Voyager Technologies Inc (VOYG) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Voyager Technologies Q2 2025 earnings call. (Operator Instructions)

女士們、先生們，早安，謝謝你們的支持。我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Voyager Technologies 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Adi Padva, Senior Vice President of Corporate Development and Investor Relations. Please go ahead.

現在我想將電話轉給企業發展和投資者關係高級副總裁 Adi Padva。請繼續。

Call. I'm joined today by Dylan Taylor, our Chairman and Chief Executive Officer; and Filipe de Sousa, our Chief Financial Officer. Today's call include forward-looking statements, which involve risks and uncertainties detailed in our earnings material and SEC filings, including the risk factors section of our IPO prospectus. We undertake no obligation to update these statements. We will also discuss non-GAAP financial measures. Reconciliation of these measures is available in our earnings materials on our website.

稱呼。今天與我一起出席的還有我們的董事長兼執行長 Dylan Taylor 和財務長 Filipe de Sousa。今天的電話會議包括前瞻性陳述，其中涉及我們的收益資料和美國證券交易委員會文件中詳述的風險和不確定性，包括我們的 IPO 招股說明書中的風險因素部分。我們不承擔更新這些聲明的義務。我們也將討論非公認會計準則財務指標。這些措施的對帳可在我們網站的收益資料中找到。

I will now turn the call over to Dylan.

現在我將把電話轉給迪倫。

Thank you, Adi, and good morning, everyone. It's my pleasure to welcome you to our first earnings call as a public company. I am super excited to share how Voyager is executing on the platform we purpose-built to lead the next era of defense, national security and space innovation. Voyager was founded with a clear mission to build an innovation and technology platform, designed to both disrupt as well as anticipate the evolving needs of the unique and mission-critical industries that we serve.

謝謝你，阿迪，大家早安。我很高興歡迎您參加我們作為上市公司的首次財報電話會議。我非常高興地與大家分享航海家號在我們專門打造的平台上如何執行，以引領國防、國家安全和太空創新的下一個時代。Voyager 成立的明確使命是建立一個創新和技術平台，旨在顛覆並預測我們所服務的獨特和關鍵任務產業不斷變化的需求。

Our success is supported by three strategic pillars, which we will cover on each earnings call going forward. First, a high growth in profitable segments; secondly, a relentless commitment to leading with innovation; and third, the transformational opportunity of Star Lab Space stations.

我們的成功由三大策略支柱支撐，我們將在未來的每次財報電話會議上討論這些支柱。一是獲利領域的高成長；二是堅持不懈地致力於創新引領；三是星際實驗室太空站的轉型機會。

To be specific, Voyager is a high-growth platform expected to deliver an organic CAGR of over 25% with additional upside through disciplined and accretive M&A. We operate within a $179 billion addressable market spanning missile defense, space-based systems and advanced deterrent capabilities.

具體來說，Voyager 是一個高成長平台，預計透過規範且增值的併購實現超過 25% 的有機複合年增長率，並具有額外的上升空間。我們在一個價值 1790 億美元的潛在市場內運營，涵蓋飛彈防禦、天基系統和先進威懾能力。

Our robust pipeline of $3.6 billion in qualified opportunities underscores our ability to convert visible opportunities into long-term revenue and create meaningful shareholder return. We've built a company that can operate with the scale and discipline of a prime contractor, but with the agility and innovation engine of a high-growth technology company, where product development, IP creation and accretive capital allocation are core to our business model.

我們擁有價值 36 億美元的優質投資機會，彰顯了我們將可見機會轉化為長期收入並創造有意義的股東回報的能力。我們建立了一家能夠以總承包商的規模和紀律運作的公司，但同時擁有高成長技術公司的敏捷性和創新引擎，其中產品開發、智慧財產權創造和增值資本配置是我們商業模式的核心。

Over 18% of our revenue is invested in innovation and developing proprietary mission-critical capabilities with much of that funded by our customers. We are also accelerating the deployment of our multi-use technologies. For example, to support Golden dome missile defense systems, we leverage our technological capabilities from propulsion to optical sensors, navigation and controls, all of which enable us to capture new opportunities.

