Virgin Galactic Holdings Inc (SPCE) 2025 Q3 法說會逐字稿

Good afternoon. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic's third-quarter 2025 earnings conference call. (Operator Instructions)

午安.我叫黛西蕾，今天我將擔任你們的會議接線生。此時此刻，我謹代表維珍銀河歡迎各位參加2025年第三季財報電話會議。（操作說明）

Thank you. I will now turn the call over to Eric Cerny, Vice President of Investor Relations. You may begin.

謝謝。現在我將把電話交給投資者關係副總裁埃里克·切爾尼。你可以開始了。

Thank you. Good afternoon, everyone. Welcome to Virgin Galactic's third-quarter 2025 earnings conference Call. On the call with me today are Michael Colglazier, Chief Executive Officer; and Doug Ahrens, Chief Financial Officer.

謝謝。大家下午好。歡迎參加維珍銀河2025年第三季財報電話會議。今天和我一起通話的是執行長邁克爾·科爾格拉齊爾和財務長道格·阿倫斯。

Following our prepared remarks, we'll open the call for questions. Our press release and slide presentation that will accompany today's remarks are available on our Investor Relations website. Please see slide 2 of the presentation for our safe harbor disclaimer.

在我們發言完畢後，我們將開放提問環節。我們將在投資者關係網站上發布新聞稿和幻燈片演示文稿，以配合今天的演講。請參閱簡報第 2 頁，以了解我們的安全港免責聲明。

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. 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.

在今天的電話會議中，我們可能會發表一些前瞻性聲明。這些陳述是基於當前的預期和假設，因此存在風險和不確定性。諸多因素可能導致實際事件與本次電話會議中所作的前瞻性陳述有重大差異。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。

You are 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.

請注意，不要過度依賴前瞻性陳述，本公司特此聲明，無論由於新資訊、未來事件或其他原因，本公司均無義務更新本次電話會議中可能討論的前瞻性陳述。

Please also note that we'll refer to certain non-GAAP financial information on today's call. Please refer to our 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提及某些非GAAP財務資訊。有關這些非GAAP財務指標的調節表，請參閱我們的獲利報告。

I would now like to turn the call over to our CEO, Michael Colglazier, and the agenda for today's call that can be found on page 3 of the earnings presentation.

現在我將把電話交給我們的執行長邁克爾·科爾格拉齊爾，今天的電話會議議程可以在收益簡報的第 3 頁找到。

Good afternoon, everyone. We have much to cover today with important progress updates on our SpaceShip program and a company-wide pivot toward operational readiness as we prepare to enter 2026. We remain full steam ahead, bringing our new SpaceShip into service.

大家下午好。今天我們有很多內容要介紹，包括我們的太空船計畫的重要進展更新，以及公司為迎接 2026 年而進行的全面轉型，以達到營運準備就緒狀態。我們正全力推進，使我們的新太空船投入使用。

We continue to make excellent progress across the many elements of the program, and the number of outstanding items on our production checklist continues to decline with each passing week as we knock out the work.

我們在專案的各個方面都取得了顯著進展，隨著我們每週完成工作，生產清單上未完成的項目數量也在不斷減少。

I'll start the call highlighting progress within our SpaceShip program, including major milestones being crossed and proof points supporting our flight rate and reusability assumptions. I'll share insights on our preparation for the launch of commercial service in Q4 next year, which is just a short year or so from today. I'll then pass the call to Doug for updates on our Q3 financial performance and a look ahead.

我將首先在電話會議上重點介紹我們的太空船計劃的進展情況，包括已達成的主要里程碑以及支持我們飛行率和可重複使用性假設的證據點。我將分享我們為明年第四季推出商業服務所做的準備工作，距離現在只有短短一年左右的時間了。然後我會把電話轉給道格，讓他報告我們第三季的財務表現並展望未來。

Before diving into the details, I'm pleased to share the expected dates for Flight Test and our first spaceflight remain essentially unchanged from our prior forecast, with our Flight Test program expected to begin in Q3 and our first spaceflight in Q4 of 2026.

在深入探討細節之前，我很高興地宣布，飛行測試和首次太空飛行的預期日期與我們之前的預測基本保持不變，我們的飛行測試計劃預計將於 2026 年第三季度開始，首次太空飛行預計將於 2026 年第四季度開始。

I'll note that we are now using Q3 instead of summer and Q4 instead of fall as we've had feedback from customers and investors in the Southern Hemisphere who point out that fall in the US is actually spring in other parts of the world. Shifting to quarters helps make this more clear.

我要指出的是，我們現在使用第三季代替夏季，第四季度代替秋季，因為我們收到了來自南半球客戶和投資者的回饋，他們指出美國的秋季實際上是世界其他地區的春季。換成四分法有助於更清晰地說明這一點。

Last quarter, we shared expectations for a modest extension of our critical path due to complexity in manufacturing a large part within our fuselage subassembly. That particular part, the lower skin of our forward fuselage, arrived in our SpaceShip factory earlier this month, well within the time extension we had expected, which is great news.

上個季度，由於機身子組件中一個大型零件的製造複雜性，我們預計關鍵路徑將略有延長。我們前機身下蒙皮的那個特定部件已於本月初抵達我們的太空船工廠，遠遠超過了我們預期的延期時間，這真是個好消息。

Since last quarter, the fuselage has been and continues to be the pacesetting subassembly that drives the critical path of our SpaceShip program. Our team is focused intensely on resolving the manufacturing and supply chain needs of the fuselage with strong results, and we are currently forecasting the first fuselage to wrap up just a bit earlier than we expected last quarter.

自上個季度以來，機身一直是並將繼續是引領我們太空船計畫關鍵路徑的領頭羊子組件。我們的團隊正全力以赴解決機身製造和供應鏈的需求，並且取得了顯著成果。我們目前預測，第一架機身的完工時間將比上季預期的略早。

Over the last three months, we have seen the expected completion dates of our wing and feather subassemblies shift modestly to the right. However, both of these subassemblies remain ahead of the critical path and the shifts, therefore, are not expected to have an impact on our flight dates. I'll share detail around the main issues we've been tackling, how we've resolved them and insights into remaining items on our watch list as we get into the call.

在過去的三個月裡，我們看到機翼和羽毛子組件的預期完成日期略微向右推遲。然而，這兩個子組件仍然處於關鍵路徑之前，因此，這些調整預計不會對我們的航班日期產生影響。在電話會議中，我將詳細介紹我們一直在處理的主要問題、我們是如何解決這些問題的，以及我們對關注清單上剩餘事項的見解。

On page 4, we've provided a link to the new Galactic 10 video that released this afternoon as well as links to our recent episodes of our We Build SpaceShip series. These short videos provide an excellent visual rundown of the program's latest accomplishments.

在第 4 頁，我們提供了今天下午發布的 Galactic 10 新視頻的鏈接，以及我們最近幾集“我們建造太空船”系列的鏈接。這些短影片以極佳的視覺效果概述了該專案的最新成果。

Let's start the program update on page 5 with the structural parts that make up the SpaceShip. You'll recall our SpaceShips are built with three major structural subassemblies, the wing, the feather and the fuselage. This page highlights progress on the wing, shown here with our team in the SpaceShip factory fitting the wing skins onto our first shipset.

讓我們從第 5 頁開始，介紹構成太空船的結構部件，以此作為程式更新。您應該記得，我們​​的太空船由三個主要的結構子組件構成：機翼、機翼和機身。本頁重點介紹了機翼的進展情況，圖中展示了我們的團隊在太空船工廠將機翼蒙皮安裝到我們的第一套飛船組件上。

This group of skilled technicians is excited and proud of the work they're doing, and they are showcasing how the investment we put into production tooling is paying off as the precision fit of the SpaceShip parts allows them to advance the assembly process smoothly.

