Rocket Lab Corp (RKLB) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Rocket Lab Corporation third-quarter earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您撥冗等候。歡迎參加 Rocket Lab Corporation 2026 年第三季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。

I'd now like to hand the conference over to Murielle Baker, Director of Corporate and Launch Communications. Please go ahead.

現在我想把會議交給企業與發射傳播總監 Murielle Baker。請開始。

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

各位好，歡迎參加今天的電話會議，我們將討論 Rocket Lab 2026 年第三季財務結果、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.

在開始之前，我想提醒各位，我們的發言可能包含與公司未來表現相關的前瞻性陳述，且此等陳述旨在符合《私人證券訴訟改革法》所建立之安全港條款的責任豁免保護。

Any such statements are not guarantees of future performance, and factors that could influence our results are highlighted in today's press release, and others are contained in our filings with the Securities and Exchange Commission. Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments.

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日新聞稿中重點說明，其他因素則載於我們向美國證券交易委員會提交的申報文件中。此等陳述係基於本日公司可得之資訊，並可能因未來發展而變更。

Except as required by law, the company does not undertake any obligation to update these statements. 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.

除法律要求外，公司不承擔更新此等陳述的任何義務。我們今日的發言與新聞稿亦包含美國證券交易委員會所制定之 Regulation G 所定義的非 GAAP 財務衡量指標。且在該新聞稿與我們的補充資料中，已提供這些歷史非 GAAP 財務衡量指標與依 GAAP 計算之可比財務衡量指標之調節表。

This call is also being webcast with a supporting presentation and the replay and copy of the presentation will be available on our website. Our speakers today are Rocket Lab Founder and Chief Executive Officer, Sir Peter Beck as well as Chief Financial Officer, Adam Spice.

本次電話會議亦將以網路直播方式進行，並提供配套簡報；重播與簡報副本將可於我們的網站取得。今日的講者為 Rocket Lab 創辦人暨執行長 Sir Peter Beck，以及財務長 Adam Spice。

They will be discussing key business highlights, including updates on our launch and Space Systems programs and our pending acquisition of Iridium Communications, followed by financial highlights and outlook. We will then open the call for questions.

他們將討論主要業務亮點，包括我們的發射與 Space Systems 計畫的最新進展，以及我們尚待完成的 Iridium Communications 收購案，接著將說明財務重點與展望。之後我們將開放提問。

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。

Thanks, Murielle. It's been an outstanding quarter with new records across the business. Revenue came in at $268 million, 73% higher than the same quarter last year and $34 million, more than Q2. That's the sixth time in a row for record revenue quarters.

謝謝你，Murielle。這是一個非常出色的季度，我們在各項業務上都創下新紀錄。營收為 2.68 億美元，較去年同期高出 73%，也比第二季多出 3,400 萬美元。這已是連續第六個季度創下營收新高。

Our Q3 ending backlog hit a new high of $3.57 billion across 117 launches and more than 55 spacecraft. And since the quarter closed, we've added even more launch and Space Systems contracts. As we head into the final months of the year, I wanted to do a bit of a wrap-up of our achievements for 2026 to put our growth into perspective.

我們第三季期末在手訂單（backlog）創新高，達 35.7 億美元，涵蓋 117 次發射與超過 55 艘太空船。而在本季結束後，我們又新增了更多發射與 Space Systems 合約。隨著我們進入年底最後幾個月，我想簡要回顧一下我們在 2026 年的成果，以便更好地理解我們的成長幅度。

Only six years ago, we were making less than 4% of our annual revenue we're expected to bring in this year. From $35.2 million in 2020 to our near $1 billion 2026 full year guide. Our gross margins have also seen dramatic improvement from negative territory in 2020 to a projected 2026 GAAP gross margin in the 35% range.

僅在六年前，我們的年營收還不到我們預期今年可達年營收的 4%。從 2020 年的 3,520 萬美元，到我們 2026 年全年指引接近 10 億美元。我們的毛利率也大幅改善，從 2020 年的負值區間，提升至預估 2026 年 GAAP 毛利率約 35% 的水準。

On a non-GAAP basis, we project margins in the 40s, an increase of over 69 percentage points since 2020. In an industry where execution and reliability are nonnegotiable, Rocket Lab has consistently delivered for our customers, and we're scaling rapidly and setting new benchmarks every year.

以非 GAAP 口徑來看，我們預估毛利率將落在 40% 多的區間，較 2020 年提升超過 69 個百分點。在一個對執行力與可靠性毫無妥協空間的產業中，Rocket Lab 一直穩定為客戶交付成果；我們正快速擴張，並且每年都在樹立新的標竿。

I want to dig deeper into the numbers across the business, starting with some highlights from Space Systems. For the year-to-date, we've signed $688 million in new contracts, up 319% from 2025. Today, Space Systems sits at $1.7 billion in backlog, representing 48% of the total company's backlog.

我想更深入說明各項業務數據，先從 Space Systems 的一些亮點開始。截至目前為止，我們已簽署 6.88 億美元的新合約，較 2025 年成長 319%。目前 Space Systems 的在手訂單為 17 億美元，占公司總在手訂單的 48%。

$470 million in new space system contracts was signed in this past quarter alone, a 512% increase from the same period last year, incredibly strong growth here. Operationally, the team has been executing at a high level with 12 Rocket Lab built satellites launched in the past 12 months, including missions for NASA, the Space Force and large constellation operators.

僅在本季度，我們就簽署了 4.70 億美元的新 Space Systems 合約，較去年同期成長 512%，成長力道非常強勁。在營運面，團隊維持高水準執行力，過去 12 個月內已有 12 顆由 Rocket Lab 製造的衛星完成發射，其中包含為 NASA、太空軍以及大型星座營運商執行的任務。

Our clean room and factories are busier than ever with more than 55 spacecraft in development and build. On the satellite component front, almost every team has exceeded their annual targets and increased production. We're delivering more critical hardware and subsystems than ever before for our customers' science, national security and commercial missions.

我們的無塵室與工廠比以往任何時候都更忙碌，目前有超過 55 艘太空船正在研發與製造中。在衛星零組件方面，幾乎每個團隊都超額達成年度目標並提升產量。我們正為客戶的科學、國家安全與商業任務，交付比以往更多的關鍵硬體與子系統。

Like the title says, demand for launch has been exceptional this year. The two biggest commercial and defense bulk orders in our history landed in Q3, 18 HASTE launches for the Space Force Systems Command and 20 launches on Electron for our long-time commercial customer, Synspective.

正如標題所示，今年對發射的需求非常強勁。我們史上兩筆最大的商業與國防批量訂單在第三季落地：為太空軍系統司令部提供 18 次 HASTE 發射，以及為我們長期的商業客戶 Synspective 提供 20 次 Electron 發射。

Q3 has also been the biggest quarter yet for Neutron. Eight launches signed for a total of roughly $515 million, including multiple missions on a new escalated base price of $70 million. The demand is a function of both a tightening global launch supply and our customers' confidence that Rocket Lab is the right partner to break the world's launch bottleneck.

第三季同時也是 Neutron 迄今最大的一個季度。我們簽下 8 次發射，合約總額約 5.15 億美元，其中包含多項任務採用新的上調基準價格 7,000 萬美元。需求的成因，一方面是全球發射供給日益吃緊，另一方面是客戶相信 Rocket Lab 是突破全球發射瓶頸的正確合作夥伴。

It's also been a record year for strategic acquisitions with new capabilities and technology added to our portfolio, including laser communications, robotics, payloads and machining capability. Iridium will go further still evolving Rocket Lab into a true end-to-end space company that not only builds and launches spacecraft, but also owns and operates its own constellation with recurring revenue and growth opportunities for future space services.

在策略性併購方面，今年也創下紀錄，我們將新的能力與技術納入產品組合，包括雷射通訊、機器人技術、酬載以及加工製造能力。Iridium 將更進一步，推動 Rocket Lab 演進為真正端到端的太空公司：不僅建造並發射太空船，也擁有並營運自有星座，帶來經常性收入與未來太空服務的成長機會。

Now speaking of Space Services, I've historically referred to operating our own constellation as space applications. But going forward, we've updated the terminology to better reflect the integrated end-to-end services we'll be providing our customers once Iridium is part of Rocket Lab.

談到 Space Services，我過去通常把營運自有星座稱為太空應用（space applications）。但展望未來，我們已更新用語，以更貼切反映在 Iridium 納入 Rocket Lab 後，我們將為客戶提供的整合式端到端服務。

We've made great progress this quarter towards closing the Iridium acquisition. The deal is now fully financed with the ATM completed in Q3, and we've secured Iridium's credit facility for after the acquisition closes. This puts us in a great place where we do not need to raise extra capital to close the deal.

本季度我們在完成 Iridium 收購方面取得重大進展。隨著第三季完成 ATM（按市價發行）計畫，本交易現已取得完整資金支持，且我們已為收購完成後取得 Iridium 的信貸額度。這使我們處於非常有利的位置，無需為完成交易而額外募資。

Another key milestone was checked off when the Iridium shareholders voted overwhelmingly in favor of the transaction. Now we're moving into the final phases, securing the necessary regulatory approvals. This process is advancing well, and we're actively pursuing a timely close.

另一個關鍵里程碑是 Iridium 股東以壓倒性票數表決支持本交易。目前我們正進入最後階段，取得必要的監管核准。此流程進展順利，我們也正積極推動及時完成交割。

The FCC's recent swift approval of other acquisitions demonstrates the commission's proactive, decisive approach and its commitment to supporting the rapid pace of innovation required in the space sector. We're enthusiastic about collaborating with the commission as we guide to a generational space company in an exciting new era.

FCC 近期對其他收購案的快速核准，顯示該委員會採取主動且果斷的作法，並致力於支持太空產業所需的快速創新步伐。我們很期待與委員會合作，在這個令人振奮的新時代中，引領公司邁向具世代意義的太空企業。

Now on to Space Systems operational achievements. In the past 12 months, a dozen Rocket Lab built spacecraft have launched and are now operating in space, spanning missions across national security, interplanetary science and commercial constellations. And there's more to come with more than 55 spacecraft in various stages of development and production.

接下來談 Space Systems 的營運成果。在過去 12 個月中，共有 12 艘由 Rocket Lab 製造的太空船完成發射並已在太空中運行，涵蓋國家安全、行星際科學與商業星座等任務。而未來還有更多進展可期，目前仍有超過 55 艘太空船處於不同階段的研發與生產中。

These include spacecraft for the Space Development Agency's PWSA, multiple missions for NASA and the Space Force and programs for commercial constellation operators. Our clean rooms have never been busier, and with more opportunities on the horizon, we expect that momentum to continue.

這些包括為太空發展署（Space Development Agency）的 PWSA 提供的太空載具、為 NASA 與太空軍執行的多項任務，以及為商業星座營運商提供的計畫。我們的無塵室從未如此忙碌，而隨著更多機會即將到來，我們預期這股動能將持續下去。

Now on to launch for the quarter. What a fantastic slide. At the top of the call, I talked about the record growth we've seen this year, but the third quarter has truly been exceptional. More than $1 billion in launch contracts in this quarter alone.

接下來談本季的發射業務。這張投影片真是太棒了。在電話會議一開始，我談到我們今年看到的創紀錄成長，但第三季確實格外出色。僅本季就拿下超過 10 億美元的發射合約。

No other commercial small rocket flies more than Electron and HASTE and customers keep booking with us because they know that Rocket Lab has a track record, the technology and the team to deliver their missions. And they know that's what we'll be bringing with Neutron too. We've got the production capacity to back up that flight rate also.

沒有任何其他商用小型火箭的飛行次數能超過 Electron 與 HASTE，而客戶持續向我們下單，因為他們知道 Rocket Lab 具備可交付任務的實績、技術與團隊。他們也知道，這同樣會體現在 Neutron 上。我們也具備支撐該飛行頻率的產能。

Our experienced production facilities and streamlined processes mean we're rolling a rocket off the production floor now at an average of one every eight work days. This level of production means we can meet surges in customer demand like we've seen in Q3 and deliver on tight time lines to support rapid response missions and maintain the launch cadence that our customers have come to rely on.

我們經驗豐富的生產設施與精簡流程，意味著我們目前平均每 8 個工作天就能從產線下線一枚火箭。這樣的產能水準讓我們能因應如第三季所見的客戶需求激增，並在緊迫時程內交付，以支援快速反應任務，同時維持客戶已習慣依賴的發射節奏。

Electron is closing in on its 100th launch, which we expect within the next week or so. As the graph shows, that puts Rocket Lab on track to reach 100 launches faster than any other commercially developed rocket in history. It's an unprecedented milestone for a commercial small lift orbital rocket and a threshold rarely crossed in modern space flight.

Electron 正逼近第 100 次發射，我們預期在接下來一週左右達成。如圖表所示，這讓 Rocket Lab 有望以史上最快速度達成 100 次發射，超越任何其他商業開發火箭。這對商用小型運載入軌火箭而言是前所未有的里程碑，也是現代太空飛行中極少跨越的門檻。

But what matters most to us and our customers is that we have achieved a 96% reliability rate across 99 launches. That is a powerful combination that few others can match, and that's the experience we're carrying on into Neutron. Speaking of which, here's the latest on Neutron for the quarter. Since our update about Neutron Stage 1, we shifted our first launch time line to 2027 after voids were found in the propellant tank's forward dome.

但對我們與客戶而言最重要的是，我們在 99 次發射中達成了 96% 的可靠度。這是一種少有人能匹敵的強大組合，而我們也將把這份經驗延續到 Neutron。說到這裡，以下是本季 Neutron 的最新進展。自我們更新 Neutron 第一級（Stage 1）狀況以來，由於在推進劑箱前端封頭（forward dome）發現孔隙，我們將首次發射時程調整至 2027 年。

The team has really surged to manufacture a replacement part. The AFP machine has laminated a new forward dome. The structure has completed its cure cycle and the results show we've got a nice clean forward dome to move into assembly with the rest of Stage 1's tank. It's nice to have that problem behind us now.