我們將超過 18% 的收入投資於創新和開發專有的關鍵任務能力，其中大部分資金來自我們的客戶。我們也正在加速部署多用途技術。例如，為了支援金頂飛彈防禦系統，我們利用從推進到光學感測器、導航和控制的技術能力，所有這些都使我們能夠抓住新的機會。

Importantly, we operate with a commercial business model in markets traditionally dominated by government structures, enabling us to move with speed and efficiency. Whether it's smart missile defense systems and our propulsion technology or our software-enabled signals intelligence, we're advancing scalable next-generation solutions to directly address the growing needs of our customers.

重要的是，我們在傳統上由政府結構主導的市場中採用商業模式運營，這使我們能夠快速且有效率地發展。無論是智慧導彈防禦系統和我們的推進技術還是我們的軟體訊號情報，我們都在推進可擴展的下一代解決方案，以直接滿足客戶日益增長的需求。

This foundation makes Voyager fundamentally different from traditional defense and space contractors. As a commercial platform, we are CapEx-light, IP-focused and operationally efficient. Furthermore, we maintain a fortress balance sheet with $460 million in cash, $200 million in available credit and no debt, which is highly differentiated amongst our competitors.

這項基礎使得航海家號與傳統的國防和太空承包商有著根本的不同。作為一個商業平台，我們的資本支出較少、注重知識產權且營運高效。此外，我們的資產負債表保持穩健，擁有 4.6 億美元現金、2 億美元可用信貸且無債務，這在競爭對手中具有顯著差異。

And additionally, we offer a once-in-a-generation opportunity through our Starlab joint venture, where Voyager is the majority owner and lead developer of a commercial replacement to the International Space Station.

此外，我們還透過 Starlab 合資企業提供了千載難逢的機會，其中 Voyager 是國際太空站商業替代品的多數所有者和主要開發商。

Turning to slide 4. As a reminder, Voyager operates across three compelling business segments, each aligned to high-growth end markets and the evolving priorities of defense, national security and the space. Our Defense and National Security segment is our largest and fastest growing. We are a leader in controllable solid fuel propulsion and signals intelligence technologies driving the future of missile defense, threat detection and advanced communications.

翻到幻燈片 4。提醒一下，Voyager 經營三個引人注目的業務部門，每個部門都與高成長終端市場以及國防、國家安全和太空不斷變化的優先事項相一致。我們的國防和國家安全部門是我們規模最大、發展最快的部門。我們是可控固體燃料推進和信號情報技術的領導者，推動飛彈防禦、威脅偵測和先進通訊的未來。

Programs like Next Generation Interceptor, where our propulsion system recently passed critical design review, highlight our alignment with mission-critical defense priorities, including Golden Dome, as I mentioned earlier.

像下一代攔截器這樣的項目，我們的推進系統最近通過了關鍵的設計審查，凸顯了我們與包括金色穹頂在內的關鍵任務國防優先事項的一致性，正如我之前提到的。

Our Space Solutions segment has a strong track record of enabling and expanding the space domain by delivering innovative solutions for government and commercial missions. Furthermore, as demand grows, we will continue to develop advanced hardware and software systems that enable critical capabilities like communications, infrastructure and mission management.

我們的空間解決方案部門透過為政府和商業任務提供創新解決方案，在實現和擴展空間領域方面有著良好的記錄。此外，隨著需求的成長，我們將繼續開發先進的硬體和軟體系統，以實現通訊、基礎設施和任務管理等關鍵功能。

And finally, Starlab Space Stations, perhaps one of the most compelling long-term growth opportunities in the commercial space market. We are the majority shareholder of the joint venture, building the commercial successor to the ISS. To date, we've been awarded over $218 million by NASA. And to emphasize, Starlab is an infrastructure-like project with an upfront investment to develop the station followed by massive multi-decade free cash flow streams.

最後，星際實驗室太空站可能是商業太空市場中最引人注目的長期成長機會之一。我們是該合資企業的大股東，致力於建造國際太空站的商業繼任者。到目前為止，我們已從 NASA 獲得超過 2.18 億美元的資助。需要強調的是，Starlab 是一個類似基礎設施的項目，需要前期投資來開發太空站，隨後會有數十年的大量自由現金流。

As indicated in our prospectus, once in orbit, we expect Starlab to generate over $4 billion in annual revenue and over $1.5 billion of free cash flow. Collectively, our segments provide shareholders unique access to growing mission-critical systems and programs and create multiple paths for long-term value creation.

