Rocket Lab Corp (RKLB) 2024 Q4 法說會逐字稿

Good evening and thank you for standing by. My name is Kelvin, and I'll be your conference operator today. At this time, I would like to welcome everyone to Rocket Labs' fourth-quarter 2024 financial results update and conference call. (Operator Instructions)

晚上好，感謝您的支持。我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Rocket Labs 2024 年第四季財務業績更新和電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Murielle Baker, Senior Communications Manager. Please go ahead.

謝謝。現在我想將電話轉給資深通訊經理 Murielle Baker。請繼續。

Thank you. Hello and welcome to today's conference call to discuss Rocket Lab's full-year and fourth-quarter 2024 financial results. 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, and these statements are intended to qualify for the Safe Harbor protection from liability established by the Private Securities Litigation Reform Act.

謝謝。您好，歡迎參加今天的電話會議，討論 Rocket Lab 2024 年全年和第四季度的財務表現。現在，在我們開始電話會議之前，我想提醒您，我們的言論可能包含與公司未來業績有關的前瞻性陳述，這些陳述旨在符合《私人證券訴訟改革法案》所設立的安全港責任保護。

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，並且可能影響我們業績的因素已在今天的新聞稿中重點介紹，其他因素則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, the company does not undertake any obligation to update these statements.

此類聲明基於公司截至本文發布之日所掌握的信息，可能會因未來發展而發生變化。除法律另有規定外，本公司不承擔更新這些聲明的任何義務。

Now our remarks and press release today also contain non-GAAP financial measures within the meaning of Regulation G enacted by the SEC. Included in such release and our supplemental materials are reconciliations of these historical non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP.

現在，我們今天的評論和新聞稿還包含美國證券交易委員會頒布的 G 條例所定義的非公認會計準則財務指標。本新聞稿和我們的補充資料中包含了這些歷史非 GAAP 財務指標與依照 GAAP 計算的可比較財務指標的對帳。

This call is also being webcast with a supporting presentation, and a replay and copy of the presentation will be available on our website. Our speakers today are Rocket Lab's Founder and Chief Executive Officer, Sir Peter Beck; as well as Chief Financial Officer Adam Spice. They'll be discussing key business developments and highlights, including updates on our launch and Space Systems programs. We will discuss financial highlights and outlook before we finish by taking questions.

本次電話會議還將透過網路直播，並附帶支援性演示，重播和演示副本將在我們的網站上提供。今天的演講者是 Rocket Lab 的創始人兼首席執行官彼得·貝克爵士；以及首席財務官亞當·斯派斯。他們將討論關鍵業務發展和亮點，包括我們的發射和太空系統計劃的最新進展。在結束之前，我們將透過回答問題來討論財務亮點和前景。

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

因此，請允許我將電話轉給彼得爵士。

Thanks, Murielle, and thanks for everybody joining us today.

謝謝，穆里爾，也感謝今天與我們一起的各位。

Look, 2024 was the biggest revenue year ever, and I'm proud to share that we delivered very strong results for Q4 2024, and indeed for the full year. We achieved our highest annual revenue figure to date of $436 million. That's more than 78% increase on previous year's revenue, demonstrating that our strategy of delivering end-to-end space services is paying off and delivering significant growth.

你看，2024 年是有史以來收入最高的一年，我很自豪地告訴大家，我們在 2024 年第四季乃至全年都取得了非常強勁的業績。我們實現了迄今為止最高的年度收入，即 4.36 億美元。這比前一年的收入成長了 78% 以上，顯示我們提供端到端空間服務的策略正在取得成效並帶來顯著成長。

From Q3 to Q4 last year, we saw growth of more than 26%, and year-on-year Q4 growth was 121%. Something you'll hear me say often at Rocket Lab is we do what we say we're going to do. And in this case, that's delivering significant growth, 382% increase. In Q4 revenue to be precise, since their entry into the Nasdaq in 2021.

去年第三季到第四季，我們的成長超過了26%，第四季年增了121%。在 Rocket Lab，你會常常聽到我說，我們說到做到。在這種情況下，這實現了顯著的成長，增幅達 382%。準確地說是自 2021 年進入納斯達克以來的第四季度收入。

On the launch side, these figures are driven by an increase of Electron launch cadence and the introduction of hypersonic suborbital test launch capabilities. Space Systems contribution has been continued strong execution across both spacecraft and constellation build and operation, as well as our merchant satellite components businesses.

在發射方面，這些數字是由電子發射節奏的增加和高超音速亞軌道試驗發射能力的引入所推動的。太空系統對太空船和星座的建造和運營以及商用衛星組件業務的貢獻持續強勁。

Now, let's dig into these areas in a little bit more detail in the following slides. The Accomplishments in 2024 really speak for those record numbers. On the launch front, we delivered a record number of 16 launches spanning Electron and HASTE, all with 100% mission success. Once again, we've maintained our position as the leading small launch provider globally and the second most frequently launched US rocket annually.

現在，讓我們在接下來的幻燈片中更詳細地探討這些領域。2024 年所取得的成就確實證明了這些創紀錄的數字。在發射方面，我們完成了創紀錄的 16 次 Electron 和 HASTE 發射，所有發射任務都獲得 100% 成功率。我們再次保持了全球領先的小型發射提供者和美國每年發射頻率第二高的火箭的地位。

We signed more than $450 million in new contracts in 2024 across launch and Space Systems, further strengthening a backlog which currently sits at just over a billion dollars. We also achieved a world first by successfully launching two missions within 24 hours from PAs on either side of the planet.

2024 年，我們在發射和太空系統領域簽署了價值超過 4.5 億美元的新合同，進一步加強了目前略高於 10 億美元的積壓合同。我們還創造了世界首例，在 24 小時內從地球兩側的 PA 成功發射了兩次任務。

On the Space Systems front, there are too many achievements to distill into one slide. So here are just a couple of my favorites. We made significant progress on the design and build of the 40-plus spacecraft in our backlog, but I'm particularly proud of the team completing the manufacture and test of the twin spacecraft for NASA's escapade mission to Mars.

在空間系統方面，有太多成就無法濃縮在一張投影片中。這裡僅列舉了我最喜歡的幾個。我們在積壓的 40 多艘太空船的設計和建造方面取得了重大進展，但我對團隊完成美國太空總署火星探險任務的孿生太空船的製造和測試感到特別自豪。

They did this on an impressively short time frame and an incredibly cost competitive. For an interplanetary mission, while they're yet to launch, we're excited to see these birds on their way to the red planet soon. A re-entry (technical difficulty) was another major milestone successfully enabling the first in-space manufacturing mission outside the International Space Station.

他們在極短的時間內完成了這項工作，成本極具競爭力。對於星際任務，雖然它們尚未發射，但我們很高興看到這些鳥很快就能飛向這顆紅色星球。重返大氣層（技術難題）是另一個重要里程碑，成功實現了國際太空站外的首次太空製造任務。

Since the first re-entry early last year, we've delivered two more pioneer spacecraft for Varda with the secondly returning to Earth in South Australia. Another third pioneer spacecraft for Varda is is just days away from launch.

自去年年初首次重返大氣層以來，我們已為瓦爾達號運送了另外兩艘先鋒航天器，第二艘已返回南澳大利亞地球。Varda 的另一艘第三艘先驅太空船距離發射僅剩幾天時間。

That's just a tiny snapshot of our achievements in 2024. But before we dig deeper into the updates across Electron, Neutron and Space Systems, I want to provide an overview of our strategic focus for this year. We're building a truly end-to-end space company. That means owning the full-value chain of having the keys to unlock enormous potential from the rapidly growing space economy.

這只是我們在 2024 年所取得的成就的一個小小縮影。但在我們深入探討電子、中子和太空系統的更新之前，我想先概述我們今年的戰略重點。我們正在建立一家真正的端到端太空公司。這意味著擁有釋放快速成長的太空經濟巨大潛力的鑰匙的整個價值鏈。

The first two steps are well underway with launch and Space Systems, meaning that we have our own ride to space and we can build and operate the satellites on orbit. The final remaining step is space applications or delivering data or services from space using our own constellation.

前兩個步驟在發射和太空系統方面進展順利，這意味著我們擁有自己的太空交通工具，可以在軌道上建造和操作衛星。最後剩下的一步是太空應用或使用我們自己的星座從太空傳送資料或服務。

In 2024, we made significant progress across all three countries and we're building on that again in 2025. On the launch front this year is the year of Neutron. We look forward to unlocking the medium-launch bottleneck by bringing Neutron to the pad to help launch more than estimated 10,000 constellation spacecraft that need deployment in the coming decade.

2024 年，我們在三個國家都取得了重大進展，2025 年我們將在此基礎上再接再厲。從發射方面來說，今年是中子年。我們期待透過將中子火箭送上發射台來解決中型發射瓶頸問題，幫助發射未來十年需要部署的預計超過 10,000 個星座太空船。

We're continuing to wrap up a small launch cadence with more than 20 missions in 2025 on the manifest across Electron and HASTE. Of course, as usual, these missions only launch when our customers are ready. It's worth pointing out that as far as I'm aware, Rocket Lab is the only launch provider with missions scheduled this year across small launch, medium launch, hypersonic suborbital test launch. This demonstrates the breadth of our launch experience and capabilities and also positions us to take advantage of the TAM exposure across several different growing launch markets.

我們將繼續完成小規模的發射節奏，2025 年將在 Electron 和 HASTE 上執行超過 20 次任務。當然，像往常一樣，這些任務只有當我們的客戶準備好時才會啟動。值得指出的是，據我所知，Rocket Lab 是今年唯一一家計劃執行小型發射、中型發射和高超音速亞軌道試驗發射任務的發射提供者。這證明了我們豐富的發射經驗和能力，也使我們能夠利用在多個不同的不斷增長的發射市場的 TAM 曝光度。

On the Space Systems front, we have more than 40 spacecraft in various stages of production right now. By the end of the summer, we expect to have more than quadruple the number of Rocket Lab spacecraft on orbit, ready to launch, or have completed their missions. I'm also excited to reveal a new addition to a spacecraft lineup, one that slots nicely into our vision for space applications, and I'll talk more about the satellite later in the call.

在太空系統方面，我們目前有 40 多艘太空船處於不同生產階段。到今年夏季末，我們預計在軌道、準備發射或已完成任務的 Rocket Lab 太空船數量將增加四倍以上。我也很高興向大家介紹太空船陣容的新成員，它完美地融入了我們對太空應用的願景，我將在稍後的電話會議中詳細討論衛星。

But first, now for some updates on Electron. 2024 was a fantastic year for Electron. Last year we increased our launch cadence 60% year on year, and 2025 is shaping up to be even bigger. We've launched twice this year already, both times for satellite constellation operators, and each with only 10 days of each other -- within 10 days of each other.

但首先，讓我們先來了解一下 Electron 的一些更新。 2024 年對 Electron 來說是輝煌的一年。去年，我們的產品發布頻率比去年同期增加了 60%，而 2025 年的發布頻率預計會更高。我們今年已經發射了兩次，兩次都是為衛星星座運營商發射的，每次發射間隔只有 10 天——相隔不到 10 天。

Last year's trend was building out satellite constellations with Electron. In Q1 2025, this has continued with launches for constellation operators BlackSky and Kinéis, both of whom have booked multiple missions on Electrons to deploy or replenish their constellations.

去年的趨勢是利用 Electron 建造衛星星座。2025 年第一季度，星座運營商 BlackSky 和 Kinéis 繼續進行發射，這兩家公司都已預訂了 Electrons 上的多個任務來部署或補充他們的星座。

Kinéis in particular is worth calling out since we launched them for the first time in June last year as part of a five-launch deal. We're now four launches in and on track to complete their fifth launch shortly, meaning that we will have deployed their full constellation of 25 satellites in less than a year. And to put that into perspective, many constellation operators can wait for a year for their first launch with other providers.

Kinéis 尤其值得一提，因為我們在去年 6 月作為五項發射協議的一部分首次推出了它們。我們現在已經進行了四次發射，並且即將完成第五次發射，這意味著我們將在不到一年的時間內部署他們全部 25 顆衛星。從這個角度來看，許多星座運營商可能要等待一年才能與其他供應商進行首次發射。

Last year, we also signed a multi-launch deal with the Japanese Earth imaging company IQPS for four Electrons. And then just this month, they signed another agreement to double that and lock in eight Electron launches for their constellation deployment over 2025 and 2026.

去年，我們也與日本地球成像公司 IQPS 簽署了四顆 Electron 火箭的多發射協議。就在這個月，他們又簽署了另一項協議，將這一數字翻一番，並鎖定在 2025 年和 2026 年期間進行八次 Electron 發射，用於星座部署。

In 2024, we built on our success in the small launch market with Electron's suborbital variant haste. Last year's Pentagon budget request for hypersonic research was up 46% to $6.9 billion on the two years prior, and we're ideally positioned to support this expanding market. We're the only commercial provider that's executed two launches in 21 days for the Department of Defense MACH-TB program. Which we completed in Q4 and we have another five HASTE missions locked in for the DoD and its contractors.