這群技術嫻熟的技術人員對他們正在做的工作感到興奮和自豪，他們展示了我們對生產工具的投資是如何獲得回報的，因為太空船部件的精確配合使他們能夠順利地推進組裝過程。

The wing in this image, which is destined for our first SpaceShip, will wrap up this phase and come down from this tool in December. Even more exciting, parts for the second wing shipset have already arrived in the SpaceShip factory and will immediately start to load into this wing up tool as soon as the first shipset moves forward.

圖片中的機翼將用於我們的第一艘太空船，它將在 12 月完成這一階段的製造並從該工具上拆卸下來。更令人興奮的是，第二組機翼組件的部件已經運抵太空船工廠，一旦第一套機翼組件向前推進，第二套機翼組件的部件就會立即開始裝入這套機翼展開工具中。

Moving to page 6. I recently visited Bell Aerospace's facility in Fort Worth, Texas, to see the progress they've been making with our second major subassembly, the feather. Bell's rapid production team has done incredible work, leveraging their expertise in high-temperature composites and tilt rotor assemblies to deliver one of the most unique and important parts of the SpaceShip. The photos on this page show the large feather boom skins finishing assembly and undergoing detailed imaging inspections.

翻到第6頁。我最近參觀了位於德克薩斯州沃斯堡的貝爾航空航天公司工廠，以了解他們在我們的第二個主要子組件——羽毛——方面取得的進展。貝爾公司的快速生產團隊憑藉其在高溫複合材料和傾轉旋翼組件方面的專業知識，完成了令人難以置信的工作，交付了太空船最獨特、最重要的部件之一。本頁照片顯示了大型羽狀臂蒙皮的最終組裝和詳細的成像檢測。

On page 7, I'm very pleased to share the first complete shipset of feather boom skins have all been delivered to Bell's final assembly facility. This is a major milestone, and Bell's top flight manufacturing technicians are already hard at work building the feather assembly that will become part of our first SpaceShip.

在第 7 頁，我非常高興地宣布，第一批完整的羽毛吊桿蒙皮船體組件已經全部交付到貝爾公司的最終組裝工廠。這是一個重要的里程碑，貝爾公司頂尖的飛行製造技術人員已經開始努力製造羽毛組件，該組件將成為我們第一艘太空船的一部分。

Just like I described with the wing, the parts that will make up the next feather assembly are fast following. So the second shipset can start assembly as soon as this first feather shipset is sent off to Phoenix, where we will combine with the wing and the fuselage.

就像我之前描述翅膀那樣，構成下一層羽毛的各個部分也很快就會跟上。因此，一旦第一套機翼組件被送到鳳凰城，第二套機翼組件就可以開始組裝，在那裡我們將把它與機翼和機身組裝起來。

Moving to page 8. The major elements that comprise our third major subassembly, the fuselage, have also been making good headway, although as I mentioned before, this part of the ship is driving our critical path. Broadly speaking, the fuselage has three major sections: the oxidizer tank, which sits in the heart of the fuselage and carries the liquid oxidizer used by our hybrid rocket motor system to power the SpaceShip. The forward fuselage, which houses our pilots and astronauts and the aft fuselage, which houses the hybrid rocket motor itself.

翻到第8頁。構成我們第三個主要子組件——機身——的主要部件也取得了良好進展，儘管正如我之前提到的，這部分艦艇的建造進度非常關鍵。總的來說，機身分為三個主要部分：氧化劑罐，它位於機身的中心，用於盛裝我們的混合火箭發動機系統為太空船提供動力的液態氧化劑。前機身容納了我們的飛行員和太空人，後機身容納了混合動力火箭發動機本身。

On page 9, I'm going to start with the oxidizer tank because our rocket systems team just passed a huge milestone by qualifying this new tank for the entire life of our ships. To give a bit of context on this achievement, in our original SpaceShip, VSS Unity, an earlier model tank had been built and qualified for 40 flights.

在第 9 頁，我將從氧化劑罐開始，因為我們的火箭系統團隊剛剛通過了一項重大里程碑，證明這種新型罐能夠滿足我們飛船整個使用壽命的需求。為了更好地理解這項成就，我們首先要介紹的是，在我們最初的太空船 VSS Unity 中，早期型號的燃料箱已經建造完成，並經過了 40 次飛行測試。

While 40 flights is very impressive for first-generation space vehicles, the 40 flight limit would have imposed substantial downtimes and cost every time it needed to be swapped out, which would have limited our revenue generation capacity. The image on this page shows our next-generation tank during its qualification testing. We cycled this tank 4,000 times and it passed with flying colors.

雖然對於第一代太空船來說，40 次飛行非常令人印象深刻，但 40 次飛行的限制意味著每次需要更換時都會造成大量的停機時間和成本，這將限制我們的收入能力。本頁圖片展示的是我們新一代坦克在資格測試期間的景象。我們對這個水箱進行了 4000 次循環測試，結果非常出色。

This new tank design is now qualified for the life of our Delta class SpaceShips, which we expect to be 500 or more spaceflights. This is an order of magnitude increase in reusability, and this tank is one of hundreds of parts where we have leveraged our years of R&D and engineering experience to build new SpaceShips with unprecedented durability and reusability.

這種新型儲槽設計現已符合我們德爾塔級太空船的使用壽命要求，我們預計其壽命將達到 500 次或更多次太空飛行。這使得可重複使用性提高了一個數量級，而這個儲罐只是我們利用多年研發和工程經驗製造的數百個部件之一，這些部件賦予了新型太空船前所未有的耐用性和可重複使用性。

Page 10 shows the first flight article of this new line of tanks in our SpaceShip factory, where it will be prepped and installed within the heart of the fuselage assembly. Big shout out to our rocket systems teams for delivering this major milestone on time for our overall production schedule.

第 10 頁展示了我們太空船工廠中該系列新型燃料箱的第一件飛行樣品，它將在那裡進行準備工作，並安裝在機身組件的核心部分。特別感謝我們的火箭系統團隊，他們按時完成了這個重要的里程碑，這對我們的整體生產計劃至關重要。

Page 11 shows an image of the lower skin of the forward fuselage section. This is one of the largest parts on the SpaceShip. It has been the part driving our critical path, and it required a couple of rounds of process refinement to get right. This first fuselage skin arrived in our SpaceShip factory earlier in November and was unboxed with great excitement. Happily, work on the fuselage can now advance with this part located in the final assembly tool shown here.

第 11 頁顯示了前機身段下蒙皮的圖像。這是太空船上最大的部件之一。它是我們關鍵路徑上的關鍵環節，需要經過幾輪流程改善才能做好。這第一塊機身蒙皮於 11 月初運抵我們的太空船工廠，我們非常興奮地打開了包裝盒。令人欣慰的是，機身部分現在可以繼續進行，因為該部件已安裝到圖中所示的最終組裝工具中。

For those on the call who aren't close to carbon part manufacturing, it's helpful to note that the need to resolve manufacturing challenges like we faced with this fuselage skin is fairly typical, especially when large complex carbon parts are produced for the very first time. While time extensions are not desired, they are not unexpected.

對於參加電話會議但不太了解碳纖維零件製造的人來說，值得注意的是，像我們遇到的這種機身蒙皮製造難題是相當典型的，尤其是在首次生產大型複雜碳纖維零件時。雖然不希望延期，但也在意料之中。

And as I mentioned earlier, we had reserved schedule contingency for the part fabrication phase, and we have stayed within that contingency. As the premier company defining suborbital human spaceflight, we will always take the necessary time to work out whatever process or design changes are needed to produce safe, flight-ready parts, and that's what we did here.

正如我之前提到的，我們為零件製造階段預留了進度應急時間，而且我們一直都嚴格遵守了這一應急時間。作為定義亞軌道載人太空飛行的領先公司，我們總是會花必要的時間去研究任何必要的流程或設計變更，以生產安全、可用於飛行的零件，而我們在這裡就是這麼做的。

Our partners at Bell had to resolve some similar manufacturing issues with the big feather skins that we discussed earlier back on pages 6 and 7. Those challenges have been sorted by the Bell team and the time involved in sorting them extended the forecasted delivery date of the feather assembly to Phoenix from late Q4 2025 to the first half of Q1 2026. This push of the feather delivery into Q1 does not impact the timing of our flight test or our first spaceflight because the fuselage remains the driver of the critical path of our program.