正如我們的招股說明書所示，一旦進入軌道，我們預計星際實驗室每年將產生超過 40 億美元的收入和超過 15 億美元的自由現金流。總的來說，我們的部門為股東提供了訪問不斷發展的關鍵任務系統和程序的獨特途徑，並為長期價值創造創造了多種途徑。

Turning to slide 5. Our first quarter as a public company marks another step forward in our company's trajectory, driven by advancing our strategic growth priorities and executing with discipline. We completed our IPO in June, raising more than $400 million in net proceeds and establishing a $200 million credit facility, providing us with a fortress balance sheet to further support our growth strategy.

翻到幻燈片 5。作為一家上市公司，我們的第一個季度標誌著我們公司的發展軌跡又向前邁進了一步，這得益於我們推進策略成長重點和嚴格執行紀律。我們於 6 月完成了 IPO，籌集了超過 4 億美元的淨收益，並建立了 2 億美元的信貸額度，為我們提供了穩健的資產負債表，以進一步支持我們的成長策略。

Now on to second quarter results. I am extremely pleased to share that we have posted record quarterly revenue of $46 million, up 25% year-over-year, driven by 85% growth in our Defense and National Security segment. We continue to scale our platform through targeted acquisitions that enhance our technology stack and open new market opportunities.

現在來看看第二季的業績。我非常高興地告訴大家，我們公佈的季度收入創下了 4,600 萬美元的紀錄，年增 25%，這得益於國防和國家安全部門 85% 的成長。我們將繼續透過有針對性的收購來擴展我們的平台，以增強我們的技術堆疊並開拓新的市場機會。

During the quarter, we acquired Leo Cloud and Optical Physics Company. These businesses expand our vision for space-based cloud services and smart missile defense systems, strengthening our ability to pursue high-value contracts across our segments. These acquisitions reflect our disciplined approach to M&A, proprietarily sourced relationship-driven, strategically aligned and designed to create long-term accretive growth by enhancing core strategic capabilities.

本季度，我們收購了Leo Cloud和Optical Physics Company。這些業務擴展了我們對太空雲服務和智慧飛彈防禦系統的願景，增強了我們在各個領域尋求高價值合約的能力。這些收購體現了我們對併購的嚴謹態度，專有來源、關係驅動、策略協調，旨在透過增強核心策略能力創造長期增值成長。

And on Starlab, we continue to make meaningful progress. In the second quarter alone, we achieved four key development milestones, resulting in $22.5 million in cash receipts from NASA. That brings us to 25 milestones completed to date each one marking tangible progress towards building the commercial replacement for the ISS that is scheduled to launch to orbit in 2029.

在 Starlab 上，我們繼續取得有意義的進展。光是第二季度，我們就實現了四個關鍵的發展里程碑，並從 NASA 獲得了 2,250 萬美元的現金收入。迄今為止，我們已經完成了 25 個里程碑，每個里程碑都標誌著在建造計劃於 2029 年發射入軌的國際太空站商業替代品方面取得了切實進展。

Over the next two slides, we highlight two visible growth drivers for Voyager. First, our advanced throttle propulsion technology selected for next-generation Interceptor, also referred to as NGI. As mentioned, we recently completed critical design review for the second stage roll control system on NGI, a major technical milestone. This propulsion solution is the first of its kind, enabling precise in-flight targeting and control. Completing CDR is a critical step towards delivering a flight qualified production-ready subsystem for NGI's fielding.

在接下來的兩張投影片中，我們將重點介紹 Voyager 的兩個明顯成長動力。首先，我們的先進油門推進技術被選用於下一代攔截器（也稱為NGI）。如上所述，我們最近完成了 NGI 第二階段滾轉控制系統的關鍵設計審查，這是一個重要的技術里程碑。這種推進解決方案是同類產品中的首創，可實現精確的飛行瞄準和控制。完成 CDR 是向 NGI 部署提供符合飛行要求、可用於生產的子系統的關鍵一步。

NGI is the premier US missile defense program, a multi-decade billion-dollar-plus revenue opportunity for us and a clear example of how Voyager is positioned to lead the next generation of missile defense. On slide 7, we highlight our accretive capital deployment strategy. During the quarter, we completed two acquisitions. And today, we highlight Optical Physics company, OPC, a vertically integrated addition that strengthens our Defense and National Security segment with proprietary optical technologies.

