Rocket Lab Corp (RKLB) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Rocket Lab Corporation Q2 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions). I would now like to hand the conference over to your speaker today, Murielle Baker.

各位好，感謝您稍候。歡迎參加 Rocket Lab Corporation 2026 年第二季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）現在我想把會議交給今天的發言人 Murielle Baker。

Hello, and welcome to today's conference call to discuss Rocket Lab's second quarter 2026 financial results, business highlights and other updates. 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.

各位好，歡迎參加今天的電話會議，我們將討論 Rocket Lab 2026 年第二季財務結果、業務亮點及其他最新進展。在開始之前，我想提醒各位，我們的發言可能包含前瞻性陳述，涉及公司未來的表現；這些陳述旨在符合《私人證券訴訟改革法》所建立的安全港責任豁免條款。

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

任何此類陳述均不保證未來表現；可能影響我們業績的因素已在今天的新聞稿中重點說明，其他因素則載於我們向美國證券交易委員會提交的文件中。

Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments. Except as required by law, the company does not undertake any obligation to update these statements.

此類陳述係基於截至本日公司可得之資訊，並可能因未來發展而變更。除法律要求外，公司不承擔更新這些陳述的任何義務。

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

我們今天的發言與新聞稿亦包含美國證券交易委員會制定之《G 規則》所定義的非 GAAP 財務衡量指標；新聞稿與我們的補充資料中包含將這些歷史非 GAAP 財務衡量指標調節至依 GAAP 計算之可比財務衡量指標的對帳。

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

本次電話會議亦將以網路直播方式進行，並搭配簡報；重播與簡報副本將於我們的網站提供。今天的講者包括 Rocket Lab 創辦人暨執行長 Sir Peter Beck，以及財務長 Adam Spice。他們將討論主要業務亮點，包括我們在發射、太空系統與各項計畫的最新進展，以及我們擬收購 Iridium Communications 的交易。我們將在問答前先說明財務重點與展望。

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

那麼，接下來我把電話交給 Sir Peter。

It's been another exceptional quarter for Rocket Lab, with some great wins after the close. We achieved a record $234 million in Q2 revenue, up almost $90 million or 62% versus the same quarter last year. That's a $34 million increase over last quarter's record revenue. The launch, demand is extreme. In Q2 and since the end of the quarter closed, we've signed more than $437 million in bookings for Electron, Haste and Neutron.

Rocket Lab 又迎來一個表現卓越的季度，且在季後也取得一些重大勝利。我們在第二季達成創紀錄的 2.34 億美元營收，較去年同期增加近 9,000 萬美元或 62%。這也比上一季的歷史新高營收再增加 3,400 萬美元。發射需求極為強勁。在第二季以及季末結束後至今，我們已為 Electron、Haste 與 Neutron 簽下超過 4.37 億美元的訂單（bookings）。

This includes a record $266 million contract for up to 18 subtle emissions for the Space Force, our largest launch contract ever. Also, we've seen a massive surge in Space Systems contracts with more than $581 million signed in Q2 and post quarter. We ended the quarter with a $2.36 billion in backlog and across launch in Space Systems, we've signed more than $1 billion in new contracts across Q2 and the period since the quarter closed.

其中包括一份創紀錄的 2.66 億美元合約，為太空軍提供最多 18 次（發射）任務，這是我們史上最大的發射合約。此外，我們也看到太空系統合約大幅激增，第二季及季後簽約金額超過 5.81 億美元。我們在季末的在手訂單（backlog）達 23.6 億美元；在發射與太空系統兩大業務中，我們在第二季及季後期間合計簽下超過 10 億美元的新合約。

It was also a milestone quarter for strategic acquisitions, having closed Mynaric and models and of course, announcing our intentions to acquire Iridium, which will accelerate our future and space applications and involve Rocket Lab into a fully integrated space powerhouse. So with that, welcome to the beginning of our new space applications era.

這一季在策略性併購方面也具有里程碑意義：我們完成了 Mynaric 與 Models 的收購，當然也宣布了我們擬收購 Iridium 的意向；這將加速我們未來的太空應用布局，並使 Rocket Lab 進一步成為完全整合的太空巨擘。因此，歡迎來到我們全新太空應用時代的起點。

Our pending Iridium acquisition is a strategic move that will combine Rocket Lab's launch capability and satellite manufacturing with Iridium's global satellite communications network and rear spectrum. In short, Rocket Lab will become a self-launching Tier 1 space power, delivering critical communications capability to millions of users worldwide. For years, we've talked about the space value chain in three key verticals. The first is access to space, and we have that with launch. The second is the hardware to do things in space once you're there. That's the satellites and their components, and we have this too.

我們擬收購 Iridium 的交易是一項策略性舉措，將把 Rocket Lab 的發射能力與衛星製造能力，與 Iridium 的全球衛星通訊網路及其頻譜資源結合。簡而言之，Rocket Lab 將成為可自我發射的第一級（Tier 1）太空力量，為全球數百萬用戶提供關鍵通訊能力。多年來，我們一直談到太空價值鏈的三個關鍵垂直領域：第一是進入太空的能力，也就是發射；我們已具備。第二是在太空中執行任務所需的硬體，也就是衛星及其元件；我們同樣具備。

The third and final vertical is space applications, the entire reason for going to space in the first place. This is part of the space economy that provides data services to millions of people on earth and deliver strong reoccurring revenue. With Iridium, Rocket Lab will have all three of these verticals. I've long since said that the most successful space companies will be the ones that have the keys to space, i.e., can build and launch their own satellites.

第三個也是最後一個垂直領域是太空應用——這正是人們最初進入太空的原因。這是太空經濟中為地球上數百萬人提供數據服務、並帶來強勁經常性收入的部分。透過 Iridium，Rocket Lab 將同時擁有這三個垂直領域。我早就說過，最成功的太空公司將是那些掌握通往太空鑰匙的公司，也就是能夠自行建造並發射自家衛星的公司。

Rocket Lab is one of only two companies capable of this now. By acquiring Iridium, we were accelerator entrants into the space applications market. It will take a decade or more to build out a constellation from scratch.

目前 Rocket Lab 是僅有的兩家能做到這一點的公司之一。透過收購 Iridium，我們將加速進入太空應用市場。若從零開始建置一個星座，往往需要十年或更久。

With Iridium, we are starting with a constellation of 66 satellites relied upon by more than 2.5 million subscribers and delivering more than $870 million in annual revenue this past year. That's an incredibly strong foundation on which we intend to build we won't simply continue Iridium's network.

有了 Iridium，我們將從一個由 66 顆衛星組成、被超過 250 萬名訂戶所依賴、且在過去一年創造超過 8.7 億美元年營收的星座起步。這是一個極其強大的基礎，我們打算在其上持續建構——我們不會只是延續 Iridium 的網路。

We will expand upon it and scale it into untapped markets and pioneer new space-based services. Since the transaction is not yet closed, we are still only on the integration and growth planning stages. There are, however, some obvious areas to focus on, and these are aligned with the growth plans that Iridium has already shared.

我們將在此基礎上擴展並規模化，進軍尚未開發的市場，並開創新的太空型服務。由於交易尚未完成，我們目前仍處於整合與成長規劃階段。不過，仍有一些明顯的重點方向可聚焦，且這些方向與 Iridium 已公開分享的成長計畫一致。

That includes expanding capabilities in IoT, direct-to-device and advanced P&P defense and national security as well as aviation and marine safety. We can also introduce efficiencies and streamline the deployment of new infrastructure by building and launching our own spacecraft, limiting the costs and risks associated with third parties.

其中包括擴展物聯網（IoT）、直連裝置（direct-to-device）以及先進的 P&P 國防與國家安全能力，並涵蓋航空與海事安全。我們也能透過自行建造並發射航天器，引入效率並精簡新基礎設施的部署，降低與第三方相關的成本與風險。

We will fast track our ability to deliver new and advanced capabilities. It's through these growth areas that Rocket Lab will put already in spectrum to more effective use extracting substantially greater capacity and throughput from the same finite spectrum allocation. We are immensely excited at what the future holds once Iridium is part of the Rocket Lab family.

我們將加速推出新的先進能力。透過這些成長領域，Rocket Lab 將把 Iridium 既有的頻譜更有效地運用，從相同且有限的頻譜配置中萃取顯著更高的容量與吞吐量。對於 Iridium 成為 Rocket Lab 大家庭後的未來，我們感到無比振奮。

For now, we are steadily working through the customary closing conditions, including approval of Iridium stockholders and all the regulatory review processes. The transaction is expected to be completed in mid-2027 to the extent that we are able, we look forward to sharing updates throughout that process.

目前，我們正穩步推進慣常的交割條件，包括取得 Iridium 股東批准以及完成所有監管審查程序。交易預期將於 2027 年年中完成。在我們力所能及的範圍內，我們也期待在整個過程中持續分享最新進展。

Okay, on to some space systems updates. Q2 and the weeks after, so us awarded significant contracts across base systems, including a $397 million contract to build and launch multiple flat-lie spacecraft for the space force space-based airborne moving target indicator program.

接下來談一些太空系統的最新進展。第二季以及之後幾週，我們在多個太空系統領域獲得重大合約，其中包括一份 3.97 億美元合約，為太空軍的「太空基空中移動目標指示」（space-based airborne moving target indicator）計畫建造並發射多艘 Flat-Lie 航天器。

This program is a high priority for the Department of War and it seeks to establish a satellite network to track aircraft, mettle and airborne threats globally. And another example of our end-to-end space strategy bearing fruit. Neutron will be launching this mission.

這項計畫是國防部的高度優先事項，旨在建立一個衛星網路，以在全球範圍追蹤飛機、飛彈與空中威脅。這也是我們端到端太空策略開花結果的另一個例子。Neutron 將負責執行此任務的發射。

Satellite is our high-performance, low-profile spacecraft designed for rapid production and optimized for launch, enabling us to deploy large volumes from Neutron and from other launch vehicles. There has been significant interest in flat-lie from commercial and government customers since we first announced it last year. So it's exciting for it to make its debut with such an important program.

Flat-Lie 衛星是我們的高性能、低外形航天器，專為快速量產與發射最佳化而設計，使我們能透過 Neutron 以及其他運載火箭部署大量衛星。自去年首次公布以來，Flat-Lie 已獲得商業與政府客戶的高度關注。因此，能在如此重要的計畫中首次亮相，令人振奮。

On to the next contract win, we signed two deals totaling more than $160 million to build three geostationary satellites, including a prime contract with the Space Systems Command to build Tudo satellites for space domain awareness. What's more, they will incorporate our Heimdall payload from our recently acquired company, Geost, once again highlighting the success of our vertical integration strategy.

再談下一項合約勝利：我們簽下兩筆交易，總額超過 1.6 億美元，用於建造三顆地球同步軌道衛星，其中包括與太空系統司令部（Space Systems Command）簽訂的主承包合約，用於建造 Tudo 衛星以執行太空領域態勢感知（space domain awareness）。更重要的是，這些衛星將整合我們近期收購公司 Geost 的 Heimdall 載荷，再次凸顯我們垂直整合策略的成功。

Rocket Lab is no stranger to building satellites for lower orbit and interplanetary missions, but these contracts are our first step into the government geostationary satellite market. It's an exciting expansion. We don't just win contracts, we execute on them.

Rocket Lab 在建造低軌與行星際任務衛星方面並不陌生，但這些合約是我們首次跨入政府地球同步軌道衛星市場的重要一步，令人振奮的擴張。我們不只是贏得合約，我們也會把合約執行到位。

There's no better mission that demonstrates that than our record-breaking results for the VICTUS HAZE mission in Q2. The mission from Space Force was clear, launched an electron orbit in just 24 hours, we did this in 16 hours and 42 minutes, a new record.

最能證明這一點的任務，莫過於我們在第二季於 VICTUS HAZE 任務上創下的破紀錄成果。太空軍的任務要求很明確：在 24 小時內發射一枚 Electron 進入軌道；我們以 16 小時 42 分鐘完成，創下新紀錄。

We also designed and built the satellite that it launched. The space force gave us 72 hours to commission that spacecraft on orbit. We did it in 38. Then we had 84 hours to track, chase and photograph a noncooperative satellite, we did it in less than 59.

我們也設計並建造了該次發射的衛星。太空軍給我們 72 小時在軌完成該航天器的調試（commission）；我們在 38 小時內完成。接著我們有 84 小時去追蹤、追逐並拍攝一顆不合作衛星；我們在不到 59 小時內完成。

VICTUS HAZE was the first time that the space force had ever seen a single prime contractor deliver the Rocket, the spacecraft and orbit operations for the same technically responsive space mission. For Rocket Lab to deliver all three and with record-breaking results demonstrates the advanced capabilities that we're delivering to the Pentagon at a time when space is a key strategic priority.

