Rocket Lab Corp (RKLB) 2025 Q2 法說會逐字稿

Good day, and welcome to the Rocket Lab Corporation Q2 earnings call. (Operator Instructions) Please note that today's event is being recorded. At this time, I would like to turn the conference over to Murielle Baker, Senior Communications Manager. Please go ahead.

大家好，歡迎參加 Rocket Lab Corporation 第二季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。現在，我想將會議交給資深通訊經理 Murielle Baker。請繼續。

Thank you. Hello, and welcome to today's conference call to discuss Rocket Lab's second-quarter 2025 Financial Results. 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 2025 年第二季的財務表現。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。這些聲明旨在符合《私人證券訴訟改革法案》所設立的安全港責任保障。

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.

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。

Our remarks and press release today also contain non-GAAP financial measures within the meaning 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 財務指標與根據 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's 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 in 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，並提供支援性演示和重播，演示的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。他們將討論關鍵的業務亮點，包括我們在太空系統計劃中的最新進展，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 for everybody joining us today. Look, we have delivered impressive financial results this quarter with another record revenue of $144.5 million, above the high end of our prior guidance and up 36% compared to last year.

謝謝，穆里爾，也感謝今天與我們一起的各位。您看，本季我們取得了令人印象深刻的財務業績，營收再創歷史新高，達到 1.445 億美元，高於我們之前預期的高端，比去年同期成長了 36%。

Our GAAP gross margin expansion exceeded expectations this quarter two and the consecutive growth of the company is really exciting to drive. No surprises here that Electron continues to be the leader of the small launch industry. We had 5 launches across the quarter two of them back to back from launch Complex 1 in two days.

本季我們的 GAAP 毛利率擴張超出了預期，公司的連續成長確實令人興奮。毫不奇怪，Electron 繼續成為小型發射行業的領導者。本季我們進行了 5 次發射，其中兩次是在兩天內從 1 號發射場連續發射的。

Demand for its services is also increasing from different countries with multiple international space agencies signed up for Electron launches this year and next. We made rapid progress towards the pad with neutral this quarter.

不同國家對其服務的需求也不斷增加，多個國際航太機構已簽約參加今年和明年的 Electron 發射。本季我們在實現中性方面取得了快速進展。

Launch Complex 3 is ready for its grand opening, and we've got the first rocket parts on their way to Virginia. More to share across the program in the up and coming slides here. And finally, in Space Systems, our prime contractor status is expanding with our imminent acquisition of Geost.

3 號發射中心已準備好盛大啟用，首批火箭零件已運往維吉尼亞州。更多有關該計劃的內容可在此處的後續幻燈片中分享。最後，在太空系統方面，隨著我們即將收購 Geost，我們的主承包商地位正在擴大。

Being able to quickly build and deploy entire satellite systems is the cornerstone of the future US defense strategy, and we're in a prime position to play within those large opportunities within launched spacecraft and now payloads added to our end-to-end capabilities.

能夠快速建造和部署整個衛星系統是美國未來國防戰略的基石，我們處於有利地位，可以利用已發射的太空船和現在添加到我們端到端能力的有效載荷中的這些巨大機會。

So let's get into those details now. We're very close to finalizing our acquisition of Geost, a maker of missile tracking satellites for national security missions. Having cleared through the antitrust review, we're on track for signatures on paper here pretty shortly.

現在讓我們來了解一下這些細節。我們即將完成對 Geost 的收購，Geost 是一家為國家安全任務生產飛彈追蹤衛星的製造商。通過反壟斷審查後，我們很快就會獲得紙質簽名。

I'll let Adam take you through the financial details later. But if there's one thing to take away from this deal, it's adding payloads on top of launch and spacecraft really cements our status as a one-stop shop for national security.

我稍後會讓亞當向您介紹財務細節。但如果說這項協議有什麼意義的話，那就是在發射和太空船的基礎上增加有效載荷，真正鞏固了我們作為國家安全一站式服務中心的地位。

We're really a trusted just -- we're already a trusted disruptor in the launch and prime contractor for Constellation build, and this acquisition adds to our competitive advantage. It will bring an extensive inventory of space-based missile warning sensors and manufacturing facilities in Arizona and Northern Virginia that secures the domestic supply chain of this critical technology for next-generation missile defense initiatives, like the Golden Dome and the SDA constellations.

我們確實是一個值得信賴的——我們已經是一個值得信賴的星座發射和總承包商，這次收購增加了我們的競爭優勢。它將為亞利桑那州和北維吉尼亞州帶來大量的天基飛彈預警感測器和製造設施，以確保這項關鍵技術的國內供應鏈，用於下一代飛彈防禦計劃，如金色穹頂和 SDA 星座。

The $175 billion Golden Dome program could prove to be one of DoD's largest procurements to date, and we're in a great position to capitalize on opportunities here. Our strategic investment and the way that we scale the company to uniquely meet its needs positions us strongly to win either as a prime contractor or even as a sub or even as a component supplier.

耗資 1750 億美元的「金色穹頂」計畫可能成為國防部迄今為止最大的採購項目之一，我們處於有利位置，可以利用這一機會。我們的策略投資以及我們擴大公司規模以滿足其獨特需求的方式，使我們有能力作為總承包商、分包商甚至零件供應商贏得勝利。

Our pursuit of the Golden Dome extends just beyond payloads. Across its entire ecosystem, we have the technology and capability ready to serve. We operate the world's most reliable and responsive small launch vehicle, Electron, operating at the fastest cadence of any small launch vehicle in history having just completed its 69th launch.

我們對「金頂」的追求不僅限於有效載荷。在整個生態系統中，我們擁有隨時可用的技術和能力。我們經營著世界上最可靠、反應最靈敏的小型運載火箭「電子號」，其運行節奏是歷史上所有小型運載火箭中最快的，剛剛完成了第 69 次發射。

With our hypersonic testing variant haste, we are revolutionizing the way missile defense technology is tested in a hypersonic environment. A new reusable rocket Neutron perfectly answers the call for a diversified launch of national security and can deploy entire constellations of spacecraft at once to build out the domes proliferated architecture. We've already won more than $0.5 billion contract with the SDA to build and operate a significant piece of their PSA network. So there's a golden opportunity to build upon that here with our existing capability.

透過我們的高超音速測試變體 Haste，我們正在徹底改變在高超音速環境中測試飛彈防禦技術的方式。新型可重複使用火箭中子完美地滿足了國家安全多樣化發射的要求，可以一次部署整個航天器星座，建造出穹頂式擴散建築。我們已經與 SDA 贏得了價值超過 5 億美元的合同，以建立和運營其 PSA 網路的重要部分。因此，這是一個利用我們現有能力實現這一目標的絕佳機會。

And look, the list goes on that, I won't belabor the point. Our advantage is our commercial speed improving execution. The way programs like this have been built in the past, dominated by the large defense primes just won't work the same time -- this time around to meet the administration's urgent time line.

瞧，清單還在繼續，我就不再贅述了。我們的優勢是商業速度提升的執行力。過去，類似計畫的建設方式是由大型國防企業主導的，但這次，這種方式將不再有效——為了滿足政府的緊急時間表。

And this agility and innovation, vertical integration and on-time delivery and execution. That's why we've delivered time and time again across our programs to date and what we stand ready to deliver for the Golden Dome.

這種敏捷性和創新性、垂直整合以及準時交付和執行。這就是為什麼我們迄今為止在我們的專案中一次又一次地實現了這一目標，並且我們準備為金色穹頂實現這一目標。

There's no better mission on the box that demonstrates the full depth of our capabilities than the Vector Hays mission for the space force. Across its tactical responses space program, we're the only provider delivering a complete end-to-end launch plus base graft solution.

盒子上沒有比 Vector Hays 任務更能展現我們太空部隊能力的全部深度的任務了。在其戰術響應太空計劃中，我們是唯一提供完整的端到端發射加基礎移植解決方案的供應商。

We're bringing the full stack of offerings across the satellite design, component manufacturing, integration and testing flight software, ground mission and launch licensing and the launch itself and on-orbit operations. We own the entire mission life cycle and its capability for national security that very, very few others can provide.

我們提供涵蓋衛星設計、零件製造、整合和測試飛行軟體、地面任務和發射許可證以及發射本身和在軌操作的全套服務。我們擁有整個任務生命週期及其國家安全能力，很少有其他人能夠提供。

It's also a great demonstration of how commercial capability like ours can be leveraged to bring the concept of response space into operational reality, exactly what the US administration is seeking with Golden Dome. This mission has a 24-hour call-up requirement, which quite frankly, is business as usual for Rocket Lab these days, and we recently cleared the program milestone for Vector Hays that moves us into the final integration and testing phase of our spacecraft for the mission and launch on Electron later is on track for later this year.

這也很好地展示瞭如何利用像我們這樣的商業能力將響應空間的概念變成現實，這正是美國政府對金色圓頂的追求。這次任務需要 24 小時的召集，坦白說，這對 Rocket Lab 來說是家常便飯，我們最近完成了 Vector Hays 的專案里程碑，這將使我們進入該任務航天器的最後整合和測試階段，並將於今年晚些時候在 Electron 上發射。

Another program with a major milestone tech is our transport layer constellation build for the SDA. The program has signed off our satellite design and approach for manufacturing, which means we can now move into full-scale production of these 18 spacecraft and recognize further revenue from this $515 million program.

另一個具有重大里程碑技術的專案是我們為 SDA 建造的傳輸層星座。該計畫已經批准了我們的衛星設計和製造方法，這意味著我們現在可以全面生產這 18 顆太空船，並從這個 5.15 億美元的計畫中獲得更多收入。

As this constellation gets underway, we're also preparing for a much larger opportunity within the SDA and its next tranche of satellite contracts. This is where our strategy of bringing key satellite technologies in-house makes us an attractive commercial partner.

隨著這個星座的啟動，我們也在為 SDA 及其下一批衛星合約中的更大機會做準備。正是由於我們將關鍵衛星技術引入公司內部的策略，我們才成為了一個有吸引力的商業夥伴。

Our income in sensor payloads, for example, are also in play for an SDA award and through other bidders. We can control the cost and reduce the schedule risk through our vertical integration in a way that others can't. And we hold the keys to their technology and components that are foundational to these contracts.

例如，我們在感測器有效載荷方面的收入也用於爭取 SDA 獎和透過其他競標者獲得。我們可以透過垂直整合來控製成本並降低進度風險，這是其他人做不到的。我們掌握著這些合約的基礎技術和組件的關鍵。

And finally, for Space Systems. Another strategic area of focus for this past quarter has been in supporting the administration's plans for Mars exploration. It was great to see our $700 million provided for our Mars telecommunications arbiter in its recent but recent budget. The path to Mars for human spaceflight must begin with the ability to communicate there.

最後，關於空間系統。過去一個季度的另一個戰略重點領域是支持政府的火星探索計畫。我們很高興看到我們在最近的預算中為火星電信仲裁員提供了 7 億美元。人類航太登陸火星的第一步必須從火星上的通訊能力開始。

And this is something that we've always strongly pushed for. In fact, we were the only company that proposed an independently launched Mars Telecom arbiter as part of the end-to-end Mars sample return mission. So our ambition is clearly in line with the administration's vision for Mars.

這是我們一直大力推動的事情。事實上，我們是唯一一家提出在端到端火星樣本返回任務中獨立發射火星電信仲裁器的公司。因此，我們的目標顯然與政府對火星的願景一致。

Much of our technology is already across major Mars missions like NASA InSight Lander, the Engineered helicopter, the cruise stage that bought perseverance to Mars and of course, our ESCAPADE spacecraft that are ready for launch here soon.

我們的許多技術已經應用於主要的火星任務，例如美國太空總署的洞察號登陸器、工程直升機、將毅力號送上火星的巡航階段，當然還有我們即將在這裡發射的 ESCAPADE 太空船。

We have got the experience in delivering mission success for Mars exploration and a vertically integrated approach reduces complexity, controls cost and provide schedule certainty, all under a firm fixed price. Now onto Electron.

我們擁有成功完成火星探索任務的經驗，垂直整合的方法可以降低複雜性、控製成本並提供確定性的進度，所有這些都在固定價格下完成。現在進入 Electron。

Once again, another busy quarter for Electron as demand and launch cadence continues to soar. The beauty of Electron has been able to choose when we you want to fly. Sometimes for us, that can mean flying in very close succession like the four launches and four weeks that we saw in June and two of those blue just days apart, a record turnaround for us at Launch Complex 1.

隨著需求和發布節奏的持續飆升，Electron 又迎來了一個繁忙的季度。Electron 的美妙之處在於，我們可以選擇何時飛行。對我們來說，有時這意味著非常緊密地進行發射，就像我們在 6 月看到的四次發射和四周的發射一樣，其中兩次發射僅相隔幾天，這對我們 1 號發射中心來說是一個創紀錄的轉變。

We since racked up launched number 69 and number [70] is scheduled for lift off next week, keeping us on track for 20 or more launches by this year's end. These missions are a great showcase of how quickly we can turn around launches as a manifest demand, with the infrastructure, production and capability to place and support a launch a week as the demand for small dedicated launch continues to expand.

