Rocket Lab Corp (RKLB) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Jessica, and I will be your conference operator today. At this time, I would like to welcome everyone to Rocket Lab first-quarter 2025 financial results update and conference call. (Operator Instructions)

感謝您的支持。我叫潔西卡，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Rocket Lab 2025 年第一季財務業績更新和電話會議。 （操作員指示）

At this time, I would like to turn the call over to Murielle Baker, Senior Communications Manager. Murielle, you may begin.

現在，我想將電話轉給資深通訊經理 Murielle Baker。穆里爾，你可以開始了。

Thank you. Hello, and welcome to today's conference call to discuss Rocket Lab's first-quarter 2025 financial results.

謝謝。您好，歡迎參加今天的電話會議，討論 Rocket Lab 2025 年第一季的財務表現。

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. 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 Securities and Exchange Commission. 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.

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相關的前瞻性陳述，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。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。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改變。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。

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.

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 a copy of the presentation will be available on our website. Our speakers today are Rocket Lab Founder and Chief Executive Officer, Sir Peter Beck; as well as Chief Financial Officer, Adam Spice. They will be discussing key business highlights, including updates on our launch and space systems programs, and we will discuss financial highlights and outlook before we finish by taking questions.

本次電話會議還將進行網路直播，並附帶支援性演示文稿，重播和簡報副本將在我們的網站上提供。今天的演講者是 Rocket Lab 創辦人兼執行長彼得貝克爵士；以及財務長亞當斯派斯 (Adam Spice)。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.

因此，請允許我將電話轉給彼得爵士。

Thanks, Murielle, and thanks, everybody, for joining us today. While we had a very strong start for 2025 across the business, I want to provide a bit of an update as we build towards our future as a constellation owner and operator.

謝謝穆里爾，也謝謝大家今天加入我們。雖然我們整個業務在 2025 年取得了非常強勁的開局，但隨著我們作為星座所有者和運營商的未來不斷邁進，我想提供一些最新情況。

As we take you through our achievements for the quarter, keep this in mind how every milestone and every mission brings us closer to that more lucrative piece of the space value chain. We continue to launch and book more and more Electron missions, proving we hold the keys to space with regular launch access. As Neutron (inaudible) closer to the pad, we also get closer to having a 13-ton reusable launch vehicle that can deploy our own satellites with speed and cost efficiency, while also generating revenue through the missions we fly for our national security and commercial customers.

當我們向您介紹本季的成就時，請記住每一個里程碑和每個任務都使我們更接近太空價值鏈中更有利可圖的部分。我們將繼續發射和預訂越來越多的電子任務，證明我們透過定期發射掌握了太空的鑰匙。隨著中子（聽不清楚）越來越接近發射台，我們也越來越接近擁有一個 13 噸可重複使用的運載火箭，它可以快速、經濟高效地部署我們自己的衛星，同時還可以透過我們為國家安全和商業客戶執行的任務創造收入。

Having gone after the full space ecosystem with satellites, launch vehicles and everything in between, our deep vertical integration is one of our distinct competitive advantages. And while it's bringing us closer to our strategic end goal, this quarter, it's also served us well against the backdrop of dynamic international trade environment, ensuring that we have the supply chain lock with secure and predominantly US-based manufacturing.

我們致力於打造包含衛星、運載火箭以及其間一切的完整太空生態系統，深度垂直整合是我們獨特的競爭優勢之一。雖然它使我們更接近本季的戰略最終目標，但它也在動態的國際貿易環境的背景下為我們提供了良好的服務，確保我們擁有安全且主要位於美國的製造業的供應鏈鎖定。

So with that, let me move on to some more specifics for the quarter. We've posted a near record quarterly revenue of $122.6 million, nudging to the top end of our prior guidance and 32% -- up 32% compared to last year. We have another strong looking quarter on the horizon, with the midpoint of our guidance range for Q2 pointed to another record-setting quarter for the business, and I'll let Adam go into those details a little bit later.

因此，讓我繼續介紹本季的更多具體情況。我們公佈的季度營收接近歷史最高水平，達到 1.226 億美元，接近先前預期的最高水平，比去年同期增長 32%。我們即將迎來另一個強勁的季度，我們第二季度的指導範圍中點表明，我們的業務將再創紀錄，稍後我會讓亞當詳細介紹這些細節。

On the launch side, demand is soaring. We booked eight new Electron and HASTE missions for Q1. And at the same time, launched five missions with 100% mission success. Three of those took flight within just 13 days of each other, and there is demand from our customers for more than 20 launches this year. For Neutron, our selection to the DoD's high-value launch contract in SSL program is really the headline for the quarter.

在發射方面，需求正在飆升。我們為第一季預定了八個新的 Electron 和 HASTE 任務。並同時發射了五次任務，任務成功率100%。其中三架火箭在短短 13 天內成功升空，今年我們的客戶對發射的需求超過 20 架。對 Neutron 來說，我們入選國防部 SSL 計畫的高價值發射合約確實是本季的頭條新聞。

I'll go into more detail about what this means and how we plan to deliver against it in the later slides.

我將在後面的幻燈片中更詳細地介紹這意味著什麼以及我們計劃如何實現它。

And in Space Systems, it only took 15 days to bring back the seconds in space manufacturing mission for Varda before our third spacecraft is launched to space and began its operation. A real demonstration of the speed and capability we've developed to deliver consistently reliable spacecraft for our customers. So there's lots to get excited about this past quarter. So without further ado, let's dig in.

在太空系統方面，在我們的第三艘太空船發射升空並開始運作之前，我們僅用了15天的時間就為瓦爾達號帶回了太空製造任務中的第二艘太空船。真實地展示了我們為客戶提供始終可靠的太空船的速度和能力。因此，過去一個季度有很多值得興奮的事情。事不宜遲，讓我們開始吧。

First up, turning to small launch. So Electron continues to prove why it's the global leader with five missions in the quarter, all across only 6.5 weeks. Proving that when even when our customers are ready to go with their payloads, so are we. Looking ahead, next weekend's mission for the multi-launch customer, iQPS, will be the first of 6 in a row that are flying back to back out of Launch Complex 1.

首先，轉向小型發射。因此，Electron 繼續證明為何是全球領先者，本季共完成 5 次任務，歷時僅 6.5 週。事實證明，當我們的客戶準備好運送他們的有效載荷時，我們也是如此。展望未來，下週末的多發射客戶 iQPS 的任務將是連續 6 次從 1 號發射中心背靠背發射中的第一個。

Electron makes frequent and reliable launch look easy. But if we take a look back over a past decade, it really shows that Electron has really submitted itself as the (inaudible) small launch provider. Electron really has scaled to provide the majority of American commercial small launch, a focus on execution, smart use of capital to scale launch cadence and production and a solid and reliable product is what it takes to succeed.

Electron 讓頻繁且可靠的啟動看起來很容易。但如果我們回顧過去十年，就會發現 Electron 確實已經成為了（聽不清楚）小型發射提供者。Electron 確實已經擴大規模，為大多數美國商業小型發射提供服務，而成功的關鍵在於專注於執行，明智地利用資本來擴大發射節奏和生產，以及提供堅固可靠的產品。

A few others have been able to achieve that in the same way we have with Electron. That really goes to show what an impact Electron has had and continues to have on the industry in delivering trusted and reliable access to space for small satellite operators. And Neutron is set to do exactly the same, obviously.

其他一些人也能夠透過與我們相同的方式使用 Electron 來實現這一目標。這確實表明了 Electron 在為小型衛星營運商提供值得信賴和可靠的太空存取方面對產業產生並將繼續產生影響。顯然，Neutron 也將發揮同樣的作用。

Moving on to HASTE, and our hypersonic test vehicle continues to be a sought-after capability both domestically and internationally. Both the US and the United Kingdom have picked HASTE to develop sovereign hypersonic technology for their multibillion-dollar defense programs. We've been selected to participate within the US Air Force's EWAAC program, a $46 billion indefinite delivery and definite quantity program.

談到 HASTE，我們的高超音速測試飛行器繼續受到國內外的追捧。美國和英國都選擇 HASTE 為其數十億美元的國防計畫開發自主超音速技術。我們已被選中參與美國空軍的 EWAAC 計劃，這是一項價值 460 億美元的無限期交付和確定數量的計劃。

The second program we've been on ramp to is a $1.3 billion framework by the United Kingdom Ministry of Defense as it works to shore up its hypersonics capabilities. This is HASTE's first international call up and a proud moment for the team to be able to contribute to the collective security of the United States and its allies.

我們啟動的第二個項目是英國國防部斥資 13 億美元實施的框架計劃，旨在增強其高超音速能力。這是HASTE首次被邀請參加國際比賽，也是該隊能夠為美國及其盟友的集體安全做出貢獻的自豪時刻。

We've also landed another HASTE launch contract through Kratos for the Department of Defense MACH-TB program. So that's seven missions now with HASTE for MACH-TB, making us one of the most prolific commercial launch providers on that flagship DoD program. Regular hypersonic flight tests are critical to developing the technology and infrastructure needed to keep country safe, and HASTE is right at the center of that effort.

我們還透過 Kratos 為國防部 MACH-TB 計劃贏得了另一份 HASTE 發射合約。因此，HASTE 現在已經為 MACH-TB 執行了七次任務，這使我們成為該旗艦國防部計劃中最多產的商業發射提供者之一。定期進行高超音速飛行測試對於開發維護國家安全所需的技術和基礎設施至關重要，而 HASTE 正是這項工作的核心。

Now on to Neutron. Momentum is building for Neutron on the back of a really significant progress we made in 2024. The big news item in this quarter has been on ramp to the Pentagon's high-value launch contract national security space launch program.

現在討論中子。憑藉我們在 2024 年取得的重大進展，Neutron 的發展勢頭正在增強。本季的重大新聞是五角大廈高價值發射合約國家安全太空發射計畫的進展。

This is the most competitive launch program in the industry to fly the DoD's highest priority and most critical missions. Our selection to it is a huge vote of confidence by the Pentagon and Neutron and affirms us as one of the most capable American launch providers. We're also the only publicly traded company to ever on board in SSL.

這是業界最具競爭力的發射計劃，旨在執行國防部最高優先事項和最關鍵的任務。我們的選擇是五角大廈和中子的巨大信任，並肯定了我們作為最有能力的美國發射提供者之一的地位。我們也是唯一一家加入 SSL 的上市公司。

Once we're clear of Neutron's first launch, we'll be bidding for task orders under the Phase 3 LANE1 program, which has a total value of $5.6 billion and an ordering period through to June 2029. We've already completed a kickoff meeting with the full contingent of future mission partners, including the US Space Force assured access to space in our office of space launch and other stakeholders from across the government. This was part of a $5 million task order for emission assurance showcase that came with Neutron selection.

一旦我們完成中子的首次發射，我們將競標第三階段 LANE1 計劃下的任務訂單，該計劃總價值為 56 億美元，訂購期至 2029 年 6 月。我們已經與所有未來任務合作夥伴完成了啟動會議，其中包括美國太空部隊保證在我們的太空發射辦公室進入太空以及來自政府各部門的其他利益相關者。這是中子選型附帶的 500 萬美元排放保證展示項目訂單的一部分。

Our entry into SSL is the type of disruptive competition the US government and the industry has been asking for. Missions for defense and intelligence satellites used to be dominated by legacy launch providers, and the DoD has been upfront about wanting new partners with innovative approaches that bring increased competition. That's exactly what we set out to achieve with Neutron, and I'm excited to deliver it once we start flowing later this year.

我們進入 SSL 領域正是美國政府和業界所要求的顛覆性競爭。國防和情報衛星的任務過去一直由傳統的發射供應商主導，而國防部一直坦率地表示希望找到具有創新方法的新合作夥伴，以增加競爭。這正是我們透過 Neutron 想要實現的目標，我很高興在今年稍後開始流動時實現它。

I'm also pleased to announce our latest contract for Neutron. We've been selected to fly a US Air Force Research Lab mission that supports point-to-point cargo transportation in a multi-manifest mission. It's all part of the program by the AFRL to create rapid delivery systems for defense cargo using commercial launch vehicles and a multiyear effort. Since the mission is all about bringing things back to Earth, AFRL will fly on a return to earth Neutron no earlier than 2026.

我也很高興地宣布我們與 Neutron 簽訂的最新合約。我們已被選中執行美國空軍研究實驗室的任務，該任務支援多艙單任務中的點對點貨物運輸。這是美國空軍研究實驗室多年努力的成果，旨在利用商用運載火箭創建國防貨物快速運載系統。由於這項任務的目的是將物體帶回地球，AFRL 最早將於 2026 年發射中子探測器返回地球。

We know reentry and rocket usability is a critical advancement in space that the DoD is highly supportive of, which is why Neutron has been designed from the get-go for reuse and frequency. And the latest contract is a show of confidence from the DoD and our ability to deliver that.

我們知道，再入和火箭可用性是太空領域的關鍵進步，國防部對此大力支持，這就是為什麼 Neutron 從一開始就被設計為可重複使用和頻率。最新的合約顯示了國防部對我們履行合約能力的信心。

Moving on to some technical updates. It's a big green tech for Neutron [second] stage qualification campaign, proving out the stages design, operations and readiness for launch later this year. We ran launch like operations across its full combination of flight software, hardware, avionics, guidance navigation control systems, and we also proof tested it to more than 125% of its design point. some of that, including applying more than 1.3 million pounds of force and tension across the carbon composite structure.