團隊已全力加速製造替換零件。AFP 機台已層疊製作出新的前端封頭。該結構已完成固化循環，結果顯示我們得到一個乾淨良好的前端封頭，可與第一級儲箱其餘部分進行組裝。很高興這個問題現在已經解決。

We've already stacked the mid assembly of the Stage 1 tank, which includes a giant barrel section and common dome inside it that separates liquid oxygen from the fuel tank. Our focus now moves on to completing the forward assembly and the aft assembly, which comprises of domes stacked inside barrels similar to the mid-assembly.

我們已完成第一級儲箱的中段組裝堆疊，其中包含一段巨大的筒段（barrel section），以及位於其中、用來將液氧與燃料箱分隔開的共用封頭（common dome）。我們目前的重點轉向完成前段組裝與後段組裝；後段組裝由封頭堆疊在筒段內構成，形式與中段組裝相似。

Once that's done, these three assemblies complete the Stage 1 tank. The team's focus is on completing that work as soon as possible before we run the tank through a round of hydrostatic tests at the Neutron factory. After that, we'll ship it to Launch Complex 3, run a cryogenic qual campaign and then integrate it with the vehicle's other major assemblies already in Virginia.

完成後，這三個組裝件就構成第一級儲箱。團隊的重點是在我們於 Neutron 工廠對儲箱進行一輪靜水壓測試（hydrostatic tests）之前，盡快完成這些工作。之後，我們會將其運送至 3 號發射複合體（Launch Complex 3），進行低溫資格鑑定（cryogenic qual）測試活動，接著再與目前已在維吉尼亞州的火箭其他主要組裝件進行整合。

Neutron Stage 2, the suspended stage that hangs in Stage 1 was delivered to Launch Complex 3 recently and has completed a number of pretest activities before it heads into cryogenic proof tests. After that, we'll move Stage 2 into wet dress rehearsals without an engine to test the stage early in its flight configuration.

Neutron 第二級（Stage 2）——懸吊在第一級內的懸掛級段——近期已交付至 3 號發射複合體，並在進入低溫耐壓測試（cryogenic proof tests）前完成多項前置測試活動。之後，我們會在不安裝引擎的情況下，讓第二級進行濕式彩排（wet dress rehearsals），以在接近飛行構型下提早測試該級段。

We'll bring Stage 2 up to flight-like propellant levels and cycle through valve checks to make sure the stage is fully functional as well as test how we transition from ground control to the stage autonomous flight computer during terminal count.

我們會將第二級加注至接近飛行狀態的推進劑液位，並進行閥門檢查循環，以確保該級段完全可運作；同時也會測試在終端倒數（terminal count）期間，如何從地面控制切換到級段自主飛行電腦。

Then we will add the engines and we'll integrate them and run through more tests before moving into static fires. The first piece of flight hardware on the LC3 launch mount itself is Neutron's thrust module. From the Neutron factory to Wallops Island to the launch mount within 48 hours. That's the beauty of proximity with our facilities in Maryland and Virginia.

接著我們會加裝引擎，完成整合並進行更多測試，然後進入靜態點火（static fires）。在 LC3 發射台本體上安裝的第一個飛行硬體是 Neutron 的推力模組（thrust module）。從 Neutron 工廠到瓦洛普斯島（Wallops Island），再到發射台架，48 小時內完成。這就是我們在馬里蘭州與維吉尼亞州設施近距離布局的優勢。

Like Stage 2, we'll be running Neutron thrust module through some very important early tests without its engines. By design, Neutron operates without a strong back on the launch mount. So the thrust module is the rocket's only physical interface to the pad.

與第二級一樣，我們將在不安裝引擎的情況下，對 Neutron 推力模組進行一些非常重要的早期測試。依設計，Neutron 在發射台上運作時不使用強力背架（strong back）。因此，推力模組是火箭與發射台之間唯一的實體介面。

We'll be checking things like Launchpad Mount holddowns and release systems, quick disconnect operations and then conduct some pressure tests on propellants to confirm all the interfaces work with the pad. It's a great example of our parallel path development approach systematically derisking the pad and ground systems now to ensure a direct and efficient path to an integrated testing with the entire vehicle when it's complete.

我們將檢查例如發射台架固定與釋放系統（holddowns and release systems）、快速分離（quick disconnect）作業，並對推進劑進行一些壓力測試，以確認所有介面都能與發射台正常配合。這是我們「平行路徑開發」方法的絕佳例子：現在就以系統化方式降低發射台與地面系統風險，確保當整枚火箭完成時，能以直接且高效率的路徑進入全箭整合測試。

Turning to the Archimedes engine. We continue to make significant progress to finalize the engine, including recent cold box testing with the Archimedes vacuum variant for Stage 2. This is where we exposed the engine to the same extreme cryogenic temperatures it will experience during Stage 1 flight to make sure its valves, seals igniter and turbomachinery don't freeze or leak.

接著談 Archimedes 引擎。我們持續在引擎定型方面取得重大進展，包括近期針對第二級使用的 Archimedes 真空型（vacuum variant）進行冷箱（cold box）測試。在此測試中，我們讓引擎暴露於與第一級飛行期間相同的極端低溫環境，以確保其閥件、密封件、點火器與渦輪機械（turbomachinery）不會結冰或洩漏。

Successfully clearing these tests moves the qual campaign closer to the finish line and gives us a high confidence for the AVac engine and its multiple restart reliability for Flight 1. That technical maturity is also feeding directly into the build of the Flight 1 engine set and the engines thereafter for Flight 2 and Flight 3 and so on.

成功通過這些測試，使資格鑑定（qual）測試活動更接近終點，並讓我們對 AVac 引擎及其在首飛（Flight 1）中的多次重啟可靠性具備高度信心。這樣的技術成熟度也正直接回饋到首飛引擎組的製造，以及後續用於第二次、第三次飛行（Flight 2、Flight 3）等的引擎生產。

At the same time, we're also exploring opportunities to ramp Archimedes production to a faster scale post Flight 1 and meet the high cadence demand for launches that we're seeing. The massive surge in Neutron bookings this quarter is the strongest signal yet of where the launch market is headed.

同時，我們也在探索於首飛後加速擴大 Archimedes 產能的機會，以滿足我們所看到的高頻率發射需求。本季 Neutron 訂單的大幅激增，是迄今最強烈的訊號，顯示發射市場的走向。

We signed eight missions for roughly $515 million with multiple flights sold at an elevated base price of $70 million per launch. Neutron's first 16 launches are booked and the next available slots are in the 2030s, alongside the capacity that we're holding for our own future space services missions.

我們簽下 8 項任務，總額約 5.15 億美元，其中多個航班以每次發射 7,000 萬美元的較高基準價格售出。Neutron 的前 16 次發射已全數預訂，下一批可用檔期已排到 2030 年代，同時我們也保留部分產能，用於我們自身未來的太空服務任務。

Launch is extremely constrained and that is exactly the situation we predicted. We saw our pent-up launch market on the horizon. And rather than provide early discounted launches, we set out to deliver a rocket into an environment with extreme demand at full price or higher. Our full manifest before Flight 1 shows you exactly how that's played out. Even with the extra time we're taking to get to first flight, our customers trust Rocket Lab to deliver and Neutron is the vehicle of choice.

發射產能極度受限，而這正是我們所預測的情況。我們早已看到被壓抑的發射市場需求正在逼近。因此，我們不是提供早期折扣發射，而是致力於在需求極端強勁的環境中，以全價甚至更高價格交付一款火箭。在首飛前就已滿載的任務清單，正好說明了結果如何。即便我們為了達到首飛而多花一些時間，客戶仍信任 Rocket Lab 能夠交付，而 Neutron 也成為首選載具。

That wraps up the operational highlights. Now over to Adam for the financial overview and outlook.

以上就是營運重點更新。接下來交給 Adam 進行財務概覽與展望。

Thanks, Pete. Third quarter 2026 revenue was a record $267.8 million, coming in above our prior guidance range of $250 million to $265 million and representing year-over-year growth of 73%. Revenue increased by 14.4% sequentially driven by strong contribution from both business segments, highlighting continued momentum across the business.

謝謝你，Pete。2026 年第三季營收創下 2.678 億美元的新高，高於我們先前提供的 2.50 億至 2.65 億美元指引區間，年增 73%。在兩大業務部門強勁貢獻帶動下，營收較前一季成長 14.4%，凸顯公司整體動能持續向上。

Our Space Systems segment delivered $214.8 million in revenue for the quarter, reflecting a sequential increase of 13.3%. This growth was primarily driven by continued scaling of our satellite platform business along with full quarter contributions from our laser communications and our robotics acquisitions.

我們的太空系統（Space Systems）部門本季營收為 2.148 億美元，較前一季成長 13.3%。此成長主要來自我們衛星平台業務持續擴張，以及我們雷射通訊與機器人收購案在本季貢獻完整一季的營收。

We also delivered sequential organic growth across our other component and software businesses. Our Space Systems business continues to perform exceptionally well and provides diversification alongside our robust but at times lumpy launch business.

我們在其他零組件與軟體業務方面也實現了連續性的有機成長。我們的太空系統業務持續表現非常出色，並在我們強勁但有時具波動性的發射業務之外，提供了多元化的營收來源。

Meanwhile, our Launch Services segment generated $53.1 million in revenue, representing a 19% quarter-over-quarter increase, driven by a two launch increase in point-in-time Electron missions where the full value of the launch is reflected at launch.

同時，我們的發射服務（Launch Services）部門營收為 5,310 萬美元，較前一季成長 19%，主要由於以「時點認列」方式在發射時一次反映完整發射價值的 Electron 任務，發射次數增加了兩次所帶動。

Now turning to gross margin. GAAP gross margin for the third quarter was 33.6%, above our prior guidance range of 29% to 31%. Non-GAAP gross margin for the third quarter was 38.4%, which was above our prior guidance range of 35% to 37%. Consistent with our Q3 guidance, margins declined sequentially, primarily driven by the first full quarter contribution from our recent acquisition, Mynaric, which brings laser communications capabilities to our portfolio as well as the lack of tariff refunds that benefited Q2 margins.

接著談毛利率。第三季 GAAP 毛利率為 33.6%，高於我們先前 29% 至 31% 的指引區間。第三季非 GAAP 毛利率為 38.4%，亦高於我們先前 35% 至 37% 的指引區間。與我們第三季指引一致，毛利率較前一季下滑，主要原因是近期收購的 Mynaric 在本季首次貢獻完整一季，其為我們產品組合帶來雷射通訊能力；此外，第二季毛利率受惠的關稅退稅在本季未再出現。

The decline was smaller than we anticipated, however, due to upside in our component businesses profitability led by solar and our Geost acquisitions optical systems, as well as launch favorability driven by reduced production spend and favorable absorption due to a step-up in Electron launch and build cadence.

不過，下滑幅度小於我們預期，原因在於零組件業務獲利能力優於預期（以太陽能業務與我們 Geost 收購案的光學系統為主），以及發射業務的有利因素，包括生產支出降低，並因 Electron 發射與製造節奏提升而帶來更佳的產能吸收。

As previously mentioned, Mynaric will take a few quarters to reach target margins as we align the cost structure, scale production and implement the Rocket Lab operating system. Additionally, we recorded a forward loss reserve against our Neutron Flight 2 launch vehicle to reflect a nascent stage of the vehicle and related early launch capability and potential impact to that specific flight's profitability or lack thereof.

如先前所述，Mynaric 需要幾個季度才能達到目標毛利率，因為我們正調整其成本結構、擴大產能並導入 Rocket Lab 營運系統。此外，我們針對 Neutron Flight 2 發射載具提列了前瞻性虧損準備，以反映該載具仍處於早期階段，以及早期發射能力可能對該次任務獲利能力（或可能無法獲利）造成的影響。

Relatedly, we ended Q3 with production-related headcount of 1,728, up 40% from the prior quarter. Turning to backlog. We ended Q3 2026 with approximately $3.6 billion in total backlog, up 52% sequentially from approximately $2.4 billion at the end of Q2 with launch backlog accounting for approximately 52% and Space Systems representing 48%.

相關地，我們在第三季末的生產相關人力為 1,728 人，較前一季增加 40%。接著談在手訂單（backlog）。我們在 2026 年第三季末的總在手訂單約為 36 億美元，較第二季末約 24 億美元連續成長 52%；其中發射在手訂單約占 52%，太空系統約占 48%。

We signed a significant volume of contracts across launch and Space Systems in the third quarter, bringing our backlog to 117 launches and over 55 spacecraft and making 2026 an incredible year of backlog growth thus far. As Pete mentioned, we signed 54 launches in the quarter, 8 of which were for Neutron with multiple contracts at a new escalated base price of $70 million.

第三季我們在發射與太空系統領域簽署了大量合約，使在手訂單達到 117 次發射與超過 55 艘太空船，讓 2026 年迄今成為在手訂單成長極為亮眼的一年。如 Pete 所提，我們本季簽下 54 次發射，其中 8 次為 Neutron，且多份合約採用新的調升後基準價格 7,000 萬美元。

Underscoring the growing demand and scarcity for medium-lift launch capacity. While bookings across launch and Space Systems remain inherently lumpy due to the timing of larger high-impact program opportunities, backlog has grown even as we recognize revenue at a meaningfully higher run rate.

這凸顯了中型運力（medium-lift）發射能力需求持續上升且供給稀缺。雖然發射與太空系統的接單因大型高影響力專案機會的時點而本質上較為不均勻，但即便我們以顯著更高的營收運行速度認列收入，在手訂單仍持續成長。

We continue to pursue additional needle-moving contract opportunities that we expect will enable us to sustain healthy backlog levels as revenue continues to scale. Looking ahead, we expect approximately 32.9% of our current backlog to convert into revenue within the next 12 months.

我們持續追求更多能帶來顯著增量的合約機會，預期可在營收持續擴張之際，維持健康的在手訂單水位。展望未來，我們預期目前在手訂單中約 32.9% 將在未來 12 個月內轉為營收。

Additionally, we continue to benefit from relatively quick-turn business across launch and Space Systems components businesses that drive incremental top line contribution beyond the current 12-month backlog conversion. Turning to operating expenses. GAAP operating expenses for the third quarter were $169.3 million, above our guidance range of $143 million to $149 million.