VICTUS HAZE 是太空軍首次看到單一主承包商同時交付火箭、航天器與在軌操作，並用於同一項技術上高度「快速反應太空」（tactically responsive space）任務。Rocket Lab 能同時交付這三項能力並創下破紀錄成果，展現了我們在太空成為關鍵戰略優先事項之際，正向五角大廈提供的先進能力。

And finally, Rocket Lab is very clearly a space leader in the US, but recently, we deepened our roots in Europe with the acquisition of Mynaric. Whenever Rocket Lab makes an acquisition, we don't just carry on running it. We streamline it, introduce efficiencies, scale production and, in many cases, introduce new capabilities. We're planning to do just that with the official establishment of Rocket Lab, Germany.

最後，Rocket Lab 很明顯是美國的太空領導者，但近期我們透過收購 Mynaric，進一步深化了在歐洲的根基。每當 Rocket Lab 進行收購，我們不只是繼續照原樣營運；我們會精簡流程、導入效率、擴大產能，並在許多情況下引入新能力。我們計畫透過正式成立 Rocket Lab Germany，來做到同樣的事。

There's a real opportunity here for us to establish a regional hub for Constellation class manufacturing as well as full-scale spacecraft assembly integration and test. This will enable Rocket Lab to serve commercial, civil and defense base programs as a domestic European provider, a growing presence there also represents an opportunity to address Europe's launch deficit by bringing a mission tested launch partner to the region to eliminate space access bottlenecks.

我們確實有機會在此建立一個區域樞紐，用於星座級（Constellation class）製造，以及全尺寸太空船的組裝、整合與測試。這將使 Rocket Lab 能以歐洲本土供應商的身分，服務商業、民用與國防基礎計畫；而我們在當地日益擴大的布局，也代表一個機會：把經過任務驗證的發射合作夥伴帶到該區域，以消除太空進入的瓶頸，協助解決歐洲的發射量能缺口。

Europe faces clearing gaps across both launch and spacecraft manufacturing. Rocket Lab Germany aims to address this directly, providing the region with new domestic strength in a rapidly evolving new space era. That wraps up the Space Systems for the quarter, let's move on to launch.

歐洲在發射與太空船製造兩方面都面臨明顯缺口。Rocket Lab Germany 旨在直接因應此問題，在快速演進的新太空時代，為該地區提供新的本土實力。以上是本季的太空系統（Space Systems）更新，接下來我們談發射。

There's been huge demand driving record numbers across new contracts and launch backlog more than $437 million in Q2 and post quarter and 26 new launches that grew our backlog to 90-plus launches after the quarter, our highest in history.

強勁需求推動新合約與發射積壓訂單（launch backlog）創下紀錄：在 2026 年第二季及季後，發射積壓訂單超過 4.37 億美元，並新增 26 次發射，使我們在季後的積壓發射任務成長至 90 次以上，創下歷史新高。

Operationally, electron and haste continue to lead the industry on small launch. We're at 13 launches this year with 100% mission success and on track to beat last year's launch tally Net has signed on for three electron launches across two missions next year. Commercial Constellation customer QPS, has signed on for another three launches. This is the third time they've done a bulk buy in less than a year, taking the total number of launches with us to and we've had a confidential defense prime sign up for a prepare Haste launches in 2027.

在營運面，Electron 與 Haste 持續引領小型發射市場。今年我們已完成 13 次發射，任務成功率 100%，並有望超越去年的發射數量。Net 已簽約明年兩項任務共三次 Electron 發射。商業星座客戶 QPS 也再簽三次發射；這是他們在不到一年內第三次進行批量採購，使其與我們合作的總發射次數提升至（原文未完）。此外，我們也有一家不具名的國防主承包商（defense prime）簽約，預訂 2027 年的（原文：prepare）Haste 發射。

Haste rapid repeatable flight cadence was the clincher for that deal. Our suburb launch capability anchors our largest loan contracts to date, a $266 million contract from the space force for up to 18 missile defense launches. We bid our legacy defense primes for this contract, and it's a second multiyear multi-launch Department award deal for suborbital missions in five months.

Haste 快速、可重複的飛行節奏是促成該交易的關鍵。我們的次軌道（suborbital）發射能力支撐了迄今最大筆的發射合約：來自太空軍（Space Force）價值 2.66 億美元的合約，最多可執行 18 次飛彈防禦發射。我們在此合約中擊敗了傳統國防主承包商（legacy defense primes），而這也是五個月內第二個多年期、多次發射的國防部（Department）授標交易，用於次軌道任務。

These lunches will mostly fly out of our new launch location in Kodiak, Alaska, which opens up Pacific access for Missile Defense testing for our government partner. There's now six Rocket Lab launch pads across three launch sites, giving us unmatched geographical flexibility for all mission types.

這些發射多數將從我們在阿拉斯加科迪亞克（Kodiak）的新發射場執行，為政府合作夥伴的飛彈防禦測試開啟太平洋方向的進入能力。目前 Rocket Lab 在三個發射基地共擁有六個發射台，為各類任務提供無可匹敵的地理彈性。

Speaking of our new launch location, it's time to introduce Ghost. We've mastered the art of building launch sites. Now we're making the deployable worldwide. Our two new pads in Alaska will be deployed using our Ghost containerized deployable launch site technology. Electronics revolutionized small orbital launch and hypersonic testing.

談到我們的新發射場，是時候介紹 Ghost 了。我們已精通建置發射場的技術，現在要讓它可在全球部署。我們在阿拉斯加的兩個新發射台，將採用 Ghost 貨櫃化可部署發射場技術來部署。Electron 革新了小型軌道發射與高超音速測試。

Now we're making it easier to deploy them wherever they needed most, whether that's at the missile defense testing or sovereign orbital launch capability. With Ghost, we deliver the Rocket launch infrastructure, ground support and range control systems and shipping containers establishing launch capability and new locations on rapid time lines. It's easy to promise mobile or deployed launch systems. It's quite another to have the proven rockets, launch sites and contracts to back them up. Once again, Rocket lab is not just talking about it.

現在，我們讓它們更容易部署到最需要的地方，無論是飛彈防禦測試，或是主權軌道發射能力。透過 Ghost，我們以貨櫃形式交付火箭發射基礎設施、地面支援與靶場控制系統，在新地點以快速時程建立發射能力。承諾行動式或可部署發射系統很容易；但要有經驗證的火箭、發射場與合約作為後盾，則完全是另一回事。再一次，Rocket Lab 不只是說說而已。

We're delivering the real capability for real missions. Now on to Neutron. It's been another really big quarter of testing and integration for Neutron. Every part of the vehicle has now seen significant testing. As with any complex development program, we've had to tweak a few things along the way, but we're moving now into final checkout and assembly of all of our flight hardware before integrating them at the pad.

我們正在為真實任務交付真正的能力。接下來談 Neutron。本季 Neutron 的測試與整合又是非常重要的一季。載具的每個部分都已進行大量測試。與任何複雜的研發計畫一樣，我們一路上必須微調一些事項，但我們現在正進入最終檢查與所有飛行硬體的組裝階段，之後才會在發射台進行整合。

First up, Stage 1. We pulled the new barrels and homes of the AFP for the Stage 1 tank and are moving those into assembly. For the end state, new panels are also into the flight assembly after qualification load tests were completed recently. Production currently lines up with the target delivery of Neutron to the paid in Q4 2026. While the window for an end year launch is narrowing, the work we're doing now is about risk trading, balancing the timing of our first launch against how quickly and seamlessly we can scale at tenth launch.

首先是一級（Stage 1）。我們已完成一級燃料箱的 AFP（自動纖維鋪放）新筒段（barrels）與穹頂（domes），並正將其移入組裝。就最終構型而言，新面板也已在近期完成合格載荷測試後，進入飛行組裝。現階段產線進度符合 2026 年第四季將 Neutron 交付至發射台（pad）的目標。雖然年底首飛的窗口正在縮小，但我們目前的工作重點在於風險取捨（risk trading）：在首次發射時程與第十次發射時能多快且順暢地擴產之間取得平衡。

Our focus is on the bigger picture and making sure that when Neutron flies and into service as a system ready for full-scale production and high cadence launch. For Stage 2, the team is completing the install of flight avionics and Fluid Systems before it's out the door to launch complex 3.

我們聚焦於更大的全局，確保 Neutron 一旦首飛並投入服役，即是一套可支援全規模量產與高頻次發射的系統。至於二級（Stage 2），團隊正在完成飛行航電與流體系統的安裝，之後就會送往 3 號發射複合體（launch complex 3）。

Once that arise in Virginia will be doing the integrated fluids sitting and running the flight avionics suite to validate Stage 2s end-to-end performance before we add the our committees vacuum engine. That way, we did risk some of the elements early and avoided added time to the schedule. The next section of the rocket at [LCI] will be Neutron's thrust module. The ancillary teams have been installed and the fluid systems in [Aviles] integration is finishing up now.

待其抵達維吉尼亞後，我們將進行整合流體測試，並運行飛行航電套件，以在加裝（原文：our committees）真空引擎之前，驗證二級端到端的性能。如此一來，我們能提早降低部分要素的風險，避免對時程造成額外延誤。在 [LCI] 的下一個火箭段將是 Neutron 的推力模組（thrust module）。輔助系統（ancillary）已完成安裝，而位於 [Aviles] 的流體系統整合也正接近完成。

Similar story here as well. After the install of the fluids and the Avionics will be taking the thrust module through the integrated systems test on the pad because the module is the only physical interface between the launch vehicle and the launch mount running this test before we integrate the thrust module with Stage 1, lets us derisk how the full vehicle will interact with the pad once everything else arrives. Down at Stennis, we're heading off into the final stretch of Arkema's engine testing. We've completed more than 400 hot fires across both Stage 1 engines and Stage 2 vacuum engines.

這裡的情況也類似。完成流體與航電安裝後，我們將在發射台上對推力模組進行整合系統測試，因為該模組是發射載具與發射座（launch mount）之間唯一的實體介面；在推力模組與一級整合之前先做此測試，可降低當其他部件到齊後整車與發射台互動的風險。在史坦尼斯（Stennis），我們正進入 Archimedes 引擎測試的最後衝刺。我們已在一級引擎與二級真空引擎上完成超過 400 次熱點火（hot fires）。

We're early testing was all about the fundamentals like power level, mix ratio control and achieving duration. Now it's about durability and the stuff that really met it for a reusable engine. We've been intentionally running engines for extended time to prove its margins beyond what they need for a successful flight as well as repeated cycles to understand how durable the engines are after multiple restarts and uses.

我們早期的測試著重於基本面，例如推力等級、混合比控制與達成燃燒時長。現在則聚焦於耐久性——這些才是可重複使用引擎真正關鍵的部分。我們刻意讓引擎長時間運轉，以證明其裕度超出成功飛行所需；同時也進行重複循環測試，以了解引擎在多次重啟與使用後的耐久程度。

With confidence in the engine, we're already into production with a full engine set for new [TransFirst] launch. Once we formally complete qualification, those flight engines will go straight into an acceptance test program at Stent before they're sent up to LCI for integration with a thrust module.

在對引擎具備信心後，我們已開始量產，並已備妥一整套引擎用於新的 [TransFirst] 發射。一旦正式完成資格認證（qualification），這些飛行引擎將直接在 Stennis 進入驗收測試（acceptance test）計畫，之後再送往 LCI 與推力模組整合。

And now to Hungry Hippo. The team has been busy integrating control surfaces, avionics and fluid systems and its thermal protection system and soon, we'll be getting into preflight testing with the most innovative part of Neutron. Once that's done, Hungry Hippo is essentially finished and ready for launch. The next step will be donated to the end of stage when it arrives, and then that will bring us one step closer to having a full vehicle at the launch pad. Out of development and into new contracts.

接著是 Hungry Hippo。團隊一直忙於整合控制面、航電與流體系統，以及其熱防護系統；很快我們將進入 Neutron 最具創新部分的飛行前測試。完成後，Hungry Hippo 基本上就完工並可準備發射。下一步是（原文：will be donated）到末級（end of stage）在其抵達時進行整合，這將使我們更接近在發射台上擁有完整載具。走出研發，邁向新合約。

As we rush closer to first launch, we're seeing huge demand for neutrons early flights. Like I've mentioned earlier, we've been newly awarded a dedicated neutron launch contract for the space force for their space-based airborne moving targets program. This mission is a strong indicator of the trust that the government has in Neutron to support the most critical national security programs.