繼續進行一些技術更新。這是中子[第二]階段資格認證活動的一項重要綠色技術，證明了該階段的設計、操作和今年稍後發射的準備。我們對其飛行軟體、硬體、航空電子設備、導引導航控制系統等全部組合進行了類似發射的操作，並且還對其進行了超過其設計點 125% 的驗證測試。其中包括在碳複合結構上施加超過 130 萬磅的力和張力。

Now the second stage is one of the more novel pieces of Neutron. So it was important that we retired that risk first. The added benefit of that, of course, is that the structure of Stage 2 is largely similar to Stage 1. So by completing this qualification campaign first, we brought down a lot of the same risks that we may have seen in Stage 1. Having passed with flying colors, Neutron Stage 2 is now going through final assembly and will be shipped to the launch site in the next few months in preparation for stage testing with the engine.

現在，第二階段是 Neutron 中較為新穎的部分之一。因此，我們首先消除這一風險非常重要。當然，這樣做的額外好處是第 2 階段的結構與第 1 階段非常相似。因此，透過先完成這項資格認證活動，我們降低了第一階段可能遇到的許多相同風險。中子二號火箭以優異的成績通過了測試，目前正進行最後的組裝，並將在未來幾個月內運往發射場，為引擎的階段測試做準備。

Now Neutron's (inaudible) the Stage 1 upper module is also close to completion as well. This is obviously more than what you saw last quarter with just the Hungry Hippo fairings. This is the full module, and it includes all the major Stage 1 elements like (inaudible) into stage, along with (inaudible) mechanical systems like actuators, locks, avionic systems and running all the flight software.

現在中子號（聽不清楚）第一階段的上部模組也接近完工。這顯然比上個季度只看到 Hungry Hippo 整流罩的情況要多。這是完整的模組，它包括第一階段的所有主要元素，例如（聽不清楚）進入階段，以及（聽不清楚）機械系統，如執行器、鎖、航空電子系統和運行所有飛行軟體。

The full assembly represents some of the most complex mechanical systems that exist on the vehicle, and they will perform seamlessly during testing. With just a few small finishing touches away from another big tech on the road to launch the Neutron for that whole section.

完整的組件代表了車輛上一些最複雜的機械系統，它們將在測試期間無縫運行。只需進行一些小的收尾工作，即可利用另一項重大技術為整個部分推出 Neutron。

All of the rocket puzzle pieces are really starting to come together now. And look, if we can ship them around the country, we can also fly them. And I think everybody knows how much I like helicopters. But even at their size, Neutron's carbon composite material makes them light enough to move large pieces around by helicopter, which is what we did earlier this quarter to help bring Neutron Stage 1 hardware together and place it all at our facility in Baltimore. While the majority of the rocket is assembled here, given the size of the rocket and the road has to travel on to Launch Complex 3, Neutron shift in stages before it's fully integrated as an entire rocket.

現在，所有的火箭拼圖碎片都開始真正地組合在一起了。你看，如果我們可以將它們運送到全國各地，我們也可以空運它們。我想每個人都知道我有多喜歡直升機。但即使尺寸如此之大，Neutron 的碳複合材料也使其足夠輕，可以用直升機運送大件物品，這就是我們在本季度早些時候所做的，以幫助將 Neutron 第一階段的硬體組裝在一起，並將其全部放置在我們位於巴爾的摩的工廠中。雖然火箭的大部分部件都在這裡組裝，但考慮到火箭的尺寸以及通往 3 號發射台的道路，中子會分階段轉移，然後才能完全集成為一枚完整的火箭。

Over at Launch Complex 3 in Virginia, we're on schedule and close to finishing our new trans launch pad. With everything in its place, the team is working around the clock to complete all the integration and activate the pad. One of those more recent campaigns was the water deluge test. It turns out there is water on Wallops Island because we pumped thousands of gallons of it through our pipes. The flow rate was the equivalent to an Olympic-size swimming pool every 40 seconds.

在維吉尼亞州 3 號發射中心，我們的新發射台正在按計劃順利完成。一切就緒後，團隊正在日以繼夜地工作，以完成所有整合並啟動平台。最近的一次活動是淹水試驗。事實證明，瓦洛普斯島上有水，因為我們透過管道抽取了數千加侖的水。其流速相當於每40秒一個奧林匹克規模的游泳池的水量。

And event planning is underway for the ribbon-cutting there soon as well. So because of Launch Complex 3 really is an important new addition, not just for the state but for the whole nation, with Neutron's on ramp SSL, (inaudible) will be the first to fly for the program out of Virginia. And that really highlights the importance of the pad as a critical national security asset.

那裡即將舉行的剪綵活動也正在籌劃中。因此，由於 3 號發射中心確實是一個重要的新設施，不僅對該州，而且對整個國家而言，隨著中子的上坡，SSL（聽不清）將成為該計劃中第一個從弗吉尼亞州起飛的火箭。這確實凸顯了該發射台作為關鍵國家安全資產的重要性。

At the engine side of Mississippi, the propulsion team is doubling down on our committees. We're hot firing flat out, as you would expect, with flight avionics and full software stacks. And the team is busy tuning the engine through a barrage of tests. We've also just completed the build of a second engine T-cell that's now up and running to enable testing two engines at the same time.

在密西西比州的引擎側，推進團隊正在加倍努力地進行我們的委員會工作。正如您所期望的，我們正全力以赴，配備飛行電子設備和完整的軟體堆疊。該團隊正忙於透過一系列測試來調整引擎。我們還剛剛完成了第二個引擎 T 單元的構建，該引擎現已啟動並運行，可以同時測試兩個引擎。

So as you can see, we're steadily making a way along the path of the pad. We've ticked off some big wins recently, and every element of the vehicle has been worked simultaneously. Yes, it's an aggressive schedule we have ahead of us, but that's how we've delivered new rockets to the pad before.

正如您所看到的，我們正在沿著墊子的路徑穩步前進。我們最近取得了一些重大勝利，並且車輛的每個元素都同時開發了。是的，我們面臨的時間安排很緊湊，但以前我們也是用這種方式將新火箭運送到發射台的。

And a reminder that the schedule that you see here is not sequential. Actually, everything is happening at one set in parallel. For example of this is the launch license to fly. There's a strong possibility that the paperwork will only come in days before launch, just like it did for our first electron flight from Virginia. But that doesn't mean we stop everything else from taking place that needs to be done before we get that. And with no major issues, we're really still targeting the first launch by the second half of this year.

提醒一下，您在此處看到的時間表並不是連續的。實際上，所有事情都是在一個集合中同時發生的。例如飛行發射許可證。很有可能文書工作會在發射前幾天才會完成，就像我們從維吉尼亞州進行的第一次電子飛行一樣。但這並不意味著我們會阻止在實現這一目標之前需要完成的所有其他事情。如果沒有重大問題，我們仍然計劃在今年下半年進行首次發射。

Now let's turn to updates across Space Systems. Just before the quarter closed, we announced our intent to acquire Mynaric, German company specializing in laser-based satellite communications. This intended acquisition still has to make its way through all the approvals, but otherwise, it's progressing well. And so I want to take this opportunity to get into the details behind why we decided to pursue this acquisition and its strategic importance to the growth of our business.

現在讓我們來看看空間系統的更新。就在本季結束之前，我們宣布了收購專門從事雷射衛星通訊的德國公司 Mynaric 的意向。此次收購仍需獲得所有批准，但除此之外，進展順利。因此，我想藉此機會詳細說明我們決定進行此次收購的原因及其對我們業務成長的策略重要性。

A key piece of any large constellation is the ability to communicate between spacecraft with high speed and secure connections, often that's laser-based and the technology that Mynaric has developed is some of the best in the world. Beyond the technology, this deal also sees us sit down our first European footprint in Munich. With extensive production assets, intellectual property, product inventory and a committed backlog for future constellations, there's a clear line of sight to European growth opportunities in this deal. And we'll be looking to expand the existing team of talented engineers and staff to meet our international demand.

任何大型星座的關鍵部分是太空船之間能夠以高速和安全的連接進行通信，這通常是基於雷射的，而 Mynaric 開發的技術是世界上最好的技術之一。除了技術之外，這筆交易還使我們在慕尼黑建立了第一個歐洲足跡。憑藉豐富的生產資產、智慧財產權、產品庫存以及未來星座的承諾訂單，這筆交易為歐洲的成長機會帶來了清晰的前景。我們將尋求擴大現有的優秀工程師和員工團隊，以滿足我們的國際需求。

Now by bringing them in-house, the term is in-house, we will add a new element to our spacecraft supply chain that improves their product line and strengthens our position in commercial, national security and defense contracts. Mynaric terminals are already being supplied for a $0.5 billion contract space development agency, along with many other companies, making this even more of a logical integration.

現在，透過將它們納入公司內部，我們將為我們的太空船供應鏈添加一個新元素，從而改善他們的產品線並加強我們在商業、國家安全和國防合約中的地位。Mynaric 終端已經與許多其他公司一起為價值 5 億美元的合約空間開發機構提供產品，這使得這次整合更加合乎邏輯。

We've proven across all of our acquisitions to date that we can take a highly sought-after product, scale it and make it available in high volume. It's our full intention to do the same here again by expanding into Europe and to bring Mynaric's (inaudible) to the world and potentially for in constellation too. So I'm excited about the potential of this deal, and we'll be sure to keep you updated on its progress.

到目前為止，我們所有的收購都證明，我們可以推出一款備受歡迎的產品，擴大其規模並實現大量供應。我們完全打算再次在這裡做同樣的事情，將業務擴展到歐洲，並將 Mynaric 的（聽不清楚）推向世界，並可能將其推向星座。因此，我對這筆交易的潛力感到非常興奮，我們一定會隨時向您通報其進展。

Turning to our Varda missions. And very soon, we'll be bringing the third in-space manufacturing capsule back to earth with our Pioneer spacecraft. This mission launched in Q1, just two weeks after the return of the second capsule. And since then, our spacecraft has been providing power, communications, propulsion, editor control and to keep Varda capsule in orbit. The process has now begun to position Pioneer and Varda for entry over Australia. So keep an eye up for updates on the mission in the coming weeks.

轉向我們的瓦爾達任務。很快，我們將利用先鋒號太空船將第三個太空製造艙帶回地球。此次任務於第一季啟動，距離第二艘太空艙返回僅兩週。從那時起，我們的太空船就一直提供動力、通訊、推進、編輯控制並使瓦爾達太空艙保持在軌道上。目前，先鋒號和瓦爾達號已開始準備飛越澳洲。因此請密切注意未來幾週內任務的最新消息。

Meanwhile, the team is working hard at wrapping up the integration and testing for our fourth and final pioneer spacecraft in Varda contract in Long Beach. Our suite of space systems components and mission software is constantly under development, allowing us to consistently produce (technical difficulty)

同時，團隊正在努力完成長灘 Varda 合約中第四艘也是最後一艘先驅太空船的整合和測試。我們的太空系統組件和任務軟體套件正在不斷開發中，使我們能夠持續生產（技術難度）

(Operator Instructions) Are we ready to take questions now?

（操作員指示）我們現在準備好回答問題了嗎？

No, this is Adam. I think we've had a comms issue with Pete. Let's give him a minute to --

不，這是亞當。我認為我們與皮特之間存在溝通問題。讓我們給他一點時間--

No problem. While we're getting Pete back on the line again (Operator Instructions)

沒問題。當我們讓 Pete 再次回到電話線時（操作員指示）

Okay, operator, until we can get Pete back on the line, I'll just pick up where he left off.

好的，接線員，在 Pete 重新接通電話之前，我會先從他上次中斷的地方繼續通話。

Okay. That'll be great.

好的。那太好了。

Great. Thanks, everybody. Yes, this is Adam Spice, CFO at Rocket Lab. So I'll pick up where Pete was discussing our product expansion. And our suite of space systems components and mission software is constantly under development, allowing us to consistently produce and release new products that really move the needle for the industry and for us.

偉大的。謝謝大家。是的，我是 Rocket Lab 的財務長 Adam Spice。因此，我將從 Pete 討論我們的產品擴展的地方開始。我們的空間系統組件和任務軟體套件正在不斷開發中，這使我們能夠持續生產和發布真正推動產業和我們發展的新產品。

I'll quickly take you through a couple of our latest releases.

我將快速向您介紹我們的幾個最新版本。

With Star Ray, we've introduced a line of modular solar arrays for satellites that are customizable to meet all their power needs. With multiple different panel dimensions that small size operators can choose from, it's a plug-and-play solution at a low cost that helps to speed up small satellite development for our customers, and we've got contracts already to supply these customizable wings to (inaudible) under development right now.

