Virgin Galactic Holdings Inc (SPCE) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the Virgin Galactic's second-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫 Desiree，今天我將擔任您的會議主持人。現在，我歡迎大家參加維珍銀河 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Eric Cerny of Investor Relations. You may begin.

現在我想將會議交給投資者關係部的 Eric Cerny。你可以開始了。

Thank you. Good afternoon, everyone. Welcome to Virgin Galactic's second-quarter 2025 earnings conference call. On the call with me today are Michael Colglazier, Chief Executive Officer; and Doug Ahrens, Chief Financial Officer. Following our prepared remarks, we will open the call for questions. Our press release and slide presentation that will accompany today's remarks are available on our Investor Relations website.

謝謝。大家下午好。歡迎參加維珍銀河 2025 年第二季財報電話會議。今天與我一起通話的還有執行長 Michael Colglazier 和財務長 Doug Ahrens。在我們準備好發言之後，我們將開始提問。我們的新聞稿和幻燈片簡報將與今天的演講一起發佈在我們的投資者關係網站上。

Please see slide 2 of the presentation for our Safe Harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements made on this call.

請參閱簡報的第 2 張投影片，以了解我們的安全港免責聲明。在今天的電話會議中，我們可能會做出某些前瞻性的陳述。這些聲明是基於當前的預期和假設，因此存在風險和不確定性。許多因素可能導致實際事件與本次電話會議中的前瞻性陳述有重大差異。

For more information about these risks and uncertainties, please refer to the risk factors in the company's SEC filings made from time to time. You were cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call, whether as a result of new information, future events, or otherwise.

有關這些風險和不確定性的更多信息，請參閱公司不時向美國證券交易委員會提交的文件中的風險因素。我們提醒您不要過度依賴前瞻性陳述，且本公司明確表示不承擔更新本次電話會議中可能討論的前瞻性陳述的任何義務，無論是由於新資訊、未來事件還是其他原因。

Please also note that we will refer to certain non-GAAP financial information on today's call. Please refer to the earnings release for a reconciliation of these non-GAAP financial metrics.

另請注意，我們將在今天的電話會議上參考某些非 GAAP 財務資訊。請參閱收益報告以了解這些非 GAAP 財務指標的對帳情況。

Turning to our agenda for today's call on page 3, today's call will include an overview of the business, an update on progress in developing our next-generation spaceships, and a financial update.

翻到第 3 頁我們今天的電話會議議程，今天的電話會議將包括業務概述、下一代太空船開發進展的最新情況以及財務最新情況。

I'll now turn the call over to our CEO, Michael Colglazier.

現在我將把電話轉給我們的執行長 Michael Colglazier。

Thanks, Eric, and hello, everyone. It's been a busy quarter with our entire company focused on producing our next-generation human spaceflight vehicles. Our internal teams and our partners have made significant advancements across all parts of the program, and I'm exceptionally proud of the team for their diligence in delivering quality and nimble problem solving as they advance the work while handling the complexities of a large-scale aerospace program.

謝謝，埃里克，大家好。這是一個繁忙的季度，我們整個公司都專注於生產下一代載人太空飛行器。我們的內部團隊和合作夥伴在專案的各個部分都取得了重大進展，我為團隊在處理大型航空航天專案的複雜性的同時，在推進工作過程中勤奮提供高品質和靈活的問題解決方案感到非常自豪。

I hope you've all been following our We Build Spaceships series on our social channels. Each episode takes the viewer into our production process with a somewhat documentary-style approach with the intention of showcasing the many layers of technical development that go into our spaceships, while also introducing you to some of the amazing people who are dedicating their skills to open access to human spaceflight.

我希望你們一直在我們的社交頻道上關注我們的「我們建造太空船」系列。每一集都以某種紀錄片風格的方式帶領觀眾了解我們的製作過程，旨在展示我們的太空船的多層技術發展，同時也向您介紹一些致力於開放載人航天的傑出人士。

We've been dropping new episodes on two- to three-week intervals, and this is a great way to follow along with our progress. We continue to track for launch of our commercial spaceflight business in 2026 with both research and private astronaut flights expected to commence in the fall next year. Most parts of our spaceship program are tracking as expected and are within the scheduled time contingencies we have planned for each phase.

我們每隔兩到三週就會發布新劇集，這是追蹤我們進度的好方法。我們將繼續計劃在 2026 年啟動商業航太業務，預計研究和私人太空人飛行將於明年秋季開始。我們的太空船計畫的大部分進展都符合預期，並且符合我們為每個階段規劃的預定時間。

Our fuselage schedule has slipped a bit, and that's why you are seeing us adjust planned timing of our first research space flight into the fall of 206 versus the summer. We still expect private astronaut flights to begin later that fall.

我們的機身計劃已經稍微推遲了，這就是為什麼您會看到我們將第一次研究太空飛行的計劃時間從夏季調整到 206 年秋季。我們仍然預計私人宇航員飛行將於今年秋季晚些時候開始。

As we continue to advance our spaceship program and move forward with our strategic plan, we are managing the business prudently while keeping strength in our balance sheet with over $500 million (sic – see slide 15, "508 million") in cash, cash equivalents, and marketable securities. As expected, we continue to reduce our quarterly cash spending, and we've been able to reduce operating expenses and redirect resources as part of our disciplined approach.

隨著我們繼續推進我們的太空船計劃並推進我們的戰略計劃，我們正在謹慎地管理業務，同時保持資產負債表的強勁，擁有超過 5 億美元（原文如此 - 參見幻燈片 15，“5.08 億美元”）的現金、現金等價物和有價證券。正如預期的那樣，我們繼續減少季度現金支出，並且作為我們嚴謹方法的一部分，我們已經能夠減少營運費用並重新分配資源。

I'll kick things off with updates from our spaceship program, and then I'll touch on our launch vehicle program before handing the call over to Doug for a financial overview.

我將首先介紹我們的太空船計劃的最新進展，然後介紹我們的運載火箭計劃，最後將電話交給 Doug 進行財務概覽。

Turning to slide 4. As I said, we continue tracking our first commercial space flights for the fall of 2026. To accomplish this, we're in constant forward motion with parts fabrication and assembly at our supplier facilities and within our spaceship factory in Phoenix, Arizona. I'm excited to say that our Phoenix factory now has 100% of the program's assembly tooling on the floor.

翻到幻燈片 4。正如我所說，我們將繼續追蹤 2026 年秋季的首次商業太空飛行。為了實現這一目標，我們不斷在供應商工廠和位於亞利桑那州鳳凰城的太空船工廠進行零件製造和組裝。我很高興地說，我們的鳳凰工廠現在擁有該項目 100% 的組裝工具。

Much of this day-to-day progress is being documented and shared in our new series, We Build Spaceships, and we also provide highlights on a quarterly basis with our Galactic 10 videos, the latest of which was released earlier today. I encourage all of our customers, investors, and fans to watch these videos as they offer a deeper look into our spaceship production process.

我們新系列「我們建造太空船」記錄並分享了大部分日常進展，我們也每季透過我們的 Galactic 10 影片提供精彩內容，最新一期已於今天早些時候發布。我鼓勵我們所有的客戶、投資者和粉絲觀看這些視頻，因為它們可以更深入地了解我們的太空船生產過程。

Slide 5 is a reminder that our spaceship production process has several key components, and the next few slides will highlight progress in each of these areas.