此外，我們在發射與太空系統零組件業務方面也持續受惠於相對快速周轉的業務，能在現有 12 個月在手訂單轉換之外，帶來額外的營收貢獻。接著談營業費用。第三季 GAAP 營業費用為 1.693 億美元，高於我們 1.43 億至 1.49 億美元的指引區間。

Non-GAAP operating expenses for the third quarter were $130.2 million, which was modestly above our guidance range of $121 million to $127 million. The increase in GAAP operating expenses relative to our prior guidance was primarily driven by transaction costs associated with the pending acquisition of Iridium, including a $9.4 million expense associated with the change of control of Iridium's existing Term Loan B facility, which was completed during the quarter.

第三季非 GAAP 營業費用為 1.302 億美元，略高於我們 1.21 億至 1.27 億美元的指引區間。GAAP 營業費用高於先前指引，主要是因為與擬議中的 Iridium 收購案相關的交易成本，其中包括與 Iridium 既有 Term Loan B 融資在控制權變更相關的 940 萬美元費用，該事項已於本季完成。

But neither the success nor cost could be estimated or predicted at the time we provided our Q3 guidance. In R&D specifically, GAAP expenses increased $16 million quarter-over-quarter, while non-GAAP expenses rose $17.2 million. These increases were primarily driven by Neutron Flight 1 development and production activity, particularly engine production and carbon composite structures as we progress towards launch. Q3 ending R&D headcount was 1,084 representing a decrease of 3% from the prior quarter.

但在我們提供第三季指引時，該事項的成功與成本皆無法估計或預測。就研發（R&D）而言，GAAP 費用較前一季增加 1,600 萬美元，而非 GAAP 費用增加 1,720 萬美元。這些增加主要由 Neutron Flight 1 的開發與生產活動所帶動，尤其是引擎生產與碳纖維複合材料結構，因我們正朝發射目標推進。第三季末研發人力為 1,084 人，較前一季減少 3%。

In SG&A, GAAP expenses increased $11.2 million quarter-over-quarter, while non-GAAP expenses decreased $2.8 million. The increase in GAAP SG&A was primarily due to transaction fees associated with the pending Iridium acquisition that I referenced earlier. The decline in non-GAAP SG&A was primarily driven by early progress in realizing cost synergies from our Mynaric acquisition. Q3 ending SG&A headcount was 447 representing an increase of 5% from the prior quarter.

在銷售、一般及行政（SG&A）方面，GAAP 費用較前一季增加 1,120 萬美元，而非 GAAP 費用則減少 280 萬美元。GAAP SG&A 增加主要是因為我先前提到的擬議 Iridium 收購案相關交易費用。非 GAAP SG&A 下降主要來自我們收購 Mynaric 後，在實現成本協同效益方面取得的早期進展。第三季末 SG&A 人力為 447 人，較前一季增加 5%。

In summary, total headcount at the end of the third quarter was 3,259, up 42 heads from the prior quarter. Turning to cash. Purchases of property, equipment and capitalized software licenses were $31.1 million in the third quarter of 2026, an increase of $5 million from the $26 million in the second quarter.

總結而言，第三季末總人力為 3,259 人，較前一季增加 42 人。接著談現金。2026 年第三季購置不動產、廠房及設備與資本化軟體授權的支出為 3,110 萬美元，較第二季的 2,600 萬美元增加 500 萬美元。

This increase reflects continued investment in Neutron, including the Return On Investment recovery barge and launch and testing infrastructure. As we progress towards Neutron's first flight and into production, we expect capital expenditures to remain elevated as we invest in testing, production scaling and infrastructure expansion.

此增加反映我們持續投資 Neutron，包括投資報酬（Return On Investment）回收用的回收駁船，以及發射與測試基礎設施。隨著我們推進 Neutron 首次飛行並進入量產，我們預期資本支出將維持在較高水準，因我們將持續投入測試、擴大產能與基礎設施擴建。

GAAP EPS for the third quarter was a loss of $0.12 per share compared to a loss of $0.08 per share in the second quarter. The sequential increase in GAAP loss per share was primarily driven by transaction costs in SG&A and other income, mostly due to the termination of the bridge loan commitment related to the pending Iridium acquisition referenced earlier.

第三季 GAAP 每股盈餘（EPS）為每股虧損 0.12 美元，較第二季每股虧損 0.08 美元擴大。GAAP 每股虧損較前一季增加，主要是由 SG&A 與其他收益中的交易成本所致，其中多數與先前提及、與擬議 Iridium 收購案相關的過橋貸款承諾終止有關。

Spend also rose on Neutron engine prototyping and composites for the Flight 1 engine set and Stage 1 tank rebuild. We expect Neutron spend to remain elevated through first launch driven by engine materials and the team's labor run rate as costs shift towards subassembly test campaigns and vehicle integration.

Neutron 引擎原型製作，以及 Flight 1 引擎組與第一級（Stage 1）燃料箱重建所需的複合材料支出亦有所上升。我們預期 Neutron 支出將在首次發射前維持高檔，主要由引擎材料與團隊人力成本運行率所驅動，因成本將逐步轉向次組件測試活動與載具整合。

GAAP operating cash flow was a positive $7.2 million in the third quarter of 2026 compared to a use of $84.1 million in the second quarter. This increase is primarily due to a step-up in milestone payments on satellite programs, which are lumpy and increasing in magnitude.

2026 年第三季 GAAP 營業活動現金流為正 720 萬美元，相較第二季為淨流出 8,410 萬美元。此改善主要來自衛星專案里程碑款項的增加；該類款項具不均勻性，且金額規模正逐步放大。

Similar to the capital expenditure dynamics mentioned earlier, cash consumption will remain elevated due to Neutron development and Neutron qual production as we scale the business and as we procure longer lead items for our SDA programs.

與先前提到的資本支出動態類似，隨著我們擴大業務規模、推進 Neutron 開發與 Neutron 認證（qual）量產，並為我們的 SDA 專案採購交期較長的項目，現金消耗仍將維持在較高水準。

Overall, non-GAAP free cash flow, defined as GAAP operating cash flow less purchases of property, equipment and capitalized software in the third quarter of 2026 was a use of $23.9 million, compared to a use of $110.1 million in the second quarter.

整體而言，2026 年第三季的非 GAAP 自由現金流（定義為 GAAP 營運現金流扣除不動產、設備及資本化軟體之購置支出）為淨流出 2,390 萬美元，相較於 2026 年第二季淨流出 1.101 億美元。

The ending balance of cash, cash equivalents, restricted cash and marketable securities was roughly $4.7 billion at the end of the third quarter. The sequential increase in liquidity was driven by proceeds from sales of our common stock under our at-the-market equity offering programs, which generated approximately $2.4 billion in gross proceeds through the issuance of 36.8 million shares, and we completed this program in September.

第三季末的現金、約當現金、受限制現金及有價證券期末餘額約為 47 億美元。流動性較前一季增加，主要來自我們透過市場隨售（at-the-market）股權發行計畫出售普通股所取得的款項；該計畫透過發行 3,680 萬股，累計帶來約 24 億美元的總募集金額，且我們已於 9 月完成該計畫。

Together with Iridium's amended term loan facility and our available liquidity, these proceeds fully fund the cash consideration and other funds necessary for our pending acquisition of Iridium, which allowed us to terminate our $3.6 billion bridge facility commitment.

結合 Iridium 修訂後的定期貸款融資安排以及我們可用的流動性，這些募集款項已足以全額支應我們擬議收購 Iridium 所需的現金對價及其他必要資金，使我們得以終止 36 億美元的過橋融資承諾。

We exited Q3 in a strong position to execute on both organic and inorganic growth initiatives, including further vertically integrating our supply chain, expanding our strategic capabilities and growing our addressable market, consistent with what we've done successfully in the past. Adjusted EBITDA loss for the third quarter of 2026 was $18 million, which was towards the low end of our guidance range of $17 million to $23 million loss. The sequential $9.2 million increase in adjusted EBITDA loss was primarily driven by elevated R&D spending due to Neutron.

我們在第三季結束時處於強勁位置，得以推動有機與非有機成長計畫，包括進一步垂直整合供應鏈、擴展策略能力並擴大可服務市場，這與我們過去成功的作法一致。2026 年第三季調整後 EBITDA 虧損為 1,800 萬美元，落在我們指引區間（虧損 1,700 萬至 2,300 萬美元）的低端。調整後 EBITDA 虧損較前一季增加 920 萬美元，主要由於 Neutron 相關研發支出提高所致。

With that, let's turn to our guidance for the fourth quarter of 2026. We expect revenue in the fourth quarter to range between $270 million and $290 million, representing 4.5% quarter-over-quarter revenue growth at the midpoint and growth of 55.9% from the year ago quarter. We expect strong growth in launch revenue with a pickup in both point in time and overtime revenues, partially offset by a decline in Space Systems. Within Space Systems, solar and satellite platforms are expected to decline coming off a very strong Q3 performance, while the rest of Space Systems businesses should be up.

接下來我們說明 2026 年第四季的財測指引。我們預期第四季營收介於 2.70 億至 2.90 億美元，以中位數計算，營收季增 4.5%，並較去年同期成長 55.9%。我們預期發射（launch）營收將強勁成長，即時（point in time）與隨時間認列（overtime）的營收皆將回升，但部分會被太空系統（Space Systems）下滑所抵銷。在太空系統方面，太陽能與衛星平台在第三季表現非常強勁後，預期將下滑，而太空系統其餘業務則應會上升。

We expect GAAP gross margin to range between 34% to 36% and non-GAAP gross margin to range between 39% to 41%. Margins are expected to improve sequentially due to improved mix between launch and Space Systems and within Space Systems. We expect fourth quarter GAAP operating expenses to range between $162 million and $168 million and non-GAAP operating expenses to range between $136 million and $142 million.

我們預期第四季 GAAP 毛利率介於 34% 至 36%，非 GAAP 毛利率介於 39% 至 41%。由於發射與太空系統之間，以及太空系統內部的組合改善，毛利率預期將較前一季提升。我們預期第四季 GAAP 營業費用介於 1.62 億至 1.68 億美元，非 GAAP 營業費用介於 1.36 億至 1.42 億美元。

The quarter-on-quarter increases are primarily driven by Neutron development, testing and readiness activities ahead of Flight 1. We continue to expect a shift in spending from R&D to Flight 2 and subsequent Neutron production inventory which is an encouraging sign of progress as we move closer to Neutron's first flight and supports our path towards meaningful operating leverage and positive cash flow in the future.

上述季對季增加主要由 Neutron 在首飛（Flight 1）前的開發、測試與就緒活動所驅動。我們仍預期支出將從研發轉向 Flight 2 以及後續 Neutron 量產所需的存貨，這是我們在接近 Neutron 首飛時令人鼓舞的進展訊號，並支持我們未來實現顯著營運槓桿與正向現金流的路徑。

We expect fourth quarter net interest income to be $45 million, which is generally a function of our elevated cash balance. We expect fourth quarter adjusted EBITDA loss to range between $14 million and $20 million and basic weighted average common shares outstanding to be approximately 681 million shares.

我們預期第四季淨利息收入為 4,500 萬美元，主要取決於我們較高的現金餘額。我們預期第四季調整後 EBITDA 虧損介於 1,400 萬至 2,000 萬美元，基本加權平均流通普通股股數約為 6.81 億股。

Lastly, consistent with prior quarters, we expect negative non-GAAP free cash flow in the fourth quarter to remain at elevated levels driven by ongoing investments in Neutron development and scaling production. In summary, Q3 was another quarter of strong execution.

最後，與前幾季一致，我們預期第四季非 GAAP 自由現金流仍為負值且維持在較高水準，主要由於持續投資於 Neutron 開發與擴大量產。總結而言，第三季是另一個執行強勁的季度。

We exceeded guidance for revenue and gross margins, grew backlog to a record $3.6 billion and continue to maintain robust liquidity to fund future growth initiatives. We expect this momentum to continue, guiding to increased revenue growth as our satellite platforms business scales and Neutron progresses towards its first flight. We continue to execute across all metrics and are positioned to create significant value ahead. Last but not least, here are some of the upcoming investor events that we'll be attending in the next few months.

我們的營收與毛利率均超越指引，未完成訂單（backlog）成長至創紀錄的 36 億美元，並持續維持充裕的流動性以支應未來成長計畫。隨著我們的衛星平台業務擴張、Neutron 朝首飛推進，我們預期這股動能將延續，並指引營收成長加速。我們持續在各項指標上落實執行，並已就位以創造可觀的未來價值。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。

Congratulations on the quarter and the backlog. Pete, I wanted to maybe start with Neutron. So last quarter, I think we asked what does the path to 10 Neutron launches look like as we look beyond the first one? So I guess after the slight shift in Neutron's first launch, how are you thinking about the path to 10 Neutron launches now? And what's the quickest that we might be able to get there?

恭喜本季表現以及未完成訂單。Pete，我想先從 Neutron 談起。所以上一季我記得我們問過，當我們把視角放到首飛之後，通往 10 次 Neutron 發射的路徑會是什麼樣子？那麼在 Neutron 首次發射時程略有調整之後，你們現在如何看待通往 10 次 Neutron 發射的路徑？以及我們最快可能多快達到？

Andres, great to chat with you. Yes, I mean, obviously, we're always trying to revisit that 1,3,5. And I think there's an intense scrutiny on that at the moment. And a lot of the things that we've been doing in the background during this period of some of these delays has been to strengthen our ability to increase that rate.

Andres，很高興和你交流。是的，我的意思是，很明顯我們一直在重新檢視那個 1、3、5 的節奏。而且我認為目前對此有非常嚴格的審視。在這段期間面臨一些延遲時，我們在幕後做了很多事情，目的就是強化我們提升發射頻率的能力。

So I think we're looking to improve on that rate. And you can see we've got a huge backlog to start showing through. So I don't think we're ready to revise those numbers yet, but there's been a tremendous amount of work going to the background as to how we can increase that rate to get to Flight 10 faster.