2024 年，我們憑藉 Electron 的亞軌道變體加速器在小型發射市場取得了成功。去年，五角大廈對高超音速研究的預算申請比前兩年增加了 46%，達到 69 億美元，我們完全有能力支持這個不斷擴大的市場。我們是唯一一家在 21 天內為國防部 MACH-TB 計畫執行兩次發射的商業供應商。我們在第四季度完成了這項工作，我們還為國防部及其承包商鎖定了另外五個 HASTE 任務。

In January we also announced that we've been selected by KRATOS to support the next phase of the MACH-TB program called MACH-TB 2.0. It's a $1.45 billion five-year contract to expand hypersonic technology testing, and with HASTE we're uniquely suited to meet that challenge.

今年1月，我們也宣布被KRATOS選中，支援MACH-TB計畫的下一階段，即MACH-TB 2.0。這是一份為期五年、價值14.5億美元的合同，旨在擴大高超音速技術測試。 HASTE計畫是我們應對這項挑戰的絕佳選擇。

I think it's also important to place all of that within the wider context of today's geopolitics and America's defense technology. Hypersonics have become increasingly urgent under the new administration. In the words of the President, within the executive order he issued in January to build the Iron Dome for America, the threat of hypersonic and other advanced aerial attacks is the most serious threat facing the United States today.

我認為將所有這些放在當今地緣政治和美國國防技術的更廣泛背景中也很重要。在新政府的領導下，高超音速技術變得越來越緊迫。用總統的話來說，在他一月份發布的為美國建造鐵穹防禦系統的行政命令中，高超音速和其他先進空襲的威脅是美國當今面臨的最嚴重威脅。

Furthering peace and strength is critical to America's defense. Our capabilities with HASTE, our affordability, and our speed, all of which are the new administration's top priorities, makes it a great product that to address these challenges.

增強和平與實力對美國的防禦至關重要。我們的 HASTE 能力、我們的可負擔性和我們的速度，所有這些都是新政府的首要任務，使其成為應對這些挑戰的優秀產品。

Right, moving on from small launch into Neutron updates. Well, the title really here says it all. This is the year of Neutron, a monopoly breaker to unlock the bottleneck of medium launch. As I said before, there's more than 10,000 satellites that need launch in the next five years from commercial constellations alone, and then there's the growing demand from national security and defense missions as well as into planetary exploration for the science community, and it goes on.

好的，從小型發布轉向中子更新。好吧，標題確實說明了一切。這是中子（Neutron）的一年，它打破了壟斷，打破了中型發射的瓶頸。正如我之前所說，未來五年內僅商業星座就需要發射 10,000 多顆衛星，而且國家安全和防禦任務以及科學界對行星探索的需求也在不斷增長，等等。

The need is clear, so I won't labor on it other than to say that the industry is crying out for more launch options in this class and Neutron is coming to market in record time to deliver it. Neutron is also critical to us launching and operating our own future satellite constellation. So over the next few slides, I'll take you through the latest development milestones and achievements as we work to get Neutron on the pad in the second half of this year.

需求很明確，所以我就不多說了，只想說業界迫切需要更多此類發射選擇，而 Neutron 以創紀錄的速度進入市場，滿足了這一需求。中子對於我們發射和操作我們自己的未來衛星星座也至關重要。因此，在接下來的幾張投影片中，我將向您介紹我們努力在今年下半年讓 Neutron 投入使用的最新發展里程碑和成就。

Okay, so at LC 3, all major hardware and infrastructure items have arrived and been installed, and our civil works on the site are practically finished. Yes, and we even have water. Most recent updates include the flare stack, 165 tonnes steel circular launch mount structure that Neutron will launch from. Giant pair of LNG tanks, the ones you can see on the bottom left of the slides.

好的，在 LC 3，所有主要硬體和基礎設施項目都已到達並安裝完畢，現場的土木工程也基本完工。是的，我們甚至還有水。最近的更新包括火炬塔架、中子發射所使用的 165 噸鋼製圓形發射架結構。一對巨大的液化天然氣儲罐，您可以在幻燈片的左下方看到它們。

Those are the heaviest objects to have ever crossed the Wallops Island Bridge, and their installation marks the completion of all the long lead propellant storage for the launch site. What's left now is to complete the electrical and mechanical connections for a fully integrated system, but otherwise, we look forward to its grand opening in a few short months.

這是迄今為止穿越瓦洛普斯島大橋的最重物體，它們的安裝標誌著發射場所有長導推進劑儲存的完成。現在剩下的就是完成完全整合系統的電氣和機械連接，但除此之外，我們期待它在短短幾個月內盛大開幕。

Now on to the one of the most exciting and novel features of Neutron, it's hungry hippo fearing. The massive reusable nose cone halves are now live and moving, fully integrated with their avionics and actuators and all of the mechanical systems.

現在來談談 Neutron 最令人興奮和新穎的功能之一，那就是害怕飢餓的河馬。巨大的可重複使用的鼻錐半部現已啟動並可移動，與其航空電子設備、執行器和所有機械系統完全整合。

We're testing like we're flying, opening and closing the hungry hippo at full speed to understand exactly how they behave, and it's great to say I was there in person for the first lot of testing, and I can tell you that it's a wonderful sound to hear the hungry hippo in action.

我們進行的測試就像我們在飛行一樣，全速打開和關閉飢餓的河馬，以準確了解它們的行為，很高興地說，我親自參加了第一批測試，我可以告訴你，聽到飢餓的河馬的動作真是太棒了。

And I fully encourage you to go and check out the video we'll put out today of all of that testing in action. It's pretty cool. We have a few more run-throughs, as we add some hardware, then they'll soon be making their way over to our assembly and integration facilities ready to be fitted to Neutron's first stage for launch.

我強烈建議您去觀看我們今天發布的有關所有測試過程的影片。這很酷。我們還會進行幾次調試，添加一些硬件，然後它們很快就會被送往我們的組裝和集成設施，準備安裝到中子火箭的第一級進行發射。

Let me draw your attention to the picture on the top left. That's a stage one tank stacked and ready to ship out. Check out the person at the bottom of the frame of the scale, and you can see the size of that tank. All of the launch vehicle is currently in production, with significant parts of it are currently in test before being shipped out to the launch site for integration.

請容許我提請您注意左上角的圖片。這是已堆放完畢並準備運出的第一階段儲槽。看看秤架底部的人，你就能看到那個水箱的大小。目前，運載火箭的所有部件均已投入生產，其中大部分部件正在進行測試，然後運往發射場進行整合。

We've been moving past flight one, excuse me, with structures including fairing halves already in production for a second Neutron rocket. For flight one though, all of Neutron's largest pieces will soon be moving across the country and making their way to the east coast.

抱歉，我們已經完成了第一次飛行，包括整流罩一半在內的結構已經在為第二枚中子火箭生產。不過，對於第一次飛行來說，中子的所有最大碎片很快就會穿越全國，前往東海岸。

They'll be integrated with all the avionics and software, and it'll go with the fit checks and AIT before going straight into full system qualification. So keep an eye out for pictures of tanks and barges to know where we're getting close to that next milestone.

它們將與所有航空電子設備和軟體集成，並將進行適合性檢查和 AIT，然後直接進入完整的系統鑑定。因此，請留意坦克和駁船的圖片，以了解我們距離下一個里程碑還有多遠。

Now on to Archimedes. The engines qualification campaign continues at a cracking pace. We're hot firing every few days and the testing is going well. We've got engines consistently moving across the country between the production line in Long Beach and the engine test side in Mississippi.

現在來談談阿基米德。發動機資格認證活動正在以驚人的速度繼續進行。我們每隔幾天就會進行一次熱試，測試進展順利。我們的引擎在長灘的生產線和密西西比的引擎測試點之間不斷地穿越全國。

You also may have seen we shared a recent update that performance iterations on the production line have resulted more than a couple of 100 kgs shed from the engine, which is always good. And also, check out the size of that second stage nozzle expansion cone at the bottom left of the slide, that were recently produced and on its way for testing. It's a cool thing.

您可能還看到我們分享了最近的更新，生產線上的性能迭代已使引擎減重超過幾百公斤，這總是好的。另外，請檢查滑梯左下方第二級噴嘴膨脹錐的尺寸，該膨脹錐是最近生產並正在進行測試的。這是一件很酷的事。

Okay, so from engine testing, we're really doubling down on our test cadence to match with the increased production rate out of Long Beach. So we're running in a really intensifying test campaign on multiple engines as we lead up to flight one.

好的，從引擎測試來看，我們確實加倍了測試節奏，以配合長灘不斷提高的生產力。因此，在第一次飛行之前，我們對多個引擎進行了非常密集的測試活動。

So in that case, we the build of a second Archimedes engine test cell is nearly complete, and this enables us to currently test engines as our investments in production ramp up. So having two cells is always good. Now we've provided plenty of updates on where Neutron will lift off, but not much where it will land. Well, here she is. Meat return on investment. We named it specifically for Adam Spice.

因此，在這種情況下，第二個阿基米德引擎測試單元的建造已接近完成，這使我們能夠在生產投資增加的同時測試引擎。所以擁有兩個細胞總是好的。現在我們已經提供了大量有關中子發射地點的更新，但關於其著陸地點的更新卻很少。嗯，她來了。肉類投資回報。我們特意以亞當·斯派斯 (Adam Spice) 的名字命名了它。

Neutron's 400-foot ocean landing platform. That's what we see on the screen here. With the image at the bottom of the left also providing a great sense of scale how big this vessel actually is. Alongside shore-based landing sites and the ocean platform gives us the flexibility to maximize the vehicle's performance by allowing us to dedicate less propellant to landing and more to lifting our customers' payloads to, diverse and complex orbits.

中子號 400 英尺海上著陸平台。這就是我們在螢幕上看到的。左下角的圖像也提供了很好的比例感，可以顯示這艘船實際上有多大。除了岸基著陸點之外，海洋平台還使我們能夠靈活地最大限度地提高飛行器的性能，讓我們能夠將更少的推進劑用於著陸，而將更多的推進劑用於將客戶的有效載荷送入多樣化和複雜的軌道。

With the vessel secured, work has now begun on modifying it. We're adding autonomous ground support equipment that secures Neutrons to the deck when it lands, heat shielding, propulsive systems, and things to keep it on target for Neutron's return.

船隻固定後，改造工作現已開始。我們正在添加自主地面支援設備，當中子著陸時，它將被固定到甲板上，還有隔熱罩、推進系統和其他東西，以確保中子返回時能夠保持在目標上。

The landing platform is also a clear indication that we're scaling up and moving past, first minimum viable product with Neutron now. With one launch set for '25, we're aiming to triple that in '26 and then the landing barge is obviously critical to that ramp up. Now recovery isn't planned on the barge for the first test flight. We'll be doing a soft splashdown, but we can expect return on investment to live up to its name in '26 when it into service for all the future Neutron flights.

著陸平台也清楚地表明我們正在擴大規模並超越現在的第一個最小可行產品 Neutron。我們計劃在 2025 年進行一次發射，2026 年我們的目標是將發射次數增加三倍，而登陸駁船顯然對此目標的實現至關重要。目前還沒有計劃在駁船上進行首次試飛的回收工作。我們將進行軟濺落，但我們可以預期，當它在 26 年投入所有未來的中子飛行時，其投資回報率將達到它應有的水平。

Now the road to launch. I'm often asked what should we look at to indicate Neutron's progress to the pad because there's just so much going on. So we tried to create a little bit of a visual overview here of the big-ticket items that we're running concurrently right now and what's left to go to get to the pad.

現在開始啟程。我經常被問到，我們應該看什麼來指示中子到達發射台的進展，因為有太多事情要做。因此，我們嘗試在這裡創建一個視覺概覽，以展示我們目前正在同時運行的大件物品，以及還有哪些物品需要運送到發射台。

We've always been clear that we run aggressive schedules and that gets us to the pad on a rapid time frame. But of course nobody wants to get the rocket faster the pad than I do. The important thing to point out here is that these tasks are not serial.

我們一直很清楚，我們的日程安排很緊湊，這使我們能夠在短時間內完成任務。但當然沒有人比我更想讓火箭更快到達發射台。這裡需要指出的重要一點是這些任務不是連續的。

We don't wait to finish one before starting the next. Everything has been worked on concurrently, and some of them are long pieces -- long lead pieces that might come together just days before the launch, for example, a launch license.

我們不會等到完成一項工作後才開始下一項工作。所有工作都是同時進行的，其中一些是長期工作——可能在發射前幾天才完成的長期準備工作，例如發射許可證。

This isn't their first rodeo, as everyone knows, we're no strangers to bringing in a new rocket to market. We're running aggressive schedules as we always do. At the end of the day, as I've always said, it's --

這不是他們的第一次亮相，眾所周知，我們對將新型火箭推向市場並不陌生。我們的日程安排一如既往地緊湊。歸根結底，正如我一直說的那樣，--

Ladies and gentlemen, this is the operator. I apologize, but there will be a slight delay in today's conference. Once again, ladies and gentlemen, this is the operator. There will be a slight delay in today's conference. Please hold and the call will resume momentarily. Thank you for your patience.