NGI 是美國首屈一指的飛彈防禦計劃，對我們來說是一個數十年超過數十億美元的收入機會，也是航海家號如何引領下一代飛彈防禦的明顯例子。在第 7 張投影片上，我們重點介紹了我們的增值資本部署策略。本季度，我們完成了兩次收購。今天，我們重點介紹光學物理公司 OPC，這是一家垂直整合的公司，透過專有光學技術增強了我們的國防和國家安全部門。

OPC extends our platform into critical subsystems used across missile defense and advanced surveillance applications. OPC Star Tracker systems enhance our optical navigation product suite. This positions Voyager to compete for higher-value programs and increases the relevance of our broader platform. Our M&A strategy is focused on identifying high-impact technologies, integrating them into our platform and driving accretive growth while deepening our alignment with customer needs.

OPC 將我們的平台擴展到飛彈防禦和先進監視應用中使用的關鍵子系統。OPC Star Tracker 系統增強了我們的光學導航產品套件。這使得 Voyager 能夠競爭更高價值的項目，並提高我們更廣泛平台的相關性。我們的併購策略專注於識別高影響力的技術，將其整合到我們的平台中，推動增值成長，同時深化與客戶需求的一致性。

In summary, we are executing with focus and momentum, supported by a platform purpose-built for this market. The opportunities ahead are significant and measurable, and I'm confident in our team, strategy and technology to capitalize on them.

總而言之，我們正以專注和動力執行，並得到專為這個市場構建的平台的支持。未來的機會是巨大且可衡量的，我相信我們的團隊、策略和技術能夠充分利用這些機會。

And with that, I'll turn it over to Filipe to walk through the financials in more detail.

接下來，我將把時間交給 Filipe，讓他更詳細地介紹財務狀況。

Thanks, Dylan. Turning to slide 8. For the second quarter, we delivered revenue of $46 million, a 25% year-over-year increase, reflecting strong demand within our Defense and National Security segment. Excluding the planned wind down of a multiyear NASA services contract within our Space Solutions segment, overall growth for Voyager was 45%. Adjusted EBITDA for the second quarter was a loss of $9.1 million compared to a loss of $8 million last year. The modest increase reflects strategic investment to build infrastructure, systems and acquire talent to support our long-term growth trajectory as a newly formed public company.

謝謝，迪倫。翻到幻燈片 8。第二季度，我們的營收為 4,600 萬美元，年增 25%，反映了國防和國家安全部門的強勁需求。不計入我們空間解決方案部門內計劃終止的多年期 NASA 服務合同，航海者號的整體增長率為 45%。第二季調整後 EBITDA 虧損 910 萬美元，去年同期虧損 800 萬美元。適度的成長反映了我們作為一家新成立的上市公司在建立基礎設施、系統和獲取人才方面的策略性投資，以支持我們長期的成長軌跡。

I'll emphasize here that we're executing intentionally and investing ahead of the growth curve to ensure we scale efficiently. On the bottom line, adjusted EPS was a loss of $0.60 compared to a loss of $1.29 in the prior year period, with the per share improvement reflecting IPO-related dilution.

我要在這裡強調的是，我們正在有意識地執行並在成長曲線之前進行投資，以確保我們能夠有效擴大規模。最終，調整後的每股收益為虧損 0.60 美元，而去年同期的虧損為 1.29 美元，每股收益的提高反映了與 IPO 相關的稀釋。

Now turning to slide 9, I'll cover off our operating performance by segment. Beginning with Defense and National Security, our largest and fastest-growing segment. For the second quarter, strong execution and higher volume from key programs, including next-generation interceptor, drove an 85% increase in segment revenue. Adjusted EBITDA rose 80% to $1.8 million, primarily reflecting contribution from our top line performance.

現在翻到第 9 張投影片，我將按部門介紹我們的經營績效。從國防和國家安全開始，這是我們規模最大、成長最快的領域。第二季度，包括下一代攔截器在內的關鍵項目的強勁執行和更高的產量推動該部門收入成長了 85%。調整後的 EBITDA 成長 80% 至 180 萬美元，主要反映了我們營收表現的貢獻。

Now switching gears to our Space Solutions segment. Revenue was $11.1 million, down 45% year-over-year. Segment adjusted EBITDA was a loss of $1.3 million, with the performance reflecting the planned wind-down of a multiyear NASA services contract, as I mentioned earlier.