所以我想我們正在尋求把那個頻率做得更好。而且你可以看到，我們有龐大的未完成訂單開始逐步反映出來。因此我不認為我們已準備好要修正那些數字，但在幕後確實投入了大量工作，思考如何提高頻率，以更快達到第 10 次飛行（Flight 10）。

Excellent. That's very helpful. I appreciate that. And maybe just a quick one for Adam. So on the backlog, again, very exciting to see the material increase here. I think we can probably call this year the year of the backlog. My question is actually more around ASPs for launch. So if I heard you correctly, I think you disclosed that future Neutron ASPs will increase to about $70 million, which is exciting. So I guess my question there is how should we think about maybe Electron and HASTE launches for next year and beyond? And is there an opportunity to perhaps increase ASPs here given how launch constrained the industry still is?

太好了。這非常有幫助。謝謝。另外也想快速問 Adam 一題。關於未完成訂單，看到這次大幅增加真的很令人振奮。我想我們大概可以把今年稱為「未完成訂單之年」。我的問題其實比較聚焦在發射的平均售價（ASP）。如果我沒聽錯的話，我想你提到未來 Neutron 的 ASP 會提高到大約 7,000 萬美元，這很令人興奮。那我想問的是，我們應該如何看待明年及之後 Electron 與 HASTE 的發射 ASP？鑑於產業仍然受限於發射產能，這裡是否有機會提高 ASP？

Yes. No, it's a good question, Andres. So I would say, just to be clear, too, the Neutron pricing isn't going to $70 million, it's at $70 million, right? So we've already put some in backlog at that price. So I think the -- from here, the price is, I would say, logically going up from that new -- kind of the new baseline.

是的。這是個好問題，Andres。我也想先澄清一下，Neutron 的定價不是要「提高到」7,000 萬美元，而是「已經在」7,000 萬美元，對吧？我們已經以這個價格把部分訂單放進未完成訂單裡了。所以我認為——從這裡開始，價格在邏輯上會從這個新的——算是新的基準再往上走。

When it comes to Electron and HASTE, I think some of the same dynamics are in play when Pete mentioned in his prepared remarks, about how demand has never been stronger and now we're the leading launch provider in that small dedicated launch segment.

至於 Electron 與 HASTE，我認為也存在一些相同的動態，正如 Pete 在事先準備的講稿中提到的：需求從未如此強勁，而我們現在是小型專屬發射（small dedicated launch）市場的領先發射服務提供者。

I mean that's just becoming just more and more of the fact. I think when -- if I look at now where we are and where the demand is coming from Electron, I don't think I necessarily would have predicted to be kind of in this new growth wave. It seems like things were growing very nicely, and then there's been another leg up in demand. And with that, you should expect pricing will go up as well.

我的意思是，這個事實只會愈來愈明顯。我想如果我看我們目前的位置，以及 Electron 的需求來源，我不一定會預期我們會處在這一波新的成長浪潮中。看起來原本成長就很不錯，然後需求又再上了一個台階。在這樣的情況下，你也應該預期定價同樣會上升。

And we're also starting to see that reflect in the backlog. So, I think you're going to see price increases across Electron and HASTE. And HASTE now is representing a bigger piece of our backlog, which naturally comes at higher ASPs. So, I think the combination of kind of lifting the prices across all of our launch services are going to start to be more evident in the model going forward. So, I feel very good about where we're at.

而且我們也開始看到這反映在積壓訂單上。所以，我認為你會看到 Electron 與 HASTE 全面調漲價格。而 HASTE 現在在我們的積壓訂單中占比更大，這自然也對應到更高的 ASP（平均售價）。因此，我認為，將我們所有發射服務的價格整體上調的組合效應，未來在模型中會開始更明顯地呈現。所以，我對我們目前所處的位置感到非常有信心。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

I wanted to ask about orbital data centers. I think in the past, we've probably been -- I think you guys have been a little bit more skeptical than certainly one company out there. And you had this midterm election in the US, which I think many people suspect could slow down the terrestrial build-out. What are your latest thinking, I guess, on what you could potentially do on the Space Systems side for orbital? And would you expect kind of interest to increase going forward just given what happened last week?

我想問一下軌道資料中心。我想過去我們可能一直——我覺得你們相較於外面某家公司，態度可能更偏保守一些。而美國剛結束這次期中選舉，我想很多人懷疑這可能會放緩地面端的建設擴張。你們最新的看法是什麼？也就是在太空系統（Space Systems）這一側，針對軌道端你們可能會做些什麼？以及考量到上週發生的事情，你是否預期未來市場興趣會增加？

Yes, Edison. So we've always, like you say, retained a healthy level of kind of skepticism, but I would say that we've always been bullish certainly on defense-based orbital data centers. And also, clearly, I've been wrong plenty of times. So, we certainly weren't going to cut off any opportunities for ourselves, hence, the reasons why we developed and brought to market the new silicon cell for orbital data centers.

是的，Edison。如你所說，我們一直保持一個健康程度的懷疑態度，但我會說，我們一直都非常看好以國防為基礎的軌道資料中心。而且很明顯地，我也曾經錯過很多次。所以我們當然不會把任何機會直接切斷；這也是我們為什麼會開發並推向市場、用於軌道資料中心的新型矽電池（silicon cell）的原因。

Obviously, we have an orbital data center customer for a Neutron vehicle. And I would say that, like everybody else, we are doing our fair share of work around that opportunity. So we certainly haven't written it off, and we are monitoring all of the events. And like I said, doing our work to make sure that if we are able to gain conviction, then we're in a really good place to be able to capitalize on that.

很明顯地，我們有一位軌道資料中心客戶是使用 Neutron 火箭。我會說，跟其他人一樣，我們也在這個機會上做了我們該做的工作。所以我們當然沒有把它排除在外，我們也在持續關注所有相關事件。而且如我所說，我們正在做足準備，確保如果我們能建立足夠的信心，我們就處在一個非常好的位置，能夠把握這個機會。

Understood. And just a follow-up to that. As you kind of think about the architectures for orbital data center out there, what do you view as the kind of biggest engineering or technical bottlenecks? Or is it more of a kind of economic thing?

了解。那我再追問一下。當你們思考外界各種軌道資料中心的架構時，你認為最大的工程或技術瓶頸是什麼？還是說其實更偏向經濟面的問題？

Yes. For me, it's economics. There's a number of kind of key things that have to happen for those economics to close and those key things are extremely difficult. So yes, I think there needs to be some major technological advances to unlock the economics. I think if you want to put smaller data centers or data centers of a small scale in orbit, I think that's all completely doable. Hence, the reasons why we are very bullish on orbital data centers for secure comms or defense purposes. I think that it will definitely happen. But the moving all data centers off Earth into space, I think there's a few challenges to solve there.

是的。對我來說，是經濟性。要讓那套經濟模型成立，有幾個關鍵事情必須發生，而那些關鍵點都極其困難。所以是的，我認為需要一些重大的技術突破，才能解鎖其經濟性。我認為如果你想把較小型的資料中心、或小規模的資料中心放到軌道上，這完全可行。這也是為什麼我們非常看好用於安全通訊或國防用途的軌道資料中心。我認為這一定會發生。但若要把所有資料中心都從地球搬到太空，我認為那裡還有幾個挑戰需要解決。

John Godyn, Citigroup.

John Godyn，花旗集團。

Congratulations on being fastest to 100 launches on the Electron even faster than the Falcon 9. Of course, years later, the Falcon 9 is doing 170 launches or so a year. So I thought it's just a good opportunity to revisit the multiyear outlook for Electron launches. And if you could also just talk a bit about how the outlook for Electron growth evolves eventually alongside Neutron.

恭喜 Electron 以比 Falcon 9 更快的速度達成 100 次發射。當然，幾年之後，Falcon 9 現在一年大概能做到 170 次左右的發射。所以我覺得這是個很好的機會，重新檢視 Electron 未來多年的發射展望。也請你談談，隨著 Neutron 的加入，Electron 的成長展望最終會如何演進。

Yes, John. Well, we're not done yet. Give us a chance. But Electron obviously, is not a reusable vehicle. So the big unlock for huge cadence, of course, is reusability. Although as you can see with the factory and the production rate that we have currently, we can produce a fair bit of those.

是的，John。我們還沒結束呢。給我們一點時間。不過 Electron 很明顯不是可重複使用的載具。所以要解鎖非常高的發射頻率，關鍵當然是可重複使用性。雖然如你所見，以我們目前的工廠與產能，我們也能生產相當多的火箭。

But next year will be a big year for Electron. We have a huge manifest lined up for Electron and we don't see that subsiding especially in this market with the likes of other providers of rideshare going away, then the next logical alternative is, of course, an Electron. So we see tremendous traction there.

但明年對 Electron 會是很重要的一年。我們為 Electron 排了非常龐大的發射清單（manifest），而且我們不認為這會減弱——尤其在目前這個市場環境下，當其他提供共乘（rideshare）的業者退出後，下一個合乎邏輯的替代方案，當然就是 Electron。所以我們看到非常強勁的動能。

So -- but the nice thing about Electron was it was designed to be produced. So, as you can see, we're producing one every eight days. There's no technological feat required to double, triple whatever that -- at this point, it's just duplicating an additional factory lines and that kind of thing.

所以——但 Electron 的好處在於，它的設計初衷就是為了量產。所以如你所見，我們每八天就能生產一枚。在這個階段，要把產量翻倍、三倍等等，不需要什麼技術上的壯舉——只是複製、增加額外的產線與工廠線體之類的事情。

You can see with our pads, we have multiple pads around the world, so we're well endowed in that side of it. So I think there's not too many limiters on Electron and there hasn't been ever really, it's how fast the market will grow and evolve to whatever cadence that it ultimately ends up at.

從我們的發射場來看，我們在全球有多個發射台，因此在這方面的配置也很充足。所以我認為 Electron 沒有太多限制因素，而且一直以來也不太有；關鍵在於市場會以多快的速度成長與演進，最後達到它最終會落在的那個發射頻率。

That's great. Appreciate it. And if I could just sort of ask a little bit of a different question just on supply chain. A huge amount of satellites in development and build. Obviously, launch cadence is also growing. Just a temperature check on the space supply chain, anything kind of emerging as an issue that should be a watch item.

很好。感謝。如果我可以再問一個稍微不同的問題，關於供應鏈。目前有大量衛星正在研發與製造中。很明顯地，發射頻率也在提升。想請你幫我們做個太空供應鏈的「溫度檢查」，有沒有什麼正在浮現、可能成為問題、值得關注的事項？

Yes. I mean not so much for us because we are so vertically integrated. We control so much of our own supply chain. So for us, probably the things that we worry about are different things than other people who are building satellites and procuring components from us and others worry about.

是的。我的意思是，對我們來說倒不算太多，因為我們的垂直整合程度很高。我們掌控了很大一部分自己的供應鏈。所以對我們而言，我們擔心的事情可能會跟其他那些在製造衛星、並向我們或其他供應商採購零組件的人所擔心的事情不太一樣。

And for us, it's because we are transforming raw materials into finished items, it's more raw materials. There's some critical minerals and whatnot that continue to be a challenge for a number of industries. But I think as we look across our supply chain, it really evolves all the way down to just raw materials rather than any particular items.

而對我們來說，因為我們是把原材料轉化為成品，所以更偏向原材料端。有一些關鍵礦物等等，持續對多個產業構成挑戰。但我認為當我們檢視整體供應鏈時，問題其實一路往下延伸到原材料，而不是某些特定零件。

Jan Engelbrecht, Baird.

Jan Engelbrecht，Baird。

Perhaps, a high-level question, but we've obviously read a lot about the tightening launch availability later this decade. But I wanted to -- from your side, what are customers seeing in Neutron that gives them confidence to commit to these launches before first flight. I know we can talk about mission fit, the technical due diligence. And obviously, the 96% mission success rate, but perhaps are there things that they obviously have access to information and access to you guys that we just can't see in the public domain that you can just speak to more that obviously, very impressive to see 16 Neutrons in backlog. Anything you could share there?

也許是一個較高層次的問題，但我們顯然讀到很多關於本十年後期發射供給變得更緊的報導。但我想從你們的角度問：客戶在 Neutron 上看到了什麼，讓他們有信心在首飛之前就承諾這些發射？我知道我們可以談任務適配性、技術盡職調查。以及很明顯的 96% 任務成功率，但或許他們能接觸到一些資訊、也能接觸到你們團隊，而這些是我們在公開資訊中看不到的；你能否多談一些？畢竟看到積壓訂單裡有 16 枚 Neutron，確實非常令人印象深刻。你能分享些什麼嗎？

Yes, Jan. Well, I mean, I think it comes down to, fundamentally, there has been two commercial companies that have developed a vehicle, brought it to market and scaled. And that has been SpaceX and Rocket Lab. So when folks walk around and they do, like nobody buys the rocket off a brochure. They come and see us and they walk through the factories and walk out to the launch pad and we're very transparent with our development process and the state thereof. So, customers are able to get confidence through their own eyes. And I think this industry is littered with poor execution, and we've worked hard to make sure that we have a reputation of not that.

是的，Jan。嗯，我想歸根結底，從基本面來看，真正把一款運載火箭研發出來、推向市場並完成規模化的商業公司只有兩家。那就是 SpaceX 和 Rocket Lab。所以當大家四處走訪時——沒有人會只看一本型錄就買火箭。他們會來看我們，走進工廠參觀，再走到發射台；我們對於開發流程以及目前進度都非常透明。因此，客戶能透過親眼所見建立信心。而我認為這個產業充斥著執行不佳的案例，而我們一直努力確保我們的名聲不是那樣。

Helpful. And then if I may, just a follow-up, for 2027, I know you guys aren't guiding that yet, but is 20% growth from a launch perspective for HASTE and commercial Electron stil sort of the right way to think about it? And obviously, you guys were -- one-third of the backlog at the prior quarter was HASTE, which is obviously very attractive from a revenue recognition perspective. And then maybe just a comment on suborbital launch, and HASTE, specifically, it looks like most of MACH-TB and that program is placed in the base budget. So could we assume very little cancellation risk for HASTE?