女士們、先生們，我是接線生。很抱歉，今天的會議將會稍微延遲。再次強調，女士們、先生們，我是接線生。今天的會議將會稍微延遲。請稍候，通話將立即恢復。感謝您的耐心。

Sorry about that, everyone. I'm not sure why the line dropped there, but I'll reiterate the previous slide just to make sure that everybody got it.

各位，很抱歉。我不確定為什麼那條線會掉在那裡，但我會重申上一張投影片，以確保每個人都明白這一點。

So I'm often asked what we should look for and to indicate Neutron's progress to the pad. So we've created a visual overview here of the big-ticket items that we're running concurrently right now and what is left to go to get us to the pad in flight this year.

因此我經常被問到我們應該尋找什麼並指示中子到達發射台的進展。因此，我們在這裡創建了一個視覺概覽，展示了我們目前正在同時運行的大件物品，以及今年讓我們飛上太空還需要做哪些工作。

We've always been really clear that we run aggressive schedules and that that gets us to the pad quickly. And of course, I want to get to the pad faster than anybody else. The important thing to point out here is all these tasks are not serial.

我們一直很清楚，我們的日程安排很緊湊，這樣我們就能快速到達目的地。當然，我希望比任何人都更快到達發射台。這裡需要指出的重要一點是，所有這些任務都不是連續的。

We don't wait to finish one before starting the next. Everything has been worked, is being worked concurrently, and some of them are long lead pieces that come together literally days before the launch, for example, a launch license.

我們不會等到完成一項工作後才開始下一項工作。所有工作都已開始，並且正在同時進行，其中一些是長期準備工作，在發射前幾天就已經完成，例如發射許可證。

And now, of course, this isn't their first rodeo, and we're no strangers to bringing a new rocket to the pad. We run aggressive schedules and at the end of the day, as I always say, it's a rocket program, but right now we're planning for first launch in the second half of this year. I'm very happy with the progress of the development program. Neutron is going to be a really important vehicle for the industry, and we're excited to see to be the ones delivering that.

當然，這已經不是他們的第一次表演了，我們對將新火箭帶到發射台並不陌生。我們的時間表安排得很緊湊，正如我常說的，這是一個火箭計劃，但目前我們計劃在今年下半年進行首次發射。我對開發計劃的進展感到非常高興。Neutron 將成為業界真正重要的載體，我們很高興看到自己成為實現這一目標的人。

So moving on from launch now, and to provide some updates on their Space Systems businesses. I'm hoping to share our mission success for our latest spacecraft Varda in the early hours of this morning, and I mean early, our pioneer spacecraft flawlessly executed an Earth re-entry maneuver and deployed Varda's capsule to land in South Australia.

現在從發布開始，提供有關其空間系統業務的一些最新資訊。我希望在今天凌晨分享我們最新的航天器 Varda 的任務成功，我的意思是，我們的先驅航天器完美地執行了地球再入機動，並將 Varda 的太空艙降落在南澳大利亞。

The mission was launched in January and had been operating on orbit for over one month delivering critical mission functions for Varda's capsule. We have a third pioneer-class satellite, with its Varda capsule ready and waiting for launch in the coming days, which is the second satellite ready for launch of this program within a month.

該任務於一月份發射，已在軌道上運行了一個多月，為瓦爾達太空艙提供了關鍵的任務功能。我們擁有第三顆先鋒級衛星，其瓦爾達太空艙已準備就緒，將在未來幾天內發射，這是該計畫在一個月內準備發射的第二顆衛星。

For our Space Systems team, they're busy right now helping land, a NASA lunar lander mission on the moon. After its 45-day journey through space, our very own space grade solar cells have provided over 1,400 operational hours of power for this mission.

對於我們的太空系統團隊來說，他們現在正忙於幫助美國太空總署的月球登陸器登陸月球。經過45天的太空之旅，我們自己的太空級太陽能電池為這次任務提供了超過1,400小時的運行電力。

While the space software team have been providing 24/7 support for the orbit control and engine burns, that I've gotten this far. They'll be continuing that support for the mission right through its most critical phases too, including landing on the moon itself.

雖然太空軟體團隊一直在為軌道控制和引擎燃燒提供全天候支持，但我還是走到了這一步。他們還將在任務最關鍵的階段繼續提供支持，包括登陸月球本身。

On the national defense side, our team is really hitting their stride with two critical programs. We're now deep into the detailed design phase of a $500 million prime contract with the Space Development Agency. Earlier last month, we cleared a critical step of the program, the first design review that ensures our satellites, and how they operate all meet the rigorous mission requirements set down by the US Department of Defense.

在國防方面，我們的團隊在兩個關鍵項目上取得了長足進步。目前，我們正深入進行與太空發展局簽訂的價值 5 億美元主合約的詳細設計階段。上個月初，我們完成了該計畫的關鍵步驟，即首次設計審查，以確保我們的衛星及其運作方式均符合美國國防部製定的嚴格任務要求。

All 18 satellites use practically every one of their integrated subsystems and components, including solar panels, composite structures, star trackers, reaction wheels, radios, flight ground software, [avionics] launch dispensers, and so on and so forth. It's a high-level control over our own products within our own prime programs that gives us the ability to deliver world-class national defense solutions with certainty on cost and schedule and of course quality.

所有 18 顆衛星幾乎都使用了它們的每一個整合子系統和組件，包括太陽能電池板、複合結構、星追蹤器、反作用輪、無線電、飛行地面軟體、[航空電子設備]發射分配器等等。這是對我們主要專案中自己的產品的高水準控制，使我們能夠在成本、進度和品質方面確定地提供世界一流的國防解決方案。

We also have a 24-hour notice responsive space mission coming up this year for the US Space Force. This is one of the $32 million Victus Haze mission with a Rocket Lab satellite launching on a Rocket Lab Electron on short notice to demonstrate that we can respond to threats on very short timelines.

我們今年還將為美國太空部隊執行一項 24 小時通知響應太空任務。這是耗資 3200 萬美元的 Victus Haze 任務之一，其中 Rocket Lab 衛星在短時間內透過 Rocket Lab Electron 發射，以證明我們能夠在很短的時間內應對威脅。

In the defense industry that's called Responsive Space. It's a hugely complex yet sought after capability that the Pentagon is eager to have on hand with trusted commercial partners with a proven capabilities across Space Systems and launch, it's a position we're uniquely suited for. Now most of those missions employ spacecraft from our lineup of standard vertically integrated satellites that we announced last year.

在國防工業中，這被稱為「反應空間」。這是一項極其複雜但又備受追捧的能力，五角大樓渴望與值得信賴的商業夥伴一起擁有這項能力，這些夥伴在太空系統和發射方面都擁有經過驗證的能力，這是我們特別適合的職位。現在，大多數任務都採用了我們去年宣布的標準垂直整合衛星系列中的太空船。

But today I'm excited to share a big announcement. Please meet Flatellite, a low-cost, mass-producible satellite tailored for large constellations. Now we've developed Flatellite after many years of working closely with constellation operators and getting to deeply understand the needs of today and of course into the future.

但今天我很高興分享一個重大消息。請了解 Flatellite，這是一款專為大型星座設計的低成本、可大規模生產的衛星。經過多年與星座運營商的密切合作，並深入了解當今以及未來的需求，我們開發了 Flatellite。

Flatellite is a scalable, resilient, high-powered satellite that can enable capabilities such as secure low latency, high-speed connectivity and remote sensing for national security, defense and commercial markets. With Flatellite, we can do something few spacecraft manufacturers can. We can build it fast, cost effectively, and in high volumes thanks to our experience in spacecraft production combined with deep vertical integration of our in-house components.

Flatellite 是一種可擴展、有彈性、高功率的衛星，可為國家安全、國防和商業市場提供安全低延遲、高速連接和遙感等功能。借助 Flatellite，我們可以做到很少有太空船製造商能夠做到的事情。憑藉我們在太空船生產方面的經驗以及內部組件的深度垂直整合，我們可以快速、經濟高效地大量生產它。

This puts us in greater control of cost and schedule than others relying on constrained supply chains. What's more, once we've built them, we can launch the missiles too. That's thanks to its low-profile, stackable design, we can maximize the number of Flatellite's launched permission, ensuring seamless integration with Neutron. The bottom far right render with Flatellite stacked inside Neutrons fairings gives you a bit of an idea of the scale here.

與其他依賴受限供應鏈的公司相比，這使我們能夠更好地控製成本和進度。而且，一旦我們建造了它們，我們也可以發射導彈。這得歸功於其低調、可堆疊的設計，我們可以最大限度地提高 Flatellite 的發射許可數量，確保與 Neutron 的無縫整合。右下角的渲染圖顯示，Flatellite 堆疊在 Neutrons 整流罩內，可以讓您大致了解這裡的規模。

Now Flatellite is more than just a new product development to serve our customers ever evolving needs though. It's a bold strategic move towards completing the final step of Rocket Lab's ultimate vision of truly becoming an end-to-end space company and operating its own constellation and delivering services from space.

現在，Flatellite 不僅僅是一項新產品開發，還可以滿足客戶不斷變化的需求。這是 Rocket Lab 朝著實現其最終願景的最後一步邁出的大膽戰略舉措，即真正成為一家端到端的太空公司，運營自己的星座並從太空提供服務。

By having our own ride to space with Neutron and Electron and being able to build our own spacecraft in high volumes. We're at a distinct advantage when it comes to establishing constellations with speed and cost efficiency. That's about all we can share on Flatellite today, but I'm excited to be able to share more, with you soon on this, so watch this space.

透過利用中子和電子飛向太空，我們能夠大量建造自己的太空船。在快速且經濟高效地建立星座方面，我們具有明顯的優勢。這就是我們今天可以在 Flatellite 上分享的全部內容，但我很高興能夠很快與大家分享更多內容，因此請繼續關注。

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

因此，現在我將把時間交給亞當來提供進一步的評論，並討論我們的財務亮點和前景。

Thanks, Pete. Fourth quarter 2024 revenue was $132 million, which is above the midpoint of our prior guidance range and reflects significant year-over-year growth of 121%, driven by strong contribution from both business segments but led by Space Systems.

謝謝，皮特。2024 年第四季的營收為 1.32 億美元，高於我們先前指導範圍的中點，並反映了 121% 的顯著同比增長，這得益於兩個業務部門的強勁貢獻，但以空間系統為主導。

Fourth quarter revenue represented a sequential increase of 26.3%, primarily due to the increase in launches from three to five, including two HASTE missions during the quarter, which come at a higher ASP versus standard Electron missions.

第四季營收季增 26.3%，主要原因是發射次數從三次增加到五次，其中包括本季的兩次 HASTE 任務，與標準電子任務相比，其平均售價更高。

On a full year basis, 2024 revenue was $436 million, an impressive growth of approximately 78% year-on-year. Our Launch Services segment delivered revenue of $42.4 million, and our current Electron and HASTE backlog continues to support an increasing ASP with some quarterly variability tied to volume purchase commitments, launch location and mission assurance requirements.

從全年來看，2024 年的營收為 4.36 億美元，年增約 78%。我們的發射服務部門實現了 4,240 萬美元的收入，我們目前的 Electron 和 HASTE 積壓訂單繼續支援不斷增長的 ASP，但季度變化與大量購買承諾、發射地點和任務保證要求有關。

On a full year basis, Launch delivered revenue of $125.4 million, which is an increase of roughly 74% year-on-year. Our Space Systems segment delivered $90 million in the quarter, reflecting sequential growth of over 7%, driven primarily by a strong quarter from satellite manufacturing and our attitude direction and control subsystems business. On a full year basis, Space Systems delivered revenue of $310.8 million or an increase of 80% year-on-year.

全年來看，Launch 實現營收 1.254 億美元，年增約 74%。我們的太空系統部門本季實現了 9,000 萬美元的營收，環比成長超過 7%，這主要得益於衛星製造和姿態方向與控制子系統業務的強勁成長。全年來看，Space Systems的營收為3.108億美元，年增80%。

Now turning to gross margin. GAAP gross margin for the fourth quarter was 27.8%, at the high end of our prior guidance range of 26% to 28%. Non-GAAP gross margin for the fourth quarter was 34%, which was also at the upper end of our prior year guidance range of 32% to 34%. On a full year basis, GAAP gross margin was 26.6%, while non-GAAP gross margin was 32%.

現在談談毛利率。第四季的 GAAP 毛利率為 27.8%，處於我們先前預測範圍 26% 至 28% 的高端。第四季非公認會計準則毛利率為 34%，也是我們去年預期範圍 32% 至 34% 的上限。全年GAAP毛利率為26.6%，非GAAP毛利率為32%。

Although gross margins in our Launch business can be volatile quarter-to-quarter, dependent upon customer mix and mission type, in 2025, we expect continued margin expansion in both segments as Electron's cadence continues to increase at higher ASPs and our Space Systems business continues to scale. Relatedly, we ended Q4 with production-related headcount of 1,004 heads, up 40 from the prior quarter.