隨著我們快速逼近首次發射，我們看到市場對 Neutron 早期飛行的需求非常強勁。如我先前提到，我們近期獲得太空軍授予的 Neutron 專屬發射合約，用於其「天基空中移動目標」（space-based airborne moving targets）計畫。此任務強烈顯示政府對 Neutron 的信任，認為它能支援最關鍵的國家安全計畫。

And then on the commercial side, today, we announced a dedicated launch for Kepler Communications to deliver their next set of satellites to lower orbit. That mission will expand the capacity of their network with honor but compute, optical comms and hosted payloads.

在商業方面，我們今天宣布與 Kepler Communications 簽訂專屬發射，將其下一批衛星送入較低軌道。該任務將擴充其網路容量，涵蓋（原文：with honor but compute）運算、光學通訊（optical comms）與搭載式酬載（hosted payloads）。

And it's the first time Kepler has booked an entire rocket for their constellation rather than ride share. Again, another strong signal of the expectation for Neutron to become the industry's alternate ride space for medium missions.

這也是 Kepler 首次為其星座包下一整枚火箭，而非採用共乘（ride share）。同樣地，這是另一個強烈訊號：市場期待 Neutron 成為中型任務的產業替代搭載選項（alternate ride space）。

To understand the momentum behind neutron, you have to look at the broader launch landscape today. Launch has never been so constrained the Pentagon is accelerating procurement for its top priority programs, like we've seen with the NECL Lane 1 tripling its ceiling from $5.6 billion to $17 billion. Military spending in Europe has increased and sovereign launch remains a hot topic globally, too.

要理解 Neutron 背後的動能，必須看今天更廣泛的發射市場格局。發射從未如此受限；五角大廈正加速採購其最優先的計畫，例如我們看到 NECL Lane 1 將其上限從 56 億美元提高到 170 億美元，等同於三倍成長。歐洲的軍事支出也在增加，而主權發射在全球同樣仍是熱門議題。

The truth is that if you want to book a launch now or especially after 2029, the options are extremely limited. Rocket Lab is uniquely positioned in this sense. We have a proven track record with Electron and Haste and customers know we develop and scale reliable launch vehicles, which is why they're coming to us now and locking in neutron slots early. Neutron is going to help unblock the industry's bottleneck, giving operators a reliable capacity than they need for years to come. That wraps up the operational highlights.

事實是，如果你現在想預訂發射，尤其是 2029 年之後，選項極其有限。Rocket Lab 在這方面具備獨特優勢：我們以 Electron 與 Haste 建立了經驗證的實績，客戶也知道我們能開發並擴大量產可靠的運載火箭，因此他們現在就來找我們，提早鎖定 Neutron 的發射檔期。Neutron 將協助解除產業瓶頸，為營運商提供未來多年所需的可靠運力。以上是營運重點更新。

Now over to Adam for the financial overview and outlook.

現在交給 Adam 進行財務概覽與展望。

Thanks, Pete. Second quarter 2026 revenue was a record $234 million, which was within our prior guidance range and reflects significant year-over-year growth of 62% and 16.8% sequentially and driven by strong contribution from both business segments. Our Space Systems segment delivered $189.5 million in the quarter, reflecting a sequential increase of 38.6%. This growth was primarily driven by increased contribution from our satellite manufacturing business, along with initial contribution from our Mynaric acquisition, which closed in the quarter.

謝謝你，Pete。2026 年第二季營收創下 2.34 億美元新高，落在我們先前的財測區間內，並反映年增 62% 與季增 16.8% 的顯著成長，主要由兩大業務部門的強勁貢獻所帶動。我們的太空系統（Space Systems）部門本季貢獻 1.895 億美元，較上季增加 38.6%。此成長主要來自衛星製造業務貢獻提升，以及我們於本季完成交割的 Mynaric 收購案帶來的初始貢獻。

Our Space Systems business continues to perform exceptionally well and provides comforting diversification alongside our robust, but at times won't be launched business. Meanwhile, our Launch Services segment generated revenue of $44.6 million this quarter, representing a 30% decrease compared to the previous quarter despite completing a similar number of launches. This decline is primarily attributable to a shift in the revenue mix between our point-in-time electron business and our overtime Haste business.

我們的太空系統業務持續表現極為出色，並在我們強勁、但有時不會發射的業務旁提供令人安心的多元化。同時，我們的發射服務（Launch Services）部門本季營收為 4,460 萬美元，儘管完成的發射次數與上季相近，但較上季下降 30%。此下滑主要歸因於我們一次性認列（point-in-time）的 Electron 業務與按期間認列（overtime）的 Haste 業務之間的營收組合發生變化。

This quarter was somewhat atypical for our launch operations as we launched haste missions for which a significant portion of revenue had already been recognized in prior periods under the overtime accounting method. In contrast, revenue from Electron emissions is recognized at the point of time of launch.

本季對我們的發射營運而言略顯非典型，因為我們執行了 Haste 任務，其中相當一部分營收已依按期間認列的會計方法在先前期間認列。相較之下，Electron 任務的營收則在發射時點一次性認列。

Now turning to gross margin. GAAP gross margin for the second quarter was 36.1%, above our prior guidance range of 33% to 35%. Non-GAAP gross margin for the second quarter was 41.5%, which was also above our prior guidance range of 38% to 40%. Key drivers to gross margin this quarter include a shift mix within our Space Systems business to our slightly lower gross margin satellite platforms business and initial contributions from our Mynaric acquisition, which similar to prior acquisitions, will need some time to benefit from integration synergies and applying the Rocket Lab operating system and its related scale advantages.

接著談毛利率。第二季 GAAP 毛利率為 36.1%，高於我們先前 33% 至 35% 的財測區間。第二季非 GAAP 毛利率為 41.5%，同樣高於我們先前 38% 至 40% 的財測區間。本季毛利率的主要驅動因素包括：太空系統業務內部組合轉向毛利率略低的衛星平台業務，以及 Mynaric 收購案的初始貢獻；與先前收購案類似，該業務仍需要一些時間才能受益於整合綜效，以及導入 Rocket Lab 營運系統及其相關規模優勢。

Additionally, we recorded a nonrecurring benefit from tariff refunds which was largely offset by an inventory reserve against our new light launch vehicle. Relatedly, we ended Q2 with production related head count of 1,688, up 240 for the prior quarter.

此外，我們認列了一次性的關稅退稅利益，但該利益大致被針對我們新型輕型運載火箭所提列的存貨備抵所抵銷。相關地，我們在第二季末的生產相關人力為 1,688 人，較上季增加 240 人。

Turning to backlog. We ended Q2 2026 with approximately $2.36 billion in total backlog, with launch backlog accounting for approximately 40% and Space Systems representing 60%. While bookings across base systems of launch can be inherently lumpy due to the timing of increasingly larger high-impact program opportunities.

接著談在手訂單（backlog）。我們在 2026 年第二季末的總在手訂單約為 23.6 億美元，其中發射在手訂單約占 40%，太空系統約占 60%。然而，發射基礎系統的接單（bookings）可能因愈來愈大型且高影響力的專案機會之時點而呈現先天的波動性。

Backlog continues to hold at healthy levels despite the step-up in revenue run rate recognition over the past few quarters. We continue to see a strong pipeline that includes multi-launch agreements and large satellite manufacturing contracts across government and commercial programs.

儘管過去幾季營收認列的運行速率（run rate）提升，在手訂單仍維持在健康水準。我們持續看到強勁的商機管線，其中包括多次發射協議，以及橫跨政府與商業專案的大型衛星製造合約。

Notably, subsequent to the quarter end, we signed a significant volume of contracts within Space Systems and launch across all vehicles, which will be reflected in our Q3 backlog and further strengthen our momentum across the business.

值得注意的是，在季末之後，我們在太空系統與發射（涵蓋所有載具）方面簽下了相當可觀的合約量，將反映在我們第三季的在手訂單中，並進一步強化全公司業務動能。

Looking ahead, we expect approximately 45.5% of our current backlog to convert into revenue within the next 12 months. Additionally, we continue to benefit from relatively quick turns business across launch and Space Systems components businesses that drive incremental top line contribution beyond the current 12-month backlog conversion.

展望未來，我們預期目前在手訂單約有 45.5% 將在未來 12 個月內轉換為營收。此外，我們仍受惠於發射與太空系統零組件業務中相對快速周轉的訂單，這些訂單可在現有 12 個月在手訂單轉換之外，帶來額外的營收貢獻。

Turning to operating expenses. GAAP operating expenses for the second quarter of 2026 were $142.1 million, within our guidance range of $138 million to $144 million. Non-GAAP operating expenses for the second quarter were $115.7 million, which was below our guidance range of $120 million to $126 million.

接著談營業費用。2026 年第二季 GAAP 營業費用為 1.421 億美元，落在我們 1.38 億至 1.44 億美元的財測區間內。第二季非 GAAP 營業費用為 1.157 億美元，低於我們 1.20 億至 1.26 億美元的財測區間。

In R&D specifically, GAAP expenses increased $1.9 million quarter-over-quarter, while non-GAAP expenses rose $830,000. These increases were primarily due to incorporating minor expenses as that acquisition closed in the quarter.

在研發（R&D）方面，GAAP 費用季增 190 萬美元，而非 GAAP 費用增加 83 萬美元。這些增加主要是因為該收購案於本季完成交割後，納入了少量費用。

Q2 ending R&D head count was 1,087, representing an increase of [138] for the prior quarter. In SG&A, GAAP expenses increased $7.7 million quarter-over-quarter, while non-GAAP expenses increased $9.8 million quarter-over-quarter.

第二季末研發人力為 1,087 人，較上季增加 [138] 人。在銷售、一般及行政（SG&A）方面，GAAP 費用季增 770 萬美元，而非 GAAP 費用季增 980 萬美元。

The increase in SG&A was primarily due to incorporating Mynaric expenses again, as that acquisition closed in the quarter. Q2 ending SG&A head count was 442, representing an increase of 61 from the prior quarter. In summary, total headcount at the end of the second quarter was 3,217, up 439 heads from the prior quarter.

SG&A 增加主要是因為同樣在本季收購案完成交割後，再次納入 Mynaric 的費用。第二季末 SG&A 人力為 442 人，較上季增加 61 人。總結而言，第二季末總人力為 3,217 人，較上季增加 439 人。

Turning to cash. Purchases of property, equipment and capitalized software licenses were $26 million in the second quarter of 2026, a decrease of $1 million from the $27.1 million in the first quarter. We continue to invest in Neutron, particularly for the return on investment recovery barge as well as launch and test infrastructure investments.

接著談現金。2026 年第二季購置不動產、廠房及設備與資本化軟體授權的支出為 2,600 萬美元，較第一季的 2,710 萬美元減少 100 萬美元。我們持續投資 Neutron，特別是用於投資報酬回收的回收駁船，以及發射與測試基礎設施的投資。

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. GAAP EPS for the second quarter was a loss of $0.08 per share compared to a loss of $0.07 per share in the first quarter. The sequential decline in GAAP EPS primarily reflects the inclusion of Mynaric's results after the acquisition closed, including amortization of in-table assets acquired. GAAP operating cash flow was a use of $84.1 million in the second quarter of 2026 compared to a use of $50.3 million in the first quarter.

隨著我們朝 Neutron 首飛邁進，預期資本支出將維持在較高水準，因為我們將投資於測試、產能擴張與基礎設施擴建。第二季 GAAP 每股盈餘（EPS）為每股虧損 0.08 美元，相較第一季每股虧損 0.07 美元。GAAP EPS 的季減主要反映收購案完成交割後納入 Mynaric 的業績，包括對所取得之可辨認資產的攤銷。2026 年第二季 GAAP 營業活動現金流為淨流出 8,410 萬美元，相較第一季淨流出 5,030 萬美元。

Similar to the capital expenditure dynamics mentioned earlier, cash consumption will remain elevated due to neutron development and new troncal production as we scale the business beyond the initial test flight and as we procure longer lead items for our SDA programs.

如同先前提到的資本支出動態，隨著我們推進 Neutron 開發與新的 troncal 生產、在初次測試飛行之後擴大業務規模，以及為 SDA 專案採購交期較長的項目，現金消耗將維持在較高水準。

Overall, non-GAAP free cash flow, defined as GAAP operating cash flow less purchases of property, equipment and capitalized software in the second quarter of 2026, was a use of $110.1 million compared to a use of $77.4 million in the first quarter.

整體而言，第二季非 GAAP 自由現金流（定義為 GAAP 營業活動現金流減去購置不動產、廠房及設備與資本化軟體）為淨流出 1.101 億美元，相較第一季淨流出 7,740 萬美元。

The ending balance of cash, cash equivalents, restricted cash and marketable securities was roughly $2.4 billion at the end of the second 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 $1.08 billion during the quarter before it was subsequently terminated.