我們在貝爾公司的合作夥伴也遇到了類似的製造問題，我們在前面第 6 頁和第 7 頁討論過大羽毛蒙皮的問題。貝爾團隊已經解決了這些挑戰，解決這些挑戰所花費的時間將羽毛組件交付給鳳凰城的預計日期從 2025 年第四季末延長至 2026 年第一季上半年。將羽毛交付推遲到第一季不會影響我們的飛行測試或首次太空飛行的時間安排，因為機身仍然是我們專案關鍵路徑的驅動力。

On page 12, I'd like to share a couple of the remaining items on our watch list. You'll see in the graphic, we have two skins that make up the forward fuselage, the green shaded upper skin where the windows are located and the orange shaded lower skin that we just spoke about. The oxidizer tank I mentioned earlier is located directly behind the pilot and passenger cabin that is formed by these upper and lower skins.

在第 12 頁，我想分享我們關注清單上的剩餘幾個項目。從圖中可以看到，前機身由兩層蒙皮組成，綠色陰影的上層蒙皮（窗戶位於此處）和我們剛才提到的橙色陰影的下層蒙皮。我前面提到的氧化劑罐位於由上下蒙皮構成的飛行員和乘客艙的正後方。

You'll also see we have skins for the aft fuselage located behind the oxidizer tank. The upper skin and the aft skins are currently in production and are expected to arrive in the SpaceShip factory in December.

你也會看到，我們在氧化劑罐後面的後機身也安裝了蒙皮。上蒙皮和後蒙皮目前正在生產中，預計將於 12 月抵達太空船工廠。

We have applied all the manufacturing process improvements learned over the last several months to the fabrication of these remaining parts. Assuming these parts arrive as expected in December, we'd anticipate our first spaceflight to take place earlier in Q4 of 2026. If these parts need some extra time to resolve, we'd expect our first spaceflight to be later in Q4 of 2026.

我們將過去幾個月中學到的所有製造流程改進都應用到了剩餘零件的製造中。假設這些零件如期在 12 月到貨，我們預計首次太空飛行將於 2026 年第四季初進行。如果這些部分還需要一些時間來解決，我們預計首次太空飛行將在 2026 年第四季晚些時候進行。

Moving to page 13. I'd like to highlight some of the areas within the company where we see additional economic potential beyond our suborbital space business. The first of these opportunities sits within our avionics team. Like the rocket systems team I mentioned earlier, these people are world-class and passionate, and their work plays a central role throughout both our SpaceShips and our launch vehicles.

翻到第13頁。我想重點介紹一下公司內部除了亞軌道太空業務之外，我們還看到了其他一些具有經濟潛力的領域。第一個機會就存在於我們的航空電子團隊中。就像我之前提到的火箭系統團隊一樣，這些人都是世界一流且充滿熱情的人才，他們的工作在我們太空船和運載火箭中都發揮著核心作用。

We recently released an episode of We Build SpaceShips that focuses on our avionics efforts, and I encourage you to watch it to better understand the scope of this team's capabilities.

我們最近發布了一集《我們建造太空船》，重點介紹了我們的航空電子設備研發工作，我鼓勵大家觀看，以便更好地了解我們團隊的能力範圍。

We have strategically organized both our rocket systems and avionics teams to take advantage of potential opportunities within commercial space that could benefit from adaptations of our products and expertise. The primary near-term focus for both these teams is bringing our new SpaceShips into service.

我們已經對火箭系統和航空電子設備團隊進行了策略性調整，以抓住商業航太領域的潛在機遇，這些機會可以透過改進我們的產品和專業知識而受益。這兩個團隊近期的主要重點是讓我們的新型太空船投入使用。

However, once we are cash positive and have refined our SpaceShip production process, we plan to pursue incremental business opportunities in these areas, leveraging our outstanding talent and IP.

然而，一旦我們實現現金流為正，並完善了我們的太空船生產流程，我們計劃利用我們傑出的人才和智慧財產權，在這些領域尋求增量業務機會。

The second opportunity I'd like to highlight is connected with our launch vehicle, Eve. An outstanding team of engineers, technicians and pilots were behind a terrific upgrade program for Eve, and they recently returned the ship to the skies above New Mexico, as shown on this page. This group executed on time and under budget while substantially improving Eve's flight interval and inspection program.

我想重點介紹的第二個機會與我們的運載火箭「夏娃」有關。由傑出的工程師、技術人員和飛行員組成的團隊為 Eve 號進行了出色的升級改造，他們最近讓這艘飛船重返新墨西哥州的天空，正如本頁所示。該團隊按時按預算完成了任務，同時大幅改進了 Eve 的飛行間隔和檢查程序。

I'm excited to say our launch vehicle is now capable of flying SpaceShips on successive days, and we're planning to ramp to an average availability of three to four flights a week. We expect this enhanced capability will support excellent utilization of our first two SpaceShips as Eve's ability to launch on successive days provides us with great flexibility to handle weather and unexpected issues, so we can deliver our targeted rate of 125 space missions per year with our first two SpaceShips.

我很高興地宣布，我們的運載火箭現在能夠連續幾天發射太空船，我們計劃逐步提高運力，達到每周平均三到四次飛行。我們預計，這種增強的能力將有助於我們充分利用前兩艘太空船，因為 Eve 能夠連續幾天發射，這為我們應對天氣和意外問題提供了很大的靈活性，因此我們可以利用前兩艘太空船實現每年 125 次太空任務的目標。

With this upgrade, Eve will have potential to support additional missions that demonstrate the capabilities of Virgin Galactic launch vehicles. Hats off to everyone involved in this project.

透過此次升級，Eve 將有潛力支持更多任務，以展示維珍銀河運載火箭的能力。向參與這個計畫的每個人致敬。

I'll close out the program update with a final observation before shifting to our commercial readiness efforts. I continue to see the number of outstanding items on our production checklist decrease as we continue to lock in outstanding supplier delivery dates, resolve manufacturing issues, and generally knock out the work. I'm also pleased to see the amplitude or range of potential impacts posed by remaining issues moderating as we get more and more of the work done.

在轉向我們的商業準備工作之前，我將以最後一點觀察結束本次專案更新。隨著我們不斷鎖定供應商的交貨日期、解決生產問題並完成工作，我看到生產清單上的未完成項目數量持續減少。我也很高興地看到，隨著我們完成的工作越來越多，剩餘問題可能造成的影響的幅度或範圍也逐漸減弱。

This is how almost all major development or construction programs go, and ours is no different. Everyone who has built or remodeled a house knows things get more predictable as progress advances.

幾乎所有大型開發或建設項目都是這樣進行的，我們的專案也不例外。所有建造或翻修過房屋的人都知道，隨著科技的進步，事情會變得越來越可預測。

And everyone who has built or remodeled a house knows that sometimes a few elements take longer than expected, but the majority of work continues to progress while those lagging elements catch up.

凡是建造或翻修過房屋的人都知道，有時有些環節會比預期花費更長時間，但大部分工作會繼續進行，而那些滯後的部分也會迎頭趕上。

One measure of progress we've been watching is how many of the structural parts needed to build the first SpaceShip have arrived on the dock in Phoenix. By mid-December, we expect to have approximately 90% of the carbon and metallic parts for the first ship in hand. That is super helpful, and it's allowing our procurement and project management teams to really focus on bringing in the final components and keeping us on track.

