Rocket Lab Corp (RKLB) 2025 Q4 法說會逐字稿

Hello and welcome to Rocket Lab's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode.

大家好，歡迎參加 Rocket Lab 2025 年第四季及全年財報電話會議。目前，所有參與者均處於只聽模式。

A brief question-and-answer session will follow the formal presentation. Instructions will be given at that time. As a reminder, this conference is being recorded.

正式演講結束後將進行簡短的問答環節。屆時將給予指示。再次提醒，本次會議正在錄影。

It is now my pleasure to introduce your host, Morgan Connaughton, Vice President of Marketing and Communications at Rocket Lab. Thank you. You may begin.

現在，我很高興向大家介紹主持人，Rocket Lab 行銷和傳播副總裁 Morgan Connaughton。謝謝。你可以開始了。

Thank you. Hello and welcome to today's conference call to discuss Rocket Lab's fourth quarter and full year 2025 financial results, business highlights, and other updates.

謝謝。大家好，歡迎參加今天的電話會議，我們將討論 Rocket Lab 2025 年第四季和全年財務業績、業務亮點及其他最新進展。

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 Security and Exchange Commission.

在電話會議開始之前，我想提醒各位，我們的發言可能包含有關公司未來業績的前瞻性陳述，這些陳述旨在符合《私人證券訴訟改革法案》所規定的免責安全港條款。任何此類聲明均不構成對未來業績的保證，可能影響我們業績的因素已在今天的新聞稿中重點列出，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.

上述聲明均基於本公司截至本聲明發布之日可獲得的信息，並可能因未來發展而有所變更；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 relief and our supplemental materials are reconciliations of these historical non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP. This call is also being webcast with a supporting presentation, and a replay and copy of the presentation will be available on our website.

我們今天的演講和新聞稿還包含符合美國證券交易委員會 (SEC) 頒布的 G 條例規定的非公認會計準則 (非 GAAP) 財務指標。此類救濟措施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調節表。本次電話會議還將進行網路直播，並配有演示文稿，演示文稿的回放和副本將在我們的網站上提供。

Our speakers today are Rocket Lab founder and Chief Executive, 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. We will discuss financial highlights and outlook before we finish by taking questions. So, with that, let me turn the call over to Sir Peter.

今天的演講嘉賓是 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。他們將討論重要的業務亮點，包括我們的發射和太空系統專案的最新進展。我們將討論財務亮點和展望，最後回答問題。那麼，接下來我將把電話交給彼得爵士。

Thanks very much, Morgan. So, I'm going to start today by stealing some of Adam's thunder and sharing some of their financial highlights upfront. We had a new annual revenue record in 2025 coming in at $602 million, which represents 38% growth year on year compared with 2024. We also had a record quarter in Q4 with revenue coming up at $180 million, which was up 36% from Q4 last year.

非常感謝，摩根。所以，今天我要先搶在亞當前面，先跟大家分享他們的一些財務亮點。2025 年，我們的年度收入創下新紀錄，達到 6.02 億美元，比 2024 年年增 38%。我們在第四季也創下了季度紀錄，營收達到 1.8 億美元，比去年第四季成長了 36%。

At the end of Q4, a backlog sat at a record $1.85 billion, which is up 73% from the same time in 2024. And finally, we also achieved record gross margins in Q4 at 38% GAAP and 44% non-GAAP. You tend to say on launch day that's greens all across the board and a great result. It comes down to one thing and its simply relentless execution from the Rocket Lab team across their launch and space systems programs.

截至第四季末，積壓訂單達到創紀錄的 18.5 億美元，比 2024 年同期成長 73%。最後，我們在第四季也實現了創紀錄的毛利率，GAAP毛利率為38%，非GAAP毛利率為44%。你通常會說，在發布當天，所有球場都綠燈亮起，這是一個非常好的結果。歸根結底，這都歸功於火箭實驗室團隊在其發射和太空系統專案中的不懈努力和執行力。

Here are some highlights from that execution. I won't labor on these now as we'll go into more detail in the up-and-coming slides, but ultimately, we launched and signed a record number of Electron missions and led the way on hypersonic testing with HASTE and achieved some significant qualification and development milestones on neutron. On the space systems front, we were awarded the largest contract in Rocket Lab's history, successfully delivered the ESCAPADE mission to Mars for NASA, and we had, record growth across all of our space systems component businesses.

以下是那次行動的一些亮點。現在我不會詳細討論這些，因為我們將在接下來的幻燈片中詳細介紹，但最終，我們發射並簽署了創紀錄數量的電子號任務，並在高超音速測試方面引領了 HASTE 計劃，並在中子方面取得了一些重要的鑑定和開發里程碑。在航太系統方面，我們獲得了火箭實驗室歷史上最大的合同，成功為美國宇航局交付了火星 ESCAPADE 任務，並且我們所有的航太系統組件業務都實現了創紀錄的增長。

On acquisitions, we welcomed GEOST in 2025, which officially marked the entrance into payloads, and followed this up in Q1 2026 with the acquisition of Optical Support Inc. Which further strengthened their optical systems offering. We also expanded their machining and manufacturing footprint with the acquisition of Precision Components Limited, which actually just closed today, and will ultimately support continued scaling of the components manufacturer for both launch and space systems. More on these in the slides ahead.

在收購方面，我們於 2025 年迎來了 GEOST，這標誌著我們正式進入有效載荷領域；隨後在 2026 年第一季度收購了 Optical Support Inc.，進一步加強了我們的光學系統產品。我們還透過收購 Precision Components Limited 擴大了他們的機械加工和製造規模，該收購實際上今天剛剛完成，最終將支持這家零件製造商繼續擴大其在發射和航太系統領域的規模。更多內容請見後面的幻燈片。

So, onto some quick highlight highlights for Electron and HASTE, Rocket Lab remains the small launch leader globally as the only rocket delivering reliable and high cadence launch opportunities for small set. We launched 21 missions across Electron and HASTE in 2025, which was a new company record. We also launched seven missions in Q4, our highest number of launches in a single quarter to date.

接下來，我們快速了解 Electron 和 HASTE 的一些亮點。 Rocket Lab 仍然是全球小型發射領域的領導者，也是唯一能夠為小型衛星提供可靠且高頻率發射機會的火箭。2025 年，我們透過 Electron 和 HASTE 發射了 21 個任務，創下了公司的新紀錄。我們在第四季也發射了七次任務，這是我們迄今為止單季發射次數最多的一次。

Meanwhile, there were no successful orbital launches of a new US or European small launch vehicle in 2025 at all, and it's very clear when small set operators need a dedicated ride to orbit, they come to Rocket Lab, and we're proud to hold this title and look forward to expanding it again, the record again even further this year.

同時，2025 年美國或歐洲的新小型運載火箭沒有一次成功入軌發射，很明顯，當小型設備運營商需要專門的入軌運輸服務時，他們會選擇火箭實驗室，我們很自豪能保持這一頭銜，並期待今年再次擴大這一紀錄。

The US government has made no secret of the fact that faster and more frequent hypersonic testing is an urgent need and a national priority. Rocket Lab is the only credible provider that has demonstrated the ability to deliver this capability right now, not years into the future. In 2025, we conducted three successful HASTE missions, and the next one is on the pad in Virginia, now just days away from launch. This kind of cadence and reliability positions us well for programs like Golden Dome with more HASTE missions on the books this year, we'll be rapidly building that moat even further.

美國政府毫不掩飾地表示，更快、更頻繁的高超音速試驗是一項迫切需要且國家優先事項。Rocket Lab 是唯一能夠立即提供這種能力的可靠供應商，而不是幾年後才能提供的。2025 年，我們成功進行了三次 HASTE 任務，下一次任務正在維吉尼亞州的發射台上進行，距離發射只有幾天了。這種節奏和可靠性使我們在金穹計劃等項目中處於有利地位，今年我們還有更多 HASTE 任務要執行，我們將迅速進一步鞏固我們的優勢。

It was a record year for launching missions, but also for signing them. We added more than 30 new launches to the manifest across Electron and HASTE. They came from a nicely diversified customer base spanning the US, natsec, and defense, commercial constellations and international organizations. We had many returning customers sign new contracts, often for bulk buys and multiple launches, but also added new names too, which demonstrates that our small launch customer base continues to expand.

今年是發射任務數量創紀錄的一年，簽署任務的數量也創紀錄。我們在 Electron 和 HASTE 的清單中新增了 30 多個新版本。他們的客戶群非常多元化，涵蓋美國、國家安全和國防、商業領域以及國際組織。我們有很多老客戶簽訂了新合同，通常是批量購買和多次產品發布，同時也新增了一些客戶，這表明我們小規模的產品發布客戶群仍在不斷擴大。

In Q4 alone, we signed a new multi-launch deal with Black Sky for four new launches, which brings the total number of missions they've booked with us to 17. We also signed a contract with a new confidential customer in support of national security. As always, our pipeline for Electron and HASTE remains strong, and we're excited to continue finding new and novel missions as well as a standard repeat and mission profiles in 2026.

僅在第四季度，我們就與 Black Sky 簽署了一項新的多次發射協議，進行四次新的發射，這使得他們與我們預訂的任務總數達到了 17 次。我們還與一位新的保密客戶簽訂了一份合同，以支持國家安全。和以往一樣，我們的 Electron 和 HASTE 專案儲備依然充足，我們很高興能在 2026 年繼續尋找新的任務和創新任務，以及標準的重複任務和任務剖面。

Now on to space systems, Rocket Lab is not new to being a prime contractor, but in Q4 we made an announcement that highlights a substantial growth in satellite in the satellite market and further cements our position as a preferred disruptive prime. The Space Development Agency or SDA awarded us an $816 million contract to build an advanced constellation of 18 spacecraft equipped with advanced missile warning tracking and defense sensors to provide global and persistent detection and tracking of emerging missile threats.

現在來說說太空系統，火箭實驗室作為主承包商並不陌生，但在第四季度，我們發布了一項公告，強調衛星市場衛星業務的大幅增長，並進一步鞏固了我們作為首選顛覆性主承包商的地位。美國太空發展局（SDA）授予我們一份價值 8.16 億美元的合同，用於建造一個由 18 艘航天器組成的先進星座，這些航天器配備先進的導彈預警跟踪和防禦傳感器，以提供對新興導彈威脅的全球持續探測和跟踪。

It's the largest single contract in Rocket Lab's history. What's more, as a leading merchant supplier into the other tranche, three prime contractors, there are additional subsystem opportunities that could, total capture, could add a total capture value to approximately $1 billion for supplying payloads, solar power, reaction wheels, and star trackers software and other solutions from a broad portfolio of capabilities.

這是 Rocket Lab 史上最大的單筆合約。此外，作為另一批主要承包商（三家主要承包商）的主要供應商，還有其他子系統機會，總捕獲量可能增加約 10 億美元的總捕獲價值，用於提供有效載荷、太陽能、反作用輪、星跟踪器軟體以及來自廣泛能力組合的其他解決方案。

It's important to point out that the acquisition of GEOST played a significant role in securing this award. Rocket Lab is the only commercial provider producing both the spacecraft and payloads in-house for SDA and for the tracking layer Tranche III, supporting the government's goals for speed, resilience, and affordability in space-based missile defense. This award follows on from a previous prime contract award for SDA's transport layer Tranche II program. With the two programs combined, we now have more than $1.3 billion in contracts signed with the with the SDA.

值得指出的是，收購 GEOST 在獲得該獎項的過程中發揮了重要作用。Rocket Lab 是唯一一家能夠自主生產 SDA 太空船和有效載荷以及第三批追蹤層的商業供應商，從而支持政府在天基飛彈防禦方面實現速度、韌性和經濟性的目標。此授標是在先前授予 SDA 傳輸層第二階段規劃主合約之後進行的。這兩個項目加起來，我們現在與美國國防部簽訂的合約總額已超過 13 億美元。

I think an important takeaway from this announcement is not just that we've won a significant contract, it's that Rocket Lab is repeatedly winning large awards that have historically been the exclusive legacy, exclusive to the legacy aerospace primes. We're seeing a new world order established with defense in the defense world with the rise of companies like Andrel and Palantir playing leading roles in disrupting slow bloated traditional players. Rocket Lab is clearly doing this in space and unseating the old guard.

我認為此次公告的重要意義不僅在於我們贏得了一份重要的合同，還在於 Rocket Lab 不斷贏得以往只有傳統航空航天巨頭才能獲得的巨額合同。我們看到國防領域正在建立一個新的世界秩序，Andrel 和 Palantir 等公司的崛起在顛覆行動遲緩、臃腫的傳統企業方面發揮著主導作用。火箭實驗室顯然正在太空領域做到這一點，並取代舊有的壟斷力量。

Okay, on to Mars. In Q4, the ESCAPADE mission launched and the twin satellites we built for NASA and UC Berkeley are now well on their way to the red planet. With ESCAPADE, we've proved that it's possible to deliver decadal class missions on a drastically shortened timelines and for significantly smaller budgets than typical interplanetary missions. We made this possible through vertical integration, maintaining strict control over schedule and budget.

好了，接下來前往火星。第四季度，ESCAPADE 任務發射升空，我們為 NASA 和加州大學柏克萊分校建造​​的兩顆衛星現在正順利前往火星。透過 ESCAPADE 項目，我們已經證明，與典型的行星際任務相比，在大幅縮短的時間範圍內，以更少的預算完成十年級的任務是可能的。我們透過垂直整合，嚴格控制進度和預算，實現了這個目標。

With both spacecraft now successfully commissioned in an Eloiter trajectory near L2, that's a Lagrange point around 1.5 million kilometers from Earth, Rocket Lab's, primary role in the mission will soon be complete when we hand it over to the team at UC Berkeley next month. Even once control has been transferred, we'll be cheering blue and gold along as they arrive in Mars orbit in September next year.

兩艘太空船現已成功投入運行，沿著埃洛伊特軌道在 L2 附近（L2 是距離地球約 150 萬公里的拉格朗日點）運行。火箭實驗室在該任務中的主要任務即將完成，下個月我們將把任務移交給加州大學柏克萊分校的團隊。即使控制權移交完畢，我們也會為明年九月抵達火星軌道的藍金戰隊歡呼喝采。

A role in ESCAPADE might have reached a mission success, but we're not quite finished yet with Mars yet. We've made no secret of the fact that we think Rocket Lab is the strongest contender to deliver NASA's Mars telecommunication orbiters orbiter program.

ESCAPADE 計畫或許已經取得了任務成功，但我們與火星的緣分還沒結束。我們毫不掩飾地認為，火箭實驗室是交付 NASA 火星通訊軌道器計畫的最有力競爭者。

An NTO will be fundamental to everything else on Mars, enabling science now and human exploration in the future. We'll make it possible with a rare combination of proven spacecraft, deep space mission experience, reliable rockets, and end to end space systems capability as a vertically integrated mission provider. Our hardware and our software has enabled some of the most ambitious and successful Mars missions in history, including the Mars Insight lander, Perseverance rover, Ingenuity helicopter. Mars is in their DNA, and Rocket Lab has more hardware and on and orbiting Mars than just about any other company today.

核軌道飛行器對於火星上的一切至關重要，它將為當前的科學研究和未來的人類探索奠定基礎。我們將憑藉成熟的太空船、深空任務經驗、可靠的火箭以及作為垂直整合任務提供者的端到端空間系統能力，實現這一目標。我們的硬體和軟體協助實現了歷史上一些最雄心勃勃、最成功的火星任務，包括火星洞察號登陸器、毅力號火星車和機智直升機。火星已融入他們的基因，火箭實驗室在火星上和環繞火星運行的硬體比當今幾乎任何其他公司都多。

Okay, on to programs. We had a key milestone for LOSA, which is a launch plus spacecraft mission to build and deploy an on-orbit cryogenic fuel depot for NASA. The spacecraft is now complete and will be marching steadily towards launch later this year.