現在轉到我們的空間解決方案部門。營收為 1,110 萬美元，年減 45%。分部調整後的 EBITDA 虧損 130 萬美元，這一業績反映了 NASA 多年期服務合約計畫的終止，正如我之前提到的。

Finally, Starlab continues to show steady progress. During the second quarter, we achieved four additional key development milestones and received approximately $23 million in milestone-based cash payments. These receipts are attributable to our $218 million funded Space Act agreement with NASA and materially offset our investment in the program.

最後，Starlab 繼續穩步前進。在第二季度，我們實現了另外四個關鍵發展里程碑，並收到了約 2,300 萬美元的里程碑現金支付。這些收入歸功於我們與美國國家航空暨太空總署簽署的 2.18 億美元太空法案協議，並實質上抵消了我們對該計劃的投資。

As a result, we are advancing what we believe is a transformational commercial opportunity in the evolving low earth orbit economy. Wrapping up here, we are encouraged by the momentum we are seeing and remain confident in our ability to deliver sustainable long-term growth across all three of our core businesses.

因此，我們正在推動我們認為是不斷發展的低地球軌道經濟中的變革性商業機會。總而言之，我們對所看到的勢頭感到鼓舞，並對我們在所有三大核心業務中實現可持續的長期增長的能力充滿信心。

Now let's turn to slide 10, and I'll cover off our financial position. As we embark on our journey as a public company, we do so with a fortress balance sheet, a position of financial strength that enables both focused execution today and strategic growth for the long term. Following the successful completion of our IPO and repayment of our $58 million term loan, we ended the quarter with $469 million in cash, debt-free and with access to an undrawn $200 million revolving credit facility.

現在我們翻到第 10 張投影片，我將介紹我們的財務狀況。當我們踏上上市公司之旅時，我們擁有穩固的資產負債表和雄厚的財務實力，既能實現當前的重點執行，又能實現長期的戰略成長。在成功完成 IPO 並償還 5,800 萬美元定期貸款後，我們在本季結束時擁有 4.69 億美元現金，無債務，並可使用未提取的 2 億美元循環信貸額度。

Our robust capital position provides flexibility to scale production, invest in innovation and pursue disciplined M&A. This, combined with our disciplined capital allocation strategy, CapEx-light model and the multi-decade cash generation potential of Starlab reinforces our confidence in delivering meaningful returns to shareholders.

我們強大的資本狀況為我們擴大生產規模、投資創新和進行有紀律的併購提供了靈活性。結合我們嚴謹的資本配置策略、輕資本支出模式以及 Starlab 數十年的現金創造潛力，增強了我們為股東帶來豐厚回報的信心。

Now turning to slide 11. I'll cover off our outlook for fiscal year 2025. Beginning with the top line. We expect revenue in the range of $165 million to $170 million, representing year-over-year growth of 15% to 18%. Excluding the impact of the NASA services contract within Space Solutions that is winding down, year-over-year growth would be in the range of 29% to 33%.

現在翻到第 11 張投影片。我將介紹我們對 2025 財年的展望。從第一行開始。我們預計營收將在 1.65 億美元至 1.7 億美元之間，年增 15% 至 18%。不計入空間解決方案部門內即將結束的 NASA 服務合約的影響，年成長率將在 29% 至 33% 之間。

This means that for the second half, we anticipate revenue of approximately $87 million at the midpoint, reflecting 9% sequential growth over the first half, 13% increase compared to the second half of 2024 or 34% excluding the impact associated with the wind down of the NASA services contract within Space Solutions.

這意味著，對於下半年，我們預計中間收入約為 8700 萬美元，比上半年環比增長 9%，比 2024 年下半年增長 13%，或不包括與太空解決方案內 NASA 服務合約終止相關的影響而增長 34%。

For the full year, we expect adjusted EBITDA between negative $60 million to $63 million. Underpinning our second half expectations is sequential improvement in both gross profit and adjusted EBITDA margins, with the fourth quarter higher than the third quarter, reflecting both the anticipated top line progression and favorable mix.

我們預計全年調整後的 EBITDA 將在負 6,000 萬美元至 6,300 萬美元之間。支撐我們對下半年預期的因素是毛利和調整後 EBITDA 利潤率的連續改善，第四季度高於第三季度，這反映了預期的營收成長和有利的產品組合。

In summary, we are scaling rapidly and focused on delivering high growth, executing effectively across high-priority programs, investing in mission-critical innovation and driving improved financial performance. Our capital-light operating model, combined with disciplined execution continues to support margin expansion and strong cash flow conversion potential over time, especially when layering in Starlink.