透過 Star Ray，我們推出了一系列可客製化的衛星模組化太陽能電池陣列，以滿足衛星的所有電力需求。小型衛星營運商可以從多種不同的面板尺寸中進行選擇，這是一種低成本的即插即用解決方案，有助於加快我們客戶的小型衛星開發速度，而且我們已經簽訂了合同，為目前正在開發的（聽不清）提供這些可定制的機翼。

We've also expanded our suite of frontier satellite radios that are compatible with the industry's most important global ground stations. And on the software side, we've introduced the next-gen versions of our highly popular MAX software packages for satellite guidance and control. The software behind intermission for ground data and space operations and MAX constellation for software control of satellite constellations is the same that helped land commercial lunar lander on the moon earlier this year, supported NASA's Capstone mission, DARPA's Blackjack program and which commands our Pioneer spacecraft for our Varda missions.

我們還擴展了前沿衛星無線電套件，使其與業界最重要的全球地面站相容。在軟體方面，我們推出了廣受歡迎的 MAX 軟體套件的下一代版本，用於衛星導引和控制。地面資料和空間操作間歇以及 MAX 衛星星座軟體控制背後的軟體與今年早些時候幫助商業月球著陸器登陸月球、支援 NASA 的 Capstone 任務、DARPA 的 Blackjack 計劃以及指揮我們的先鋒號太空船執行 Varda 任務的軟體相同。

Next, we've also had an extremely active quarter, pursuing new opportunities for Space Systems that further scales our vertical integration. We're pursuing several large government and commercial contracts that would see us building entire constellations of satellites, not just individual spacecraft. These are industry scaling and shaping constellation that would tap our full space systems value chain and realize significant value that reshapes our business.

接下來，我們也度過了一個非常活躍的季度，為太空系統尋求新的機會，進一步擴大我們的垂直整​​合。我們正在爭取幾份大型政府和商業合同，這些合約將使我們建造整個衛星星座，而不僅僅是單一太空船。這些是行業擴展和塑造星座，將利用我們的整個空間系統價值鏈並實現重塑我們業務的重大價值。

And on the M&A side, we have a half dozen deals in the pipeline as we continue to expand our vertical integration. There's high potential in all of this, and we've expanded a lot of the company. With our eye set on Europe and international expansion as well as the deepening national security work that we're taking on through Space Systems and Launch, time is right for a new company structure that makes it simpler and more efficient to manage the business and our growth, particularly when it comes to US government classified programs.

在併購方面，隨著我們繼續擴大垂直整合，我們有六筆交易正在進行中。這一切都具有很大的潛力，而且我們已經擴大了公司的規模。我們著眼於歐洲和國際擴張，以及透過太空系統和發射承擔的不斷深化的國家安全工作，現在是時候建立新的公司結構了，這種結構可以更簡單、更有效地管理業務和我們的成長，特別是涉及美國政府機密專案時。

Our new parent company, Rocket Lab Corporation, will replace Rocket Lab USA, Inc., as the public company listed on the NASDAQ. Existing shares of Rocket Lab will automatically convert on a one-for-one basis into shares of common stock of Rocket Lab Corporation, which will keep the RKLB ticker symbol. Trading is expected to continue uninterrupted on the NASDAQ, and there will be no impact to shareholders ownership or rights. We should have the new company structure wrapped up by the end of the month.

我們的新母公司 Rocket Lab Corporation 將取代 Rocket Lab USA, Inc.，成為在納斯達克上市的上市公司。Rocket Lab 的現有股份將以一比一的比例自動轉換為 Rocket Lab Corporation 的普通股，後者將保留 RKLB 股票代碼。預計納斯達克的交易將繼續不間斷，並且不會對股東所有權或權利產生影響。我們應該在月底前完成新的公司架構。

And with that, I'll transition over to the review of the financial highlights for the quarter. The first-quarter 2025 revenue was $122.6 million, which was at the high end of our prior guidance range and reflects significant year-over-year growth of 32.1%, driven by strong contribution from both business segments, but led by Space Systems.

接下來，我將轉入本季財務亮點的回顧。2025 年第一季的營收為 1.226 億美元，處於我們先前指導範圍的高端，並反映了 32.1% 的顯著同比增長，這得益於兩個業務部門的強勁貢獻，但由空間系統引領。

First-quarter revenue declined 7.4% sequentially, primarily due to the mix of lower priced Electron missions in the quarter, paired with an aggregate reduction in our component businesses, with both of these headwinds expected to reverse and convert into tailwinds in Q2.

第一季營收季減 7.4%，主要原因是本季 Electron 任務價格較低，加上組件業務整體減少，預計這兩個不利因素將在第二季逆轉並轉化為順風。

Our Launch Services segment delivered revenue of $35.6 million, reflecting a slight step down in average selling price. However, our current backlog for Electron and HASTE backlog continues to support an increasing ASP, with some variability quarterly tied to volume purchase commitments, launch location and mission assurance requirements. Although variable quarter-to-quarter, we expect ASP for the calendar year 2025 to materially expand when compared to 2024. And with that, continued gross margin expansion.

我們的發射服務部門實現了 3,560 萬美元的收入，反映出平均售價略有下降。然而，我們目前的 Electron 和 HASTE 積壓訂單繼續支援不斷增長的 ASP，並且每個季度都會有一些變化，與批量購買承諾、發射地點和任務保證要求有關。儘管季度間有所變化，但我們預計 2025 年的平均售價將較 2024 年大幅上漲。同時，毛利率持續擴大。

Our Space Systems segment delivered $87 million in the quarter, reflecting a sequential decline of 3.4%, driven by our attitude determination and control systems and separation systems businesses.

我們的太空系統部門本季實現營業收入 8,700 萬美元，環比下降 3.4%，主要得益於我們的姿態確定和控制系統以及分離系統業務。

Now turning to gross margin. GAAP gross margin for the first quarter was 28.8%, above our prior-guidance range of 25% to 27%. Non-GAAP gross margin for the first quarter was 33.4%, which was also above our prior guidance range of 30% to 32%. GAAP gross margin improved sequentially, owing to an improved mix in satellite manufacturing, partially offset by a decline in launch margin segment related primarily to lower average selling price. Non-GAAP gross margin was down slightly sequentially due to a lower stock-based compensation adjustment under our EAC program accounting.

現在談談毛利率。第一季的 GAAP 毛利率為 28.8%，高於我們先前預測的 25% 至 27% 的範圍。第一季非公認會計準則毛利率為 33.4%，也高於我們先前預測的 30% 至 32% 的範圍。由於衛星製造產品組合的改善，GAAP 毛利率環比提高，但主要由於平均售價降低而導致的發射利潤率下降部分抵消了這一提高。由於 EAC 計劃會計下的股票薪酬調整較低，非 GAAP 毛利率較上季略有下降。

Relatedly, we ended Q1 with production-related head count of 1,088, up 84 from the prior quarter.

與此相關的是，我們第一季的生產相關員工總數為 1,088 人，比上一季增加了 84 人。

Turning to backlog. We ended Q1 2025 with $1.067 billion of total backlog, with Launch backlog of $422.2 million and Space Systems backlog of $644.8 million. While overall backlog growth has been modest, Launch backlog nearly doubled year over year, with strong underlying trends as we convert a very strong pipeline of Neutron, Electron, and HASTE opportunities. Space Systems bookings remain lumpy, given the timing of increasingly larger needle (inaudible) customer program opportunities, but remain at a healthy level despite a step-up in revenue run rate over the last few quarters.

轉向積壓。截至 2025 年第一季度，我們的總積壓訂單金額為 10.67 億美元，其中發射積壓訂單金額為 4.222 億美元，空間系統積壓訂單金額為 6.448 億美元。雖然總體積壓增長幅度不大，但啟動積壓卻比去年同期幾乎翻了一番，隨著我們轉化了非常強大的 Neutron、Electron 和 HASTE 機會管道，其潛在趨勢強勁。考慮到針頭（聽不清楚）客戶規劃機會越來越大的時機，空間系統的預訂量仍然不穩定，但儘管過去幾個季度收入運行率有所上升，但仍保持在健康水平。

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 the opportunities. Relatedly, in Pete's earlier comments, he referenced being on ramp recently to some very large and strategic procurement programs, including the very large and exciting NSSL program, in addition to a few multibillion-dollar hypersonics programs domestically and abroad, which now set the stage for exciting backlog expanding task order bidding, getting on ramp was the required milestone to unlock this potential. So we're very excited about what's to come.

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，考慮到機會的規模和複雜性，這些合同可能會導致積壓訂單增長不均衡。與此相關的是，在皮特之前的評論中，他提到最近正在推進一些非常大型和具有戰略意義的採購項目，包括非常大型和令人興奮的NSSL項目，此外還有國內外一些價值數十億美元的高超音速項目，這些項目現在為令人興奮的積壓擴大任務訂單競標奠定了基礎，進入正軌是釋放這一潛力的必要里程碑。因此，我們對即將發生的事情感到非常興奮。

We expect approximately 56% of current backlog to be recognized as revenues within two months, and we continue to get relatively quick turns business that drive top-line growth beyond current 12-month backlog conversion.

我們預計目前約有 56% 的積壓訂單將在兩個月內確認為收入，並且我們將繼續獲得相對快速的周轉業務，從而推動收入成長超越目前 12 個月的積壓訂單轉換。

Turning to operating expenses. GAAP operating expenses for the first quarter of 2025 were $94.4 million, within our guidance range of $93 million to $95 million. Non-GAAP operating expenses for the first quarter were $76.8 million, up $2.3 million sequentially, which was just below our guidance range of $77 million to $79 million.

談到營運費用。2025 年第一季的 GAAP 營運費用為 9,440 萬美元，在我們的指導範圍內 9,300 萬美元至 9,500 萬美元。第一季非公認會計準則營運費用為 7,680 萬美元，比上一季增加 230 萬美元，略低於我們預期的 7,700 萬美元至 7,900 萬美元範圍。

The sequential increases in both GAAP and non-GAAP operating expenses were primarily driven by continued growth in prototype and headcount-related spending to support our Neutron development program. Specifically, investment has increased to support Neutron propulsion as we continue to qualify our committees and mechanical and composite structures supporting the ferry and tank fabrication ahead of the first flight this year.

GAAP 和非 GAAP 營運費用的連續成長主要是由於支援我們的中子開發計畫的原型和員工相關支出的持續成長。具體來說，隨著我們在今年首次飛行之前繼續對我們的委員會以及支持渡輪和油箱製造的機械和復合結構進行資格審查，對中子推進的支持投資已經增加。

In R&D specifically, GAAP expenses increased $6.9 million quarter on quarter due to the ramping up of the Archimedes' production, paired with increased expenses related to mechanical systems and composites as just mentioned. Non-GAAP R&D expenses were up $4 million quarter on quarter, driven similarly to the GAAP expenses. Q1 ending R&D head count was 923, representing an increase of 95 from the prior quarter.

具體來說，在研發方面，由於阿基米德產量的增加，以及剛才提到的與機械系統和複合材料相關的費用的增加，GAAP 費用環比增加了 690 萬美元。非公認會計準則研發費用較上季增加 400 萬美元，與公認會計準則費用類似。第一季末研發人員總數為 923 人，較上一季增加 95 人。

In SG&A, GAAP expenses decreased $800,000 quarter on quarter due to a decrease in outside services. Within that GAAP spend, we reported non-recurring transaction costs of $1.4 million in Q1 due to continued corporate development activities, including advancing a robust pipeline of M&A opportunities. Non-GAAP SG&A expenses decreased modestly by $1.7 million due primarily to a decrease in software licenses.

在銷售、一般及行政管理方面，由於外部服務的減少，GAAP 費用較上季減少了 80 萬美元。在該 GAAP 支出中，我們報告第一季的非經常性交易成本為 140 萬美元，原因是持續進行企業發展活動，包括推動強勁的併購機會管道。非公認會計準則銷售、一般及行政費用小幅下降 170 萬美元，主因是軟體授權減少。

Q1 ending SG&A head count was 332 representing an increase of three from the prior quarter. In summary, total first quarter head count was 2,343, up 182 heads from the prior quarter.

第一季末銷售、一般及行政管理部門員工總數為 332 人，較上一季增加 3 人。總體而言，第一季員工總數為 2,343 人，比上一季增加 182 人。

Turning to cash. Purchases of property, equipment and capitalized software licenses were $28.7 million in the first quarter of 2025, an increase of $7.2 million from the $21.5 million in the fourth quarter of 2024, as we accelerated our LC3 construction activities and expanded our additive manufacturing capacity to support our committees scaling. As we continue to invest in Neutron R&D, testing and scaling production, we expect increased capital expenditures to continue leading up to Neutron's first flight.

轉向現金。2025 年第一季度，我們購買的財產、設備和資本化軟體許可證為 2,870 萬美元，比 2024 年第四季的 2,150 萬美元增加了 720 萬美元，因為我們加快了 LC3 建設活動並擴大了增材製造能力以支持我們委員會的擴大規模。隨著我們繼續投資於中子研發、測試和擴大生產，我們預計在中子首次飛行之前資本支出將繼續增加。

GAAP operating cash flow was a negative $54.2 million in the first quarter of 2025 compared to a negative $2.4 million in the fourth quarter of 2024. The sequential growth in negative GAAP operating cash flow of $51.8 million was driven primarily by materially lumpy cash receipts from our largest satellite programs, paired with continued Neutron investment and long (inaudible) procurement supporting SBA as well as subsequent Neutron vehicle bill materials and related infrastructure, including the recovery landing barge to scale Neutron's cadence beyond its initial test flight.