從那時起，我們已經完成了第 69 次發射，第 70 次發射計劃於下週發射，這使我們預計在今年年底前完成 20 次或更多次發射。這些任務很好地展示了我們能夠如何快速地根據明顯的需求完成發射任務，隨著小型專用發射的需求不斷擴大，我們擁有基礎設施、生產和能力，可以每週進行一次發射並提供支援。

Beyond Electron's proven heritage as America's most frequently launched more rocket international space agencies are coming to rely on for access to orbit as well. We signed our first direct launch contract with the European Space Agency this quarter to launch a pair of satellites for the continent's future navigation constellation before the end of this year.

除了電子火箭是美國發射頻率最高的火箭之外，國際航太機構也開始依賴電子火箭進入軌道。本季度，我們與歐洲太空總署簽署了第一份直接發射合同，將在今年年底前為歐洲大陸未來的導航星座發射一對衛星。

The mission urgency stems from East need to meet spectrum requirements by early '26. But with few domestic rides to space available for them, Electron is stepping up to the task of responsive launch. It's a similar situation faced by another sovereign space agency that came calling for Electron 2. I can't quite reveal the full details of those missions yet, but it's fuel on the fire to Electron's international expansion and leadership as a -- in the smaller market globally.

任務的緊迫性源自於東部需要在 26 年初滿足頻譜需求。但由於國內可供發射的太空船數量很少，Electron 公司正在加緊完成響應式發射任務。另一個主權航太機構在要求發射 Electron 2 號火箭時也面臨類似的情況。我還不能完全透露這些任務的全部細節，但它將推動 Electron 在全球較小市場中的國際擴張和領導地位。

Now to cap off the list of Space Agency launch contracts. We secured another NASA emission on Electron, the launch early 2026. Time and time again, we've proven Electron to be the premier small launch of NASA science missions and we're looking forward to delivering the same precise orbital deployments that they've come to expect.

現在來總結一下航太局發射合約的清單。我們確保了 NASA 的另一次 Electron 發射，發射時間為 2026 年初。我們一次又一次地證明，Electron 是美國太空總署科學任務中首屈一指的小型發射，我們期待著實現他們所期望的同樣精確的軌道部署。

Now on to our Neutron update for the quarter. Let's start with a top-down view of where things stand today. We're building more than just FRS Rocket. We're laying the foundation for long-term sustainable program. We know that from experience that building the first one is hard, but building the system that gets you to launch number 10 and 20 and beyond is much harder. Most of the capital of any rocket program goes into building out the infrastructure, and we believe we've got all the critical elements in place now.

現在開始我們本季的 Neutron 更新。讓我們先從上而下的角度來看一下目前的情況。我們建造的不僅僅是 FRS 火箭。我們正在為長期可持續計劃奠定基礎。我們從經驗中知道，建立第一個系統很難，但建立一個可以讓你推出第 10 個、第 20 個甚至更多系統的系統則更加困難。任何火箭計畫的大部分資金都用於建設基礎設施，我們相信現在已經具備了所有關鍵要素。

Our launch in test sites are substantially complete, recovery infrastructure is on track. The Archimedes engine manufacturing line is now capable of knocking out an engine every 11 days, and we believe that we've scaled our operations to be ready to support -- to move into multiple flights a year after the first launch gets off the ground.

我們在測試站點的啟動已基本完成，恢復基礎設施也已步入正軌。阿基米德發動機生產線現在每 11 天就能生產出一台發動機，我們相信我們已經擴大了營運規模，可以隨時提供支援——在第一次發射後一年內進行多次飛行。

On the launch vehicle side, the teams are working literally day and night to get Neutron to the pad. We're in a good spot with lots of core elements like the Hungry Hippo, major structures, second stage, engine qualification, et cetera. It's a green tech Stage 2 flight hardware and its qualification program, the brains of the rocket, like the flight computer and GNC are ready for flight. So lots of green across the vehicle as you'd expect.

在運載火箭方面，團隊正在日以繼夜地工作，以將中子送上發射台。我們處於一個很好的位置，擁有許多核心元素，例如飢餓河馬、主要結構、第二階段、引擎鑑定等等。這是綠色技術第二階段飛行硬體及其鑑定程序，火箭的大腦，如飛行電腦和 GNC，已準備好飛行。正如您所期望的，車輛上佈滿了綠色。

There's been lots of action on the regulatory approval front as well. We've been granted our FCC license for neutrons first launch, and the FAA has accepted our launch license application that puts us on track for a launch license to fly from launch Complex 3 by the end of the year.

在監管審批方面也採取了許多行動。我們已獲得美國聯邦通訊委員會 (FCC) 頒發的中子首次發射許可證，美國聯邦航空管理局 (FAA) 也接受了我們的發射許可證申請，這使我們預計在今年年底前獲得從 3 號發射場發射的發射許可證。

We've also had the critical agreements in place to transport flight hardware to the launch site on Wallops Island. You've likely seen a bit of activity on that front around expanding our operations and dredging in the channel. But these are improvements -- these improvements are related to increasing operational flexibility as launch cadence ramps up, it's not a gate to new Neutron's debut.

我們也達成了將飛行硬體運送到瓦洛普斯島發射場的重要協議。您可能已經看到了我們在這方面的一些活動，包括擴大業務和疏浚航道。但這些都是改進——這些改進與隨著發射節奏的加快而提高操作靈活性有關，這並不是新中子首次亮相的大門。

Importantly, the schedule is not sequential. Everything is happening in parallel and a lot of the progress markers that are underway are still pending are probably going to stay that way up until just before we launch.

重要的是，時間表不是連續的。所有事情都在同時發生，許多正在進行的進度標記仍處於待定狀態，可能會一直保持這種狀態，直到我們啟動之前。

There are still some risks to retire like propulsion and full integration of Stage 1 testing, which we're taking our time on to make sure we're successful. And when the rocket is on the launch pad. But over the next few slides, I'll take you through the latest engineering updates and lay out the current expectations for the next few months ahead.

退役後仍存在一些風險，例如推進力和第一階段測試的全面整合，我們正在花時間確保成功。當火箭位於發射台上。但在接下來的幾張投影片中，我將帶您了解最新的工程更新，並概述未來幾個月的當前預期。

Next up, an exciting moment on the path to launch. Neutron flied hardware is on its way to the launch site. Over the past couple of months, we've put the second stage through many, many tests to validate its readiness for launch, having completed its critical testing phase is headed to Launch Complex 3 for final integration in preparation for stage testing at Wallops Island.

接下來，是發射途中令人興奮的時刻。中子飛行硬體正在運往發射場。在過去的幾個月裡，我們對第二階段進行了大量的測試，以驗證其是否已做好發射準備，在完成關鍵測試階段後，我們將前往 3 號發射中心進行最後的整合，為在瓦洛普斯島進行階段測試做準備。

The large structures that make up the first stage like propellant tanks and trust structures are expected to be on the test stands before they shipped out to the launch site shortly. Once they've completed in a major structural test, they'll progress into a final integration and stage testing.

預計構成第一級的大型結構（如推進劑箱和信託結構）將在試驗台上進行，然後很快就會運往發射場。一旦完成主要結構測試，他們將進入最後的整合和階段測試。

As we move out of R&D into production for the next rockets in our fleet, our factories are all coming. We've automated the production of the largest composite rocket structures in history with our 90-tonne AFP machine that we installed there last year.

隨著我們從研發階段轉向生產下一代火箭，我們的工廠也正在陸續投入生產。我們利用去年安裝的 90 噸 AFP 機器實現了歷史上最大的複合火箭結構的自動化生產。

We're calling flight parts off the machine now for the Stage 1 barrels and the pellets and allows us to scale efficiently. And we've made long lead commitments for manufacturing equipment that puts us in good place to build three vehicles next year.

我們現在正在從機器上拆下第一階段砲管和彈丸的飛行部件，這使我們能夠有效地擴大規模。我們對製造設備做出了長期承諾，這使我們能夠在明年生產三輛汽車。

For our committees, engine testing is accelerating. And this is the most crucial and time-consuming aspect of any rocket development program and always the longest pole in the tent. We're running the engine to full mission duration and the operational test cadence is heading up to three or four hot flies a day now, seven days a week as we work diligently through all the engine qualification program.

對於我們的委員會來說，引擎測試正在加速。這是任何火箭開發計畫中最關鍵、最耗時的環節，也是帳篷裡最長的桿子。我們正在讓引擎持續執行全部任務，隨著我們努力完成所有引擎鑑定計劃，運行測試節奏現在已達到每天三到四次熱飛，每週七天。

And between hot fires, the team is making improvements and iterating on the design quickly and then getting right back into the next engine test via and on the stand. We expect these tweaks to -- all the way up to Neutron's debut launch and beyond. For those who are interested, take a look at the latest mission duration hot fire video we just shared.

在激烈的爭論之間，團隊正在快速改進和迭代設計，然後立即通過支架進行下一次引擎測試。我們預計這些調整將持續到 Neutron 首次發射及以後。有興趣的可以看看我們剛剛分享的最新任務時長熱火影片。

Moving on to Launch Complex 3. I'm pleased to say that we have an official date for the site opening later this month. The team in Virginia is well and truly into launch pad activation where we closed out the final construction activities. The water dilute system was activated last quarter, and now the team is meticulously making their way through assistant by system to prepare for a static fire operations on the launch mouth once the flight hardware arise.

繼續前往 3 號發射場。我很高興地告訴大家，我們已經確定了該網站將於本月稍後正式開放。維吉尼亞州的團隊已經順利進入發射台啟動階段，我們完成了最後的建造活動。水稀釋系統已於上個季度啟動，目前團隊正在系統輔助下精心準備，為飛行硬體到位後在發射口進行靜態點火作業做好準備。

Launch Complex 3 is set to be a hugely important national asset. There's a space bottleneck at the other federal sites right now, and that shows how important launch site diversity really is. National Security must take priority.

3號發射中心將成為極為重要的國家資產。目前其他聯邦發射場都存在空間瓶頸，顯示發射場多樣性的重要性。國家安全必須放在第一位。

And with Neutron onboarded to the CSL program earlier this year, our rocket will be the first to fly for NSSL out of Virginia when we pick up missions under that contract. We'll be cutting the ribbon for launch Complex 3 on August 28.

隨著 Neutron 於今年早些時候加入 CSL 計劃，當我們根據該合約執行任務時，我們的火箭將成為第一個從維吉尼亞州為 NSSL 發射的火箭。我們將於 8 月 28 日為 3 號綜合大樓的啟動剪綵。

We're also opening up a limited number of spaces for retail shareholders to join us on Wallops Island. So I encourage anybody who is interested to check out the details on our website. All in all, we continue to push extremely hard for an end of year launch.

我們還將開放有限數量的空間供散戶股東加入我們在瓦洛普斯島的活動。因此，我鼓勵任何有興趣的人查看我們網站上的詳細資訊。總而言之，我們將繼續竭盡全力爭取在年底推出該產品。

We're continuing to run a green light schedule with Neutron, which means every single thing needs to go to plan that they're scheduled to hold, but I also want to stress that we're not going to rush and take stupid risks to get a launch Neutron before it's ready.

我們將繼續按照 Neutron 的計劃進行，這意味著每件事都需要按照計劃進行，但我也想強調，我們不會為了在 Neutron 準備好之前發射而倉促行事，冒愚蠢的風險。

In the context of the life cycle of the vehicle and the program a couple of months here or there is completely irrelevant. What's really important is performance, reliability, scalability right from the get-go, and there'll be no cutting corners here to just rush to the pad for an arbitral deadline. I think everybody has heard me say it before. In fact, I'm a little bit infamous for it now. I'm not built to build chat.

在車輛和計劃的生命週期中，這裡或那裡的幾個月是完全無關緊要的。真正重要的是從一開始的效能、可靠性和可擴展性，並且不會為了趕在仲裁期限前完成任務而偷工減料。我想大家以前都聽過我說過這句話。事實上，我現在因此有點臭名昭著。我生來就不擅長聊天。

So with that, I'll hand it off to Adam. He can run through the financial highlights for the quarter.

因此，我將把它交給亞當。他可以概述本季的財務亮點。

Great. Thanks, Pete. Second-quarter 2025 revenue was a record $144.5 million, which was above the high end of our prior guidance range and reflect significant year-over-year growth of 36%, driven by strong contribution from both business segments.

偉大的。謝謝，皮特。2025 年第二季的營收達到創紀錄的 1.445 億美元，高於我們先前指導範圍的高端，並反映出同比增長 36%，這得益於兩個業務部門的強勁貢獻。

Second quarter revenue increased 17.9% sequentially. Our Space Systems segment delivered $97.9 million in the quarter, reflecting a sequential increase of 12.5% and driven by increased contribution from each of our satellite components businesses.

第二季營收季增17.9%。我們的太空系統部門本季實現了 9,790 萬美元的營收，環比成長 12.5%，這得益於我們各項衛星組件業務貢獻的增加。

Our Launch Services segment delivered revenue of $6.6 million, reflecting an increase of 31.1% quarter-on-quarter. Now turning to gross margin. GAAP gross margin for the second quarter was 32.1%, above our prior guidance range of 30% to 32%.