我們一直在關注的一個衡量進展的指標是，建造第一艘太空船所需的結構部件有多少已經運抵鳳凰城的碼頭。預計到 12 月中旬，我們將擁有第一艘船所需碳纖維和金屬零件的約 90%。這非常有幫助，使我們的採購和專案管理團隊能夠真正專注於引進最終組件並保持專案進度。

Moving to page 14. I'd like to spend some time on our commercial readiness plans. I'm very encouraged to see teams across the entirety of our company begin to pivot to commercial operations. The progress with the shifts is exciting for everyone and the added energy that comes with operational planning is palpable. We're hiring a Chief Growth Officer to lead our consumer launch, our revenue development initiatives.

翻到第14頁。我想花點時間討論一下我們的商業準備計劃。看到公司各個團隊開始向商業營運轉型，我感到非常鼓舞。輪班工作的進展令每個人都感到興奮，營運計劃帶來的額外活力也顯而易見。我們正在招募一位首席成長官，負責領導我們的消費者產品推廣和收入成長計劃。

We're interviewing the best of the best of the world's pilots to join our pilot core, and we're planning for the growth of our customer operations teams to take care of both our astronauts and their guests when they are on site at Spaceport America.

我們正在面試世界上最優秀的飛行員加入我們的飛行員核心團隊，並且我們正在計劃擴大客戶運營團隊，以便在宇航員及其客人身處美國太空港時為他們提供周到的服務。

With all this happening, we remain on track to open in Q1 of 2026, our first tranche of sales opportunities for future space missions. In preparation, we have a full rebuild of our digital presence underway with a particular focus on sales funnel progression and a dedicated astronaut portal.

儘管面臨諸多挑戰，我們仍有望在 2026 年第一季開啟未來太空任務的首批銷售機會。為此，我們正在全面重建我們的數位形象，尤其註重銷售管道的推進和專門的太空人入口網站。

We'll unveil our new digital presence in the new year, although the astronaut portal will always be a special and private experience reserved for those within our community of astronauts.

我們將在新年推出全新的數位平台，但太空人入口網站將始終是一個特殊的私人體驗，僅供我們太空人社群的成員使用。

I hosted a customer event in Miami a few weeks ago with people coming in from Europe, Latin America, New Zealand, and of course, from Florida and the Eastern US. The discussions I had with our customers that evening reminded me yet again how passionate and supportive this group is and how meaningful their journey to space will be in their lives. This group has been incredibly patient and loyal, and they fully appreciate our diligent approach to building their SpaceShips the right way.

幾週前，我在邁阿密舉辦了一場客戶活動，參與者來自歐洲、拉丁美洲、紐西蘭，當然還有佛羅裡達州和美國東部。那天晚上我和客戶的討論再次讓我意識到這個群體是多麼充滿熱情和互相支持，以及他們的太空之旅對他們的生活將是多麼有意義。這個團隊非常有耐心和忠誠，他們充分讚賞我們認真負責地以正確的方式建造他們的太空船。

With that said, they are definitely ready for their space journeys to begin and excitement is building as that moment draws closer at hand. We expect most of our current customers will take their space journey during 2027 as these bolstered flight rate capability, combined with the quick turn time expected from our first two SpaceShips should allow us to ramp our capacity fairly quickly.

也就是說，他們已經做好了太空之旅的準備，隨著這一刻的臨近，他們的興奮之情也與日俱增。我們預計，我們目前的大多數客戶將在 2027 年開啟他們的太空之旅，因為這些增強的飛行速率能力，加上我們前兩艘太空船預計的快速週轉時間，應該能夠讓我們相當迅速地提高產能。

In addition to private astronaut space journeys, we continue to advance the space research side of our business, and you may have seen the recent announcement about our partnership with Purdue University. Scheduled for 2027, the Purdue 1 mission will carry a five-person crew of Purdue faculty, students, and alumni, along with a rack of research experiments.

除了私人太空人太空旅行之外，我們還在不斷推進太空研究業務，您可能已經看到了我們最近與普渡大學建立合作關係的公告。計劃於 2027 年進行的普渡 1 號任務將搭載由普渡大學教職員工、學生和校友組成的五人小組，以及一架研究實驗設備。

We are excited by the potential of these types of missions as they represent a meaningful opportunity for us to partner with world-class research universities and institutions.

我們對這類任務的潛力感到興奮，因為它們為我們提供了一個與世界一流研究型大學和機構合作的有意義的機會。

Doug, I'll turn the call over to you.

道格，我把電話交給你了。

Thanks, Michael. Good afternoon, everyone. I'll start with our financial results for the third quarter and a review of the balance sheet. Then I'll give a preview of our spending assumptions for 2026, leading up to the start of commercial service. I'll wrap up with a recap of our longer-term economic model.

謝謝你，麥可。大家下午好。我將首先介紹我們第三季的財務表現並回顧資產負債表。接下來，我將對 2026 年的支出假設進行預覽，直到商業服務開始。最後，我將簡要回顧我們的長期經濟模式。

Turning to slide 15. Revenue in the third quarter was approximately $400,000 attributable to future astronaut access fees. Total operating expenses for the third quarter decreased 19% to $67 million compared to $82 million in the prior year period. Net loss improved by 15% to $64 million compared to $75 million in the prior year period. Adjusted EBITDA improved by 11% to negative $53 million in the third quarter compared to negative $59 million in the prior year period.

翻到第15張投影片。第三季收入約 40 萬美元，主要來自未來太空人的使用費。第三季總營運支出較上年同期下降 19% 至 6,700 萬美元，而去年同期為 8,200 萬美元。淨虧損較上年同期的 7,500 萬美元減少了 15%，降至 6,400 萬美元。第三季調整後 EBITDA 改善 11%，至負 5,300 萬美元，去年同期為負 5,900 萬美元。

Free cash flow was negative $108 million in the third quarter, within the range of our prior guidance and an 8% improvement compared to the prior year period.

第三季自由現金流為負 1.08 億美元，符合我們先前的預期範圍，比去年同期改善了 8%。

Moving to slide 16 and the balance sheet. We ended the third quarter with $424 million in cash, cash equivalents and marketable securities. During the quarter, we generated $23 million in gross proceeds through our ATM equity offering program. Our balance sheet remains strong in preparation for commercial service planned for later next year.

接下來請看第16張投影片，即資產負債表。第三季末，我們持有現金、現金等價物和有價證券共 4.24 億美元。本季度，我們透過 ATM 股權發行計畫獲得了 2,300 萬美元的總收益。為明年稍後開始的商業營運做好準備，我們的資產負債表依然穩健。

As we build our SpaceShips, spending continues to shift from significant investments in R&D expense to capital investment. For the third quarter, capital expenditures were $51 million, up from $39 million in the prior year period. As we have pointed out on prior calls, our growth in capital expenditures is reflected in property, plant and equipment or PP&E on the balance sheet.

隨著我們建造太空船，支出也從大量的研發費用轉向資本投資。第三季資本支出為 5,100 萬美元，高於去年同期的 3,900 萬美元。正如我們在先前的電話會議中指出的那樣，我們的資本支出成長反映在資產負債表上的固定資產（PP&E）中。

At the end of the third quarter, we reported $350 million in PP&E, increasing 67% from the $209 million at the end of 2024. This represents our significant investment in assets such as manufacturing capacity and SpaceShips that we expect to yield tremendous future economic returns.

第三季末，我們的固定資產支出為 3.5 億美元，比 2024 年底的 2.09 億美元成長了 67%。這代表著我們對製造能力和太空船等資產的重大投資，我們期望這些資產在未來帶來巨大的經濟回報。

Moving to our projections. Revenue for the fourth quarter of 2025 is expected to be approximately $300,000, primarily related to astronaut access fees. Forecasted free cash flow for the fourth quarter of 2025 is expected to be in the range of negative $90 million to $100 million, in line with our prior guidance.

接下來是我們的預測。預計 2025 年第四季的收入約為 30 萬美元，主要與太空人准入費有關。預計 2025 年第四季的自由現金流將在負 9,000 萬美元至 1 億美元之間，與我們先前的預期一致。

Spending trends have played out as expected. Peak spending on tooling occurred back in the first quarter of 2025. Since then, we have reduced our cash spending each quarter. Looking ahead, we expect continued quarterly reductions in cash spending through the third quarter of 2026 until spending begins to rise with the anticipated start of commercial service in the fourth quarter.