總之，我們正在迅速擴大規模，專注於實現高成長、有效執行高優先級專案、投資關鍵任務創新並推動財務績效的提高。我們的輕資本營運模式，加上嚴格的執行，將繼續支持利潤率的擴大和強勁的現金流轉換潛力，尤其是在 Starlink 分層時。

With that, I'll turn it back over to Dylan for some closing remarks.

說完這些，我將把發言權交還給 Dylan，請他做最後的總結發言。

Thanks, Filipe. We entered this next chapter with strong momentum, clear alignment to long-term industry priorities and a differentiated platform built for high growth. We're executing across our existing key programs, expanding through innovation, our opportunity set and are positioned to capitalize on the tailwinds shaping the future of defense, national security and space. We're proud of the foundation we've built and confident in our ability to deliver long-term value for our shareholders.

謝謝，菲利普。我們以強勁的勢頭、與長期行業重點的明確一致以及為高成長而構建的差異化平台進入了下一章。我們正在執行現有的關鍵項目，透過創新擴大我們的機會集，並準備利用塑造國防、國家安全和太空未來的順風。我們為我們所建立的基礎感到自豪，並對我們為股東創造長期價值的能力充滿信心。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Hey, there, excuse me, good morning guys. If you could speak a little bit to kind of maybe a bigger picture question, just more broadly on what makes you feel comfortable with the growth outlook that you guys are expecting this quarter, numbers came in. But -- and when we think about kind of the go-forward algorithm for the company, what makes you all feel comfortable about that growth?

嘿，不好意思，大家早安。如果您可以稍微談一下更大範圍的問題，更廣泛地談談是什麼讓您對本季度的成長前景感到滿意，數字已經出來了。但是——當我們考慮公司未來的發展演算法時，什麼能讓你們對這種成長感到滿意？

Yeah. Thanks for the question, Ron. A couple of thoughts. First is the markets that we're -- or segments that we're playing in. So for example, one of the growth drivers this quarter and this year, in fact, has been our throttle propulsion technology, which, of course, is our next-generation interceptor. In addition to that, we're also on next-generation interceptor with our optical navigation system and increasingly being asked for more intelligence on that system as well with software-enabled hardware.

是的。謝謝你的提問，羅恩。一些想法。首先是我們所處的市場，或者說我們所處的領域。例如，本季和今年的成長動力之一實際上是我們的油門推進技術，當然，這是我們的下一代攔截器。除此之外，我們還在研發配備光學導航系統的下一代攔截器，並且越來越多地要求該系統以及軟體支援的硬體提供更多智慧。

And as we know, Golden Dome is yet to be totally defined yet in terms of exactly what it is. But what we do know is there's a big push by the administration for additional investment in smart missile defense systems. And as we mentioned earlier, we've passed critical design review now with our throttle propulsion technology.

我們知道，金色穹頂的具體意義尚未完全明確。但我們確實知道的是，政府正在大力推動對智慧導彈防禦系統的額外投資。正如我們之前提到的，我們的油門推進技術已經通過了關鍵的設計審查。

So if you look at all those key drivers for generally smart missile defense systems, we're very well positioned with our technology, not only for the existing volumes within NGI, which we think are very, very solid, but the possibility that those volumes will increase. And then, of course, additional smart missile defense programs, including space-to-space interceptors which is a key focus area for the administration, and our technology is also relevant to that segment as well.

因此，如果你看一下智慧飛彈防禦系統的所有關鍵驅動因素，你會發現我們的技術處於非常有利的地位，不僅因為我們認為 NGI 中的現有數量非常非常穩定，而且這些數量還有可能增加。當然，還有額外的智慧飛彈防禦計劃，包括空對空攔截器，這是政府關注的重點領域，我們的技術也與該領域相關。

So I think that's a big category that gives us confidence not only in the second half of the year, but '26 and beyond. The other thing I'll just mention is M&A. We have a very, very robust M&A pipeline, and I'm very confident, Ron, that in the back half of the year, we mentioned two acquisitions in this quarter. I don't think those will be the only acquisitions we get done in 2026. I think it's highly likely we'll have more to report on the acquisition side here in the near future.