第二季末現金、約當現金、受限制現金與有價證券的期末餘額約為 24 億美元。流動性較上季增加，主要來自我們透過市場隨行（at-the-market, ATM）股權發行計畫出售普通股的所得款項；該計畫於本季募集 10.8 億美元，之後已終止。

These funds are intended to support acquisitions such as the recently announced Iridium acquisition as well as other targets in a robust M&A pipeline, alongside general corporate expenditures and working capital. We exited Q2 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 have done successfully in the past.

這些資金預計用於支持收購案，例如近期宣布的 Iridium 收購，以及其他強勁併購（M&A）管線中的標的，同時也用於一般公司支出與營運資金。我們在第二季結束時處於強勁位置，得以同時推動有機與非有機成長計畫，並進一步垂直整合供應鏈、擴充策略能力與擴大可服務市場，這與我們過去成功的作法一致。

Adjusted EBITDA loss for the second quarter of 2026 was $8.8 million, which was well below our guidance range of $20 million to $26 million of loss. The sequential improvement of $2.9 million in adjusted EBITDA loss was largely driven by higher revenue and strong gross margin. With that, let's turn to our guidance for the third quarter of 2026.

2026 年第二季調整後 EBITDA 虧損為 880 萬美元，明顯優於我們原先預估虧損 2,000 萬至 2,600 萬美元的財測區間。調整後 EBITDA 虧損較上季改善 290 萬美元，主要由較高營收與強勁毛利率所帶動。接下來，我們來看 2026 年第三季的財測。

We expect revenue in the second quarter to range between $250 million and $265 million, representing 10% quarter-over-quarter revenue growth at the midpoint. We anticipate GAAP gross margin to range between 29% to 31% and non-GAAP gross margin to range between 35% to 37%. These forecasted GAAP and non-GAAP gross margins are accounting for a shift in mix within our Space Systems business, and we expect a beneficial remixing impact on gross margins as we look beyond Q3.

我們預期第二季營收將介於 2.50 億至 2.65 億美元之間，以中位數計算，營收季增 10%。我們預期 GAAP 毛利率介於 29% 至 31%，非 GAAP 毛利率介於 35% 至 37%。這些 GAAP 與非 GAAP 毛利率預測已反映太空系統業務內部組合的變化；展望 Q3 之後，我們預期組合重新配置將對毛利率帶來正面影響。

We expect third quarter GAAP operating expenses to range between $143 million and $149 million, and non-GAAP operating expenses to range between $121 million and $127 million. The quarter-over-quarter increases are primarily driven by ongoing Neutron development and spending related to Flight 1, including staff costs, prototyping and materials.

我們預期第三季 GAAP 營業費用介於 1.43 億至 1.49 億美元，非 GAAP 營業費用介於 1.21 億至 1.27 億美元。費用的季增主要由持續的 Neutron 開發，以及與 Flight 1 相關的支出所驅動，包括人員成本、原型製作與材料。

However, we expect to see a shift in spending from R&D to flight to inventory, which is an encouraging sign of progress as we move closer to new transfer flight. We expect third quarter net interest income to be $21 million, which is generally a function of higher cash balances. We expect third quarter adjusted EBITDA loss to range between $17 million and $23 million, and basic weighted average common shares outstanding to be approximately 641 million shares.

不過，我們預期支出將從研發轉向飛行與存貨，這是在我們更接近新的轉移飛行（new transfer flight）之際，一個令人鼓舞的進展訊號。我們預期第三季淨利息收入為 2,100 萬美元，通常主要取決於較高的現金餘額。我們預期第三季調整後 EBITDA 虧損介於 1,700 萬至 2,300 萬美元，基本加權平均流通普通股股數約為 6.41 億股。

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

最後，與前幾季一致，我們預期第三季的非 GAAP 自由現金流仍將為負，且維持在較高水準，主要受 Neutron 開發的持續投資與產能擴張所驅動。此數字不包含本季任何融資活動可能帶來的抵銷影響。

In summary, Q2 was another quarter of strong execution. We continue to see exceptional revenue growth across the business, all while maintaining robust liquidity to fund future growth initiatives. We expect this momentum to continue guiding to strong revenue growth as our satellite platforms business scales exceptionally and Neutron progresses towards first flight. And last but not least, here are some of the upcoming investor events that we'll be attending in the next few months.

總結來說，第二季是另一個執行力強勁的季度。我們持續看到全公司營收呈現卓越成長，同時維持充足的流動性，以資助未來的成長計畫。我們預期這股動能將延續，並指引營收將強勁成長，因為我們的衛星平台業務規模化表現出色，而 Neutron 也正朝首次飛行邁進。最後但同樣重要的是，以下是我們未來幾個月將參加的一些投資人活動。

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

接下來，我們把電話交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Hey, everyone. Good afternoon. Congratulations on the quarter and all the great progress, and thanks for taking our questions. Maybe one on Neutron and one on Iridium. So on Neutron, it's great to see all the recent progress. I guess I want to maybe move past the first launch and talk about scale. In the past, you've given us some cadence on neutron first launches. But I guess my question there is how quickly do we think we could potentially get to 10 launches in additional scale? Is there a possibility to perhaps accelerate the ramp-up process?

各位好，下午好。恭喜本季表現與各項重大進展，也謝謝你們回答我們的問題。我想問一題關於 Neutron，一題關於 Iridium。先談 Neutron，很高興看到近期的進展。我想也許先不談首次發射，而是談規模化。過去你們提供過 Neutron 首次發射的節奏規劃，但我想問的是：我們認為要多快才有可能把發射次數擴大到 10 次？是否有可能加速爬坡的進程？

And then finally, with the space industry still significantly constrained on the launch side, how are you thinking about ASPs going forward? Is there an opportunity perhaps to increase ASPs, both of neutron and maybe electron and haste as well? Thank you.

最後，鑑於太空產業在發射端仍然明顯受限，你們如何看待未來的 ASP（平均售價）？是否有機會提高 ASP，不論是 Neutron，或是 Electron 與 Haste 也一樣？謝謝。

Yeah, Andrew, good to chat to you. So thanks for the question. So with respect to Neutron, I guess one of the questions that I think people should be asking us is Obviously, the first flight is extremely important, but what about Flight 10 because that's probably the -- in my -- apart from first flight, the second most important thing. And how quickly we can scale into cadence is absolutely critical. So I think as we are kind of working forward with the vehicle right now and the way we're thinking about things is it's not just to get to the pad quickly for Flight 1.

是的，Andrew，很高興跟你聊。謝謝你的問題。關於 Neutron，我想大家應該問我們的一個問題是：顯然首次飛行非常重要，但第 10 次飛行呢？因為在我看來——除了首飛之外——那可能是第二重要的事情。而我們能多快把發射頻率擴大到穩定節奏，絕對至關重要。所以當我們目前在推進這型火箭時，我們的思考不只是要讓第 1 次飛行盡快上發射台。

Of course, we all want that no one more than I, but it's really about how do we get to Flight 10 in the shortest time possible. So for us, that's really all about reusability and we're constantly trading the time lines and the qualification criteria for the various systems and subsystems to get to the pad on for Flight 1, but also making sure that when it comes to Flight 10 that we'd have to go back and requalify things.

當然，我們都希望如此，沒有人比我更希望，但真正的重點是：我們如何在最短時間內達到第 10 次飛行。對我們而言，這完全取決於可重複使用性；我們持續在各系統與子系統之間權衡時程與認證標準，一方面要讓第 1 次飛行能上發射台，另一方面也要確保到了第 10 次飛行時，不需要回頭重新做認證。

So there's a constant kind of assessment along that way. And I think our ramp that we've sort of explained to everyone is a 135 ramp, and that's been kind of educated from what we did with Electron. But for Neutron, it really is all about reusability.

因此一路上都會有持續性的評估。我們先前向大家說明的爬坡路徑是 1、3、5 的節奏，這在某種程度上是從我們在 Electron 的經驗中歸納而來。但對 Neutron 而言，關鍵真的在於可重複使用性。

And the more robust we can fall into reusability, then the faster we can scale it. And clearly, you've seen the strain in the launch industry right now and the need, not just for new vehicles, but new vehicles at cadence. So I guess that that's how we're sort of balancing all those things.

而我們在可重複使用性上做得越扎實，就能越快擴大規模。你也清楚看到目前發射產業的吃緊，以及市場不僅需要新載具，更需要能以固定節奏提供發射的新載具。所以我們就是在這些因素之間做平衡。

And I'll let Adam comment on the ASP.

至於 ASP 的部分，我讓 Adam 來補充。

Yeah. No. Look, I think on the ASPs, it's really a function of what's going on in the broader kind of launch market. we brought -- sorry, new tran to market with a $50 million to $55 million ASP with a commitment really not to do any significant discounting for early launches. And we've stuck to that.

好的。關於 ASP，我認為主要取決於整體發射市場的狀況。我們把 Neutron——抱歉——把 Neutron 推向市場時，ASP 訂在 5,000 萬到 5,500 萬美元，並承諾對早期發射不做任何大幅折扣。我們也一直遵守這點。

We feel very good, though, about where the market is from a supply versus demand perspective. And I think right now, the view is that we see more upside to ASPs and certainly anything that are down or sideways. So I think we feel good. I think it's left us room to move pricing as demand continues to firm up. And again, I think there's probably more upside in that mix than the downside.

我們對目前市場在供給與需求的態勢感到非常樂觀。我想現在的看法是，ASP 更可能有上行空間，而不是下滑或持平。因此我們感覺不錯；這也讓我們在需求持續轉強時，仍保有調整價格的空間。再說一次，我認為這個組合裡上行的可能性大於下行。

Excellent. Thank you both. Really appreciate all that color. And maybe just a quick one on Iridium. So Peter, you touched on it a little bit in your prepared remarks, but just wondering if you can maybe elaborate a bit further on the overall combined strategy, what new opportunities does Iridium unlock both through vertical integration and with their 60 constellation-plus? What new awards and opportunities can you now pursue? And maybe separately, how will you ultimately think about assigning neutron launches to Iridium's new Constellation and new customers? Thank you.

太好了。謝謝兩位，真的很感謝這些補充說明。再快速問一題 Iridium。Peter，你在事先準備的講稿中有稍微提到，但想請你再多談一些整體的整合策略：Iridium 透過垂直整合以及其 60 顆以上的星座，能為你們解鎖哪些新機會？你們現在可以追求哪些新的標案與機會？另外，未來你們會如何思考把 Neutron 的發射任務分配給 Iridium 的新星座與新客戶？謝謝。

Yeah. Thanks. So I mean, obviously, we're very excited about it. I think there's a lot of obvious I think I've always been very clear that the large space companies of the future are going to have the ability to launch their own satellites that they've built themselves on their own rocket. I think that's very clearly demonstrated as being superior.

謝謝。我們當然非常興奮。我認為有很多顯而易見的好處。我一直很清楚地說，未來的大型太空公司，將具備用自家火箭發射自家製造衛星的能力；這點已非常明確地被證明是更優的模式。

So that's obviously really exciting. We've got a lot of areas that we think we can grow that business. And if you look at the cost of what it costs Iridium to put up the initial constellation and we sit here with the -- on the back of an envelope and what we could do it for now. It's pretty stark. So -- and obviously, a good way.

所以這當然非常令人振奮。我們認為有很多領域可以擴大這項業務。如果你看看 Iridium 當初把初代星座送上太空的成本，而我們現在用粗略估算（在信封背面算一算）就能算出我們如今可以用多少成本做到，差距非常明顯——而且是往好的方向。

So we think there's lots of opportunities. there. And then no, I think your point is right. We also -- as we're thinking about neutrons capacity in this environment where demand is extreme -- we need to obviously serve the commercial market. We need to make sure that we have some launches left for our government customer as we've been onboarded onto the NSL program. And we also need to make sure we have capacity for ourselves because ultimately, our intention here will be to improve that constellation. So it's all a bit of a juggling act for sure.

所以我們認為機會很多。你提到的點也沒錯：在目前需求極度強勁的環境下，當我們思考 Neutron 的產能時——我們必須服務商業市場；也必須確保為政府客戶保留一些發射名額，因為我們已被納入 NSL 計畫；同時也要確保我們自己有足夠的產能，因為我們最終的意圖是要升級那個星座。所以確實需要多方權衡與調度。

Wonderful. Thank you so much. Congrats again on the quarter. Looking forward on Neutron. I'll pass it on.

太棒了。非常感謝。再次恭喜本季表現。也期待 Neutron 的進展。我把問題交給下一位。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

Great. Thanks. Thanks for taking the question. So Peter, on Iridium for a second, just obviously, they come in, they bring some real nice profitability and a presence in the applications market, which you want. They bring slower growth, and I know you've been pretty impressive with previous acquisitions, particularly on margins. But here, you're going to have to really try to reaccelerate or accelerate that top line. Like what are the lowest hanging fruit, so to speak, in terms of things that you can do over the shorter to intermediate term to accelerate their top line?