我們的發射服務部門實現了 660 萬美元的收入，季增 31.1%。現在談談毛利率。第二季的 GAAP 毛利率為 32.1%，高於我們先前預測的 30% 至 32% 的範圍。

Non-GAAP gross margin for the second quarter was 36.9%, which was also above our guidance range of 34% to 36%. The sequential increase in gross margins is primarily due to an increase in Electron ASP paired with favorable mix within our Space Systems business, driven by increased contribution from our higher-margin component sales.

第二季非公認會計準則毛利率為 36.9%，也高於我們 34% 至 36% 的預期範圍。毛利率的連續成長主要是由於電子平均售價的增加以及我們空間系統業務的有利組合，這得益於我們高利潤率組件銷售的貢獻增加。

Relatedly, we ended Q2 with production-related headcount of 1,150, up 62% from the prior quarter. Turning to backlog. We ended Q2 2025 with approximately $1 billion of total backlog with launch backlog representing approximately 41% of this and Space Systems 59%.

與此相關的是，我們第二季的生產相關員工總數為 1,150 人，比上一季增加了 62%。轉向積壓。截至 2025 年第二季度，我們的總積壓訂單約為 10 億美元，其中發射積壓訂單約佔 41%，太空系統積壓訂單佔 59%。

In the quarter, launch backlog continued to take increasing share with promising 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-moving customer and program opportunities but remains at a healthy level despite a step-up in revenue run rate for the past few quarters.

在本季度，隨著我們轉化了非常強大的 Neutron、Electron 和 HASTE 機會管道，發布積壓訂單繼續佔據越來越大的份額，並且潛在趨勢良好。鑑於客戶和專案機會不斷增加，太空系統公司的預訂量仍然不穩定，但儘管過去幾季的收入運行率有所提高，但仍保持在健康水平。

Upon the anticipated near-term closing of the Geost acquisition and given an increased line of sight to the Mynaric acquisition closing, the composition of backlog will likely skew a bit back in favor of Space Systems and further underpin incremental future growth.

隨著 Geost 收購預計近期完成，且 Mynaric 收購即將完成，積壓訂單的組成可能會稍微偏向 Space Systems，並進一步支撐未來的增量成長。

We continue to cultivate a healthy pipeline in 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.

我們繼續在多發射交易和大型衛星製造合約中培育健康的管道，正如前面提到的，考慮到這些機會的規模和複雜性，這些管道可能會導致積壓訂單成長不均衡。

We expect approximately 58% of current backlog to be recognized as revenues within 12 months. And we continue to get relatively quick turns business that drive top line growth beyond the current quant backlog conversion.

我們預計目前積壓訂單的約 58% 將在 12 個月內確認為收入。我們繼續獲得相對較快的轉變業務，推動營收成長超越目前的量化積壓轉換。

Turning to operating expenses. GAAP operating expenses for the second quarter of 2025 and were $106 million, above our guidance range of $96 million to $98 million. Non-GAAP operating expenses for the first quarter were $86.9 million, which was also above our guidance range of $82 million to $84 million.

談到營運費用。2025 年第二季的 GAAP 營運費用為 1.06 億美元，高於我們 9,600 萬美元至 9,800 萬美元的指引範圍。第一季非公認會計準則營運費用為 8,690 萬美元，也高於我們 8,200 萬美元至 8,400 萬美元的預期範圍。

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.

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。

Specifically, investment has increased to support propulsion as we continue to qualify our committees as well as production mechanical and composite structures ahead of Neutron anticipated inaugural flight later this year.

具體來說，隨著我們繼續在 Neutron 預計於今年稍後首次飛行之前對我們的委員會以及生產機械和復合結構進行資格審查，對支持推進的投資已經增加。

In R&D specifically, GAAP expenses increased $11 million quarter on quarter due to ramping up our commutes production paired with increased expenses related to mechanical systems and composites, I just mentioned.

具體來說，在研發方面，由於我們增加了通勤產量，同時與機械系統和複合材料相關的費用也增加了，所以 GAAP 費用比上一季度增加了 1,100 萬美元，正如我剛才提到的。

Non-GAAP R&D expenses were up $10.2 million quarter-on-quarter, driven similarly to the GAAP expenses. Q2 ending R&D head count was 935, representing an increase of 12% from the prior quarter. In SG&A, GAAP expenses increased $600,000 quarter on quarter due to an increase in nonrecurring transaction costs as we continue to advance a robust pipeline of M&A opportunities partially offset by a step down in stock-based compensation in the quarter.

非 GAAP 研發費用較上季增加 1,020 萬美元，與 GAAP 費用成長類似。第二季末研發人員數量為 935 人，較上一季增加 12%。在銷售、一般和行政管理方面，由於我們繼續推動強勁的併購機會管道，導致非經常性交易成本增加，因此 GAAP 費用環比增加了 600,000 美元，但本季度股票薪酬的下降部分抵消了這一增加。

Non-GAAP SG&A expenses decreased by $200,000 due primarily to a decrease in audit fees, partially offset by increased legal expenses. We are encouraged by our ability to constrain SG&A spending as we look to scale the business more efficiently at this point. Q2 ending SG&A head count was 343, representing an increase of 11% from the prior quarter.

非公認會計準則銷售、一般及行政費用減少了 20 萬美元，主要原因是審計費用減少，但法律費用增加部分抵消了這項減少。我們對自己限制銷售、一般和行政費用 (SG&A) 支出的能力感到鼓舞，因為我們希望在此時更有效地擴大業務規模。第二季末銷售、一般及行政管理部門員工總數為 343 人，較上一季增加 11%。

In summary, total second quarter head count was 2,420, up 85% from the prior quarter. Turning to cash. Purchases of property, equipment and capitalized software licenses were $32 million in the second quarter of 2025, an increase of $3.3 million from the $28.7 million in the first quarter as we finalize LC3 construction activities continue to invest in the engine test facility in Mississippi and make initial investments in the fit out of the return on investment cards. As we continue to invest in Neutron development, testing and scaling production, we expect to maintain elevated capital expenditures leading up to Neutron's first flight.

整體而言，第二季員工總數為 2,420 人，較上一季成長 85%。轉向現金。2025 年第二季度，我們購買的財產、設備和資本化軟體許可證為 3,200 萬美元，比第一季的 2,870 萬美元增加了 330 萬美元，因為我們完成了 LC3 建設活動，繼續投資於密西西比州的引擎測試設施，並對投資回報卡的配備進行了初步投資。隨著我們繼續投資於中子開發、測試和擴大生產，我們預計在中子首次飛行之前將保持較高的資本支出。

GAAP operating cash flow was a negative $23.2 million in the second quarter of 2025, compared to a negative $54.2 million in the first quarter. The sequential decline in negative GAAP operating cash flow of $31 million was driven primarily by increased cash receipts from our SDA satellite program.

2025 年第二季 GAAP 營業現金流為負 2,320 萬美元，而第一季為負 5,420 萬美元。以美國通用會計準則計算的營運現金流連續下降 3,100 萬美元，主要原因是 SDA 衛星計畫的現金收入增加。

Similar to the CapEx dynamics mentioned earlier, cash consumption will continue to be elevated due to Neutron development, longer lead procurement for SDA, investment in subsequent Neutron tail production and related infrastructure to scale the business beyond our initial test by.

與前面提到的資本支出動態類似，由於中子開發、SDA 的鉛採購時間延長、後續中子尾部生產的投資以及相關基礎設施以將業務規模擴大到超出我們最初的測試範圍，現金消耗將繼續增加。

Overall, non-GAAP free cash flow, defined as GAAP operating free cash flow -- sorry, defined as GAAP operating cash flow less purchases of property, equipment and capitalized software in the second quarter of 2025 was a use of $55.3 million compared to a use of $82.9 million in the first quarter. The ending balance of cash, cash equivalents, restricted cash from marketable securities was $754 million as of the end of the second quarter of 2025.

總體而言，非 GAAP 自由現金流（定義為 GAAP 經營自由現金流 - 抱歉，定義為 GAAP 經營現金流量減去購買的財產、設備和資本化軟體）在 2025 年第二季度的使用額為 5530 萬美元，而第一季的使用額為 8290 萬美元。截至 2025 年第二季末，現金、現金等價物、來自有價證券的受限現金的期末餘額為 7.54 億美元。

The sequential increase in liquidity is due to the at-the-market equity offering that we announced earlier in the year, which generated [$303.8 million] in the second quarter. which in part is intended to fund acquisitions, such as the announced Mynaric acquisition, the Geost acquisition and other targets in a robust M&A pipeline, along with general corporate expenditures and working capital.

流動性的連續成長是由於我們在今年稍早宣布的按市場發行股票，該發行在第二季度產生了 3.038 億美元的收益，部分用於資助收購，例如宣布的 Mynaric 收購、Geost 收購以及強勁的併購渠道中的其他目標，以及一般企業支出和營運資金。

We exited Q2 in a strong position to execute on our organic expansion opportunities as well as inorganic options to further vertically integrate our supply chain and grow our strategic capabilities and expand our addressable market consistent with what we have done successfully in the past. Adjusted EBITDA loss was $27.6 million in the second quarter of 2025, better than our guidance range of a $28 million to $30 million loss.

我們在第二季結束時處於有利地位，可以執行我們的有機擴張機會以及無機選擇，以進一步垂直整合我們的供應鏈，增強我們的戰略能力，並擴大我們的潛在市場，這與我們過去成功的做法一致。2025 年第二季調整後 EBITDA 虧損為 2,760 萬美元，優於我們預期的 2,800 萬至 3,000 萬美元虧損範圍。

The sequential decrease of $2.4 million of adjusted EBITDA loss was driven by an increase in revenue paired with increased gross margin, partially offset by increased R&D expenses related to Neutron. With that, let's turn to our guidance for the third quarter of 2025. We expect revenue in the third quarter to range between $145 million and $155 million.

調整後 EBITDA 虧損環比減少 240 萬美元，原因是收入增加和毛利率上升，但被與 Neutron 相關的研發費用增加部分抵銷。有了這些，讓我們來看看 2025 年第三季的指導。我們預計第三季的營收將在 1.45 億美元至 1.55 億美元之間。

We expect a further uptick in both GAAP and non-GAAP gross margins in the third quarter, with GAAP gross margin to range between 35% to 37% and non-GAAP gross margin to range between 39% to 41%. These forecasted GAAP and non-GAAP gross margins reflect improvement in launch ASP and overhead absorption. We expect third-quarter GAAP operating expenses to range between $104 million and $109 million and non-GAAP operating expenses to range between $86 million and $91 million.

我們預計第三季 GAAP 和非 GAAP 毛利率將進一步上升，GAAP 毛利率將在 35% 至 37% 之間，非 GAAP 毛利率將在 39% 至 41% 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。我們預計第三季 GAAP 營運費用在 1.04 億美元至 1.09 億美元之間，非 GAAP 營運費用在 8,600 萬美元至 9,100 萬美元之間。

These modest quarter-on-quarter increases at the midpoint of our guidance are to be driven primarily by continued neutron development, spending across staff costs, prototyping and materials, though the spend is beginning to shift from R&D to Flight II inventory.

在我們指導的中點，這些季度環比小幅增長主要得益於持續的中子開發、員工成本、原型設計和材料支出，儘管支出已開始從研發轉向 Flight II 庫存。

I'm encouraged given the impressive progress made towards neutrons first flight that we're getting closer to moving beyond the past few years of elevated R&D spend and on the path to generating future meaningful operating leverage and positive cash flow.

鑑於中子首次飛行所取得的令人矚目的進展，我感到鼓舞，我們即將擺脫過去幾年研發支出增加的困境，走上創造未來有意義的經營槓桿和正現金流的道路。

We expect third quarter GAAP and non-GAAP net interest expense to be $1.3 million. We expect third-quarter adjusted EBITDA loss to range between $21 million and $23 million and basic weighted average common shares outstanding to be approximately 528 million shares, which includes convertible preferred shares of approximately $46 million.

我們預計第三季 GAAP 和非 GAAP 淨利息支出為 130 萬美元。我們預計第三季調整後的 EBITDA 虧損將在 2,100 萬美元至 2,300 萬美元之間，基本加權平均流通普通股約為 5.28 億股，其中包括約 4,600 萬美元的可轉換優先股。

Lastly, consistent with last quarter, we believe negative non-GAAP free cash flow in the third quarter will remain at an elevated level, consistent with the prior couple of quarters, excluding any potential offsetting effects of financing under our existing equipment facility.

最後，與上一季一致，我們認為第三季的非公認會計準則自由現金流負值將保持在較高水平，與前幾季一致，不包括現有設備設施下融資的任何潛在抵銷效應。

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

說完這些，我將把電話轉給接線生回答問題。

Thank you. We will now begin the question-and-answer session (Operator Instructions)

謝謝。我們現在開始問答環節（操作員指示）

Michael Leshock, KeyBanc Capital Markets. Please proceed.