投影片 5 提醒我們，我們的太空船生產流程有幾個關鍵組成部分，接下來的幾張投影片將重點放在每個領域的進展。

On slide 6, I'll start with our rocket systems. Our hybrid rocket motor's power comes from the oxidizer combining with solid fuel to create combustion. The image on the left is our completed oxidizer tank that will be going into our first spaceship. Having finished production and testing, this tank is now on the shop floor to be fit with a carbon fiber shell that will enable it to be cleanly installed between the forward and aft fuselage sections.

在第 6 張投影片上，我將從我們的火箭系統開始介紹。我們的混合火箭引擎的動力來自氧化劑與固體燃料結合產生燃燒。左邊的圖像是我們已完成的氧化劑罐，它將被裝入我們的第一艘太空船。生產和測試完成後，該油箱現在已進入車間，安裝碳纖維外殼，以便將其整齊地安裝在前機身和後機身部分之間。

The image on the right is of our propulsion systems relief valve. This is a small but critical component that ensures the safety of the propulsion system's oxidizer tank. This part has recently been qualified for flight, which means we've demonstrated through testing, documentation, and regulated processes that the manufactured part meets all design, safety, and regulatory requirements for its intended use in our spaceship system. This approach is replicated across hundreds of examples and reflects our diligent focus on quality and safety.

右圖是我們的推進系統安全閥。這是一個很小但至關重要的部件，可確保推進系統氧化劑箱的安全。該部件最近已獲得飛行資格，這意味著我們已經通過測試、文件和規範流程證明，製造的部件符合我們航天器系統中預期用途的所有設計、安全和監管要求。這種方法已在數百個例子中複製，反映了我們對品質和安全的認真關注。

On slide 7 is one of these examples, this one involving our flight controls. Our engineers have expanded our test bench and system qualification efforts, and they are now testing signals from the pilot's side stick that are sent to the spaceship's central computer where our software then relays the commands to an actuator that drives the horizontal stabilizer. This is an example of the end-to-end testing we use to prove out the sophistication of our flight control software.

幻燈片 7 上就是其中一個例子，涉及我們的飛行控制。我們的工程師擴大了測試台和系統鑑定工作，他們現在正在測試來自飛行員側桿的信號，這些信號被發送到飛船的中央計算機，然後我們的軟體將命令傳遞給驅動水平穩定器的執行器。這是我們用來證明飛行控制軟體的複雜性的端到端測試的一個例子。

On slide 8, our mechanical systems work is coming together nicely, and testing is underway at our safety and test facility in Irvine, California. Recently, the nose landing gear was delivered to this facility to start its testing process. We are also testing our pneumatic system, including the winged leading-edge bottles which mount behind the front edge of our wings.

在第 8 張投影片上，我們的機械系統工作進展順利，並且正在加州歐文市的安全和測試設施進行測試。最近，前起落架被運送到工廠開始測試過程。我們也正在測試我們的氣動系統，包括安裝在機翼前緣後面的翼狀前緣瓶。

These bottles hold compressed air that provides breathable air for the cabin, maneuvers the vehicle in space, and drives our landing gear and feather actuators. These and dozens of other mechanical systems will be tested thoroughly at this center in parallel with the assembly of our first spaceship, which helps us move with confidence into the ground and flight-testing phases of the program.

這些瓶子裝有壓縮空氣，為機艙提供可呼吸的空氣，在太空中操縱飛行器，並驅動我們的起落架和羽毛執行器。這些以及其他數十個機械系統將在我們的第一艘太空船組裝的同時，在這個中心進行全面測試，這有助於我們滿懷信心地進入該計劃的地面和飛行測試階段。

On slides 9 through 12, you'll see examples of the many composite parts that are being built, shipped, and assembled. Over the past few months, we've seen a great deal of progress with composite parts making their way through the fabrication process and into the factory.

在第 9 到第 12 張投影片上，您將看到正在建造、運輸和組裝的許多複合部件的範例。在過去的幾個月裡，我們看到複合材料零件在製造過程中以及進入工廠的過程中取得了巨大的進展。

Slide 9 shows the bulkheads fabricated for the cabin within the fuselage of the new vehicle, including the forward and aft bulkheads. The forward bulkhead was the first to arrive at our spaceship factory, and the aft bulkhead arrived this week.

幻燈片 9 展示了新飛機機身內機艙製造的艙壁，包括前艙壁和後艙壁。前艙壁最先抵達我們的飛船工廠，後艙壁本週抵達。

On this slide, you can see the full fabrication process from the bulkhead sitting in its fabrication tool to non-destructive inspection to assembly in Phoenix.

在這張投影片上，您可以看到從艙壁放置在製造工具中到無損檢測再到在鳳凰城組裝的整個製造過程。

Slide 10 shows progress with our feather boom skins, which are the external surfaces of our spaceship's tail. The feather boom is our largest subassembly, and all four boom skins are in various stages of fabrication. These are significant parts that are designed and built by our partner, Bell Aerospace, and these are big steps forward.

幻燈片 10 展示了我們的羽毛吊桿蒙皮（即我們太空船尾部的外表面）的進展。羽毛狀吊桿是我們最大的子組件，所有四個吊桿外皮都處於不同的製造階段。這些重要零件是由我們的合作夥伴貝爾航空航太公司設計和製造的，這是向前邁出的一大步。

Slide 11 shows the wing skins, which are also making great progress. The image on the left shows the lower wing skins, which are already in the spaceship factory working through subassembly. The image on the right shows our upper wing skins at our partner Qarbon Aerospaces facility. Inspections have been completed on one of the upper skins, and it will ship to Phoenix soon, and the other upper skin has been trimmed and will go into inspection shortly.

幻燈片 11 展示了機翼蒙皮，它也取得了很大的進展。左圖顯示的是下翼蒙皮，它們已經在太空船工廠中進行子組裝。右圖展示了我們合作夥伴 Qarbon Aerospaces 工廠的上機翼蒙皮。其中一塊上部蒙皮已完成檢驗，即將運往菲尼克斯，另一塊上部蒙皮已修整完畢，即將接受檢驗。

While we're talking about the wing on slide 12, you can see the leading-edge shear webs which make up the forward structure of the wing. These parts have been received and are in place in the wing up assembly tool of the factory. You will also see the aft spar has moved into the wing up tool, and this is a great step.

當我們在第 12 張投影片上討論機翼時，您可以看到構成機翼前部的結構的前緣剪切腹板。這些零件已經收到並放置在工廠的機翼組裝工具中。您還會看到後翼梁已移入機翼上升工具，這是一個偉大的進步。

During last quarter's call, I mentioned we had a delay in the fabrication of this part, and we plan to manage it without impacting the critical path of the overall project. Since then, our engineers redesigned the part. We reworked the manufacturing work instructions with our partners at Qarbon, and then built, inspected, and shipped a new part.

在上個季度的電話會議中，我提到我們在該部件的製造方面遇到了延遲，我們計劃在不影響整個專案關鍵路徑的情況下對其進行管理。從那時起，我們的工程師重新設計了該部件。我們與 Qarbon 的合作夥伴一起重新制定了製造工作說明，然後製造、檢查並運送了新零件。

Now, that part is delivered and in the wing assembly tool, and the team is able to move the wing assembly forward. Another example of how we are resolving the inevitable challenges in a project of this scale involves a deficiency in the first article of our fuselage skin, which I mentioned in the opening.