很好，謝謝。謝謝讓我提問。Peter，先談一下 Iridium。很顯然，他們加入後帶來相當不錯的獲利能力，以及你們想要的應用市場布局。他們也帶來較慢的成長，我知道你們過去在併購上表現很亮眼，尤其是在毛利率/利潤率方面。但這次你們將需要設法重新加速或加快其營收成長。那麼就短期到中期而言，你們認為有哪些「最容易摘的果實」，也就是最直接可做、能加速其營收成長的措施？

Yeah. It's a great question. So firstly, it's a quite essential Rocket lab deal and the fact that we're not buying a big hole in our P&L, as you point out, right? So they bring some nice profitability and the constellation itself is good into 2035. And there's -- and you also pointed out correctly that it's a relatively slow-growing business.

這是個很好的問題。首先，這是一筆非常典型的 Rocket Lab 交易，因為如你所說，我們不是在買一個會在損益表上造成巨大虧損的標的。他們帶來不錯的獲利能力，而該星座本身可用到 2035 年。此外，你也正確指出，這是一個相對成長較慢的業務。

But for us, as we think about some of the initiatives that they've already embarked on to grow, I think we can supercharge those especially in the area of P&T and with a relatively modest tweak to a constellation add a whole bunch more capability.

但對我們而言，當我們思考他們已經在推動的一些成長計畫時，我認為我們可以把這些計畫「加上渦輪」，特別是在 P&T 領域；而且只要對星座做相對小幅的調整，就能增加大量能力。

But also I think it puts us in a totally different position from the perspective of some of our government customers. Because previously, we can go along to our government customer and they give us full credit that we can design and build launch vehicles and you jump on a rocket lab launch vehicle, and you have no concern about getting to all. But also, the same goes for building spacecraft.

同時，我也認為這讓我們在面對部分政府客戶時，處於完全不同的位置。因為過去我們去找政府客戶時，他們完全相信我們有能力設計與製造運載火箭；你搭乘 Rocket Lab 的火箭，對能否順利到達軌道毫無疑慮。同樣地，在製造太空載具方面也是如此。

I think we've demonstrated we can build anything from a low earth orbit comms bird through to something that goes to Mars. But where it gets a little bit tricky for us is to put our hand in our heart and say, well, we can do a mission-critical life-critical constellation and provide services and manage all that. credibly before an Iridium acquisition, we couldn't do that.

我想我們已證明，我們能打造從近地軌道通訊衛星到前往火星的各種任務。但對我們來說，較棘手的是要拍著胸脯說：我們能夠執行一個任務關鍵、甚至攸關生命安全的星座，並提供服務、管理所有相關運作；在收購 Iridium 之前，我們還無法有足夠可信度地做到這點。

So I think we turn up to a government customer and commercial customers to that sense with just a whole new set of toolkits and capabilities that really sets us out from everybody else really apart from one other provider in the market. So I think that in itself provides a lot of opportunity. Our focus is rightly so with the acquisition from day one will be growth, growth, growth.

所以我認為，我們面向政府客戶與商業客戶時，帶來的是一整套全新的工具組與能力，這讓我們與幾乎所有其他業者明顯區隔開來——市場上大概只有另一家供應商可相提並論。因此我認為，光是這一點就帶來了很多機會。我們的重點也理所當然地，從併購第一天起就會是成長、成長、成長。

Yeah. Makes sense. One last for me on cost. Very interesting. Talk a bit more about that, what infrastructure is needed at the site? It sounds like you bring a lot. There's clearly going to be some things that have to be there. But I'm particularly interested in kind of what business can or will this capture that you couldn't otherwise capture? And really, what was the genesis of the idea?

是的，有道理。我這邊最後一題關於成本，這點很有意思。能否再多談一些：在場址需要哪些基礎設施？聽起來你們會帶來很多東西，顯然也會有一些必須在現地具備的項目。但我特別想了解的是：這能夠捕捉到哪些原本你們無法取得的業務？以及這個想法最初的起源是什麼？

Yeah, it was really a request from a customer. They have very important needs for the HAE program and to be able to service those needs. We need to be able to be a little bit more mobile than we are. So it's not a -- maybe we'll build it and someone will be interested in that capability. We're definitely directed to that capability.

是的，這其實是客戶提出的需求。他們對 HAE 計畫有非常重要的需求，而為了能夠滿足這些需求，我們必須比現在更具機動性。所以這不是那種——也許我們把它建起來，然後就會有人對這項能力感興趣。這項能力是明確被要求、被導向要具備的。

And we don't need a lot that we've built 3 pads for electron to date. And the 1 thing I'll say that with Neutron that what used to feel like big pieces of steel feels on electron scale, feels like very small piece pieces of steel now. So to move on to paid infrastructure around on Electron scale is really quite arbitrary for us at this point.

而且我們不需要太多——到目前為止我們已經為 Electron 建了 3 個發射台。我想說的是，到了 Neutron 的尺度，以前看起來像是很大塊的鋼材，在 Electron 的尺度上現在就像是非常小的一小塊鋼材。因此，要在 Electron 的尺度上移動或部署發射台相關的基礎設施，對我們來說此刻其實相當隨手、不是什麼大事。

Yeah. Fair enough. I leave it there. Thanks so much.

好的，可以理解。我就先到這裡。非常感謝。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Great. Peter, and Adam. Thank you for taking the questions. Maybe just a follow-up or pack on the growth question. Should we there ways we should think about the price per launch or the revenue per launch and then maybe the cost structure around those now got enabled launches as compared to an electron launch or even a haste launch? I know I think case, you were able to charge more. So just curious as you do more of these got capability launches, if that's going to kind of change the financial profile a little bit of those.

很好。Peter 和 Adam，感謝你們回答問題。我想就成長的問題再追問或延伸一下。我們應該如何看待每次發射的價格或每次發射的營收，以及目前這些「具備某種能力」的發射相較於 Electron 發射、甚至 Haste 發射的成本結構？我知道我想在 Haste 的情況下，你們能收取更高的價格。所以我只是好奇，當你們做更多這類具備能力的發射時，是否會在某種程度上改變其財務輪廓？

Yeah. Look, I think, obviously, these are Haste's missions. That's happening out of the West Coast. So I think you should look at pricing to be pretty consistent with what we've been showing on has. I think overall, again, as this type of mission becomes more strategic and important, particularly if certain elements of gold and dumb continue to proliferate the way many thing that they will, there'll be more demand for these types of things.

是的。你看，我認為很明顯，這些是 Haste 的任務，是在西岸執行的。所以我認為你應該預期定價會與我們在 Haste 上所呈現的水準相當一致。整體而言，再次強調，隨著這類任務變得更具策略性、也更重要，特別是如果某些元素（例如「gold and dumb」）持續以許多人預期的方式擴散，那麼對這類任務的需求會更高。

So it feels like we could be in the early phase of Haste demand. I think certainly, we've seen great demand and great backlog build in the last few quarters. But as that continues, again, we think we're in a very enviable spot with regard to unique capabilities to deliver these kind of missions for the government customer. And we also think there's international opportunities as well.

因此感覺我們可能正處於 Haste 需求的早期階段。我認為當然，我們在過去幾個季度已看到很強的需求，以及很可觀的積壓訂單成長。但隨著這種趨勢延續，我們認為就為政府客戶交付這類任務而言，我們在獨特能力方面處於非常有利的位置。我們也認為還有國際市場的機會。

So if haste kind of behaves like other parts of the Electron portfolio where ASPs have gone up pretty significantly over the years, we could be looking at the same kind of opportunity for haste across both our Virginia pad the new pads in Alaska and then, of course, even opportunities from New Zealand.

所以如果 Haste 的表現像 Electron 產品組合的其他部分一樣——多年來 ASP（平均售價）顯著上升——那麼我們也可能在 Haste 上看到同樣的機會，涵蓋我們在維吉尼亞的發射台、阿拉斯加的新發射台，當然也包括來自紐西蘭的機會。

Great. Thanks. Perfect. And then maybe 1 quick follow-up for semi related. For the new Kodiak site, is there going to be a step-up in CapEx kind of associated with that that's maybe not already accounted for? How should we think about that in terms of the comments you've made around CapEx kind of for the balance of the year? Thanks.

很好，謝謝，完美。那再一個半相關的快速追問：對於新的 Kodiak 場址，是否會有一筆與之相關、但可能尚未納入的資本支出（CapEx）增加？就你們對今年剩餘期間 CapEx 的評論而言，我們應該如何看待這點？謝謝。

Yeah. No, there's some CapEx required for that. But again, as Pete was mentioning, in the context of what we've been dealing with Neutron, it's relatively in the noise and the contracts that we engage with have some CapEx funding in them. yes, they'll show up in a CapEx increase, but they're funded under that agreement to a large part.

是的，確實需要一些 CapEx。不過如 Pete 提到的，以我們在 Neutron 上所處理的規模來看，這相對只是雜訊等級；而且我們所簽訂的合約中包含部分 CapEx 的資金支持。是的，它們會反映為 CapEx 的增加，但在很大程度上會在該協議下獲得資金挹注。

Got it. Great. Thanks for taking the questions.

了解。很好，謝謝你們回答問題。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Hi, good afternoon. Thanks for taking our questions. Want to come back on Iridium. And I'm curious, I know you mentioned technically, you can't run until mid-2030s, but how are you thinking about the timing and sort of the potential synergies you might have with the next gen constellation? And then obviously, the landscape is going to change a lot. by 2035. So is the idea to actually deploy the next-gen constellation sooner?

嗨，下午好。謝謝你們回答我們的問題。我想回到 Iridium。我很好奇，我知道你們提到從技術上來說，你們可以運行到 2030 年代中期，但你們如何看待時程，以及與下一代星座可能產生的協同效應？另外很明顯，到 2035 年整個競爭版圖會改變很多。所以你們的想法是實際上更早部署下一代星座嗎？

Yeah, hi, Edison. So you're right in the fact that the landscape for direct to mobile and to services from Internet from space is going to change a lot. But one of the really nice things that we liked about the Iridium kind of business model is these are L-bands. So rain and weather penetrating indoors penetrating spectrum because novel spectrum is the same as I'm sure you're aware. And just the safety, critical and stickiness of the current application.

是的，嗨 Edison。你說得對，直連手機（direct-to-mobile）以及「從太空提供網際網路服務」的版圖會有很大變化。但我們喜歡 Iridium 商業模式的一個很棒之處在於：這些是 L 頻段。因此它具備穿透雨衰與天候、穿透室內的頻譜特性，因為新穎頻譜（novel spectrum）就是——我相信你也知道——以及目前應用的安全關鍵性與黏著度。

So I guess I'm less concerned about I'm happy to let the larger players fight over some of those Internet and space type markets. Meanwhile, we think what Iridium has with -- in particular with the L-band spectrum is very important today, but actually going to be more important in the future.

所以我想我比較不擔心——我也樂於讓更大的玩家去爭奪那些「太空網際網路」類型的市場。與此同時，我們認為 Iridium 所擁有的——特別是 L 頻段頻譜——今天非常重要，而且未來會更重要。

So I guess the landscape for me doesn't look vastly different. And I think it's also too early to quantificate about a new constellation now clearly, the whole point of this is that we are a self-launching machine now. So there will be a constellation, but I don't think we're ready to talk about exactly what that's going to be right just this early.

所以對我而言，競爭版圖並不會看起來有天翻地覆的不同。而且我認為現在就去量化（quantificate）一個新星座還太早。很明顯，這整件事的重點在於我們現在是一台能自我發射的機器。因此一定會有一個星座，但我們還沒準備好在這麼早的階段談它究竟會是什麼樣子。

Understood, understood. Separate topic. You obviously won several pretty big satellite awards flat you have the GEO award. Maybe it's for Adam, any sense on the timing of the ramp of these contracts? Are these fairly linear? Or are these going to be a bit more lumpy? Thank you.

了解，了解。換個話題。你們顯然拿下了幾個相當大的衛星合約，你們也有 GEO 的獎項。也許問 Adam：這些合約的放量時程大概會是怎樣？會相對線性嗎？還是會比較不均勻、呈現跳躍式？謝謝。

Yeah. No, I think our contracts, again, on the government side are pretty typical. I mean these programs are the ones that last for, call it, four years and the kind of [10, 40, 40, 10] kind of curve is still looking to be approximately right. Each program is a little bit different, but I think that's a good way to model it going forward.

是的。不，我認為我們的合約——同樣地，在政府端——是很典型的。我的意思是，這些計畫通常會持續大約四年，而那種大致呈現 [10, 40, 40, 10] 的曲線看起來仍然大致正確。每個計畫會有些差異，但我認為用這種方式來建模未來是個不錯的方法。

Great. Thank you.