2025 年第一季 GAAP 營業現金流為負 5,420 萬美元，而 2024 年第四季為負 240 萬美元。5,180 萬美元的負 GAAP 營運現金流連續增長，主要原因是我們最大的衛星專案產生的現金收入大幅波動，加上對中子星的持續投資和長期（聽不清）採購支持 SBA 以及後續的中子星運載工具賬單材料和相關基礎設施，包括用於擴大中子星在首次試飛飛機之後的節奏的回收登陸駁船。

Overall, non-GAAP free cash flow, defined as GAAP operating cash flow less purchases of property equipment were, in the first quarter of 2025, was a use of $82.9 million compared to a use of $23.9 million in the fourth quarter of 2024, again, driven by lumpy cash receipts and disbursements.

整體而言，2025 年第一季非 GAAP 自由現金流（定義為 GAAP 營運現金流量減去購買的物業設備）的使用量為 8,290 萬美元，而 2024 年第四季的使用量為 2,390 萬美元，這同樣是由現金收入和支出不穩定所致。

The ending balance of cash, cash equivalents, restricted cash and marketable securities was $517 million at the end of the first quarter of 2025. The sequential increase in liquidity is due to the at-the-market equity offering that we announced earlier in the quarter, which generated $92.8 million in gross proceeds through quarter end, which is intended to fund growth, including future acquisitions, such as the Mynaric acquisition, along with general corporate purposes.

2025 年第一季末，現金、現金等價物、受限現金及有價證券的期末餘額為 5.17 億美元。流動性的連續增加是由於我們在本季度早些時候宣布的按市場發行股票，截至季度末產生了 9,280 萬美元的總收益，旨在為增長提供資金，包括未來的收購（例如 Mynaric 收購）以及一般公司用途。

As such, we exited Q1 in a strong position to execute on our organic expansion initiatives as well as inorganic options to further vertically integrate our supply chain with strategic capabilities and expand our addressable market, consistent with what we have done successfully in the past.

因此，我們在第一季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戰略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 $30 million in the first quarter of 2025, better than our guidance range of $33 million to $35 million loss. Sequential increase of $6.8 million of adjusted EBITDA loss was driven by a slight decline in revenue growth paired with an increase in Neutron R&D during the quarter.

2025 年第一季調整後 EBITDA 虧損為 3,000 萬美元，優於我們預期的 3,300 萬美元至 3,500 萬美元的虧損範圍。調整後 EBITDA 虧損連續增加 680 萬美元，原因是本季營收成長略有下降，同時中子研發費用增加。

And with that, let's turn to our guidance for the second quarter of 2025. We expect revenue in the second quarter to range between $130 million and $140 million, representing slightly greater than 10% quarter-over-quarter revenue growth at the midpoint.

接下來，讓我們來看看 2025 年第二季的預測。我們預計第二季的營收將在 1.3 億美元至 1.4 億美元之間，相當於季度環比營收成長略高於 10%。

We expect meaningful expansion in both GAAP and non-GAAP gross margins in the second quarter, with GAAP gross margins to range between 30% to 32% and non-GAAP gross margins to range between 34% to 36%. These forecasted GAAP and non-GAAP gross margins reflect improvement in launch ASP and overhead absorption. We expect second-quarter GAAP operating expenses to range between $96 million and $98 million and non-GAAP operating expenses to range between $82 million and $84 million. The quarter-on-quarter increase is to be driven primarily by continued Neutron investment across staff costs, prototyping and materials. We expect second-quarter GAAP and non-GAAP net interest expense to be $3.1 million.

我們預計第二季 GAAP 和非 GAAP 毛利率都將大幅擴大，GAAP 毛利率將在 30% 至 32% 之間，非 GAAP 毛利率將在 34% 至 36% 之間。這些預測的 GAAP 和非 GAAP 毛利率反映了發布 ASP 和間接費用吸收的改善。我們預計第二季 GAAP 營運費用在 9,600 萬美元至 9,800 萬美元之間，非 GAAP 營運費用在 8,200 萬美元至 8,400 萬美元之間。季度環比成長主要得益於 Neutron 在員工成本、原型設計和材料方面的持續投資。我們預計第二季 GAAP 和非 GAAP 淨利息支出為 310 萬美元。

We expect second-quarter adjusted EBITDA loss to range between $28 million and $30 million and basic weighted average common shares outstanding to be approximately 514 million shares, which includes convertible preferred shares of approximately 51 million.

我們預計第二季調整後的 EBITDA 虧損將在 2,800 萬美元至 3,000 萬美元之間，基本加權平均流通普通股約為 5.14 億股，其中包括約 5,100 萬股可轉換優先股。

Lastly, consistent with last quarter, we believe negative non-GAAP free cash flow in the second quarter remain at an elevated level in the range of $40 million to $80 million, excluding any potential offsetting effects of financing under our existing equipment lending facility.

最後，與上一季一致，我們認為第二季的非公認會計準則自由現金流負值仍保持在較高水平，介於 4,000 萬美元至 8,000 萬美元之間，這還不包括現有設備貸款機制下融資的任何潛在抵銷效應。

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) Edison Yu, Deutsche Bank.

（操作員指示）德意志銀行的 Edison Yu。

First one, I want to ask about Mynaric. It's a public company. So we've obviously seen some of the struggles that they've had. After you're doing your -- announce a due diligence on it, what do you think is kind of the biggest issue they've had and the plan to kind of address that you can scale it up?

首先，我想問一下 Mynaric。這是一家上市公司。因此，我們顯然看到了他們所面臨的一些困難。在您進行盡職調查後，您認為他們遇到的最大問題是什麼？您有什麼解決計劃可以擴大規模？

I can take that one, if you want, Adam. And at this point, I think it's appropriate to make the statement that we can go to the moon, but can't secure a telephone line. So my apologies for that.

如果你想要的話，我可以接受這個，亞當。在這一點上，我認為可以這樣說：我們可以登上月球，但無法確保電話線的安全。我對此深表歉意。

But the biggest issue there is just production. And that's an area that, obviously, we're very, very strong. And so as we look at them as a company, they've got a great product. There's been a tremendous amount of capital invested in the business to scale, but there's just a few fundamentals there that we really feel we can jump in and fix.

但最大的問題就是生產。顯然，這是我們非常非常強大的領域。因此，當我們將他們視為一家公司時，他們擁有出色的產品。為了擴大業務規模，我們已經投入了大量資金，但我們確實覺得可以介入並解決一些基本問題。

And would you expect that ultimately to be quite a high-margin product or similar to some of the merchant business that you do now?

您是否認為這最終會成為一種利潤率相當高的產品，或者類似於您現在從事的一些商業業務？

Yes. No, I think when we look at how it folds into our overall portfolio of subsystems, we think it's going to be very consistent. Probably, again, I would say that scale is important to that business, too, the number of terminals that get made. So as we ramp up into these programs, the ability to absorb the overhead will improve. So I think probably starts kind of, I would say, kind of, I would say, more towards the average of our program and probably gets to be, hopefully, one of our better margin programs -- product lines in the portfolio.

是的。不，我認為當我們觀察它如何融入我們的整體子系統組合時，我們認為它會非常一致。可能，我想再次強調，規模對於該業務也很重要，也就是製造的終端數量。因此，隨著我們增加這些項目的實施力度，吸收間接費用的能力將會提高。所以我認為它可能開始有點，我想說有點，我想說，更接近我們計劃的平均水平，並且可能有望成為我們更好的利潤計劃之一——產品組合中的產品線。

But I don't see it being vastly different kind of in totality. It's going to be pretty consistent with our overall kind of blended margin for our components business.

但我並不認為從整體上看會有很大的不同。這將與我們零件業務的整體混合利潤率相當一致。

Got you. And then kind of in relation to that, you mentioned in the slide deck in the remarks that you still have several -- I think, half a dozen potentially quite large opportunities in the pipeline. I'm wondering if you could maybe comment, are you considering looking at actual operator assets? So not just kind of tuck-in for components, but other operators out there given there are some, I would say, fairly distressed assets? And would you kind of consider working with them or acquiring them in some way?

明白了。然後與此相關，您在幻燈片的評論中提到，您仍然有幾個——我認為，六個潛在的相當大的機會正在醞釀中。我想知道您是否可以評論一下，您是否考慮過查看實際運營商資產？那麼，不僅是對零件的收購，還有其他營運商，因為我認為有一些相當不良的資產？您是否考慮與他們合作或以某種方式收購他們？

Yes, listen, I mean we look at everything, right? And some things like Mynaric nice little tuck-ins to kind of bolster (inaudible) vision and then we'll look across a range of things, including much more needle-moving opportunities.

是的，聽著，我的意思是我們會審視一切，對嗎？還有一些像 Mynaric 這樣不錯的小插件，可以增強（聽不清楚）視野，然後我們會研究一系列的事情，包括更多推動發展的機會。

Then I would say that to your point, the opportunities right now to do interesting things are quite high. There's quite a lot of opportunity out there. It's the reason why we've made sure we're in a strong position to act on some of those opportunities.

那麼我想說，就你的觀點而言，現在做有趣的事情的機會相當多。那裡有很多機會。這就是我們確保自己能夠充分把握這些機會的原因。

Understood. And just quick housekeeping. The Space Systems margin was quite good in the first quarter. Is that a good run rate going forward?

明白了。只是簡單的整理一下。第一季度，太空系統利潤率相當不錯。這是否是一個良好的未來運作率？

Sorry, you broke up a little bit there, Edison. It was -- sorry, it was quite what? Sorry.

抱歉，愛迪生，你剛才有點失神了。這真是──對不起，這真是太了不起了？對不起。

It was quite high. It was quite good. It was a very strong performance in Space Systems margin in the quarter, gross margin. Is that right?

它相當高。非常好。本季空間系統利潤率、毛利率表現非常強勁。是嗎？

I think it is, right? I think we're kind of now getting to the point of scale in the business where we're starting to deliver those better gross margins. So we do expect to continually expand our gross margins for the business as entirely as we progress through 2025.

我認為是的，對嗎？我認為我們現在已經達到了業務規模，開始實現更好的毛利率。因此，我們確實希望在 2025 年之前持續擴大業務的毛利率。

Probably actually be more pronounced on the Launch side than it will be on the Space Systems side. It's almost certainly be more pronounced on the Launch side because we just know that given the healthier mix on the ASP side, along with an increase in cadence in the back half of the year, sets that part of our business up quite well for significant margin expansion. And we think it will pretty much we're on track to kind of get to where we've been talking about where we wanted to be for the last few years as we exit 2025. So good news on the margin front for sure across both Space Systems and Launch.

實際上，發射方面可能比太空系統方面更為明顯。在發布方面，這種趨勢幾乎肯定會更加明顯，因為我們知道，鑑於 ASP 方面更健康的組合，以及下半年節奏的​​增加，這部分業務將為大幅的利潤擴張奠定良好的基礎。我們認為，到 2025 年，我們基本上可以實現過去幾年來我們一直在談論的目標。因此，對於太空系統和發射而言，利潤方面肯定是好消息。

Gautam Khanna, TD Securities.

道明證券的 Gautam Khanna。

I was wondering, could you just elaborate on the launch margins in the quarter? What may have drove that variability down a little bit? And if you could give us an update on your free cash expectations, the cadence through the year? That would be very helpful.

我想知道，您能否詳細說明本季的發布利潤率？什麼因素可能導致這種變化稍微降低？您能否向我們介紹一下您對自由現金的預期，以及全年的節奏？那將會非常有幫助。

So yes. So the launch margins are the -- we've said consistently that our experience in ramping this launch business is it's very -- there's a lot of fixed overhead and fixed expenses that go along with running this business. You have things like standing cost of a launch range in New Zealand, which is incredibly strategic. But when it's underutilized, it burdens the business with a lot of fixed costs that have to be absorbed.

是的。因此，發射利潤率是——我們一直說，我們在擴大這項發射業務方面的經驗是——運營這項業務需要大量的固定管理費用和固定開支。你需要考慮諸如紐西蘭發射場的固定成本等問題，這具有極為重要的戰略意義。但當其未充分利用時，企業就會承擔大量必須吸收的固定成本。

So cadence really is everything. And even though the cadence is relatively consistent, for example, Q1 versus where we see the business in Q2, and we do see an uptick in (inaudible) in the back half of the year. It's really a combination of cadence, which is the number one driving factor.

所以節奏確實很重要。儘管節奏相對一致，例如，第一季與第二季的業務相比，我們確實看到下半年（聽不清楚）有所上升。這其實是節奏的結合，節奏是最重要的驅動因素。

And I'd say second factor would be the ASP. ASP can skew quite a bit. I mean we've got volume launch deals that we price relatively aggressively because people are making long-term volume commitments to the business. And there's actually some synergies and efficiencies when you're doing kind of a rinse and repeat for launches because a lot of the GNC work is kind of done and we can reuse things like adapter plates and so forth for the payloads.