現在，該部件已交付並放入機翼組裝工具中，團隊可以繼續進行機翼組裝。我們如何解決這種規模的專案中不可避免的挑戰的另一個例子涉及我們的機身蒙皮第一條中的缺陷，我在開頭提到過這一點。

While each part is different, the process of resolving this fuselage part is very similar to what we just did in resolving the wings bar. We first do inspections and imaging of the part to assess the root cause of the manufacturing challenge. That root cause analysis highlights whether we need to make a design adjustment, a material adjustment, the layer or curing process adjustment, or a combination of the above. It's a pretty typical process and one that our team of internal and production partner experts are used to tackling.

雖然每個部分都不同，但解決這個機身部分的過程與我們剛才解決機翼桿的過程非常相似。我們首先對零件進行檢查和成像，以評估製造挑戰的根本原因。根本原因分析強調了我們是否需要進行設計調整、材料調整、層或固化製程調整，或上述調整的組合。這是一個非常典型的過程，我們的內部和生產合作夥伴專家團隊已經習慣解決這個問題。

While we continue to carry schedule contingency for the remaining phases of our spaceship program, we expect the fuselage scan will have a modest impact on the timeline for completing assembly of our first spaceship. This is why we've adjusted the expected timing of our first space flight to the fall of '26, with private astronaut flight still expected to commence later in the fall of '26.

雖然我們繼續為我們的太空船計劃的剩餘階段製定時間表應急計劃，但我們預計機身掃描將對我們第一艘太空船完成組裝的時間表產生適度的影響。這就是為什麼我們將首次太空飛行的預計時間調整為 26 年秋季，而私人太空人飛行仍預計將於 26 年秋季晚些時候開始。

So what should you expect to see as we continue to move forward on our timeline for spaceflight? On the first half of Q4, you should expect to see the completed wing assembly. The second half of Q4, you should expect to see the feathers simply complete. The fuselage will probably bring up the rear in December or January.

那麼，隨著我們繼續推進太空飛行的時間表，您應該期待看到什麼呢？在第四季度的前半段，您應該會看到機翼組裝完成。在第四季的後半段，你應該會看到羽毛完全長好。機身可能將於 12 月或 1 月退役。

We plan to start our glide flight test program next summer. We expect this will be the most time intensive part of the flight test program. We expect to celebrate our first spaceflight and the commencement of commercial operations in the fall of 2026 with private astronaut journeys to space also in the fall of 2026.

我們計劃明年夏天啟動滑翔飛行測試計畫。我們預計這將是飛行測試計劃中最耗時的部分。我們預計將於 2026 年秋季慶祝我們的首次太空飛行和商業運營的開始，同時私人宇航員也將在 2026 年秋季進入太空。

We'll be sharing insights into all stages of our spaceship program development progress through our We Build Spaceship series. Our next episode will drop later this month, and we expect to continue releasing new episodes on a cadence of every two to three weeks throughout this year to showcase our progress and keep our customers, investors, and fans well informed.

我們將透過「我們建造太空船」系列分享我們太空船計畫開發進展各階段的見解。我們的下一集將於本月晚些時候播出，我們預計今年將繼續以每兩到三週一次的頻率發布新集，以展示我們的進展並讓我們的客戶、投資者和粉絲充分了解情況。

Moving to slide 13, before handing the call over to Doug, just a brief note on the development of our next-generation launch vehicle, which is an important aspect of our long-term growth strategy. We've made great progress on our spaceship program, and we are now able to direct more of our engineering talent towards the design of our next spaceship launch vehicle.

轉到第 13 張投影片，在將電話交給 Doug 之前，我們先簡單介紹一下我們下一代運載火箭的開發，這是我們長期成長策略的一個重要面向。我們的太空船計畫取得了巨大進展，現在我們可以將更多的工程人才投入下一代太空船運載火箭的設計。

Of course, the vast majority of our engineering and technical operations teams remain laser focused on delivery of our first two spaceships. As that spaceship work continues to close out, we're able to begin to shift our design focus towards our launch vehicle program.

當然，我們的絕大多數工程和技術營運團隊仍然專注於交付我們的前兩艘太空船。隨著太空船工作的逐步結束，我們可以開始將設計重點轉向運載火箭計畫。

We have given the launch vehicle program the internal project name of LV-X, which stands for Launch Vehicle X, with a primary focus on developing a launch vehicle variant for use by Virgin Galactic to support our spaceships, but also with a design and planning eye towards a potential government variant that could be used in research and defense applications.

我們為該運載火箭項目賦予了 LV-X 的內部項目名稱，即“運載火箭 X”，主要致力於開發供維珍銀河公司用於支持我們宇宙飛船的運載火箭變體，同時也著眼於可用於研究和國防應用的潛在政府變體的設計和規劃。

In this latter category, I'm pleased to share that Virgin Galactic and Lawrence Livermore National Laboratory, one of our nation's premier national labs, are collaborating on a feasibility study. We'll share more details at a later date as we progress and continue to assess opportunities for a carriership platform to support government research systems and missions.

在後一類別中，我很高興地告訴大家，維珍銀河和勞倫斯利弗莫爾國家實驗室（我國首屈一指的國家實驗室之一）正在合作進行一項可行性研究。隨著我們不斷取得進展並繼續評估運載平台支援政府研究系統和任務的機會，我們將在稍後分享更多細節。

Okay, over to Doug for a financial update.

好的，現在請 Doug 報告一下財務更新。

Thanks, Michael. Good afternoon, everyone. We'll start with the financial results for the second quarter and then discuss how we are marching forward to deliver on our exceptional economic model.

謝謝，麥可。大家下午好。我們將從第二季的財務表現開始，然後討論如何繼續實現我們卓越的經濟模式。

Turning to slide 14, revenue in the second quarter was approximately $400,000 from future astronaut access fees. Total operating expenses for the second quarter decreased 34% to $70 million compared to $106 million in the prior year period. Total operating expenses were also down $19 million from the $89 million we reported in the first quarter.

翻到第 14 張投影片，第二季的收入來自未來太空人使用費，約 40 萬美元。第二季總營運費用為 7,000 萬美元，較去年同期的 1.06 億美元下降 34%。總營運費用也比第一季報告的 8,900 萬美元下降了 1,900 萬美元。

I wanted to mention that we have reached a preliminary settlement from a securities class action lawsuit, and the net financial impact on the company is expected to be approximately $2.9 million. We currently expect insurance will cover all or substantially all of the go-forward costs associated with the settlement and pending derivative claims.

我想提一下，我們已經就一項證券集體訴訟達成了初步和解，預計對公司的淨財務影響約為 290 萬美元。我們目前預計保險將承擔與和解和未決衍生索賠相關的全部或大部分未來成本。

Adjusted EBITDA improved by 34% to negative $52 million in the second quarter compared to negative $79 million in the prior year period. Adjusted EBITDA also improved 28% sequentially from the first quarter. Free cash flow is negative $114 million in the second quarter, within the range of our prior guidance and representing a 7% improvement from negative $122 million in the first quarter.

第二季調整後 EBITDA 為負 5,200 萬美元，較去年同期的負 7,900 萬美元成長 34%。調整後的 EBITDA 也較第一季環比成長了 28%。第二季自由現金流為負 1.14 億美元，在我們先前的預期範圍內，比第一季的負 1.22 億美元改善了 7%。

Moving to slide 15 and the balance sheet. We ended the second quarter with $508 million in cash equivalents, and marketable securities. During the quarter, we generated $56 million in gross proceeds through our ATM equity offering program. You can see that our balance sheet remains strong, and we remain very focused on managing expenses as we progress through the build phase for our new spaceship fleet.