很好，謝謝。

Jan Engelbrecht, Baird.

Jan Engelbrecht，Baird。

Good afternoon, and congrats on another set of great results. I think I'll start with the spacecraft components supply chain as a whole. Just obviously, you guys benefit internally just given your vertical integration. But as other companies and customers of yours start to try and ramp up their satellite constellations. And if you just look at some of these components, reaction wheels, laser terminals, coder panels, thrusters, where do you guys sort of see the biggest opportunity across those components? And what's the capacity like looking at your factories today versus over the next couple of years as loans cadence picks up and as more satellites going to orbit. Thank you.

下午好，也恭喜你們再度交出一組很棒的成績。我想先從整體航太器零組件供應鏈談起。很明顯，你們因為垂直整合而在內部受益。但當你們的其他公司客戶開始嘗試加速擴張其衛星星座時，如果看一些零組件——反作用輪、雷射終端、編碼器面板（coder panels）、推進器——你們在這些零組件中看到最大的機會在哪裡？以及就你們目前工廠的產能來看，與未來幾年隨著發射頻率提升、更多衛星進入軌道相比，產能會是什麼狀況？謝謝。

Thanks for the question because I think people think of launch is a big moat and launch. Yeah, launch is a really, really big moat. But equally well, spacecraft components is a big moat because if you just turn up in the industry and say, 11,000 reaction wheels, then your chances are getting them are almost zero. And unless you come to perhaps us. So I think we've built a decent sense of scale within all of the components businesses.

謝謝這個問題，因為我認為大家會覺得發射是一道很深的護城河——而發射確實是一道非常非常深的護城河。但同樣地，航太器零組件也是一道護城河，因為如果你只是走進這個產業說「我要 11,000 個反作用輪」，那你拿到的機率幾乎是零——除非你可能來找我們。所以我認為我們已在所有零組件業務中建立了相當程度的規模。

But I very much look at it as a motion. I think probably when some of the analysts that have been on with us here for a long time when we first announced like an old solar company in Albuqurque, you are thinking what on earth is pet on. But you can see now that we've scaled that to being the largest space-grade solar manufacturer in the world. And every single satellite needs solar and tremendous amounts of it. So I think the components element continues to grow year after year. And as more constellations and more spacecraft come into production, that only continues to grow for us.

但我更把它視為一個長期的演進。我想可能有些長期跟著我們的分析師還記得，當我們最初宣布在阿布奎基（Albuquerque）收購一家老牌太陽能公司時，你們可能在想「Pete 到底在幹嘛」。但你們現在可以看到，我們已把它擴張成為全球最大的太空級太陽能製造商。而每一顆衛星都需要太陽能，而且需求量非常大。所以我認為零組件這一塊會年復一年持續成長；隨著更多星座與更多航太器進入量產，對我們而言只會持續成長。

Yeah. And I would add to that, that being a component provider on a merchant level is interesting. It's a growing business for us. Most of those products have very nice margins associated with them. it's more strategic than that for us because really, what we do is we're looking to -- as you look at the growth that we had on the program side of things, that's really enabled to a large part because we're able to eliminate margin stacking and just be that much more competitive in going after these large strategic programs.

是的。而且我還想補充一點，作為商業層級的零組件供應商很有意思。這對我們來說是一項正在成長的業務。這些產品大多具有非常不錯的毛利率。對我們而言，它不僅如此，更具策略性，因為實際上，我們所做的是——當你看我們在方案（program）端的成長時，那在很大程度上之所以能實現，是因為我們能夠消除利潤層層加價（margin stacking），從而在爭取這些大型策略性方案時更具競爭力。

So the ability to basically take advantage of the scale as a merchant provider and then further use that internally to be more competitive on these large, bigger programs, as you've seen us be successful in closing on that's really kind of where the magic all comes together. It's more than just kind of playing in a healthy merchant component market. It's really about kind of feeding and enabling this much more strategic capability building part of our platforms business.

因此，作為商業供應商能夠基本上利用規模優勢，並進一步在內部加以運用，讓我們在這些大型、更大的方案上更具競爭力——正如你看到我們成功拿下的那些——這就是所謂的「魔法」匯聚之處。這不只是參與一個健康的商業零組件市場而已。更重要的是，這在於為我們平台業務中更具策略性的能力建構部分提供養分並賦能。

Perfect. Thanks, Peter. A quick follow-up, if I may. Just returning to the haste contract, the $266 million contract. Are you guys sort of going to break out the cost between sort of launch and actually building the pad because I think if you just look at the 18 launches then it implies sort of a $50 million sort of ASP, which I don't think is potentially correct.

太好了。謝謝你，Peter。我可以快速追問一下嗎？回到 HASTE 合約，也就是那份 2.66 億美元的合約。你們會不會把成本拆分成發射（launch）與實際建造發射台（pad）的部分？因為如果只看 18 次發射，似乎暗示每次的平均售價（ASP）大約是 5,000 萬美元，但我覺得這可能不太正確。

Maybe there's some launch infrastructure that's being funded as part of the contract, but maybe just on has as a whole ASPs and then just sort of how we -- what's the negotiations looking with commercial customers? Because I think in May, you guys booked your first contract with Andre. But what's sort of the follow-on, what's that look like on haste for commercial customers specifically? Thank you.

也許合約中包含了某些發射基礎設施的資金，但想請你們談談 HASTE 整體的 ASP，以及我們——你們與商業客戶的談判進展如何？因為我記得在 5 月你們與 Anduril 簽下第一份合約。但後續呢？對於商業客戶而言，HASTE 的後續動能看起來如何？謝謝。

Yeah. So on -- you're absolutely right. There is a bunch of stuff that's mixed into that the overall $266 million contract value. I mentioned earlier, I think when the question was asked, there is some funding in there for infrastructure. So I mean, obviously, these launches will come through when we recognize the revenue based on the standalone price for those launches.

是的。關於——你說得完全正確。整體 2.66 億美元的合約價值裡面混合了不少內容。我先前在被問到這個問題時也提到，其中包含一些基礎設施的資金。所以，我的意思是，顯然，這些發射在我們依據各次發射的獨立售價（standalone price）認列收入時，會逐步反映出來。

there'll be separate revenue with regards to continuing operations and so forth. And of course, the infrastructure build-out will show up in incremental CapEx spend and then depreciation and amortization, I would say, overall, nothing that you see in that contract will change the way that the margin profile of that haste business, which is actually coming along quite nicely, if you look in the overall scheme of kind of Electron and Haste. So yeah, I don't see any difference there. And on the commercial side of haste, maybe Pete, do you want to speak to that?

另外，關於持續營運等也會有分開的收入。當然，基礎設施的建置會反映在額外的資本支出（CapEx）增加，之後則會體現在折舊與攤銷上。我會說，整體而言，你在那份合約中看到的任何內容，都不會改變 HASTE 業務的毛利結構；如果你從 Electron 與 HASTE 的整體脈絡來看，這塊其實進展得相當不錯。所以，是的，我看不出那裡會有差異。至於 HASTE 的商業端，Pete，你要不要談一下？

Yeah. No. Certainly seeing more interest. And as some of the these larger defense programs come to fruition. Has really proven itself as the go-to solution there. So yes, plenty of interest in conversations and stuff going on there.

是的。當然，我們確實看到更多興趣。隨著一些較大型的國防方案逐步落地，HASTE 已經證明自己是那裡的首選解決方案。所以是的，有很多興趣、對話以及相關進展正在進行中。

Perfect. Thank you. Appreciate it.

太好了。謝謝。很感謝。

Erik Rasmussen, Stifel.

Erik Rasmussen，Stifel。

Yeah. Thanks. Maybe my first on Iridium. I know it's still early days. You outlined a few target markets. Initially, they're looking to go after the narrowband IoT services. But at what point or would there be an opportunity maybe to look at the broadband layer? And if so, what would that entail if that's a route that you wanted to go down?

是的，謝謝。我的第一個問題可能關於 Iridium。我知道現在還在早期階段。你們提到幾個目標市場。一開始他們打算切入窄頻 IoT 服務。但在什麼時間點，或者是否會有機會去看寬頻層（broadband layer）？如果有的話，那會需要做些什麼——如果那是你們想走的路徑？

Yeah, Erik. I mean it's the wrong kind of spectrum for broadband. I mean, the L-band spectrum has very unique advantages to it than some of the more broadband spectrum. And I've learned to never say never. But I think the two most wealthiest people in the world are going after that, and that's quite a challenge to go and compete.

是的，Erik。我的意思是，這個頻譜類型並不適合做寬頻。L 波段頻譜相較於一些更偏寬頻的頻譜有非常獨特的優勢。我也學到永遠不要說不可能。但我認為世界上最富有的兩個人正在追逐那個方向，要去競爭是相當大的挑戰。

But we see value in other places where you could have the most amount of spend spectrum you want and the most amount of satellites you want. But if you don't have an L-band spectrum, there's going to be certain things that you just can't do.

但我們在其他地方看到價值：你可以擁有你想要的最多頻譜支出、你想要的最多衛星，但如果你沒有 L 波段頻譜，就會有某些事情你就是做不到。

Got you. Okay. And then maybe just, Adam, you talked about Mynaric gross margins being pressured initially, where are the margins today in that business? And what's the target margin profile? And when do you think you might get to that framework that time frame to get to that target profile?

了解。好。那接著可能問一下，Adam，你提到 Mynaric 的毛利率一開始會受到壓力。那目前那項業務的毛利率大概在哪裡？目標毛利結構是什麼？你認為大概什麼時候能達到那個目標框架、時間表？

Yeah. Look, I think the gross margins for Mynaric coming out of the gate, they're always going to be a little bit lower. I mean I think that, as people know, that asset had some challenges, had some supply chain issues went through an insolvency process, and so we're in the process of building that back up. I would say that if you think about where I can't really comment because it's been less than really a quarter that we've owned the business. So I don't want to go into too many details on where gross margins are falling out.

是的。你看，Mynaric 剛起步時的毛利率本來就會偏低一些。我想大家都知道，那項資產之前有一些挑戰，有一些供應鏈問題，也經歷了破產重整（insolvency）程序，所以我們正在把它重新建立起來。我會說，如果你要問目前在哪裡——我其實不太方便評論，因為我們持有這項業務還不到一個完整季度。所以我不想就毛利率落點提供太多細節。

We're still doing some work there. But going forward, we think this business will really kind of look in line with the rest of our Space Systems kind of merchant business. It may take us a few quarters to get there. I think you may recall because you've been along on this journey for quite some time.

我們仍在做一些工作。但往前看，我們認為這項業務最終會與我們 Space Systems 其他商業（merchant）業務大致一致。可能需要幾個季度才能到那裡。我想你也記得，因為你一路跟著我們走了很長一段時間。

When we acquired Solero, the margins were quite challenged, called high single digits, and we were able to get that in line with our overall target for the business. This won't take nearly that long. This is one where we've been able to take relatively decisive action on understanding what needs to be done to get the margins up.

當我們收購 Solero 時，毛利率相當吃緊，大概是高個位數百分比（high single digits），而我們成功把它拉回到符合我們整體的業務目標。這次不會花那麼久。這是一個我們能相對果斷採取行動、並且清楚知道需要做什麼來提升毛利率的案例。

We're also facing increased volumes in that business over the next several quarters. So we have a combination of revenue growth and some cost efficiencies that are really going to get the business into fighting shape relatively quickly.

此外，接下來幾個季度那項業務的出貨量也會增加。所以我們同時具備營收成長與一些成本效率，能讓這項業務相對快速地進入可競爭的狀態。

Great. Thank you.

很好，謝謝。

Alex Potter, Piper Sandler.

Alex Potter，Piper Sandler。

Hi, [Adam]. This is Ben Johnson online for Alex Potter. I guess first question is, can you guys just kind of walk through the big milestones that you view as the highest risk to getting neutron to the pad in 4Q?

嗨，[Adam]。我是 Ben Johnson，代 Alex Potter 在線上。我想第一個問題是，你們能否帶我們走一遍：你們認為要在第四季（4Q）讓 Neutron 上發射台（to the pad）時，哪些重大里程碑的風險最高？

Yeah, hi, Ben, probably the stage testing is always the thing that gets your adrenal and running because you have fully fueled vehicles on the pad. And you're igniting the engines for the first time. And I think you can also see for another space company that when it doesn't go well, it really doesn't go well. So I think that's always the last big milestone before flight.