我認為第二個因素是 ASP。ASP 可能會出現相當大的偏差。我的意思是，我們已經獲得了批量發布交易，並且我們的定價相對積極，因為人們對該業務做出了長期的批量承諾。而且，當你對發射進行某種沖洗和重複時，實際上會產生一些協同效應和效率，因為很多 GNC 工作已經完成，我們可以重複使用諸如適配器板等有效載荷的東西。

You get efficiencies through scale and through cadence, but also the ASPs can be quite different. Some of these missions that require more mission assurance and data delivery and so forth after the launch, garner a higher ASP. So really, we're looking at the back half of the year to be a combination of both of those positive factors, more cadence, so more open absorption and a significantly better ASP as a result of some of the higher emission deliverables that we have to perform. So it's all goodness on that front.

您可以透過規模和節奏獲得效率，但 ASP 也可能有很大差異。其中一些任務在發射後需要更多的任務保證和資料傳輸等，因此獲得了更高的 ASP。因此，實際上，我們預計下半年將是這兩個積極因素的結合，節奏更快，因此吸收量更大，並且由於我們必須完成一些更高排放的交付成果，平均銷售價格會顯著改善。因此從這方面來看，一切都是好的。

And when it comes to kind of the cash flow dynamics as we progress through the year, again, it's all about getting the first launch of Neutron off. That's why that's such an important thing. It's got all hands to the pump internally to make sure that we hit our objective of getting that off in the second half.

當談到我們全年的現金流動態時，一切都與中子的首次發射有關。這就是為什麼這是一件如此重要的事情。我們全體人員都全力以赴，確保在下半年實現目標。

And then it's also paired with -- a lot of the cash flow dynamics are tied to get it the first launch off, but there's also some things that we're doing in parallel to getting the first launch off, which is kind of priming the business to be able to scale kind of efficiently and rapidly after that first launch, including things like investing in this return on investment barge.

然後它還與許多現金流動態相結合，使其首次發射，但我們也在與首次發射同時做一些事情，這在某種程度上為業務做好準備，使其能夠在首次發射後有效而快速地擴展，包括投資這艘投資回報駁船等。

And then also, kind of purchasing long-lead inventory items for the subsequent Neutron vehicles. So some of those things you have to buy components 12 months or greater in advance. So we're leaning forward. We're purchasing those long lead items so that we'll be ready to kind of scale production quickly.

然後，也要為後續的中子飛行器購買長週期庫存物品。因此，有些東西你必須提前 12 個月或更長時間購買零件。因此我們傾向於向前。我們正在購買這些長週期產品，以便我們能夠快速擴大生產規模。

So I'd say that you should expect these elevated levels of kind of negative free cash flow that we posted in Q1 to kind of continue in Q2, and certainly in the second half of the year until we get that first launch off and then we expect things to moderate. And we can provide more color on that as we get closer to that milestone.

因此，我想說，你應該預料到，我們在第一季度公佈的這種​​高水平的負自由現金流將在第二季度繼續下去，而且肯定會在下半年繼續下去，直到我們首次推出產品，然後我們預計情況會緩和下來。隨著我們越來越接近這一里程碑，我們可以提供更多的細節。

I appreciate it. And one last one on tariffs. Can you size your exposure where you have the exposure, if at all? How it impacts the business?

我很感激。最後一個問題是關於關稅。如果有的話，您能否確定自己在何處進行曝光？它如何影響業務？

Yes, we can. I will say, of course, we're in a very dynamic situation. Who knows what the tariff environment is going to be like tomorrow or two weeks from now or two months from now. But based on what we see today, we're pretty fortunate in the fact that if you look at our Electron launch business, much of the cost for that is really New Zealand born, right, and where the product is manufactured in New Zealand and launches out of New Zealand. Very few of our launches actually take place outside of New Zealand on Electron.

是的，我們可以。當然，我要說的是，我們正處於一個非常動態的情況。誰知道明天、兩週後或兩個月後的關稅環境會是什麼樣子。但根據我們今天看到的情況，我們非常幸運，如果你看看我們的 Electron 發射業務，你會發現其中的大部分成本實際上都是在新西蘭誕生的，產品是在新西蘭製造並在新西蘭發射的。實際上，我們的 Electron 發布活動很少在新西蘭以外的地方進行。

And on our Space Systems business, we're pretty fortunate that, again, we're very, I'd say, domestically source intensive. So much of what we manufacture on the Space Systems side are manufactured in the United States, where they're not manufactured in the United States, they involve a high US content on the materials or bill of materials that go into those non-US produced parts. You can think of things like our reaction wheels that come out of Toronto.

就我們的空間系統業務而言，我們非常幸運，我想說，我們的資源非常密集。我們在太空系統方面製造的許多產品都是在美國製造的，即使它們不是在美國製造的，它們在非美國生產的零件的材料或物料清單中也含有大量美國成分。您可以想像一下來自多倫多的反作用輪。

When you actually look at those reaction wheels, there's a significant amount of US content in the electronics that go into those things like bearings and so forth.

當你真正觀察這些反作用輪時，你會發現軸承等電子設備中含有大量美國零件。

So I think overall, we're pretty fortunate in the fact that we've got our manufacturing intensity largely kind of lined up where we don't have a lot of exposure. But again, things could change. I think we don't have a crystal ball as to where things are going to be in the future. But we think we're positioned better than most given the current environment.

所以我認為總的來說，我們很幸運，因為我們的製造強度基本上集中在沒有太多曝光的地方。但情況又可能會改變。我認為我們無法預知未來事情會如何發展。但我們認為，考慮到當前環境，我們比大多數人處於更有利的地位。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

I want to ask a little bit about the new products and kind of the pipeline of opportunities for that? Maybe starting with your new solar array products, sounds like they're modular, and maybe you can expand on kind of target applications for those products?

我想問一下有關新產品以及相關機會的問題？也許從您的新太陽能電池陣列產品開始，聽起來它們是模組化的，也許您可以擴展這些產品的目標應用？

Yes, Ryan, sure. So on the star rays in particular, we had a lot of customers coming to us with quick turn opportunities where they need to get on a little bit super quick. And the SolAero business had built a very nice way of building cells and panels and produce high-quality things. But that like super quick. Here's a complete array.

是的，瑞安，當然。因此，特別是在星光射線方面，我們有很多客戶來找我們，希望他們能有快速轉變的機會，他們需要非常快速地趕上。SolAero 公司已經建立了一種非常好的製造電池和電池板以及生產高品質產品的方法。但那超快。這是一個完整的陣列。

It is not really a product that's readily available in the US right now in the market. So we saw that as an opportunity given kind of what customers are asking for. And it's a very modular things so you can add multiple kind of panels to the array. And it just gets our customers on orbit much faster.

目前它並不是美國市場上容易買到的產品。因此，考慮到客戶的需求，我們認為這是一個機會。它是一種非常模組化的東西，因此您可以向陣列添加多種面板。它可以讓我們的客戶更快進入軌道。

The total opportunity for that product, we'll have to wait and see. I mean (inaudible) can earn to go off on what we see customers asking for. But we're very commercial in these things, like we need a certain number of evidence of inquiry before we make those investments, but it also enables the company as a complete array manufacturer.

至於該產品的整體機會，我們還需拭目以待。我的意思是（聽不清楚）我們可以根據客戶的要求來賺錢。但我們在這些事情上非常商業化，例如我們在進行這些投資之前需要一定數量的調查證據，但這也使公司成為完整的陣列製造商。

Typically, SolAero or historically, SolAero just made cells and some panels, but since the integration with Rocket Lab, now we're able to add all of the other elements, deployment mechanism, hinges and whatnot to produce these entire array.

通常，SolAero 或歷史上，SolAero 只是製造電池和一些面板，但自從與 Rocket Lab 整合以來，現在我們能夠添加所有其他元素、部署機制、鉸鍊等等來生產整個陣列。

Got it. That's really helpful, Peter. Then you mentioned opportunities in Europe. Can you maybe summarize those at a high level? I assume maybe there's some sovereign government programs and as well -- commercial as well. Maybe you can expand on Europe.

知道了。這真的很有幫助，彼得。然後您提到了歐洲的機會。您能否從高層次總結這些內容？我認為也許有一些主權政府計劃以及商業計劃。也許你可以擴展到歐洲。

Yes. So Europe, we've been thinking about how we get into Europe for quite some time because Europe is a very protected market, especially with the government programs through (inaudible). And having a business that's able to work in those programs and having a footprint on the ground really does not just open us up to be able to provide solutions of -- from -- of the satellite terminals, but communication terminals, but basically, a lot of our products. So it's actually pretty exciting TAM expansion opportunity for us because like I said, it's typically very, very difficult to get involved with these large European programs, unless you have a footprint there.

是的。因此，我們一直在思考如何進入歐洲，因為歐洲是一個受到嚴格保護的市場，尤其是在政府的計畫下（聽不清楚）。擁有一家能夠參與這些項目並在地面上佔有一席之地的企業，實際上不僅使我們能夠提供衛星終端、通訊終端以及基本上我們的許多產品的解決方案。所以這對我們來說實際上是一個令人興奮的 TAM 擴展機會，因為就像我說的，參與這些大型歐洲計畫通常非常非常困難，除非你在那裡有業務。

And Peter, is that mostly from the Space Systems perspective? Or are you thinking Launch as well?

彼得，這主要是從太空系統的角度來看的嗎？或者您也在考慮 Launch？

Mostly Space Systems, I mean, yes, the prominent opportunity for us here.

主要是空間系統，是的，這對我們來說是一個突出的機會。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Peter, Adam, thanks for the question. Real quick touch on SolAero. I understand, maybe an update on the backlog there. How are things progressing in terms of working through some of that lower-margin work that you guys still had? I know it was targeted to be done already and you guys are continuing to work towards that. So maybe just a status update.

彼得、亞當，謝謝你們的提問。真正快速地觸摸 SolAero。我明白，也許是那裡積壓的更新。你們在處理一些利潤較低的工作上進展如何？我知道這個目標已經實現，你們正在繼續努力實現它。所以也許只是狀態更新。

Yes. I can take that one. We actually have done really well in driving the margin improvement in that business. When we acquired it, it was maybe 2.5 years ago. It was about -- I mean almost three years ago now, time flies.

是的。我可以接受那個。事實上，我們在推動該業務利潤率提高方面做得非常好。我們收購它的時候大概是兩年半前。那是大約三年前的事了，時間過得真快。

It was about a high single-digit gross margin business. And if you look at actually the results this quarter, we've gotten it to pretty much the model that we said we were going to get it to. So I think we've kind of -- maybe we were a couple of quarters later than we -- maybe two or three quarters later.

這是一項高個位數毛利率的業務。如果你看一下本季的實際結果，你會發現我們基本上已經達到我們所說的目標了。所以我認為我們可能晚了幾個季度，可能晚了兩到三個季度。

But I think, overall, we've gotten into where we want it to be. And I think more importantly, it's been a very strategic addition to the portfolio and lets us be much, much more competitive when bidding on these solutions to be a prime supplier into these growing constellation opportunities.

但我認為，總的來說，我們已經達到了我們想要的目標。我認為更重要的是，它是產品組合中非常具有戰略意義的補充，讓我們在競標這些解決方案時更具競爭力，成為這些不斷增長的星座機會的主要供應商。

So yes, I'm very happy kind of where we've been able to kind of drive the gross margin progression on that business. And I think we've -- hopefully, we have more upside to come on that, but I think we can kind of check the box that we've gotten into that neighborhood that we had originally promised we would.

是的，我很高興我們能夠推動該業務的毛利率成長。我認為我們已經——希望我們能在這方面取得更多進展，但我認為我們可以確認我們已經進入了我們最初承諾的社區。

Yes, yes. No, I'd agree. Glad to hear that you guys have achieved that target. On Mynaric, maybe just touching on the supply chain.

是的，是的。不，我同意。很高興聽到你們已經實現了這個目標。關於 Mynaric，也許只是涉及供應鏈。

I think when you guys announced the acquisition, you mentioned that sourcing some key components due to shortages was somewhat difficult, some semi impact there, and that was kind of barring your ability to get -- or their ability to get product out of the door. Is that still an issue or measures looking to be taken to, I guess, improve things on that front?

我想當你們宣布收購時，你們提到由於短缺導致採購一些關鍵零件有些困難，這在某種程度上影響了你們獲得產品的能力，或者他們生產產品的能力。這是否仍然是一個問題？或是否需要採取措施來改善這方面的情況？

Yes. I mean I think some of the supply chain issue was obviously the company's distress. If you're a supplier into that that's kind of a challenging place to supply into and make investments against. Obviously, that goes away with Rocket Lab's ownership. So at least some of those supply chain issues get resolved.

是的。我的意思是，我認為部分供應鏈問題顯然是公司的困境。如果您是該領域的供應商，那麼這對您來說是一個供應和投資都極具挑戰性的地方。顯然，隨著 Rocket Lab 的所有權的消失，這項權利也將消失。因此至少部分供應鏈問題得到了解決。

Got it, got it. And then if I could just squeeze in one more. I mean, you guys talked or link about Neutron reusability and the value of that, which was super helpful. But can we get another update maybe on Electron reusability, some milestones to look forward to?

明白了，明白了。然後如果我能再擠一點的話。我的意思是，你們談論或連結了 Neutron 可重用性及其價值，這非常有幫助。但是我們能否獲得另一個有關 Electron 可重用性的更新，以及一些值得期待的里程碑？

Yeah. So Electron reusability is we've kind of paused that to put all efforts and all team on Neutron. We had an extremely talented reusability team on Electron. And as we look across the business and where the priority lies really is we can get a much bigger bang for our buck with all of those engineers working Neutron and taking their experience over there.