儘管我們的發射業務的毛利率可能因客戶組合和任務類型而逐季度波動，但在 2025 年，隨著 Electron 的節奏繼續以更高的 ASP 增加以及我們的太空系統業務繼續擴大，我們預計這兩個部門的利潤率將繼續擴大。與此相關的是，我們在第四季結束時生產相關員工總數為 1,004 人，比上一季增加了 40 人。

Turning to backlog. We ended Q4 2024 with $1.07 billion of total backlog with Launch backlog of $386 million and Space Systems backlog of $681 million. While year-on-year backlog growth was modest at approximately 2%, this should be put in the context of increasing lumpiness of backlog additions, given the timing of increasingly larger needle-moving deals and customer program opportunities. Sequentially, there is a slight remixing of our backlog as a result of particularly strong bookings in our Launch segment, which we expect to continue as we convert our pipeline of Neutron opportunities.

轉向積壓。截至 2024 年第四季度，我們的總積壓訂單為 10.7 億美元，其中發射積壓訂單為 3.86 億美元，太空系統積壓訂單為 6.81 億美元。儘管同比積壓訂單增長幅度僅為 2% 左右，但考慮到規模越來越大的重大交易和客戶計劃機會的時機，這應該放在積壓訂單增加數量不斷增加的背景下考慮。連續地，由於我們的啟動部分的預訂量特別大，我們的積壓訂單量略有調整，我們預計，隨著我們轉換中子機會渠道，這種情況將持續下去。

At first glance, our backlog has roughly a 50-50 split between government and commercial. But as you dig deeper, many of our commercial customers ultimately cater to the needs of the US government and other friendly nations. We view this as a significant advantage, especially in evolving political and budgetary environments as governments focus on space and efficiency remains a high priority.

乍一看，在我們的積壓訂單中，政府訂單和商業訂單的比例約為 50%。但深入挖掘就會發現，我們的許多商業客戶最終都會滿足美國政府和其他友好國家的需求。我們認為這是一個顯著的優勢，特別是在不斷變化的政治和預算環境中，因為政府仍然高度重視空間和效率。

We continue to cultivate a healthy pipeline, including multi-launch deals and large satellite manufacturing contracts that, as mentioned earlier, can create lumpiness in backlog growth given the size and complexity of these opportunities. We expect approximately 50% of current backlog to be recognized as revenues within 12 months.

我們將繼續培育健康的管道，包括多發射交易和大型衛星製造合同，如前所述，考慮到這些機會的規模和複雜性，這些合約可能會導致積壓訂單增長出現波動。我們預計目前積壓訂單的約 50% 將在 12 個月內確認為收入。

Turning to operating expenses in the quarter. GAAP operating expenses for the fourth quarter of 2024 were $88.4 million, modestly above our guidance range of $84 million to $86 million. Non-GAAP operating expenses for the fourth quarter were $74.5 million, just below our guidance range of $75 million to $77 million.

談到本季的營運費用。2024 年第四季的 GAAP 營運費用為 8,840 萬美元，略高於我們預期的 8,400 萬美元至 8,600 萬美元範圍。第四季非公認會計準則營運費用為 7,450 萬美元，略低於我們預期的 7,500 萬美元至 7,700 萬美元範圍。

GAAP operating expenses grew 39% from the prior quarter -- prior year fourth quarter, almost entirely related to a step-up in Neutron spending, particularly Archimedes testing, investments in composite structures development and IT-related spending, including a step-up in cybersecurity requirements related to our US government programs.

以美國通用會計準則計算的營運費用較上一季（去年同期第四季）增加了 39%，幾乎完全與中子支出（特別是阿基米德測試）、複合結構開發投資和 IT 相關支出（包括與美國政府項目相關的網路安全要求的增加）有關。

Non-GAAP operating expenses also grew 39% year-on-year, largely due to the same reasons as our GAAP OpEx increases, less the effect of stock-based compensation expenses and nonrecurring transaction costs.

非公認會計準則營運費用也比去年同期增加了 39%，這主要是由於與我們的 GAAP 營運支出增加相同的原因，但減去了股票薪酬費用和非經常性交易成本的影響。

Now focusing on quarter-over-quarter changes. The sequential increases in both GAAP and non-GAAP operating expenses were primarily driven by continued growth in headcount and prototype spending to support our Neutron development program and related IT infrastructure and IT support for both Neutron and our FDA satellite contract.

現在重點關注季度環比變化。GAAP 和非 GAAP 營運費用的連續增長主要是由於員工數量和原型支出的持續增長，以支援我們的中子開發計劃和相關 IT 基礎設施以及對中子和我們的 FDA 衛星合約的 IT 支援。

In R&D specifically, GAAP expenses increased $532,000 quarter-on-quarter due to Neutron prototyping materials and headcount growth. Non-GAAP R&D expenses were up $3.3 million quarter-on-quarter, more than the GAAP increase due to fluctuations in noncash stock-based compensation between R&D and cost of sales related to the EAC accounting of our Space Systems manufacturing programs.

具體來說，在研發方面，由於 Neutron 原型材料和員工人數的成長，GAAP 費用比上季增加了 53.2 萬美元。非 GAAP 研發費用較上季增加 330 萬美元，高於 GAAP 增幅，原因是與我們的太空系統製造計劃的 EAC 會計相關的研發和銷售成本之間的非現金股票薪酬波動。

As such, the non-GAAP R&D increase of $3.3 million represents well the underlying trend in core R&D spend in the business, again, driven largely by investments in Neutron. Q4 ending R&D headcount was 828, representing an increase of 52 from the prior quarter.

因此，非 GAAP 研發支出增加 330 萬美元很好地代表了該業務核心研發支出的潛在趨勢，而這主要得益於對 Neutron 的投資。第四季末研發員工總數為 828 人，較上一季增加 52 人。

In SG&A, GAAP expenses increased $7.9 million quarter-on-quarter, largely due to an increase in outside services related to IT, legal and finance, with IT spend largely related to security and cybersecurity requirements under our SDA contract, legal spend supporting a range of corporate initiatives, including corporate development and year-end audit activities, which are paired with an increase in staff costs.

在銷售、一般和行政管理方面，GAAP 費用環比增加了 790 萬美元，主要是由於與 IT、法律和財務相關的外部服務增加，其中 IT 支出主要與我們的 SDA 合約下的安全和網路安全要求有關，法律支出用於支援一系列公司計劃，包括公司發展和年終審計活動，這些都伴隨著員工成本的增加。

With that GAAP spend, we reported nonrecurring transaction costs of $2.2 million in Q4, owing to a step-up in corporate development activities, including advancing a robust pipeline of M&A opportunities. Non-GAAP SG&A expenses increased by $2.5 million, driven by the previously mentioned GAAP increases. Q4 ending SG&A headcount was 329, representing an increase of 29 from the prior quarter.

由於企業發展活動的加強，包括推動強勁的併購機會管道，我們報告第四季度的非經常性交易成本為 220 萬美元。非公認會計準則銷售、一般及行政費用增加了 250 萬美元，這是受前面提到的公認會計準則增加的影響。第四季末銷售、一般及行政開支員工總數為 329 人，較上一季增加 29 人。

In summary, total fourth quarter headcount was 2,161, up 121 heads from the prior quarter. Turning to cash. Purchases of property, equipment and capitalized software licenses were $21.5 million in the fourth quarter of 2024, an increase of $10.5 million from the $11 million in the third quarter of 2024. As we continue to invest in Neutron research, testing and scaling production, we expect increased capital expenditures to continue for the next few quarters.

總體而言，第四季員工總數為 2,161 人，比上一季增加 121 人。轉向現金。2024 年第四季度，物業、設備和資本化軟體許可證的購買額為 2,150 萬美元，比 2024 年第三季的 1,100 萬美元增加了 1,050 萬美元。隨著我們繼續投資於中子研究、測試和擴大生產，我們預計未來幾季資本支出將繼續增加。

Cash consumed from operations was $2.4 million in the fourth quarter of 2024 compared to $30.9 million in the third quarter of 2024. The sequential improvement of $28.5 million was driven primarily by the increased Space Systems programs milestone receipts, which can be lumpy.

2024 年第四季營運現金消耗為 240 萬美元，而 2024 年第三季為 3,090 萬美元。連續 2,850 萬美元的成長主要得益於太空系統專案里程碑收入的增加，儘管這一收入可能會不穩定。

Overall, non-GAAP free cash flow, defined as GAAP operating cash flow less purchases of property, equipment and capitalized software, in the fourth quarter of 2024 was a use of $23.9 million compared to $41.9 million in the third quarter of 2024.

整體而言，2024 年第四季非 GAAP 自由現金流（定義為 GAAP 營運現金流量減去購買的財產、設備和資本化軟體）為 2,390 萬美元，而 2024 年第三季為 4,190 萬美元。

We do expect a pickup in cash consumption in Q1, owing to an expected increase in Neutron spending ahead of our 2025 launch and the lumpiness in large contract-driven Space Systems milestone collections, which are projected to be lower in Q1 off a strong Q4, combined with higher payment outflows to our SDA program subcons that we expect will ultimately be reflected in higher revenue recognition in the back half of 2025.

我們確實預計第一季的現金消耗將會增加，這是因為預計在 2025 年發射之前中子支出將會增加，而且大型合約驅動的太空系統里程碑收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將會出現波動（預計第一季度的收款將低於第四季度的強勁表現），再加上我們 SDA 計畫收款將是更高的確認收入

The ending balance of cash, cash equivalents, restricted cash and marketable securities was $484 million as of the end of the fourth quarter of 2024. We exited Q4 in a strong position to execute on our organic expansion initiatives as well as inorganic options to further vertically integrate our supply chain with the critical capabilities and expand our addressable market, consistent with what we have done successfully in the past.

截至 2024 年第四季末，現金、現金等價物、受限現金及有價證券的期末餘額為 4.84 億美元。我們在第四季度結束時處於有利地位，可以執行我們的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，這與我們過去成功的做法一致。

Adjusted EBITDA loss was $23.2 million in the fourth quarter of 2024, modestly above our guidance range of $27 million to $29 million loss. The sequential improvement of $7.7 million was primarily driven by revenue growth and gross margin improvement across both segments. And with that, let's turn to our guidance for the first quarter of 2025.

2024 年第四季調整後 EBITDA 虧損為 2,320 萬美元，略高於我們預期的 2,700 萬美元至 2,900 萬美元虧損範圍。連續 770 萬美元的成長主要得益於兩個部門的收入成長和毛利率的提高。接下來，讓我們來看看 2025 年第一季的預測。

We expect revenue in the first quarter to range between $117 million and $123 million, representing approximately 29% year-on-year growth -- revenue growth at the midpoint and expect to return to sequential growth in Q2, driven by strength in our Space Systems business.

我們預計第一季的營收將在 1.17 億美元至 1.23 億美元之間，年增約 29%（營收成長處於中間點），預計在第二季將恢復連續成長，這得益於我們太空系統業務的強勁成長。

We expect first quarter GAAP gross margin to range between 25% to 27% and non-GAAP gross margin to range between 30% to 32%. These forecasted GAAP and non-GAAP gross margins reflect less favorable mix within our Space Systems segment and a lower Launch ASP driven by customer mix discussed earlier.

我們預計第一季 GAAP 毛利率在 25% 至 27% 之間，非 GAAP 毛利率在 30% 至 32% 之間。這些預測的 GAAP 和非 GAAP 毛利率反映了我們太空系統部門內部產品組合不太有利，以及前面討論過的由客戶組合驅動的較低的發射 ASP。

We expect first quarter GAAP operating expenses to range between $93 million and $95 million and non-GAAP operating expenses to range between $77 million and $79 million. The quarter-on-quarter increases are driven primarily by continued Neutron investment into staff costs, prototyping and materials.

我們預計第一季 GAAP 營運費用在 9,300 萬美元至 9,500 萬美元之間，非 GAAP 營運費用在 7,700 萬美元至 7,900 萬美元之間。季度環比成長主要得益於 Neutron 對員工成本、原型設計和材料的持續投資。

We expect first quarter GAAP and non-GAAP net interest expense to be $2.7 million. We expect first quarter adjusted EBITDA loss to range between $33 million and $35 million and basic weighted average common shares outstanding to be approximately 458 million shares, which excludes convertible preferred shares of approximately 51 million.

我們預計第一季 GAAP 和非 GAAP 淨利息支出為 270 萬美元。我們預計第一季調整後的 EBITDA 虧損將在 3,300 萬美元至 3,500 萬美元之間，基本加權平均流通普通股約為 4.58 億股，其中不包括約 5,100 萬股可轉換優先股。

Lastly, given where we are in the final push to not only get Neutron to the pad this year but also make advanced production scaling CapEx investments such as the recovery barge that Pete spoke about earlier as well as investing in inventory for subsequent Neutron tails beyond the test launch tail this year, cash consumption will increase and diverge more than it has normally from adjusted EBITDA.