好了，接下來是節目介紹。我們為 LOSA 取得了一項重要的里程碑，這是一項發射太空船任務，旨在為 NASA 建造和部署一個在軌低溫燃料庫。太空船現已完工，並將穩步推進，於今年稍後發射升空。

Okay, we also have an exciting development to share from our space solar business. It requires some background on kind of the state of the art of space solar power, so bear with me a little bit on this one. The satellite industry is rapidly expanding and projected to grow 7 times by 2035. Those satellites will all need solar power. Rocket Lab is the world leader in solar space power, so it should come as no surprise that we're the best positioned to serve this growing market.

好的，我們還有來自太空太陽能業務的令人興奮的新進展要和大家分享。這需要一些關於太空太陽能發電最新技術的背景知識，所以請容許我稍作解釋。衛星產業正在迅速擴張，預計到 2035 年將成長 7 倍。這些衛星都需要太陽能供電。Rocket Lab 是太陽能太空能源領域的全球領導者，因此我們最有能力服務這個不斷成長的市場也就不足為奇了。

In addition, ambitious opportunities are on the horizon from space-based data centers as AI and compute demand soar and data centers on Earth reach their limits. Companies are beginning to seriously explore moving data centers to orbit where they can take advantage of the cool conditions and infinite solar energy. But rapid market growth of this size, both for typical constellations and futuristic projects like space-based data centers will be hampered if traditional solar cells are the only option.

此外，隨著人工智慧和運算需求的激增，以及地球上的資料中心達到極限，太空資料中心也帶來了巨大的發展機會。各公司開始認真考慮將資料中心遷移到軌道上，以便利用那裡的低溫環境和無限的太陽能。但是，如果傳統的太陽能電池是唯一選擇，那麼無論是典型的星座還是像太空資料中心這樣的未來項目，如此規模的市場快速成長都將受到阻礙。

So, it's against this backdrop that I'm proud to announce that Rocket Lab is introducing a space optimized silicon solar arrays. Well, silicon is not new in space, it's always suffered from low radiation tolerance and very low life expectancy with poor performance. Our team of the experts in space solar, having developed some of the most complex cells for flagship missions to the sun and most of the missions on Mars today.

正是在這樣的背景下，我很自豪地宣布，火箭實驗室推出了一款針對太空環境優化的矽太陽能電池陣列。其實，矽在太空領域並不新鮮，它一直存在抗輻射能力差、壽命短、性能差等問題。我們的太空太陽能專家團隊曾為前往太陽的旗艦任務和當今大多數火星任務開發了一些最複雜的電池。

The team has produced a silicon array that is a game changer. By harnessing silicon, we are able to deliver a really low cost per watt at industrial scale, enabling gigawatt class power generation in space at kilometer size scale using mass manufacturable lightweight and modular systems. We've also taken the additional step of developing a hybrid solar array solution that incorporates both high efficiency cells and silicon cells.

該團隊研發了一種顛覆性的矽陣列。透過利用矽，我們能夠在工業規模上實現極低的每瓦成本，從而利用可大規模製造的輕型模組化系統，在太空中以公里級規模實現吉瓦級發電。我們還採取了進一步措施，開發了一種混合太陽能電池陣列解決方案，該方案結合了高效能電池和矽電池。

An approach that leverages the benefits of both technology. When size, weight and power or performance are at a premium, traditional high efficiency cells are enabling. When cost, schedule or cost constellation scale are required, silicon cells can meet that demand. When these factors must be traded off and balanced, hybrid arrays enable a combination of the two to deliver an optimal performance at a compelling value.

一種充分利用兩種技術優勢的方法。當尺寸、重量和功率或性能至關重要時，傳統的高效電池就能發揮作用。當需要考慮成本、進度或成本規模時，矽單元可以滿足這種需求。當必須權衡這些因素時，混合陣列能夠將兩者結合起來，以極具吸引力的價格提供最佳性能。

So for new products, we move into new acquisitions. On the top of the acquisitions, no doubt everybody is interested in an update on, MYNARIC. The German government is still working methodically through the regulatory review process, so there's not much to add at this stage, while that sort of runs its course as expected. But we look forward to providing an update, once that's concluded. There are a few stories floating around in the media with different theories on how the transaction is progressing. All of I'd say there is don't believe everything you read in the media and online.

所以對於新產品，我們會透過新的收購來實現。除了收購之外，毫無疑問，每個人都對 MYNARIC 的最新進展很感興趣。德國政府仍在有條不紊地推動監管審查程序，因此現階段沒有什麼可補充的，一切都在預期中進行。但一旦完成，我們將盡快提供最新消息。媒體上流傳著一些關於這筆交易進展的不同說法。我想說的是，不要相信你在媒體和網路上看到的一切。

Otherwise, this month we have welcomed Optical Support Inc. To the Rocket Lab team. OSI is a Tucson-based leader in the design and manufacture of custom high precision optical and electro-optical mechanical instruments. OSI's technology is a key enabler for national security and commercial satellites. They are a key subsystem in Rocket Lab's payloads for space protection, space domain awareness, missile warning, and track and defense. The vertical integration opportunities here are clear while we look forward to scaling production and capabilities to serve our customers in our own programs, as we've done with many of our other successful acquisitions.

此外，本月我們也迎來了 Optical Support Inc. 加入 Rocket Lab 團隊。OSI 是一家總部位於圖森的領導企業，專注於客製化高精度光學和光電機械儀器的設計和製造。OSI 的技術是國家安全和商業衛星的關鍵推動因素。它們是 Rocket Lab 太空保護、太空領域感知、飛彈預警以及追蹤和防禦有效載荷的關鍵子系統。這裡的垂直整合機會顯而易見，我們期待擴大生產規模和能力，為我們自己的專案客戶提供服務，就像我們在其他許多成功的收購專案中所做的那樣。

And last but not least, we've also acquired Precision Components Limited in New Zealand, again, a known and trusted supplier to us that's now part of the family. With this acquisition, we've established a new, Precision machining complex that enables, a huge increase in in machining capacity.

最後，我們也收購了紐西蘭的 Precision Components Limited 公司，這同樣是我們熟知且值得信賴的供應商，現在它也成為了我們大家庭的一員。透過此次收購，我們建立了一個新的精密加工中心，大幅提升了加工能力。

So, I think it's worth spending just a quick moment here on the strategic importance of our recent optical focused acquisitions. Vertically integrated high-performance RF and optical payload technologies unlock high value opportunities for national security and commercial customers. They are key to unlocking programs like Golden Dome and other proliferated mission architectures. Owing to the payload chain, sing the payload chain enables discriminating performance plus greater control over schedule cost for especially for high volume constellations.

因此，我認為有必要花一點時間簡要談談我們近期在光學領域進行的收購的戰略重要性。垂直整合的高效能射頻和光學有效載荷技術為國家安全和商業客戶釋放了高價值的機會。它們是解鎖「金色穹頂」等項目和其他廣泛應用的任務架構的關鍵。由於有效載荷鏈的存在，有效載荷鏈能夠實現區分性能，並更好地控制進度成本，尤其適用於大批量星座。

We've already seen the strategy in the action with SDA Tranche III Award, and we expect to deliver more value and opportunities to us this year and beyond. We received another strong vote of confidence in our ability to deliver on critical national security and defense programs when we were recently selected by the NDA for shield. In short, we are now on boarded to the program which has a contract values up to $151 billion giving us the opportunity to compete for future launch and space systems contracts that deliver these capabilities to the warfighter with increased agility.

我們已經透過 SDA 第三期獎項看到了這項策略的實際應用，我們期待今年及以後能為我們帶來更多價值和機會。最近，我們被美國國防聯盟選中參與「盾牌」項目，這再次證明了我們有能力完成關鍵的國家安全和國防項目，也讓我們獲得了另一個強有力的信任。簡而言之，我們現在已經加入該計劃，該計劃的合約價值高達 1510 億美元，使我們有機會參與未來發射和太空系統合約的競爭，從而以更高的靈活性為作戰人員提供這些能力。

All of the above ultimately points to one thing. Rocket Lab is a disrupt disruptive leader in building the future for space and defense. This was driven home by a recent visit to our facilities in Long Beach by the Secretary of War, Pete Hesketh during the during the Arsenal of Freedom tour. The visit highlighted the critical support we already delivered to the war fighter today and showcased our capability to meet ever evolving needs in the future.

以上種種最終都指向同一個結論。Rocket Lab 是引領太空和國防未來發展的顛覆性領導者。最近，戰爭部長皮特·赫斯基思在「自由兵工廠」之旅期間參觀了我們在長灘的設施，這更加印證了這一點。這次訪問凸顯了我們目前已向作戰人員提供的關鍵支持，並展示了我們滿足未來不斷變化的需求的能力。

And last but not least, before Adam digs into the financials, here's the latest on Neutron. We've got lots of progress to share across neutron, but I'll start with a topic on everyone's mind, I'm sure, which is the Stage 1 tank update. In January we shared that Neutron's Stage 1 tank had ruptured during a hydrostatic pressure test at Space Systems Complex in Little River. Now failures aren't uncommon during the qualification phase of any rocket development program, but I do want to point out that this was unexpected and ultimately we had anticipated that this tank would pass qualification.

最後，在亞當深入分析財務狀況之前，先來看看 Neutron 的最新進展。我們在中子方面有很多進展要分享，但我相信大家都很關心這個問題，所以我先從第一階段儲罐的更新說起。今年一月，我們報告了 Neutron 火箭第一級儲槽在小河航太系統綜合大樓進行靜水壓力測試時破裂的消息。在任何火箭研發項目的鑑定階段，出現失敗並不罕見，但我確實想指出，這次失敗是意料之外的，我們原本預計這個儲罐最終會通過鑑定。

Now the tank did meet its anticipated flight loads, but as we prepared to open up the test bounds and push the pressures and loads beyond this to understand the margins and the structure, the tank let go earlier than we expected. The post-test review process identified that a manufacturing defect introduced a reduction in the strength at a critical joint in the structure, specifically around the tank closeout, which is an autoclave produced part that interfaces with the bulk composite laminate of the tank and the dome. The review of the hardware and test data suggested that the tank otherwise performed as expected.

現在，該油箱確實達到了預期的飛行載荷，但當我們準備擴大測試範圍，將壓力和負載推向更遠的程度，以了解其裕度和結構時，該油箱比我們預期的更早地失效了。測試後的審查過程發現，製造缺陷導致結構中的關鍵連接處強度降低，具體而言，是在儲罐封口處，該封口是高壓釜生產的部件，與儲罐和穹頂的本體複合材料層壓板連接。對硬體和測試數據的審查表明，該坦克的其他性能都符合預期。

The first tank was hand laid by a third-party contractor while we're getting the automated fiber placement machine up and running, and it's in this hand laid process that a defect was introduced. Now the decision to work with a third-party contractor was ultimately driven by schedule as it would allow us to produce the first tank rapidly while simultaneously commissioning the AFP machine for future tank production. And it's not uncommon for us to run parallel development paths like this to accelerate schedules as it can be a cost-effective way to iterate prototypes and first articles while also standing up long-term production capability to enable fast scaling down the track.

第一個油罐是由第三方承包商手工鋪設的，當時我們正在調試自動化纖維鋪放機，而正是在這個手工鋪設過程中引入了缺陷。最終決定與第三方承包商合作，是出於進度安排的考慮，因為這樣可以讓我們快速生產第一個坦克，同時調試 AFP 機器以進行未來的坦克生產。我們經常採用這樣的平行開發路徑來加快進度，因為這是一種經濟高效的方式，可以迭代原型和首件產品，同時建立長期生產能力，以便將來能夠快速擴展。

Now the next tank is already in production. This time it's being built on the AFP machine, completely eliminating the possibility of this hand defect reoccurring. It's worth pointing out that neutrons second stage was largely produced, was entirely internally passed and qualification. It's worth pointing out that neutrons second stage was produced entirely and internally in past qualification comfortably. Beyond the changing the manufacturing process, we also are making some minor design changes to the first stage tank to introduce more margin and improve manufacturability. To be clear, we're happy with the overall tank design, but since we're making a new one, we thought we'd always take the opportunity to tweak things a little bit and optimize it.

現在下一輛坦克車已經在生產中了。這次是在 AFP 機器上製造的，徹底杜絕了這種手工缺陷再次發生的可能性。值得指出的是，中子第二級在很大程度上是自行生產的，完全通過了內部審核和鑑定。值得一提的是，中子第二級在過去的鑑定過程中完全是在內部生產的，而且生產過程非常順利。除了改變製造流程之外，我們還對一級儲槽進行了一些小的設計變更，以引入更多裕量並提高可製造性。需要說明的是，我們對整體水箱設計很滿意，但既然我們正在製造一個新的水箱，我們覺得應該藉此機會稍微調整一下，並進行最佳化。

Once completed, the new tank will undergo an extensive test and qualification campaign to verify flight readiness, and we're going to take our time with that process. The priority will always be to bringing a reliable rocket to market, even if it means taking a few extra months. Ultimately, the combination of the new tank and the production design tweaks and the testing qualification campaign will adjust neutron's time frame a little bit. As such, Neutron's first launch is now targeted for Q4 2026.

新坦克建成後，將進行廣泛的測試和鑑定活動，以驗證是否具備飛行條件，我們將在這個過程上不急不躁。我們的首要任務始終是向市場推出可靠的火箭，即使這意味著要多花幾個月的時間。最終，新坦克、生產設計調整和測試鑑定活動的結合，將稍微調整中子的時間框架。因此，Neutron 的首次發射目標日期定在 2026 年第四季。

Neutron is still scheduled to come to market in an incredibly aggressive time frame, and what's more, we'll be bringing a robust and thoroughly tested vehicle to the pad. We look forward to sharing more development progress as we run through the final development phases this year.

Neutron 仍計劃在極其緊迫的時間框架內上市，而且，我們將把一款性能卓越且經過全面測試的運載火箭帶到發射台上。我們期待在今年完成最後開發階段後，與大家分享更多開發進度。

Okay, so onto some milestones in the Neutron program over the past quarter. You would have seen over the next few slides why I'm dubbing this the quarter of qualification. We've taken a massive stride in Q4 as well as Q1 so far successfully qualifying critical flight hardware from large structures through the component level systems.

好的，接下來我們來看看過去一個季度中子計畫取得的一些里程碑式進展。接下來的幾張投影片你就會明白我為什麼把這一個季度稱為資格賽季度了。我們在第四季度和第一季都取得了巨大的進步，成功地完成了從大型結構到組件級系統的關鍵飛行硬體的認證工作。

In Q4, the Hungry Hippo fairing successfully passed qualification and then on into Q1, it made its way to Wallops. It's an exciting time in Virginia as Neutron flight hardware starts arriving and we can get into the final assembly and integration and test phase. For the Hungry Hippos specifically, that looks like fluid systems, and installation of canards and thermal protection systems, and then then of course ending in testing. While we work through that in preparation for the first flight, we have the second hungry hippo in production for the next Neutron launch vehicle as well.

第四季度，「飢餓的河馬」整流罩成功通過了資格賽，然後進入第一季度，前往沃洛普斯。對於維吉尼亞州來說，這是一個激動人心的時刻，因為中子號飛行硬體開始陸續到貨，我們可以進入最終組裝、整合和測試階段。具體來說，對於「飢餓河馬」戰機而言，這包括流體系統、鴨翼和熱防護系統的安裝，當然最後還要進行測試。在我們為首次飛行做準備的同時，我們也在為下一代中子運載火箭生產第二個飢餓的河馬。

Another successful qualification on the board is a Neutron thrust structure. This is a really complex part of neutron. It must be able to withstand 2.1 million pounds of thrust, which is more than 44 Electrons simultaneously lifting off to give everybody kind of a sense there. The structure is now officially on to final integration, which is the final hurdle before we get into integrated system checkouts, cryogenic proof tests, vehicle hot fires, were, and then of course launch. It'll go through avionics and fluids and subcomponent integration before shipping out to LC-3.