KeyBanc 資本市場公司的 Michael Leshock。請繼續。

Hey, good afternoon. Wanted to ask on Neutron and specifically the Archimedes engine, I appreciate all the commentary there and around the hot fire test. Where does the Archimedes stand today in terms of performance? Are there any other performance metrics that you could share from what you're seeing in those tests? And how -- is there a way to frame it, how close you are relative to what is required for performance to power a new translate?

嘿，下午好。想問一下關於中子，特別是阿基米德發動機的問題，我很感謝那裡和圍繞熱火測試的所有評論。阿基米德目前的性能如何？從您在這些測試中看到的情況來看，還有其他效能指標可以分享嗎？以及如何——有沒有辦法來構建它，相對於為新翻譯提供動力的性能要求，您有多接近？

Yeah, hi, Michael, yeah. So from a performance perspective, we're very happy. One of the unique things about a reusable launch vehicle is you have a tremendous a number of different environments, the engine has to start and operate in. So normally, you have an ascent profile where there's a couple of throttle points and especially on Stage 1 and it's a fairly simple thing. But of course, we have a re-entry burn and a landing burn.

是的，嗨，邁克爾，是的。因此從性能角度來看，我們非常高興。可重複使用運載火箭的獨特之處之一是引擎必須在大量不同的環境中啟動和運行。因此，通常情況下，您會有一個上升曲線，其中有幾個油門點，特別是在第一階段，這是一個相當簡單的事情。但當然，我們有再入燃燒和著陸燃燒。

So you have to start the engine at different propellent temperatures, different head pressures and all these kinds of things. So it creates a much enlarged run box or set of conditions that you have to be able to operate the engine and it's much more challenging to do.

因此，您必須在不同的推進劑溫度、不同的頭部壓力以及諸如此類的情況下啟動引擎。因此，它創造了一個更大的運行箱或一組條件，您必須能夠操作引擎，而這要困難得多。

But from like a basic performance of the engine, we're very happy where it is. And it's -- like I said, it's just a much more complicated qualification program to get through because you're qualifying Ascent and distinct at the same time.

但從引擎的基本性能來看，我們對它的現狀非常滿意。而且 — — 就像我說的，這只是一個更複雜的資格認證計劃，因為你同時需要獲得 Ascent 和 Distinct 的資格。

Great. And then shifting to a longer-term question. You've talked about satellite constellation potentially being a long-term opportunity for the company. How close are you to begin working on a constellation of your own?

偉大的。然後轉向一個長期問題。您曾談到衛星星座可能成為公司的長期機會。您距離開始研究自己的星座還有多遠？

We saw the release of Flatellite earlier this year and the focus of it designed to scale? Is a Rocket Lab constellation something that is being developed or talked about today? Or is it more likely a longer-term opportunity, maybe five or more years down the road? Thanks.

我們在今年早些時候看到了 Flatellite 的發布，它的設計重點是擴展嗎？火箭實驗室星座是目前正在開發或談論的東西嗎？或者這更有可能是長期機會，也許是五年或更長時間以後？謝謝。

Yeah, sure. So we've always -- as you pointed out, we always made our ambitions clear here, and we think that is the power of being an end-to-end space company when you have the ability to build whatever satellite you need and launch it at well, it's a very powerful position to be in.

是的，當然。因此，正如您所指出的，我們始終在這裡明確表達我們的雄心壯志，我們認為，這就是作為端到端太空公司的力量，當您有能力建造所需的任何衛星並將其發射時，這是一個非常強大的地位。

However, I'm also very aware of entrepreneurial drift where someone doesn't finish one thing before they start the next. And while we've been methodically building all of the capabilities and vertically integrating all the satellite components and whatnot we need to be able to do exactly what we want to do until Neutron is finished and flying, that's a key element of being able to deploy a disruptive infrastructure of satellites. So I wouldn't expect any huge announcements from us on constellations until the big piece of the puzzle, which is Neutron starts to absorb less of our focus.

然而，我也非常清楚創業漂移，即一個人在開始下一件事之前還沒有完成它。雖然我們一直在有條不紊地建造所有功能並垂直整合所有衛星組件等，但我們需要能夠在 Neutron 完成並飛行之前準確地做我們想做的事情，這是能夠部署顛覆性衛星基礎設施的關鍵要素。因此，在中子這個難題的主要部分不再引起我們的關注之前，我不會期待我們在星座方面發布任何重大公告。

Great. Appreciate all the detail. Thank you guys.

偉大的。感謝所有細節。謝謝你們。

Erik Rasmussen, Stifel.

埃里克·拉斯穆森（Erik Rasmussen），Stifel。

Thanks for taking the questions and great to hear all the progress, and I'm happy to hear the noise around the dredging seems like there's not really an issue in the near term of getting to your schedule. Just wanted to ask about backlog. And I think a lot of this has continued upon the SDA right now. I know you've also talked about the Golden Dome, but it looks like Tranche 3.

感謝您回答這些問題，很高興聽到所有的進展，我很高興聽到疏浚周圍的噪音似乎在短期內不會對您的日程安排造成任何問題。只是想問一下積壓的情況。我認為現在 SDA 中很多這樣的情況還在繼續。我知道您也談到了金色穹頂，但它看起來像是第三批。

Maybe just if you could just update us on what your thinking is around potential timing around the RFP process, where Rocket Lab will compete? And at what -- and I guess in the vein of sort of the backlog, at what point will you start to include Neutron into the backlog?

也許您能告訴我們您對 RFP 流程的潛在時間安排的看法，Rocket Lab 將在哪些時間參與競爭？那麼，在什麼時候——我想，按照積壓的思路，您會在什麼時候開始將 Neutron 納入積壓中？

Hey, Eric, I'll ask answer some of those, and I'll let Adam answer some as well. But more generally, in backlog, the kind of things that we're chasing now are really large programs. So by nature, these programs are pretty lumpy. SDA is a great example. I think we put ourselves in a very strong position.

嘿，艾瑞克，我會回答其中一些問題，也會讓亞當回答一些問題。但更普遍的是，在積壓工作中，我們現在追逐的東西都是真正大型的專案。因此從本質上來說，這些程序是相當不平衡的。SDA 就是一個很好的例子。我認為我們處於非常有利的地位。

We're executing against our current SDA contract very strongly. And you've seen us acquire things like Geost that put us in a very strong position to provide solutions that are not plagued by delays and things like that. And also our recent penny acquisitions of things like Mynaric, which are one of the key elements in the SDA program.

我們正在嚴格執行目前的 SDA 合約。而且您已經看到我們收購了 Geost 這樣的公司，這使我們處於非常有利的地位，可以提供不受延遲和類似問題困擾的解決方案。我們最近也以低價收購了 Mynaric 等公司，它們是 SDA 計畫的關鍵要素之一。

So I believe the timing of the announcement is somewhere between September and October for the Tranche 3. It's always a little bit opaque as they work -- as the SDA works through those awards, but that's sort of a similar time frame.

因此，我認為第三批貸款的公告時間是在 9 月至 10 月之間。他們的工作總是有點不透明——因為 SDA 透過這些獎項來開展工作，但這是一個類似的時間框架。

But at any one point, we're working very large proposals, both government and commercial. And just by their very nature, they take a little bit longer to solidified, but I'll let Adam, maybe if you've got any comments on backlog.

但在任何時候，我們都在製定非常大的提案，包括政府提案和商業提案。而且就其本質而言，它們需要更長的時間才能鞏固，但我會讓亞當，也許如果你對積壓有任何意見。

Yeah. No, I think, Pete, I think you hit it right. I think, look, we've got diversity in the things that we're chasing. It's easy to focus on something like SDA Tranche 3 because it's kind of a big shiny object that a lot of people are actually chasing. But we've got a lot of diversity in the things that we're going after.

是的。不，我認為，皮特，你說對了。我認為，我們所追求的事物是多樣化的。人們很容易將注意力集中在 SDA Tranche 3 之類的事物上，因為它是一個很多人實際上都在追逐的巨大閃亮物體。但我們所追求的事物卻具有極大的多樣性。

And to your question on Neutron's influence on backlog, we do have three missions of Neutron in the backlog today. Those were added over the last few quarters. And I would say that, of course, we expect after a successful flight of Neutron that we -- that will start to gain a lot more momentum because, as you can imagine, launch customers are they're betting a lot when they launch vehicle, and it's a long-term choice, and there are limited choices out there today. So everyone is being very careful about what they do. So we do expect that demand to be kind of unleashed, if you will, once we have a successful test launch.

關於您關於中子對積壓任務的影響的問題，我們今天積壓的任務中確實有三個中子任務。這些都是在過去幾個季度內添加的。當然，我想說的是，我們預計在中子火箭成功飛行後，我們將開始獲得更大的發展動力，因為正如你所想像的，發射客戶在發射火箭時投入了大量的精力，這是一個長期的選擇，而今天的選擇有限。所以每個人都對自己的行為非常小心。因此，我們確實希望，一旦我們成功進行測試發布，這種需求就會被釋放。

I would say that the -- if you look across all of our businesses, again, we're starting to see the diversity benefits where if you look at the opportunities we're chasing across our subsystems business across Electron, both commercial, government, HASTE variants, we're seeing strong demand across all of them. So it's just a matter of kind of converging.

我想說的是——如果你回顧我們所有的業務，我們就會再次看到多元化的好處；如果你回顧我們在 Electron 子系統業務中追逐的機會，包括商業、政府、HASTE 變體，我們會看到所有這些業務都有強勁的需求。所以這只是一種融合的問題。

And if you look at the trend of backlog over the last year, actually launch has been the bright spot, right? We had a huge step-up when we put the SDA Tranche 2 award into backlog. And then basically be working against that as we recognize some of that revenue and then launches continue to build in the backlog. And that's going to continue to -- we believe to be the case once Neutron kind of gets past that next big milestone or achievement of initial launch.

如果你看去年積壓訂單的趨勢，實際上發布一直是亮點，對嗎？當我們將 SDA Tranche 2 獎項放入積壓名單時，我們取得了巨大的進步。然後基本上就朝著這個方向努力，因為我們確認了部分收入，然後推出的產品繼續在積壓中建立。我們相信，一旦 Neutron 突破下一個重要里程碑或首次發射的成就，這種情況就會持續下去。

Great. Maybe just sticking with launch and Electron. You already did 11%. It sounds like you have the 12-point coming up pretty soon your seventh launch. What would you say the mix between your traditional Electron launches and maybe HASTE missions in the back half of the year? What does that look like?

偉大的。也許只是堅持使用啟動和 Electron。你已經完成 11%了。聽起來你很快就要迎來第七次發射了。您認為今年下半年傳統的 Electron 發射和 HASTE 任務的結合會是怎麼樣的？那是什麼樣子的？

Yeah. So if you look in our backlog right now, if you look at the mix, we're expecting about -- I think it's three of the remaining launches this year will be HASTE missions. So as Pete talked about, we're on path to do at least 20, hopefully, more than 20 launches this year, which will be nice growth of 2024. And so we haven't had any [HASTE] launches yet this year. So we're looking at roughly three launches and all of them in the back half of the year.

是的。因此，如果您查看我們現在的積壓任務，如果您查看組合情況，我們預計 - 我認為今年剩下的三次發射將是 HASTE 任務。正如 Pete 所說，我們今年計劃至少進行 20 次發射，希望超過 20 次，這將是 2024 年的良好成長。因此，我們今年還未推出任何 [HASTE] 產品。因此，我們計劃在今年下半年進行大約三次發射。

Great. Maybe just my final is on Neutron. And I'm just trying to sort of parse through some of the words that Peter had mentioned. In terms of cadence, I think previously, we were expecting the first test launch so you have more of a $135 million launch cadence for the first few years.

偉大的。也許我的期末考是在 Neutron 上。我只是想分析一下彼得提到的一些字。就節奏而言，我認為之前我們預計會進行第一次試射，因此頭幾年的發射節奏將超過 1.35 億美元。

But given the strong demand signals insured a launch and then maybe just if I'm reading right, is it possible that, that's something that you can accelerate? Or what does that look like? Are we still sort of targeting that [$135 million] Thank you.

但鑑於強勁的需求訊號確保了產品的推出，如果我沒看錯的話，是否有可能，這是你可以加速的事情？或者它看起來像什麼？我們是否仍以這個目標為目標[1.35億美元]？謝謝。

Yes, Eric. I mean, I get written every day on that question. The reality is it just takes time to roll in the learnings between flights. So we proved with electron that, that was the right kind of scale up cadence. And if you look historically across Rocket programs, that it's even pretty aggressive. So we'll stick with that $135 million and -- but who knows that at the moment from where we are in the program that feels like the right kind of place to target everything.

是的，埃里克。我的意思是，我每天都會寫有關這個問題的文章。事實是，在飛行之間累積經驗需要時間。因此，我們用電子證明了，這是正確的擴大節奏。如果你回顧火箭計劃的歷史，你會發現它甚至是相當激進的。因此，我們將堅持 1.35 億美元——但誰知道，從我們目前在計劃中的位置來看，這似乎是針對所有目標的正確位置。

Thanks. Good luck.