移至投影片 15 和資產負債表。我們第二季結束時擁有 5.08 億美元的現金等價物和有價證券。本季度，我們透過 ATM 股票發行計畫獲得了 5,600 萬美元的總收益。您可以看到，我們的資產負債表仍然強勁，隨著我們新太空船艦隊的建造階段的推進，我們仍然非常注重管理費用。

I want to take a few minutes to share a little more color on our disciplined approach to managing expenses while strategically positioning the company to execute on our highly profitable business model. In the past quarters, we previewed anticipated trends in our financial results, and those trends are playing out as expected.

我想花幾分鐘時間詳細介紹我們在管理費用方面的嚴謹方法，同時對公司進行策略性定位，以執行我們高利潤的商業模式。在過去的幾個季度中，我們預測了財務表現的預期趨勢，這些趨勢正在按預期發展。

Second-quarter operating expenses were down 34% year over year and we forecast expenses to continue to decline in Q3 and Q4 on a year-over-year basis. As we progress through the spaceship build process, spending has been shifting from significant investments in R&D expense to capital investment.

第二季營運費用將年減 34%，我們預測第三季和第四季營運費用將持續年減。隨著太空船建造過程的不斷推進，支出已從大量研發費用轉向資本投資。

For the second quarter, capital expenditures were $58 million, up from $34 million in the prior year period and also up from $46 million we reported in the first quarter. We anticipate that approximately half of our spending in 2025 will be for one-time capital expenditures for manufacturing capacity and the production of our first two new spaceships.

第二季的資本支出為 5,800 萬美元，高於去年同期的 3,400 萬美元，也高於第一季報告的 4,600 萬美元。我們預計，2025 年大約一半的支出將用於製造能力和生產前兩艘新太空船的一次性資本支出。

On prior calls, I've highlighted that our growth in capital expenditures is reflected in property, plant, and equipment, or PP&E on our balance sheet. At the end of the second quarter, we reported $306 million in PP&E, growing nearly 50% compared to $209 million at the end of 2024. This represents our investment in the assets that we expect to yield tremendous future economic returns.

在先前的電話會議中，我強調過，我們的資本支出成長反映在資產負債表上的財產、廠房和設備（PP&E）。截至第二季末，我們的 PP&E 支出為 3.06 億美元，與 2024 年底的 2.09 億美元相比成長了近 50%。這代表了我們對預計將產生巨大未來經濟回報的資產的投資。

We also continue to directly drive reductions in our operating expenses. As we have shifted from the design phase to the build phase of our new spaceships, we are redirecting engineering resources and reducing expenses. As is typical of the conclusion of the design phase of the development program, we've adjusted our team structures and scaled down resources in parallel with the completion of work. Recall that we strategically leveraged expert contract engineering talent to work alongside our in-house engineering team through the design phase of the spaceship program.

我們也將繼續直接推動營運費用的削減。隨著我們新太空船從設計階段轉向建造階段，我們正在重新分配工程資源並減少開支。正如開發計劃設計階段結束的典型情況一樣，我們在工作完成的同時調整了團隊結構並縮減了資源。回想一下，在太空船計畫的設計階段，我們策略性地利用了專家合約工程人才與我們的內部工程團隊一起工作。

Given that the design part of the program is practically complete, we have moved the majority of our in-house engineering talent to the build program, retained a smaller footprint in the go-forward spaceship design program, and importantly, reassigned others to the next-generation launch vehicle program.

鑑於該計劃的設計部分實際上已經完成，我們已將大部分內部工程人才轉移到建造計劃，在前進的宇宙飛船設計計劃中保留了較小的空間，而且重要的是，將其他人重新分配到下一代運載火箭計劃。

With those changes across our engineering organization, we reduced our contract engineering workforce by nearly 150 people, or 85% from a year ago. In addition, given the go-forward engineering workload for both our spaceship and launch vehicle programs is reduced from our peak, we recently adjusted the size of our in-house engineering team to account for this lower demand for resources, with overall company headcount reduced by approximately 7%.

透過對整個工程組織的這些變革，我們的合約工程人員減少了近 150 人，比一年前減少了 85%。此外，考慮到我們的太空船和運載火箭專案的未來工程工作量較高峰期有所減少，我們最近調整了內部工程團隊的規模，以應對資源需求的下降，公司整體員工人數減少了約 7%。

As you've heard today, we're making excellent progress through the spaceship program and working to delivering on the economics of the business model we have shared with you in the past, as is shown on slide 16.

正如大家今天所聽到的，我們的太空船計畫正在取得巨大進展，並致力於實現我們過去與大家分享的商業模式的經濟效益，如幻燈片 16 所示。

We expect the capital on hand is sufficient to deliver the initial fleet of two new spaceships. At the same time, we're using our ATM equity offering program to build growth capital to advance our expanded fleet scenario while supporting strength in our balance sheet. As Michael mentioned, we're prudently moving forward with the engineering work on our LV-X program.

我們預計現有資金足以交付首批兩艘新飛船。同時，我們正在利用 ATM 股權發行計劃來累積成長資本，以推進我們擴大的機隊方案，同時增強我們的資產負債表實力。正如邁克爾所提到的，我們正在謹慎地推進 LV-X 計劃的工程工作。

Having a second launch vehicle at Spaceport America along with two more spaceships will enable us to fully utilize the flight capacity of the spaceport. We continue to explore the outside interests in our launch vehicle platform from government entities.

美國太空港擁有第二枚運載火箭和另外兩艘太空船將使我們能夠充分利用太空港的飛行能力。我們將繼續探索政府實體對我們的運載火箭平台的外部興趣。

To revisit the suborbital spaceflight business model when our initial fleet of two spaceships and existing launch vehicle reaches steady state operation is expected to support 125 flights per year, ramp to approximately $450 million in revenue, and generate $100 million of adjusted EBITDA. By expanding our fleet with a second launch vehicle and two more spaceships, we expect to grow our business to approximately $1 billion in revenue and yield $500 million of adjusted EBITDA.

重新審視亞軌道航太業務模式，當我們最初的兩艘太空船和現有的運載火箭達到穩定運行狀態時，預計每年將支援 125 次飛行，收入增加到約 4.5 億美元，並產生 1 億美元的調整後 EBITDA。透過增加第二枚運載火箭和兩艘太空船來擴大我們的艦隊，我們預計業務收入將成長至約 10 億美元，調整後 EBITDA 為 5 億美元。

Moving to our projections, revenue for the third quarter of 2025 is expected to be approximately $400,000 primarily related to astronaut access fees. Forecasted free cash flow for the third quarter of 2025 is expected to be in the range of negative $100 million to $110 million and the midpoint of that range represents a sequential decline of 8% from Q2.

根據我們的預測，2025 年第三季的收入預計約為 40 萬美元，主要與太空人使用費有關。預計 2025 年第三季的自由現金流將在負 1 億至 1.1 億美元之間，該範圍的中點代表與第二季相比連續下降 8%。

We further project that cash spending will continue to decline to 2025 and be below $100 million in the fourth quarter as we complete this phase of investment.

我們進一步預測，到 2025 年，現金支出將繼續下降，並在第四季完成此階段的投資後降至 1 億美元以下。

With that, I'll turn the call back over to Michael.

說完這些，我就把電話轉回給麥可。

Thanks, Doug. In summary, we continue to advance our spaceship production and are on schedule for our first commercial space flights in 2026. With the progress achieved in our spaceship program, we are moving ahead with preliminary design of our launch vehicle carrier ship platform to enable expansion of our spaceship fleet and the potential for other research and government opportunities.