董事會上另一項成功的認證是中子推力結構。這是中子中非常複雜的部分。它必須能夠承受 210 萬磅的推力，這相當於 44 架 Electron 火箭同時升空，給大家一個大概的感覺。該結構現在正式進入最終整合階段，這是我們進行整合系統檢查、低溫驗證測試、車輛熱試車、最終發射前的最後一個障礙。在運送到 LC-3 之前，它將進行航空電子設備、流體和子組件整合。

Meanwhile, in Middle River, a neutron's interstage is undergoing its own qualification campaign before being shipped to LC-3. Neutron's second stage is hung inside this during flight and then passes through the mouth of the Hungry Hippo and carried to orbit. Like the Hungry Hippo, the end stage remains attached to the first stage and reused, so it needs to undergo a robust testing and program so it can, we can ensure that it can withstand the forces of launch and landing multiple times.

同時，在米德爾河，中子火箭的級間段正在進行自己的鑑定試驗，之後將被運往LC-3發射台。中子號火箭的第二級在飛行過程中懸掛在這個內部，然後穿過飢餓河馬的嘴巴，被帶到軌道上。就像飢餓的河馬火箭一樣，末級火箭仍然與第一級火箭連接在一起並可重複使用，因此需要進行嚴格的測試和程序，以便我們能夠確保它能夠承受多次發射和著陸的衝擊力。

And then stage 2 is in its final integration and getting ready for its debut on the test stand at LC 3. This is a specially built rig on the top of the LC-3 launch mount where we'll go and conduct a barrage of integrated tests before ultimately moving into hot fires on the stand. That will be LC-3's first taste of what of an Archimedes engine and a huge milestone for the development program. So we look forward to testing that soon.

然後，第二階段正在進行最後的整合，準備在 LC 3 測試台上首次亮相。這是 LC-3 發射台頂部特製的試驗裝置，我們將在這裡進行一系列綜合測試，然後再最終在試驗台上進行熱測試。這將是 LC-3 首次體驗阿基米德引擎的性能，也是該研發計畫的一個重要里程碑。我們期待盡快進行測試。

Which brings me to the last but not least, Archimedes. Right now the engines are in boot camp. We are not being nice to them at all. It's all well and good to test engines to engines to expected bounds. But through experience, I've learned that spaceflight has a way of throwing things at you that aren't expected. Rocket engines don't tend to fail when everything is boring, and you can, when you can rely on analysis and simulation to bound, and then truly understand performance. Ultimately, engine reliability is gained via testing. There's just no substitute. So that's what we're doing and we're really pushing them through the edge cases, backing right off the inlet pressure inducing cavitation and generally doing really nasty stuff to them.

這就引出了最後一位，也是非常重要的一位──阿基米德。目前這些引擎正在進行新兵訓練。我們對他們一點也不友善。將各個引擎進行測試，確保它們在預期範圍內運行，當然很好。但透過經驗，我了解到太空飛行總是會為你帶來一些意想不到的事情。如果一切都很平淡無奇，火箭發動機通常不會發生故障；而當你能夠依靠分析和模擬來限制性能，並真正理解其性能時，你就能做到這一點。歸根結底，引擎的可靠性是透過測試獲得的。沒有替代品。所以這就是我們正在做的，我們正在真正地讓他們經歷各種極端情況，大幅降低入口壓力以誘發空化，總之，我們對他們進行了一些非常糟糕的測試。

Ultimately you want to know how the engines are going to perform in a really wide range of scenarios on the ground before you put them in the air and find out in flight. Too many rocket companies have not done this, and it typically doesn't end well. This is the same kind of process we undertook when developing Rutherford, the engine on Electron, and right now we're flying more than 800 of those engines successfully to space. So, we'll be bringing the same level of reliability and rigor to Archimedes.

最終，你肯定想知道引擎在地面上各種不同情況下的性能如何，然後再讓它們升空並在飛行中檢驗其性能。很多火箭公司都沒有這麼做，但結果通常都不太好。這和我們開發電子號火箭發動機「盧瑟福」時採用的過程一樣，目前我們已經成功地將 800 多台這樣的發動機送入太空。因此，我們將把同樣的可靠性和嚴謹性帶到 Archimedes 上。

Beyond the Stage 1 tank, we've had a really positive quarter for Neutron progress, and this gives you a snapshot of just how much progress we've seen and made on the path to first launch. Major structures and subsystems are passing qualification, and for the first time we have hardware and final integration. These are the final steps before we go into integrated testing on the pad with hot fire, stage tests, and then wetress, and then of course launch.

除了第一階段燃料箱之外，Neutron 火箭在本季度取得了非常積極的進展，這可以讓你大致了解我們在首次發射的道路上取得了多大的進展。主要結構和子系統正在通過鑑定，我們首次實現了硬體和最終整合。這是我們在發射台上進行綜合測試（包括熱試車、階段測試、濕式測試，當然還有發射）之前的最後步驟。

Beyond the vehicle itself, we have established all the supporting infrastructure to enable first launch and beyond.

除了飛行器本身，我們還建立了所有必要的配套基礎設施，以實現首次發射及後續發射。

LC-3 has obviously stood up plus production and test facilities are all humming, while the regulatory work is all trucking along as we expect. The things to look out for the next few months, to know that we're marching steadily towards launch, including more hardware making its way to the launch site. We will be conducting, extensive, testing of flight hardware and then obviously that'll lead up to Neutron's first flight.

LC-3 顯然已經站穩腳跟，生產和測試設施也都在高效運轉，監管工作也如我們所料地穩步推進。接下來幾個月需要關注的事情是，我們將穩步邁向發布，包括更多硬體將運抵發布地點。我們將對飛行硬體進行廣泛的測試，然後很顯然，這將為 Neutron 的首次飛行做準備。

So that wraps up the operational highlights, so I'll hand over to Adam for the financial overview and outlook.

以上就是營運方面的重點內容，接下來我將把麥克風交給亞當，讓他為大家帶來財務概況和展望。

Thanks, Peter. Fourth quarter 2025 revenue was a record $180 million coming in at the high end of our prior guidance range and representing an impressive year over year growth of 36%. This strong performance was driven by significant contributions from both of our business segments.

謝謝你，彼得。2025 年第四季營收達到創紀錄的 1.8 億美元，處於我們之前預期範圍的高端，年增 36%，令人矚目。這一強勁的業績得益於我們兩大業務部門的顯著貢獻。

Sequentially, revenue increased by 16%, underscoring the continued momentum across the business. Our space system segment delivered $103.8 million in revenue in the quarter, reflecting a sequential decrease of 9.1%. This decline was primarily stemmed from our satellite platforms business and our solar businesses, both of which continue to perform exceptionally well despite the time-to-time programmatic nonlinearity of revenue recognition under ASC 606 and related subcontractor progress.

營收季增 16%，凸顯了公司業務的持續成長動能。本季度，我們的太空系統部門實現了 1.038 億美元的收入，季減了 9.1%。這一下滑主要源自於我們的衛星平台業務和太陽能業務，儘管 ASC 606 下的收入確認存在不時的專案非線性以及相關的分包商進度，但這兩項業務仍然表現得異常出色。

We're fortunate that the growing diversification across space systems and launch can often provide more predictable top-line growth despite underlying volatility at the individual product line level. This was one of those quarters where strength and launch services more than offset the declines in space systems, generating $75.9 million in revenue, representing an 85% quarter to quarter increase due to the increase from 4 to 7 launches during the period, including one HASTE mission. On a full year basis, 2025 revenue was $602 million an impressive 38% growth year on year.

我們很幸運，儘管單一產品線層面存在潛在波動，但航太系統和發射業務日益多元化，通常能夠帶來更可預測的營收成長。這是其中一個季度，實力和發射服務彌補了太空系統業務的下滑，創造了 7590 萬美元的收入，環比增長 85%，這得益於該季度發射次數從 4 次增加到 7 次，其中包括一次 HASTE 任務。以全年計算，2025 年營收為 6.02 億美元，年增 38%，成績斐然。

Now turning to gross margin. GAAP gross margin for the fourth quarter was 38%, at the center of our prior guidance range of 37% to 39%, and an increase of 100 basis points quarter by quarter. Non-GAAP gross margin for the fourth quarter was 44.3%, which was also in line with our prior guidance range of 43% to 45% and an increase of 240 basis points quarter to quarter.

現在來看毛利率。第四季 GAAP 毛利率為 38%，處於我們之前 37% 至 39% 的預期範圍的中心，環比增長 100 個基點。第四季非GAAP毛利率為44.3%，與我們先前43%至45%的預期範圍一致，且季增了240個基點。

The sequential improvement in gross margins was primarily driven by an increase in Electron fixed cost absorption due to the increased launch cadence within the quarter paired with increased contribution from our higher margin space systems components businesses. On a full year basis, GAAP gross margin was 34.4%, an increase of 780 basis points year over year, while non-GAAP gross margin was 39.7%, an increase of 770 basis points year over year. Relatedly, we ended Q4 with production related headcount of 1244, up 46% from the prior quarter.

毛利率的環比改善主要得益於本季度電子戰飛船固定成本吸收的增加，這歸因於發射頻率的提高，以及我們高利潤率的航太系統組件業務貢獻的增加。以全年計算，GAAP毛利率為34.4%，年增780個基點；以非GAAP毛利率計算，毛利率為39.7%，較去年成長770個基點。此外，第四季末，生產相關人員總數為 1,244 人，比上一季成長 46%。

Now, before moving on to backlog, I want to take a moment and zoom out and provide perspective on the progress we've made towards our long-term financial model since our Nasdaq listing in 2021. Revenue has grown nearly 10x, achieving a compound annual growth rate exceeding 76%. Gross margins have increased each year, more than doubling the contribution from each dollar of revenue. This expansion highlights our strong and disruptive competitive position in the industry as well as our highly valued and differentiated products and services across the business.

現在，在繼續處理積壓工作之前，我想花點時間從宏觀角度回顧一下自 2021 年在納斯達克上市以來，我們在實現長期財務模式方面取得的進展。營收成長近 10 倍，複合年增長率超過 76%。毛利率逐年成長，每1美元收入帶來的毛利率成長超過一倍。此次擴張凸顯了我們在產業中強大的顛覆性競爭地位，以及我們在整個業務範圍內極具價值和差異化的產品和服務。

The combination of this revenue growth and margin expansion has put the company on a solid foundation and path towards achieving meaningful operating leverage and long-term cash flow generation. Lastly, I thought it important to call out our SG&A spending as a percentage of revenue, as I'm encouraged to see this continue to trend downward as we scale the business. We are constantly driving the business to be fiercely efficient, and I believe that we are positioned to drive even more growth and efficiency in 2026 and beyond.

營收成長和利潤率擴張相結合，為公司奠定了堅實的基礎，並使其走上了實現有意義的營運槓桿和長期現金流產生的道路。最後，我認為有必要指出我們的銷售、一般及行政費用佔收入的百分比，因為隨著業務規模的擴大，我很高興地看到這一比例繼續呈下降趨勢。我們不斷推動業務實現極高的效率，我相信我們有能力在 2026 年及以後實現更大的成長和更高的效率。

Now drink to backlog. We ended Q4 2025 with approximately $1.85 billion in total backlog, an impressive 69% growth sequentially, primarily due to our recent SDA Tranche III Tracking their Contract award, which we announced last December. As we've mentioned before, space systems backlog in particular can be lumpy given the timing of these increasingly larger needle moving program opportunities. But once awarded, they can significantly de-risk revenue growth for several years. We continue to cultivate a strong pipeline that includes multi-launch agreements across Electron, HASTE, and neutron, as well as large satellite platform contracts across government and commercial programs.

現在喝酒是為了彌補積壓的工作。截至 2025 年第四季末，我們的積壓訂單總額約為 18.5 億美元，環比增長 69%，這主要歸功於我們最近 SDA 第三批次追蹤其合約授予情況，我們於去年 12 月宣布了這一消息。正如我們之前提到的，鑑於這些規模越來越大、影響深遠的重大項目機會的時間安排，空間系統積壓訂單尤其可能出現波動。但一旦獲得批准，它們可以顯著降低未來幾年的收入成長風險。我們持續培育強大的專案儲備，其中包括 Electron、HASTE 和 Neutron 火箭的多發射協議，以及政府和商業專案的大型衛星平台合約。

Currently launch backlog accounts for approximately 26%, while Space Systems represents approximately 74%. Looking ahead, we expect approximately 37% of our current backlog to convert into revenue within the next 12 months, which includes preliminary Tranche III revenue recognition estimates, which we believe will prove to be conservative, which, in addition to the healthy sales pipeline, are expected to drive incremental top-line contribution beyond the current 12-month backlog conversion.

目前，發射積壓訂單約佔 26%，而航太系統訂單約佔 74%。展望未來，我們預計未來 12 個月內，我們目前積壓訂單中約有 37% 將轉化為收入，其中包括初步的第三批次收入確認估計，我們認為這些估計是保守的。此外，健康的銷售管道預計將推動收入成長，超出目前 12 個月的積壓訂單轉換率。

Turning to operation and operating expenses, GAAP operating expenses for the fourth quarter of 2025 were $119.3 million below our guidance range of $122 million to $128 million. Non-GAAP operating expenses for the fourth quarter were $104.5 million which were also below our guidance range of $107 million to $113 million. The sequential increase 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, investments ramped up in propulsion as we continue to test Archimedes' engines, as well as test an integration of mechanical and composite structures at our facility in Middle River, Maryland. In R&D specifically, GAAP expenses increased $8.1 million quarter over quarter, while non-GAAP expenses rose $7.7 million.

再來看營運和營運費用，2025 年第四季的 GAAP 營運費用比我們先前預測的 1.22 億美元至 1.28 億美元範圍低 1.193 億美元。第四季非GAAP營運費用為1.045億美元，也低於我們先前預測的1.07億美元至1.13億美元範圍。GAAP 和非 GAAP 營運費用的連續成長主要是由於原型和人員相關支出持續成長，以支援我們的 Neutron 開發計畫。具體來說，隨著我們繼續測試阿基米德發動機，以及在我們位於馬裡蘭州米德爾河的工廠測試機械和復合材料結構的集成，推進方面的投資也隨之增加。具體來說，研發方面，GAAP 費用較上季增加 810 萬美元，而非 GAAP 費用較上季增加 770 萬美元。

These increases were driven by the ramp up of Archimedes' production and testing, along with higher expenditures related to composite structures and fluids as just mentioned. Q4 ending R&D headcount was 1012, representing a decrease of 7% from the prior quarter. In SG&A, GAAP expenses decreased $5.1 million quarter over quarter, while non-GAAP expenses declined $1.3 million quarter over quarter. These decreases were primarily due to a reduction in transaction-related legal and other professional services fees related to M&A and capital markets transactions paired with a slight reduction in marketing expenses.

這些成長是由阿基米德的生產和測試規模擴大，以及前面提到的複合材料結構和流體相關支出增加所推動的。第四季末研發人員總數為 1012 人，比上一季減少了 7%。在銷售、一般及行政費用方面，GAAP 費用較上季減少了 510 萬美元，而非 GAAP 費用較上季減少了 130 萬美元。這些下降主要是由於與併購和資本市場交易相關的交易法律和其他專業服務費用的減少，以及行銷費用的略微減少。

Q4 ending SG&A headcount was 389, representing an increase of 4 from the prior quarter. In summary, total headcount at the end of the fourth quarter was 2645, up 43 heads from the prior quarter. Turning to cash, purchase of property, equipment, and capitalized software licenses were $49.7 million in the fourth quarter of 2025, an increase of $3.8 million from the $45.9 million in the third quarter. This increase reflects ongoing investments in Neutron development as we continue testing and integrating across the pad at LC-3 in Wallace, Virginia and Middle River, Maryland, expanding capabilities at our engine development complex in Long Beach, California, and build-up of the Return on Investment recovery barge in Louisiana. As we progress towards neutron's first flight, we expect capital expenditures to remain elevated as we invest in testing, production scaling, and infrastructure expansion.