最後，考慮到我們正處於最後的衝刺階段，不僅要在今年將中子號送上發射台，還要進行先進的生產規模資本支出投資，例如 Pete 之前提到的回收駁船，以及投資於今年測試發射尾部之後的後續中子尾部的庫存，因此現金消耗將會增加，並且與調整後的 EBITDA 的差異將超過正常水平。

We continue to see the program investment in getting to Neutron minimum viable product and infrastructure to be consistent with our initial estimates of approximately $250 million to $300 million, having spent approximately $200 million of gross GAAP OpEx and CapEx through the end of 2024 on this program. Specifically, over the last four quarters, total cash consumption has been running between approximately $20 million and $40 million per quarter.

我們繼續看到該計劃對實現 Neutron 最小可行產品和基礎設施的投資與我們最初估計的約 2.5 億至 3 億美元一致，到 2024 年底，該計劃已花費約 2 億美元的 GAAP 營運支出和資本支出。具體來說，在過去四個季度中，每季的總現金消耗量約為 2,000 萬美元至 4,000 萬美元。

And we expect this number to increase in Q1 due to a combination of these Neutron-related investments as well as long lead procurement items for our SDA program and a lack of significant contractual milestone payments receivable across our MDA Globalstar and SDA programs in the quarter.

我們預計這一數字將在第一季增加，這是由於這些與中子相關的投資以及我們的 SDA 計劃的長期採購項目，以及本季度我們的 MDA Globalstar 和 SDA 計劃缺乏重大合約里程碑付款應收。

While we proactively manage the working capital elements of our business, this unique situation is likely to result in an increase in cash consumption to approximately double from this prior range of $20 million to $40 million in Q1.

雖然我們積極管理業務的營運資本要素，但這種特殊情況可能會導致現金消耗從第一季的 2,000 萬美元至 4,000 萬美元增加約一倍。

We expect this dynamic to moderate in coming quarters with the resumption of contractual milestone payment schedules under our large space systems programs and as we get the minimum viable infrastructure in place to support the inaugural launch of Neutron later this year.

我們預計，隨著我們大型太空系統計劃下恢復合約里程碑付款計劃，以及我們將獲得最低限度可行基礎設施以支持今年稍後中子的首次發射，這種動態將在未來幾個季度得到緩和。

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

然後，我們會將電話轉給接線員以解答疑問。

(Operator Instructions)

（操作員指示）

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Thanks for taking our questions. One first one on Neutron and to check the language around the timing. I think in the past, it's been talked about as mid-2025. Now you're saying second half. Is this just kind of semantics, it's a couple of months, or are you trying to maybe put some cushion or take more time with any of the processes?

感謝您回答我們的問題。首先是關於 Neutron 的，並檢查與時間有關的語言。我認為過去人們談論的是在 2025 年中期。現在你說的是下半場。這是否只是一種語義，需要幾個月的時間，或者您是否試圖在任何過程中留出一些緩衝或花費更多時間？

Yeah. We've sort of said in the past mid-2025. So yes, we're taking -- giving ourselves a little bit more time to get it to the pad and get the launch. But I mean we're talking months here. It's not very material.

是的。我們曾經說過，是在 2025 年中期。所以是的，我們會給自己多一點的時間將它送上發射台並發射。但我的意思是我們在這裡談論的是幾個月。它不是很實質。

Understood. Understood. And just in terms of the launch itself, what would you kind of define as success? And I frame it in the context of, let's say, it gets to orbit. Does that mean we're pretty confident in the three for next year? Just curious on the parameters for where you would define as a mission success.

明白了。明白了。就發布本身而言，您如何定義成功？我將其構建為，假設它進入軌道。這是否意味著我們對明年的三場賽事非常有信心？我只是好奇您將哪些參數定義為任務成功。

Yeah. No, absolutely. Our intention is to go to orbit. We're not -- anything less than that is not where we want to be. So no, our intention is a little on the first flight, which I think some people in the space industry who know it well, realize that that's difficult to do.

是的。不，絕對不是。我們的目的是進入軌道。我們不會－任何低於這個水準的成績都不是我們的目標。所以，不，我們的目的是在第一次飛行，我認為一些熟悉航太工業的人意識到這很難做到。

But like I said, this is our second time around. So that's what we define as success for that mission.

但就像我說的，這是我們第二次。這就是我們對該任務成功的定義。

Great. Thank you.

偉大的。謝謝。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgeral

Hey everyone, congratulations on the quarter and thanks for the very thorough update. Congrats on the progress as well. Peter, just maybe to follow up on the Neutron question. Maybe another way to ask is, how confident are you in launching this year? And as we look into 2026, how should we think about the revenue mix starting to shift between Space Systems and Launch Systems?

大家好，恭喜本季度，並感謝您提供非常詳盡的更新。也祝賀你所取得的進步。彼得，也許只是想跟進一下中子問題。也許換一種問法就是，你對今年的推出有多大信心？展望2026年，我們該如何看待太空系統與發射系統之間的收入結構轉變？

Yeah, I'll answer the first part of the question, Andres, and then pass it off to Adam for the second half. But I mean look, we're not tracking any major events that would cause us to be concerned about trying to get this away this year. I always, [Kevin] anything whether that it's a rocket program, I mean, we have some major tests to complete. But at this stage, we're tracking pretty confidently to try and get this launch away.

是的，我會回答問題的第一部分，安德烈斯，然後將後半部交給亞當。但我的意思是，我們沒有追蹤任何重大事件，這些事件會讓我們擔心今年能否解決這個問題。我總是，[凱文]任何事情，無論是火箭計劃，我的意思是，我們都有一些重要的測試要完成。但在這個階段，我們正非常有信心地進行跟踪，並努力完成這次發射。

Yeah. And I can take the second piece of that, Andres. So yes, the mix in this business, I think, will be it's not going to be too unpredictable. So if -- we continue to see growth in our Electron business. Now that will become, over time, a smaller part.

是的。我可以拿走第二部分，安德烈斯。所以是的，我認為這個行業的狀況不會太難預測。因此，如果—我們繼續看到電子業務的成長。隨著時間的推移，這一部分將變得越來越小。

Of course, it's all of our Launch revenue today. It will become a piece of the Launch business once Neutron starts to fly in its revenue-generating form. So look, if you take -- if you extend our Launch business that we -- as Pete mentioned earlier, north of 20 launches this year, as with the manifests, it would indicate, continued growth off of that in the '26.

當然，這是我們今天所有的發布收入。一旦中子火箭開始以創收形式飛行，它將成為發射業務的一部分。所以你看，如果你擴大我們的發射業務，正如 Pete 之前提到的，今年的發射次數將超過 20 次，正如清單所示，這將表明 26 年將繼續保持增長。

So you've got some natural growth there. But then you start to introduce -- if you took talk about three Neutron launches at the prices that we've discussed previously in the $50 million to $55 million range, you're looking at potentially equaling in kind of that first year of revenue production for Neutron to equal what Electron is in what it's like eighth year of production.

因此，您在那裡獲得了一些自然的增長。但隨後你開始介紹——如果你談論三次中子發射，價格在我們之前討論過的 5000 萬美元到 5500 萬美元之間，那麼你就會發現中子第一年的收入可能相當於電子發射第八年的收入。

So that kind of just indicates the power that Neutron brings to the model. But we also expect significant growth in our Space Systems business to continue in 2026. So I would say that we will see a remixing and rebalancing and probably -- recently, we've been about a 70-30 mix of Space Systems to Launch. And I think you'll see Launch become greater in that mix. I don't think it will become necessarily more than 50% of the overall mix in the -- like if you look into 2026.

這只是顯示了 Neutron 為模型帶來的力量。但我們也預計，2026 年我們的太空系統業務將持續實現顯著成長。所以我想說，我們將看到一種重新混合和重新平衡，而且可能——最近，我們發射的太空系統組合大約是 70-30。我認為你會看到 Launch 在這種組合中變得更強大。我不認為到 2026 年它必然會占到整體組合的 50% 以上。

But I think longer term, Pete and I have always talked about we like having that kind of two-third, one-third Space System to Launch mix just given the lumpiness that Launch naturally has given customer readiness and so forth. So I think we're -- right now, we're kind of in a sweet spot.

但我認為從長遠來看，皮特和我一直在談論我們喜歡這種三分之二、三分之一的太空系統發射組合，因為發射自然會給客戶帶來不便等等。所以我認為我們——現在，我們處於一個最佳狀態。

I think we're going to probably over-index a little bit to Launch as Neutron scales. And then I think over time, we'll kind of balance that back out to our ideal mix of kind of two-third Space System, one-third Launch.

我認為，隨著 Neutron 規模的擴大，我們可能會對 Launch 進行稍微過度索引。然後我認為隨著時間的推移，我們會將其平衡回我們的理想組合，即三分之二的太空系統，三分之一的發射。

Got it. That's super helpful, guys. I really appreciate that. Maybe just a quick follow-up. On Space Systems, could you maybe just remind us what are some key awards or key catalysts that we can look for, for this year, maybe things that are not necessarily reflected in the backlog?

知道了。夥計們，這非常有幫助。我真的很感激。也許只是一個快速的跟進。關於太空系統，您能否提醒我們今年可以尋找哪些關鍵獎項或關鍵催化劑，也許這些不一定反映在積壓工作上？

Yeah, Andres, we -- as Adam kind of mentioned in the call, the kind of programs that we chase are not little programs. We know we chase fairly significant programs. And as a result, it kind of creates a little bit of lumpiness in the backlog.

是的，安德烈斯，正如亞當在電話中提到的那樣，我們所追逐的項目不是小項目。我們知道我們追求的是相當重要的項目。結果，這在某種程度上造成了積壓工作的混亂。

And obviously, we've been very competitive on the SDA mission, so we'll continue to bid on those. And there's a whole bunch of new missions that have been created relatively recently to do with the Iron Dome that we think we're well placed for as well.

顯然，我們在 SDA 任務上一直非常有競爭力，所以我們將繼續競標。最近也創建了一大批與「鐵穹」系統相關的新任務，我們認為我們也已做好充分準備。

So we'll continue to do things and bid on the things that make sense. And it's fair to say, though, that there is also some uncertainty in the industry under the new administration in the defense force about which programs are getting accelerated and which programs are getting slowed down. So, we just sort of have to roll with that a little bit.

因此，我們會繼續做事並競標有意義的事情。但公平地說，在新政府的領導下，國防部門在哪些項目將加速、哪些項目將放緩方面也存在一些不確定性。所以，我們只要稍微適應一下就好了。

Wonderful. Super helpful again and congratulations on the quarter. I'll pass it on.

精彩的。再次提供超級幫助並祝賀本季取得的成績。我會傳達的。

Suji DeSilva, Roth Capital.

羅斯資本的蘇吉‧德席爾瓦 (Suji DeSilva)。

Hi, Peter. Hi, Adam. Congratulations on naming a boat, Adam. So the Neutron cost, I just want to understand if it's still your expectation as Neutron takes its first launch at some of those stairs step down. And if so, would that be kind of concurrently with the first launch, lag a little, perhaps lead as it kind of -- the spend is ahead. Any color there would be helpful.

你好，彼得。你好，亞當。恭喜你為船命名，亞當。因此，對於中子的成本，我只是想了解一下，當中子在某個階梯下降時首次發射時，這是否仍然是您的預期。如果是這樣，那是否會與第一次發布同時進行，稍微滯後一點，或許領先一點——支出在前面。任何顏色都會有幫助。

Yeah, I can take a pass at the first part, and then Pete can jump in. So when you think about Neutron costs, obviously, this first test launch is an R&D launch. There won't be any revenue associated with that launch. And so as you look forward, of course, there's going to be -- as we get some production efficiencies as you move from the first tail to second tail to the third tail, that's always important.

是的，我可以先完成第一部分，然後 Pete 可以加入。因此，當你考慮中子成本時，顯然，這次首次試驗發射是研發發射。此次發射不會帶來任何收入。所以當你展望未來時，當然會有——隨著我們從第一條尾巴移動到第二條尾巴再到第三條尾巴，我們會獲得一些生產效率，這始終很重要。

But I think the more meaningful thing obviously, and the big focus item for us to really get the Neutron economics to come into focus is really reusability. And so Pete introduced the barge earlier today, and I like the name of that.

但我認為顯然更有意義的事情，以及我們真正關注中子經濟學的重點項目是可重複使用性。今天早些時候，皮特介紹了這艘駁船，我喜歡這個名字。

Certainly, the return on investment is exactly what that barge is intended to do. But it's really about how quickly can we stick that first landing, right? So again, we're not going to attempt it on the first one. The question is when do we feel comfortable to attempt it.

當然，投資回報正是這艘駁船的目的。但這實際上取決於我們能多快完成第一次著陸，對嗎？所以，我們再說一次，我們不會嘗試第一次。問題是什麼時候我們才會覺得舒服並願意嘗試。

And then when we do, we're successful putting that booster into reuse and going just as kind of we've seen other, we've seen SpaceX do, you hopefully get to reuse it a few times. And then maybe as you learn more, you can ultimately reuse that booster as we designed it to use at least 20 times.