謝謝。祝你好運。

Andre Shepherd, Credit Suisse.

瑞士信貸的安德烈謝潑德 (Andre Shepherd)。

Hey guys, Andres here from Cantor Fitzgerald. I'm not sure what that was. Congrats on the quarter and all the big great success. I'll limit myself to two questions just to be respectful to all the other analysts. Maybe one on space systems and one of launch systems. On the Space Systems, Adam, I'm wondering if you can maybe remind us kind of what does the revenue recognition look like for the SDA Tranche 2 awards, both for this year and for next year?

大家好，我是來自 Cantor Fitzgerald 的 Andres。我不確定那是什麼。恭喜本季取得的巨大成功。為了尊重所有其他分析師，我只問兩個問題。也許一個是關於太空系統，一個是關於發射系統。關於太空系統，亞當，我想知道您是否可以提醒我們今年和明年 SDA Tranche 2 獎的收入確認情況是什麼樣的？

And I know you mentioned, obviously, you're exploring several opportunities. But just to come back to SDA Tranche 3 if I'm not mistaken, right, that could potentially be the largest contract in company history. And so how would you characterize maybe the likelihood of success there? Thank you.

我知道您提到過，顯然您正在探索一些機會。但如果我沒有記錯的話，回到 SDA Tranche 3 上，這可能是公司歷史上最大的合約。那麼您如何描述那裡成功的可能性呢？謝謝。

Yeah, I can comment on kind of the rev generally for the SDA program, Tranche 2 transporter that we have that we're executing against. So these programs typically -- the award was, I believe, in late 2023. And so you get -- typically, when the program kicks off, you're doing a lot of the kind of initial finalizing the design and so forth. So where you really experience the meat of the revenue recognition is when you're actually starting to take possession of the bill of materials to build the satellites with.

是的，我可以對我們正在執行的 SDA 計劃的第二批運輸機的總體情況進行評論。因此，這些項目通常——我相信獎項是在 2023 年底頒發的。所以你會得到——通常，當程式啟動時，你會做很多初步的最終設計等工作。因此，當您真正開始掌握用於建造衛星的材料清單時，您才真正感受到收入確認的實質內容。

So right now, as Pete mentioned, that's what we're kind of getting in now to that sweet spot where we're going full scale production of those vehicles. So we're going to see a ramp in spending -- sorry, a ramp in spending and a ramp in rev rec resultingly from that.

所以現在，正如皮特所提到的，我們正處於最佳狀態，即將全面生產這些車輛。因此，我們將看到支出的增加——抱歉，支出的增加以及由此導致的收入增加。

So I think that you should expect that revenue will be pretty, I would say, evenly balanced between the second and the third year of the program, with 2025 being the second year in reality and next year is kind of the third year and then it will tail off.

因此我認為，你應該預期收入將相當均衡，我想說，在該計劃的第二年和第三年之間，2025 年實際上是第二年，明年是第三年，然後收入就會逐漸減少。

So you have kind of tails on either end with most of the revenue recognition in '25 and '26. I mean just if you want to just think broad strokes for contribution in 2025, it's probably -- if you want to think in the order of kind of $150 million to $200 million is the right range to be in.

因此，大部分收入確認是在 25 年和 26 年，兩端都有尾巴。我的意思是，如果你想大致了解 2025 年的貢獻，那麼很可能——如果你想以 1.5 億美元到 2 億美元左右的順序來考慮，那麼這個範圍就比較合適。

And then, again, that should look somewhat similar in 2026, assuming that we continue to execute like we have. And then if you look at SDA Tranche 3 tracking, should we be fortunate enough to win that program. As you said, it would be the biggest program by a significant margin that the company has earned to date. And they have a similar profile. I mean there's a chance that there could be some revenue recognized early in the program even as early as some of it later this year.

然後，假設我們繼續像現在這樣執行，那麼到 2026 年，情況應該會有些相似。然後，如果您查看 SDA Tranche 3 跟踪，我們是否有足夠的幸運贏得該項目。正如您所說，這將是該公司迄今為止獲得的最大且遙遙領先的項目。而且他們有相似的特徵。我的意思是，有可能在該計劃早期甚至今年稍後就能確認一些收入。

And then you'd have kind of the buildup where 2026 would look for that program would look probably like 2024-ish looked for SDA. And then you'll have that again, probably 80% of the revenue being recognized within the middle two years of the four-year program. So that's probably the best guidance I can give to you right now on that.

然後你就會有這樣的積累，2026 年尋找該計劃可能看起來像 2024 年尋找 SDA 一樣。然後你會再次發現，大概 80% 的收入是在四年計畫的中間兩年內確認的。這可能是我現在能給你的最好的指導。

Got it. That's super helpful. Thanks, Adam. And just maybe a quick follow-up, if I may. Maybe one for Pete on the launch systems. After getting closer and closer to Neutron, I'm curious if you're seeing perhaps an uptick from customer demand or prospective customer demand for future flights.

知道了。這非常有幫助。謝謝，亞當。如果可以的話，我可能只是想快速跟進。也許可以為發射系統上的 Pete 提供一個。隨著中子號的臨近，我很好奇您是否看到客戶需求或潛在客戶對未來航班的需求上升。

Obviously, you have to the track record, the heritage from the Electron and HASTE, Neutron still coming up. But given the -- what you want to call it, the conflicts between the administration and space management team. Just curious if you've seen perhaps an uptick in interest for future Neutron missions. Any color there? Since Neutron essentially will be the only viable alternative to the Falcon 9, right? So just curious on what you're seeing.

顯然，你必須有記錄，繼承 Electron 和 HASTE 的遺產，Neutron 仍在不斷發展。但考慮到——你想稱之為的，行政部門和太空管理團隊之間的衝突。我只是好奇您是否發現人們對未來中子任務的興趣增加。有顏色嗎？因為中子基本上是獵鷹 9 號唯一可行的替代品，對嗎？所以我只是好奇你看到了什麼。

Yeah. Thanks, Andres. Well, I mean, look, I think the market does need a competitor to the Falcon 9. I think that was very clear, and that was presented to us both from our commercial customers and our government customers.

是的。謝謝，安德烈斯。嗯，我的意思是，我認為市場確實需要獵鷹 9 號的競爭對手。我認為這非常清楚，我們的商業客戶和政府客戶都向我們展示了這一點。

So there's a lot of anticipation and pent-up demand for that vehicle to come to market, and that continues to increase all the time not just from sort of political events or geopolitical events, but also from just large programs being added, things like the Golden Dome, I mean that is going to be one of the largest DoD programs in the country's history.

因此，人們對該飛行器上市抱有很大的期待和壓抑的需求，而且這種需求一直在不斷增長，不僅是因為政治事件或地緣政治事件，還因為正在增加的大型項目，例如金色穹​​頂，我的意思是，這將是該國歷史上最大的國防部項目之一。

And they're all spacecraft and space, and they all need to get there. So yeah, no, we're seeing growing demand and also I think it's fair to say, realization that sorting out from the real players from the players that are less likely to be able to provide.

它們都是太空船和太空，它們都需要到達那裡。所以，是的，不，我們看到了不斷增長的需求，而且我認為可以公平地說，我們意識到要從真正的玩家中區分出那些不太可能提供的玩家。

Excellent. Thank you so much both. Congrats again on the quarter. I'll pass it on.

出色的。非常感謝你們兩位。再次恭喜本季取得的成績。我會傳達的。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Yeah, hey, good afternoon guys. So Pete, just maybe broadly, when we think about the first launch of Neutron, for you, I mean, just to kind of level set, what a successful launch be?

是的，嘿，大家下午好。那麼 Pete，也許從廣義上講，當我們考慮中子的首次發射時，對你來說，我的意思是，從某種程度上來說，成功的發射是什麼樣的？

Yeah, hey, Ron, well, you're not going to hear some rubbish about just clearing the pads success. That is not. For us, the successful launch of Electron will be successfully getting to orbit and making sure the vehicle is ready to scale.

是的，嘿，羅恩，好吧，你不會聽到一些關於清理墊子成功的廢話。事實並非如此。對我們來說，Electron 的成功發射意味著成功進入軌道並確保飛行器已準備好擴展。

I think you saw us come out of the gate with Electron going to orbit and then straight away three emissions after that, successfully delivering customers to orbit. So that will be the definition of success. The bit that we'll be a little bit more flexible on is obviously the re-entry and soft landing of the first vehicle. There's a lot to learn there.

我想您已經看到我們一開始就將 Electron 送入軌道，然後立即進行了三次發射，成功地將客戶送入軌道。這就是成功的定義。顯然，我們會更靈活地處理第一艘太空船的再入和軟著陸問題。那裡有很多東西要學習。

We think we've got a good head start, but that's the bit that always requires a bit of iteration. So like I said, we'll declare success when we're in orbit. If we don't soft splash down on the first flight, I think there's a little bit of tolerance there for learning, but apart from that (multiple speakers) --

我們認為我們已經有了良好的開端，但這一點總是需要一些迭代。所以就像我說的，當我們進入軌道時，我們就會宣布成功。如果我們在第一次飛行時沒有軟著陸，我認為我們還能容忍一些學習，但除此之外（多位發言者）——

Got you, thank you for that. And then, Adam, maybe what drove the strong electronic ASP in the quarter. And is that a reasonable way to think about electronic pricing going forward?

明白了，謝謝你。那麼，亞當，也許是什麼推動了本季電子產品平均售價的強勁成長。這是思考未來電子定價的合理方式嗎？

Well, we've been -- well, there's a few things that drive that, but probably the most I would say, dominant force would be the mix of HASTE in the manifest. So as we've talked about, we -- the HASTE missions require very unique, I'd say, mission assurance and other things, the vehicles are unique and so forth.

嗯，我們一直在——嗯，有一些因素推動著這一進程，但我想說，最主要的力量是清單中的 HASTE 的混合。正如我們所討論的，HASTE 任務需要非常獨特的任務保證和其他東西，車輛也是獨一無二的等等。

So that makes sense that the ASP would be significantly higher, but it's really driven primarily by that. I'd say overall, if you look at commercial HASTE -- sorry, commercial Electrons, those trends have been trending up nicely as well. So we really had -- we benefited from the fact that we've got customers coming back and they're doing bulk is of Electrons and the significantly higher ASPs than we've seen in the past.

因此，ASP 明顯更高是有道理的，但實際上主要受此驅動。我想說，總的來說，如果你看看商業 HASTE——抱歉，是商業電子，這些趨勢也一直呈現良好的上升趨勢。因此，我們確實受益於這樣一個事實：我們的客戶又回來了，他們大量購買電子產品，而且平均售價比我們過去看到的要高得多。

If you were to rewind the clock two or three years ago, we would get customers coming that wanted to buy bulk buys, but they were wanting a significant discount to do that. And so in order for us to build the manifest and be able to kind of continue to drive the market, we did that.

如果將時鐘倒回兩三年前，我們會遇到想要大量購買的顧客，但他們希望獲得大幅折扣。因此，為了建立清單並能夠繼續推動市場，我們這樣做了。

And I think now we're in a position where we really don't have to accept any significant discounts, and we're getting bulk buys. And I think part of the strength as well is we're getting a lot of support, as Pete mentioned in his comments, from the international community.

我認為現在我們確實不需要接受任何大幅折扣，而且我們可以進行大量購買。我認為，正如皮特在評論中提到的那樣，我們的優勢之一在於我們得到了國際社會的大力支持。

Sovereign countries are coming forward with strong demand. And I think it's a testament to the fact that execution in this market is so, so, so difficult. A lot of people can talk about it. They can put spec sheets on web pages and whatever else and pay with user guide. But at the end of the day, we're the only one that has had 69 launches of a small dedicated launcher.

主權國家紛紛提出強烈要求。我認為這證明了在這個市場上執行起來非常非常困難。很多人都可以談論它。他們可以在網頁和其他任何地方放置規格表，並透過使用者指南進行付款。但最終，我們是唯一一家發射過 69 次小型專用發射器的公司。

And I think right now, we're benefiting from all that hard work and execution. And so we really don't have the distraction of people kind of doing some false pricing in the market to put pressure. I mean now it's pretty clear that execution is key and you got to pay for execution.

我認為現在，我們正從所有的努力和執行中受益。因此，我們確實不會被人們透過虛假定價來對市場施加壓力而分散注意力。我的意思是，現在很明顯，執行是關鍵，你必須為執行付出代價。

Got you. Got you. And then that's actually a nice segue into my last question. When we think about the Mynaric acquisition and Electron adding the European Space Agency, what do you see as potential -- is there a potential European national security opportunity for you guys in space?

明白了。明白了。這實際上很好地引出了我的最後一個問題。當我們考慮收​​購 Mynaric 以及 Electron 收購歐洲太空總署時，您認為有哪些潛力——太空領域對你們來說是否存在潛在的歐洲國家安全機會？

Yeah, Ron, I think if you look outside the US, what is the next biggest market in space and it's Europe and you'll be a full not to be in there. So Mynaric a kind of stepping point in. And as you've seen, obviously, as you point out, the European Space Agency contracts, we'll continue to expand into Europe. And we have a lot of unique capabilities that only reside with us. So we'll look to apply those.