第四季末的銷售、管理及行政人員總數為 389 人，比上一季增加了 4 人。總而言之，第四季末員工總數為 2,645 人，比上一季增加了 43 人。2025 年第四季度，現金支出為 4,970 萬美元，用於購買房產、設備和資本化軟體許可，比第三季度的 4,590 萬美元增加了 380 萬美元。這一增長反映了我們對中子火箭研發的持續投資，我們繼續在弗吉尼亞州華萊士的LC-3發射台和馬裡蘭州米德爾河的發射台上進行測試和集成，擴大我們在加利福尼亞州華萊士的發動機研發中心的能力，並在路易斯安那州建造投資回報回收駁船。隨著我們朝著中子首次飛行邁進，我們預計資本支出將保持在高位，因為我們將投資於測試、生產規模化和基礎設施擴建。

GAAP EPS for the fourth quarter was a loss of $0.09 per share compared to a loss of $0.03 per share in the third quarter. The sequential increase to GAAP EPS loss is mostly attributable to the $41 million tax benefit we recorded during the third quarter, which was due to the partial release of the valuation allowance against our corporate deferred tax assets as a result of requiring an equal amount of deferred tax liabilities emanating from the GEOST acquisition purchase price accounting.

第四季GAAP每股虧損0.09美元，第三季每股虧損0.03美元。GAAP EPS 虧損環比增加主要歸因於我們在第三季度確認的 4,100 萬美元稅收優惠，這是由於我們需要提列等額的遞延所得稅負債（源於 GEOST 收購購買價格會計處理），從而部分釋放了我們公司遞延所得稅資產的估值準備金。

GAAP operating cash flow was a use of $64.5 million in the fourth quarter of 2025 compared to $23.5 million in the third quarter. The sequential increased use of $41 million was almost entirely due to the timing of employee equity program related tax payments. Similar to the capital expenditure dynamics mentioned earlier, cash consumption will remain elevated due to Neutron development, longer lead procurement for SDA, investments in subsequent Neutron tail production, and infrastructure expansion to scale the business beyond the initial test flight. Overall, non-GAAP free cash flow defined as GAAP operating cash flow, less purchases of property, equipment, and capitalized software in the fourth quarter of 2025 was a use of $114.2 million compared to a use of $69.4 million in the third quarter.

2025 年第四季 GAAP 經營現金流為 6,450 萬美元，而第三季為 2,350 萬美元。4100萬美元的連續增加使用幾乎完全是由於員工股權計劃相關稅款的繳納時間所致。與前面提到的資本支出動態類似，由於中子火箭的開發、SDA 更長的採購週期、後續中子火箭尾部生產的投資以及為擴大業務規模而進行的基礎設施擴建，現金消耗將保持高位，這超越了最初的試飛。整體而言，2025 年第四季非 GAAP 自由現金流（定義為 GAAP 營運現金流量減去購買物業、設備和資本化軟體）的支出為 1.142 億美元，而第三季的支出為 6,940 萬美元。

The ending balance of cash equivalents, restricted cash, and marketable securities was approximately $1.1 billion at the end of the fourth quarter. The sequential increase in liquidity was driven by proceeds from sales of our common stock under our at the market equity offering program, which generated $280.6 million during the quarter. These funds are primarily intended to support acquisitions such as the announced pending MYNARIC acquisition, the recently consummated acquisitions of Optical Support Inc. and Precision Components Limited, as well as other targets in our robust M&A pipeline, along with general corporate expenditures and working capital.

第四季末，現金等價物、受限現金和有價證券的期末餘額約為11億美元。流動性的環比增長主要得益於我們根據市場股權發行計劃出售普通股所得款項，該計劃在本季度產生了 2.806 億美元的收入。這些資金主要用於支持收購，例如已宣布的待定收購 MYNARIC、最近完成的收購 Optical Support Inc. 和 Precision Components Limited，以及我們強大的併購計劃中的其他目標，以及一般公司支出和營運資金。

We exited Q4 in a strong position to execute on both organic and inorganic growth initiatives and to further vertically integrate our supply chain, expand strategic capabilities, and grow our addressable market consistent with what we've done successfully in the past.

在第四季末，我們處於有利地位，可以執行有機成長和非有機成長計劃，進一步垂直整合供應鏈，擴大戰略能力，並按照我們過去成功的做法，擴大目標市場。

Adjusted EBITDA loss for the fourth quarter of 2025 was $17.4 million which was below our guidance range of $23 million to $29 million loss. The sequential decrease of $8.9 million in adjusted EBITDA loss was driven by significant revenue and gross margin improvement partially offset by increased operating expenses related to Neutron development. With that, let's turn out, let's turn to our guidance for the first quarter of 2026. We expect revenue in the first quarter to range between $185 million and $200 million representing 7% quarter on quarter revenue growth at the midpoint and growth of 57% from the year ago quarter.

2025 年第四季調整後 EBITDA 虧損為 1,740 萬美元，低於我們先前預測的 2,300 萬美元至 2,900 萬美元虧損範圍。經調整的 EBITDA 虧損環比減少 890 萬美元，主要得益於收入和毛利率的大幅提高，但部分被與 Neutron 開發相關的營運費用增加所抵消。那麼，接下來讓我們來看看我們對 2026 年第一季的業績展望。我們預計第一季營收將在 1.85 億美元至 2 億美元之間，以中間值計算，季增 7%，年增 57%。

We anticipate slight slap down in both GAAP and non-GAAP gross margins in the first quarter, with GAAP gross margin to range between 34% to 36% and non-GAAP gross margin to range between 39% to 41%, with a modest sequential decline driven by a greater mix of space systems versus higher margin launch and a weaker margin mix within our space system segment. We expect first quarter GAAP operating expenses to range between $120 million and $126 million and non-GAAP operating expenses to range between $106 million and $112 million.

我們預期第一季GAAP和非GAAP毛利率均會略有下降，GAAP毛利率預計在34%至36%之間，非GAAP毛利率預計在39%至41%之間，環比小幅下降的原因是太空系統業務佔高於利潤率更高的發射業務，以及太空系統業務內部利潤率構成較弱。我們預計第一季 GAAP 營運費用將在 1.2 億美元至 1.26 億美元之間，非 GAAP 營運費用將在 1.06 億美元至 1.12 億美元之間。

The quarter over quarter increases are primarily driven by ongoing neutron development spending related to Flight 1, including staff costs, prototyping, and materials. However, we expect to see a shift in spending from R&D and into flight to inventory throughout 2026, which is an encouraging sign of progress as we move closer toward neutrons' first flight. And adjusted EBITDA to positivity as a result.

季度環比成長主要由與 1 號飛行相關的持續中子開發支出推動，包括人員成本、原型製作和材料成本。然而，我們預計到 2026 年，支出將從研發轉向飛行和庫存，這是一個令人鼓舞的進展跡象，表明我們正朝著中子首次飛行邁進。因此，調整後的 EBITDA 轉為正值。

I'm optimistic that with the impressive strides we've made towards this milestone and currently expect Q1 to mark peak neutron R&D spending. We expect first quarter GAAP and non-GAAP net interest income to be $8 million which is a function of higher cash balances, as well as the conversion of approximately $117 million of convertible notes since December 31.

我對我們在實現這一里程碑方面取得的顯著進展感到樂觀，目前預計第一季將達到中子研發支出的峰值。我們預計第一季 GAAP 和非 GAAP 淨利息收入為 800 萬美元，這主要得益於現金餘額增加，以及自 12 月 31 日以來約 1.17 億美元的可轉換票據轉換。

We expect first quarter adjusted EBITDA loss to range between $21.27 million dollars, and basic weighted average common shares outstanding to be approximately 605 million shares, which includes convertible preferred shares of approximately $46 million and reflects the conversion of approximately 23 million shares from our outstanding convertible notes thus far in Q1. There remain only 7.5 million shares or 11% of the original $355 million issuance outstanding, and when taken into the additional context of the retirement of the Trinity equipment line in Q4, we have substantially eliminated in debt we have eliminated indebtedness from the business.

我們預計第一季調整後 EBITDA 虧損將在 2,127 萬美元至 6.05 億股之間，基本加權平均流通普通股約為 6.05 億股，其中包括約 4,600 萬美元的可轉換優先股，並反映了第一季度迄今為止我們已發行可轉換票據的約 2,300 萬美元的轉換。目前僅剩 750 萬股，佔最初發行的 3.55 億美元股份的 11%。考慮到第四季度 Trinity 設備生產線的退役，我們已經大幅減少了公司的債務。

Lastly, consistent with prior quarters, we expect negative non-GAAP free cash flow in the first quarter to remain at elevated levels driven by ongoing investments in Neutron development and scaling production. This excludes any potential offsetting effects from financing activities.

最後，與前幾季一致，我們預期第一季非GAAP自由現金流為負值，這是由於對Neutron開發和擴大生產規模的持續投資所致。這不包括融資活動可能產生的任何抵銷效應。

Last but not least, here's some of the upcoming investor events that we'll be attending in the next few months, and with that, we'll hand the call over to the operator for questions.

最後，我們來看看未來幾個月我們將參加的一些投資者活動，接下來我們將把電話交給接線員回答問題。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作說明）安德烈斯·謝潑德，康托·菲茨杰拉德。

Hey, everyone, good afternoon. Thanks so much for taking our questions and congrats on all the great progress and thanks for the update on Neutrons. Adam, maybe I want to start with the backlog. I'm wondering if you can maybe, help us, build, drill a bit deeper in it and maybe remind us what is included in here. Does this include the 40% of revenue from SDA Tranche II, 10% of maybe the Tranche III, and what are you including from Neutron and Electron here? Thank you.

大家好，下午好。非常感謝您解答我們的問題，祝賀您取得的巨大進展，也感謝您提供的關於中子的最新資訊。亞當，或許我應該先處理積壓的工作。我想知道您是否可以幫我們進一步完善、深入挖掘，並提醒我們這裡面都包含了哪些內容。這是否包括 SDA Tranche II 的 40% 收入，Tranche III 的 10% 收入，以及 Neutron 和 Electron 的哪些收入包含在內？謝謝。

Hello. I'm sorry, the mic went off. I don't know how much you caught that. So, all of the SDA contracts were added to backlog. So, what remains for SDA Tranche II transport layer is still in the backlog. Obviously, what's been recognized as revenue is no longer there, through the end of Q4, we hadn't recognized any of the Tranche III contract awards, so all of that value is currently in backlog, and that will start to convert into revenue and come out of backlog obviously in that process. As far as neutron's concerned, I think we've spoken before that, we have several flights that are representative, in our launch backlog that's reflected in our filings. So hopefully that answers your question on backlog composition.

你好。抱歉，麥克風關掉了。我不知道你理解了多少。因此，所有 SDA 合約都被添加到了積壓訂單中。所以，SDA Tranche II 傳輸層剩下的工作仍然處於待辦狀態。顯然，已經確認的收入已經不存在了。截至第四季末，我們還沒有確認任何第三批次的合約授予，所以所有這些價值目前都處於積壓狀態，而在這個過程中，這些價值將開始轉化為收入並從積壓狀態中釋放出來。至於中子火箭，我想我們之前已經討論過了，我們有幾次代表性的發射任務，這反映在我們的文件中。希望這能解答你關於待辦事項清單組成的問題。

Yeah, that's helpful. Thank you. And maybe just as a follow-up, so on Neutron with the shift to Q4 now with the first launch, how should we think about cadence? Will you still target maybe three launches within the first12 months after the first one? How confident are we in the development of the second tank and wondering if maybe we should expect any step up in CapEx now with the second tank in production. Thank you.

是的，這很有幫助。謝謝。或許可以作為後續問題，關於 Neutron，由於首次發射時間已推遲到第四季度，我們應該如何考慮發射節奏？在第一次產品發布後的12個月內，您是否仍計劃推出三次產品？我們對第二個儲罐的開發有多大信心？隨著第二個儲槽的投產，我們是否應該預期資本支出會增加？謝謝。

Adam, I can answer a couple of those and maybe you and some of them as well. Andres, so, with respect to, the tank, I think, it's well understood, what needs to be done there, and, we had built, a lot of the second stage tank on the AFP machine, so. That really, that really solves that problem. And, yeah, the way to think about just sort of follow-on flights is, it's not, it's not quite, as dire as like moving all of the follow-on flights 12 months, or to the first flight, because as you've seen in the presentation, we're already building flat out, additional Neutron tail numbers. So, it'll probably be a slightly faster convergence, into subsequent flights, because none of the other hardware that's qualified as being halted, obviously, it's just that tank and the AFP machine enable us to build a tank just way more rapidly than with a handlaid process. So, I think we'll be in better shape there.

亞當，我可以回答其中幾個問題，也許你也能回答其中一些。安德烈斯，關於坦克，我認為，大家都很清楚需要做什麼，而且，我們已經在 AFP 機器上建造了許多第二級坦克。這樣就真的解決了這個問題。是的，關於後續航班的思考方式是，情況並沒有那麼糟糕，例如把所有後續航班都推遲 12 個月，或者推遲到第一架飛機，因為正如你在演示中看到的那樣，我們已經在全力建造更多的 Neutron 尾號飛機了。所以，後續飛行可能會更快地趨於一致，因為其他被認定為停止的硬體顯然都沒有停止，只有那輛坦克和 AFP 機器使我們能夠比手工鋪設工藝更快地製造坦克。所以，我覺得我們在那裡的情況會更好。

Yeah, and Andres, I guess with regards to your question, as far as CapEx and so forth related to the second tank that's replacing the first one that ruptured, I mean, the benefit now of, as Pete said, of being on the AFP is not only can we produce it faster, but the actual cost to produce that second tank is quite low. The first tank was very expensive because, as Pete mentioned earlier, it was a hand laid up tank. It took a long time. This will be much quicker. And also, since we've now commissioned the AFP, we're really just talking about variable costs related to the tank materials more than anything else because the existing labor is already kind of in the model, so there won't be any increased CapEx and you know the impact to R&D as a result of the tank failure is actually not. That tank itself is actually not that significant.

是的，安德烈斯，關於你的問題，關於第二個儲罐（用來替換第一個破裂的儲罐）的資本支出等等，我的意思是，正如皮特所說，加入AFP的好處不僅在於我們可以更快地生產它，而且生產第二個儲罐的實際成本也相當低。第一個油罐非常昂貴，因為正如皮特之前提到的，它是手工鋪設的。這花了很長時間。這樣會快得多。而且，既然我們已經委託了 AFP，我們現在討論的更多的是與儲罐材料相關的可變成本，而不是其他任何成本，因為現有的勞動力成本已經包含在模型中了，所以不會增加資本支出，而且你也知道，儲罐故障對研發的影響實際上並沒有。那個坦克本身其實並沒有那麼重要。

Got it. That's super helpful. Thanks so much for all the detail and congrats again on the quarter. I'll pass it on.

知道了。這太有幫助了。非常感謝您提供的所有細節，再次恭喜您本季取得佳績。我會轉達的。

(Operator Instructions) Edison Yu, Deutsche Bank.

（操作員指示）餘愛迪生，德意志銀行。

Thank you. And great quarter as always. I want to ask a question on space data centers. And I think you had alluded to, a lot of interest. I think it's obviously become a hot topic in the industry. Can you give us a sense on how the, how these kind of early discussions are going with potential customers interested in doing this? And is it realistic to see some type of Rocket Lab content in a space data center, let's say within the next two or three years?

謝謝。和往常一樣，本季表現出色。我想問一個關於太空資料中心的問題。我想你之前也暗示過，大家對此很感興趣。我認為這顯然已經成為業內的熱門話題。您能否簡要介紹一下與對此感興趣的潛在客戶進行的早期討論進展如何？那麼，在未來兩三年內，在太空資料中心看到某種火箭實驗室的內容是否現實？

Hey, Edison, thanks for the question. So, I think, look, we're early with data centers. If you look at some of the models, there's a number of things that sort of have to come into focus before they become, the logical choice versus, terrestrial. But we never want to miss an opportunity and, we've been developing, the silicon arris and power solutions for a while now, focusing on mega constellations, and these high volume, power applications, but, if you stand back objectively and you think about what are all the challenges with putting, data centers in orbit, this, it boils down to really three things. One is, cost and cadence of launch, to be able to make the model close, and then two is heat rejection, through various means, and three is just sheer power. Like these are gigawatts of electricity, Electrical power. So, solar arrays of multi-kilometers in scale are what's needed. So, we wanted to make sure that, whether they leave this earth or not, there'll be Rocket Lab logos all over that stuff. So, as far as I'm aware, there's there's nobody else has a silicon solution quite like we've developed.