消費趨勢符合預期。模具支出高峰出現在 2025 年第一季。自那以後，我們每季都減少了現金支出。展望未來，我們預計現金支出將持續逐季下降，直至 2026 年第三季度，隨著預計在第四季度開始商業服務，支出才會開始上升。

We know that strengthen our capital structure is imperative to our success. We will continue to be very prudent with our deployment of capital, primarily for the completion of our new SpaceShips as we march toward commercial service. We also expect to receive cash inflows from customers ahead of their spaceflights. In addition, our ATM equity offering program remains available to further strengthen our balance sheet as appropriate.

我們知道，加強資本結構對我們的成功至關重要。我們將繼續非常謹慎地部署資金，主要用於完成我們的新太空船，以便向商業服務邁進。我們也預計將在客戶進行太空飛行之前收到他們的現金流入。此外，我們的 ATM 股權發行計劃仍可根據需要進一步加強我們的資產負債表。

We're making excellent progress towards delivering the powerful economic model that we have shared with you before and as shown on slide 17. As we refine our operating plans for 2026 and 2027, we continue to see the economics of the model holding true.

我們在實現之前與大家分享的強大經濟模式方面取得了卓越的進展，正如第 17 頁幻燈片所示。隨著我們不斷完善 2026 年和 2027 年的營運計劃，我們繼續看到該模式的經濟效益仍然成立。

With the initial fleet of our two SpaceShips capable of an anticipated 125 flights per year in a steady state and using our most recent ticket price of $600,000 per seat, we expect to generate approximately $450 million in annual revenue at high margins and yield approximately $100 million in adjusted EBITDA.

我們最初的兩艘太空船預計每年可穩定飛行 125 次，按照我們最近的票價（每座 60 萬美元），我們預計每年可產生約 4.5 億美元的高利潤收入，並產生約 1 億美元的調整後 EBITDA。

Moving beyond that, we foresee significant economies of scale with the expansion of our fleet. By adding a second launch vehicle and two more SpaceShips, we expect to grow annual revenue to approximately $1 billion and yield approximately $500 million of adjusted EBITDA. We are very excited about the substantial progress we are making to achieve this highly profitable business model.

除此之外，我們預計隨著船隊的擴張，將實現顯著的規模經濟效益。透過增加第二枚運載火箭和兩艘太空船，我們預計年收入將成長至約 10 億美元，調整後 EBITDA 將達到約 5 億美元。我們為在實現這一高利潤商業模式方面取得的實質進展感到非常興奮。

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

這樣，我就把電話轉回給麥可了。

Thanks, Doug. Let's close on page 18. It's been a big quarter for us. Strong progress is underway in our SpaceShip development efforts, and I'm very proud of how our team has made such a superlative effort to bring us to this point. Everyone at Virgin Galactic, along with the dedicated teams at Bell, Qarbon, and our suppliers is hard at work to deliver the dream of accessible spaceflight.

謝謝你，道格。讓我們翻到第18頁結束。這對我們來說是一個重要的季度。我們的太空船研發工作正在取得顯著進展，我為我們的團隊付出的卓越努力感到非常自豪，正是他們的努力才使我們走到今天這一步。維珍銀河的每一位員工，以及貝爾、Qarbon 和我們供應商的敬業團隊，都在努力實現人人都能享受太空飛行的夢想。

It's fantastic to see that dream becoming more tangible and more inevitable as each month goes by.

看到這個夢想隨著時間變得越來越具體、越來越不可避免，真是太棒了。

Let's open the call for questions.

現在開始接受提問。

(Operator Instructions) Greg Konrad, Jefferies.

（操作說明）Greg Konrad，傑富瑞集團。

Good afternoon. Maybe just to start, I mean, you mentioned opening the first tranche of sales in Q1 2026. Any other initial observations on size of that tranche or how you're thinking about flight price on reopening?

午安.或許可以先從這裡開始，我的意思是，你提到在 2026 年第一季開啟第一批銷售。關於這批貨物的規模，或您如何看待重新開放後的航班價格，還有其他初步看法嗎？

Hi, Greg, it's Michael. Price, we haven't said it publicly, but I continue to expect it will be higher than the price -- our last published price, which was $600,000. And I think that is likely to be a trend you will see. So to your second question on volume, I used the word tranche of sales specifically. We'll put a quantity out.

嗨，格雷格，我是麥可。價格方面，我們還沒有公開宣布，但我仍然預計它會高於我們上次公佈的價格——60萬美元。我認為這很可能成為一種趨勢。關於你提出的第二個問題，即銷量，我特意使用了「一批」來銷售這個詞。我們會投放一定數量。

We'll sell that at a price and do that assessment as a good yield management, revenue management group would and then reset the price for the next tranche, and I think we'll do that. Our expectations is that will likely stair step itself upward, but we'll do that tranche by tranche.

我們會以一定價格出售，並像良好的收益管理團隊一樣進行評估，然後重新設定下一批的價格，我認為我們會這樣做。我們預計這種情況可能會逐步改善，但我們會分階段進行。

And then just as a follow-up, I think you also mentioned majority of the backlog of astronauts winding down in 2027. How are you thinking about the ramp in flight cadence and maybe implications for 2027, just given it seems like end of 2026, a lot of those flights will be moving forward?

另外，我想您也提到，大部分太空人的積壓任務將在 2027 年完成。您如何看待航班節奏的調整以及對 2027 年的影響？考慮到 2026 年底似乎許多航班都會提前起飛。

So our -- in the -- we'll probably continue to use metrics we talked about a long time ago as we were preparing for our first flights. What's the flight per month that we achieve as a company and what's the revenue per flight. And so I'll focus on flight per month here to your question.

所以，我們——在——我們可能會繼續使用很久以前在準備首次飛行時討論過的指標。我們公司每月能完成多少航班？每趟航班的收入是多少？所以，我將重點放在每月航班數量上來回答你的問題。

The ships that we're bringing forward when they arrive at Spaceport America, I'd say the ships themselves and the status of the maintenance team will be prepared for them to meet the cadence we've talked about. So if it's 125 flights a year, roughly, we're talking a 12 flight per month metric.

當這些飛船抵達美國太空港時，我們將把它們運往太空港。我認為，飛船本身以及維修團隊的狀態都將做好準備，以滿足我們之前討論過的節奏。所以如果一年有 125 個航班，粗略估計，就是每個月 12 個航班。

So the machines will be ready to do that. We will choose to, I'd say, ramp our operations in a prudent fashion. So we'll probably start with one flight a week, and then we'll move to two flights a week, and then we'll move up to three flights a week. And I would expect that progression to take place around about over the first two to three months of operation from our first spaceflight.

所以機器已經準備好執行這項任務了。我認為，我們將選擇以謹慎的方式逐步擴大營運規模。所以，我們可能會先從每週一班航班開始，然後增加到每週兩班，最後增加到每週三班。我預計這一進展將在我們首次太空飛行後的前兩到三個月內發生。

Thank you.

謝謝。

Thanks, Greg.

謝謝你，格雷格。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Hi, Michael and Dough. Regarding the Q3 2026 flight test plan and also the Q4 commercial launch, how would you prioritize the different risk factors that you're looking at that could yield variability in your expectations given that you called out a few different items?

嗨，邁克爾和道格。關於 2026 年第三季飛行測試計劃以及第四季度商業發布，鑑於您提到了一些不同的事項，您會如何對可能導致預期結果差異的不同風險因素進行優先排序？

And then on the oxidizer tank and qualification of that, should we understand some implications for how that could positively benefit margins as well as cost savings?

那麼，關於氧化劑罐及其驗證，我們是否應該了解這可能對利潤率和成本節約產生哪些正面影響？

And third question, I think you mentioned avionics. Would love your thoughts on what that opportunity may look like and why you could be well positioned there as well. Thank you.