所以我認為這是一個很大的類別，它不僅讓我們對今年下半年充滿信心，而且對26年及以後也充滿信心。我要提到的另一件事是併購。我們擁有非常強大的併購管道，羅恩，我非常有信心，在今年下半年，我們在本季提到了兩次收購。我認為這些不會是我們在 2026 年完成的唯一收購。我認為我們很有可能在不久的將來報道更多有關收購方面的消息。

And then just final point, of course, everything that we're talking about would be supplemented by Starlab with future growth as well. So as I mentioned earlier, we've hit all our milestones to date. I think we just hit our 25th milestone and we anticipate hitting future milestones in the back half of the year. So those would be the key drivers that I would put forward. And Filipe, do you have anything to chime in on?

最後一點，當然，我們所談論的一切都將由 Starlab 在未來的發展中補充。正如我之前提到的，迄今為止我們已經實現了所有里程碑。我認為我們剛剛達到了第 25 個里程碑，我們預計在今年下半年將達到未來的里程碑。這些就是我提出的關鍵驅動因素。菲利普，您還有什麼想說的嗎？

Yeah, sure. And Ron, thanks for the question. So again, just perhaps echoing some of Dylan's points and adding a couple of statistical data points for you all. As a reminder, we've got about a $3.6 billion opportunity pipeline, and that's growing. We're also excited, as Dylan mentioned, the acquisitions we did here this past quarter and anticipate here over the course of the second half, also anticipate that those acquisitions will open up new revenue opportunities for us as Voyager. As we've said, one of our M&A opportunities is to vertically integrate, but also horizontally into attractive space, new spaces.

是的，當然。羅恩，謝謝你的提問。所以，再說一次，也許只是重複 Dylan 的一些觀點，並為大家添加一些統計數據點。提醒一下，我們擁有約 36 億美元的機會管道，而且還在持續成長。正如迪倫所提到的那樣，我們也很高興我們在上個季度進行的收購以及預計在下半年進行的收購，我們也預計這些收購將為我們 Voyager 開闢新的收入機會。正如我們所說，我們的併購機會之一是垂直整合，同時也水平整合到有吸引力的空間、新的空間。

That $3.6 billion pipeline I mentioned earlier, heavily weighted towards the Defense and National Security segment, about three quarters of that 75%. And as a reminder, we anticipate the Defense and National Security segment to outpace the growth of Space Solutions, Defense and National Security segment growing about 35% over the long term. And that's all supported by obviously not just next-generation interceptor, but the applications of propulsion technology, our optical sensors into other missile defense platforms that effectively support Golden dome.

我之前提到的 36 億美元管道主要集中在國防和國家安全領域，約佔 75% 的四分之三。提醒一下，我們預計國防和國家安全部門的成長速度將超過太空解決方案，國防和國家安全部門的長期成長率約為 35%。顯然，這一切不僅得到了下一代攔截器的支持，還得到了推進技術的應用，我們的光學感測器應用到其他飛彈防禦平台，有效地支援了金頂系統。

Got it. Got it. Yeah, just a quick follow-up. I mean, is there anything on the radar today that concerns you guys? I mean just is there any -- is there anything you're worried about?

知道了。知道了。是的，只是一個快速的跟進。我的意思是，今天雷達上有什麼讓你們擔心的事情嗎？我的意思是，有什麼——有什麼讓您擔心的嗎？

I think we might have chatted about this previously, you and I Ron one-on-one. It's really just -- we've got to scale our technology, right? So if I look at our propulsion technology, in particular, our throttle propulsion technology, we're moving from the design phase to low-rate production to high rate production.

我想我們之前可能已經聊過這個問題了，你和我，羅恩，一對一地聊過。這真的只是——我們必須擴大我們的技術，對吧？因此，如果我看一下我們的推進技術，特別是我們的油門推進技術，我們正從設計階段轉向低速生產再到高速生產。

And with any technology, making sure that you get that right is an important milestone for the company. And now that we passed CDR, we know the tech risk has been retired, but scaling the ability to create more of those units over time, that's one thing that we're focused on.

對於任何技術而言，確保正確使用都是公司的一個重要里程碑。現在我們通過了 CDR，我們知道技術風險已經消除，但隨著時間的推移，擴大創造更多此類單位的能力，這是我們關注的一件事。

With M&A, we've acquired eight companies since our founding. As I said, we would anticipate doing additional M&A. You always have integration -- I wouldn't call them challenges, but integration tasks that you need to get right as well. So that would be another focus area.