很有幫助。然後如果可以的話，我再追問一下，關於 2027 年，我知道你們目前還沒有提供指引，但從 HASTE 與商業 Electron 的發射角度來看，把 20% 的成長視為大致正確的思考方式，是否仍然合理？而且很明顯，你們——上一季的在手訂單中有三分之一是 HASTE，從營收認列的角度來看這顯然非常有吸引力。另外也想請你們談談次軌道發射以及 HASTE，特別是看起來 MACH-TB 以及該計畫的大部分都被納入基本預算。所以我們是否可以假設 HASTE 幾乎沒有取消風險？

Yes. I guess, I can take the first part of that. So I think on the launch CAGR, I don't think there's any reason to think that 20% continue is really at risk. I think that we're seeing demand, as we talked about earlier, continue to grow. So I think the growth, in my view, should be better in many ways, next year than we even saw it from '25 to '26. So, all the demand dynamics are in place, the pricing dynamics are in place, now just a matter of execution, but we also have to remind people that execution really has two angles to it, right?

是的。我想我可以先回答第一部分。所以我認為就發射的 CAGR 而言，沒有任何理由認為 20% 的持續成長真的會面臨風險。我想我們看到的需求——如同我們先前談到的——仍在持續成長。所以在我看來，明年的成長在很多方面應該會比我們從 2025 年到 2026 年看到的還要更好。因此，所有需求面的動態都到位了，定價面的動態也到位了，現在就只是執行的問題，但我們也必須提醒大家，執行其實有兩個面向，對吧？

We have to have the rockets ready, of course, but also our customers need to be ready with their payloads. And oftentimes in the past, if there's been a bit of a hiccup on launch cadence in any given quarter, it's really not been because of the rocket not being ready, it's because the customers will have -- understandable they'll have issues at the last moment.

當然，我們必須把火箭準備好，但同時我們的客戶也需要把他們的酬載準備好。而且過去很多時候，如果某一季的發射節奏出現一些小插曲，通常並不是因為火箭沒有準備好，而是因為客戶——可以理解——會在最後一刻遇到一些問題。

They put their spacecraft through the final set of tests and something may not come out to their expectations, so they have to put it back through test and that can cause delays. So I think what helps us mitigate that is having such a strong backlog of missions that we can -- and we have the luxury at sometimes of being able to do a little bit of swapping around of missions and still keep our cadence going.

他們會讓太空器進行最後一輪測試，而某些結果可能不如預期，因此必須再回到測試流程，這就可能造成延遲。所以我認為能幫助我們降低這種影響的是，我們有非常強勁的任務在手訂單，使我們可以——而且有時我們也有餘裕——在任務之間做一些調整互換，仍然維持我們的發射節奏。

But it's really two pieces. And again, I feel very comfortable that all -- it's not going to be a demand challenge. Hopefully, our customers don't create delivery challenges. And I believe our production teams will be able to deliver the vehicles next year to grow even faster than this year.

但這確實是兩個部分。再說一次，我非常有信心——這不會是需求面的挑戰。希望我們的客戶不會造成交付面的挑戰。而我相信我們的生產團隊明年能夠交付載具，讓成長速度甚至比今年更快。

Yes. And then on the HASTE on MACH-TB stuff, we don't see any cancellation kind of risks here. These programs are pretty bipartisan and long-standing. So I think there's low risk.

是的。然後關於 HASTE 與 MACH-TB 的部分，我們看不到任何取消風險。這些計畫相當具有跨黨派支持，而且已經推動很久了。所以我認為風險很低。

Ronald Epstein, Bank of America Merrill Lynch.

Ronald Epstein，美國銀行美林。

This is Andrew Steinhardt on for Ron. I just wanted to touch on launch capacity again. I think Q3 backlog and rising Neutron launch prices did a good job telling the story of tightening capacity.

我是代替 Ron 的 Andrew Steinhardt。我想再回到發射產能這個話題。我認為第三季的在手訂單以及 Neutron 發射價格上升，很好地說明了產能正在收緊的情況。

But with the satellite operator declaring it's going to build a rocket, it seems worse than we may have thought or at least myself. Is that a fair takeaway from AST's announcement last week? And I guess, how do you guys think about a new unproven launch provider entering the market as a potentially viable competitor?

但隨著那家衛星營運商宣稱要自己造火箭，情況看起來比我們原先想的更糟，至少對我而言是如此。從 AST 上週的公告來看，這樣的解讀公平嗎？另外，你們如何看待一個新的、尚未驗證的發射服務供應商進入市場，作為可能可行的競爭對手？

Yes, Andrew, I was hoping someone wasn't going to ask that question. So the -- look, launch capacity is incredibly as constrained as you kind of see. And in many respects, we're rooting for everybody because even when we bring Neutrons to market, it's not going to satisfy the demand that's required.

是的，Andrew，我本來希望沒有人會問這個問題。所以——你看，發射產能確實如你所見非常受限。而且在很多方面，我們其實希望大家都能成功，因為即使我們把 Neutron 推向市場，也無法滿足所需的需求量。

So -- and also 50% of Neutron is for everybody else and 50% is for us. So I think we've always followed the thesis that the large space companies of the future are going to have their ability to launch their own stuff. And I think this is kind of playing out.

所以——另外，Neutron 的產能有 50% 是給其他所有人，50% 是留給我們自己。我想我們一直遵循的論點是，未來的大型太空公司將具備發射自家載荷的能力。而我認為這正在逐步應驗。

Got you. And I guess, just in a different direction here. It was nice to see operating cash flow in Q3. How should we be thinking about cash generation going forward ex Iridium, just given higher launch prices? And what does the ultimate cash generation profile look like once Iridium is integrated into the business fully?

了解。那我換個方向問。很高興看到第三季有營運現金流。撇除 Iridium 的影響，考量到更高的發射價格，未來我們應該如何看待現金創造能力？而一旦 Iridium 完全整合進業務後，最終的現金創造輪廓會是什麼樣子？

Yes. So look, I think that the rising prices for Electron are certainly helping. I think getting the deposits in for Neutron launches are helping. But nothing is really going to I'd say, permanently kind of reverse the cash flow negativity until Neutron is really into production, right?

是的。所以你看，我認為 Electron 價格上升確實有所幫助。我認為 Neutron 發射的訂金入帳也有幫助。但我想，除非 Neutron 真正進入量產，否則沒有什麼能夠「永久性地」扭轉現金流為負的狀態，對吧？

So I think that's why eyes are on Neutron getting that to the launch pad and successfully through its first test flight. And then scaling into production. I think that's really -- we've long said that we turned cash flow positive probably about six months or so after Neutrons for flight, right? Because that's when things have really pivoted into production.

所以我認為這也是為什麼大家都把目光放在 Neutron：把它送上發射台，並成功完成首次測試飛行。然後再擴大到量產。我認為那才是關鍵——我們長期以來一直說，大概在 Neutron 首飛後約六個月左右，我們就可能轉為正向現金流，對吧？因為那時候事情就真正轉向量產了。

Now obviously, that changes pretty dramatically upon the closure of the Iridium acquisition because they already come with strong cash flow. And we've got lots of interesting ideas to improve on that, obviously. But I think that, again, what we're focused on right now is like how do we scale our business and turn it to a cash flow positive one and really all of it hinges right now on Neutron.

當然，Iridium 併購完成後，情況會出現相當戲劇性的變化，因為他們本身就帶來強勁的現金流。而且我們顯然也有很多有趣的想法可以進一步改善。但我認為，再次強調，我們現在聚焦的是：如何擴大我們的業務規模並把它轉為正向現金流，而目前這一切都取決於 Neutron。

There's not quite yet enough scale in Space Systems, although the business is scaling very, very nicely, to offset a pretty significant lift for Neutron. And that's just the nature of bringing a new product like Neutron to market. Again, as Pete mentioned earlier in his remarks, we're making great progress there and we're looking forward to that date sooner rather than later.

Space Systems 的規模目前還不夠大——儘管該業務擴張得非常、非常好——不足以抵消 Neutron 所需要的相當可觀的投入。而這就是把像 Neutron 這樣的新產品推向市場的本質。再說一次，如同 Pete 先前在發言中提到的，我們在那方面進展良好，也期待那個時間點能夠越早越好。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Peter, if I could start with you. I think when you made the announcement about the slipping of Neutron into next year, you alluded to some changes or, I guess, maybe your ability to do some other work given the delayed timing, similar to when you had the previous delay around the tank. Could you maybe just provide a little bit more color about what that extra activity is and how kind of with that extra time that you've given and how that might influence either follow-on launches and kind of I think some -- to your comments around the 1,3,5 cadence or just reusability or just give us a little bit more perspective on kind of what else you're allowed to do now given the extended time frame.

Peter，我先從你開始問。我想當你宣布 Neutron 延後到明年時，你提到了一些變更，或者說，因為時程延後，你們能夠做一些其他工作，類似於先前在儲箱（tank）那次延遲時的情況。你能否再多提供一些細節，說明那些額外的工作是什麼？以及在你們多出來的這段時間之下，這會如何影響後續的發射，以及我想你提到的 1、3、5 的節奏，或是可重複使用性（reusability）？也就是請再多給我們一些視角，說明在延長的時間框架下，你們現在還能做哪些事情。

Yes, Trevor, good question. I mean it has been all around how do we increase the launch cadence faster because that's obviously the critical thing. So that's primarily where the work has gone around engine, production engine, acceptance test and then also composite structures, production and acceptance tests and moving all of those things faster.

是的，Trevor，問得很好。我的意思是，這一切都圍繞著我們如何更快地提升發射節奏，因為那顯然是關鍵。所以工作主要集中在引擎、量產引擎、驗收測試，另外也包括複合材料結構的量產與驗收測試，並把所有這些事情的進度都加快。

So we haven't been kind of acting in a serial fashion. A lot of these things are happening in parallel. So while the tank area has experienced some delays, avionics and fluid systems and all of that have not stopped scaling.

所以我們並不是以一種連續、逐一的方式在推進。很多事情是並行發生的。因此，雖然儲箱區域出現了一些延遲，但航電、流體系統以及所有相關工作並沒有停止擴產。

And we see -- I've been pretty resolute about the 1,3,5. I would say the pressure at this point to increase that is overwhelming, and we are looking at every lever we can pull. And to increase that flight cadence. And I think we've got some really good options there. And we can talk about that a little bit later once those are solidified. But it's fair to say that we're certainly -- the head space is obviously Flight 1 is important, but there's a lot more big brains thinking about really, really how do we increase scaling faster right now.

而且我們看到——我一直對 1、3、5 這個節奏相當堅定。我會說，目前要提高這個節奏的壓力是壓倒性的，我們正在檢視所有可以動用的槓桿。以提升飛行頻次。我認為我們在這方面有一些非常不錯的選項。等這些選項更明確之後，我們可以稍後再多談一些。但可以公平地說，我們當然——思維空間很明顯 Flight 1 很重要，但現在有更多非常、非常聰明的人正在深入思考：我們究竟要如何更快地提升擴產速度。

Awesome. Perfect. Adam, maybe switching over to you kind of along the same lines, just given the uptick in R&D expense, as I know we've been talking about for a while is very much tied to Neutron, how should we think about that line?

太棒了。完美。Adam，或許換到你這邊，沿著同樣的脈絡，考量到研發費用的上升——如同我們談了一段時間，這與 Neutron 高度相關——我們應該如何看待這一項目？

And maybe just more broadly, you had some good comments around cash flow previous questions, so maybe a bit more about EBITDA and just general profitability, just given -- again, given the delay of Neutron and how should we think about that? I know you're not giving '27 guide yet, but just how should we maybe think about that R&D line specifically kind of heading into next year if the things have changed or moved around a bit?

另外更廣泛地說，你在前面幾個問題中對現金流有一些很好的評論，所以也想再多問一點 EBITDA 以及整體獲利能力——同樣考量到 Neutron 的延遲，我們應該如何看待？我知道你們還不會提供 2027 年的指引，但就研發費用這條線而言，進入明年時如果事情有些變動或調整，我們應該如何具體思考？

Yes. I think fortunately, the -- our Space Systems segment, which is now by far the largest part of our business isn't -- I wouldn't consider that overly R&D-intensive. So I think that we'll continue to invest there at a pace that continues to drive the top line expectations that we have for a longer-term CAGR, which we've long said is kind of 20% or so is kind of where we set the bar for that.

是的。我認為幸運的是——我們的太空系統（Space Systems）部門，現在已經是我們業務中規模最大的一部分——並不是那種研發密集型的業務。因此我認為我們會持續以一個能推動我們對長期營收複合年成長率（CAGR）預期的速度來投資；我們長期以來一直說，大約 20% 左右是我們為此設定的門檻。

Launch is going to grow faster than that because when we start introducing Neutron into the mix. I want to clarify too that. I think I may have missed it. The cash flow positive is a little bit delayed later than the 6 quarters after the first launch.

發射業務的成長會比那更快，因為當我們開始把 Neutron 納入組合時。我也想澄清一下。我想我可能漏講了。現金流轉正的時間點，會比首次發射後 6 個季度再晚一些。

That's really when adjusted EBITDA turns. Cash flow is really more of a function too of where we are in investing in the fleet of Neutrons and that's going to take a little bit longer. And that goes back to kind of the question that Pete addressed, which is how can we look to scale the business faster. And there might be some things in there that are capital intensive in order for us to kind of really get that rate even higher than what we've already talked about.

那個時間點其實是調整後 EBITDA 轉正。現金流更多也取決於我們在 Neutron 機隊上的投資進度，而那會需要更長一點的時間。這也回到 Pete 回答的那個問題：我們如何讓業務更快擴張。而其中可能有一些事情需要資本密集的投入，才能讓我們把節奏提升到比我們目前談到的還要更高。

So I think that right now, again, all hands on deck as far as getting Neutron to the pad getting that first flight off. And I think the financial model benefits tremendously from when that happens. And again, first reflected in adjusted EBITDA, which will turn positive within six months of that first successful test flight and then cash flow is going to follow that.