是的。因此，我們暫停了 Electron 的可重複使用性，將所有精力和團隊都投入 Neutron 。我們在 Electron 上擁有一支非常有才華的可重複使用團隊。當我們放眼整個業務時，我們真正優先考慮的是，我們可以利用所有在 Neutron 工作的工程師以及他們在那裡積累的經驗來獲得更大的回報。

So it was just a priority decision that we've made within the company. It's obviously, a Neutron sticker price of $55 million. So if you can get the majority of that back, it's a much bigger impact than a rocket with a sticker price of $8.5 million. So yes, it's just a priority call within the company that we'll put that on pause until we get Neutron to the pad and flying. And as Adam said before, it's all hands to the pump.

所以這只是我們在公司內部做出的優先決定。顯然，中子的標價為 5500 萬美元。因此，如果你能收回大部分資金，那麼它的影響將比標價 850 萬美元的火箭大得多。所以是的，這只是公司內部的優先事項，我們將暫停這項計劃，直到中子火箭發射到發射台並開始飛行。正如亞當之前所說，一切都需要大家齊心協力。

Yes, yes. No doubt. So those engineers were just moved over from one program to the other, no loss there, right? On the head count base?

是的，是的。無疑。所以那些工程師只是從一個項目轉移到另一個項目，沒有什麼損失，對嗎？以人數計算？

No, correct. Yes. Yes, no, no, no. They've --

不，正確。是的。是，不是，不是，不是。他們--

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

I wanted to ask a couple on the federal budget. I guess one on Golden Dome, just if you guys are involved in some of the discussions there? Is there maybe an opportunity on kind of the space layer there? And then I guess the NASA budget was proposed to be cut pretty substantially. I don't think you guys have a ton of kind of direct exposure there, but just curious if that's a risk if that does end up going through to Congress.

我想問幾個關於聯邦預算的問題。我猜是金色穹頂上的一個，只是你們是否參與了那裡的一些討論？那裡是否存在某種空間層機會？然後我猜 NASA 的預算被提議大幅削減。我不認為你們在那裡有大量的直接曝光，但我只是好奇如果最終提交到國會，這是否是一種風險。

Yes, Matt, good question. So firstly, on the Golden Dome, yes, we intend to be a significant player in there. I mean we already established ourselves as prime contractor as international security programs. And as I mentioned, part of the reason to change the structure of the company into the corporation better enables us to address some of these very important national security programs. So no, I would think we feel very good about Golden Dome and the capabilities we have, not just in Space Systems, but within Launch and then across the full gamut of opportunities there for sure.

是的，馬特，好問題。首先，在金色穹頂方面，是的，我們打算在其中發揮重要作用。我的意思是，我們已經成為國際安全專案的總承包商。正如我所提到的，將公司結構轉變為企業的部分原因是為了讓我們能夠更好地處理一些非常重要的國家安全專案。所以，不，我認為我們對金色穹頂和我們擁有的能力感到非常滿意，不僅是在太空系統方面，而且在發射方面，然後肯定在各個方面都有機會。

And then on the NASA side, you kind of -- you called it, right? We don't have a tremendous amount of NASA work. We always -- I personally have a bit of a soft spot for those planetary missions. So we always like to go after those, and we continue to be a trusted launch provider for NASA. But yes, so NASA doesn't form a tremendous amount of our pipeline or backlog.

然後從 NASA 方面來說，您有點——您稱呼它，對嗎？我們沒有大量的 NASA 工作。我們總是——我個人對那些行星任務有點情有獨鍾。因此，我們始終致力於追求這些目標，並將繼續成為 NASA 值得信賴的發射提供者。但是的，所以 NASA 並沒有構成我們大量的管道或積壓。

Suji De Silva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji De Silva）。

Maybe on the financials, maybe in picking question, but the percent of backlog that's recognizable in the next 12 months seems to be trending up on a secular basis. I would have thought if you have more multiyear contracts that would trend down. Am I thinking about that correctly? Or maybe you could clarify something?

也許從財務角度來看，也許從挑選問題來看，但未來 12 個月內可確認的積壓訂單百分比似乎在長期基礎上呈上升趨勢。我原本以為，如果你有更多的多年期合約，那麼趨勢就會下降。我這樣想對嗎？或者也許你可以澄清一些事情？

Yes. Well, the backlog is -- it's a bit (inaudible). I would say that -- if you look at the duration of the program, like take the big like, let's pick the SDA program, for example, and the Globalstar MDA program before that, they typically have, call it the meat of the revenue curve for three years, it's a little bit of a tail kind of on front and back end of that, but the bulk of the revenue recognition is within a three-year window. And even more so, if you kind of look where the area under the curve, even more -- it's really concentrated in about 18 months.

是的。嗯，積壓的是──有點（聽不清楚）。我想說的是——如果你看一下項目的持續時間，比如說，讓我們選擇 SDA 項目，例如之前的 Globalstar MDA 項目，他們通常稱之為三年收入曲線的核心，它有點像前端和後端的尾巴，但大部分收入確認都在三年內。更重要的是，如果你看一下曲線下的面積，你會發現它實際上集中在大約 18 個月內。

And this really comes down to you earn some revenue as you're doing the work to kind of finalize the platform design and get through some of the early milestones of design reviews and so forth. But the real redirect bulk comes when you're actually taking possession of materials like bill of materials because that's where the majority of the cost and under the EAC methodology of rev rec, that's really where we get the majority of the revenue recognition.

這實際上歸結為您在完成平台設計並完成設計評審等一些早期里程碑時獲得一些收入。但真正的重定向批量發生在您實際擁有物料清單等材料時，因為這是大部分成本所在，並且根據 EAC 的 rev rec 方法，這實際上是我們獲得大部分收入確認的地方。

So you think like it would be right a little more stretchy than it is, but it's really not. It's much more compressed than you think. So kind of when you think about where we are right now on, for example, SDA, where we announced that program, I believe it was the end of Q4 of 2023. We're like, call it, almost six quarters into that, and now we're really kind of heading into the real meat of that rev rec cycle, right? So think of the majority of that revenue recognition is really going to happen now over the next six quarters at most.

因此，您認為它的彈性會比實際的彈性更大一些，但事實並非如此。它比你想像的要壓縮得多。因此，當您思考我們現在所處的位置時，例如，我們宣布了 SDA 計劃，我相信那是在 2023 年第四季末。我們已經進行了差不多六個季度了，現在我們真的要進入 rev rec 週期的真正核心了，對嗎？因此，請考慮一下，大部分收入確認實際上將在未來最多六個季度內發生。

So really the next four quarters are going to be pretty heavy, and then they start to trend down, which is why -- we talked about a lot of focus on backlog, which is appropriate.

因此，接下來的四個季度確實會非常繁忙，然後開始呈下降趨勢，這就是為什麼——我們討論了很多對積壓訂單的關注，這是合適的。

And we have all of our focus right now. We've talked the last few quarters about the importance of putting some -- the next big piece of backlog into on the books. And that's what we're focused on. And there are several, as Pete mentioned that we're chasing, including ones that are pretty well known, like obviously, the next tranche of SDA is due for submission really, really soon. And we think we're well positioned to participate in that as well as some other programs, commercial and government.

我們現在全神貫注。過去幾個季度，我們一直在討論將下一批大宗積壓工作納入帳簿的重要性。這正是我們所關注的。正如 Pete 所提到的，我們正在追逐幾個，包括一些非常知名的項目，例如顯然下一批 SDA 很快就要提交了。我們認為，我們有能力參與這項計劃以及其他一些商業和政府項目。

So look, we think we're in really good shape there on the Space Systems side. The components business is largely less -- it's not the really multiyear deals. It's much more kind of in the near term, say, 12 to 18 months. And when you look at the launch business, I mentioned earlier, getting through some of these kind of program (inaudible) was really the milestone or the prerequisite to really opening up some really big meaningful opportunities, particularly for Neutron, right?

所以，我們認為我們在空間系統方面的情況非常好。零件業務規模很小——並不是真正的多年期交易。它更多的是短期的，例如 12 到 18 個月。當您查看發射業務時，我之前提到過，完成某些此類計劃（聽不清楚）確實是里程碑或先決條件，可以真正開闢一些真正有意義的重大機會，特別是對於中子而言，對嗎？

So I think you're going to start -- we've kind of knocked down all the barriers to start really kind of building the that backlog in a more meaningful way. I mean $1 billion nothing to be ashamed of, but we think that, that has the potential to grow significantly now as we've kind of gotten to the next phase of these big satellite programs that we think we're in good shape on and also being on ramp for Neutron exposure. So yes, I think it requires a little bit of patience, but I think people when they look back over history have seen we've been successful in converting opportunities into backlog, and we think we're even more confident now than we've ever been on being to do that.

所以我認為你將開始——我們已經打破了所有的障礙，開始以更有意義的方式真正地建立那個積壓工作。我的意思是 10 億美元並沒有什麼可恥的，但我們認為，現在這個數字有大幅增長的潛力，因為我們已經進入了這些大型衛星計劃的下一階段，我們認為我們進展順利，並且正在為中子暴露做好準備。所以是的，我認為這需要一點耐心，但我認為人們回顧歷史時會看到我們已經成功地將機會轉化為積壓，而且我們認為我們現在比以往任何時候都更有信心做到這一點。

Okay. That's very helpful. And then this question may be a little further out. Thinking about sort of Neutron and sort of the landing infrastructure strategy longer term. I wouldn't have thought about this for a few years, but it's this AFRL announcement you had today about being a global logistics provider for them.

好的。這非常有幫助。那麼這個問題可能有點遙遠。從長遠角度考慮中子和著陸基礎設施戰略。幾年來我都沒有想過這一點，但今天 AFRL 卻宣布要成為他們的全球物流供應商。

I'm curious, is it more than one ROI barge globally? Or what are the elements of kind of reentry and landing for Neutron that require investments potentially?

我很好奇，全球是否不只一艘 ROI 駁船？或者中子重返大氣層和著陸的哪些要素可能需要投資？

Yes, good question, Suji. So it's primarily just a barge. It does have return to launch like capabilities as well. And its cadence increases then there could be further asset needed to be deployed in the form of additional barges.

是的，Suji，問得好。所以它基本上只是一艘駁船。它也具有返回發射類似的功能。隨著節奏的加快，可能需要以額外駁船的形式部署更多資產。

The point-to-point cargo, look, that program is really at the very beginning of its development within the US government. So I think we're very much in the experimental phase. And it will be interesting to see if that turns into a full requirement for an operational capability, but it's good to be on that program and working on early.

點對點貨運，你看，這個計畫其實在美國政府內部才剛開始發展。所以我認為我們正處於實驗階段。看看這是否會成為作戰能力的全面要求將會很有趣，但儘早參與該計劃並開展工作是件好事。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Great. Peter, you mentioned in your comments about Mynaric that they got quite a bit of backlog and are struggling with getting shipments out. What I thought was more interesting about your comments were was how you might utilize that technology in future constellations that you plan to build and operate on your own.

偉大的。彼得，你在關於 Mynaric 的評論中提到，他們積壓了相當多的訂單，並且正在努力發貨。我認為您的評論更有趣的是，您如何在您計劃自行建造和運營的未來星座中利用該技術。

So I'm just kind of curious, the strategic rationale behind purchasing Mynaric. Was it more for that purpose and enabling your future constellation? Or was it more to be a merchant supplier?

所以我只是有點好奇，收購 Mynaric 背後的策略理由。它是否更多地是為了這個目的並為你未來的星座提供支持？或者它更像是商業供應商？

Jason, to be honest, both, and you can see that being consistent across all of our components businesses, solar fraction wheels, we've built good merchant businesses, profitable merchant businesses, and we're happy to supply to everybody in the world. But also when it comes to building our own thing, we need a reliable scaled supply of components for our own aspirations.

傑森，說實話，兩者都是，你可以看到，我們所有的零件業務，太陽能分動箱，都保持一致，我們已經建立了良好的商業業務，有利可圖的商業業務，我們很高興向世界上的每個人提供產品。但是，當我們要建造自己的產品時，我們需要可靠的、規模化的零件供應來滿足我們自己的願望。

So the space industry, as you well know, is full of subscale manufacturing shops for these base components. And as we see many of our customers struggle to build volume and build quickly because of that. So we're really trying to solve two problems here. One is provide -- be that merchant supplier at scale for the industry. And then as you point out, when it comes time for us to build our own stuff, then we already have that capability at scale.

眾所周知，航太工業充滿了生產這些基​​礎零件的微型製造車間。我們看到，許多客戶因此而難以快速擴大產量。所以我們實際上正在嘗試解決這裡的兩個問題。一是提供－成為該產業規模的商家供應商。正如您所指出的，當我們開始建立自己的產品時，我們已經具備了大規模的能力。

And we're just methodically going through every element of the satellite that we're going to need now and in the future and when opportunities present themselves, we take advantage of that.