嘿，愛迪生，謝謝你的提問。所以，我認為，我們發展資料中心還處於早期階段。如果你觀察一些模型，你會發現有很多事情需要理清思路，才能使它們成為合乎邏輯的選擇，而不是現實的選擇。但我們絕不想錯過任何機會，我們已經開發矽陣列和電源解決方案一段時間了，專注於巨型星座和這些大批量、高功率應用，但是，如果你客觀地站出來，想想將數據中心送入軌道所面臨的所有挑戰，歸根結底，其實只有三件事。第一，是成本和發布節奏，以便能夠使模型接近目標；第二，是透過各種方式散熱；第三，就是純粹的動力。比如，這些都是千兆瓦的電力，電能。因此，我們需要的是規模達數公里的太陽能陣列。所以，我們希望確保，無論他們是否離開這個世界，這些東西上都會印有 Rocket Lab 的標誌。所以，據我所知，目前還沒有其他人擁有像我們開發的這種矽基解決方案。

Understood. And to your point on heat rejection, I guess the radiator, is that a capability you have in-house that you need to develop over time, or is that something, in organic? Just curious on what needs to be kind of technically done there.

明白了。關於你們提到的散熱問題，我猜散熱器，這是你們公司內部具備的能力，需要隨著時間的推移而發展，還是說這是有機產品？我只是好奇這方面在技術上需要做些什麼。

Yeah, I mean, look, all of our spacecraft have radiators. I mean, you generate heat, you have to reject it. So, there's various kinds of ways of doing that, piping heat around the spacecraft to radiate it. So, I don't see that as a huge, technical challenge. It's just, on the scale, the scale that's required is, hasn't been achieved before. So that's, that, that's the challenge there. But to be clear, I mean, I don't, I don't foresee us building massive AI data centers anytime soon, but those who are at least experimenting with it and looking to go down that path, I think we have a lot of compelling solutions.

是啊，你看，我們所有的太空船都有散熱器。我的意思是，你會產生熱量，你必須把它散發出去。所以，有很多種方法可以做到這一點，例如透過管道將熱量輸送到太空船周圍進行輻射。所以，我不認為這是一個巨大的技術難題。只是，就規模而言，所需的規模以前從未達到過。所以，這就是，這就是挑戰所在。但需要澄清的是，我的意思是，我並沒有預見我們會在近期內建造大規模的人工智慧資料中心，但對於那些至少正在嘗試並希望走這條路的人來說，我認為我們有很多引人注目的解決方案。

Got you. If I could just sneak one quick one in in terms of just the the discussions, can you give us a sense of like the flavor of customers are these kind of new customers, non traditional customers kind of exploring this this idea with you?

抓到你了。就討論而言，如果我可以快速插一句，您能否為我們介紹一下這類新客戶、非傳統客戶與您探討這個想法的感受？

Yeah, I mean, we have to be a little bit careful here, but I would say that there is theirs, certainly more non-traditional looking at this kind of solution than traditional players.

是的，我的意思是，我們在這裡必須謹慎一些，但我認為，與傳統玩家相比，他們看待這類解決方案的方式肯定更加非傳統。

Great thank you so much.

太好了，非常感謝。

(Operator Instructions) Ronald Epstein, Bank of America.

（操作說明）羅納德‧愛潑斯坦，美國銀行。

Hey, this is Alex Preston on for Ron. Can you guys hear me all right?

大家好，我是 Alex Preston，代 Ron 為您報道。你們能聽清楚我說話嗎？

Yeah, we can hear.

是的，我們能聽到。

Perfect. So, I know you talked a little bit about progress on the MYNARIC acquisition, but I was a little more interested maybe broadly in the environment in Europe and more generally, right? It seems like there's a growing appetite for call it indigenous launch and national security space capabilities, and I'm interested if you sort of see this trend yourselves or how you see this developing. I know, Pete mentioned. No other small launch provider has really succeeded in the last year, but it's still, I think, a focus for a lot of people.

完美的。我知道您談到了 MYNARIC 收購的進展情況，但我更感興趣的是歐洲乃至更廣泛意義上的環境，對吧？似乎人們對自主發射和國家安全太空能力的需求越來越大，我很想知道你們是否也看到了這種趨勢，或者你們認為這種趨勢會如何發展。我知道，皮特有提到。在過去一年裡，其他小型發行商都沒有真正取得成功，但我認為這仍然是許多人關注的焦點。

Yeah, Alex, it's a great question. Look, one of the reasons why, we like MYNARIC and, why we think it's important, Europe and Europe more in general is exactly that point is that, there's a lot of space nations there that have very little capability with giant aspirations and really short time frames, and, I think it's always everybody's desire to build, domestic capabilities. But the reality is, if you want to stand up these kind of capabilities really quickly, you don't have the decades that it takes to build often these sovereign capabilities. They're very specialist, often equipment and facilities and also intellectual property and knowledge.

是的，Alex，這是一個很好的問題。你看，我們喜歡 MYNARIC 的原因之一，以及我們認為它對歐洲乃至整個歐洲都很重要的原因，正是因為那裡有很多航天國家能力很弱，卻有著巨大的抱負和非常短的時間框架，而且我認為，建立國內能力始終是每個人的願望。但現實是，如果你想迅速建立這類能力，你沒有幾十年的時間來建構這些自主能力。它們非常專業，通常擁有設備和設施，以及智慧財產權和知識。

So we see Europe as a, a great opportunity for us in a real, expansion beachhead where, we can provide solutions at the component level, we can provide solutions at the complete system, with respect to a satellite. We can provide launch, and you've seen. Even European space agencies, procure launch from us now, and, once we have, a footprint in Europe, proper, being being eligible for, participating in European programs becomes possible. So, no, I think, it is, it's a great opportunity. There's, literally billions and billions of dollars of, well-funded government programs, underway right now and. The timelines associated with those, are conducive, or I would say not conducive necessarily always to, creating sovereign capability.

因此，我們認為歐洲對我們來說是一個絕佳的機會，一個真正的擴張灘頭陣地，我們可以在組件層級提供解決方案，也可以在衛星相關的整個系統層級提供解決方案。我們可以提供發射服務，你已經看到了。甚至歐洲航太機構現在都從我們這裡採購發射服務，一旦我們在歐洲真正站穩腳跟，就有資格參與歐洲的航太計畫。所以，不，我認為，這是一個絕佳的機會。目前，政府正在實施數以億計、資金充足的計畫。與這些相關的時間線，有的有利於，有的則不一定有利於，創造主權能力。

Got it and then I guess it would sound like the attitude is still broadly constructive from what you said versus maybe Europe starting to get a little more distant from US based providers.

明白了，那麼從你剛才說的來看，似乎總體上態度仍然是建設性的，而歐洲可能開始與美國供應商漸行漸遠。

No, I think it's very constructive. I think, naturally that Europe is looking to create sovereign capability, but, I think that also, the conversations we've had, they're very pragmatic and realistic that, the capability they're looking to create takes a long time. So, working with, for example, a Rocket Lab Europe, is a great way to move forward.

不，我認為這非常有建設性。我認為，歐洲自然希望建立自主能力，但是，我認為，我們進行的對話也非常務實和現實，他們希望建立的能力需要很長時間。因此，例如與 Rocket Lab Europe 合作，是向前邁進的好方法。

And just real quick, would you characterize that the same on launch as you would on space systems, where I think there's a bit more existing indigenous capability in Europe already.

最後快速問一下，您認為發射時的性質與航太系統相同嗎？我認為歐洲在航太系統方面已經具備更強的本土能力。

Yeah, they're certainly giving it a good college try, but not having tremendous success, I would say, but that is just how difficult launch is, but, I think launches is just so strategically important. You can build all the satellites you want, but if you can't put them in orbit, it's kind of pointless. So, this is the reason why, you have, the European Union and ESA's, launch vehicles, that, on the face of it, aren't. That commercially competitive, but they'll never go away because, the nations need access to orbit. So, I would, I would expect to see that persist for some time, and continue investments made in, into launch, for the, for Europe, but in saying that everyone's pragmatic and if you need to get stuff to orbit then. Pick up the phone.

是的，他們確實在盡力嘗試，但並沒有取得巨大的成功，我想說，這就是產品發布有多難，但是，我認為產品發佈在策略上非常重要。你可以建造任意數量的衛星，但如果你無法將它們送入軌道，那一切都毫無意義。所以，這就是為什麼歐盟和歐洲太空總署的運載火箭，表面上看起來卻不是如此。雖然它們在商業上具有競爭力，但它們永遠不會消失，因為各國都需要進入軌道。所以，我預期這種情況會持續一段時間，歐洲也會繼續投資發射，但話說回來，每個人都很務實，如果你需要把東西送入軌道，那就另當別論了。拿起電話。

Got it, thank you very much for the color.

明白了，非常感謝您提供的顏色資訊。

(Operator Instructions) Erik Rasmussen, Stifel.

（操作說明）Erik Rasmussen，Stifel。

Yeah, thank you for. taking the questions. Maybe just back on Neutron, I appreciate the sort of the update on cadence, and it sounds like, with the push out, naturally, you continue to sort of build out, some of those, more capabilities and just Neutron infrastructure around neutron. But post sort of test flight and we I think that's sort of Q4 and if it's late Q4, I don't know the timing, but what do you think then that first revenue flight, when do you think the timing around that could be, also when considering that probably needs to have a higher level of reliability, and then with that, are you still, targeting this as a recovery mission?

是的，謝謝你回答這些問題。或許回到 Neutron 上來，我很欣賞關於節奏的更新，聽起來，隨著​​推廣的進行，你們自然而然地繼續建立一些功能，以及圍繞 Neutron 的更多基礎設施。但經過試飛之後，我認為大概會在第四季度，如果是第四季末，我不知道具體時間，那麼你認為首次商業飛行大概會在什麼時候進行？考慮到它可能需要更高的可靠性，那麼你們是否仍然將其作為恢復任務？

Yeah, hi, Erik, thanks for the question. So, the timing of flight two will always depend on the results of flight one. If flight one goes swimmingly, then, the time to get the second vehicle on the pad, we'll endeavor to make as short as possible. If there's things to fix, there's this this kind of things to fix. But normally, the timing remains consistent to what we've. What we've kind of talked about and, the vehicle will be outfitted with, all of its kind of requirements for, flight one even for a downrange landing, we'll attempt to do the re-entry and landing burn and splash it down. Once again, if all that goes well, then the next one we would intend to slip a barge under. If we pole drive, it into the ocean, then, we'll probably, go to a flight to, and get that that soft landing right before we go and put infrastructure under that could be costly to dam, if we, if we're damaged.

嗨，艾瑞克，謝謝你的提問。因此，第二次飛行的時間總是取決於第一次飛行的結果。如果第一次飛行非常順利，那麼，我們將盡可能縮短將第二架飛行器送上發射台的時間。如果有什麼需要改進的地方，那就是這類需要改進的地方。但通常情況下，時間安排與我們以往的安排保持一致。我們已經討論過，這輛飛行器將配備所有必要的設備，即使是遠距離著陸，我們也會嘗試進行再入和著陸燃燒，讓它濺落。如果一切順利，那麼接下來我們打算讓駁船從下面穿過。如果我們用桿子驅動它進入海洋，那麼我們可能需要乘坐飛機，在它被損壞之前進行軟著陸，然後才能在下面建造基礎設施，而建造大壩可能會非常昂貴。

Great. And maybe just on Electron, you had a nice launch campaign in 2025, 21 successful launches. What is the manifest, and internal planning suggest for this year? And then maybe just a mix between, your standard electron missions and has.

偉大的。或許光是在 Electron 平台上，你們在 2025 年就開展了一次不錯的推廣活動，成功發布了 21 個版本。今年的計畫和內部規劃是什麼？然後或許就是標準電子任務和…的混合。

Yeah, I mean, I'm not sure how much we've disclosed about that, but I mean, certainly this year we're looking for, more launch than last year, as you saw, the bookings and manifesto bulging, and, we're banging electrons out every sort of 11 or 13 days now, so, that's going, extremely well, but, I'll pass over to Adam if he wants to comment on the, launch schedule for the year.

是的，我的意思是，我不確定我們透露了多少相關信息，但我的意思是，今年我們肯定希望比去年有更多產品發布，正如你所看到的，預訂量和產品目錄都爆滿了，而且我們現在大約每11到13天就會發布一款產品，所以進展非常順利。但是，如果亞當想對今年的產品發布計劃發表評論，我會把發言權交給他。

Yeah, Erik, so I think consistent with prior discussions that, we see good growth opportunities in Electron, and when I say electron, I mean Electron in HASTE. So I think you'd expect, increase in both standard Electron launches plus growth in the hay side of the business, we've nominally pointed people towards kind of 20% growth, I think is a pretty, kind of, I would say I would say reasonable estimate for where we see this business growing over the near and intermediate to maybe long-term. So, I would say, we, we've certainly given the production team direction to produce, significantly more rockets in 2026 than in 2025. And as Peter mentioned on the call earlier, we booked over 30 Electron launches in 2025, and we always get turns orders. So, look, I think if your kind of nominally assume a 20% growth in kind of the launch business, excluding neutron, of course, I think that's probably a pretty good place to be.

是的，Erik，所以我認為與之前的討論一致，我們看到了 Electron 的良好成長機會，我說的 Electron 指的是 HASTE 中的 Electron。所以我認為，除了標準 Electron 的發布量增加外，業務的其他方面也會有所成長。我們之前預計成長幅度約為 20%，我認為這對於我們預期該業務在近期、中期乃至長期內的成長是一個相當合理的估計。所以，我想說，我們已經明確指示生產團隊在 2026 年生產比 2025 年多得多的火箭。正如 Peter 在之前的電話會議中提到的那樣，我們在 2025 年預定了 30 多架 Electron 飛機的發射，而且我們總是能接到訂單。所以，你看，我認為，如果你大致假設發射業務成長 20%（當然不包括中子），我認為這應該是一個相當不錯的水平。

It's helpful, thanks.

很有幫助，謝謝。

(Operator Instructions) Trevor Walsh, Citizens.

（操作說明）特雷弗·沃爾什，市民。

Great. Hey team, thanks for taking the questions. Peter, maybe first for you, some of your prepared remarks around the OSI acquisition made it sound like that was even further enabling you, with the customer as far as just attractiveness, for your services, your capabilities, even though it sounded like from the announcement that OSI was actually already in the chain of suppliers with Geost. So is the customer. Focused really then can we assume on just the vertical integration aspect or is there also just capabilities, functionality features of that acquisition from a systems perspective that are also attractive just trying to gauge kind of how you think customers are really looking at this if that makes sense.

偉大的。各位同事，感謝你們回答問題。Peter，或許對你來說，這是頭一遭。你事先準備好的關於 OSI 收購的一些發言，聽起來好像這進一步增強了你對客戶的吸引力，提升了你的服務和能力，儘管公告聽起來像是 OSI 實際上已經是 Geost 的供應商之一。顧客也是如此。那麼，我們能否只關注垂直整合方面，還是說從系統角度來看，此次收購的能力和功能特性也很有吸引力？我只是想了解一下您認為客戶是如何看待這件事的，如果我的意思表達清楚的話。

Yeah, no, that's a great question, Trevor, and to be fair, the customers probably don't care that much other than the fact what they really care about is, does this sensor arrive on time at a cost and a performance capability that they've never seen before. And that's what we're delivering. And in order for us to be able to guarantee we deliver that, the most critical element of many of these optical systems are in fact the optics. So, in bringing and owning that optics in-house, really drives, certainty for us around cost and schedule and innovation, and it's, yeah, they were a supplier to, Geost, that's for sure. And when we acquired the Geost, business, the first thing we sat down with the leadership team there and said, right, we are the, we are the critical supply chain elements that might trip us up and being able to deliver, really disruptive, and affordable, parts or programs for our customers, and this was the number one thing. I think this makes us very unique amongst the other suppliers of payloads who are outsourcing optics. And it is the most expensive, the most longest lead item in any of these exquisite optical payloads, so, it was important to own it.