所以我認為目前，仍然是全員投入，目標是把 Neutron 推上發射台並完成首次飛行。我認為一旦發生，財務模型將會獲得非常巨大的好處。而且首先會反映在調整後 EBITDA 上：在首次成功的測試飛行後六個月內就會轉為正值，之後現金流也會跟上。

Again, pending kind of some decisions that we make on how much of an accelerator we want to put on growing the fleet because the beautiful thing about Neutron as a reusable vehicle is that you're going to build the greatest number of vehicles in all likelihood at the beginning of the program, right?

同樣地，這也取決於我們對於要在機隊成長上踩下多大「加速器」所做的一些決策，因為 Neutron 作為可重複使用載具的美妙之處在於：你很可能會在計畫初期建造最多數量的載具，對吧？

And then once you get those established, then the power of reuse really starts to influence the model, that's when margins expand dramatically, and that's when cash flow really starts to gain momentum. So hopefully, that answers your question.

然後一旦這些建立起來，可重複使用的威力就會真正開始影響模型；那時毛利率會大幅擴張，而現金流也會真正開始累積動能。所以希望這回答了你的問題。

I think, again, R&D, we don't see any big R&D needle movers aside from Neutron. And then, of course, once we've gotten Iridium across the line, then, of course, we're always looking at ways to accelerate growth. And some of that might require a little more R&D than maybe it's been historically in that model, but we feel very good also about some of the growth vectors that they've kind of been investing in for the last few years that are just on the precipice of starting to kick in, in a major way.

我認為，同樣地，在研發方面，除了 Neutron 之外，我們看不到任何會大幅改變研發支出走勢的因素。然後，當然，一旦我們把 Iridium 專案順利交付完成之後，我們也一直在尋找加速成長的方法。其中有些可能需要比過去歷史模型略多一些的研發投入，但我們也對一些成長向量感到非常有信心——這些向量在過去幾年一直在投資，現在正處於即將以重大方式開始發力的臨界點。

Kristine Liwag, Morgan Stanley.

Morgan Stanley 的 Kristine Liwag。

So maybe one on unit economics on Neutron. Now you have more production reps under your belt, and you've now changed your manufacturing process for some of the products. How is the bill of materials tracking against your original steady-state model. And when you think about the efficiency gains from the automated composite layup and Archimedes production, are there areas where things are costing less than you expected?

那我想問一個關於 Neutron 單位經濟（unit economics） 的問題。現在你們已經累積了更多量產經驗，而且也針對部分產品改變了製造流程。物料清單（BOM）的表現相對於你們原先的穩態模型追蹤得如何？另外，當你們考量自動化複材鋪層（automated composite layup）與 Archimedes 生產帶來的效率提升時，有沒有一些領域的成本低於你們原先預期？

And then pairing that with a $70 million base launch price, which is a very -- and by the way congratulations on that significant step-up in pricing. How should we think about margins going forward? I mean, I would anticipate that with a significant $15 million pricing than your initial thoughts, you can get to that gross margin 30% to 40% sooner but then also have a higher steady-state gross margin. So any thoughts on long-term gross margin and Neutron would be helpful.

再把這與 7,000 萬美元的基礎發射價格搭配來看，這是一個非常——順帶一提，也恭喜你們在定價上有這麼顯著的提升。我們應該如何看待未來的毛利率？我的意思是，我會預期相較於你們最初的想法，定價提高了顯著的 1,500 萬美元，你們可以更快達到 30% 到 40% 的毛利率，但同時也能有更高的穩態毛利率。所以若能分享一些對長期毛利率與 Neutron 的看法會很有幫助。

Yes, I'll just hit the top level off stuff and Pete can dive into some of the engineering pieces of that. But I would say, certainly, the step up in ASP is certainly going to help us get there faster. I think we've always had conviction that this is a 50% plus gross margin business on a non-GAAP basis.

是的，我先從高層次的部分回答，Pete 可以再深入一些工程面的細節。但我會說，平均售價（ASP）的上調確實會幫助我們更快達成目標。我想我們一直都很有信心：在非 GAAP 基礎上，這是一個毛利率 50% 以上的業務。

I think that there have been some speculations about what comparable reasonable vehicles margins are at scale. I think we've seen some of that with SpaceX coming public. But I think that just as we've seen a pretty significant expansion in Electron's gross margins largely a function.

我認為外界一直有一些推測，關於在規模化之後，可比的合理載具毛利率會是多少。我想我們也從 SpaceX 可能上市的相關討論中看到一些。但我認為，就像我們看到 Electron 的毛利率有相當顯著的擴張，這在很大程度上是一種函數關係。

I mean some of it has come down to BOM cost reductions, but that's really not what moves the needle in the launch business. It's really about absorbing those fixed costs over a greater number of launches, right? So I think if you think about normal BOM reductions in the, call it, 6% to 10% range on an annualized basis, it certainly helps, but it doesn't need -- move the needle nearly as much as adding doubling your launch cadence when you go from three launches a year to 5 launches a year to 10 launches a year.

我的意思是，其中一部分確實來自 BOM 成本下降，但那其實不是在發射業務中真正驅動關鍵變化的因素。真正關鍵在於：把那些固定成本分攤到更多次的發射上，對吧？所以我認為，如果你把一般的 BOM 降本視為每年約 6% 到 10% 的年化幅度，這當然有幫助，但它對指標的影響遠不如當你把發射頻次加倍——例如從一年 3 次到一年 5 次、再到一年 10 次——所帶來的影響那麼大。

And that's really what's going to drive the economics in Neutron. But again, I think certainly where ASPs are trending is very, very helpful. And I personally don't think that we're yet at the end of the pricing curve for Neutron. It's very early days.

而這才是真正會驅動 Neutron 經濟性的因素。但再次強調，我認為 ASP 的走勢確實非常、非常有利。而且我個人認為 Neutron 的定價曲線還遠未走到盡頭。現在還是非常早期的階段。

Yes, I think you covered it well, Adam. I mean, yes. BOM is a relatively small expenses. It's all the facilities and the headcount and overhead that really drive a lot of the costs in a vehicle, you have to maintain factories, launch sites and all those kinds of things, barges. So the BOM is not out of bed for sure, but it's probably the lower influence to margins.

是的，我覺得你講得很到位，Adam。我的意思是，是的。BOM（物料清單）相對來說是一筆較小的費用。真正推動車輛成本的，主要是所有設施、人力編制以及管理費用（overhead）——你必須維持工廠、發射場以及各種這類東西，還有駁船。所以BOM當然沒有失控，但它對毛利率的影響可能相對較小。

Great. Super helpful. And if I could pivot to spectrum, there's a lot more industry focus right now on spectrum value, and Iridium gives you the globally coordinated L-band. But when you think about how L-band is naturally bandwidth constraints, as you map out where you want Rocket Lab to be in the next 5 to 10 years, do you feel like Iridium spectrum is sufficient for your constellation ambitions? Or do you think you'll need to acquire a partner for higher throughput spectrum like Ku-band and Ka-band and execute your vision as a space as a Service company.

很好。非常有幫助。如果我可以把話題轉到頻譜（spectrum），目前產業對頻譜價值的關注高很多，而Iridium提供的是全球協調的L頻段。但當你考量到L頻段天生就有頻寬限制時，當你規劃未來5到10年希望Rocket Lab成為什麼樣子，你覺得Iridium的頻譜足以支撐你們的星座（constellation）雄心嗎？還是你認為你們需要透過併購或合作夥伴取得更高吞吐量的頻譜（例如Ku頻段與Ka頻段），以作為一家太空即服務（space as a Service）公司來落實你們的願景。

It's a very tricky way to ask us, Kristine, what future constellations might be. But right now, I think we're very happy with the L-band. I really like the power of L-band given its ability to penetrate bad weather and environments and that safety critical, defense critical part of the industry, I think, is really interesting and poised for a lot of growth. So at the moment, the L-band is fine. Of course, we're always looking at spectrum. We are in the comms business now. So spectrum is relevant to us. But certainly, no imminent acquisitions of additional spectrum.

Kristine，你這個問題問得很巧妙，是在問我們未來的星座可能會是什麼樣子。但就目前而言，我們對L頻段非常滿意。我非常喜歡L頻段的優勢，因為它能穿透惡劣天候與環境；而且在安全關鍵、國防關鍵的產業領域，我認為非常有意思，也正蓄勢待發、具備很大的成長空間。所以目前L頻段是足夠的。當然，我們一直都在關注頻譜。我們現在也在做通訊業務。所以頻譜對我們而言是相關且重要的。但可以確定的是，短期內沒有任何即將進行的額外頻譜收購。

Gautam Khanna, TD Securities.

TD Securities 的 Gautam Khanna。

I was wondering if you could talk a little bit more about demand for Neutron given, as you mentioned, industry capacity for launch sold out a number of years. Maybe if you could just talk about -- I mean, that would suggest there's urgency for customers to place orders before Neutron has proven successful at first launch.

我想請你多談一點Neutron的需求情況，因為如你提到的，產業的發射產能已經售罄好幾年了。也許你可以談談——我的意思是，這似乎表示客戶會有急迫性，在Neutron首次發射尚未證明成功之前就先下單。

So maybe if you could just talk about the number of launch opportunities you're pursuing and what we might expect for launch bookings in Q4 or Q1? Like is the pipeline pretty full, so we could see quarters similar to what we just experienced in Q3.

所以也許你可以談談你們正在追逐的發射機會數量，以及我們對Q4或Q1的發射預訂（launch bookings）可以有什麼期待？例如管線（pipeline）是不是相當滿，所以我們可能會看到類似剛剛Q3那樣的季度表現。

Yes, Gautam, it will be interesting to see how it all shakes out. Certainly, there's tremendous demand for the soonest launch slots available and which has pushed us into the next available slots now in the 2030s and all the work that's going on in the background to increase cadence. So, I think, we've seen, like, I say, extreme demand and customers that we've had long relationships with and have worked with us a long time, literally solidify their, kind of, intentions extremely quickly.

是的，Gautam，接下來會怎麼發展很值得觀察。可以確定的是，市場對最早可用的發射時段需求非常強勁，這也把我們推到下一個可用時段——現在已經排到2030年代——同時也有大量幕後工作在進行，以提升發射節奏（cadence）。所以我想，我們看到的正如我所說，是極端強勁的需求；而且一些與我們長期合作、合作多年的客戶，真的非常快速地就把他們的意向（intentions）敲定下來。

And that's been consistent. And then going forward, the important thing to remember also is, as I said prior, like 50% of Neutron capacity is for everybody else and 50% is for us. So we always have to make sure that we retain enough capacity for our own aspirations.

而且這種情況一直都很一致。另外往前看，也要記得一個重點：如我先前所說，Neutron的產能大約50%是提供給外部客戶，50%是留給我們自己。所以我們必須一直確保，為我們自身的目標保留足夠的產能。

Yes. I would say also to add one more bit of context, a little bit of inside baseball. So we could have actually booked more launches in Q3 for Neutron than we did, but we actually chose to go for higher ASP and lower volumes. So there were customers that wanted to book more launches, but at a slightly lower price.

是的。我也想再補充一點背景，算是一些業內細節（inside baseball）。其實我們在Q3原本可以為Neutron預訂到更多發射，但我們選擇追求更高的ASP（平均售價）與較低的量。所以確實有客戶想預訂更多發射，但價格會稍微低一些。

And we kind of, again, stuck to the philosophy that Pete mentioned earlier, where we're not looking to kind of sell launches at a discount price. We want to make sure that we're maximizing the value and so we're choosing to be very discriminating about which business we take and how much we take now because, again, I think our bias is we think prices are going to continue to go up. So why sell out all the capacity now at these prices even.

而我們再次堅持Pete先前提到的理念：我們不打算用折扣價去賣發射服務。我們要確保把價值最大化，因此我們會非常審慎地挑選要接哪些案子、以及現在要接多少，因為——同樣地——我們的偏好是，我們認為價格還會持續上升。所以為什麼要在目前這些價格水準下，就把所有產能都賣光呢。

Andre Madrid, BTIG.

BTIG 的 Andre Madrid。

I wanted to touch on -- Well, it seems like I got beaten to it. I was going to ask if you had been having conversations with the Office of Strategic Capital about potentially supporting Neutron development. And then literally just a couple of minutes ago, an announcement came out just on that. So maybe a bit more, $150 million, maybe the terms of that loan commitment exactly how the funds are expected to be allocated? Any color there would be greatly appreciated.

我想追問一下——嗯，看起來我被搶先問到了。我原本想問你們是否已經在和戰略資本辦公室（Office of Strategic Capital）討論，是否可能支持Neutron的開發。而就在幾分鐘前，剛好有一則相關公告出來。所以也許可以多談一些：這筆1.5億美元，這項貸款承諾的條款，以及資金預計會如何分配使用？如果能提供一些說明，我會非常感謝。

Sorry. Yes. So Look, I think we're pretty fortunate to be in a position to take advantage of this type of non-dilutive financing. We always take it we can get it. I think it's on very attractive terms that we like SOFR plus 100 basis points. So it gives us additional capital to scale key parts of our business, Neutron in particular.

抱歉。是的。你看，我想我們很幸運，能處在一個可以利用這類非稀釋性融資（non-dilutive financing）的地位。只要能拿到，我們一向都會把握。我認為條件非常有吸引力：我們喜歡這個SOFR加100個基點的利率條款。因此它為我們提供額外資本，用於擴大我們業務的關鍵部分，尤其是Neutron。

I think we've we're very fortunate that we've had the ability to -- since I joined the company almost nine years ago to make sure that financing the business wasn't a constraint on growth, and this continues to be the case.

我想我們一直很幸運——自從我將近九年前加入公司以來——我們能確保資金不會成為成長的限制，而現在仍然是如此。

I think it also just underscores the importance of how launch capacity is very much in the focus of the administration and they're putting kind of some real meat behind trying to alleviate the problem and I think this certainly does help.