第三個問題，我想你提到了航空電子設備。很想聽聽你對這個機會的看法，以及為什麼你也能在這個機會中佔據有利地位。謝謝。

Thanks, Oliver. Doug, I'll start on some of these. So the -- let me go ahead and go phase by phase, Oliver. So I called out on whatever slide that was, the upper skin that is left on our fuselage and some of the aft skins are there. And what's nice is to be able to narrow down like there aren't that many carbon parts that we're actually waiting on to get into our factory.

謝謝你，奧利佛。道格，我先從其中一些開始。那麼——讓我一步一步來吧，奧利佛。於是我喊出了那塊滑道，我們機身上剩下的上蒙皮和一些後蒙皮都在那裡。令人欣慰的是，我們可以縮小範圍，因為我們實際上並沒有那麼多碳纖維零件需要等待運送到工廠。

There are some smaller piece parts coming in, but those are the two big ones. And I flagged them and just try to be transparent to everybody. We expect those to roll into December and stay on path. We've put all the learnings we've had from our original spars a couple of quarters ago to the fuselage part a quarter ago. So we expect those to come out.

還有一些小零件正在運送途中，但這兩個是最大的。我已將這些問題標記出來，並儘量對所有人保持透明。我們預計這些成長將持續到12月，並維持目前的趨勢。我們將幾個季度前從原始翼梁設計中獲得的所有經驗應用到了三個月前的機身部分設計中。所以我們預計這些結果會公佈。

Until we've got them in our hands in the SpaceShip factory, we won't have all of that risk removed, but we feel comfortable enough in the variability of those parts to say one way or the other, we still expect our first spaceflight in Q4 of next year. So that's on, I'll call it, the critical path of getting the carbon parts in.

在我們把這些部件拿到太空船工廠之前，我們無法完全消除這些風險，但我們對這些部件的可變性感到足夠有信心，所以無論如何，我們仍然預計明年第四季度進行首次太空飛行。所以，這就是我稱之為「碳纖維部件到位的關鍵路徑」的問題。

We've been having amazing success as we have the parts in the fit and finish of these as they go into our tools are letting us move better and more efficiently than even we had hoped. So that's really good news for us at the assembly level. So I'm not flagging a high degree of risk in the assembly of those parts into the SpaceShip.

我們取得了驚人的成功，因為這些零件的組裝和表面處理都非常出色，它們裝入我們的工具後，使我們能夠比預期的做得更好、更有效率。所以這對我們組裝部門來說確實是個好消息。因此，我認為將這些部件組裝成太空船的風險並不高。

So that puts us moving towards getting to flight test in Q3. So between finishing the building of the ship and the start of flight test in Q3, we do a lot of ground testing. We are mostly checking all the systems as they integrate onto the ship, are they all working and performing as expected.

這樣一來，我們就朝著第三季進行飛行測試的目標邁進了一步。因此，在完成飛船建造到第三季開始飛行測試之間，我們進行了大量的地面測試。我們主要檢查所有整合到船上的系統，看看它們是否都能正常運作並按預期運作。

And we do an important test called a ground vibration test that allows us to check the harmonic resonance of the ship itself before we put it into flight. Those things have variability across each test, but we believe we've allotted enough time within that to handle the variability of any of the individual test or the system test.

我們還會進行一項重要的測試，稱為地面振動測試，以便在飛行前檢查飛船本身的諧波共振。這些因素在每次測試中都會有所不同，但我們相信，我們已經預留了足夠的時間來應對任何單一測試或系統測試中的各種變化。

So we feel good and confident in our Q3 start of flight test.

因此，我們對第三季開始的飛行測試感到良好和有信心。

For flight test, you may recall, Oliver, we are talking the primary thing we're looking to do here is dial in the fly-by-wire flight system that our pilots use to control the ships. That's a new upgrade for this class of ships versus our original ship Unity. And we've been doing all sorts of work offline to prepare for that. And we've given ourselves enough flights in the Flight Test Program to move through there.

奧利佛，你可能還記得，在飛行測試中，我們主要要做的是調試飛行員用來控制飛船的電傳飛行系統。這是該級別艦船相對於我們最初的“團結號”艦船的一次全新升級。我們一直在線下做各種準備工作。我們在飛行測試計劃中為自己安排了足夠的飛行次數，以便順利完成該計劃。

So we believe we are doing both the things off-line in test benches, offline in an integrated fashion in our Iron Bird facility, which we've talked about building a SpaceShip without the skins that we are testing all the mechanical systems and electrical systems on that way ahead of time.

因此，我們相信我們正在離線測試台上完成這兩件事，在我們的 Iron Bird 工廠中以整合的方式離線完成這兩件事。我們曾討論過建造一艘沒有外殼的太空船，以便提前測試所有機械系統和電氣系統。

Then we'll do a full integrated test in our factory in Phoenix ahead of time so that when we get to flight test, we want to be verifying that everything is working as expected, more -- that's really what we're doing as opposed to learning. Unity's flight test was all about learning. These ships flight test will all be about verifying. So hopefully, that gives you a sense of remaining risk and how we're managing them going forward.

然後我們會提前在鳳凰城的工廠進行全面的整合測試，這樣，當我們進行飛行測試時，我們希望能夠驗證一切都按預期運行，更重要的是——這才是我們真正要做的事情，而不是學習。Unity的飛行測試完全是為了學習。這些艦艇的飛行測試都將以驗證為目的。希望這能讓您了解剩餘風險以及我們未來將如何應對這些風險。

You talked about the tank, one of many examples where we have reengineered part by part of the ship to add durability, longevity, which together equals reusability and asset reutilization and takes down the cost, both the variable cost, but especially the fixed cost of creating these SpaceShips. So that tank is one of literally hundreds.

你提到了坦克，這是我們對飛船進行逐個部件重新設計以增加耐久性和使用壽命的眾多例子之一，這些改進共同實現了可重複使用性和資產再利用，並降低了成本，包括可變成本，尤其是製造這些太空船的固定成本。所以，那輛坦克只是數百輛坦克車中的一輛。

One of our Galactic 10 moments, I don't remember 8 or 7, Mike Moses talks about a pneumatic pressure valve. That was qualified to allow us to have a part that now lasts for the life of the ship. Unity's version of that was not at all a life of ship piece, and it took a lot of maintenance and inspections between flights.

在我們的「銀河系10」時刻之一，我不記得是第8個還是第7個了，麥克摩西談到了一個氣動壓力閥。經過認證，我們可以擁有一個與船舶壽命相同的零件。Unity 的版本完全不是那種平靜的船生活，每次飛行之間都需要大量的維護和檢查。

Almost every carbon part has been rebuilt in this way.

幾乎所有碳纖維部件都是以這種方式重新製造的。

So the total of that plays out economically is it allows us incredible reusability, right? You've heard us say 500 flights per ship. That's -- we think the structure of the ship probably will go beyond that, but we're calling it status now. These tanks and these pneumatic pressure valves, the carbon parts as they come out, each one is just checking the box for us that we've designed this the right way. So I think you mentioned, does that give us cost savings?

因此，從經濟角度來看，這最終使我們能夠實現極高的可重複利用性，對吧？你們都聽我們說過，每艘船每天要飛500架次。我們認為這艘船的結構可能會超越這個範圍，但我們現在稱之為現狀。這些儲罐和這些氣動壓力閥，以及碳纖維部件，每一個都向我們證明，我們的設計是正確的。所以我想您剛才也提到了，這樣做能幫我們節省成本嗎？

What it does is really validate the economic model that Doug was talking about. I think we put a version of that inside the deck again. But the cost assumptions that we put into that model more than a year ago now, I think, are really validating as we move forward with things like this tank.