謝謝，道格。總而言之，我們繼續推進我們的太空船生產，並計劃於 2026 年進行首次商業太空飛行。隨著我們的太空船計畫取得進展，我們正在推進運載火箭運載船平台的初步設計，以擴大我們的太空船艦隊並有可能獲得其他研究和政府機會。

Our team is doing a fantastic job with the complex work of building spaceships, and we look forward to sharing their progress in the weeks and months ahead.

我們的團隊在建造太空船的複雜工作中做得非常出色，我們期待在未來幾週和幾個月內分享他們的進展。

Let's open it to questions.

讓我們開始提問吧。

(Operator Instructions) Greg Konrad, Jefferies.

（操作員指示）Greg Konrad，Jefferies。

Good evening. Maybe just to follow up on the fuselage skin comments, appreciated the details, but you mentioned a root cause analysis and some of the things that you're potentially looking at. Can you just clarify, has there been a determination or resolution at this point in time and what adjustments need to be made?

晚安.也許只是為了跟進機身蒙皮的評論，感謝您提供的細節，但您提到了根本原因分析以及您可能正在研究的一些事項。您能否澄清一下，目前是否有了決心或決議，以及需要做出哪些調整？

Sure, I'll get it for an earnings call. I'll get a little technical, but just a little depth in. So the fuselage skins, these are, I'll call it like the tube of the cabin of the spaceship for those who aren't as familiar with what we're talking about here that fits in between the two bulkheads that are in the deck. Those skins are made of BMI carbon composite, and they have what's known as core, kind of like a honeycomb structure and that helps provide stiffening.

當然，我會在收益電話會議上得到它。我會講一些技術性的東西，但只是稍微深入一點。對於那些不太熟悉我們在這裡討論的東西的人來說，機身蒙皮，我稱它為太空船艙室的管子，它位於甲板上的兩個艙壁之間。這些外殼由 BMI 碳複合材料製成，具有所謂的核心，有點像蜂窩結構，有助於提供剛度。

Not exactly the same, but somewhat like you'd see corrugation and cardboard makes it a stiffer cardboard. And so as we are carrying those parts, we're working with the process to ensure that we have good fit across that core. What we had in the first part, getting into the material science, was different weights of [core], which generally different densities to handle different level of compressive forces, and the thermal coefficient of thermal expansion between those different weights allows for a different degree of expansion during the process of the autoclave.

不完全相同，但有點像你看到的瓦楞紙板，使它成為更硬的紙板。因此，當我們攜帶這些部件時，我們正在按照流程進行工作，以確保我們能夠很好地適應該核心。在第一部分中，我們進入材料科學，研究的是不同重量的[核心]，這些核心通常具有不同的密度來處理不同程度的壓縮力，並且不同重量之間的熱膨脹係數允許在高壓釜過程中發生不同程度的膨脹。

So we've assessed that, understand that's where the issue is. We're generally going at that through simplifying the types of core that we use in here and we'll finish that process out and then work for the next part. So hopefully that gives you a little context into what's going on there, and for those who are less interested in material science, sorry for the detail.

因此，我們對此進行了評估，並了解了問題所在。我們通常透過簡化我們在這裡使用的核心類型來實現這一點，我們將完成該過程，然後進行下一部分。所以希望這能讓你對那裡發生的事情有一點了解，對於那些對材料科學不太感興趣的人來說，對於細節我深感抱歉。

That's helpful. And then maybe if you can just talk a little bit more about the dynamics. So the research flight shifted to fall, but it doesn't seem like there's any change to the astronaut space flight schedule for fall 2026. What were the dynamics that allowed you to keep the astronaut space flight while the research first flight maybe pushes out a little bit?

這很有幫助。然後也許您可以再多談談動態。因此，研究飛行改期至秋季，但 2026 年秋季的太空人太空飛行計畫似乎沒有任何變化。當研究首飛可能稍微延後時，是什麼樣的動力讓您能夠繼續進行太空人太空飛行？

Sure, the main thing going on, well, there's probably, I'd call it a 1.5 to 2 months total of this part, there's a part, not the whole program of the ship, but of the part, but this hadn't been on the critical path of the program. So the amount that when we kind of rework this like we just did with the spar, the amount of time it's going to take before that part is back in the program.

當然，主要的事情是，嗯，可能，我稱之為這部分總共需要 1.5 到 2 個月，這是一部分，不是整個船舶計劃，而是一部分，但這還不在計劃的關鍵路徑上。因此，當我們像對翼梁那樣重新加工它時，需要花費大量時間才能將該部件重新納入程序。

Even though the whole thing is one to two months in duration, the amount on the critical path is less than that. And so what you're fundamentally seeing is where we were probably at the tail end of these quarters before this. We're now likely going to be more towards the earlier part of these quarters as they push over, would be my estimation.

儘管整個過程持續一到兩個月，但關鍵路徑上的時間卻少於這個時間。因此，您從根本上看到的是我們在此之前可能處於這些季度末的情況。我的估計是，隨著這些季度的推進，我們現在可能會更專注於這些季度的早期階段。

So you're seeing the shift be less than a quarter's worth of shift fundamentally. And so our private astronaut flights are going to be a little later in the fall than they were before, but they're still in the fall, is our best planning and expectations.

因此，您會看到，從根本上來說，轉變量還不到四分之一。因此，我們的私人太空人飛行將比以前在秋季稍晚一些，但仍在秋季，這是我們最好的計劃和預期。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Michael, I think last quarter you spoke to opening or reopening ticket sales in 1Q '26. I imagine, given the private astronaut flights haven't moved much, that's still the plan?

謝謝。邁克爾，我想上個季度您談到了 2026 年第一季開放或重新開放門票銷售。我想，鑑於私人宇航員飛行沒有太大變化，這仍然是計劃嗎？

That is correct. We still plan to do that in Q1 of '26. We haven't settled on or haven't like shared, I guess, where we'll end up on pricing there. So I think what I said last time still holds. Our last dated price was $600,000 a ticket. I don't expect that to go down when we reopen sales, but we haven't been specific on a sales price yet.

沒錯。我們仍計劃在 26 年第一季實現這一目標。我想，我們還沒有確定或還沒有分享最終的定價。所以我認為我上次說的話仍然成立。我們最新的票價是每張票 60 萬美元。我預計當我們重新開始銷售時價格不會下降，但我們還沒有具體確定銷售價格。

Okay, and then maybe just on the ATM or the user of -- obviously, it's important to maintain liquidity, but I'm curious at this level of liquidity, given the milestones you have ahead and given the quantum of dilution you had to take in with $50 million, I think you had 37% pollution. Is it more of a wait and see and hold off on the ATM or is there a minimum $500 million of cash the clarity you want to maintain that?

好的，然後也許只是在 ATM 或用戶身上——顯然，保持流動性很重要，但我對這種流動性水平感到好奇，考慮到您前面的里程碑以及您必須用 5000 萬美元承擔的稀釋量，我認為您有 37% 的污染。您是否更多的是等待、觀望並推遲 ATM 機的使用，還是至少有 5 億美元的現金，您是否希望保持這種清晰度？

Thanks for the question, Miles. Yeah, the way we look at the ATM is it's primarily for growth, right? So we access it to allow us to continue to invest in, for example, the launch vehicle program so that we can increase our revenue, our overall capacity by expanding the fleet. So we've talked in the past how we have enough capital today to get the first two spaceships done and get the commercial service and positive cash flow.