我認為這也凸顯了發射產能的重要性：它確實是政府當局關注的焦點，他們也拿出一些實質作為，試圖緩解這個問題；而我認為這確實有所幫助。

So I think this is a helpful indicator, a very positive indicator about where everyone sees the demand constraint and how it can be unlocked and capital is certainly a part of that. So yes, this is just certainly helpful to our cause to help scale Neutron even faster.

所以我認為這是一個有用的指標、非常正面的指標，顯示大家如何看待需求受限的瓶頸，以及如何把它解鎖；而資本當然是其中一部分。所以是的，這對我們的目標肯定有幫助，能讓我們更快擴大Neutron的規模。

That's very helpful. And then maybe kind of staying on the government support. I mean, given that we're under a continuing resolution right now, I mean, are you expecting this to have any -- depending on the length of the CR a more aggressive impact or not?

這非常有幫助。那接著也許延續政府支持這個話題。我的意思是，鑑於我們目前處於持續決議（continuing resolution，CR）之下，你們是否預期這會有任何——取決於CR的長度——更顯著的影響，還是不會？

Or maybe just tell me a bit more about how you guys are thinking about it within your own internal models. How should we be thinking about the length of the CR and its potential impact on the business heading into '27?

或者你可以多告訴我一些，你們在內部模型中是如何看待這件事的。我們應該如何看待CR的長度，以及它在邁向2027年時對業務可能造成的影響？

It's very difficult to predict how government fundings are going to go. I mean, I think that for us, I think Pete mentioned earlier, the programs, a lot of the programs that we're in are already funded I think they're very strategic. We don't really see a lot of risk to our programs in particular. But certainly, having more clarity on where the budget is going to come from and where it's going from here, it certainly be helpful. But I don't know, Pete, if you got any views on that.

政府資金撥付會怎麼走，真的很難預測。我的意思是，對我們而言，我想Pete先前提到，我們參與的許多專案其實已經有資金到位，而且我認為它們非常具戰略性。我們並不認為我們的專案本身會有很大的風險。但當然，如果能更清楚預算資金會從哪裡來、接下來會怎麼走，肯定會有幫助。但我不確定，Pete，你對這件事有沒有什麼看法。

No, I agree with you, Adam. I mean, I think it's relatively low risk for us.

不，我同意你的看法，Adam。我的意思是，我認為對我們而言風險相對較低。

Jeff Van Rhee, Craig Hallum.

Jeff Van Rhee，Craig Hallum。

Peter, Adam, this is Daniel on for Jeff. Congrats on the quarter. On the next 12 months backlog, so that, in particular, is one of the metrics we follow the most. It's up 47% sequentially. I think that might be the strongest quarter for that ever.

Peter、Adam，我是代替Jeff的Daniel。恭喜本季表現。關於未來12個月的在手訂單（backlog），特別是這項指標是我們最常追蹤的之一。它較上一季成長47%。我認為這可能是史上最強的一季。

Just maybe a little bit more commentary on the next 12-month backlog, in particular, wondering what drove that. And I said that in particular because I assume, obviously, there's huge launch backlog growth, but a lot of that's the out years.

想請你們再多評論一下未來12個月的在手訂單，特別想了解是什麼驅動了這個成長。我之所以特別問，是因為我假設很明顯發射（launch）的在手訂單成長很大，但其中很多是更後面的年度。

And is it in the next 12 months and then when I look at Space Systems backlog, that's up 22%. So this is up even more than Space Systems, maybe certain businesses is coming in or pulling in faster than you expected, where maybe some of the durations are pulling in. Just any commentary on the strength there?

那麼這些是否反映在未來12個月內？另外我看Space Systems的在手訂單上升了22%。所以這個增幅甚至比Space Systems還高，是否代表某些業務進來得比你們預期更快，或是某些合約期間在往前拉近。能否談談這裡的強勁動能？

Yes. No. Look, it's clearly Electron and HASTE are huge benefactors right now. Pete mentioned what some of those drivers are. I actually think that Electron and HASTE, again, are coming into kind of again, a new leg of growth. And I think it's driven by the fact that I think people are just now starting to realize that on the non-HASTE side of that equation, the future lack of transporter and bandwagon like everyone's concerned about, is going to have to go somewhere, right?

是的。沒錯。你看，很明顯目前Electron和HASTE是最大的受益者。Pete提到了一些驅動因素。我其實認為Electron和HASTE又進入了新一輪的成長階段。我覺得這是因為大家現在才開始意識到，在這個等式中非HASTE那一側，未來缺乏transporter和bandwagon（大家都在擔心的）這件事，總得有個去處，對吧？

And when you look at what the next best alternative is, it really is Electron, right? So I think that we may not even yet be seeing the real impact of that, maybe just the very early kind of canaries in the coal mine. So that bodes very well for that business. But as we've talked about in other periods, the Space Systems business has grown to be a very, very large piece of the business, right, approaching 80%. And while that will rebalance when Neutron starts to launch and also as Electron and HASTE continue to grow, that business is a bit more lumpy.

而當你看下一個最好的替代方案時，確實就是Electron，對吧？所以我認為我們甚至可能還沒看到它真正的影響，或許只是非常早期的跡象。因此這對那項業務非常有利。但如同我們在其他期間談過的，Space Systems業務已經成長為公司非常、非常大的一部分，接近80%。而當Neutron開始發射、以及Electron和HASTE持續成長時，這個比重會再平衡；不過那項業務的波動性會比較大。

We've got a pretty nice mix, I would say, between our components business and our platforms business. But those -- particularly on the platform side, those come in kind of lumpy kind of awards. They're getting increasingly large. They take longer to close, but they really do move the needle when they happen, and that also provides some longer-term derisking where you don't -- you're less likely to hit an air pocket, if you've got a lot of that kind of in backlog, obviously.

我會說我們在零組件業務與平台業務之間的組合相當不錯。但那些——特別是平台端——通常是以較不均勻、跳躍式的得標案進來。它們的規模愈來愈大。成交（close）所需時間更長，但一旦發生確實會顯著帶動成果；同時也提供一些較長期的去風險效果——如果你的在手訂單裡有很多這類案子，顯然就比較不容易遇到需求真空期。

So I think overall, in the near term, to your 12-month question, it really is Electron and HASTE because we put some pretty nice programs in the backlog in the most recent quarter. And I would say that, that is probably going to continue.

所以我認為整體而言，短期就你問的12個月問題來看，主要就是Electron和HASTE，因為我們在最近一季把一些相當不錯的專案放進了在手訂單。而我會說，這種情況大概會持續。

And then, again, I think this is probably one of the quarters where we didn't have, I would say, a really large space systems platforms program that got put into backlog. And those -- again, they should take longer, but we're very comfortable with how we position that business. There'll be more of those to come.

另外，我也認為這可能是其中一個季度：我們沒有把一個我會稱之為非常大型的Space Systems平台專案納入在手訂單。而那些——同樣地——通常需要更久時間，但我們對於我們在該業務的布局非常有信心。後面還會有更多這類案子。

Yes. And maybe on that note, that's a natural segue to Space Systems in terms of -- we haven't talked about that too much high level. in terms of what's coming next. Should we be thinking about some of the key opportunities being some of the more obvious ones, like Tranche 4 Tracking down the road? Or maybe expanded work on moving target indicators, space-based intercepts. I mean, obviously, there's a lot going on in the safe force right now and also on the commercial side. Just maybe some thoughts on where you see some of the emerging or strongest opportunities coming from.

是的。也許順著這個話題，這自然就轉到Space Systems——我們在高層面上還沒談太多。就接下來會發生什麼而言，我們是否應該把一些關鍵機會視為比較明顯的那些，例如未來的Tranche 4 Tracking？或是擴大在移動目標指示（moving target indicators）、天基攔截（space-based intercepts）方面的工作？我的意思是，顯然現在在國防領域以及商業端都有很多事情在進行。想請你們談談你們認為新興或最強勁的機會會從哪裡來。

Yes, I'll take that one, Adam. I think, Daniel, it's across all of them, right? And kind of back to your previous question, I would say that Space Systems has reached a level of maturity and cadence that is just humming right now.

是的，Adam，我來回答這題。我想，Daniel，這些領域全部都有，對吧？而且回到你前一個問題，我會說Space Systems已經達到一個成熟度與節奏，目前運轉得非常順暢。

And it's taken us a while, obviously, we invested a lot in components and in making sure we have the elements. So when a customer comes to us now, they can expect best value and certainly the best time line, but also high -- 100% confidence that the spacecraft that they're going to get built and delivered works and meets their requirements.

這花了我們一些時間，顯然我們在零組件上投入很多，也確保我們具備各項要素。所以當客戶現在來找我們時，他們可以期待最佳價值，當然也有最好的時程，但同時也有高度——100%的信心：他們要我們建造並交付的太空器能運作並符合需求。

So whether it's going to Mars and we just did a couple of those trends, Mars injection burns over the last 24 hours, 48 hours, or commercial constellations for comms. We have all the best sitting on the shelf that we can put together quickly. We have all the designs that we can reuse.

所以不論是前往火星——我們在過去24小時、48小時內剛完成了幾次火星注入燃燒（Mars injection burns）——或是用於通訊的商業星座。我們把最好的東西都放在架上，能夠快速組合。我們也有所有可以重複使用的設計。

And the execution is trusted and we build reliable platforms. And I know that, that just sounds like table stakes, but it's not as common as you think in the space industry for all of those things to occur. So I would say that a lot of recurring returning customers and creating more and more opportunities for us and continuing to kind of feed itself in many respects.

而且執行是值得信賴的，我們打造可靠的平台。我知道這聽起來像是基本門檻，但在太空產業裡，要同時做到這些其實沒有你想的那麼普遍。所以我會說，很多回頭客帶來愈來愈多的機會，某種程度上也持續形成自我強化的循環。

Yes. And I would add just a little bit to that. I think we haven't yet really started to see the influence of like other sovereigns investments in space, right? I think that's kind of probably the next demand signal to really start to emerge because if you look at our backlog today, the vast majority is US derived on the Space Systems platform side, particularly around SDA Tranche 2 and SDA Tranche 3 and AMTI and so forth.

是的。我再補充一點。我認為我們其實還沒真正開始看到其他主權國家在太空投資的影響，對吧？我想那可能是下一個真正開始浮現的需求訊號，因為如果你看我們今天的在手訂單，絕大多數在Space Systems平台端是來自美國，特別是圍繞SDA Tranche 2、SDA Tranche 3、AMTI等等。

But I think that the benefit that we -- or the position we find ourselves in is that the industrial base doesn't really exist in a lot of these places that are realizing they need these capabilities. And so it will be a very helpful thing to people like us that have all those capabilities, as Pete said, they are on the shelf to pull things together relatively quickly. And again, I don't think that, that has really started to be reflected in the model yet.

但我認為我們所處的位置、或我們能受益之處在於：在許多開始意識到自己需要這些能力的地區，其實並不存在相應的產業基礎。因此，對像我們這樣具備所有能力的公司會非常有利；如Pete所說，這些能力都已經在架上，可以相對快速地把東西整合起來。而且再說一次，我不認為這一點目前已經真正反映在模型裡。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

I wanted to ask on Neutron and your expectations of about 50% of the launches there to be internal for yourself. When do you expect that first internal Neutron launch? And is that something that comes after you get through your entire existing backlog or could an internal launch come before then. And then I guess in the same vein, is that -- does that look like an Iridium related launch to update the Constellation in the mid-2030s or are you expecting the internal new trends to be primarily used for a separate Rocket Lab initiative in the future?

我想請教Neutron，以及你們預期其中約50%的發射會是供你們內部使用。你們預期第一次內部Neutron發射會在什麼時候？那會是在你們把現有全部在手訂單都消化完之後才進行，還是內部發射可能會在那之前就發生？另外同樣脈絡下，那——看起來會像是與Iridium相關、用於在2030年代中期更新星座的發射嗎？還是你們預期內部的Neutron主要會用於未來Rocket Lab的另一項獨立計畫？

Yes, Michael, a number of different reasons. One, having your own platform enables you to retire a whole bunch of risks and new technologies and new ideas. And the marginal cost for us to do so is really, really low. Iridium's constellation will need replaced at some point. So certainly, Neutron is a key enabler for that. And when I say 50% for us and 50% for everybody else, that's not out of the chute, obviously, will burn down a whole bunch of contracted launch.

是的，Michael，原因有很多。第一，擁有自己的平台能讓你消除一大堆風險，並導入新技術與新想法。而我們這麼做的邊際成本真的、真的很低。Iridium 的星座在某個時間點需要汰換。所以 Neutron 當然是其中一個關鍵推動者。而當我說我們 50%、其他人 50% 時，那顯然不是一開始就會如此，因為我們會先消化掉一大堆已簽約的發射合約。

So that number will skew to our customers really heavily for quite some time. But I would say that the long-term view in the long term kind of expectation that at least for me, is the 50-50. So certainly not imminent. But in the longer term, we expect to have not just one service or application on all, but we expect to have many not just Iridium but other things. So reserving that capacity now is just prudent.

所以在相當長一段時間內，這個比例會明顯偏向我們的客戶。但我會說，從長期觀點、以及至少對我而言的長期期待，就是 50/50。所以當然不是迫在眉睫。但從更長期來看，我們預期不會只有一項服務或應用在上面；我們預期會有很多，不只是 Iridium，還會有其他東西。因此現在就預留那個產能是審慎之舉。

And then I wanted to ask on the Alaska pad. What's the latest update on the build-out there in Alaska? And should we expect the first launch in '27 -- early '27 or otherwise? And how many haste launches will that pad be able to handle annually?

另外我想問一下阿拉斯加的發射台。阿拉斯加那邊的建置最新進度如何？我們是否應該預期首次發射在 27 年——27 年初或其他時間？而那個發射台每年能支援多少次 HASTE 發射？

Yes, that's a great question. So there's actually two pads there, not one pad. There's two pads side by side. So its capacity is pretty high because we can turn the launch as people have seen 15 hours 42 minutes. So I think we have plenty of capacity there and we remain on track for 2027 launch out of those pads and multiple thereof.