是的，沒錯，特雷弗，這是一個很好的問題。公平地說，客戶可能並不太關心其他方面，他們真正關心的是，這款感測器能否按時交付，並且價格和性能是他們以前從未見過的。這就是我們正在努力實現的。為了確保我們能夠實現這一點，許多此類光學系統中最關鍵的元素實際上是光學元件。所以，將這些光學元件引入公司內部並擁有它們，確實為我們帶來了成本、進度和創新方面的確定性，而且，是的，他們曾經是 Geost 的供應商，這是肯定的。當我們收購 Geost 業務時，我們做的第一件事就是和那裡的領導團隊坐下來談，我們說，我們是可能讓我們陷入困境的關鍵供應鏈要素，能夠為我們的客戶提供真正具有顛覆性和價格合理的零部件或項目，這是頭等大事。我認為這使我們與其他外包光學元件的有效載荷供應商非常獨特。它是所有這些精密光學有效載荷中最昂貴、導線最長的部件，因此擁有它非常重要。

Terrific. Thank, thanks for your super helpful. Adam, maybe just a quick follow-up for you, for your prepare to mark commentary around the backlog and how Tranche III is going to, sounds like it's maybe conservative in terms of the, what's going to be recognized in that first 12 months period. Can you just maybe walk us through a little bit of the puts and takes of how, what's, I guess, influencing that Tranche III rev rec? Is it just customer timing of when they want deliverables? What, what's the, just give us maybe a one level deeper. That'd be terrific.

了不起。非常感謝你的幫忙！Adam，或許我想快速跟進一下，關於你準備對積壓案件進行標記的評論，以及第三批次將如何進行，聽起來它在最初 12 個月內將要認可的內容方面可能比較保守。您能否為我們簡單介紹一下，是什麼因素影響了第三階段的錄音效果？只是客戶要求交付的時間安排嗎？什麼？什麼？就給我們再深入一層吧。那太好了。

Yeah, so I think we've articulated previously that typically when you win one of these programs you can recognize revenue kind of like you know 10% in the first 12 months after award, then 40% in the second 12 months, 40% in the third 12 months, in the last 12 months, it's about another 10%, so you got a pretty kind of normal bell curve.

是的，我想我們之前已經闡明過，通常情況下，當你贏得這些項目後，你可以確認收入，比如在中標後的前 12 個月確認 10%，然後在第二個 12 個月確認 40%，第三個 12 個月確認 40%，在最後一個 12 個月確認 10% 左右的曲線會得到一個相當正常的曲線。

What I would say is that, with the What we, what really gates our ability to kind of move faster is really our subcon deliveries, right? So what really either kind of helps us accelerate and get through these gates and milestones and rev rec quicker is our subcon's ability to deliver on time. And so I think that you know that's all goes back to what Pete was talking about earlier and the importance of vertical integration. So to the extent that we can just own more of the platform, we have greater control, and that allows us to have more predictability to, how we kind of, time revenue recognition and so forth.

我想說的是，真正限制我們加快步伐的，其實是我們的分包商交付，對吧？因此，真正能夠幫助我們加速並更快地通過這些關卡和里程碑，並更快地收到收入的，是我們的分包商按時交付的能力。所以我覺得，這一切都回到了皮特之前談到的垂直整合的重要性。因此，如果我們能夠擁有更多平台的所有權，我們就能擁有更大的控制權，這使我們能夠更好地預測收入確認的時間等等。

So I would say that, a big job for us in 2026 is to, across our engineering and production teams is to really make sure we stay on top of what parts are still coming from third parties, make sure that we, they stay on their deliverables so we can kind of, again get the program accelerated as much as possible and get more of that revenue recognized. So again, we go into it pretty conservative, I think what we've, what's, if you look at the pure conversion, that 37%, I think that was mentioned earlier, of backlog converting, I mean, obviously a portion of that is launched, but the portion that's related to space systems. Some of that is coming from the components and subsystems completely unrelated to SDA Tranche II and Tranche III, but what is in there for Tranche III is again assuming some pretty conservative delivery dates from our subcons that hopefully we can work with them to do better.

所以我認為，2026 年我們的一項重要任務是，我們的工程和生產團隊要確保我們掌握第三方仍在提供的零件情況，確保他們按時交付，這樣我們才能盡可能地加快專案進度，並獲得更多收入。所以，我們又採取了相當保守的做法。我認為，如果我們只看純粹的轉換率，也就是 37%（我想之前已經提到過），積壓訂單的轉換率，我的意思是，顯然其中一部分已經發射，但那一部分是與太空系統相關的。其中一些來自與 SDA Tranche II 和 Tranche III 完全無關的組件和子系統，但 Tranche III 的內容再次假設我們的分包商交付日期相當保守，希望我們能與他們合作做得更好。

Great. Thanks both. I'll leave it there.

偉大的。謝謝你們兩位。我就說到這兒吧。

Thanks for the questions.

謝謝大家的提問。

(Operator Instructions) Ned Morgan, BTIG.

（操作說明）Ned Morgan，BTIG。

Hey, you actually got Andres on. I don't know what happened there, but all good. I wanted to ask about space systems. Seems like it came in a little bit weaker than what consensus might have expected at first, so just wanted to know the puts and takes there. I know you explained it, but why might have consensus got a little bit ahead here in the quarter?

嘿，你居然請到了安德烈斯。我不知道那裡發生了什麼，但一切都好。我想問一下關於空間系統的問題。看起來它的表現比最初大家的預期要弱一些，所以想知道大家的看法。我知道你已經解釋過了，但是為什麼本季的共識可能會稍微超前一些呢？

Yeah, I don't know that consensus does a great job in breaking out the various pieces of the business, even differentiating much between launch and space systems, and then certainly within space systems, I'm not sure they really look at between kind of our platforms business versus the subsystems business. So one of the things I mentioned this in my prepared remarks is that it is difficult to, I would say, I mean you can't the extent that you can control the execution for your rev rec requirements under ASC 606, it just depends on how well your subs are executing, right, and how tightly you're working with them to make sure they stay on track and to your best efforts, I think we've all seen in some fairly, public venues, customers, of these programs talking about how there's been some snags in the supply chain, including, from those, for example, like from the optical terminal providers.

是的，我不認為共識在區分業務的各個部分方面做得很好，甚至在發射系統和航太系統之間也沒有做出太多區分，而且在航太系統內部，我不確定他們是否真正關注過我們的平台業務與子系統業務之間的區別。我在準備的發言稿中提到過，要控制ASC 606下收入確認要求的執行情況是很難的，我的意思是，你無法完全控制執行情況，這完全取決於你的分包商的執行情況，以及你與他們合作的緊密程度，以確保他們按計劃進行。盡你所能，我想我們都在一些公開場合看到過，這些項目的客戶談到供應鏈中出現了一些問題，例如來自光終端供應商的問題。

And so, if you look at what we do is we continually for ways, as Peter mentioned, to just reduce any kind of dependency on third parties as much as we can. That's why if you look at Electron, how vertically integrated that that vehicle is, Neutron will be very similar. We're getting that way more and more with our space systems platform offerings where very little is still, I would say, outsourced to third parties. So it's really just a function of, again, you work with them and get them to deliver as aggressively as you possibly can while not sacrificing quality or cost where you can, so. Yeah, I wouldn't read too much into the granularity that people may have expected from our space systems business, because one of the benefits that we have now from being having such a diversified business is we really just look at the topline. How can we deliver that sequential growth of the business and sometimes more of it is going to come from launch and Sometimes award is going to come from space systems and within space systems, platforms can have a great quarter and components can be weak and vice versa, and then, it just gets that much better and we'll have that many more tools at our disposal when we have Neutron coming online, which is why obviously getting that first flight off is so important, why we're all looking so forward to that.

因此，正如彼得所提到的那樣，我們一直在尋找各種方法來盡可能減少對第三方的任何依賴。這就是為什麼如果你看看 Electron，你會發現它的垂直整合程度非常高，Neutron 也會非常類似。我們的太空系統平台產品正越來越朝著這個方向發展，可以說，目前外包給第三方的工作仍然非常少。所以，這其實就是一個函數，再次強調，你要與他們合作，讓他們盡可能積極地交付，同時盡可能地不犧牲品質或成本。是的，我不會過度關注人們可能期望從我們的航太系統業務中獲得的細緻數據，因為我們現在擁有如此多元化的業務所帶來的好處之一是，我們實際上只專注於總收入。我們如何才能實現業務的持續成長？有時，成長更多來自於發射，有時，訂單來自於航太系統。在航太系統內部，平台可能在一個季度表現出色，但組件可能表現疲軟，反之亦然。然後，隨著 Neutron 上線，情況會變得更好，我們將擁有更多工具。顯然，這就是為什麼首次飛行如此重要，為什麼我們都如此期待它。

Yeah, no, that's super helpful. Thanks, Adam. I guess to stick with you. I mean, around the two acquisitions that were just announced, are there any financials that you can give any kind of color as to what they were doing? On a performance basis and and and I guess just how much cost we might be able to see taken out as a result of them being brought in house.

是的，這真的很有幫助。謝謝你，亞當。我想我會一直陪著你。我的意思是，對於剛剛宣布的兩項收購，您能否提供一些財務數據，以便我們了解它們的具體內容？從績效角度來看，我想我們可以看到，由於這些人員被納入公司內部管理，我們能夠節省多少成本。

Yeah, our pipeline is always kind of interesting. It's got a mix of kind of more needle moving deals from a financial perspective as far as revenue contributions, so forth. These particular deals really much more strategically around again vertical integration, reducing risk versus, I would say providing big access. To large external third, kind of tams if you will, or adjacent markets. So, these are really more, I would say, reducing some margin stacking and also just taking greater control over the over the programs. So, I wouldn't say there's not a, I would say a material amount of revenue contribution that's going to move the needle from the deals that we just announced.

是的，我們的產品線一直都挺有趣的。從財務角度來看，它包含了一些對收入貢獻等方面更具突破性的交易。這些具體的交易在策略上更加重視垂直整合，降低風險，而不是提供更大的市場准入。面向大型外部第三方，或者說是鄰近市場。所以，我認為這些其實更多的是為了減少利潤疊加，同時也是為了更好地控制專案。所以，我不會說完全沒有，我會說我們剛剛宣布的這些交易會帶來實質的收入貢獻，從而推動業績成長。

Clearly, MYNARIC would be a different story if and when that deal gets approved because that would come with significant backlog and revenue opportunity. And again, our pipeline also has lots of other deals that have a mixture of just, again, elimination of margin stacking and, in some cases, also more meaningful revenue contribution, but these two, I don't think you need to change your models at all for the impact for these two relatively small deals.

顯然，如果這筆交易獲得批准，MYNARIC 的情況將會不同，因為它將帶來大量的積壓訂單和收入機會。此外，我們的專案儲備中還有很多其他交易，這些交易既包括消除利潤疊加，也包括在某些情況下帶來更有意義的收入貢獻，但就這兩筆相對較小的交易而言，我認為您完全不需要改變您的模型。

Got it, that's helpful. I'll, leave it there, thanks Adam.

明白了，這很有幫助。我就說到這裡吧，謝謝你，亞當。

(Operator Instructions) Gautam Khanna, TD Cowan.

（操作說明）Gautam Khanna，TD Cowan。

Yeah, thanks. Good afternoon, guys. Well, I was wondering on the Neutron tank failure, have you guys, are you have high certainty that it was that manual layup process and therefore the new process is not going to have the same anomaly, or is the study still ongoing of what happened?

嗯，謝謝。下午好，各位。我想問一下關於中子罐故障的問題，你們是否高度確定是人工鋪層工藝造成的，因此新的工藝不會出現同樣的異常情況？還是說對事故原因的研究仍在進行中？

Yeah, no, we undertook a complete failure tree analysis and, we're able to, find the piece of tank that, could cause the initiation of the failure. We're able to reproduce the results, through analysis and then also through, coupon testing as well. So no, we're very confident, we understand that failure extremely well.

是的，我們進行了完整的故障樹分析，並且能夠找到可能導致故障發生的油箱零件。我們透過分析以及優惠券測試，都能夠重現這些結果。所以，不，我們非常有信心，我們對失敗有著極為深刻的理解。

Okay, that's great to hear and then you mentioned some areas where you'd like to take more in-house vertical integration. Can you describe some of those product areas that might be of interest.

好的，聽到這個消息太好了。然後您提到了一些您希望加強內部垂直整合的領域。您能否描述一下您可能感興趣的產品領域？

Yeah, I think, if you look across a spacecraft these days, the areas that we still don't have 100% control of, are starting to get smaller and smaller, we have a great RF team, but I think that's an area that we will look to bolster, and, we'll seek opportunities, to add scale where possible, but I think this is just going to be bread and butter for us to constantly make sure that, we don't, we don't get stung with, suppliers that aren't able to deliver for us and continue to vertically integrate, but as Adam pointed out, our M&A and a pipeline is pretty full, and, there's a range of opportunities there from these kind of things that. That pointed out, don't add huge revenue bottom lines, but they kind of guarantee revenue because we, we're not going to, miss milestones.

是的，我認為，如果你現在觀察一下太空船，我們仍然無法完全掌控的領域正在變得越來越小。我們擁有一支優秀的射頻團隊，但我認為我們會努力加強這方面的實力，並盡可能尋找機會擴大規模。但我認為，對我們來說，持續確保我們不會因為供應商無法滿足我們的需求而遭受損失，並繼續進行垂直整合，將是至關重要的。正如亞當指出的那樣，我們的併購和專案儲備非常充足，而且從這些方面來看，存在著各種各樣的機會。也就是說，雖然不能保證龐大的收入，但某種程度上來說，它們可以保證收入，因為我們不會錯過任何里程碑。

But they're all, ranging through to some real needle movers that, are much more transformational and, as I also pointed out, we, we're always making sure that we have, plenty of capital reserves to go and do those, more meaningful acquisitions.

但所有這些收購，其中一些是真正具有變革意義的重大收購，正如我之前指出的，我們始終確保擁有充足的資本儲備，以便進行這些更有意義的收購。

Thank you.

謝謝。

(Operator Instructions) Ryan Koontz, Needham & Company.

（操作說明）Ryan Koontz，Needham & Company。

Great, thanks for squeezing me in. Let me ask that backlog, Adam, your commentary there as you think about the opportunities ahead, over the next, say, 12-18 months, obviously. The FDA has been very active and, how you think about the composition of your backlog relative to, DOD versus commercial, just in terms of the next, 12-18 months.

太好了，謝謝你們擠出時間幫我。亞當，我想問你對未來12到18個月的機會有什麼看法，特別是你對之前積壓的工作的看法。FDA 一直非常活躍，您如何看待您積壓訂單的組成，相對於國防部和商業部門而言，僅就未來 12-18 個月而言。

Yeah, I think we're in a really fortunate spot where, traditionally government business has not really been ever viewed as a hockey stick. I think for us since we're coming in in such a disruptive way and, we're disruptive, but also that the whole architecture where you've gone from Geo to Leo. And the number of satellites that are required to support that architecture, has just been so strong, we've got so many things that are pushing us in the back as far as, kind of where the opportunities are. But I'd say overall we've got really big commercial opportunities that we continue to chase, even though for me, if I was given the choice of chasing a government hockey stick or a commercial hockey stick, I would take the government hockey stick because even though they may not be as dynamic, in some cases at a program level as commercial, they always pay their bills. They're pretty clear cutt how you work with them. And, in that government market, we're just competing with people that seem to be fighting with their hands tied behind their backs, right? So we move much more quickly. We have a lot more tools at our disposal because of our vertical integration.