然後，當我們這樣做時，我們成功地將該助推器重新使用，就像我們看到的其他助推器一樣，我們看到 SpaceX 所做的那樣，希望你可以重複使用它幾次。然後，也許隨著您了解更多信息，您最終可以重複使用該助推器，因為我們設計它可以使用至少 20 次。

And really, when you start to amortize the cost of that expensive booster over a significant number of launches, that's really where the margin expansion comes into. So the cost of the Neutron launch is really going to be dictated far and away by, more than anything else, reusability. I don't know if Pete wants to add anything to that.

事實上，當你開始透過大量發射來攤銷昂貴助推器的成本時，利潤率的擴大就真正開始發揮作用了。因此，中子發射的成本實際上在很大程度上取決於可重複使用性。我不知道皮特是否想補充一些內容。

No. You said exactly what I was going to say is that is a critical element. And the only bit to add is that the way that Neutron is designed, of course, is to burden the most amount of cost into that first stage as possible of the vehicle because we are, in fact, reusing it. So that's been an important design element for the vehicle.

不。您說的正是我想說的，這是一個關鍵因素。唯一需要補充的是，中子號的設計方式當然是將盡可能多的成本加到飛行器的第一階段，因為我們實際上是在重複使用它。所以這對車輛來說是一個重要的設計元素。

Okay. Great. And then my other question is on the new product, the Flatellite product. It seems like this is your entry into satellite -- constellation satellites. Wondering if there's a cost per satellite advantage you may have with the architecture versus what's currently in the marketplace or what's planned from competitors -- competitive offerings or how else we should think about the advantages of this product as constellations become -- constellation economics become a big part of putting this thing in space.

好的。偉大的。我的另一個問題是關於新產品 Flatellite 產品。這似乎是您進入衛星——星座衛星領域的第一步。想知道與目前市場上的產品或競爭對手的計劃相比，這種架構是否具有每顆衛星的成本優勢——競爭產品，或者隨著星座的發展，我們應該如何看待這種產品的優勢——星座經濟學成為將這種東西送入太空的重要組成部分。

Yeah. No, that's a great question. So generally, the way the conversations go is how fast can you make it and then how cheap is it. That's generally the order of events. And being so vertically integrated, we really shine on how fast you can make it because basically, over the years, we've just slowly been integrating more and more stuff and building more and more things in-house.

是的。不，這是一個很好的問題。所以一般來說，討論的重點是你能夠多快完成以及它有多便宜。這通常是事件發生的順序。而且由於我們進行了垂直整合，因此我們真正關注的是速度，因為基本上，多年來，我們只是慢慢地整合了越來越多的東西，並在內部建立了越來越多的東西。

So that gives us a huge edge. And then, of course, because we're building rockets and large structures and equipment, we just have a tremendous amount of capability, whether it be machine shops or composites, you name it, robotics.

這給了我們巨大的優勢。當然，因為我們正在建造火箭和大型結構和設備，所以我們擁有巨大的能力，無論是機械車間還是複合材料，還是機器人技術。

We just have a huge amount of capability to really execute on. And this is, I guess, where I think to really be a large competitive player in this industry, as I've always said, you have to have your ability to build satellites at scale, and you have to be able to have the ability to launch at scale.

我們確實擁有巨大的執行能力。我想，正如我一直說的，要真正成為這個行業中一個具有強大競爭力的參與者，你必須有能力大規模建造衛星，你必須有能力大規模發射衛星。

And launch is getting done with Neutron, and I'd say we're very far down the path now with Space Systems. And the introduction of Flatellite is really a combination of a number of years' work to get a product that can truly be very low cost and very high volume.

中子發射已經完成，我想說我們在太空系統的道路上已經走了很遠了。Flatellite 的推出其實是多年努力的結合，才獲得了一款真正成本極低、產量極高的產品。

Okay, thanks Pete.

好的，謝謝皮特。

Trevor Walsh, Citizens JMP.

特雷弗沃爾什 (Trevor Walsh)，公民 JMP。

Great. Just to piggyback off that Flatellite question, Peter, is there -- I think the deck said there was flexibility around the payload and just kind of looking at how you're going to have the sort of stacking mix there within Neutron, are there any limitations around the payload or like type of payload? I'm thinking more kind of in the earth sensing, kind of the -- the earth observation type realm as far as cameras and such.

偉大的。只是為了順便回答 Flatellite 的問題，Peter，我認為演示文稿中提到了有效載荷具有靈活性，只是看看如何在 Neutron 中進行堆疊混合，有效載荷或類似有效載荷是否有任何限制？我更多考慮的是地球感測、地球觀測類型的領域，例如相機等等。

Yeah, that's a great question, Trevor. So I mean the flat structure doesn't lend itself to large optical apertures, that's for sure, like big telescopes. But basically, everything else, it's super ideal for. So we do -- the way the structure is designed is we do have flexibility to grow the payload by depth and array sizes pretty easily.

是的，特雷弗，這是一個很好的問題。所以我的意思是，平面結構不適合大的光學孔徑，這是肯定的，例如大望遠鏡。但基本上，其他一切都非常理想。所以我們這樣做——結構設計的方式是，我們確實可以靈活地透過深度和陣列大小輕鬆增加有效載荷。

It's like a -- think of it like a ladder backpack onto those structures. So we can shrink and grow the various payloads pretty easily. So we've really given a lot of thought to not only what our customers are asking us now but future-proofing the design so that we can address a number of different applications with it.

就像──把它想像成梯子背包，可以放在那些結構上。因此我們可以非常輕鬆地縮小或增加各種有效載荷。因此，我們確實認真考慮了，不僅考慮了客戶現在的要求，還考慮了面向未來的設計，以便我們可以用它來解決許多不同的應用。

Great. Awesome. I appreciate the color. And then maybe, Adam, one quick follow-up for you. Around the R&D headcount increases and maybe more specific to Neutron, is the -- would the plan for those kind of heads be to kind of stay within the Neutron family?

偉大的。驚人的。我很欣賞這個顏色。那麼，亞當，也許我可以快速跟進一下你的情況。圍繞著研發人員數量的增加，也許更具體地針對 Neutron，這些負責人的計畫是否是留在 Neutron 家族中？

Or would they be able to be tasked and used kind of broader around Launch or even into Space Systems? Just trying to get a sense of kind of again around the cost question for Neutron, if headcount requirements kind of once the first launch goes abate a little bit and just how that kind of, again, more headcount employee-type base kind of cost around the build-out kind of might flow.

或者它們是否能夠被賦予更廣泛的任務並用於發射甚至太空系統？只是想再次了解中子的成本問題，如果第一次發射後的員工人數要求稍微減少，那麼這種更多的員工人數類型的基本成本將如何流動。

Yeah, I'd encourage you to think more of it in terms of kind of how does the P&L morph over time. And I think certainly, as we get past the first launch, you'll see R&D begin to subside pretty significantly. Now a lot of the heads, if we kind of take our past experience and kind of extrapolate that out, we tend to hire very talented kind of athletes, if you will, in engineering functions, which can do lots of different things. And so you find people that are super effective, doing R&D work.

是的，我鼓勵您多思考損益表隨著時間的推移如何變化。而且我認為，隨著我們完成首次發布，你會看到研發工作開始明顯減少。現在，如果我們根據過去的經驗進行推斷，我們會傾向於聘請非常有才華的運動員，從事工程工作，他們可以做很多不同的事情。因此，你會發現從事研發工作的人非常有效率。

And then they pivot over to production, and they kind of work on production engineering, any type of support work. So I wouldn't think so much of kind of elimination as much as repurposing from R&D into production because as you're ramping a new vehicle, it's -- there's still R&D type of elements and kind of skills that are necessary to kind of bring that vehicle into its mature state.

然後他們轉向生產，從事生產工程以及任何類型的支援工作。因此，我認為與其說是淘汰，不如說是將研發重新用於生產，因為當你在開發一輛新車時，仍然需要研發類型的元素和技能，才能讓這款車進入成熟狀態。

So that's the way I would encourage it. So certainly, we expect assuming it's a step-down in R&D, but those heads just really kind of -- or the expense related to those types of heads really move into cost of sales at that point. And I'll maybe let Pete speak to the mix, if he has any different views. But certainly, I think the one thing that's key is, aside from the heads, is certainly prototyping expenses will drop significantly.

這就是我鼓勵的方式。因此，當然，我們預計研發費用會減少，但這些負責人實際上只是某種程度上 - 或者與這些類型的負責人相關的費用實際上會在那時轉入銷售成本。如果 Pete 有不同的看法，我可能會讓他談談這個話題。但當然，我認為除了頭部之外，最關鍵的一點是原型製作費用肯定會大幅下降。

A lot of what we're spending our money on today for Neutron is prototyping expense, which is flowing through R&D.

我們今天為 Neutron 花費的大部分資金都是原型設計費用，這些費用都流向了研發部門。

Yeah, I think you said well. I have nothing to add.

是的，我認為你說得很好。我沒有什麼好補充的。

Great. Thanks, both. I appreciate the questions.

偉大的。謝謝你們兩位。我很感謝你們提出這些問題。

Michael Leshock, of KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Michael Leshock。

Hey, good afternoon. Thanks for taking my question. I wanted to start on the Archimedes hot fire. You've significantly increased your testing cadence there, and the fire looks very clean. So really good to see that. And just wondering if I could -- if you could touch on any of the changes that you've made to the propulsion system since the initial hot fire last August. And kind of where does Archimedes sit today in terms of readiness for the first launch and meeting or exceeding your performance requirements?

嘿，下午好。感謝您回答我的問題。我想從阿基米德熱火開始。您已經顯著增加了那裡的測試節奏，而且火勢看起來非常乾淨。很高興看到這一點。我只是想知道您是否可以談談自去年 8 月首次發生熱火以來對推進系統所做的任何改變。那麼，就首次發射的準備情況以及是否滿足或超出了你們的性能要求而言，阿基米德目前處於什麼位置？

Yeah, Michael, good questions. So yes, no, we're running the engines just all the time. A qualification program, it covers a lot of different running conditions. And it's not like the engine just needs to start on the ground once in a scene. We have a whole bunch of other run conditions.

是的，邁克爾，問得好。所以是的，不，我們一直在運轉引擎。這是一個資格認證計劃，它涵蓋了許多不同的運行條件。而且引擎並不需要在場景中在地面上啟動一次。我們還有一大堆其他運作條件。

We are -- the propellent needs to sit for a while and do the reentry and landing burns. Then, of course, the Stage 1 engine is the same as Stage 2. So you've got big coast periods and relights. So the qualification campaign is pretty big. I'm pretty happy with the engine, to be fair.

我們是——推進劑需要停留一段時間，然後進行再入和著陸燃燒。那麼，當然，第 1 階段的引擎與第 2 階段的引擎相同。因此，您有很長的海岸航行時間和重新點燈的時間。因此資格賽規模相當大。公平地說，我對這個引擎非常滿意。

The changes that we made to remove mass were in large part to increase production ability.

我們為消除品質而做出的改變很大程度上是為了提高生產能力。

Whenever you design something and you put it in production, you inevitably find the things that you don't like. So being agile enough at this stage to change them -- change the various things you want to is the right time to do it. It gets harder once the engine is all qualified. And the team is just working through it. And we added that extra cell for the very reason it's just a tremendous amount of testing to get through and tweaking.

無論何時，當你設計某種東西並投入生產時，你不可避免地會發現一些你不喜歡的東西。因此，在這個階段，如果足夠敏捷，就可以改變它們——改變你想要改變的各種事物，這是正確的時機。一旦引擎完全合格，事情就會變得更加困難。團隊正在努力解決這個問題。我們添加了這個額外的單元，因為這需要經過大量的測試和調整。

And yes, we're just kind of hammering away at it.

是的，我們正在努力解決這個問題。

Okay. Great. And maybe shifting to Electron. If we look longer term at Electron's launch prospects, if LC-1 can provide 120 launch opportunities annually and then maybe another 12 at LC-2, is the strategy -- are you looking to max out the launch capacity with maybe over 100-plus launches per year? Or does the supply-demand environment create a more attractive business model at maybe 30 or 40 Electrons per year? Just wondering where that sweet spot is for Electron launches as we look out three to five plus years down the road.

好的。偉大的。或許會轉向 Electron。如果我們從長遠角度看待 Electron 的發射前景，如果 LC-1 每年可以提供 120 次發射機會，而 LC-2 每年可以提供另外 12 次發射機會，那麼您的策略是——您是否希望最大限度地提高發射能力，每年發射次數可能超過 100 次？或者供需環境會創造出更具吸引力的商業模式，大概每年 30 或 40 個電子？我只是想知道，展望未來三到五年，Electron 發布的最佳時機在哪裡。

Yeah. Good question. So I mean my answer is as many as possible, right? That's what we want to see. When we developed LC-1 and we had to license that site, we obviously never wanted to be constrained by the licensing on that site.

是的。好問題。所以我的意思是我的答案是盡可能多的，對嗎？這正是我們希望看到的。當我們開發 LC-1 並且必須獲得該網站的許可時，我們顯然不想受到該網站許可的限制。

So we just thought of the biggest number we could back in 2016, and that's that. So we have plenty of capacity there. And even the capacity, even though we've 12 capacity out of LC-2, that can be amended and improved.