是的，羅恩，我認為如果你把目光投向美國以外，那麼下一個最大的太空市場是哪裡？那就是歐洲，如果你不進入那裡，那你就太糟糕了。因此 Mynaric 是一種切入點。正如您所看到的，顯然，正如您所指出的，歐洲航天局簽訂了合同，我們將繼續向歐洲擴張。我們擁有許多只有我們才擁有的獨特能力。因此我們將考慮應用這些。

Got it. All right. Thank you.

知道了。好的。謝謝。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, good afternoon. Thank you for taking our questions. I wanted to ask, I think, probably it's for Pete, your latest thoughts on orbital transfer vehicles, space tugs. I know there was a bit of a craze several years back in that kind of flamed out a bit, but now it seems there's a lot of offerings coming to market, maybe trying to go farther away, bigger. And so is that an area of interest to you? I know you have the kick stage, but when you try to kind of tackle that more directly or more broadly going forward?

嘿，下午好。感謝您回答我們的問題。我想問一下，可能是問皮特，你對軌道轉移飛行器、太空拖船的最新想法。我知道幾年前這種熱潮有點盛行，但現在似乎有很多產品進入市場，可能試圖走得更遠，做大。那麼這是您感興趣的領域嗎？我知道您正處於起步階段，但是當您嘗試更直接或更廣泛地解決這個問題時呢？

Yeah, it's a good question. I've novelly understood the business opportunity and the business case for those because you start off with a relatively cheap ride share and you end up with a really expensive delivery. So as you pointed out, we had a couple of starts.

是的，這是個好問題。我新奇地了解其中的商業機會和商業案例，因為你從相對便宜的共乘開始，最終卻得到了非常昂貴的送貨服務。正如你所指出的，我們已經有幾次開局了。

So look, if it turns into being a real market, it's completely elementary for us to go after it. I mean we operate at kick stage on the top of electron essentially. And all the components to be able to do it, we have. So if it turns out to be a real market and a real opportunity, the time that it would take us to deliver a product to market would be extremely short. But at the moment, I just don't see it worth us investing in.

所以，如果它變成一個真正的市場，我們去追求它是完全基本的。我的意思是我們基本上是在電子頂部的啟動階段進行操作。我們擁有實現這一目標所需的所有組件。因此，如果這是一個真正的市場和真正的機會，我們將產品推向市場所需的時間就會非常短。但目前，我認為它不值得我們投資。

Understood. And then on Electron, I wanted to ask about the TAM and in the context of -- I have this big slide obviously on Golden Dome, hypersonics. Historically, I think the TAM, maybe 30-plus launches, do we think that the TAM now for Electron could be much, much bigger than that, like 50, 60 launches going forward or at some point in the future?

明白了。然後關於電子，我想問 TAM 以及相關背景——我有一張關於金色穹頂、高超音速的大幻燈片。從歷史上看，我認為 TAM 可能有 30 多次發射，我們是否認為 Electron 現在的 TAM 可能會比這大得多，例如未來或某個時候有 50、60 次發射？

Well, you're talking to a conservative engineer by nature so it's hard for me to get too bullish. But if you just look at some of the programs like the Golden Dome, the amount of testing that that's going to require and the amount of suborbital kind of hypersonic missile stimulants that you're going to need to deploy to be able to validate that system. There's a pretty significant number there that would be required.

嗯，你正在與一位本質上保守的工程師交談，所以我很難過於樂觀。但如果你只看一些項目，例如“金色穹頂”，你就會知道需要進行大量的測試，需要部署大量的亞軌道高超音速飛彈刺激器才能驗證該系統。那裡需要的數量相當可觀。

So in HASTE alone, I think we're expecting that to continue to grow. But year upon year, the TAM continues to grow. And the exciting thing is that Electron is helping to create and open up that TAM. We see a lot of satellites these days that are made specifically to just fit on Electron, envelope its environment, and it's enabling a lot of stuff. So I think we continue to see the TAM expand, and I think I don't see any sign of that decreasing in the future.

因此，僅就 HASTE 而言，我認為我們預計它將繼續增長。但年復一年，TAM 持續成長。令人興奮的是，Electron 正在幫助創建和開放該 TAM。如今，我們看到許多衛星都是專門為適應 Electron 而製造的，可以包裹其環境，並實現許多功能。因此我認為我們將繼續看到 TAM 擴大，並且我認為未來不會有任何減少的跡象。

Great. If I could just sneak one housekeeping one on Geost. Any color on how much revenue that could potentially bring in fit closes? And what kind of growth profile or backhaul that has going forward? Thanks.

偉大的。如果我能偷偷地在 Geost 上做一件家事的話。有沒有跡象顯示這種交易可能帶來多少收入？未來會有什麼樣的成長前景或回程？謝謝。

Yeah, I'll take that one. Look, yeah, we can't really say too much about it. It's still a pending acquisition. As Pete mentioned, we got through the antitrust review, which is great. And I think close should be imminent. But we'll hold back any comments and color on that business until we actually own it, if you don't mind.

是的，我會選擇這個。瞧，是的，我們真的不能說太多。這仍是一項懸而未決的收購。正如皮特提到的，我們通過了反壟斷審查，這很好。我認為很快就要結束了。但如果您不介意的話，在我們真正擁有該業務之前，我們會保留對該業務的任何評論和評論。

Totally understood. Thank you.

完全明白。謝謝。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Great, thanks for taking the questions. I guess, Peter, on Space Systems, when you kind of flesh it out in your mind what you envision Space Systems ultimately being, what percent of the way your vision are we in terms of the capabilities that, that segment currently has?

太好了，感謝您回答這些問題。彼得，我想，關於太空系統，當你在腦海中具體化你所設想的太空系統最終是什麼樣子時，就該部分目前擁有的能力而言，我們實現了你設想的百分之多少？

Yeah, Jeff, great question. So the toolbox is looking pretty full, actually. So from purely like a nuts and bolts component level, the Mynaric optical terminals are an important one. And the vast majority of stuff has kind of come into focus. We'll see us spend a lot more time now is on payloads, and Geost was the first kind of beginning to that.

是的，傑夫，這個問題問得好。所以其實工具箱看起來已經很滿了。因此，從純粹的螺帽和螺栓組件層面來看，Mynaric 光學端子非常重要。絕大多數事情都已清晰起來。我們現在將看到自己在有效載荷上花費更多的時間，而 Geost 是這方面的第一個開始。

And that really shifts you from being able to provide just a satellite bus to be able to provide a complete thing. So yeah, the nuts and bolts, I'd say we're largely done. There will still be a little add-ons we want to do, but our focus will be on payloads and really rounding out the system.

這確實使您能夠從僅提供衛星總線轉變為提供完整的產品。是的，我想說我們基本上已經完成了所有細節。我們仍然會想要做一些小的附加功能，但我們的重點將放在有效載荷和真正完善系統上。

Yeah. Helpful. And Adam, on the margins as it relates to Space Systems, just -- correct me if I'm wrong, I think 40% was the target there. You've made some really good progress. Is 4% still the right number? And any sense of a time line or a sense of scope that it might take to get to that 40%?

是的。很有幫助。亞當，關於與太空系統相關的邊際，如果我錯了請糾正我，我認為那裡的目標是 40%。你已經取得了一些非常好的進步。4% 仍然是正確的數字嗎？有沒有關於達到 40% 所需的時間表或範圍的概念？

Yeah. There's a pretty wide mix, I would say, of margin profiles within our Space Systems business. you think about the margins on putting together a full turnkey platform solution, they tend to be lower. If you think about those margins kind of if you want to think about the ranges in the in the 20s to 30s, but on the good scale with them because of the size of the contracts that are involved. And actually, those are much better margins than most other people would expect to achieve, and that's because we're so vertically integrated.

是的。我想說，我們的空間系統業務的利潤率分佈非常廣泛。想想組裝一個完整的交鑰匙平台解決方案的利潤率，它們往往會較低。如果您考慮這些利潤率，那麼如果您想考慮 20 到 30 之間的範圍，但由於涉及的合約規模，它們的規模是良好的。事實上，這些利潤率比大多數人預期的要高得多，這是因為我們的垂直整​​合程度很高。

Now when you look at the subsystems, we also have a very wide range there. We have some products where the margins are in the 20s, but we have some where margins are well north of 60 points. So if you look at blended average for, I would say, the overall space systems between the weighting. And right now, it's kind of split evenly between subsystems and platforms. And as we start to mix in applications, we'll get even -- it will get different in a good way.

現在，當您查看子系統時，我們也擁有非常廣泛的範圍。我們有些產品的利潤率在 20% 左右，但也有些產品的利潤率遠高於 60%。因此，如果你看一下混合平均值，我會說，加權之間的整體空間系統。現在，它在子系統和平台之間平均分配。當我們開始混合使用各種應用程式時，我們就會得到均衡——它會以一種好的方式變得不同。

You should think about 40%. We're not that far actually from that target. So I think our target was probably set a little bit on the modest side. So -- but if you think of 40 to 45 points kind of as the real target for margins are, I think that's probably a pretty, pretty good place to be.

你應該考慮 40%。事實上，我們距離這個目標並不遙遠。所以我認為我們的目標可能設定得有點適中。所以——但如果你認為 40 到 45 個百分點是利潤的真正目標，我認為這可能是一個相當不錯的水平。

And that can be pretty good as far as contribution to the bottom line because there's not a lot of R&D that goes into those businesses, right? A lot of it is customer-funded R&D. So when you look at the contribution margin, it's very, very healthy.

就對底線的貢獻而言，這已經相當不錯了，因為這些業務不需要投入太多的研發，對吧？其中很多是客戶資助的研發。因此，當您查看貢獻利潤率時，它非常非常健康。

So again, I think that -- yeah, we've been -- we set the bar, we like to kind of set expectations low and kind of overdelivered to those. And I think that we're on the path to do the same thing with our Space Systems business when it comes to margins.

所以，我再次認為——是的，我們一直——我們設定了標準，我們喜歡將期望值設定得較低，然後超額完成這些期望值。我認為，就利潤率而言，我們的太空系統業務也正在採取同樣的措施。

Yeah. Very helpful. Maybe last for me. On Peter, you mentioned production, and I missed a little bit of it. But on Neutron, obviously, you're spending a lot of time building scale manufacturing capabilities. Just where are you in terms of Neutron's now in terms of how many are you initially building? And what is the manufacturing capacity that you're putting up to give us a glimpse in terms of how you're thinking in a number of ships this year, next year, year after?

是的。非常有幫助。或許對我來說是最後一次。關於彼得，你提到了生產，但我錯過了一點。但在 Neutron 上，顯然你必須花費大量時間來建立規模製造能力。就 Neutron 而言，您目前處於什麼階段？您最初計劃建造多少個 Neutron？您提出的製造能力是多少，讓我們來了解您對今年、明年、後年船舶數量的計劃嗎？

Yeah, sure, sure. So some areas are at a high production rate, like engines, we're pushing for 11 -- 1 engine every 11 days. And it's kind of -- because it's a reusable launch vehicle program, the whole production cycle is literally turned upside down.

是的，當然，當然。因此，某些領域的生產率很高，例如發動機，我們力爭每 11 天生產 1 台發動機。而且由於這是一個可重複使用的運載火箭計劃，整個生產週期實際上被徹底顛覆了。

So we need the most number of vehicles in production at the start of the program rather than sort of ramping and scaling and as you go along. So as we talked about, there's multiple vehicles that we're building even now.

因此，我們需要在專案開始時就生產最多的車輛，而不是隨著專案的進展逐漸增加和擴大產量。正如我們所說的，我們現在正在製造多輛汽車。

And Stage 1 can be reused 10, 20 times. So you're not actually every year, you're not building that many Stage 1. So the most amount of Stage 1s we'll ever build is probably year two or three. Of course, the Stage 2 is expendable, but that's been highly refined for a very, very quick production and low-cost rate. So Yeah, I mean, as I said before, sort of three Stage 1s as next year is the right way to think about it.

第一階段可以重複使用10到20次。所以實際上你並不是每年都建造那麼多第一階段。因此，我們建造的第一階段數量最多可能是在第二年或第三年。當然，第二階段是消耗性的，但已經過高度改進，可以非常非常快速地生產並且成本低廉。是的，我的意思是，正如我之前所說的，明年進行三個第一階段的活動是正確的思考方式。

Three stage ones got it. Okay, thanks so much.

三個階段都得到了它。好的，非常感謝。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, this is Ned Morgan on for Andre today. Thank you for taking the question. I was just wondering, I've seen a lot of partnerships lately in support of Golden Dome. And I was just wondering if you guys are looking at doing something similar as opposed to doing any M&A.