謝謝你的提問，邁爾斯。是的，我們看待 ATM 的方式是它主要是為了成長，對嗎？因此，我們可以利用它繼續投資，例如，運載火箭計劃，以便我們可以透過擴大火箭隊來增加收入和整體容量。因此，我們過去曾談到，我們今天擁有足夠的資金來完成前兩艘太空船的建造，並獲得商業服務和正現金流。

So what we're doing is building up some more capacity here on the balance sheet so that we can expand and keep the engineering teams moving towards the next phase of growth with the launch vehicles. That's the primary thing and it also bolsters the balance sheet, but there isn't [the] minimum cash balance, we want to be prudent about this.

因此，我們正在做的是在資產負債表上建立更多的產能，以便我們能夠擴大規模並讓工程團隊隨著運載火箭進入下一階段的成長。這是最重要的事情，它也能增強資產負債表，但沒有最低現金餘額，我們希望對此保持謹慎。

It's going as we expected, as we've telegraphed you before that we had more in the past. We're using that to invest in these vehicles that generate revenue in the future, targeting this crossover point of positive cash flow and trying to just balance those priorities and allowing us to drive growth in the process.

一切正如我們預期的那樣，正如我們之前電報所說，我們過去曾有過更多這樣的事。我們利用它來投資未來產生收入的工具，瞄準正現金流的交叉點，並試圖平衡這些優先事項，並讓我們在過程中推動成長。

Okay, but I mean, there has to be a consideration of the dilution of the current enterprise if you're funding heavily dilution to the future enterprise? I mean, you have to be balancing that as well, I would imagine.

好的，但我的意思是，如果您為未來企業提供大量資金稀釋，那麼就必須考慮當前企業的稀釋？我的意思是，我想你也必須平衡這一點。

Absolutely, yes, so it's a balance because we see tremendous returns in investing in the future and allowing us to expand our flight capacity, get to this long-term economic model that we've shown you. So by bringing in that cash now to allow us to get to that growth, we pull that in, right? We get to those higher returns and that higher EBITDA we talked about much sooner than if we just waited for the positive cash flow to fund that organically, naturally.

絕對是的，所以這是一個平衡，因為我們看到了投資未來的巨大回報，並允許我們擴大飛行能力，實現我們向您展示的這個長期經濟模式。因此，透過現在引入現金，我們可以實現成長，對嗎？如果我們只是等待正現金流自然而然地為其提供資金，那麼我們就能更快地獲得我們所說的更高的回報和更高的 EBITDA。

Just to kick in, Myles, on top of Doug there. Yeah, we are trying to be very balanced and thoughtful about everything through here. So when we're moving forward with design on the LV-X program, the launch vehicle program, that's a lighter touch. I think you're going to see us move more fully into spaceline operations and actually create a cash flow before you see, big economic pushes on LV-X.

邁爾斯 (Myles) 剛開始踢球，就在道格 (Doug) 上面。是的，我們正努力保持平衡，認真考慮這裡的一切。因此，當我們推進 LV-X 計畫（運載火箭計畫）的設計時，這是一個更輕鬆的舉措。我認為，在 LV-X 帶來巨大的經濟推動之前，您將會看到我們更全面地投入太空線路運營，並真正創造現金流。

And if we find something different along the way as we're exploring opportunities for government uses of that platform, well, maybe then that's a different reason to push the accelerator. But right now, we're just being prudent to move the design along in a balanced fashion so that we're not overly waiting to scale when we're ready.

如果我們在探索政府使用該平台的機會時發現了一些不同的東西，那麼，也許這就是推動加速器的另一個原因。但現在，我們只是謹慎地以平衡的方式推進設計，這樣我們就不會在準備好時過度等待擴展。

Okay, and the last one. You've mentioned the employee reduction on the engineering side of 150. Was that backfilled by production employees? I think the plan was this year to maintain roughly similar employee headcount, but the mix was going to change. Is that still the case?

好的，這是最後一個。您提到工程部門的員工減少了 150 人。這是由生產員工填補的嗎？我認為今年的計畫是維持大致相同的員工人數，但結構將會改變。現在還是這樣嗎？

It's Michael here. I'm trying to remember how many people we've added in at our Phoenix facility, it's really the place where we've had extra people coming in. So that one's probably about 50 people have come in, and the large number you heard Doug talking about was a drop of contractor resources. So that's taken place and then as we continue to look for what's needed for pushing the Delta spaceships through and into operation.

我是麥可。我試著回想我們在鳳凰城工廠增加了多少人，這確實是我們有額外員工加入的地方。因此，大概有 50 人加入，而你聽到 Doug 談論的大量人員只是承包商資源的一小部分。所以這已經發生了，然後我們繼續尋找推動 Delta 太空船進入運行狀態所需的條件。

As I mentioned, I'll call it a disciplined approach to LV-X. The net engineering workload of those two programs is larger than we had at the base and so just recently, we've let a group go from engineering. They're fantastic engineers who've really done excellent work in kind of what the mission of Virgin Galactic and opening this up. We just don't have the workload in these two programs for the size in certain departments, and that's where some of our full-time engineers left the company recently.

正如我所提到的，我將其稱為 LV-X 的規範方法。這兩個專案的淨工程工作量比我們在基地的要大，所以就在最近，我們讓一群人離開了工程部門。他們都是優秀的工程師，在維珍銀河的使命和開拓方面做出了卓越的貢獻。我們某些部門的規模不足以承擔這兩個專案的工作量，因此我們的一些全職工程師最近離開了公司。

Oliver Chen, TD Cowen.

奧利佛陳 (Oliver Chen)，TD Cowen。

Hi, Michael and Doug. As we think about the fourth quarter, is it reasonable to expect that the free cash flow burn would be in the negative 100, 120 region or anything we should know about for fourth quarter would be helpful? Also, as you think about the LV-X launch vehicle program, do you have any general thoughts on the total addressable market and your interest there? I think you commented on this, but anything that we should know about, how you're pacing or thinking about R&D related to that?

嗨，邁克爾和道格。當我們考慮第四季度時，預期自由現金流消耗將在-100、120 範圍內是否合理，或者我們應該了解的有關第四季度的任何資訊是否有幫助？此外，當您考慮 LV-X 運載火箭計劃時，您對整個目標市場以及您的興趣有什麼總體看法嗎？我想您對此發表了評論，但我們應該知道的是，您如何安排或考慮與此相關的研發？

And then finally, any thoughts on developments with customer experience and the luxury customer experience at scale for fall 2026? Thanks a lot.

最後，您對 2026 年秋季客戶體驗和大規模豪華客戶體驗的發展有何看法？多謝。

Thanks, Oliver. This is Doug. I'll take the first question and hand it over to Michael. So regarding the free cash flow, we have indicated that the third quarter coming up, we expect to be between $100 million and $110 million and then consistent with what we've expected from the past, if Q4 will be under $100 million, so we expect to exit the fourth quarter of this year spending a level below $100 million, and that continues. So we would also continue to see reductions in spending going into 2026 as well. So that's our forecast at this time.

謝謝，奧利佛。這是道格。我將回答第一個問題並將其交給邁克爾。因此，關於自由現金流，我們已經表示，預計即將到來的第三季將在 1 億美元至 1.1 億美元之間，與我們過去的預期一致，如果第四季度低於 1 億美元，那麼我們預計今年第四季的支出水準將低於 1 億美元，並且這種情況將繼續下去。因此，到 2026 年，我們也將繼續看到支出減少。這就是我們目前的預測。

So I'll take LV-X and then customer side. So the very clear need that we'll have for more launch vehicles will be for Virgin Galactic suborbital spaceflight business. So the X in the LV-X program is you can have different variants of this ship. The place that we will put our primary focus at this stage is in a Virgin Galactic variant of that ship that will look very similar to our Eve MotherShip that's there existing and probably have a few upgrades as you'd expect the new models to have.