是的，我認為我們處境非常幸運，因為傳統上政府業務的成長曲線並沒有像曲棍球棒曲線那樣呈上升趨勢。我認為對我們來說，因為我們是以如此顛覆性的方式進入這個領域的，而且我們本身就是顛覆性的，但同時也是因為整個架構從 Geo 變成了 Leo。而要支援這種架構，所需的衛星數量實在太多了，導致我們在機會上落後於人。但總的來說，我們有很多巨大的商業機會，我們會繼續追逐這些機會。不過對我來說，如果讓我選擇追逐政府項目的成長勢頭還是商業項目的成長勢頭，我會選擇政府項目，因為即使在某些情況下，政府項目的成長勢頭可能不如商業項目那麼強勁，但它們總是能支付賬單。與它們合作的方式非常明確。而且，在政府市場，我們只是在和那些似乎雙手被反綁著戰鬥的人競爭，對吧？所以我們行動速度更快。由於我們實現了垂直整合，所以我們擁有更多可用的工具。

So, I love the mix as it's trending towards government. I do think, it's also very comforting to have this big commercial hockey stick opportunity out there as well. But I would say that it's the pipeline, when you look at the pipeline of kind of business opportunities, forget the M&A side, it's a pretty balanced set of opportunities between commercial and government. We, I'll let Pete kind of provide his view, but it seems like we don't just have a choice of kind of taking one fork or the other in the road, where we can try to think about how do we take both of those things, and I think we've done a pretty good job balancing, but maybe Pete won't speak about that.

所以，我喜歡這種融合，因為它正朝著政府的方向發展。我認為，能有這樣一個大型商業曲棍球棒計畫推出，也讓人感到非常欣慰。但我認為關鍵在於專案儲備，當你審視各種商業機會的儲備時，拋開併購方面不談，你會發現商業和政府方面的機會相當平衡。我會讓皮特來談談他的看法，但看起來我們並沒有非要二選一的選擇，我們可以嘗試思考如何兼顧兩者，我認為我們在平衡方面做得相當不錯，但也許皮特不會談論這一點。

Nice, thanks. I think you've said it perfectly, Adam. Yes, I can't add anything better than that.

好的，謝謝。亞當，我覺得你說得非常到位。是的，我沒什麼可以補充的了。

Great. Maybe just a quick follow-up as you think about, Golden Dome and timing and, PWSA fitting into that architecture, any updated thoughts on, your role there or opportunities when you think that emerges as a truly viable, business opportunity for you?

偉大的。或許可以快速跟進一下，您在考慮金穹頂專案、時間安排以及PWSA如何融入該架構時，對於您在那裡的角色或機會，您有什麼最新的想法嗎？當您認為這真的會成為一個可行的商業機會？

Yeah, I think, Golden Dome's quite a complex one, is obviously it's a huge program, but it's, a lot of it is also classified, so it's very difficult to discuss too much, but, I would say that in multiple fronts, I think we're well positioned to, have a good chunk of this, whether it be launches, launch or satellites, optical terminals. A lot of the optical payloads, the FDA, when, the transfer SDA win is a, is a, is a clear missile track payload which is very complicated, payload, obviously and critical for the Golden Dome. So, as that program formulates and continues to grow, I think we're a, pretty key, piece of that foundation.

是的，我認為金穹頂計劃相當複雜，顯然這是一個龐大的項目，但其中很多內容也屬於機密，所以很難過多討論。但是，我想說的是，在多個方面，我認為我們都處於有利地位，能夠取得相當大的進展，無論是發射、衛星或光學終端。許多光學有效載荷，FDA，當，轉移SDA獲勝是一個，是一個，是一個清晰的導彈跟踪有效載荷，這非常複雜，有效載荷，顯然對金穹頂至關重要。所以，隨著該計劃的製定和不斷發展，我認為我們是這個基礎中非常關鍵的一部分。

Understood Peter. Thank you.

明白了，彼得。謝謝。

Cool.

涼爽的。

(Operator Instructions) Michael Leshock, KeyBanc Capital Markets.

（操作員說明）邁克爾·萊肖克，KeyBanc Capital Markets。

Hey, good afternoon. I wanted to ask a longer-term question on a potential future Rocket Lab satellite constellation just given some of the recent announcements across the industry, and as you mentioned in the presentation, the significant growth in satellites that's expected over the next decade. Have there been any changes to your approach on a future constellation of your own or what potential applications you may target or is this still a longer-term growth opportunity that that really won't be a priority until Neutron is launching consistently?

嘿，下午好。鑑於最近業內的一些公告，以及您在演講中提到的未來十年衛星數量的顯著增長，我想就火箭實驗室未來可能建立的衛星星座提出一個更長遠的問題。對於您未來的星座計劃，或者您可能瞄準的潛在應用領域，您的想法是否有所改變？或者這仍然是一個長期的成長機會，只有在 Neutron 能夠穩定發射之後，這才會成為優先事項？

Yeah, thanks for the question, Michael. I think, what, what's kind of cool here is that you, you've all heard me say that it's going to, space is going to get blurry. It's going to be difficult to determine what is a space company and what is something else company. And, that continues, that thesis really continues to firm now that you look at, data centers and all these other kind of opportunities that are that are growing in space. It's like it is the large successful companies are going to be blurry. Are they going to be a space company? Are they a telecommunications company? Are they a data services company?

是的，謝謝你的提問，麥可。我覺得，這裡比較酷的地方在於，你們都聽我說過，太空將會變得模糊不清。要確定哪些是航太公司，哪些是其他類型的公司，將會很困難。而且，隨著資料中心以及太空領域其他各種機會的不斷湧現，這一論點也越來越站得住腳。感覺那些大型成功企業的界線會變得模糊不清。他們會成為太空公司嗎？他們是電信公司嗎？他們是數據服務公司嗎？

And it, your point is really accurate and, in, until kind of Neutrons online and we have multi-ton reusable launch capability, I think, that that's the time that that we can really lean into, deploying infrastructure. But in saying that, we're not sort of sitting back and sitting on our hands thinking about, what we could do. I think you can see in just about every avenue, we at least have knowledge or components or exposure, when I say every avenue, every kind of. Opportunity that that's potentially, being thought about or used in space today. So it's still too early, Michael, but but, it is, it's not a day that doesn't go by where there's not an internal discussion about it.

你的觀點非常準確，而且，在中子號火箭上線並擁有多噸級可重複使用運載火箭的能力之前，我認為，那才是我們真正可以全力投入基礎設施部署的時候。但即便如此，我們也不是袖手旁觀，無所事事地思考我們能做些什麼。我認為你可以看到，幾乎在每一個方面，我們至少都有相關的知識、組成部分或經驗，我說的是每一個方面，指的是每一種方面。這是一種潛在的機遇，目前在太空領域正在被考慮或利用。所以現在還為時過早，邁克爾，但是，確實，幾乎每天我們內部都會討論這個問題。

Great. And then maybe on the stage one tank rupture, I don't know if I missed it, but how fast can you produce the second tank now with the new AFP machine? And then will that get even faster as you repeat this process over time?

偉大的。然後，也許是在第一階段的儲罐破裂時，我不知道我是否錯過了，但是現在有了新的 AFP 機器，你們能多快生產出第二個儲罐？如果隨著時間的推移重複這個過程，速度會變得更快嗎？

Oh God, yeah, like it's ridiculous. The AFP machine is just, it's just, it's totally ridiculous. I can't remember the exact timeline to lay up a dome, but we measure a dome manufacturer on the AFP in days. Actually, the longer pole in the tent there for a tank manufacturer is not actually laying up, and carrying the components. It's the, it, it's the joining of the various domes and tanks and barrels together and all of the, the tabs and details for baffles and all those kinds of things actually take the time, but, a new tank, we're talking, months here, not, for a complete tank, but from an actual, manufacturing of the raw components, it's ridiculously fast. And also, that's to Adam's point, it's like, now that it's all automated, really the only cost is the raw material that's going in there.

我的天啊，是啊，簡直太荒謬了。法新社的這套系統簡直，簡直，完全荒謬。我記不清建造穹頂的確切時間了，但我們用 AFP 來衡量穹頂製造商的工作時間，以天為單位。實際上，帳篷裡較長的桿子（指坦克製造商的桿子）並不是用來放置和承載組件的。是各種圓頂、油箱和砲管的連接，以及擋板等部件的安裝和細節處理，這些都需要時間。但是，我們說的是一個新坦克，不是說一個完整的坦克，而是從原料的製造開始，整個過程非常快。而且，正如亞當所說，現在一切都自動化了，真正的成本只有投入的原料了。

Great, appreciate all the detail.

太好了，感謝您提供的所有細節。

(Operator Instructions) Jan Engelbrecht, Baird.

（操作員說明）Jan Engelbrecht，Baird。

Good afternoon, Peter, even Morgan, thanks for taking our questions. I'd like to get your, just go back on PWSA and just get your sort of your high-level thoughts about that program. It does seem like your focus, will shift more towards the tracking layer given this really impressive win, that the GEOST acquisition, just how you're thinking about the future of that for Rocket Lab and then also just.

下午好，Peter，還有Morgan，謝謝你們回答我們的問題。我想聽聽你回到 PWSA 網站上，談談你對這個計畫的整體看法。鑑於此次令人印象深刻的勝利——收購 GEOST，您的焦點似乎將更多地轉移到追蹤層，您是如何看待 Rocket Lab 的未來發展的，以及其他方面。

We've heard a lot of, government reports being issued on that, on the transport layer piece. Like how difficult would it be for a commercial variant like Starshield with Molenet to sort of act as the transport layer? It seems like there's a lot of things that would stand in the way of that, because a commercial, StarShield orbits at much lower altitudes than the transport and tracking layers. There would be a lot of redesign work. But I, but I'll stop there and just to get your overall thoughts there.

我們已經聽說了很多關於傳輸層問題的政府報告。例如，像 Starshield 這樣帶有 Molenet 的商業版本要如何充當傳輸層呢？似乎有很多因素會阻礙這一點，因為商業用途的 StarShield 軌道高度比運輸層和追蹤層低得多。需要進行大量的重新設計工作。但是，我就說到這裡吧，只想聽聽你的整體想法。

Oh man, we could geek out about this for days, Jan. So yes, it was intentional for us to move up the value chain, if you will. Not that, the transport layer is elementary, by no means is it elementary, but it's an order of magnitude more. Difficult and more valuable to to be able to do the tracking stuff. And the tracking stuff is critical for things, as things develop for Golden Dome and other kinds of programs.

哦，天哪，我們可以就這個話題聊上好幾天，Jan。所以，是的，我們有意提升價值鏈。並不是說傳輸層很簡單，它絕不簡單，但它比傳輸層複雜一個數量級。追蹤工作難度更高，但更有價值。追蹤資訊對於金色穹頂和其他類型項目的發展至關重要。

So that's the high value stuff we want to be that there's really only a few people, in the nation that can successfully execute on, with res with respect to, the transport layer, going away. I mean, we haven't heard or seen any evidence to that obviously. There's a lot of, discussion about, other providers, but the whole point of, the FDA program is kind of, all of the spacecraft are integrated very closely with each other, even though they're from other providers. There's a set of requirements that we all must meet for interoperability. So I think your point is a good one, and it becomes more difficult to have interoperability when you have something that's quite different. But it'll be interesting to see how it all shakes out, but I think for the tasks that that FDA is trying to achieve, to me at least it makes more sense to have a dedicated transport layer and then the other layers, of course, tracking and then custody and so on top of it.

所以，我們想要做的就是那些高價值的事情，而全國真正能夠成功執行這些事情的人，尤其是在傳輸層方面，正在逐漸消失。我的意思是，顯然我們還沒有聽到或看到任何證據支持這種說法。關於其他供應商有很多討論，但FDA計畫的重點在於，所有太空船都緊密地成在一起，即使它們來自其他供應商。要實現互通性，我們必須滿足一系列要求。所以我覺得你的觀點很好，當事物之間有很大差異時，要實現互通性就變得更加困難。但最終結果如何，還有待觀察。不過，就 FDA 試圖完成的任務而言，至少在我看來，設立一個專門的運輸層，然後再在其上設立其他層（例如追蹤、監管等等），會更有意義。

Thanks, Peter. Very helpful. And then just a quick follow-up if I may. I want to be respectful of the MYNARIC deal, let that play out as it will, but on optical terminals, at sort of at which point, and again hoping that like it works out well here, but at which point do you potentially look at not anal maybe an alternative supplier of OCTs or does GEOST or the new acquisition OSI have any capability that you could look towards, developing these optical terminals over time?

謝謝你，彼得。很有幫助。如果可以的話，我再補充一個問題。我想尊重 MYNARIC 的交易，讓它順其自然地發展，但是關於光終端，在某個階段，再次希望這裡的情況進展順利，但是，在哪個階段，你們可能會考慮尋找其他 OCT 開發商，或者 GEOST 或新收購的 OSI 是否有任何能力讓你們考慮，隨著時間的推移這些光終端？

Yeah, so GEOST has developed some optical terminals, and, obviously, we have the optics now in-house as well, but there's just, it's incredibly difficult to do. And, as we look across, as we looked across, the landscape of all of these optical terminal suppliers, of which there's really only three, MYNARIC just stood out as, the absolute best with respect to technology. Now they suck at other things. Like running their business, but they make the best terminals. So, to go out and develop your own terminal, yes, totally feasible. It's just a time thing and, it would just take longer to do that than it would to acquire.

是的，GEOST 開發了一些光終端，而且顯然，我們現在也有了自己的光學器件，但是，這真的非常困難。當我們放眼整個光終端供應商市場時（實際上只有三家），MYNARIC 在技術方面脫穎而出，成為絕對的最佳選擇。現在他們在其他方面也很差勁。他們經營自己的生意，但他們生產的終端是最好的。所以，自己去開發終端，是的，完全可行。這只是時間問題，這樣做比直接獲取需要更長的時間。

Perfect. Thank you, very helpful. I'll jump back in the queue.

完美的。謝謝，很有幫助。我重新排隊。

(Operator Instructions) Jeff Van Rhee, Craig-Hallum Holdings Group.

（操作說明）傑夫·範·裡，克雷格-哈勒姆控股集團。

Hey, this is Daniel Hibschman on for Jeff Van Ree. Congrats on the quarter and the SDA win, in particular, on Mars telecommunication orbiter, the 700 million, 750 million there abouts, wondering, it looks like earlier this week NASA put out an RFP for a Mars telecommunications network, so a little bit of a name change there. Sounds like that might be a multi-satellite architecture where previously they were just looking at that one single orbiter, but anyway, what can you tell us just about how the competition and market labs positioning for that's been evolving?

大家好，我是丹尼爾‧希布施曼，代傑夫‧範‧裡為您報道。恭喜本季取得佳績，特別是SDA在火星通訊軌道器專案上的勝利，該專案價值約7億至7.5億美元。順便一提，NASA似乎在本週早些時候發布了火星通訊網路的招標書，所以名稱略有更改。聽起來這可能是多衛星架構，而他們之前只考慮過單一軌道器，但無論如何，您能告訴我們該領域的競爭和市場實驗室的定位是如何演變的嗎？

Thanks, Jeff, great question. Yes, so, the MTO, as you point out, there's a slight change there to network, and, as more infrastructure is built on Mars, then, of course, the network will need to be created. The MTO was always intended to be the first of more to come. Look, obviously we think we're well positioned here. There's, we have the experience, we have a lot of the capabilities and a lot of the demonstrated capabilities, but, I think, we'll we'll put our best, our best foot forward there and, of course, others, think they can do the job too. That's the great thing about competition and, we'll see who wins.