嘿，今天我是 Ned Morgan，代替 Andre 表演。感謝您回答這個問題。我只是想知道，最近我看到了很多支持金色穹頂的合作關係。我只是想知道你們是否正在考慮做一些類似的事情，而不是進行任何併購。

Yeah, it's a good question, Ned. The reality is that we are very, very vertically integrated. And there's still obviously a piece of technology that we partner with, as we've shown on the SDA program. But I guess it's probably slightly less of a need for us to give -- like I say, given our vertical integration and just the breadth of stuff that we've got. We don't need to partner with that many people to deliver a solution.

是的，這是個好問題，內德。事實是，我們的垂直整​​合程度非常高。顯然，我們仍在與某項技術合作，正如我們在 SDA 計劃中所展示的那樣。但我想，考慮到我們的垂直整​​合和我們所擁有的廣泛資源，我們可能不需要付出太多。就像我說的。我們不需要與那麼多人合作來提供解決方案。

Okay. Makes sense. And then maybe one more for me. Regarding Tranche 3, how different would the upside look if you guys are selected as a prime versus a sub through, for example, Geost?

好的。有道理。然後也許對我來說再多一個。關於第 3 批，如果你們透過 Geost 等方式被選為主力而不是替補，那麼好處會有什麼不同？

How do you mean the upside need? What do you mean by that?

您所說的上行需求是什麼意思？你這是什麼意思？

If you guys are selected as a prime, I would imagine revenue contribution would be significantly more than as a sub through Geost prior bid. So I was just wondering how things would low if --

如果你們被選為主要球員，我想收入貢獻將比通過 Geost 之前的競標作為替補球員要多得多。所以我只是想知道如果--

Yeah, I can take.

是的，我可以接受。

I can take that that piece. Yes. Basically, if you look at the value of the subsystem that Geost provides, you can think of that as being kind of somewhere around 30% of the total platform value is in the payload. So obviously, it's a much bigger opportunity as the prime that it's just the sub for a subsystem.

我可以拿走那一塊。是的。基本上，如果您看一下 Geost 提供的子系統的價值，您可以認為整個平台價值的 30% 左右都在有效載荷中。因此，顯然，這是一個更大的機會，因為它只是一個子系統的子集。

Now there is the opportunity where you could have a goal situation where you select as the prime, but also Geost was bidding with other primes as well for that opportunity. So there's a range of outcomes there. But yes, certainly, our goal here is to sell at this time.

現在，您有機會擁有一個目標情況，您可以選擇該情況作為主要情況，但 Geost 也在與其他主要情況競標以獲得該機會。因此，存在一系列的結果。但是的，當然，我們此時的目標就是銷售。

Got it. Thank you very much.

知道了。非常感謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good evening, everyone. Peter, you've been very clear about your disciplined approach to pricing regarding Neutron. And considering the tightness of supply of launch, I'm a little surprised that you still haven't built out a sizable backlog for the program.

嘿，大家晚上好。彼得，您已經非常清楚地說明了您對中子定價的嚴謹態度。考慮到發射供應的緊張程度，我有點驚訝你們還沒有為該計劃建立大量的積壓訂單。

Can you provide more color on how advanced your discussions are with incremental customers for Neutron what they're waiting for to commit to an order? And how to think about the competitive landscape, especially as you've got a competitor rocket coming into a market that's fairly well capitalized, too?

您能否詳細介紹一下您與 Neutron 增量客戶的討論進度以及他們正在等待哪些訂單？以及如何看待競爭格局，尤其是當你有一個競爭對手迅速進入一個資本相當雄厚的市場時？

Hi, Kristine, well, I mean, you can split this into both into commercial and government. I mean we were onboarded onto the Unisel program, which obviously is extremely large opportunities on $5.6 billion, if I remember. And then on the commercial side, we've talked about this before.

你好，克里斯汀，嗯，我的意思是，你可以將其分為商業和政府兩部分。我的意思是，我們加入了 Unisel 計劃，如果我沒記錯的話，這顯然是一個價值 56 億美元的巨大機會。至於商業方面，我們之前已經討論過這個問題。

We are -- they want to see a rocket that works before they commit because a lot of people have been burnt signing on vehicles that are either delayed or even in some cases, never turned up. And we've always talked about it as well, is we want to make sure that when we sign one of these customers that consume a large amount of their manifest that they actually turn up on time and all the rest of it.

我們——他們希望在做出承諾之前看到火箭能夠正常運轉，因為許多人在簽署協議時，要么延誤了火箭的交付，要么在某些情況下根本沒有出現，因此受到了損失。我們也一直在談論這個問題，我們希望確保當我們與這些消耗大量貨物的客戶簽約時，他們確實會準時出現，等等。

So we maintain that discipline going through. We -- it does nobody any good to fill up a whole bunch of manifests with a bunch of launches that -- or a bunch of payloads that don't turn up in time and you kind of left holding the bag.

因此，我們始終堅持這項紀律。我們——用一堆發射任務或一堆沒有及時出現的有效載荷填滿一大堆清單對任何人都沒有好處，而你只能承擔責任。

So the most important thing, I think, for everybody is we get to the pad and we start launching it and then we'll make the decision, who are the best customers and most reliable customers for us and the customers will make the same decision back. And on competition, I think I'm not sure I quite view that the same way.

因此，我認為，對每個人來說，最重要的是我們到達發射台並開始發射，然後我們會做出決定，誰是我們最好的客戶和最可靠的客戶，而客戶也會做出同樣的決定。至於競爭，我想我並不確定我是否持有同樣的看法。

Thanks Peter. And Adam, as a follow-up, you mentioned expectations for elevated cash consumption beyond Neutron's transfer flight as you scale up. How should we think about the capital intensity following this initial launch? And should we still expect 2026 to be a positive free cash flow year?

謝謝彼得。亞當，作為後續問題，您提到隨著規模的擴大，預計 Neutron 的轉運航班以外的現金消耗也會增加。我們該如何看待此次首次發布後的資本密集度？我們是否仍應預期 2026 年將是自由現金流為正的一年？

Yeah. Look, I think the cash assumptions will continue after the first launch because as Pete mentioned, we're building the subsequent tails. And so if you think about the cost to build a booster, and I think we've kind of used this, we've communicated this term or this figure before. But you assume around $60 million for a booster, and you're building several of them in series or in parallel in some cases here. You could consume additional capital from that.

是的。看，我認為現金假設將在首次發射後繼續，因為正如皮特所提到的，我們正在建造後續尾部。因此，如果你考慮建造助推器的成本，我想我們已經使用過這個，我們之前已經傳達過這個術語或這個數字。但你假設一個助推器的成本約為 6000 萬美元，而且在某些情況下，你會串聯或並聯建造幾個助推器。您可以從中消耗額外的資本。

The key thing for us is getting through that first test flight. We've gotten the point where we've gotten the infrastructure largely in place. We do have some incremental scaling investments that need to be made such as this return on investment barge that we've talked about. So yeah, I mean, I think the business could consume -- continue to get some money through 2026. So I would say, more realistically for, I would say, positive free cash flow, 2026.

對我們來說，關鍵是完成第一次試飛。我們的基礎設施已基本到位。我們確實需要進行一些增量擴展投資，例如我們討論過的這艘投資回報駁船。是的，我的意思是，我認為該企業可以消耗——到 2026 年繼續獲得一些錢。因此，我想說，更現實的是，到 2026 年，自由現金流將變成正值。

Again, given how aggressively we're moving forward given the demand signals that we're getting, I think that's probably not likely. I think it's much more likely to be in 2027, but it depends. We could come across opportunities that generate enough offsetting incoming cash flow that it kind of balances that out.

再說一次，考慮到我們根據收到的需求訊號積極推進，我認為這種情況不太可能發生。我認為更有可能是在 2027 年，但這取決於情況。我們可能會遇到產生足夠的抵銷現金流的機會，從而達到平衡。

But right now, I'd say, you should think of Neutron as being continued to -- even in a success scenario, in particular, in success scenario, continuing to consume cash as we kind of build out that capability and put the -- all the other scaling infrastructure in place.

但現在，我想說，你應該認為 Neutron 將會繼續下去——即使在成功的情況下，特別是在成功的情況下，在我們建立這種能力並將所有其他可擴展基礎設施到位時，它仍會繼續消耗現金。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Yeah, I think it's important, Kristine, to differentiate that. I believe that the P&L will obviously look much, much better once we get through the initial kind of successful test launch of Neutrons. So I think it's important to separate the kind of the free cash flow from the P&L optics, right? Because I think the P&L does get much, much, much friendlier much sooner.

是的，克里斯汀，我認為區分這一點很重要。我相信，一旦我們成功完成中子試射，損益表顯然會好得多。所以我認為將自由現金流與損益表分開很重要，對嗎？因為我認為損益表確實很快就會變得更友善。

And then I think like a lot of other growth businesses, we're going to be continuing to invest to grow, but the P&L should start to look much more attractive. And I think that's -- we're keeping our eye on both, obviously.

然後我認為，像許多其他成長型企業一樣，我們將繼續投資以實現成長，但損益表應該開始變得更具吸引力。我認為——我們顯然正在密切關注這兩者。

Great. And as a follow-up to that, I mean, look, it's a good problem to have if you have a product that works and if you can scale up very quickly, those are all good problems to have as a growth company. But when we think about the capital size that you might need if you can build like in a bull case scenario?

偉大的。作為後續，我的意思是，如果你有一個有效的產品，並且你可以快速擴大規模，那麼這是一個好問題，對於一家成長型公司來說，這些都是好問題。但是，當我們考慮在牛市情況下您可能需要的資本規模時？

How much capital could you potentially consume free cash flow in 2026? And when you think about the cash balance today, is that enough? Or would you need to raise capital to meet the demand? Should you be really successful and have that bulk scenario play out?

2026 年，您可能會消耗多少資本自由現金流？當您考慮今天的現金餘額時，這還夠嗎？或者您需要籌集資金來滿足需求？您是否真的應該獲得成功並實現這一大規模場景？

Yeah. Look, I think we have sufficient capital to scale Neutron. So really, if you look at where -- when we're raising additional capital, it's really not for Neutron. It's really all about doing things like Mynaric and Geost and other things that we have in our funnel yes, we could put a lot of money to work to kind of respond to the demand signal and it evolves for Neutron that could continue to demand cash. But I don't see it outstripping kind of even what we have today.

是的。看，我認為我們有足夠的資金來擴大 Neutron 的規模。所以實際上，如果你看一下——當我們籌集額外資金時，你會發現它實際上不是為了 Neutron。這實際上都是關於做 Mynaric 和 Geost 以及我們漏斗中的其他事情，是的，我們可以投入大量資金來響應需求訊號，並且它會為 Neutron 的發展帶來持續的現金需求。但我認為它甚至不會超越我們今天所擁有的。

So again, I think that -- you're right, it's a good problem to have. I don't think that any liquidity constraints would be driven by Neutron. I think it would really be driven by how aggressively we want to go after and enable inorganic TAM expanding type of opportunities.

所以，我再次認為──你是對的，這是一個好問題。我認為 Neutron 不會造成任何流動性限制。我認為這實際上取決於我們多麼積極地追求和實現無機 TAM 擴展類型的機會。

Great. I'm tempted to ask one more, so I just might. So when you look at that opportunity, I mean, it seems like the capital markets are fairly open. Your stock is at record high levels. How aggressive do you want to accelerate some of those growth TAM opportunities? And where are those verticals? Where are you most interested? And what does that look like?

偉大的。我很想再問一個，所以我就問了。所以當你看到這個機會時，我的意思是，資本市場似乎相當開放。您的股票處於歷史最高水準。您希望多大程度上加速這些成長 TAM 機會？那麼這些垂直產業在哪裡呢？你最感興趣的是什麼？那是什麼樣子的？

Yeah, I'll let Pete comment obviously as well. But I would say, look, we continue to see opportunities to further vertically integrate our supply chain. So we've done that very successfully in the past. We'll continue to find those types of opportunities.

是的，我顯然也會讓皮特發表評論。但我想說，我們繼續看到進一步垂直整合供應鏈的機會。所以我們過去在這方面做得非常成功。我們將繼續尋找此類機會。

I would say that when you look at the ultimate end-to-end vision obviously has application elements to it, which is -- Pete talked about some of that earlier, but I would say right now, it's probably too early to show a lot of leg on kind of where we're going there.

我想說的是，當你看到最終的端到端願景時，顯然它有應用元素，也就是——Pete 之前談到了其中的一些內容，但我想說現在，可能還為時過早，無法展示我們將要去哪裡。

Because as Pete said, given the focus and the risk of entrepreneurial drift, we're very, very, very focused on getting Neutron delivered, establishing very key fundamental foundational payload capabilities. And then the rest is to be kind of putting the focus a little bit later, but Pete, over to you.

因為正如皮特所說，考慮到重點和創業漂移的風險，我們非常非常專注於交付中子，建立非常關鍵的基礎有效載荷能力。其餘部分我們將稍後再討論，但皮特，交給你了。

Yeah, you said it very well, Adam. I mean Kristine, we're not finished yet, that's for sure on M&A opportunities.

是的，你說得很好，亞當。我的意思是克里斯汀，我們還沒完成，關於併購機會肯定還沒完成。

Great, thank you.