所以我會選擇 LV-X，然後是客戶端。因此，我們對更多運載火箭的需求顯然是為了維珍銀河的亞軌道太空飛行業務。因此 LV-X 計劃中的 X 表示您可以擁有這艘船的不同變體。現階段，我們將主要關注的是該飛船的維珍銀河變體，它看起來與我們現有的 Eve MotherShip 非常相似，並且可能進行了一些升級，正如您所期望的新型號那樣。

The way we can approach the engineering of that also can take into account what we are learning as we are reaching out into government and research and defense areas to say, hey, is there a need in the marketplace for a high-altitude heavy lift, reasonably long endurance vehicle? And given what that need might be, how do we ensure that we are building into the design of the Virgin Galactic variant the capacity to adapt that to a government variant?

我們在設計工程時，也可以考慮我們在與政府、研究和防禦領域接觸時所學到的知識，例如，市場上是否需要高空重型運載、續航時間合理的飛行器？考慮到這種需求，我們如何確保在維珍銀河變體的設計中融入適應政府變體的能力？

So we've been pushing that through and that part is very clear. Now you talked about kind of size of that market, that is a little less. What are we? I'd say types of use cases. There's clearly lots of testing of things that needed to be at high altitude that will eventually turn into other ships or planes or equipment that goes there. So there's a lot of testing capability that's probably a smaller demand on total vehicles.

因此我們一直在推動這一點，這一點非常明確。現在您談到了該市場的規模，但規模要小一些。我們是什麼？我想說的是用例的類型。顯然，需要對需要在高空運行的物體進行大量測試，這些物體最終會變成其他船隻、飛機或進入高空的設備。因此，雖然測試能力很強，但對車輛整體的需求可能較小。

And then I think it just depends on are there systems and needs that the government would have? Likely the defense side of the government to have a larger number. We're not there yet. We're just doing the assessments we need to understand what are the needs that the government may have for the use of a vehicle like this, who are the teams that we could partner with in that regard, and that will help us build an understanding of the business potential.

然後我認為這取決於政府是否有系統和需求？政府防禦方可能有更多的人數。我們還沒到那裡。我們只是在進行必要的評估，以了解政府對這種車輛的使用需求是什麼，我們可以與哪些團隊合作，這將有助於我們了解其商業潛力。

So the note I put out with a feasibility study with Lawrence Livermore, those people are fantastic. And that's one of the ways, not the only way, but one of the ways we're building our understanding of what this market could be. So nothing more on that at this time, but encouraged, I would say, by the general response we see for what a vehicle that does what our launch vehicles can do can be used for.

因此，我與勞倫斯·利弗莫爾一起發表了一份可行性研究報告，這些人太棒了。這是我們了解這個市場潛力的方法之一，雖然不是唯一的方法，但卻是其中一種。目前對此還沒有更多討論，但我想說，我們看到了大家對能夠完成我們運載火箭功能的飛行器的普遍反應，這讓我們感到鼓舞。

As to the customers, this is getting fun for the customer side of the business who's been waiting to be flying. So a lot of the work right now, Oliver, is in the details of how do we scale and keep the true [world-class] piece, right? You're talking about a luxury customer, but obviously this is an intensive adventure piece but also very high end, very high touch, and that means very one-to-one personal efforts.

對於客戶來說，這對於一直等待飛行的客戶來說是一件有趣的事情。所以，奧利佛，現在的許多工作都集中在如何擴大規模並保持真正的[世界級]作品的細節上，對嗎？您說的是奢侈品客戶，但顯然這是一件需要深入探索的作品，而且非常高端，非常高接觸度，這意味著需要一對一的個人努力。

And how do we then take that and do at a higher cadence right as we're going from one flight a week to two flights a week to three flights a week and being able to move from there and adapt our facilities and scale up the -- basically the customer hosting and training and all the guests of these things, these become big major events and how to handle that. So that's a lot of logistics.

那麼，當我們從每週一次航班增加到每週兩次航班、每週三次航班時，我們該如何應對這種情況，並以更高的節奏開展工作，並能夠從那裡開始調整我們的設施並擴大規模 - 基本上是客戶接待和培訓以及所有這些活動的客人，這些都成為重大事件，以及如何處理這些問題。所以這需要大量的後勤工作。

Now that's not a strange topic for us to do, but it requires detail and thought and how the facilities will be able to handle that, and we make sure that we keep the individualized attention as we have higher volumes. That's a big thing. We're starting to see the mockups of our spacesuits come in because those will be changing and that's exciting to see.

對我們來說，這不是一個陌生的話題，但它需要細節和思考，以及設施將如何處理這個問題，我們確保在處理量較大的情況下保持個性化的關注。這是一件大事。我們開始看到我們的太空衣模型出現，因為它們將發生變化，這是令人興奮的。

We are building an astronaut portal for our astronauts that will come as part of a website update as we go into sales. They're kind of behind the rope of what they will need for their journey and how our training will play out ahead of their flight. So good preparation for this, but obviously next year is when this will really ramp up for sure.

我們正在為我們的太空人建立一個太空人門戶，它將作為我們進入銷售階段的網站更新的一部分。他們不太清楚旅途中需要什麼，也不清楚飛行前我們將如何進行訓練。所以為此做好了充分的準備，但顯然明年才是真正加速的時候。

Okay, great, very helpful. A couple of follow-ups, Michael. What are the hardest parts ahead that you'd say with respect to the assembly phase and any other thoughts on Italy and the spaceport opportunity there as well? Thank you.

好的，非常好，非常有幫助。還有幾個後續問題，麥可。您認為在組裝階段最困難的部分是什麼？您對義大利和那裡的太空港機會還有什麼看法？謝謝。

Yeah, the hard part -- I have to be choiceful with my words here. The hard part in the sense of the, I'd say unbounded part of our spaceship development journey was pushed through in the engineering phase. It's not that every phase doesn't have its own challenges, but the engineering part has a little less bounding to it.

是的，困難的部分是──我必須謹慎地使用我的字眼。我想說，我們太空船開發歷程中最大的困難部分是在工程階段完成的。並不是說每個階段都沒有挑戰，只是工程部分的限制比較小。

Now we're kind of showing in these earnings presentations. There are lots of different aspects of the spaceship from the avionics and flight controls to the mechanical systems to the carbon composite parts we're working to the rocket systems, and I'm watching all of those come together really well.

現在我們在這些收益報告中有所展示。太空船有很多不同的方面，從航空電子設備和飛行控制裝置到機械系統，再到我們正在研究的碳複合材料部件和火箭系統，我看到它們都很好地結合在一起。

I just called Mike Moses just before this call, just checking in with him, and he's excited to just these great movement, teams are humming along with energy because we're getting within striking distance of being back to flight, so that energizes everyone up.

就在這通電話之前，我剛剛給邁克·摩西打了電話，只是和他確認了一下情況，他對這些偉大的舉動感到很興奮，團隊都充滿活力，因為我們距離恢復飛行已經不遠了，這讓每個人都充滿活力。

And when you see these parts coming out, it's not just the part for the first ship, right, because we built these tools, the second and the third parts for the static test article on our second flying ship are also moving along as well. So when we pop up with things like this fuselage or what was last quarter like the wing spar, those are hard to a degree, but our team handles it, right?