它實際上驗證了道格所說的經濟模型。我想我們又在牌組裡放了一個類似的版本。但我認為，一年多前我們在該模型中設定的成本假設，在我們推進類似這個儲罐的專案時，確實得到了驗證。

And lastly, Oliver, you talked about avionics. So these are -- I think you're aware, all the electronic systems that are there. A lot of times in -- these are very well done for aviation, the aerospace, the aero side of aerospace, and I'd say adapted to space. In our case, we are building these ourselves and they are optimized for a space environment. And that means -- when I say optimize, that means they are fit for purpose.

最後，奧利佛，你談到了航空電子設備。所以這些——我想你應該知道——就是那裡所有的電子系統。很多時候——這些對於航空、航太、航太的航空方面來說都做得非常好，而且我認為它們也適用於太空。就我們而言，這些是我們自己建造的，並且針對太空環境進行了最佳化。也就是說——當我說優化時，意思是它們能夠滿足預期用途。

They are incredibly robust. They're incredibly durable. They are -- the systems themselves are doubly, triply redundant and they're lightweight. And that combination is what's needed as people are trying to get high, whether that's high into space or very high altitude into things the government would want. I think there's opportunity for us to use our special expertise with that team.

它們非常堅固耐用。它們非常耐用。沒錯——這些系統本身俱有雙重、三重冗餘，而且重量輕。而這個組合正是人們想要達到更高境界所需要的，無論是進入太空或是進入政府希望的極高海拔地區。我認為我們有機會運用我們的專業知識與該團隊合作。

That team needs to stay focused on getting our SpaceShips built right now, but I'm excited for letting them loose once we get that done. Hopefully, that answers your question, Oliver.

那個團隊現在需要專注於建造我們的太空船，但我很期待一旦完成這項任務，就讓他們放手去做。希望這能解答你的疑問，奧利佛。

Yeah, it does. One quick follow-up, Doug, the operating expenses were better than we had expected. Was that in line with your expectations? And you have been on that process of capitalizing. Was that similar to what you were planning to do with capitalizing the expenses? Thank you.

是的，確實如此。Doug，還有一個後續問題，營運費用比我們預期的要好。這符合你的預期嗎？你一直在進行資本運作的過程。這和你之前計劃將費用資本化的做法類似嗎？謝謝。

Yeah. So yes, it is -- it's in line with our expectations because the guidance we gave was to be between $100 million and $110 million of negative cash flow for the quarter, and that included an assumption around CapEx that came in line with our expectations. And so yes, you've seen that conversion over time.

是的。所以，是的，這符合我們的預期，因為我們給出的指導意見是本季負現金流在 1 億美元到 1.1 億美元之間，其中包括對資本支出的假設，而這個假設也符合我們的預期。所以，是的，隨著時間的推移，你已經看到了這種轉變。

There's been less OpEx and more CapEx as we've been building out the SpaceShips and we're capitalizing those costs, and that's the trend you're seeing. You'll see that continue for a little bit longer as we wrap up the work in manufacturing, and then you'll see a ramp down in CapEx happening out here in the middle of 2026.

隨著我們建造太空船，營運支出減少，資本支出增加，我們將這些成本資本化，這就是你看到的趨勢。你會看到這種情況還會持續一段時間，因為我們將完成製造業的工作，然後你會看到資本支出在 2026 年年中開始逐步減少。

And I wanted to just come back to one more thing you asked about the economics of the tank, the oxidizer tank and how that helps us. One of the real benefits is by having a longer life tank, one that lasts the whole life of the SpaceShip is we don't have to replace it during the life of the SpaceShip.

我還要再回答你問到的一個問題，關於氧化劑罐的經濟性以及它如何幫助我們。真正的好處之一是，使用壽命更長的儲罐，其使用壽命可以與太空船的整個使用壽命一樣長，這樣我們就無需在太空船的使用壽命期間更換儲罐。

So before the tank we had, the previous design lasted about -- it was only qualified for about 40 flights. And this tank sits in the middle of the SpaceShip. So to replace it means opening up the SpaceShip, taking out that tank, putting a new one in, which interrupts commercial service.

所以在我們擁有這個坦克之前，之前的設計大約只持續了——它只符合大約 40 次飛行的要求。這個儲槽位於太空船的中央。因此，更換它意味著打開太空船，取出那個燃料箱，放入一個新的燃料箱，這將中斷商業服務。

So it's not so much the cost of the tank, that's a factor, but being able to continue to operate and not have an interruption to do a major maintenance event like that is a big deal.

所以，關鍵不在於油箱的成本（成本固然是因素），而是能夠繼續運行，而不必因為進行這樣的大型維護而中斷，這才是最重要的。

Hey. Thanks a lot. Happy holidays.

嘿。多謝。節日快樂。

Thanks. Same to you, Oliver.

謝謝。奧利佛，你也是。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

Hey. Good afternoon. I wanted to ask on the competitive landscape and potential TAM for research flights. Of course, you have the ISS for microgravity research, but also more financially viable and accessible options like suborbital parabolic flights. Could you talk about the differentiators of your research offering versus peers? And how big do you think that market could get longer term?

嘿。午安.我想了解一下科學研究飛行的競爭格局和潛在總需求量。當然，國際太空站可以用於微重力研究，但還有更經濟可行、更容易取得的方案，例如亞軌道拋物線飛行。您能否談談貴公司的研究成果與同業相比有哪些獨特之處？你認為從長遠來看，這個市場能發展到多大？

There are a few things in that category of differentiation. One that's very meaningful, part of what is exciting for Purdue as an example is it's functionally a little laboratory where the scientists and researchers can go along with their experiments. So you can't do that on a sounding rocket, and it's super expensive to try to get up to the ISS on that. So the ability to fly and travel with experiments is very, very meaningful. So that's one.

這一類差異化因素包含以下幾個面向。其中一個非常有意義的例子是，普渡大學之所以令人興奮，部分原因在於它實際上是一個小型實驗室，科學家和研究人員可以在那裡進行實驗。所以你不能用探空火箭做到這一點，而且用探空火箭前往國際太空站的成本非常高。因此，能夠帶著實驗飛行和旅行是非常非常有意義的。這是其中之一。

The quality of microgravity environment is one of the things that has been a big differentiator from the scientists that have flown with us in the past, and that continues to be a huge attractive element, especially versus parabolic flights and things like that. It's just an entirely different level.

微重力環境的品質是過去與我們一起飛行的科學家所面臨的一大區別，而且這仍然是一個巨大的吸引力因素，尤其是在與拋物線飛行之類的飛行相比時。這完全是另一個層次。

The opportunity for research to be done in a frequent and repetitive nature to build the data set is also incredibly important. And whether that research takes place on our SpaceShips as we go with unprecedented frequency to space or whether it's something that needs to get up to high altitude, which our launch vehicle does on every flight, the ability for us to put experiments and equipment on our ships to build a data set, we will have, I think, unparalleled capability to build those data sets up in ways that just haven't been possible before.

能夠頻繁、重複地進行研究以建構資料集的機會也極為重要。無論這項研究是在我們以前所未有的頻率前往太空的太空船上進行，還是需要到達高空才能進行（我們的運載火箭每次飛行都會這樣做），我們都有能力將實驗和設備放在我們的飛船上來建立數據集，我認為，我們將擁有前所未有的能力來建立這些數據集，這是以前根本不可能實現的。

And so we think there's a really interesting opportunity for research institutions. So we're very excited about Purdue and dynamics like that where you're really combining not only the science and the research, but just the fascinating interest of alumni groups from an engineering organization like that. So that's a category that I think is very interesting.

因此，我們認為這對研究機構來說是一個非常有趣的機會。所以我們對普渡大學以及類似的動態感到非常興奮，因為你們不僅將科學和研究結合起來，而且還結合了像普渡大學這樣的工程組織校友團體的濃厚興趣。所以我覺得這個類別非常有趣。

But also just broadly, there's so many things that I think government research groups have the opportunity to do here. Hopefully, that gives you a little bit of sense there. I think the volume of this will stay in balance with our private astronaut capacity as it pertains to the SpaceShip. But I think our launch vehicles also have capability to do some really interesting testing as well.