是的，嗨 Ben，可能級間測試（stage testing）永遠是最讓人腎上腺素飆升的事情，因為你在發射台上有完全加注燃料的載具，並且第一次點火引擎。我想你也可以從另一家太空公司看到，當事情不順利時，真的會非常不順利。所以我認為那通常是飛行前最後一個重大里程碑。

And then depending on how much granular detail you want to go into then there's a decreasing series of kind of important milestones. But once you see some stuff rolling outside that looks completely finished and doing tests, I think those are good pointers.

然後取決於你想深入到多細的層級，後面還有一連串重要性逐步降低的里程碑。但一旦你看到有些東西被推出去、看起來完全完工並在做測試，我認為那就是很好的指標。

Great. Thank you. And then my second question is on -- so you previously talked about the benefits of establishing a footprint in Europe, with the Mynaric deal. What are some of the initial green shoots you've seen? Can you elaborate on the interest you've seen from customers in Europe? And is that primarily on the satellite or launch side?

很好，謝謝。那我的第二個問題是——你們之前談到透過 Mynaric 交易在歐洲建立據點的好處。你們看到哪些初步的「綠芽」（green shoots）？能否更具體說明你們在歐洲看到的客戶興趣？那主要是在衛星端還是發射端？

Yeah, Europe is a really interesting market. It's typically been extremely kind of sheltered. But with the kind of the recent geopolitical tensions, all of the European nations are looking for sovereignty. And a good example, more recently, as Germany had put over $40 billion in place for our satellite missile warning system along with other things. And typically, that would have been outsourced to other nations.

是的，歐洲是一個非常有意思的市場。它過去通常是非常受保護的。但隨著近期地緣政治緊張升溫，所有歐洲國家都在追求主權能力。舉個近期的例子，德國已經投入超過 400 億美元，用於我們的衛星飛彈預警系統以及其他項目。通常這類事情會外包給其他國家。

So even in that alone, that's an area that Rocket Lab has tremendous experience and capabilities. So the challenge, of course, being that Europe generally hasn't got a lot of these capabilities. So they sort of need a lot of help to get there.

光是這一點，就是 Rocket Lab 具備大量經驗與能力的領域。當然，挑戰在於歐洲一般來說並沒有太多這些能力，所以他們需要很多協助才能達到那個水準。

And then on launch itself, we'll see. But I mean, clearly, Europe really only has a couple of launch vehicles that are launching relatively infrequently. And if you're trying to build whole constellations of systems, then you might need some help with launches also.

至於發射本身，我們再看看。但很明顯，歐洲真正能用的發射載具只有幾種，而且發射頻率相對不高。如果你想建構整個星座系統，那你在發射方面也可能需要一些協助。

Great. Thank you.

很好，謝謝。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，Morgan Stanley。

Hey, good afternoon, everyone. I just wanted to follow up on free cash flow. Can you provide more color on the higher expected cash burn in the quarter? How much of this was driven by higher-than-expected neutron development cost versus acceleration of inventory to support future launches?

嗨，各位下午好。我想追問一下自由現金流（free cash flow）。你們能否就本季預期較高的現金消耗（cash burn）提供更多說明？其中有多少是由高於預期的 Neutron 開發成本所驅動， versus 為支援未來發射而加速備貨（inventory）所致？

Yeah. Well, you've pretty much hit the nail on the head, Christine. So a significant amount of the spend or cash flow consumption in the quarter was driven by building out the subsequent tails for Neutron, right? So were least can imagine and Pete talked earlier about the importance of getting to rate quickly. And so for the parts of the rocket that we think are at low risk to needing some kind of a change as a result of the result of the first test launch later this year, hopefully.

是的。嗯，Christine，你基本上說到重點了。所以本季相當大一部分的支出或現金流消耗，是由於在為 Neutron 建置後續的尾段（tail）所驅動，對吧？因此我們至少可以想像，而且 Pete 先前也談到快速達到一定發射頻率的重要性。所以，對於火箭中我們認為風險較低、在今年稍晚（希望如此）第一次測試發射結果出來後不太需要做任何變更的那些部分。

That really is kind of informing what we're building ahead on. And then I would say also the Mynaric acquisition, I mentioned earlier, it had some supply chain challenges and so forth. And so we basically had to replenish that supply chain, and that was part of the step-up in the quarter as well, but we think we have that well in hand now. So that should be in a much more normal place. So it's really a combination of the neutron tail build-out plus getting Mynaric kind of talked back into shape and firing all cylinders.

這確實在某種程度上決定了我們會提前建造哪些項目。然後我也會說，先前提到的 Mynaric 收購案，它有一些供應鏈挑戰等等。因此我們基本上必須補齊那條供應鏈，這也是本季支出增加的一部分，但我們認為現在已經掌握得很好了。所以那應該會回到更正常的狀態。總之，這真的是 Neutron 尾段建置擴張，加上把 Mynaric 重新整頓到位、讓它全速運轉的組合。

Great. And just following up on Neutron then with the order that you're able to receive with the ASP that you are targeting, does this team that we should expect more acceleration of neutron orders, especially as you get closer to the test flight?

很好。那接著追問 Neutron，依照你們能夠接到的訂單以及你們鎖定的 ASP（平均售價），這是否表示我們應該預期 Neutron 訂單會更快加速，尤其是當你們越接近測試飛行時？

And also, and I just wanted to follow up on my free cash flow question earlier. How should we think about the cadence of free cash flow through the rest of the year? And when is this 2Q to the peak in low-fee cash outflow?

另外，我也想接著追問我先前關於自由現金流的問題。今年剩餘期間自由現金流的節奏應該怎麼看？以及這個「第二季達到低（費用）現金流出高峰」是什麼時點？

Yeah. I'll let Pete talk to the Neutron.

好的。我先讓 Pete 來談 Neutron。

Yeah, hi, Kristine, I would say with Neutron, we are being very strategic and very thoughtful about our sales there. We have -- as we've discussed, we have a 135 and hopefully, we'll do a lot better than that. But we have commercial customers already signed. We have government customers you saw in SSL nearly tripling their budget for CSL launch, so we need to make sure that we've got capacity for that customer. And as I talked before, we have got our own aspirations and needs -- so I've personally never seen launch so constrained in pretty much ever.

好的，嗨，Kristine。我會說在 Neutron 方面，我們在銷售上非常有策略、也非常審慎。如同我們討論過的，我們有 135（的目標/規劃），而且希望能做得更好。但我們已經有商業客戶簽約了。我們也有政府客戶——你看到在 SSL（相關）中，他們幾乎把 CSL 發射的預算增加到三倍，所以我們需要確保我們有能力服務那個客戶。而且如我之前提到的，我們也有自己的願景與需求——我個人幾乎從未見過發射能力像現在這樣受限。

Other which providers are backing off and focusing on their own needs as well. So the amount of launch that's left in the industry is really, really tight. So for us, it's been very thoughtful about which customers we sign up to at this point on going forward.

此外，其他供應商也在收縮並把重心放在他們自己的需求上。所以產業裡剩下可用的發射量真的非常、非常緊。因此對我們而言，現階段以及往後要簽哪些客戶，我們一直都非常審慎。

And then coming back to the free cash flow question. It's still very much a function of the timing of the first successful test launch of Neutron, right? We've been pretty consistent in pointing towards -- that will be the real turning point where we go to adjusted EBITDA positivity in the quarter after that, that event happens.

然後回到自由現金流的問題。它仍然很大程度取決於 Neutron 第一次成功測試發射的時點，對吧？我們一直相當一致地指出——那將會是真正的轉折點；在那個事件發生後的下一個季度，我們會達到調整後 EBITDA 轉正。

But then we've also been pretty clear that it's going to probably be 18 to 24 months after that pivot that we get to cash flow positivity because we'll have to continue to invest in a fleet of tails to build out for neutrons. So I think that's really -- I'd say those are kind of the two most driving factors.

但我們也很清楚地說過，可能要在那個轉折之後再過 18 到 24 個月，我們才會達到現金流轉正，因為我們仍必須持續投資、建立 Neutron 所需的尾段機隊（fleet of tails）。所以我想——我會說這兩點是最主要的驅動因素。

Now, of course, pending the closing of the Iridium acquisition, the table gets reset pretty significantly, right? So as we've talked about, that business generates pretty significant free cash flow. So I think we'll have a lot of things to update folks on once we get closer to the timing of that closing that deal. But on a stand-alone kind of rocket let basis, it really is driven by the neutral on test timing.

當然，如果 Iridium 收購案完成交割，整個情況會被相當程度地重新設定，對吧？如同我們談過的，那個業務能產生相當可觀的自由現金流。所以一旦我們更接近該交易交割的時間點，我想我們會有很多事情可以向大家更新。但若以獨立的、以火箭為主的基礎來看，確實是由 Neutron 的測試時程所驅動。

Great. Thank you, guys.

很好。謝謝各位。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Greetings. A question for you, Adam, on Space Systems in terms of -- any kind of color on product mix you have for us there in the June quarter as well as kind of how we think about Tranche 2 and Tranche 3 timing in the second half. And then maybe reflect on the gross margin mix, apart from Mynaric. That would be great. Thank you.

你好。有個問題想請教你，Adam，關於 Space Systems：就 6 月季度而言，你能否提供一些產品組合的細節？以及我們該如何看待下半年 Tranche 2 和 Tranche 3 的時程？另外，也請談談（不含 Mynaric 影響的）毛利率組合。那就太好了，謝謝。

Yeah, Jeff. So mix is always difficult to kind of predict too far in advance. We have turns businesses plus we have these programmatic satellite platform businesses. I would say that there was little bit less of the, I would say, the more mature merchant products within the mix in kind of, I would say, a little bit in Q2 and actually pointing towards some of the weakness in margin in Q3, we have a pretty wide range of margins in our Space Systems business.

好的，Jeff。產品組合一向很難提前太久去預測。我們有周轉型（turns）的業務，也有這些以專案為主的衛星平台業務。我會說，在第二季的組合裡，較成熟的商用（merchant）產品占比稍微少了一些；而且若看第三季毛利率偏弱的部分原因，我們的 Space Systems 業務毛利率區間其實很寬。

We have some component solutions such as solar that are always going to be more towards the lower end, call that in the kind of -- and then if you look towards some of the product areas, they can be more kind of north of 70 points of gross margin.

我們有一些元件解決方案，例如太陽能（solar），毛利率通常會落在較低端；大概可以說是在某個區間的低端。然後如果你看某些產品領域，毛利率可能更高，甚至可達 70 個點以上的毛利率。

So they're pretty big spread there within the portfolio. And then again, towards the lower end in the mix but greater in magnitude of the composition is really the satellite platforms business. And you mentioned the biggest pieces of our backlog today are for SDA Tranche 2 and Tranche 3.

所以在產品組合裡的分布差距很大。再來，同樣在較低毛利端、但在組成占比上更大的是衛星平台業務。你提到我們目前積壓訂單（backlog）中最大的一些項目，是 SDA Tranche 2 和 Tranche 3。

And again, those are more kind of in the mid-30s, right? So I think right now, it's -- each quarter is going to be driven really by kind of the mix of how much of that higher-end component portfolio ships versus how much we have in these programmatic programs which those are relatively straightforward to model. But what you can't model as much is, again, is the components part of business.

而且同樣地，那些大概是在 30% 中段左右，對吧？所以我認為目前每一季主要會由組合所驅動：也就是高毛利的元件產品組合出貨多少，對比我們在這些專案型計畫中的比重——那些相對比較容易建模。但你比較難建模的，仍然是元件這一塊業務。

Really helpful. Thank you.

非常有幫助。謝謝。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

Yes. Good afternoon. Thanks for taking my questions. I was curious on the demand side for Neutron, do you still expect kind of a surge of orders once the first step line goes successfully? And I was curious, also, just given your large competitor is matching a much larger vehicle. Does that give you any concern on industry capacity maybe three or four years from now? And the demand for neutral. If you could just comment on that? Thank you.

是的，下午好。謝謝回答我的問題。我想了解 Neutron 在需求端的情況：你們是否仍預期在第一次成功的（測試）發射後，訂單會出現某種激增？另外，考量你們的大型競爭對手正在推出更大型的載具，這會不會讓你們對三、四年後的產業運力感到擔憂？以及對 Neutron 的需求。能否請你評論一下？謝謝。

Yeah, sure. Thanks very much. It's a good question. So I think pretest like post test flight, I would say neutron demand is just not concerned. Now naturally, I think everybody will be more comfortable with buying neutrons post test flight, but we've had absolutely zero issues in selling full price neutrons pretest flights.

好的，當然。非常感謝。這是個好問題。我認為在測試前與測試後相比，我會說我們對 Neutron 的需求並不擔心。當然，測試飛行之後，大家在購買 Neutron 時會更安心，但我們在測試飛行之前，以全價銷售 Neutron 完全沒有遇到任何問題。

So I don't see that making a huge difference. Now with respect to launch capacity going forward, I don't want to sound too negative here, but I don't see that changing any time soon either. Because even as new capacity comes on market from some competitors, a lot of that capacity is already spoken for, for their own internal programs. whether it be Internet or AI data things or whatever, like it's a fair chunk of that capacity is already spoken for. So I see this constrained launch market persisting for quite some time.