當你看到這些部件出來時，它不僅僅是第一艘飛船的部件，對吧，因為我們建造了這些工具，我們第二艘飛船上的靜態測試物品的第二和第三部件也在進行中。因此，當我們遇到像機身或上個季度的翼梁這樣的問題時，這些問題在一定程度上是困難的，但我們的團隊可以處理，對嗎？

They come in, it's a process. It's very typical that the first kind of part out of the shop need some process adjustments. I don't know if you watched our We Build Spaceships episode 3, which is about carbon part manufacturing. Our Chief Engineer, Gabe, he used the term, you have to dial in the recipe. So that requires expertise, but it's just kind of handling it and moving forward and getting the parts moving. So I feel really good about all of that.

他們進來，這是一個過程。很典型的是，第一批出廠的零件需要一些製程調整。我不知道您是否看過我們的《我們建造太空船》第 3 集，該集講述的是碳零件製造。我們的首席工程師 Gabe 使用了這個術語，你必須撥打配方。所以這需要專業知識，但這只是處理它並向前推進並讓各個部分運作起來。所以我對於這一切感覺非常好。

Now you mentioned Italy. Happenstance, the brand-new director general of [EEC, Alexander Deorgia], is in -- he's in the building today. And so I saw he and his Director of Technical Innovation, Giovanni, downstairs with the team that we're working on on the study of Italy for a spaceport. They're very pleased to be here. I think it's a very good partnership as we're doing that assessment.

現在你提到了義大利。碰巧的是，新任總幹事 [EEC，Alexander Deorgia] 今天就在這棟大樓裡。因此，我看到他和他的技術創新總監喬瓦尼在樓下與我們的團隊一起研究在義大利建立太空港。他們很高興來到這裡。我認為我們正在進行評估，這是一個非常好的合作夥伴關係。

I think the assessment of the [Gretalia], Southern Italy spaceport will probably play out a tail end of this calendar year may be teasing into the first part of next year, but that's moving along and the partnership with the Italian government is strong.

我認為對義大利南部航太港 [Gretalia] 的評估可能會在今年年底完成，也可能會在明年上半年進行，但一切都在推進，與義大利政府的合作關係也很牢固。

Thank you very much. Best regards.

非常感謝。此致。

Thanks, Oliver.

謝謝，奧利佛。

Michael Leshock, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Michael Leshock。

Hey, good afternoon, everyone. I wanted to -- maybe sticking with the Italian -- Italy space port potential. If that feasibility study is successful, at what point would you potentially break ground there and begin constructing a second spaceport?

嘿，大家下午好。我想——也許堅持義大利——義大利太空港的潛力。如果可行性研究成功，你們什麼時候會在那裡破土動工並開始建造第二個太空港？

I'm not necessarily asking for an exact timing but more so the milestones that you'd need to accomplish with your existing space port before expanding. Maybe what you're targeting in terms of the size of the Delta fleet at that time and mother ships, something that you would like there before building the new facility? So any way to frame that would be great.

我並不是一定要詢問確切的時間，而是詢問在擴建之前您需要用現有的太空港完成的里程碑。也許您針對當時達美航空機隊和母艦的規模設定了目標，您希望在建造新設施之前在那裡實現這些目標？因此，任何能夠實現這一點的方法都是很好的。

Yeah, everybody's very excited about Italy, and it sits right behind me very excited about Spaceport America and New Mexico, which is first order of business, of course. So the effort we have going on now brings, as you know, two spaceships with our existing launch vehicle, Eve, and that gets us to a good business. We're cash positive, we're making good money, we're kind of self-sustaining on that. But we really now have the fixed cost in so that growth incrementally drives a lot of flow through, and that's our focus.

是的，每個人都對義大利感到非常興奮，我對美國太空港和新墨西哥州也非常興奮，當然，這是首要任務。因此，正如您所知，我們現在正在進行的努力是用我們現有的運載火箭 Eve 發射兩艘太空船，這給我們帶來了良好的業務。我們現金充裕，獲利豐厚，基本上可以自給自足。但我們現在確實有固定成本，因此成長會逐步推動大量流量，這就是我們的重點。

The first step on that is this LV-X program. We need additional launch vehicles, so we're moving the design prudently while we're still in this kind of really pre revenue pre-earnings phase so that we can get to this expansion, and I would expect that LV-X program because we're going to be a little prudent in the timing until we're further along with spaceships.

第一步就是這個 LV-X 程式。我們需要額外的運載火箭，因此，當我們仍處於這種真正的收入前盈利階段時，我們會謹慎地進行設計，以便我們能夠實現這一擴張，並且我期望 LV-X 計劃，因為我們將在時間安排上更加謹慎，直到我們在宇宙飛船方面取得進一步進展。

'29 probably is when we bring those in and we'd see the first of those moving into spaceport America. We would expect the LV-X program probably not to have the degree of tooling that we built with spaceships, we don't need as many carrier ships, but the tooling will still be developed with those where we can bring multiple copies out once the engineering and the tools have been built on a pretty frequent basis.

29 年我們可能會把它們引進來，然後我們會看到第一批火箭進入美國太空港。我們預計 LV-X 計劃可能不會擁有我們為太空船建造的那麼多的工具，我們不需要那麼多的運載飛船，但工具仍然會得到開發，一旦工程和工具以相當頻繁的方式建成，我們就可以帶出多個副本。

So that to me means we would have capacity in the plant to bring the next carrier ship, the next launch vehicle, as well as a couple of spaceships to get started in Italy in 2030, and we can do fast expansion from there.

所以對我來說，這意味著我們的工廠有能力在 2030 年將下一艘運載飛​​船、下一艘運載火箭以及幾艘太空船帶到義大利開始生產，我們可以從那裡快速擴張。

And then maybe looking into 2026 as we look at the quarterly spending, do you expect that quarterly burn rate to gradually improve in these kind of $10 million or $20 million increments or so sequentially? Or do you expect, maybe a couple quarters from now we might see a larger $50 million improvement as you move through some of the biggest quarters in terms of the investments that you have going on right now?

然後，當我們展望 2026 年的季度支出時，您是否預計季度支出率會以 1000 萬美元或 2000 萬美元左右的增量逐步改善？或者您是否預計，也許從現在起的幾個季度後，隨著您進入目前正在進行的投資最大的幾個季度，我們可能會看到更大的 5000 萬美元的增長？

Mike, I would expect to see a continued declining trend in spending. It'll get down to -- we'll go below 100 by the fourth quarter. We'll see it continue to decline in the first part of 2026. It's not going to be big steps down. It'll be a continuation of the trend and then what you see happen when commercial service starts is now we start bringing money in right and then you get to flip over to positive cash flow around the time of commercial service starting.

麥克，我預計支出將持續呈下降趨勢。到第四季度，這一數字將降至 100 以下。我們將看到它在 2026 年上半年繼續下降。這不會是很大的退步。這將是趨勢的延續，然後當商業服務開始時，您會看到我們現在開始賺錢，然後您可以在商業服務開始時轉向正現金流。

So we got a downward trend, no big steps until we start commercial service, then it goes the other way.

因此，我們呈現出一種下降趨勢，在開始商業服務之前沒有取得重大進展，然後情況就反過來了。

(Operator Instructions) There are no further questions at this time. Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

（操作員指示）目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。