解我們的目標應用程式。

Because, you know, a lot of the the payload is obviously very specific to the application.

因為，你知道，很多有效負載顯然是特定於應用程式的。

And so having having kind of, you know, some insight into kind of the capabilities that we'd be acquiring would kind of give you some ideas about where we're going for an applications perspective, which I know everyone's, you know, chomping at the bit to try to understand better.

因此，對我們將要獲得的功能有一定的了解，會給您一些關於我們要從應用程式角度去往何處的想法，我知道每個人都在苦苦思索。

Okay, great.

好的，太好了。

I appreciate all that detail.

我很欣賞所有這些細節。

I'll leave it there.

我會把它留在那裡。

Thanks guys.

謝謝你們。

Your next question comes from the line of Anthony Valentini with Goldman Sachs.

你的下一個問題來自高盛的安東尼·瓦倫蒂尼。

Your line is open.

您的線路已開通。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你提出我的問題。

You got Anthony on for Noah tonight.

今晚你讓安東尼代替諾阿。

Sorry to beat this point to death here.

很抱歉在這裡把這一點搞砸了。

But it's been pretty well publicized at this point that Amazon's Kiper has to get you know, over 1,000 satellites into orbit, you know, I think by mid 2026 and they have orders with some of your competitors for launch vehicles that either have not launched yet or in very limited cadence.

但目前已經廣為人知的是，亞馬遜的 Kiper 必須讓你知道，超過 1,000 顆衛星進入軌道，你知道，我認為到 2026 年中期，他們已經向你的一些競爭對手訂購了尚未發射的運載火箭或者以非常有限的節奏。

So I guess my question is, you know, do you guys stand to benefit from that between now and 2026 where you guys can get, you know, a piece of that pie or is it, you know, to, you know what Peter was talking to in an earlier answer?

所以我想我的問題是，從現在到 2026 年，你們是否能從中受益，你們可以從這塊餡餅中分得一杯羹，或者是，你們知道，你們知道彼得是什麼？交談？

It's just not possible given, you know, capacity and how many slots that you guys have available?

考慮到容量和你們有多少可用插槽，這是不可能的？

Well, put it this way, as we said, Anthony, that demand is not something that we worry about and that kind of falls, falls and falls into that category.

好吧，這樣說吧，正如我們所說的，安東尼，需求不是我們擔心的事情，這種需求會不斷下降，不斷下降，屬於這一類別。

Okay.

好的。

That's helpful.

這很有幫助。

And then Adam for you is the systems segment profitable today.

Adam 對你來說是今天獲利的系統部門。

Well, you know, we, we only report our segments down to the gross margin line.

嗯，你知道，我們，我們只報告我們的細分市場到毛利率線。

And that's because we have a lot of, you know, shared resources across across the different areas of development and production and so forth.

這是因為我們在開發和生產等不同領域擁有大量共享資源。

And also, you know, we have one key decision, you know, maker, which is Pete who kind of provides the overall kind of investment decisions or mandates across both businesses.

而且，你知道，我們有一個關鍵決策的製定者，那就是皮特，他提供了跨兩個業務的整體投資決策或授權。

So we, you know, we from, I would say from a from a technical accounting perspective, you know, we, we, we can't say that the space systems business is, is is profitable on that level.

所以我們，你知道，我們，我想說，從技術會計的角度來看，你知道，我們，我們，我們不能說空間系統業務在這個水平上是有利可圖的。

But what we can tell you is that, you know, when we look at, you know, kind of anecdotally across each of the lines of business, It, it would be, it would be, it would be safe to say that, you know, that the, that the vast vast majority, if not all of the, the cash consuming nature of this business is coming from neutron.

但我們可以告訴你的是，你知道，當我們觀察各個業務領域的軼事時，可以肯定地說，你要知道，這項業務的絕大多數（如果不是全部）現金消耗性質都來自中子。

Right?

正確的？

So, I think that's, again, that's one of the most important things about getting neutron to minimum viable product in the first launch of things will become a lot, a lot more clear at that point.

所以，我認為，這也是在第一次發射中將中子轉化為最小可行產品的最重要的事情之一，屆時將變得更加清晰。

As in and actually at some level, it doesn't really matter because in the overall profitability of the company starts to shine through.

實際上在某種程度上，這並不重要，因為公司的整體獲利能力開始顯現出來。

So, you know, again, I would say that we can't, we can't say, you know, technically the space systems is proper support because we just don't account for the business at that level right now, that could change in the future.