所以我們只是想到了 2016 年能夠達到的最大數字，就是這樣。所以我們在那裡有足夠的產能。就容量而言，儘管 LC-2 的容量為 12，但仍可修改和改進。

So that's not that much of a constraint either. But it's really just the market demand. And the good news is it continues to grow year-on-year. Every year, we sell more Electrons than the previous year, which is great. But that's really the driving factor behind it.

所以這也不是太大的限制。但這其實只是市場需求。好消息是，這數字還在逐年增加。每年我們銷售的電子產品都比前一年多，這很好。但這確實是背後的驅動因素。

And as we look out in the following years, we've seen strong growth in -- sorry, in Electron sales year-on-year.

展望未來幾年，我們將看到電子銷量較去年同期強勁成長。

Appreciate all the color and congrats on all the milestones in the quarter.

欣賞所有的色彩並祝賀本季的所有里程碑。

Thanks, Michael.

謝謝，麥可。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Hey, good afternoon, everybody. Hey, Peter, recognizing that space is hard, you guys are running aggressive time lines to your own admission on the Neutron. Maybe you could just walk us through the things that have caused the delays at each point. So I think we had pushed from the fourth quarter -- excuse me, second half of '24 into mid '25, now into the second half of '25. What are you seeing that is causing you to make those changes?

嘿，大家下午好。嘿，彼得，認識到太空是困難的，你們正在積極制定時間表，以承認中子的存在。也許您可以向我們介紹一下導致每個點延遲的原因。所以我認為我們已經從第四季——對不起，24 年下半年——推進到了 25 年中期，現在已經進入了 25 年下半年。您看到了什麼，促使您做出這些改變？

Yeah, thanks, Jason. Well, I mean, firstly, if we stand back and look at the context of the time line of a rocket program, this is still crazy fast compared to just about any historic rocket program. So there is -- it was always good to anchor on that.

是的，謝謝，傑森。嗯，我的意思是，首先，如果我們回顧一下火箭計劃的時間線背景，與任何歷史上的火箭計劃相比，這仍然是非常快的。所以——以此為基礎總是好的。

But look, there's no one thing. It's not like we had a giant engine failure or a tank failure or anything. There's no one thing. I would say probably the most frustrating thing is some of the large structures and third-party providers, we always end up having to pull stuff in-house because we get let down by a number of providers.

但你看，什麼都沒有。這並不是說我們遇到了大型引擎故障或油箱故障或其他什麼問題。沒有一點事。我想說，最令人沮喪的事情可能是一些大型結構和第三方提供者，我們最終總是必須在內部完成工作，因為許多提供者讓我們失望了。

And I'd say that that's caused a bit of delay. Early in the program, it's fair to say that we had to deal with some kind of COVID issues. So we just couldn't get concrete, and we couldn't get steel, couldn't buy CNC machines. Those things had really long lead times associated with them. Now of course, that's not the case now, but that sort of got us off to a little bit of a slow start.

我想說，這確實造成了一些延誤。可以說，在專案初期，我們不得不處理一些 COVID 問題。所以我們無法取得混凝土，無法取得鋼材，無法購買CNC工具機。這些東西的準備時間確實很長。當然，現在情況並非如此，但這確實讓我們起步有點慢。

But there's no like one big thing that's just sort of got in the road. We continue to push hard. And like I said, there's no giant thing. And if something went -- put its leg well out of bed, then, of course, we would let everybody know. But at the moment, we're just sort of just eating away at that.

但沒有像某種大事那樣擋住路。我們將繼續努力。正如我所說的，沒有什麼巨大的東西。如果發生什麼事——讓它的腿脫離床外，那麼，當然，我們會告訴所有人。但目前，我們只是在逐漸減少這一點。

Yeah. And you mentioned suppliers. How much dependency do you have at this point to get this all wrapped up? Is this 90% under your control at this point? Do you still have some dependencies with suppliers?

是的。您提到了供應商。到目前為止，您需要多少依賴才能完成所有工作？目前這 90% 是否在您的控制範圍內？您是否仍對供應商有依賴關係？

Yeah. Well, as we tradition -- as we transition into rate production of the product, we have that much, much more under our roof. When you're building large steel structures and launch sites and things like that, you don't have that in-house capability to do those kinds of things.

是的。好吧，按照我們的傳統——當我們轉向產品的大量生產時，我們擁有的就更多了。當你建造大型鋼結構和發射場等設施時，你沒有內部能力來完成這些事情。

The early prototypes were hand laid rather than being made on the AFP machine, which is now, of course, up and running and commissioned. So some of those things delay. But there's just some practicalities around doing things for one-off. It doesn't make sense to build all that capability in-house. But I'd say as time goes on and as rate production starts to increase, we've become far less reliant on those external contractors.

早期的原型是手工鋪設的，而不是在 AFP 機器上製造的，當然，AFP 機器現在已經啟動並投入運作。因此，有些事情會延遲。但這只是一次性的事情的一些實際情況。在內部建構所有這些功能是沒有意義的。但我想說，隨著時間的推移和產量的增加，我們對外部承包商的依賴程度會大大降低。

Right. Okay. I've got just a few more quick ones, if you'll humor me. On the pipeline Space Systems -- yes, in Space Systems and the pipeline, I'm just kind of curious what you are seeing and what the shape of that business might look like in the future. And I'm thinking about a split between you being the OEM or the kind of the prime building the full spacecraft versus you being a supplier into others.

正確的。好的。如果你願意的話，我還有幾個快速的問題。關於管道空間系統——是的，在空間系統和管道方面，我只是有點好奇您看到了什麼，以及該業務未來的形態會是什麼樣子。我正在考慮將您作為原始設備製造商或建造完整航天器的主要機構與您作為其他機構的供應商進行區分。

How -- what do you see out there? Are you guys going to end up being more of a components business, more of an OEM? Is it going to be a 50-50 split? I'm just kind of curious what you're seeing.

你怎麼——你在那裡看到了什麼？你們最終會成為零組件企業還是原始設備製造商？會是 50-50 的分配嗎？我只是有點好奇你看到了什麼。

Well, I think our aspiration, Jason, is we want to provide the service. So, a higher tier than certainly just building the satellite and higher tier again just providing the components. But the beauty of the way that we run the business is that we can fiercely bid on a program that we want to go after.

嗯，傑森，我認為我們的願望是我們想要提供服務。因此，更高層次肯定不只是建造衛星，更高層次則只是提供組件。但我們經營業務的方式的美妙之處在於，我們可以對我們想要實施的項目進行激烈的競標。

And even if we don't win, we still end up kind of winning because chances are we'll have some content and components in many of those larger programs. But certainly, there's a few things we're going after, right? One is very large US government programs, which we think we have some very discriminating technologies or capabilities. And then, of course, other large commercial constellations and programs, which you've seen us execute against as well.

即使我們沒有獲勝，我們最終仍然會取得某種勝利，因為我們很有可能在許多大型專案中擁有一些內容和組件。但當然，我們會追求一些事情，對嗎？一是規模非常大的美國政府項目，我們認為我們擁有一些非常有辨識力的技術或能力。當然，還有其他大型商業星座和計劃，您也看到我們執行了這些計劃。

And always, we like to have a NASA science mission on the books as well. So we've generally had a moon mission, a Mars mission or something on the books because we believe that's important to create technologies and for the company. So you're seeing those consistent sort of programs going out. But I mean where we're really trying to get to is providing the service, not just providing components or subsystems or satellite buses.

我們也一直希望在計畫中納入 NASA 的科學任務。因此，我們通常會進行月球任務、火星任務或類似的計劃，因為我們相信這對於創造技術和公司發展都很重要。因此，您會看到這些一致的程序正在推出。但我的意思是，我們真正想要做的是提供服務，而不僅僅是提供組件、子系統或衛星匯流排。

Right. So then, Adam, I'll get you involved here really quickly then. So your comment about two-third, one-third, two-third on the services and one-third on the launch, does that include this like third leg that you are all planning to stand up at some point, the services part of the business? I just -- I'm trying to figure out whether you're going to be adding a new segment at some point or if that services part where you're going to be operating constellations will be a part of the Space Systems business and that two-third, one-third mix is kind of what you were -- kind of gets encapsulated into that.

正確的。那麼，亞當，我會讓你很快參與其中。那麼，您所說的三分之二、三分之一、三分之二用於服務、三分之一用於發布，是否包括您們計劃在某個時候支持的第三支柱，即業務的服務部分？我只是——我想弄清楚您是否會在某個時候添加一個新的部分，或者您將要操作星座的服務部分是否會成為空間系統業務的一部分，而三分之二、三分之一的組合就是您所希望的——有點被封裝在其中。

Yeah. I think given the overall much larger size of the opportunity on the application side, I would expect that to fundamentally change that overall mix, right? I think that just -- the -- if we kind of look at and we talked -- we've articulated the total addressable market opportunity in each segment, Launch, we articulated it's roughly a $10 billion TAM. Systems and subsystems around satellites are around $30 billion TAM. And then the applications is perhaps an order of magnitude of that.

是的。我認為，考慮到應用方面的機會整體規模要大得多，我預計這會從根本上改變整體組合，對嗎？我認為，如果我們看一下並討論一下，我們已經明確了每個細分市場中總的可尋址市場機會，在 Launch 方面，我們明確表示 TAM 大約為 100 億美元。衛星周圍的系統和子系統的總價值約為 300 億美元。然後應用程式可能就是這個數量級。

So really, I think over time, the two-third, one-third was really a function of kind of the business as it exists today without that third leg of the stool. Yes.

所以實際上，我認為隨著時間的推移，三分之二、三分之一實際上是當今業務的功能，沒有了凳子的第三條腿。是的。

Okay. Yes, I just wanted to make sure I confirmed that. I didn't want people to be hanging on that word. And then two last really quick ones. Tariffs, next Tuesday could be a big day. Do you have any exposure to Canada or Mexico in particular?

好的。是的，我只是想確保我確認了這一點。我不希望人們糾結於這個詞。接下來是最後兩個非常快的。對於關稅而言，下週二可能是個重要的日子。您對加拿大或墨西哥有什麼特別的了解嗎？

I'm thinking there's some guys up in Canada that make antennas. I don't know if you're reliant on them. I'm just kind of curious, you're performing against firm fixed price contracts where your -- some of your inputs might be going up in price as a result of some tariffs that come into the fold next week.

我認為加拿大有一些人製造天線。我不知道你是否依賴他們。我只是有點好奇，你們是根據固定價格合約來執行的，由於下週開始實施的一些關稅，你們的一些投入價格可能會上漲。

Yes, I mean, I can make some comment there and then I'll pass it to -- So obviously, we have Sinclair Interplanetary, so they're a Toronto-based reaction wheels and star tracker business unit up there. So we do have some exposure. But maybe, Adam, you're probably best placed on some of the financial questions.

是的，我的意思是，我可以在那裡發表一些評論，然後我會把它傳遞給 - 顯然，我們有 Sinclair Interplanetary，所以他們是位於多倫多的反作用輪和星體跟踪器業務部門。所以我們確實有一些曝光。但是，亞當，也許你最適合回答一些財務問題。

Oh and then, yeah. So obviously we have Sinclair Interplanetary, so they are Toronto-based reaction wheels and Star Tracker, business unit up there, so we do have some exposure, but maybe Adam, you're probably best placed on some of the financial questions.

哦，然後，是的。顯然，我們有辛克萊星際公司（Sinclair Interplanetary），他們位於多倫多，是反作用輪和星軌追蹤器（Star Tracker）的業務部門，所以我們確實有一些曝光度。但也許亞當，你最適合回答一些財務問題。

Yeah, Jason, we don't -- we really don't have a lot of exposure. We certainly have our reaction wheels and star tracker and sun sensor business that we acquired several years ago up in Toronto. But I would say that, that doesn't really -- I would say we don't do mass volume production of those solutions, especially the reaction wheels in Canada.

是的，傑森，我們確實沒有太多的曝光率。我們當然有幾年前在多倫多收購的反作用輪、星體追蹤器和太陽感測器業務。但我想說，事實並非如此——我想說我們並沒有大規模生產這些解決方案，尤其是加拿大的反作用輪。

Those take place actually in New Zealand. And certainly, with our MDA Globalstar situation where we actually do the buses and then we ship the buses to Montreal for AIT, it's really going from the US to Canada. And there's -- I'm sure there's a lot of intricacies around kind of how you value those systems.

這些實際上發生在新西蘭。當然，就我們的 MDA Globalstar 情況而言，我們實際上是製造巴士，然後將其運送到蒙特利爾供 AIT 使用，實際上是從美國運往加拿大。而且——我確信在如何評價這些系統方面存在著許多複雜的問題。

They go across that border. But right now, I'd say, look, we don't see tariffs as impacting us significantly at this point. I think we're pretty fortunate that the majority of our, I'd say, intensity within the company is really between the US and New Zealand.

他們越過了那條邊界。但現在我想說，我們目前不認為關稅會對我們造成重大影響。我認為我們非常幸運，我們公司內部的大部分合作實際上都在美國和紐西蘭之間。

Right, okay, great, I'll leave it there. I appreciate the time guys.