謝謝傑夫，問得好。是的，正如你所指出的，MTO 的網路略有變化，隨著火星上更多基礎設施的建設，當然也需要建立網路。MTO從一開始就被定位為第一個，未來還會有更多類似的專案。顯然，我們認為我們在這裡處於有利地位。我們擁有經驗，我們具備很多能力，也展現了很多能力，但是，我認為，我們會全力以赴，做到最好，當然，其他人也認為他們能勝任這項工作。這就是競爭的魅力所在，讓我們拭目以待誰能獲勝。

And then Adam, one for you just on the gross margins, which, obviously are growing tremendously. I think what, 8 points up in 2025. And then the guide for 2126 has those stepping back down a few 100 BIS, and he called out the space system mixed shift. Is there anything persistent about that mixed shift either in terms of the new business coming online and potentially with the SDA transport layer that it's going to have some persistent margin pressure, or should we be assuming in our models that we'll be getting right back to that, more normal cadence of a few 100 bits of expansion, as we get back into the later half of the year.

然後亞當，我再跟你談談毛利率，顯然毛利率正在大幅成長。我認為，到 2025 年可能會上升 8 個百分點。然後，2126 年的指南中提到，那些人要退後幾百 BIS，他也提到了太空系統混合輪班。這種混合轉變是否會持續下去，無論是新業務上線，還是可能隨著 SDA 傳輸層的推出，都會對利潤率造成持續壓力？或者，我們是否應該在模型中假設，隨著我們進入下半年，我們將恢復到更正常的、每次擴張幾百位元的節奏？

Well, I think gross margin is a, there's a lot of things that are going on underneath the surface there. So, as we continue to grow, there's a call, question earlier from Erik about the Electron launch cadence. So, I mentioned a 20% launch cadence, the growth in that. The extent that we can do better than that, which I think there's opportunities to grow faster in 2026, Then that's going to be a positive upward bias to margin. These larger, longer-term programs like SDA Tranche II and Tranche III, they typically come in at relatively low, at the low end of our gross margin mix, but they have really good operating margin, kind of characteristics to them or contribution margin because of the fact that, there isn't a tremendous amount of incremental R&D that's kind of outside of the programs. So, I would say that, in a quarter where you've got a lot more contribution from the big programs like Tranche II and Tranche III, that'll put downward pressure offset hopefully by growth from, increase in the Electron contributions.

嗯，我認為毛利率背後有很多因素在起作用。所以，隨著我們不斷發展壯大，Erik 之前提出了一個關於 Electron 發布節奏的問題。所以，我提到了 20% 的發布節奏，以及由此帶來的成長。如果我們能做得更好，我認為2026年有機會實現更快的成長，那麼這將對利潤率產生正面的上行影響。這些規模較大、週期較長的項目，例如 SDA Tranche II 和 Tranche III，它們的毛利率通常相對較低，處於我們毛利率組合的低端，但它們的營業利潤率或貢獻利潤率卻非常好，因為這些項目之外並沒有大量的增量研發投入。所以，我認為，在像第二期和第三期這樣的大型專案貢獻更大的季度裡，這將帶來下行壓力，希望電子專案貢獻的成長能夠抵消這種壓力。

The components business has a quite interesting range of margins. You have some products in there that are more towards, say, 30 points in non-GAAP gross margin, other ones that are, kind of north of 70 points of non-GAAP gross margins. So, there's a widespread and mix is hard to predict, that far out in a year. I mean, I do think there will be a supportive trend towards gross margin, but I think it's difficult to really get a lot of granularities, kind of, much more than, I'd say maybe one or two quarters out.

零件業務的利潤率範圍相當有趣。有些產品的非GAAP毛利率在30個百分點左右，而有些產品的非GAAP毛利率則在70個百分點以上。所以，這種現像很普遍，很難預測一年後的具體情況。我的意思是，我確實認為毛利率會有上升的趨勢，但要真正獲得很多細節資訊還很難，我估計最多只能預測一到兩個季度。

But overall, I think, as we continue to kind of grow that components mix the business, more Electron in the mix, it's all going to be positive. Now, I think the one caveat to that is as we bring Neutron into production, it'll have a margin expansion curve, probably not too dissimilar to what we've experienced on electron which has been incredibly, it's been a great margin expansion story, but when you bring a new product like a rocket to market, you do things like block upgrades, and then, that all helps, bring down cost, increase performance, so you can sell up more capacity on the rocket, which is helpful to ASP and so forth.

但總的來說，我認為，隨著我們不斷發展壯大，將更多組件融入業務，Electron 在其中發揮更大的作用，一切都將是積極的。現在，我認為需要注意的一點是，隨著 Neutron 投入生產，它的利潤率會逐漸提高，這可能與我們在 Electron 上的經歷非常相似，Electron 的利潤率增長非常顯著。但是，當你把像火箭這樣的新產品推向市場時，你會進行諸如模組升級之類的操作，所有這些都有助於降低成本、提高性能，這樣你就可以銷售更多的火箭產能，這對平均售價 (ASP) 等都有幫助。

But I think the most important thing in the launch business is rate, right? So it's all about absorbing your fixed, your fixed overhead or fixed costs related to that program or product. So I think that you're going to see what we'll start to do. Our plan is to give you guys as much clarity as we can or break up between electron, for example, and Neutron as that comes into production so you can see that continued expansion and kind of that that Electron business operating at model and then the trends as Neutron ramps as that goes towards target model as well.

但我認為產品發佈業務中最重要的是發布率，對吧？所以關鍵在於吸收與該項目或產品相關的固定成本、固定管理費用或固定成本。所以我想你們很快就會看到我們將要開始做的事情。我們的計劃是盡可能地向大家清晰地說明情況，例如，將 Electron 和 Neutron 分開來看，因為 Neutron 即將投產，這樣大家就可以看到持續的擴張，以及 Electron 業務按照既定模式運行的情況，然後是 Neutron 逐步提高產量並向目標模式邁進的趨勢。

Hopefully it's a bit quicker. To get to target model, target margins on Neutron because it's a reasonable launch vehicle, but it will still take several years. So you'll start off with, fairly, kind of low to even maybe negative gross margin for some of the early flights, but then again, you'll see just like electron, it pop back up and become pretty positive pretty quickly and get to target model. So, it's a long-winded answer. I do think, again, the trends are supportive of gross margin expansion. But it could be a little bit kind of volatile and hard to predict quarter to quarter when you get more than one or two quarters out.

希望速度能快一些。要達到目標模型，就需要對 Neutron 進行目標裕度測試，因為它是合理的運載火箭，但這仍然需要幾年時間。所以，一開始，一些早期航班的毛利率會相當低，甚至可能為負，但就像 Electron 一樣，它很快就會反彈並變得相當正，達到目標模型。所以，答案有點冗長。我認為，目前的趨勢仍有利於毛利率的擴張。但是，如果超過一、兩個季度，季度間的波動可能會比較大，很難預測。

Thanks, Adam. Thanks, Peter.

謝謝你，亞當。謝謝你，彼得。

(Operator Instructions) Suji Desilva, Roth Capital.

（操作說明）Suji Desilva，Roth Capital。

Hi, Peter. Hi Adam. Congratulations on the progress here. Just real quick on the Electron launches, are there any ASP trends to note, Adam, any tailwinds in the second half, or are they fairly steady, next couple of quarters?

你好，彼得。嗨，亞當。恭喜你們的進展。關於 Electron 的發布，Adam，有什麼需要注意的平均售價趨勢嗎？下半年有什麼利好因素嗎？還是說接下來幾季會比較穩定？

I think that we're going to continue to see, a march towards, I'd say. I'd say, as we increase more of the mix towards HASTE, that's helpful to the ASP. I think margins are relatively consistent because even though has are priced higher, there's a lot more, mission assurance and other things go along with them. So absolute dollars are higher. The gross margin percentage is relatively consistent across HASTE and Electron.

我認為我們將繼續看到，朝著…方向前進。我認為，隨著我們不斷增加 HASTE 的產品組合，這對 ASP 是有幫助的。我認為利潤率相對穩定，因為即使價格較高，也包含更多內容，例如任務保障和其他相關事項。所以絕對美元金額更高。HASTE 和 Electron 的毛利率百分比相對一致。

And then, so I would say overall we've seen a very nice expansion in ASP over the last several years because of the increased mix from HASTE, and I don't see that changing. In fact, we continue to grow that subsegment of the business quite nicely, and again, I just, given the things that Pete was talking about earlier with regards to Golden Dome and the importance of, the hypersonic test capabilities, that's a really strong area of growth for us going forward. So I think overall a positive bias towards higher ASP per launch, just as we've seen over the last several years.

所以，總的來說，由於 HASTE 帶來的產品組合增加，過去幾年 ASP 總體上出現了非常好的成長，而且我認為這種情況不會改變。事實上，我們繼續穩步發展該業務子領域，而且，鑑於皮特之前談到的金色穹頂以及高超音速測試能力的重要性，這確實是我們未來一個強勁的成長領域。所以我認為總體而言，我們對每次發布的平均售價（ASP）抱有積極的偏好，正如我們在過去幾年中所看到的那樣。

Okay, and my follow-up question maybe is for Peter. Peter, maybe you can reflect on first a few years ago to get to the launch cadence, the customers payload readiness was something that was variable. Has that changed? Has the nature of the customers changed where you can feel more comfortable that you can hit an 11 to 13 day cadence? Is it just a higher number of customers coming in that you can kind of, load them off, or what? Just any color that'd be helpful.

好的，我的後續問題或許該問彼得。Peter，或許你可以先回顧一下幾年前的情況，當時為了達到發射節奏，客戶的有效載荷準備情況是不穩定的。情況有變化嗎？客戶性質是否發生了變化，讓你更有信心達到 11 到 13 天的交付週期？是因為顧客數量增多，所以你可以想辦法讓他們卸貨嗎？任何顏色都可以，只要有用就好。

Yeah, thanks Ajit. I would just say that we're, we've probably got better at looking like a duck where it's just, on a glassy pond and it looks normal and there's legs flat out underneath it and with a higher cadence gives us the ability to move customers around so. I would say that, that's just the reality of the launch business payloads are ready until they're not. I think we've just got way better at managing those customers having more whip, having more rockets integrated, ready to go, and, managing that. So, it's great to hear that it looks smoother, but, behind the scenes, there's everyone's flat out mixing and matching and making sure that it all looks smooth from the outside.

謝謝你，阿吉特。我只想說，我們可能已經更好地展現鴨子在平靜的池塘上行走的姿態，看起來很正常，雙腿伸直，而且步頻更高，這使我們能夠更好地引導顧客。我想說，這就是發射業務的現實，有效載荷隨時可能準備就緒，直到它們不再準備就緒為止。我認為我們在管理這些客戶方面做得更好了，他們擁有更多的動力，整合了更多的火箭，隨時可以發射，並且我們也能更好地管理這些。所以，聽到它看起來更流暢固然很好，但實際上，幕後每個人都在不停地混合搭配，以確保從表面上看一切都很流暢。

Helpful color. Thanks, Peter. Thanks guys.

有用的顏色。謝謝你，彼得。謝謝各位。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

Yeah, hi, this is Justin Liwag on for Kristine. Thanks for taking the questions.

是的，你好，我是賈斯汀·利瓦格，替克里斯汀為您報道。謝謝您回答問題。

Peter, curious just back on the Neutron timeline, had you not run into the stage one tank issue, would the program have met the earlier goal of getting to the pad here in one queue? It sounded like from your earlier comments, there's a good volume of qualification work completed in the quarters. So just trying to assess, whether there are other factors at play in this new timeline or really isolated to the stage one tank issue.

Peter，我很好奇，回到 Neutron 的時間線，如果你們沒有遇到第一級燃料箱的問題，該計劃是否能夠實現先前的目標，即一次性到達發射台？從你之前的評論來看，這幾個季度似乎已經完成了相當多的資格認證工作。所以，我只是想評估一下，在這個新的時間線中是否還有其他因素在起作用，還是真的僅限於第一階段的坦克問題。

Yeah, thanks, Justin. It's kind of hard to say because when the tank let go, it like, the reverberation went through the test stand and the entire business. So, the moment that happened, everybody just stopped what they were doing and a lot of things to get onto the tank to figure out what went wrong. So, we moved a lot of resources around, and from lots of parts of the business. So, I'd have to go back and have a look and see if we played everything forward, whether, what that timeline would have looked like, but it's sort of hard at this point because, we had, we had an anomaly.

謝謝你，賈斯汀。很難說，因為當儲槽破裂時，衝擊波傳遍了測試台和整個工廠。所以，在事情發生的那一刻，所有人都停下了手中的工作，爭先恐後地跑到坦克車上，想弄清楚到底出了什麼問題。因此，我們從公司各部門調配了大量資源。所以，我得回去看看，如果我們把所有事情都往前推演，時間線會是什麼樣子，但現在有點難，因為我們遇到了一個異常情況。

Okay. That makes sense. I would add one more thing to that. I think that if there's a silver lining to the tank anomaly, it's the fact that because of what happened, it just has given the other kind of subsystem teams the opportunity to really kind of fully exercise all the demons, if you will, much more than they could have under the compressed time schedule that we were working towards. So in some ways, the tank letting go will create certainly a lower risk test flight when that happens later this year. So. I think, yeah, it's, nobody's ever happy when you have an anomaly. It's something that wasn't planned and certainly wasn't anticipated, but I think it does help us bring down the overall kind of risk stance of the program as we move towards that first test launch.

好的。這很有道理。我還要補充一點。我認為，如果說坦克異常事件有什麼積極意義的話，那就是由於這件事，它給了其他子系統團隊一個機會，讓他們能夠真正充分地解決所有問題，比他們在我們原本計劃的緊湊時間安排下所能做到的要多得多。因此，從某種程度上來說，油箱的脫落肯定會降低今年稍後進行的試飛的風險。所以。我想，是的，當出現異常情況時，沒有人會感到高興。這是計劃之外的事情，當然也是始料未及的，但我認為這確實有助於我們降低專案的整體風險，因為我們正朝著首次試射邁進。

Got it. That makes sense and helpful. Thanks. And Adam, actually just one for you back on the FDA award. Curious if you could speak a little bit more to the cash profile in particular and how that lines up against the revenue bell curve that you sketched out earlier. Thanks.

知道了。這很有道理，也很有幫助。謝謝。亞當，其實我只想問你一個關於FDA獎項的問題。我很想知道您能否更詳細地談談現金流狀況，以及它與您之前繪製的收入鐘形曲線是如何吻合的。謝謝。

Yeah, so actually kind of interesting with these types of programs because of the way that you do the accounting and the rev rec, so under ASC 606, you, we model these things so you always have to be in a positive cash position. So you, when you kind of work out your milestones and how you're flowing out dollars to your subs and so forth and spending money on the program internally, you always need to be in a position of positive cash in order to be able to recognize revenue along the way. And so, This program is consistent with that, we've gotten some questions as to whether or not the partial government shutdown has impacted our customer in this case's ability to pay, as they know. In fact, we got a very large payment earlier this week from that customer, so the money is still flowing, and everything seems to be green lights right now.

是的，這類程序其實還蠻有趣的，因為它們的會計處理和收入確認方式不同。根據 ASC 606，我們對這些事項進行建模，所以你必須始終保持正現金狀況。所以，當你制定里程碑計劃，以及如何向訂閱用戶等支付資金，以及在專案內部支出資金時，你始終需要保持正現金流，以便能夠在此過程中確認收入。因此，該計劃與此一致，我們收到了一些問題，即部分政府停擺是否影響了我們客戶的支付能力，正如他們所知。事實上，本週早些時候我們收到了那位客戶的一大筆款項，所以資金仍在流動，目前一切似乎都很順利。

Okay, thanks, both.

好的，謝謝兩位。

Thank you. There are no further questions at this time. This does conclude the program and you may now disconnect. Everyone, enjoy the rest of your day.

謝謝。目前沒有其他問題了。程式到此結束，您可以斷開連線了。祝各位今天剩下的時間愉快。