所以，你知道，我再說一遍，我們不能，我們不能說，從技術上講，空間系統是適當的支持，因為我們現在沒有考慮到該級別的業務，這可能未來的改變。

But that's not the current kind of approach we take to it.

但這不是我們目前採取的方法。

Okay.

好的。

Yeah, that makes a ton of sense.

是的，這很有道理。

Last one for me here.

最後一張給我在這裡。

I just want to confirm the test flight on Neutron in 2025.

我只是想確認 2025 年中子號的試飛。

That that's no revenue.

那就是沒有收入。

Right.

正確的。

Correct.

正確的。

Yeah, there won't be any revenue associated with that launch.

是的，這次發布不會帶來任何收入。

But we are working on things that would allow us to have, you know, probably some contra revenue sorry contra R&D associated with that.

但我們正在做一些事情，讓我們能夠擁有一些與此相關的相反收入（對不起，相反的研發）。

So looking to do some creative things there where we can kind of buy down our cost of that test launch.

因此，我們希望在那裡做一些創造性的事情，這樣我們就可以降低測試發射的成本。

And so that's that's something that we're working pretty hard towards and, and hopefully we can get to, we can get some of that to come into focus.

這就是我們正在努力實現的目標，希望我們能夠做到這一點，我們可以讓其中的一些內容成為焦點。

Awesome.

驚人的。

Thank you guys so much.

非常感謝你們。

Appreciate the time.

珍惜時間。

Yeah, your next question comes from the line of Cai von Romer with TD Cohen.

是的，你的下一個問題來自 Cai von Romer 和 TD Cohen 的對話。

Your line is open.

您的線路已開通。

Super, thanks so much.

超級，非常感謝。

So Adam your, your your ASP S for electron have gone down sequentially for three straight quarters and yet your gross margin has improved.

所以亞當，你的電子平均售價已經連續三個季度下降，但你的毛利率卻有所提高。

Now, I know that costs are kind of specific to, to each mission.

現在，我知道成本是針對每個任務的。

But what does that tell us about the underlying core profitability of electron?

但這告訴我們 Electron 的潛在核心獲利能力是什麼？

Mm Yeah.

嗯是的。

It's really a function of.

這確實是一個函數。

So when you talk about, you know ASP ESP is a function of customer timing, right?

因此，當您談論時，您知道 ASP ESP 是客戶計時的函數，對吧？

And so we have some customers that they sign up for many launches and as a result of signing up for these bulk buys, they naturally get a lower price.

因此，我們有一些客戶註冊了許多發布產品，並且由於註冊了這些批量購買，他們自然會獲得較低的價格。

And we get the benefit of having actually better margins on, on a lot of those flights because a lot of the work is doesn't have to get redone all the, you know, the, the G&C work that you have to do for each individual flight.

我們的好處是，在許多這樣的航班上實際上擁有更好的利潤，因為很多工作不需要重做所有的，你知道的，你必須為每個航班做的 G&C 工作個人飛行。

You know, you don't have to redo that you get maybe the benefit of having payload adapter plates that are common.

您知道，您不必重做，您可能會受益於擁有常見的有效負載適配器板。

You know, across multi launch deals.

你知道，在多次發行交易中。

So a lot of what you're seeing the ASP is again just a function of timing of where the customer is.

因此，您所看到的 ASP 的許多內容再次只是客戶所在位置時間的函數。

So we're again, we're very comfortable with the number that we set for the year at $7.5 million being the average.

因此，我們對今年設定的平均 750 萬美元數字感到非常滿意。

And of course, as I mentioned before, our backlog total backlog is priced at $8.2 million per electron.

當然，正如我之前提到的，我們的積壓總積壓價格為每個電子 820 萬美元。

So that kind of shows you where it's going.

所以這可以告訴你事情的走向。

And then, you know, the, the reason why the gross margin has gone up, despite having the cha the the optics on the on the ASP is because we've been getting production efficiencies, right?

然後，你知道，儘管 ASP 上有光學元件，但毛利率上升的原因是因為我們一直在提高生產效率，對嗎？

So as we've gotten better at building these electrons, you know, the cost is coming down, which is, which is helpful for us.

因此，隨著我們在建立這些電子方面做得越來越好，成本正在下降，這對我們很有幫助。

So even as ASP may go down, gross margins go up, I think that that's kind of the, the I'd say the the the most salient points of of of kind of the gross margin trend analysis.