所以我不認為那會造成很大的差異。至於未來的發射運力，我不想聽起來太悲觀，但我也不認為短期內會有改變。因為即使一些競爭對手有新的運力進入市場，其中很大一部分運力其實已經被他們自己的內部計畫預訂了——不論是網際網路、AI 資料之類的事情，總之相當一大塊運力已經被占用。所以我認為這種發射市場供給受限的狀況，還會持續相當一段時間。

Thanks.

謝謝。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Hi. Thanks for taking the question. This is Ned Morgan on for Andre. I was just wondering, could we get an update on the Mars Telecommunications Orbiter program, just wondering how well you guys are positioned to win there and how we should think about timing and contribution.

嗨，謝謝讓我提問。我是代替 Andre 的 Ned Morgan。我想請問能否更新一下 Mars Telecommunications Orbiter（火星電信軌道器）計畫的進度，想了解你們贏得該案的勝算如何，以及我們應該如何看待時程與貢獻。

Yeah. Thanks, Ned. I'd like an update too. So we're waiting for Venetto go through their procurement process. So hopefully, it would be great to hear this month or thereabouts. But I think we're positioned well. There's very few folks that can demonstrate the level of capability and experience that we have. So we feel strongly positioned. But we just have to unfortunately wait for Nessa to work through the procurement process.

好的，謝謝你，Ned。我也想要更新。現在我們正在等 Venetto 走完他們的採購流程。所以希望能在這個月左右聽到消息，那會很棒。但我認為我們的態勢不錯。能夠展現我們這種能力與經驗水準的廠商非常少，所以我們覺得自己很有競爭力。但很不幸地，我們只能等待 Nessa 走完採購流程。

Got it. And a follow-up, after the successful launch of Neutron, how soon should we expect to see the MSSL task orders come through? I saw the upsized contract?

了解。那再追問一個：在 Neutron 成功發射之後，我們大概多久會看到 MSSL 的任務訂單（task orders）下來？我看到合約規模有上調？

Yeah. That's sort of control as well. I would say that you've seen them add a whole bunch more resources into that contract vehicle. So they have sort of set periods where they release those contracts. But I think the government along with others are hotly anticipating new trams arrival for sure.

是的。那也有點取決於他們的控管節奏。我會說你已經看到他們在那個合約載體（contract vehicle）裡增加了很多資源。所以他們會在某些固定期間釋出那些合約。但我認為政府以及其他單位，都非常期待新的 Neutron 到來，這點毫無疑問。

Thank you.

謝謝。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

Hey, good afternoon. I wanted to ask maybe a bigger picture. Are you in a conversation with customers about potential orbital data center opportunities whether that's as a merchant supplier or something else, I know higher efficiency solar panels are an important part of generating enough power for some of these plans that are out there. and you have that capacity already. Is data centers in space a real opportunity for Rocket Lab? Or is it too early to tell?

嗨，下午好。我想問一個可能更宏觀的問題。你們是否正在與客戶討論潛在的軌道資料中心機會——不論是作為商業供應商或其他形式？我知道更高效率的太陽能板是為一些現有計畫產生足夠電力的重要一環，而你們已經具備那樣的產能。太空中的資料中心對 Rocket Lab 來說是真實的機會嗎？還是現在判斷仍太早？

No, I think it's a real opportunity. I guess I'm still a little bit cautious on the scale in which they may be a thing. You've certainly seen us release new solar cells that are specifically targeted to that kind of application. So we're taking the opportunity seriously. And there's -- obviously, we -- there's a lot of folks that are looking at that fairly deeply. So I think if they turn out to be a real thing, I think we'll be pretty deeply entrenched and well positioned to capitalize it. Is Rocket Lab going out and build a whole or data centers. Well, I think not yet, that's for sure.

不，我認為這是一個真實的機會。我想我對它們可能成為「一件大事」的規模仍稍微保守一些。你們當然也看到我們發布了專門針對這類應用的新型太陽能電池，所以我們是認真看待這個機會的。而且——顯然，我們——有很多人正在相當深入地研究這件事。所以我認為，如果它們最後證明確實可行，我們會相當深度地參與其中，並且處於很好的位置去把握它、將其變現。至於 Rocket Lab 會不會出去建一整座軌道資料中心？嗯，我想至少現在還不會，這是肯定的。

Okay. Great. And then just on M&A, do you still expect to be pretty active there going forward post Iridium -- and if so, are there any specific parts of the business you're targeting? Is that still Space Systems primarily? Or any updated thoughts on the M&A pipeline? Thank you.

好的。很好。接著關於併購（M&A），在 Iridium 之後，你們是否仍預期未來會相當積極——如果是的話，有沒有特定鎖定的業務領域？仍然主要是 Space Systems 嗎？或是對併購管線有任何更新的想法？謝謝。

Yeah. I mean, I think it's likely that you'll see some tuck-ins from us. I think the -- as the right things come along, we'll always be active. But I would encourage everybody to think of Iridium as not the endpoint from a applications play. I think it's really the starting point.

有的。我是說，我認為你們很可能會看到我們做一些補強型收購（tuck-ins）。我想——只要有合適的標的出現，我們一直都會保持活躍。但我也想鼓勵大家不要把 Iridium 視為應用（applications）布局的終點。我認為它其實是起點。

We don't want to be known as like the L-band tricky communications company. Our intentions are much more grounded than that. But what it does do is it shows an ability for us to go and buy off a big piece and also use in time, we'll be able to demonstrate using the full machine where we can build our own satellites and launch them and be a self-licking ice cream. So I think, yeah, people should not assume that, that Iridium is a one and done.

我們不想被認為只是那種「L 波段棘手通訊公司」。我們的意圖比那更務實、更落地。但它確實展現了我們有能力去收購一個很大的板塊，而且隨著時間推進，我們也能展示如何運用整台機器：我們可以自己造衛星、自己發射，形成一個自我循環的商業模式。所以我想，是的，大家不應該假設 Iridium 只是一次性交易、做完就結束。

Great. Thanks so much.

太好了。非常感謝。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Hi, Pete. Hi, Adam. Congrats on the progress -- sorry I bring it back when is here. Just, Adam, at this point, Pete, the electron order customer base is very, very comfortable ordering. I'm wondering when in the 135 Neutron sequence, do you think customers get to that? I mean I don't know if it's just with the first launch, but you clearly have customers that are ahead of that and preordering, but when in the sequence does it start to feel more normal in terms of ordering and comfort?

嗨，Pete。嗨，Adam。恭喜你們的進展——抱歉我又把話題拉回來，因為我在這裡。只是，Adam、Pete，就目前而言，Electron 的下單客戶群已經非常、非常習慣下單了。我想知道在 Neutron 的 1 到 35 次（發射）序列中，你們認為客戶會在什麼時候達到那種狀態？我的意思是，我不知道是不是要等到第一次發射之後，但你們顯然已經有一些客戶在那之前就提前下單了；但在這個序列的哪個階段，下單與信心會開始變得更「正常化」？

Hi, Suji, it almost feels like that now, to be honest with you, as I mentioned before, we have a very limited supply of neutrons coming out of the gate, and we have to be very, very careful with where we put those. So I think the demand for the vehicle is already very high. So I don't know them might feel differently, but it doesn't feel like we're millimoles away from there already.

嗨，Suji。老實說，現在幾乎就已經是那樣的感覺了。正如我之前提到的，我們在一開始能交付的 Neutron 數量非常有限，我們必須非常、非常謹慎地決定把這些運力放在哪裡。所以我認為市場對這款載具的需求已經非常高。我不知道他們是否會有不同感受，但對我來說，感覺我們離那個狀態已經不遠了。

Actually, I'm actually pleasantly surprised kind of where we are in the cycle right now. I mean, to have the kind of backlog that we have on Neutron for a vehicle that's not flown yet, I think that shows a pretty strong endorsement. It's -- certainly, I think the market is saying it's -- from a customer perspective, is not saying if it's more when.

其實，我對我們目前在這個週期中的位置感到相當驚喜。我的意思是，對一款還沒飛過的載具，Neutron 就能有我們現在這樣的積壓訂單（backlog），我認為這顯示了非常強的背書。——當然，我覺得市場在說的是——從客戶角度來看，不是在說「會不會」，而是在說「什麼時候」。

And I think Pete has been pretty clear, I think, through the communications today and earlier that a significant portion of Neutron down the road is going to be used to service our own demand, right? So I think we also be very mindful that we don't want to sell all of the capacity out for many, many years forward kind of without taking into consideration what we need to do, not only for Radium's needs.

而且我想 Pete 今天以及更早的溝通都講得很清楚：未來 Neutron 有相當一部分將用來滿足我們自身的需求，對吧？所以我認為我們也會非常留意：我們不希望在沒有考量我們需要做什麼的情況下，就把未來很多很多年的運力全部賣光——不僅是 Radium 的需求。

But as Pete said, this is the first step of many for us in the applications vein. So we need to make sure that we we're really leveraging Neutron to its greatest strategic extent, which it's going to be a great vehicle for the market. It's going to be great for adding more capacity in a capacity-constrained market. But this is going to be an incredible strategic enabler for us. And so we want to make sure we don't squander that opportunity and give too much of that capacity way too early to other people.

但正如 Pete 所說，這只是我們在應用領域（applications）路線上的眾多步驟中的第一步。所以我們必須確保我們真的把 Neutron 在策略層面發揮到最大——它會是一款對市場很棒的載具，對在運力受限的市場中增加更多運力也很棒。但它也會成為我們極其重要的策略賦能器。因此我們要確保不會浪費這個機會，不要在太早的時候就把太多運力讓給其他人。

Got it. Great. That makes sense, customers have confidence in your execution given your history there. And then the other question, Pete, is on fatalite, I'm just curious, can you remind us the unique features of flatline and congrats on that government win. Is there opportunities there outside of government commercial? Or just how to think about flat light as a market opportunity for it.

了解。很好。這很合理——基於你們過往的執行紀錄，客戶對你們的執行力有信心。然後另一個問題，Pete，是關於 fatalite（應為 Flatellite/Flatellite 相關），我只是好奇，你能否提醒我們 flatline（應為 Flatellite/Flatline 相關）的獨特特點？也恭喜拿下那個政府訂單。除了政府之外，商業端也有機會嗎？或者該如何把 flat light（應為 Flatellite/Flat Light）視為一個市場機會？

Thanks, Suji. It for asking that question because that's actually -- I mean, -- this last quarter, I think there's two kind of really big takeaways. One, we now also build geo satellites. And I know that the geo market is not particularly an exciting market as compared to what it used to be. But actually, it's a very, very unique capability.

謝謝你，Suji，謝謝你問這個問題，因為那其實——我的意思是——這一季我認為有兩個非常重要的重點。第一，我們現在也能建造 GEO（地球同步軌道）衛星。我知道相較於過去，GEO 市場並不是特別令人興奮的市場，但其實這是一個非常、非常獨特的能力。

So to be able to build low-earth orbit satellites mass satellites, geo satellites and then have our first flat light order, I think, shows a real breadth of skill and ability and capability. But the flat light is designed as a high cadence, a large number of satellites per launch vehicle Constellation builder. And I'm just so thrilled that their first customer for that is actually a really important US government program. It really speaks to the confidence that the customer has after doing the due diligence of everybody in that flat like product.

所以，能夠建造低地球軌道衛星、量產衛星、GEO 衛星，然後又拿到我們第一筆 flat light 訂單，我認為這展現了非常廣的技能、能力與量能。而 flat light 的設計，是作為一個高節奏（high cadence）、每次用一枚運載火箭部署大量衛星的星座建置平台。我非常興奮它的第一位客戶竟然是一個非常重要的美國政府計畫。這真的反映出客戶在對這個 flat light 產品做完各方面盡職調查之後所抱持的信心。

And that flat product once we start building them for that customer, that is a huge advantage for commercial customers as well who want that kind of thing. But candidly, for us as well, I mean, most of the stuff that I see in the future that Rocket Lab will do for itself will be built on the back of a slate platform.

而且，一旦我們開始為那位客戶建造這個 flat 產品，對同樣想要這類方案的商業客戶而言也會是一個巨大的優勢。但坦白說，對我們自己也是——我的意思是，我看到 Rocket Lab 未來大多數要為自己做的事情，都會建立在一個 slate（平台）平台的基礎之上。

It's helpful, Pete. Thanks.

很有幫助，Pete。謝謝。

Thank you. And this concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝各位的參與。您現在可以斷線。