太好了，謝謝。

Ryan Koontz, Needham and Company.

瑞安·孔茨 (Ryan Koontz)，Needham and Company。

Great, thanks, and most of my questions have been answered, but I'll touch on Space Systems that nice progress on gross margins. Obviously, I know you had acquired the solar business and some backlog there that was lower margin.

太好了，謝謝，我的大部分問題都得到了回答，但我還是想談談太空系統在毛利率方面取得的良好進展。顯然，我知道您已經收購了太陽能業務，並且其中有一些利潤較低的積壓訂單。

How do you think about that business going forward and have the margins in that business now kind of normalized with new contracts and such that make you comfortable with the vector and continuing to see some uplift on Space Systems. Thanks.

您如何看待該業務的未來發展？該業務的利潤率現在是否透過新合約等實現正常化？您是否對向量感到滿意，並繼續看到空間系統的一些提升？謝謝。

Well, I take part of the tactics on that one real quickly. So if you actually look at the progress on gross margin for the Solero business, first of all, has been very, very strong. When we acquired that business, we were looking at high single-digit gross margins. And in the first half of 2025, we delivered margins that were above the long-term target that we had set for that business. We set a target of 30%.

好吧，我很快就採取了這個策略。因此，如果你實際看一下 Solero 業務的毛利率進展，首先，它表現得非常非常強勁。當我們收購該業務時，我們關注的是高個位數的毛利率。2025 年上半年，我們的利潤率高於我們為業務設定的長期目標。我們設定的目標是30%。

That business is subject to -- the margin volatility is subject to kind of when some of the -- again, that early contract, which still hasn't completely kind of flowed its way through the books yet, but there's still some to be delivered on that.

這項業務受制於－保證金波動受制於某些早期合同，這些合約尚未完全在帳簿上體現，但仍有一些合約有待交付。

And so it's the timing of when that kind of comes in and out of deliveries. But I would say, look, if you just kind of look at where we'll be for the year, we're going to be pretty much spot on our long-term target of 30%. And I think longer term, there's upside to that.

這就是交貨和發貨的時間。但我想說，如果你看我們今年的狀況，我們基本上就能實現 30% 的長期目標。我認為從長遠來看，這是有好處的。

And I think more importantly, that deal has really -- or that acquisition has really kind of fulfilled its strategic import of kind of really taking control of a very critical and tricky component in supply chain for being a long-term kind of system provider and owner.

我認為更重要的是，這筆交易實際上——或者說，這次收購實際上已經實現了它的戰略意義，即作為長期系統提供商和所有者，真正控制了供應鏈中一個非常關鍵和棘手的組成部分。

So I think on that front, hopefully, that gives you some color and then I think maybe, Pete, you can speak to maybe the types of opportunities that we see in that business going forward and kind of where you expect margins to land for those?

因此，我認為在這方面，希望這能給你一些啟發，然後我想也許，皮特，你可以談談我們在未來的業務中看到的機會類型，以及你預計這些機會的利潤率會達到多少？

Yeah. Thanks, Adam. Yes. So we continue to expand capability in that business. obviously, you would have seen that we were successful with some chips money, which has enabled us to completely modernize or will enable us to completely modelize the reactor fleet in there and that drives in itself efficiencies and -- but if you look at programs like the Golden Dome, there is an unprecedented amount of spacecraft and power that's needed to fulfill that.

是的。謝謝，亞當。是的。因此，我們將繼續擴大該業務的能力。顯然，您會看到，我們成功地利用了一些晶片資金，這使我們能夠完全實現現代化，或者使我們能夠完全模擬那裡的反應堆群，這本身就提高了效率——但如果您看看像金色穹頂這樣的項目，就會發現實現這一目標需要數量空前的航天器和動力。

And there's three space-grade suppliers in the world, and we're currently one of the largest, if not the largest. So I see a lot of exciting opportunities for that business going forward. I mean, we are one of the permanent providers for national security solar. So that's a pretty exciting future.

世界上有三個航太級供應商，我們目前是最大的供應商之一，甚至可能是最大的。因此，我看到該業務未來有很多令人興奮的機會。我的意思是，我們是國家安全太陽能的永久供應商之一。這是一個非常令人興奮的未來。

That's great. Thanks so much.

那太棒了。非常感謝。

Suji Desilva, Roth Capital.

羅斯資本的 Suji Desilva。

Hi, Pete. Hi Adam. Adam, can you just remind us or tell us how the Neutron costs will flow maybe from OpEx to COGS. As the first launch goes and whether that might be material to the gross margin, so we could anticipate that as these first few launches go up?

你好，皮特。你好，亞當。亞當，您能否提醒我們或告訴我們中子成本將如何從營運支出流向銷貨成本 (COGS)。隨著首次發射的進行，這是否會對毛利率產生重大影響，因此我們可以預期，隨著前幾次發射的進行，毛利率會上升嗎？

Yeah. That's going to be a really challenging thing to model for you guys. I think that -- and that's a function of the fact that the first the test flight, of course, all of that's flowing through R&D, right? And now we're actually starting to -- for the subsequent tails, that's not going to flow through cost of goods sold with revenue cover associated with it. So the P&L is going to fluctuate quite a bit to the positive, as I mentioned to an earlier question.

是的。對你們來說，這將是一個非常具有挑戰性的建模。我認為——這是因為第一次試飛，當然，所有這些都是透過研發進行的，對吧？現在我們實際上開始 - 對於後續的尾部，這不會流經與其相關的銷售成本和收入覆蓋。因此，正如我在先前的問題中提到的那樣，損益表將會出現相當大的正向波動。

Now when you start talking about the reusability and what that introduces to the volatility to margins, you can imagine that as we progress through hardening Neutron's reusability, how many reuses will, for example, we'll be able to assume for amortizing over kind of future missions, that's going to be a great influencer of our gross margin.

現在，當您開始談論可重用性以及它對利潤率波動的影響時，您可以想像，隨著我們不斷強化 Neutron 的可重用性，我們將能夠假設有多少次重複使用，用於在未來的任務中進行攤銷，這將對我們的毛利率產生很大的影響。

So you can imagine if the rocket is only kind of assumed initially to do x number of reuses, but it actually surpasses that or comes in underneath that, you're going to have a lot of volatility because you got to have a situation where we have a fully amortized booster with all the revenue going forward on it or you could have made assumptions where you expect to apply a certain number of times and it under kind of achieved to that.

因此，你可以想像，如果最初只是假設火箭可以重複使用 x 次，但實際上超過了這個數字或低於這個數字，那麼就會有很大的波動，因為你必須擁有一個完全攤銷的助推器，並且所有收入都用於它，或者你可以做出預期應用一定次數的假設，並且它在某種程度上實現了這個目標。

And so you have a lot of incremental costs for future missions that weren't assumed. So it's going to be a tough one to manage. I think that the only thing that we can really point to is a bit different because it wasn't designed to be reasonable from the outset was Electron. And we've been able to bring down Electron costs dramatically, right? And that's without reusability.

因此，未來任務中會產生大量未曾預料到的增量成本。所以這將會是一個困難的管理過程。我認為我們唯一真正能指出的是有點不同，因為它從一開始就不是設計得合理的，那就是 Electron。我們已經能夠大幅降低 Electron 的成本，對嗎？並且沒有可重用性。

So we have a track record of successfully kind of scaling and bringing down costs as we've talked about many, many times, another big influence to gross margins is overhead absorption. So I suspect that Neutron will be a little bit different, but not fundamentally different from the fact that what's going to drive its gross margins is going to be cadence, right?

因此，正如我們多次談到的那樣，我們在成功擴大規模和降低成本方面有著良好的記錄，對毛利率的另一個重大影響是間接費用吸收。因此，我懷疑 Neutron 會有些不同，但與推動其毛利率的是節奏這一事實並沒有根本區別，對嗎？

So it's reusing cadence. But cadence is something that we, again, we saw, we understand how that works with Electron, the huge benefits you get when you get the cadence up, and that's going to be a large driving factor for Neutron as well. again, also coupled with our success in getting this vehicle to be reasonable as quickly as possible and for as long as possible.

所以這是重複使用節奏。但是，我們再次看到了節奏，我們了解它如何與 Electron 配合使用，當你提高節奏時你會獲得巨大的好處，這也將成為 Neutron 的一個重要驅動因素。同樣，也加上我們成功地讓這款車盡快、盡可能長時間地變得合理。

Okay. Great. I'll get my granular computer out. And the other question I have is on payloads. Is Geost kind of your [entry] here? Do you have efforts in-house for payloads as well as this inorganic effort? Or will that segment be grown through inorganic exclusively?

好的。偉大的。我會把我的顆粒計算機拿出來。我的另一個問題是關於有效載荷。Geost 是這裡您的 [入口] 嗎？除了這種無機努力之外，您是否還在內部努力實現有效載荷？或者該部分將僅透過無機方式實現成長？

Yeah, Suji. So a little bit of both. The reality is that often these payloads, especially when you're looking to bring solutions to beer and national security, have very, very long development cycles and a lot of heritage associated with them, which kind of naturally lends itself to acquisition more than organic creation.

是的，Suji。兩者都有一點。事實是，這些有效載荷，特別是當你想為啤酒和國家安全帶來解決方案時，往往具有非常非常長的開發週期和與之相關的大量遺產，這自然更適合收購而不是有機創造。

But there's certainly some elements of payloads internally that we're looking at that we will just go under our own steam. And then some things like Geost best-in class, it would take decades to recreate that. So an acquisition is, by far, the most efficient way of opening that opportunity up.

但我們正在內部研究一些有效載荷元素，我們將自行處理。而像 Geost 這樣的一流產品，則需要幾十年的時間才能重新創造。因此，到目前為止，收購是開拓這一機會最有效的方式。

Okay. Helpful color. Thanks, Pete. Thanks guys.

好的。有用的顏色。謝謝，皮特。謝謝大家。

Anthony Valentini, Goldman Sachs.

安東尼·瓦倫蒂尼，高盛。

Hey guys, thanks for the question. I'm just curious if -- I recognize you guys are laser-focused on Neutron here. But is there any reason to think that you guys would introduce a new launch vehicle in the future that is either larger than Neutron or maybe even in between Electron and Neutron in terms of the capacity that it can take into orbit?

嘿夥計們，謝謝你的提問。我只是好奇——我知道你們在這裡專注於中子。但是，是否有理由認為你們未來會推出一種新的運載火箭，其進入軌道的能力要么比中子火箭更大，要么甚至介於電子火箭和中子火箭之間？

Yeah. Good question, Anthony. So certainly not -- we don't really believe there's really a market between the Electron and Neutron side. It's very limited opportunity in that range. Now if we need to go larger, I guess, the good news is that the vehicle is very scalable.

是的。問得好，安東尼。所以肯定不是——我們真的不相信 Electron 和 Neutron 之間真的存在市場。在這個範圍內機會非常有限。現在，如果我們需要擴大規模，我想，好消息是該車輛具有強大的可擴展性。

It's a 7-meter diameter Stage 1 tank. So it's a very short dumpy vehicle. So typically, that's what governs your ability to increase the vehicle sizes, your tank diameter otherwise you end up with big long skinny pencils. and that becomes challenging.

這是一個直徑 7 公尺的第一階段儲槽。所以這是一輛非常矮小的車輛。因此，通常情況下，這決定了您是否能夠增加車輛尺寸和油箱直徑，否則您最終會得到又大又細的鉛筆，這就變得很有挑戰性。

So we have no intentions at this point in time. We think we've got the market accurately sized and we've proven historically that we are not bad at making those kind of calls. But for whatever reason, the market drastically moved to a larger scale, we have a vehicle architecture that is very easy to scale.

所以我們現在還沒有任何意圖。我們認為我們已經準確掌握了市場規模，並且歷史已經證明我們在做出此類判斷方面並不差。但無論出於什麼原因，市場急劇向更大規模發展，我們擁有一個非常容易擴展的車輛架構。

Great. Thank you.

偉大的。謝謝。

And at this time, we are showing no further questions in the queue, and this does conclude our question-and-answer session. I would now like to turn the conference back over to Peter Beck for any closing remarks.

此時，隊列中沒有其他問題，我們的問答環節就此結束。現在我想將會議交還給彼得·貝克，請他做結束語。

Yeah. Thanks very much, operator. So before we close out today, there should be some slide here of our upcoming events and conferences that the team will be attending. We look forward to sharing more exciting news and updates with you there. And otherwise, thanks for joining us. That wraps up today's call, and we look forward to speaking with you all again about the exciting progress we make here at Rocket Lab. Thanks very much.

是的。非常感謝，接線生。因此，在我們今天結束之前，這裡應該有一些我們團隊即將參加的活動和會議的幻燈片。我們期待與您分享更多令人興奮的新聞和更新。除此之外，感謝您的加入。今天的電話會議到此結束，我們期待再次與大家討論我們在 Rocket Lab 取得的令人興奮的進展。非常感謝。

Thank you for attending today's presentation. You may now disconnect your lines, and have a pleasant day.

感謝您參加今天的演講。現在您可以斷開線路，享受愉快的一天。