但總的來說，我認為政府研究機構有很多機會可以做很多事情。希望這能讓你稍微明白一些。我認為就太空船而言，這個數量將與我們私人太空人的運力保持平衡。但我認為我們的運載火箭也具備進行一些非常有趣的測試的能力。

Great. And then I just wanted to ask on weather. Is that a limiting factor for flight cadence? I know you've incorporated weather in all of your projections. But curious if you have any assumptions for how many days per year would be considered launch eligible days on average? Thanks.

偉大的。然後我就想問天氣狀況。這是限制飛行頻率的因素嗎？我知道你們所有的預測都考慮了天氣因素。但我很好奇，您對於每年平均有多少天會被認為是符合發射條件的日子有什麼假設？謝謝。

Yeah. I may not have that number exactly. First, I'll start off one of the joys of flying from Southern New Mexico is it's sunny 85% of the days of the year. So -- and the conditions we need to fly really just need to be good for a few hours of the day. That's usually in the mornings, but we have a degree of flexibility there.

是的。我可能沒有確切的數字。首先，我要說的是，從新墨西哥州南部飛行的一大樂趣是，一年中有 85% 的日子都是陽光明媚。所以——我們飛行所需的條件實際上只需要一天中幾個小時的良好條件。通常是在上午，但我們在這方面有一定的彈性。

So the very location we chose is the first thing that benefits us from weather. There will be weather. It will rain. It will be too windy, -- there will be a monsoon that blows through and we expect that.

因此，我們選擇的這個地點本身就是我們能享受到良好天氣帶來的好處。會有天氣變化。將會下雨。風會很大——會有季風吹過，我們預料到了。

And one way to give you context to your question, if you look at our flight capability expectations for each SpaceShip, right, we expect each SpaceShip to be able to fly twice a week, so roughly 100 flights a year per. And we have two of those SpaceShips. You can say, okay, we have SpaceShip capacity, that's 200.

為了更好地理解你的問題，我們可以這樣解釋：如果你看我們對每艘太空船的飛行能力預期，我們預期每艘太空船每周可以飛行兩次，也就是每年大約 100 次飛行。我們有兩艘這樣的太空船。你可以說，好的，我們有太空船的容量，那就是 200。

We look at our launch vehicle. We've talked about the launch vehicle ramping up to three flights a week. We continue to do work on that vehicle with fantastic results. So we think there may be some upside there, but let's -- for this discussion, just keep it at three flights a week. So that the launch vehicle roughly has 150 flight a week capacity, and we've been sharing 125.

我們來看看我們的運載火箭。我們已經討論過運載火箭的發射頻率將增加到每週三次。我們繼續對該車輛進行改進工作，並取得了非常好的成果。所以我們認為這可能有一些好處，但是——為了方便討論，我們先假設每週有三趟航班。因此，該運載火箭每周大約有 150 次飛行能力，而我們一直共享 125 次。

So that difference there between, let's say, if we were limited to three flights a week on the mothership, and we may have upside there. We're giving ourselves 25 flights of yield loss across the course of time in an environment where weather is usually good along the way.

所以，如果我們每週只能在母艦上進行三次飛行，那麼我們可能會有優勢。我們為自己預留了 25 個航班的收益損失，而沿途天氣通常都很好。

Now the real question here is, well, let's say you have a rainy day. So Mike, you're supposed to fly on a Wednesday and the next group is supposed to fly three days later, right, Thursday, Friday, Saturday. If it rains on Wednesday, we don't want to just scrub your flight. I'd rather have you go on Thursday or if it rains two days, I'd rather have you go on Friday or worst case, I'd rather have you go on Saturday and have the Saturday group go on Sunday.

現在真正的問題是，假設你遇到下雨天。所以麥克，你應該在星期三飛，下一組人應該在三天後飛，對吧，週四、週五、週六。如果週三下雨，我們不想直接取消您的航班。我寧願你星期四去，如果下雨兩天，我寧願你星期五去，最壞的情況是，我寧願你週六去，讓週六那組人週日去。

And one of the things that we're so excited about with our launch vehicle Eve is while we believe it will average three to four flights a week as we ramp that up, we can't actually fly it back-to-back days. So if it is going to rain on a let's say, back to the Wednesday, Saturday piece, it may be that we choose to fly on Thursday and Friday instead of Wednesday and Saturday and then get our ships back on their general maintenance cycles. So we're giving ourselves a lot of flexibility with the capabilities of these ships to work around weather that will inevitably come up. Hopefully, that gives you some context of our stated targets.

我們對運載火箭 Eve 感到非常興奮的一點是，雖然我們相信隨著運載能力的提升，它平均每周可以發射三到四次，但我們實際上無法讓它連續兩天飛行。所以，如果像往常一樣，週三、週六的航班又要下雨，我們可能會選擇週四、週五而不是週三、週六飛行，這樣我們的飛機就可以恢復到正常的維護週期。因此，這些船舶具有很大的靈活性，可以應付不可避免的天氣狀況。希望這能讓您對我們既定的目標有所了解。

Great. Thanks so much.

偉大的。非常感謝。

(Operator Instructions) Louis Raffetto, Wolfe Research.

（操作說明）路易斯·拉菲托，沃爾夫研究公司。

Hi. Thank you very much. Can you guys hear me?

你好。非常感謝。你們聽得到我說話嗎？

Yeah.

是的。

Great. Maybe just a follow-up on that last question. So the Purdue research mission, is that the typical research revenue? Or is there any reason that would be different from what we've seen previously?

偉大的。或許可以對上一個問題做個後續補充。那麼，普渡大學的研究使命，就是典型的研究收入嗎？或者說，是否存在什麼原因導致這種情況與我們之前看到的情況有所不同？

No reason you should expect that to be different from our last stated pricing.

沒有理由認為這次的價格會和我們上次公佈的價格有所不同。

Okay. Thank you. And then as we think about cash flow next year, I know you talked about the spend coming down through the third quarter, but then in the fourth quarter, starting to go back up as you start commercial ops. Do you still see a path to positive free cash flow as those ops start back up or startup, excuse me?

好的。謝謝。然後，當我們考慮明年的現金流時，我知道您說過第三季支出會下降，但到了第四季度，隨著商業營運的開始，支出又會開始回升。您仍然認為隨著這些業務的恢復或啟動（抱歉，我理解錯了）而實現正自由現金流的途徑是什麼？

Yeah. So we've got this downward trend in our spending, which gets us through to the start of commercial service. And then the cash flow positivity will be a function of a couple of things, the timing of that. And the first is the flight rate and then it will be the ticket pricing of what's blended in the manifest. But the key is getting the commercial service, getting two SpaceShips in operation.

是的。因此，我們的支出呈下降趨勢，這將使我們能夠順利過渡到商業服務階段。現金流是否為正將取決於幾個因素，其中之一就是時機。首先是航班費率，然後是艙單中混合的機票價格。但關鍵在於開通商業服務，讓兩艘太空船投入營運。

And Michael mentioned that the second SpaceShip would be coming fairly soon after the first one, and we would be able to get to these flight rates that get us to the cash flow positivity within two to three months after the start of commercial service.

麥可提到，第二艘太空船將在第一艘之後不久就會問世，我們將能夠在商業服務開始後的兩到三個月內達到能夠實現正現金流的飛行率。

And so at that point, depending on what we are doing with the ticket pricing, how the passengers are moving through because we have some tickets from the past that are more like $250,000, and we have more recent tickets at $600,000, depending on how those blend in and that progresses, that will define the exact timing of the cash flow positivity. But the key is the flight rate and it's looking good.

因此，屆時，根據我們對票價的處理方式，以及乘客的出行情況（因為我們過去有一些票價約為 25 萬美元，而最近的一些票價為 60 萬美元），這些票價如何融合以及後續發展，將決定現金流為正的確切時間。但關鍵在於飛行率，目前看來情況良好。

Thank you very much.

非常感謝。

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.

目前沒有其他問題了。女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。