因此，即使平均售價可能下降，毛利率也會上升，我認為這是毛利率趨勢分析中最突出的一點。

Got it.

知道了。

And the second one is you, you know, you started the year Peter, you mentioned that 22 launch is sort of scheduled or targeted and we're going to probably end up at 15 to 18.

第二個是你，你知道，你從今年開始，彼得，你提到 22 日的發射是預定的或有針對性的，我們可能會在 15 到 18 日結束。

Have you ever thought, I mean, and, and one of the big problems is that you commit to a certain price and the customer commits to a certain date, but it's not a hard date.

你有沒有想過，我的意思是，而且，最大的問題之一是你承諾某個價格，而客戶承諾某個日期，但這不是一個艱難的日期。

Have you ever thought of a kind of pricing so that if the customer misses the price goes and I know that you have other competitors, but certainly if you could get your number of launches up, you've made a big point of how high the, the fixed launch costs are, is there any thought of kind of getting that, that, that volume, you know, thinking of ways, creative ways of getting that, that volume up?

你有沒有想過一種定價方式，這樣如果客戶錯過了價格，我知道你還有其他競爭對手，但當然，如果你能提高你的發布數量，你就已經強調了價格有多高。的發射成本是，有沒有想過如何獲得那個，那個，那個數量，你知道，想辦法，創造性的方法來獲得那個，那個數量？

Yeah, I mean, some, some launch contracts have provisions for penalties and, but I mean, you know, if a customer has had a failure of something in a TV, and then, then you start loading penalties on them, you know, it's not, it's not great for long term relationships.

是的，我的意思是，有些啟動合約有處罰條款，但我的意思是，你知道，如果客戶的電視出現故障，然後你開始對他們施加處罰，你知道，事實並非如此，這對於長期關係來說並不好。

And I think that the learnings here for us and I think for everybody as well is that the service that we provide is a bespoke dedicated service for, you know, the customers to launch and they pay the premium for that, you know, you compare an electron to a rideshare.

我認為，我們以及每個人都學到的是，我們提供的服務是為客戶提供的定制專用服務，他們為此支付了溢價，你知道，你比較電子到共享出行。

It's, it's, it's many, many times higher.

高了，高了，高了很多很多倍。

So they pay, that's what they're paying the premium for, I guess, you know, the point that we try and make is that, you know, once the customer goes into backlog and we start collecting the cash from, from, from that customer, these customers never go away, they just sort of shift around.

所以他們付錢，這就是他們支付溢價的原因，我想，你知道，我們嘗試提出的一點是，你知道，一旦客戶進入積壓狀態，我們就開始從、從、從收取現金那個客戶，這些客戶永遠不會消失，他們只是在轉移。

It's just a peculiarity of the way that, you know, revenue is recognized on launch.

你知道，這只是在發佈時確認收入的方式的一個特點。

So, no, I think, I think, you know, we've, we continue to play whack a mole and wherever possible, like you see, we did in the last quarter.

所以，不，我想，我想，你知道，我們繼續玩打地鼠遊戲，只要有可能，就像你看到的，我們在上個季度就這麼做了。

You know, we'll take quick turns to business and fill some gaps.

你知道，我們會快速轉向業務並填補一些空白。

But it's kind of, you know, the, you know, really the reality of the service that we provide.

但這是我們提供的服務的現實。

Terrific.

了不起。

Thank you so much.

太感謝了。

And there are no further questions at this time.

目前沒有其他問題。

I will turn the call back over to Peter Beck for closing remarks.

我會將電話轉回給彼得貝克 (Peter Beck) 作結束語。

Great.

偉大的。

And thanks very much for everybody sticking around for the the questions as well, much appreciated.

非常感謝大家留下來提問，非常感謝。

But before we close out today, I just wanted to draw your attention to some of the up and coming conferences we'll be attending.

但在今天結束之前，我只想提請您注意我們即將參加的一些會議。

We look forward to sharing more exciting news and updates with you there, but that wraps up today's call and thanks everybody for sticking around and listen to all the progress that's been made.

我們期待與您分享更多令人興奮的消息和更新，今天的電話會議到此結束，並感謝大家留下來聆聽所取得的所有進展。

You know, the team is certainly very proud of this quarter and what we've achieved this year.

您知道，團隊當然對本季以及我們今年的成就感到非常自豪。

So thanks very much.

非常感謝。

This does conclude today's conference.

今天的會議到此結束。

You may now disconnect.

您現在可以斷開連線。