我們正在有條不紊地研究衛星現在和將來所需的每一個元素，當機會出現時，我們就會抓住它。

Okay. Yes, fair enough. Another one for you, Peter. I'm just kind of curious on the -- on transport. Maybe you could step back and provide some context for us all and what you think the unique features of the SDA transport layer kind of envisioned by your customer and the way that you understand it. What's unique about it relative to what the customer there might be able to go and buy from the commercial market today?

好的。是的，很公平。再給你一個，彼得。我只是對交通有點好奇。也許您可以退一步為我們所有人提供一些背景信息，以及您認為客戶所設想的 SDA 傳輸層的獨特功能以及您理解它的方式。與客戶目前在商業市場上可以買到的產品相比，它有何獨特之處？

So you've got commercial communications providers out there today. Maybe just talk -- provide some context on why they need to continue on and go do SDA tranche -- additional tranches on the transport layer versus just going and buying commercial.

所以今天你就有了商業通訊提供者。也許只是談談——提供一些背景信息，說明為什麼他們需要繼續進行 SDA 分期付款——在傳輸層進行額外的分期付款，而不是僅僅去購買商業產品。

Yes, yes, fair question. So you have to think about what SDA is trying to do as a holistic thing. So as you point out, it's broken up into transport layers and track layers and cut to do layers and a whole bunch of different layers. But when you stand back and you go, okay, what is trying to be achieved here and what elements are critical and what elements are not.

是的，是的，公平的問題。因此你必須把 SDA 所嘗試做的事情視為一件整體的事情。正如您所指出的，它被分解為傳輸層、軌道層、切割層和一大堆不同的層。但當你退一步思考，好吧，這裡要實現什麼目標，哪些因素是關鍵的，哪些因素不是。

So you have to think about it not just as a particular satellite, but as a system. And that system needs to be interoperable between all of the current existing infrastructure and all of the future infrastructure.

因此，您不能只將其視為一顆特定的衛星，而要將其視為系統。並且該系統需要與所有現有基礎設施和所有未來基礎設施實現互通。

So look, it's a fair question to say, well, can transport be done commercially. But the thing is that it has to be completely interoperative with all of the DoD standards and security, all of the spacecraft that are both on all but now and planned to be on orbit in the future and meet all the requirements of the entire program.

所以，問這個問題很公平，那麼，運輸能否實現商業化呢？但問題是，它必須與國防部的所有標準和安全完全相容，所有目前在軌的以及計劃在未來進入軌道的太空船都必須滿足整個計劃的所有要求。

And often with a lot of space technology like everything is a trade, so you end up having a pretty tight requirement set that you have to solve for. So it's not unreasonable to think that commercial providers may be able to provide a transport or some of the transport layer. And I think that's the question that SDA and the Pentagon are trying to answer right now.

通常，許多太空技術就像一切都是交易一樣，所以你最終會得到一套非常嚴格的要求，你必須解決這些要求。因此，認為商業提供者可能能夠提供傳輸或部分傳輸層並不是不合理的。我認為這就是 SDA 和五角大樓現在正在試圖回答的問題。

But the important thing is that there's one layer of mini layers. So our focus here, although we have a transport layer, and we'll continue to bid on transport layers. Our real focus is on things like the track layers and the other layers that are out for tender right now because we think that those are -- well, certainly, those are not being able to provide it from commercial assets. And there's a lot more to the SDA program than just that one transport layer.

但重要的是，有一層迷你層。因此，我們的重點是，儘管我們有一個傳輸層，但我們將繼續對傳輸層進行競標。我們真正關注的是軌道層和其他目前正在招標的層，因為我們認為這些是 - 嗯，當然，它們無法從商業資產中提供。SDA 程式的功能遠遠超過一個傳輸層。

Right. And that's a pretty segue into my final question, which was about the pipeline. As you look at your pipeline for constellation builds, and I would consider this transport layer that you're working on now to be a constellation build. Do you think you're more likely to see government constellation builds? Like the next announcement comes along, are we likely to see more government wins from you all?

正確的。這很好地引出了我的最後一個問題，即有關管道的問題。當您查看星座建置管道時，我會將您現在正在處理的傳輸層視為星座建置。您認為您更有可能看到政府建造星座嗎？就像下一個公告發佈時一樣，我們是否有可能看到你們為政府帶來更多勝利？

Or are you trying to balance this out and we could very well see a commercial one? Just kind of curious how you're going to market at this point.

或者您正在嘗試平衡這一點，以便我們可以看到商業化的成果？只是有點好奇你現在打算如何進行行銷。

Yes. Yes. Well, I mean, so not to sound at all arrogant, but we have the luxury of picking and picking and choosing the kind of work that we want to go after and the things that we think are strategic for us as we think about our future. And that is a mix of both government and commercial, both in kind of either smaller numbers of satellites or small volume constellations that we think are strategic technologies or things that we want to do, but also for the -- also large scale.

是的。是的。好吧，我的意思是，這樣聽起來一點也不傲慢，但是我們可以自由地選擇我們想要從事的工作類型以及我們認為對我們未來具有戰略意義的事情。這是政府和商業的混合體，既有數量較少的衛星，也有體積較小的星座，我們認為這些都是戰略技術或我們想要做的事情，但規模也很大。

And I would say that the majority of the effort within the BD team and within the senior management team are really focused on these much, much larger constellations. Partly because that's where we want to go. But also, we've kind of reached the maturity and the scale now that we really can competitively go after those.

我想說的是，BD 團隊和高階管理團隊的大部分努力實際上都集中在這些更大的星座上。部分原因是因為那是我們想去的地方。但同時，我們現在已經達到了成熟度和規模，我們確實可以在競爭中實現這些目標。

As we've talked about on this call, we're very, very vertically integrated with a lot of the really pain point satellite components at scale. And we've demonstrated we can do really, really technically difficult missions and we've demonstrated that we can be a prime for national security projects. So I'd say that we're really kind of moved up a flight of stairs on all of that and the opportunities to be looking for a much more larger and needle-moving opportunities but both across commercial and government. So I hope that answers your question.

正如我們在這次電話會議上談到的，我們與許多真正令人頭痛的衛星組件進行了非常垂直的整合。我們已經證明，我們可以完成技術上非常困難的任務，我們也已經證明，我們可以成為國家安全項目的佼佼者。所以我想說，我們在所有這些方面都取得了長足的進步，並且有機會尋找更大、更具推動力的機會，無論是在商業領域還是政府領域。我希望這能回答你的問題。

Michael Leshock, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Michael Leshock。

AnalystI want to stick with the satellite constellation topic, and you had mentioned the potential for government contracts that could be to build the entire satellite constellation. How do you think about prioritizing that type of work versus building your own constellation first?

分析師我想繼續討論衛星星座話題，您曾提到政府合約的潛力，即建造整個衛星星座。您如何看待優先進行這類工作而不是先建立自己的星座？

Yes. Well, I mean that is a good question and something that we talk about a lot. But the most important thing for us is to build a large scalable profitable company. So we're not about to embark on huge R&D projects that kind of would make that a much more far out goal.

是的。嗯，我的意思是這是一個很好的問題，也是我們經常談論的話題。但對我們來說最重要的是建立一家大型可擴展的獲利公司。因此，我們不會進行大型研發項目，因為這會使這一目標變得更加遙不可及。

So the answer to the question is probably not a very good answer is that we balance that, right? We look at those opportunities. And I can say that everything we've done to date leads us to that point. And when we have a full conviction and thesis that we can talk about around what kind of constellation that we intend to go after, you really have to have that extremely well baked because at that point, you're committing significant resource to go after those kinds of things.

所以這個問題的答案可能不是一個很好的答案，那就是我們要平衡這一點，對嗎？我們關注這些機會。我可以說，我們迄今為止所做的一切都是為了實現這一點。當我們有了充分的信念和論點，可以討論我們想要追求什麼樣的星座時，你真的必須把它考慮得非常周全，因為在那時，你要投入大量的資源去追求這些東西。

So yes, I mean, like I said, the focus is on strengthening the company and we're moving as rapidly as we can into constellations and where we think is important, but we're not going to do that at the cost of the security of the business.

所以是的，我的意思是，就像我說的，重點是加強公司，我們正在盡快進入星座和我們認為重要的地方，但我們不會以犧牲業務安全為代價來做到這一點。

And then shifting to Archimedes, how long are you targeting that engine to burn for a full launch? And maybe what's the duration of the half hires that you're doing today relative to that full burn expectation?

然後轉向阿基米德，您計劃讓該引擎燃燒多長時間才能完全啟動？也許您今天所進行的半數招募的持續時間相對於全部招募的預期是多長？

Yes. So I mean, a full duration second stage upper burn profile is on the order of sort of 5 minutes. And where we're targeting the testing right now, it's really all about all the start-up and shutdown transients and all of those things. Once you reach thermal equilibrium when the engine is just running at the equilibrium, you're not learning anything because everything is in a steady state. You're just burning for (inaudible) at that point.

是的。所以我的意思是，第二階段上部燃燒的完整持續時間大約是 5 分鐘。我們現在的測試重點實際上是所有啟動和關閉瞬變以及所有這些事情。一旦達到熱平衡，當引擎剛好在平衡狀態下運轉時，您就不會學到任何東西，因為一切都處於穩定狀態。那時你只是在為（聽不清楚）而燃燒。

So our focus has not been on big long durations. Our focus has been on all the operating conditions that we need to meet, especially when a reusable launch vehicle when you come in to landing, one of the more challenging things are your propellents are hot and there are different pressures. So that's a far more challenging environment to be able to reignite an engine than a steady-state burn. So that's really been our focus.

因此我們的重點並不在於長期持續時間。我們的重點是我們需要滿足的所有操作條件，特別是當可重複使用的運載火箭著陸時，最具挑戰性的事情之一是推進劑很熱並且有不同的壓力。因此，與穩定狀態燃燒相比，重新點燃引擎的環境要困難得多。所以這確實是我們的重點。

Erik Rasmussen, Stifel.

埃里克·拉斯穆森（Erik Rasmussen），Stifel。

Maybe just circling back with Mynaric. I remember in the press release or it seemed like the deal was contingent on, I guess, acceptable terms to Rocket Lab, I mean it sounds like in your prepared remarks, you seem a lot more comfortable on closing that transaction. So what -- are there any sort of sticking points remaining to closing this deal at this point?

也許只是和 Mynaric 一起回來。我記得在新聞稿中，或者似乎這筆交易取決於 Rocket Lab 可以接受的條款，我的意思是，聽起來在你準備好的發言中，你似乎對完成這筆交易更加放心。那麼——目前還存在哪些阻礙達成這筆交易的癥結嗎？

Yes, Erik, I'll make a few comments, and Adam probably have better ones. But you have to go through a whole process in Germany and that process can take some time and that's probably the longer pole in the tent. And it's not really a process that we have much kind of control over. The bankruptcy laws and stuff are different in Germany than the States, but Adam, you might have a better comment?

是的，艾瑞克，我會提出一些評論，亞當可能會有更好的評論。但是在德國你必須經歷整個過程，這個過程可能需要一些時間，而且帳篷裡的桿子可能更長。而這其實並不是一個我們能夠控制的過程。德國的破產法和其他方面與美國不同，但是亞當，你可能有更好的評論嗎？

No, exactly right. It all comes down to regulatory, and there's a couple of regulatory processes that you got to get through. But the first one is really get through the bankruptcy process over there in Germany, which there is a court date that's scheduled. And so things are progressing. I think we've always had confidence where kind of with our deal that we have with the primary lender here.

不，完全正確。一切都歸結於監管，你必須經歷一些監管流程。但第一步其實是在德國完成破產程序，有一個預定的開庭日期。事情正在不斷進展。我認為，我們對與主要貸款機構達成的交易一直充滿信心。

And that's why we have confidence in kind of leaning forward and announcing the deal.

這就是為什麼我們有信心提前宣布這項協議。

So everything seems to be on track. I mean I think the difficult thing I was trying to predict kind of how the regulatory process will have a time line for that. But we feel good about where we're at because our -- we have a committed plan to, as Pete mentioned earlier, to invest in that business in Germany. It's great technology. There's great initial property.

看來一切都在步入正軌。我的意思是，我認為困難的事情是試圖預測監管過程將如何有一個時間表。但我們對目前的狀況感到滿意，因為正如 Pete 之前提到的，我們有一個堅定的計劃，投資德國的業務。這是一項偉大的技術。有很好的初始屬性。

We're going to continue to invest in. We're going to have what we believe to be a thriving merchant business supplying the broader ecosystem. So yes, we have no reason to be concerned at this point.

我們將繼續投資。我們相信，我們將擁有一個蓬勃發展的商業業務，為更廣泛的生態系統提供服務。所以是的，我們現在沒有理由擔心。

Great. And then maybe on the final light, since winning -- since, I guess, announcing that spacecraft, what's sort of feedback or interest have you received? And then maybe any updates on progress thus far, maybe timing of bringing that space at market?

偉大的。然後也許關於最後的光芒，自從獲勝以來——我想，自從宣布那艘航天器以來，你收到了什麼樣的反饋或興趣？那麼迄今為止的進展有什麼更新嗎？也許是將該空間推向市場的時機？

Yes. I mean, we have strong interest from commercial and government constellation providers. And the (inaudible) light really is the gold standard for high volume, high cadence kind of deployments of constellations, also useful for ourselves, of course. But there was really a product that was developed and driven by a set of customers.