好的，好的，太好了，我就不說了。我很感謝大家的時間。

Erik Rasmussen, Stifel.

埃里克·拉斯穆森（Erik Rasmussen），Stifel。

Yeah, thanks guys for taking questions.Maybe just on the Flatellite, the new low-cost satellite. What is the throughput expectation for that? And do you have sort of the infrastructure to support your aspirations in that new opportunity?

是的，謝謝大家回答問題。也許只是關於 Flatellite，一種新的低成本衛星。其吞吐量預期為何？您是否擁有某種基礎設施來支持您在新機會中的願望？

Yeah, Erik. So the throughput of that is designed to be couple of satellites a week up to a satellite a day, depending on the customer or the opportunity that we go after. We've got some pretty -- you've been to some of the facilities, the headquarters building which is now basically a satellite manufacturing facility has ample kind of space to be able to execute that.

是的，埃里克。因此，其吞吐量設計為每週幾顆衛星到每天一顆衛星，具體取決於客戶或我們追求的機會。我們有一些漂亮的——你去過一些設施，總部大樓現在基本上是一個衛星製造工廠，有足夠的空間來實現這一點。

And if you look across all the subsystems, there's -- in many, many areas, we've already scaled, whether it be solar or a reaction wheel. So in some of those systems, we provide to some of the larger constellations already.

如果你觀察所有的子系統，你會發現，在許多領域，我們已經進行了擴展，無論是太陽能還是反作用輪。因此，在其中一些系統中，我們已經為一些較大的星座提供服務。

So those things are already being produced at scale. But as far as final integration, I mean, we stand up and bring down lines for spacecraft now relatively frequently, depending on what the customer needs. So I would say that the vast majority of the capability exists.

所以這些東西已經大規模生產了。但就最終的整合而言，我的意思是，我們現在會根據客戶的需求相對頻繁地建立和拆除太空船的生產線。所以我想說，絕大多數的能力都是存在。

Great. And then maybe just on Neutron, the push-out. And it really -- again, it doesn't sound like a whole big change. I mean, I think you were talking about -- the last update was no earlier than mid-2025, and I think everyone was just so focused on just mid-'25. But here, it's second half.

偉大的。然後也許只是在 Neutron 上推出。而且，這確實——再說一遍，這聽起來不像是一個很大的變化。我的意思是，我認為您說的是——上次更新不早於 2025 年中期，而且我認為每個人都只關注 2025 年中期。但這裡是下半場。

But what -- I guess how achievable is this at this point? I mean, do you consider this more -- less of a stretch goal than sort of where we were the last time when you made the no earlier than 2025 estimate?

但是——我猜目前這有多大可能實現？我的意思是，您是否認為這更像是一個延伸目標，而不是像您上次估計的那樣，是 2025 年之前的目標？

Yes. It feels about the same to be honest with you, Erik. I mean in a few months here in the year is just -- it's really in the noise, but we just want to be as transparent as we can where we see things. And -- but yes, look, I mean the -- what we're trying to bring here to market in this vehicle in such a short time frame, it's -- like I say, it's kind of in the noise. But yes, we're just being transparent.

是的。說實話，艾瑞克，你的感覺也差不多。我的意思是，一年中的這幾個月裡，情況確實很混亂，但我們只是想盡可能透明地了解我們所看到的情況。而且 — — 但是是的，你看，我的意思是 — — 我們試圖在如此短的時間內將這款車推向市場 — — 就像我說的，它有點喧囂。但是是的，我們只是保持透明。

Okay. Maybe then on Electron, have you seen any changes in customer behavior or demand that maybe suggest things are slower than what you expected? Because I think I recall for this year, we may be looking at around 26 launches, but it sounds like you're expecting around 20 or so launches for this year. Any sort of comments you can make on that?

好的。那麼在 Electron 上，您是否看到客戶行為或需求有任何變化，這可能表明事情比您預期的要慢？因為我記得今年我們可能會考慮大約 26 次發射，但聽起來您預計今年會有大約 20 次發射。您對此有何評論？

Well, I think we're just being a little bit more cautious this year because we had a big manifest last year, and we launched everything that turned up. So -- and that's the kind of the reality of the Electron product. That's why people pay the premium is because they get to launch when they need to launch.

嗯，我認為我們今年會更加謹慎一些，因為去年我們有一份重要的清單，並且我們將所有出現的東西都推出了。所以——這就是電子產品的現實情況。這就是人們支付溢價的原因，因為他們可以在需要的時候發射。

So we have a really strong sales year last year and so far this year for Electron. As you saw, we added a bunch more this year alone, and we continue to see growth in that product. So it certainly doesn't feel like it's slowing down from our perspective. But I think it's -- certainly the sales cycles and sales aren't, but I think we're always a little bit cautious because we -- in promising how many launches we're going to do it because it's just not in our control.

去年以及今年到目前為止，Electron 的銷售業績都非常強勁。如您所見，僅今年一年我們就增加了許多產品，我們繼續看到該產品的成長。因此從我們的角度來看，它確實沒有放緩的跡象。但我認為——銷售週期和銷售額肯定不是，但我認為我們總是有點謹慎，因為我們——承諾我們會推出多少次產品，因為這不在我們的控制範圍內。

Yeah. And Erik, I would focus on just the growth in the backlog. And I think the thing that gives us encouragement is the fact that we're seeing increasing size of the contracts that we're signing with customers as far as numbers of launches. It's in new areas as well so that Electron business is diversifying now particularly with HASTE.

是的。艾瑞克，我只會關注積壓訂單的成長。我認為讓我們感到鼓舞的是，我們與客戶簽訂的合約規模和發射次數都在增加。它也進入了新的領域，因此電子業務現在正在多樣化，特別是透過 HASTE。

So we've got diversity increasing in the business, absolute increase in scale, and with that, increasing ASPs. And as we've talked about many times before, across various conferences and venues, this business is a -- it's a scale business, right? You have to -- the more you can absorb those standing costs across a greater number of units, your economics get much better.

因此，我們的業務多樣性不斷增強，規模絕對不斷擴大，隨之而來的是平均售價不斷提高。正如我們之前在各種會議和場合中多次談到的那樣，這項業務是一項規模業務，對嗎？你必須－你越能透過更多的單位吸收這些固定成本，你的經濟狀況就會越好。

And that's actually what we see playing out over the coming quarters is as we continue to scale the launch cadence, the margins benefit significantly as you just get to absorb those relatively static fixed costs over a greater number of units.

事實上，我們在未來幾季中會看到這樣的情況：隨著我們繼續擴大發布節奏，利潤率將顯著提高，因為你只需吸收更多單位中那些相對靜態的固定成本。

So yes, I repeat, I don't think there's nothing that I see when we have our demand assessment kind of reviews internally that would say this market is slowing down at all. In fact, I think kind of adding that HASTE leg to the stool, I think, has been super helpful and encouraging because that's a very strategic need that's being met in a unique way by this vehicle. So yes, I think we're very encouraged by what we see.

所以是的，我再說一遍，我認為當我們進行內部需求評估時，我沒有看到任何跡象表明這個市場正在放緩。事實上，我認為在凳子上添加 HASTE 支架是非常有幫助和鼓舞人心的，因為這是一種非常具有戰略意義的需求，而這款車以獨特的方式滿足了這種需求。是的，我認為我們對所看到的情況感到非常鼓舞。

Great. I just want to maybe bounce back to Neutron real quick. With this updated time line, do you still -- are you still within sort of the framework of being able to support NSSL? Maybe just talk about that time line in relation to sort of your new update.

偉大的。我只是想盡快回到 Neutron。根據這個更新的時間線，您是否仍然能夠支援 NSSL？也許只是談論與您的新更新相關的時間軸。

Yes, sure. I mean we were working alongside the Space Force and have done for many years. And no, it won't affect that -- the ability to on-ramp. I mean, the criteria is a credible path to launch by the end of the year, and by -- absolutely by all measures of that I think we're fine.

是的，當然。我的意思是我們與太空部隊合作已經很多年了。不，它不會影響進入的能力。我的意思是，標準是在年底前推出一條可靠的途徑，而且從各方面來看，我認為我們都沒問題。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

I mean to touch back on space apps, I know this has always kind of been on in the background, even going back to when you guys first went public in '21. Given that you're comfortable unveiling the Flatellite platform today, could you maybe walk us through how you'd expect this application to materially contribute to the business through the years, maybe when we could see a meaningful step-up of any measure?

我的意思是回顧太空應用程序，我知道這一直在幕後進行，甚至可以追溯到你們 21 年首次上市的時候。鑑於您今天願意推出 Flatellite 平台，您能否向我們介紹一下，您預計該應用程式在未來幾年將如何為業務做出實質貢獻，也許我們何時可以看到任何有意義的進步？

Yeah, Andre. Well, I mean, look, it's kind of difficult to talk about that. I mean, the most important thing really is Neutron because if we take our friends over at SpaceX and the Starlink constellation, Starlink is a great satellite. But the real needle mover there was high-frequency, low-cost launch. That's why Neutron is so important.

是的，安德烈。嗯，我的意思是，聽著，談論這個有點困難。我的意思是，最重要的確實是中子，因為如果我們接手 SpaceX 和 Starlink 星座的朋友，Starlink 就是一顆很棒的衛星。但真正起到推動作用的是高頻率、低成本的發射。這就是為什麼中子如此重要。

So we kind of methodically, step by step, are creating all of the right ingredients to be able to build constellations at scale. But the really, really important element of that is Neutron. And while that's occurring in the background, we're just, like I say, just methodically building the capability to -- on the spacecraft side.

因此，我們正在有條不紊地、一步一步地創造所有正確的要素，以便能夠大規模地建造星座。但其中真正重要的元素是中子。當這一切在幕後發生時，就像我說的，我們只是在有條不紊地建造太空船方面的能力。

Yeah. No, that's a good point. I appreciate you highlighting that. And then maybe if I may follow up, looking at the true backlog mix. I know Adam touched on this before, but it's 50-50 commercial defense national security.

是的。不，這是一個很好的觀點。我很感謝你強調這一點。然後也許我可以跟進一下，看看真正的積壓組合。我知道亞當之前談過這個問題，但商業防禦和國家安全的比例是 50-50。

But I mean given that, like you said, most of the, not most, sizable portion of commercial is bound for defense and national security customers. What's the true mix, do you think?

但我的意思是，正如您所說，大部分（不是大部分）商業交易都是針對國防和國家安全客戶的。您認為真正的混合是什麼樣的？

It's probably -- I would say probably more like 70-30. What do you think, Adam?

可能——我想說可能更像是 70-30。亞當，您覺得怎麼樣？

Yes, maybe even higher than that. I think it's probably closer to north of 80% would be where the end, let's say, consumption of the data coming off the things that we launch get consumed in one way or other by a government, whether it's US government or other governments. If you look at like -- again, a lot of the -- Electrons are really popular vehicle for remote sensing capabilities.

是的，甚至可能更高。我認為最終這個比例可能接近 80%，也就是說，我們推出的產品所產生的數據會以某種方式被政府消費，無論是美國政府還是其他政府。如果你看一下——再說一次，很多——電子是真正流行的遙感載體。

And again, a lot of those customers -- it used to be people were saying that counting cars in Walmart parking lots was going to be the killer app for earth observation. That clearly wasn't the case. It ends up being selling much of what gets generated from these commercial constellations to the US government for national security, weather and other types of data. So yes, I think it's probably north of 80% would be my guess, but it's just a guess.

而且，許多顧客——人們曾經說過，計算沃爾瑪停車場的汽車數量將成為地球觀測的殺手級應用。事實顯然並非如此。最終，這些商業星座產生的大部分數據被出售給美國政府，用於國家安全、天氣和其他類型的數據。所以是的，我猜測這個比例可能在 80% 以上，但這只是一個猜測。

Got it. No, that's helpful color. I'll leave it there. Thanks, Peter and Adam.

知道了。不，那是有用的顏色。我就把它留在那裡。謝謝，彼得和亞當。

Thank you.

謝謝。

There are no further questions at this time. With that, I will now turn the call back over to Sir Peter Beck for final closing remarks. Please go ahead.

目前沒有其他問題。現在，我將把電話轉回給彼得·貝克爵士，請他做最後的總結發言。請繼續。

Yeah. Thanks very much. And before we close out today, there are some up-and-coming conferences that we'll be attending shown below. We look forward to sharing more exciting news and updates with you. Otherwise, thanks for joining us.

是的。非常感謝。在今天結束之前，我們將參加一些即將舉行的會議，如下所示。我們期待與您分享更多令人興奮的消息和更新。否則，感謝您加入我們。

That wraps up today's call, and we look forward to speaking with you again about the exciting progress we made at Rocket Lab. Thanks very much.

今天的電話會議到此結束，我們期待再次與您談論我們在 Rocket Lab 取得的令人興奮的進展。非常感謝。

Ladies and gentlemen, that concludes your conference call. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，你們的電話會議到此結束。感謝您的參與，並請您斷開線路。