是的，這是個很好的問題。其實那裡有兩個發射台，不是一個。是兩個並排的發射台。所以它的產能相當高，因為我們可以像大家看到的那樣，在 15 小時 42 分鐘內完成一次發射周轉。所以我認為那裡的產能很充足，我們也仍按計畫在 2027 年從那些發射台進行發射，而且不只一次。

Erik Rasmussen with Stifel.

Stifel 的 Erik Rasmussen。

Congrats on the backlog growth in Neutron bookings. Maybe just a lot of questions have been sort of answered here. But on Iridium, maybe which opportunities to maybe accelerate Iridium's growth within the first two years that you think once you close the acquisition, maybe we'll start there.

恭喜 Neutron 訂單帶動在手訂單成長。也許很多問題在這裡都已經差不多被回答了。但關於 Iridium，或許你能談談，一旦完成收購後，在前兩年內有哪些機會可以加速 Iridium 的成長？我們就從這裡開始。

Yes, Erik. Look, they've got some really exciting things, as Adam alluded to, that they've been over the last couple of years. So some of those around P&T and director device, they've been working on. I think under a Rocket Lab umbrella, I think there's a bit more freedom to push harder and faster. So I think those will be brought to the fore and hopefully, in short succession.

是的，Erik。你看，他們有一些非常令人振奮的事情，正如 Adam 提到的，他們在過去幾年一直在推進。其中一些與 P&T 以及 director device 相關，他們一直在做。我認為在 Rocket Lab 的體系之下，會有更大的自由度去推得更用力、更快。所以我認為這些會被推到台前，而且希望能在短時間內陸續推出。

Great. And maybe you've obviously talked a lot about Electron and HASTE and the strength there. And I think Adam touched upon sort of a 20% or plus cadence for next year book. What does that mix look like for next year in terms of -- if we are at a 20-plus percent CAGR next year, what is that mix between standard Electron versus HASTE?

很好。另外你們顯然談了很多 Electron 和 HASTE，以及那邊的強勁表現。我想 Adam 也提到明年預訂節奏大概是 20% 或以上。如果明年是 20% 以上的年複合成長率（CAGR），那在標準 Electron 與 HASTE 之間的組合會是什麼樣子？

I'm always hesitant to answer those ones because it's 100% determined on customers' programs and their ability to execute and deliver on time. I think nominally, there's something like 15 HASTE missions. But those HASTE missions are highly dependent on customers' programs and turning up on time. So it's kind of hard to say with any certainty because it can move around pretty wildly just from quarter-to-quarter.

我總是很猶豫回答這類問題，因為它 100% 取決於客戶的計畫，以及他們按時執行與交付的能力。我想名目上大概有 15 次 HASTE 任務。但那些 HASTE 任務高度依賴客戶的計畫是否能按時到位。所以很難有把握地說，因為它可能只因為每一季的變動就大幅上下波動。

Yes, Erik, I think a little more specifically, I think that right now, again, we're not giving guidance for 2027. But roughly around 25% of the total small dedicated launches could be HASTE next year, could be a little bit more, it could be but in that range.

是的，Erik，我再更具體一點說，我認為目前——同樣地，我們不提供 2027 年的指引。但大致上，明年小型專屬發射總量中，約 25% 可能會是 HASTE，可能略高一些，也可能——但大概在那個區間。

Anthony Valentini, Barclays.

Barclays 的 Anthony Valentini。

What quarter or months are you guys marching towards internally for Neutron in 2027?

你們內部對 2027 年 Neutron 的目標時點，是朝哪一季或哪幾個月份在推進？

Well, we haven't provided guidance on that just yet because we need to get through the Stage 1 tank. And I think if I provide a date, clearly, I've been wrong. So what -- the approach we took instead is to provide sort of weekly or even in some cases, by daily updates and the progress of that tank. And really until that tankers through the gauntlet of all of its testing, it's -- I just -- I think it's -- I just don't want to be continually wrong.

嗯，我們還沒有就此提供指引，因為我們需要先完成第一節（Stage 1）燃料箱。而且我想如果我給出一個日期，很明顯，我以前也曾經說錯。所以我們改採的方式，是提供每週、甚至有些情況下每日的更新，來說明那個燃料箱的進度。而且在那個燃料箱通過所有測試的嚴苛考驗之前——我只是——我認為——我只是不想一直說錯。

Totally valid. It makes sense. I know you guys are focused on Neutron here, but it seems like the industry is going larger and more usable and for some of these future aspirational things like orbital data centers, it seems like you need larger rockets. And so I guess I'm curious, from your perspective, Pete, are any of the things that you guys have aspirations to build out dependent on having a larger rocket. And do you guys think that you will have a new product after Neutron once you guys are launching a cadence?

完全合理。這很有道理。我知道你們目前聚焦在 Neutron，但看起來產業正走向更大、更可重複使用；而對於一些未來更具願景的事情，例如軌道資料中心，似乎需要更大的火箭。所以我想問的是，從你的角度來看，Pete，你們有沒有任何想要打造的願景，是取決於必須擁有更大的火箭？以及你們是否認為在 Neutron 進入穩定發射節奏之後，還會有下一個新產品？

Man, I don't want to build another rocket. I think two is enough for any person. But in all seriousness, if you look at the average mass that Falcon 9 has lifted in its commercial sense ignoring Starlink, it's about 5 tonnes. And some of the sizing designs that we work through with Neutron was I mean the reason why we landed on 13 tonnes was to enable humans space light.

老兄，我不想再造另一枚火箭了。我覺得對任何人來說兩枚就夠了。但認真說，如果你看 Falcon 9 在商業任務（不含 Starlink）中的平均運載質量，大約是 5 噸。而我們在 Neutron 的一些尺寸設計推演中——我的意思是，我們之所以落在 13 噸，是為了支援載人太空飛行。

That was basically what pushed it up to that 13 tonne class. Now when you're deploying Constellations, the way you need to look about it, look, think about it as not cost per kilo in your rocket. It's actually cost per satellite delivered an orbit. That's a metric that the only metric that matters and you can achieve that with a large rocket launching infrequently or a smaller rocket launching more frequently.

基本上就是這個原因把它推到 13 噸級。現在當你在部署星座時，你需要用不同方式看待：別只看火箭的每公斤成本。真正應該看的是每顆衛星送達軌道的成本。那才是唯一重要的指標；而你可以用大型火箭低頻率發射來達成，也可以用較小火箭高頻率發射來達成。

But certainly, as we look out into our future and the things that we want to go and deliver, Neutron is perfectly sized. I think your point is valid, if you wanted to put up data centers, which is just a tonnage equation than a large vehicle makes perfect sense. But I think to date, the most successful Rocket in history is sized around where new transits.

但當然，展望我們的未來以及我們想要交付的事情，Neutron 的尺寸非常合適。我認為你的觀點是成立的：如果你想把資料中心送上去，那基本上就是一個噸位方程式，那大型載具就非常合理。但我認為截至目前，歷史上最成功的火箭，其尺寸大致就在 Neutron 這個級距附近。

And although the future might change, I think, like I say, for any of the aspirations we currently have and any of the large teams that we want to play in, you're trying is plenty big enough. But just in saying that, I did have to eat a hat because I won't say I was never going to build a bigger rocket.

雖然未來可能會改變，但我想，如我所說，對於我們目前的任何願景，以及我們想參與的任何大型競爭領域，Neutron 已經足夠大了。不過話說回來，我確實得收回一些話，因為我不會說我永遠不會造更大的火箭。

Never say never.

凡事別說死。

Yes, so, never say never.

是的，所以，凡事別說死。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

I appreciate on Neutron, you're trying to hold the line on a premium pricing here, Adam. But how would you think about how you temper forward bookings, how far are you willing to go in terms of units booked if you were able to get that price?

Adam，關於 Neutron，我很欣賞你們在高端定價上努力守住底線。但你會如何看待在前瞻性預訂（forward bookings）上做調節？如果你們能拿到那個價格，在已預訂的發射單位數（units booked）方面，你願意走到多遠？

It's a tricky question, right? I mean you kind of build the deal you want when it's put in front of you. And I think that a deal hasn't put in front of us that was enough to take that much capacity off of our road map. So I think we're testing where the elasticity of market is right now. And I think it's changed a lot in the last six months for obvious reasons.

這是個棘手的問題，對吧？我的意思是，當交易擺在你面前時，你某種程度上會打造你想要的交易。而且我認為，目前還沒有一筆擺在我們面前、足以讓我們從路線圖中拿掉那麼多產能的交易。所以我想我們正在測試目前市場的價格彈性在哪裡。而且我認為，出於顯而易見的原因，過去六個月它已經改變了很多。

It could continue to change more in the next six months, right? So I think we're just trying to be judicious and not keep some dry powder so that we can continue to drive those ASP increases if the market conditions continue to trend as they are.

接下來六個月它可能還會繼續變化更多，對吧？所以我想我們只是試著審慎行事，同時保留一些「乾火藥」（dry powder，亦即保留彈性/資源），以便如果市場狀況持續按目前趨勢發展，我們就能繼續推動 ASP（平均售價）的提升。

Yes. It is an unusual problem to have so much demand. My other question really is since Neutron is trending longer term towards half being used for in-house, Pete, how should I think about the space cap manufacturing footprint you have? I kind of think of it as kind of a custom shop now, but is there -- would it be a trend toward a more volume shop over time? Or is it already configured the right way? Just curious how that would play out.

是的。有這麼多需求確實是個不尋常的問題。我另一個問題是，既然 Neutron 長期趨勢是有一半會用於內部使用，Pete，我該如何看待你們的太空艙（space cap）製造產能/廠區布局（manufacturing footprint）？我現在有點把它想成是一個客製化工坊，但未來是否會逐步朝向更偏量產的工廠？還是說目前的配置已經是正確的？只是好奇這會如何演變。

Yes. No, it's, I mean, look, a tremendous number of the business units within the Space Systems are volume shop. I mean, we're the largest space grade solar manufacturer in the world in that sense. So there are a lot of the component level pieces already there. But going forward, you've seen, obviously, our satellites and also our US government contract for those satellites as a vendor B for the Star Shield programs. So yes, I mean, we see it definitely in our future high-volume satellite manufacturing, hence, the reasons why we developed the components at high volume also that satellite platform.

是的。不，這個嘛，我是說，你看，Space Systems 內部有非常多的事業單位本來就是量產型工廠。就這個意義而言，我們是全球最大的太空級太陽能板製造商。所以在零組件層級，很多東西其實都已經具備了。但往前看，你也看到，顯然我們的衛星，以及我們作為 Star Shield 計畫供應商 B 的美國政府衛星合約。所以是的，我是說，我們確實看到高產量衛星製造在我們的未來之中；也因此我們才會以高產量來開發零組件，以及那個衛星平台。

Ryan Koontz, Needham.

Ryan Koontz，Needham。

Maybe just a quick one here on the gray book that you had in the quarter. Specifically around Neutron and the timing uncertainty. I mean how should we think about kind of the contract terms and the new trend uncertainty in terms of customers' ability to cancel, find new vendors? I mean what's the general framework investors should think about there relative to new Trump bookings right now given the uncertainty.

這裡可能快速問一個關於你們本季提到的「灰皮書」（gray book）。特別是圍繞 Neutron 以及時程不確定性。我的意思是，我們應該如何看待合約條款，以及在新趨勢不確定性下，客戶取消、尋找新供應商的能力？也就是說，考量目前的不確定性，投資人對於現在的新 Trump 預訂（bookings）相對於 Neutron，應該用什麼一般性框架來理解？

Yes. Great question, Ryan. I mean, none of these contracts are Janke contracts where they've got silly things in them. Obviously, our customers do a lot of due diligence with us. We have long relationships with them, and we're very transparent in where we're at.

是的，Ryan，問得很好。我的意思是，這些合約都不是那種 Janke 合約，裡面塞了一些荒謬的條款。顯然，我們的客戶會對我們做大量盡職調查。我們和他們有長期合作關係，而且我們對自身進度非常透明。

I think all of the early customers of Neutron know that it's -- we're bringing a vehicle to market, and we're developing a new one and we're moving as quickly as we can. So we will -- if there is any change, we'll, of course, keep them well aware of anything but that's kind of the deal and even with that, our customers obviously have a lot of faith in us and believe that we are the best option for their future launch needs.

我想 Neutron 的所有早期客戶都知道——我們正在把一款運載火箭推向市場，我們在開發一款新的火箭，並且以我們能做到的最快速度推進。所以如果有任何變更，我們當然會讓他們充分知情；但這就是交易的一部分。即便如此，我們的客戶顯然對我們很有信心，並相信我們是他們未來發射需求的最佳選擇。

And Ryan, I would say as you know there's been a bunch of shenanigans in the past in this industry about putting forward their backlog as true backlog when it's really options. There's no deposits. That's not the case here. These are if you could expect the look a lot like, if not exactly like our standard LSA that we have experienced with Electron, where people put down real deposits. They're not options, there's cancellation fees and all kinds of -- we've always put a lot of focus on making sure that we have a very, very solid backlog and that we don't fall into the trap that they me some other folks have. So I think we feel very good about state of the backlog.

另外 Ryan，我想你也知道，過去這個產業裡有不少花招，把所謂的積壓訂單（backlog）拿出來說成是真正的 backlog，但其實只是選擇權（options）。沒有訂金。但我們這裡不是這樣。這些合約你可以預期看起來很像——如果不是完全一樣——我們在 Electron 上所使用、並且已經很有經驗的標準 LSA（發射服務協議），客戶會支付真實的訂金。它們不是選擇權；有取消費用以及各種條款——我們一直非常重視確保我們的 backlog 非常、非常扎實，不會掉進某些其他公司曾經掉進的陷阱。所以我想我們對 backlog 的狀態感到非常放心。

That concludes today's question-and-answer session. I'd like to turn the call back to Sir Peter Beck for closing remarks.

以上為今天的問答環節。我想把電話交回給 Peter Beck 爵士作結語。

Great. And thanks very much for joining all the call and the great questions. And we're very pleased with the quarter, and we look forward to the next one. So thanks very much.

很好。也非常感謝各位加入本次電話會議並提出精彩的問題。我們對本季表現非常滿意，也期待下一季。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。