是的。我的意思是，商業和政府星座供應商對我們很感興趣。而且（聽不清楚）光確實是高容量、高節奏星座部署的黃金標準，當然對我們自己也有用。但確實存在一種由一組客戶開發和驅動的產品。

Okay. And maybe switching gears. On the NSSL program, obviously, a big opportunity there. You received a $5 million past quarter. But at what point -- I think you've gone through a pretty rigorous process just to be on ramp for that.

好的。或許可以換個方式。顯然，NSSL 計劃存在巨大的機會。上個季度您收到了 500 萬美元。但是在什麼時候——我認為你已經經歷了一個非常嚴格的過程，只是為了實現這一點。

But at what point can we expect to see -- or are you expecting to be able to book backlog for that? Is it contingent on that first flight? Or what are the milestones that we can potentially look for that maybe get more excited about that program?

但是我們什麼時候可以期待看到——或者您是否期待能夠預訂積壓訂單？這取決於第一次飛行嗎？或者我們可以尋找哪些里程碑來讓該計劃更加令人興奮？

Yes, totally. So the team now works with us for the next few years on all of the elements of mission assurance and everything that they need for these critical mission. And yes, we're eligible for task orders after the first flight. And -- but between now and then, as you can see, there's already task orders that occur for various elements of getting mission assurance and mission ready to be able to fly these kinds of payloads. But truly, it's after for a flight eligible to bid for those task orders.

是的，完全正確。因此，團隊將在未來幾年與我們合作，負責任務保證的所有要素以及完成這些關鍵任務所需的一切。是的，第一次飛行後我們就有資格接受任務訂單。而且 — — 但從現在到那時，正如您所看到的，已經出現了針對各種要素的任務訂單，以獲得任務保證和任務準備，以便能夠飛行這些類型的有效載荷。但實際上，只有符合競標這些任務訂單資格的航班才有資格競標。

The Phase 3 set of task orders go through to 2029.

第三階段的任務訂單將持續到 2029 年。

Great. So really getting to the pad is an OT milestone. And then maybe just finally on Electron, I think, Adam, you talked about higher ASPs. Q1 obviously was lower, but you expect to see an improved cadence. Would you expect, though, the year to end at a much higher rate or just slowly pick up from here in terms of an ASP?

偉大的。因此，真正到達發射台是 OT 的里程碑。然後也許最後只是關於 Electron，我想，亞當，你談到了更高的 ASP。Q1 顯然較低，但您期望看到節奏的改善。但是，您是否預計今年年底的平均銷售價格會大幅上漲，還是會從現在開始緩慢回升？

And obviously, some lumpiness that you've talked about with some of these volume deals.

顯然，您談到了一些批量交易中存在的一些問題。

Yes. Right now, the backlog would basically imply a step-up in both cadence and ASP progressively as we move through the year. So I would expect a high watermark on ASP would be in would be in the Q4 period. So we'll see a progression. It's better in Q2 than it was in Q1.

是的。目前，積壓訂單基本上意味著隨著一年的推進，節奏和平均售價都會逐步提高。因此我預計 ASP 的最高水位將出現在第四季。因此我們將看到進展。第二季的情況比第一季好。

It will be better again in Q3, and we'll kind of hit a high watermark in Q4, and I expect that to be both the case for both the ASP and for cadence.

第三季情況會再次好轉，第四季我們會達到一個高峰，我預計平均售價和節奏都會如此。

And that's really what kind of gets us to that target margin that we talked about. I mean, just to be clear, when we've talked over the past several years, like, well, when we get to a certain point where we're approaching a couple of launches per month or six per quarter, that's kind of our goal to get to our target margins in the 40s. And I think everything that we're seeing right now is consistently kind of playing -- getting us towards that. So I think we're pretty pleased with how things is pretty much almost exactly to plan.

這確實使我們達到了我們所說的目標利潤。我的意思是，需要明確的是，正如我們在過去幾年中討論的那樣，當我們達到某個點時，我們接近每月推出幾次產品或每季度推出六次產品，這就是我們的目標利潤率，即達到 40%。我認為我們現在看到的一切都在不斷地推動我們實現這一目標。所以我認為我們對事情幾乎完全按照計劃進行感到非常滿意。

Great. And that's still is (inaudible) 20-plus launches for the year?

偉大的。那今年的發射次數還是（聽不清楚）20 多次嗎？

Correct.

正確的。

Andres Sheppard, Cantor Fitzgerald.

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

This is Andres Sheppard, sorry about that. Peter, Adam, congratulations on the quarter and all of the accomplishments. I think most of our questions have been asked by now. I wanted to maybe get your thoughts with the international space budgets growing, how do you expect this can benefit Rocket Lab? Where do you see the most demand from international coming across launch satellites and components?

我是安德烈斯‧謝潑德 (Andres Sheppard)，很抱歉。彼得、亞當，恭喜你們本季所取得的所有成就。我想我們大部分的問題現在已經被問過了。我想了解您的想法，隨著國際太空預算的成長，您認為這會為 Rocket Lab 帶來什麼好處？您認為國際上對發射衛星和零件的最大需求在哪裡？

Yes, Andres. So primarily Europe, and Electron has done incredibly well in Japan. So Japanese market is like the second biggest market for Electron. But as we think about larger opportunities and programs, I think it really sits with allies in Europe.

是的，安德烈斯。因此主要在歐洲，而 Electron 在日本的表現非常好。因此日本市場就像是 Electron 的第二大市場。但當我們考慮更大的機會和計劃時，我認為這確實與歐洲的盟友有關。

Got it. Okay. That's helpful. And maybe just as a quick follow-up, and again, a lot of our questions that have been asked. But -- and I realize -- I think we touched on this last quarter as well.

知道了。好的。這很有幫助。也許只是作為一個快速的後續問題，再次回答我們已經提出的許多問題。但是——我意識到——我想我們在上個季度也談到了這一點。

But as we're getting closer and closer to Neutron, do you have maybe a better sense now how you foresee your revenue mix shifting?

但是隨著我們越來越接近 Neutron，您現在是否對如何預見收入結構的變化有了更好的認識？

As I look at the backlog, there's seems to have been an increase in launch systems over space systems from the last reported backlog. As we're getting closer to Neutron, how quickly do you foresee that shifting towards launches over space systems? Or how long would that transition take, I guess, in your opinion?

當我查看積壓情況時，我發現與上次報告的積壓情況相比，發射系統的數量似乎比太空系統的數量增加。隨著我們越來越接近中子發射計劃，您預計多快會轉向透過太空系統發射？或者您認為這種轉變需要多長時間？

Yes. I'll take an add at that, Pete. I mean -- if you look at our back -- I mean, we're dealing with such large opportunities right now that it's going to be very volatile. I don't think you're going to be able to predict a smooth line or extrapolate smooth-line. One large constellation win will skew everything much more quickly and dramatically back to a balance of maybe more than two-thirds of our revenue from Space Systems.

是的。我會對此進行補充，皮特。我的意思是——如果你看看我們的過去——我們現在面臨著如此大的機會，所以情況將會非常不穩定。我認為你無法預測平滑線或推斷平滑線。一次大型星座的勝利將使一切更加迅速、更加顯著地回到平衡狀態，也許超過我們從太空系統獲得的收入的三分之二。

But you'll also see as we now have been on ramp to some of these programs to sell, every Neutron launch that we book, if you look at our target price for Neutron in the $50 million to $55 million ASP range, that's going to move the needle as well. And if you can get some bulk prices going on that, that could also skew things so that we could be more than 50% of our backlog to be launched at some period of time.

但您還會看到，隨著我們現在開始銷售其中一些項目，我們預訂的每一次中子發射，如果您看看我們對中子的目標價在 5000 萬美元至 5500 萬美元的平均銷售價格範圍內，這也將產生影響。如果你能獲得一些批量價格，那麼這也可能會改變事情，以便我們可以在某個時期推出超過 50% 的積壓產品。

So it really depends. It's so hard to predict. And the good thing is we've got multiple irons in the fire. And both Launch and Space Systems have almost equal opportunity to kind of really move the needle. I think, because right now, Space Systems has become a dominant piece of the revenue mix because of the size of those programs we've been chasing and the breadth of that business versus today having Electron to the phenomenal product getting to our target margins.

所以這確實取決於情況。這很難預測。好消息是，我們同時在做多項事情。發射系統和太空系統都有幾乎同等的機會真正推動發展。我認為，因為現在，由於我們一直在追逐的那些項目的規模和業務的廣度，太空系統已經成為收入組合中的主導部分，而今天，電子產品這一非凡的產品已經達到了我們的目標利潤率。

That's really gone well. But at $8 million, $8.5 million, $9 million doesn't -- it takes a lot more to kind of skew things in the launch's favor, but now Neutron resets that table. So I think it's hard to call. It's going to be very volatile, but the good thing is we see the -- trying to see which one is going to grow faster and move the needle the most is a great problem to have because they both have strong tailwinds to them.

一切確實很順利。但 800 萬美元、850 萬美元、900 萬美元則不然——需要付出更多才能使事情朝著有利於發射的方向發展，但現在 Neutron 重新設定了這一目標。所以我認為這很難說。它會非常不穩定，但好消息是我們看到——試圖看看哪一個會成長得更快、推動力最大，這是一個很大的問題，因為它們都有強勁的順風。

That's very helpful, Adam. Really, really appreciate that color and congrats again to the team.

這非常有幫助，亞當。真的非常欣賞這種顏色，並再次祝賀這個團隊。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

This is [Alex Preston] on for Ron. Just one quick one for me to close this out. I'm thinking about the NSSL on-ramp for Neutron. I'm curious if you think -- how you're thinking about potentially transitioning to Lane 2 awards in the future, the more demanding launches? Is it a matter of just demonstrating flight heritage over a number of missions? Or do you see incremental capabilities you'll need Neutron to demonstrate?

我是 [Alex Preston]，替 Ron 發言。我只想簡單說一句話來結束這個話題。我正在考慮 Neutron 的 NSSL 入口。我很好奇您是否考慮過——您如何考慮未來可能過渡到 Lane 2 獎項，以及要求更高的發布？這是否只是為了展示多次任務中的飛行傳承？或者您是否看到了需要 Neutron 來展示的增量功能？

Yes. Thanks for the question, Alex. I wish it was that easy. So the other lane requires you to have a launch site at both Vandenberg and at (inaudible). It's very explicit about that.

是的。謝謝你的提問，亞歷克斯。我希望事情就這麼簡單。因此，另一條航線要求你在范登堡和（聽不清楚）。關於這一點，它說得非常清楚。

And be able to meet all of the mission requirements for all of the space launch, meaning that you have to have a vehicle that can lift sort of over [30 tonnes]. So the cost of admission to get into that lane is extremely high, hence, the reasons why historically, all of those programs have been quite heavily subsidized in R&D contracts and whatnot and sustaining contracts because you have to hold and maintain a tremendous amount of infrastructure, two pads and a heavy lift vehicle.

並且能夠滿足所有太空發射的任務要求，這意味著你必須擁有一輛能夠升起的火箭[30噸]因此，進入該通道的成本非常高，因此，從歷史上看，所有這些項目都在研發合同等方面獲得了大量補貼，並且維持了合同，因為你必須持有和維護大量的基礎設施、兩個發射台和一輛重型起重車輛。

So unless the rules change, I don't think we'll graduate up into there. But to be honest with you, this is one of the reasons why (inaudible) base force created this extra lane is they saw that there's a huge lost opportunity with some medium launch vehicles in development and wanting to make sure they take advantage of those. And it will be really interesting to see in time how many of those missions fall from the various lanes, drop down into the lower lanes that are much faster and much more affordable to deliver.

因此，除非規則改變，否則我認為我們不會達到這個水平。但老實說，這是（聽不清楚）基地部隊創建這條額外通道的原因之一，因為他們看到一些正在開發的中型運載火箭失去了巨大的機會，並希望確保他們能利用這些機會。隨著時間的推移，我們會發現非常有趣的是，有多少任務會從不同的航線上掉落到更快、成本更低的較低航線。

This does conclude our Q&A section for today. And with that, I will hand it back over to Peter Beck for our closing remarks.

今天的問答環節就到此結束了。最後，我將把發言權交還給彼得·貝克，請他做最後發言。

Yes. Thanks very much, everybody. And before we close out for today, here are some of the upcoming events and conferences that the team will be attending. We look forward to sharing more exciting news and updates with you there. Otherwise, thank you very much for joining us.

是的。非常感謝大家。在今天結束之前，我們先來介紹團隊即將參加的一些活動和會議。我們期待與您分享更多令人興奮的新聞和更新。否則，非常感謝您加入我們。

That wraps up today's call, and we look forward to speaking with you about the exciting project -- progress we're making at Rocket Lab again soon. Thanks. Bye.

今天的電話會議到此結束，我們期待很快能再次與您討論這個令人興奮的專案——我們在 Rocket Lab 取得的進展。謝謝。再見。

Thank you so much for joining us today. This does conclude our conference call. You are now free to disconnect. Thank you.

非常感謝您今天加入我們。我們的電話會議到此結束。您現在可以自由斷開連線。謝謝。