透過併購，我們自成立以來已經收購了八家公司。正如我所說，我們預計將進行更多的併購。你總是有整合——我不會稱它們為挑戰，而是你也需要正確完成的整合任務。所以這將是另一個重點領域。

And then just lastly, I know it sounds trite, but it's true, continuing to add talent to the platform. We've added talent here recently. I think you're aware of this, Ron, from both Andrew and Raytheon. Those have been terrific adds to the company. We've got at least one additional C-suite brand name hire, if you will, from a company you would recognize that we'll announce here in the next couple of weeks probably. So -- but continuing to scale our team and our talent, that's another key focus area. So those would be the three areas I would offer up.

最後，我知道這聽起來很老套，但這是事實，繼續為平台增添人才。我們最近在這裡增加了人才。羅恩，我想你從安德魯和雷神公司了解到了這一點。這些都為公司帶來了極大的幫助。如果您願意的話，我們至少還會從一家您認識的公司招募一名額外的 C 級品牌高管，我們可能會在接下來的幾週內在這裡宣布這一消息。所以——但繼續擴大我們的團隊和人才，這是另一個重點領域。這就是我要提出的三個領域。

Got it. Thank you very much.

知道了。非常感謝。

Thank you, Ron.

謝謝你，羅恩。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning, and thank you, guys. Maybe just to continue off that theme, defense and national security is set to grow faster, grew 85% in the quarter. Can you maybe parse out what -- how much NGI contributed? Any shift to that schedule? And then how we're thinking about golden dome applications? Would you be bidding with suppliers? Any expansion on that? Thank you.

早上好，謝謝大家。也許只是為了延續這個主題，國防和國家安全將成長更快，本季成長了 85%。您能否分析一下 NGI 的貢獻有多大？那個時間表有變化嗎？那我們要如何考慮金色圓頂應用呢？您會與供應商競標嗎？對此有什麼擴展嗎？謝謝。

Yes, sure. I'm going to Sheila, I will ask Filipe to take the first part of that question, and then I'll chime in on the second.

是的，當然。我要去找 Sheila，我會請 Filipe 回答問題的第一部分，然後我會回答第二部分。

Yeah, Sheila, good morning. So yeah, provide a couple of details there. One, first, maybe just remind everyone. So next-generation interceptor last year, our largest contributor to revenue, represented about $24 million of our total revenue last year. As we look out this year, we anticipate that revenue to accelerate, increase to about $50 million on a full year basis. This past quarter, $11 million from NGI. It was an increase quarter-on-quarter from the first quarter. As we look out over the second half, we anticipate NGI to continue to increase, posting well over 100% year-over-year growth.

是的，希拉，早安。是的，請提供一些細節。首先，也許只是提醒大家。去年，下一代攔截器是我們最大的收入貢獻者，占我們去年總收入的約 2,400 萬美元。展望今年，我們預計營收將加速成長，全年營收將增至約 5,000 萬美元。上個季度，NGI 提供了 1100 萬美元。與第一季相比，季比有所增長。展望下半年，我們預計 NGI 將繼續成長，年成長將超過 100%。

So next-generation interceptor, obviously, a key driver to our quarterly performance here was not our only key program that delivered not just the revenue and the revenue growth in the quarter. We're excited about the balance and diversified portfolio that we do have. Obviously, next-generation interceptor is in this kind of pre-phase as we're kind of wrapping up the design phase and expect and anticipate from here on out as we move into production, revenue will continue to increase and it will continue to support our growth trajectory.

因此，下一代攔截器顯然是我們本季業績的關鍵驅動力，但它並不是我們唯一的關鍵項目，它不僅帶來了本季的營收和營收成長。我們對我們擁有的平衡和多樣化的投資組合感到非常興奮。顯然，下一代攔截器正處於這種前期階段，因為我們正在完成設計階段，並且預計從現在開始隨著我們進入生產階段，收入將繼續增加，並將繼續支持我們的成長軌跡。

Yeah, And maybe just to emphasize the second part of your question, Sheila, we're really a merchant supplier on a lot of these technologies. So we're independent, and we can sell to different prime contractors, which I think uniquely positions us for growth. The other thing is as it relates to new programs, there are other programs that we're spec-ed in on. And now that we've passed CDR and the tech risk has been retired, it's a validation that a lot of these programs that take their technology queues from NGI are much more comfortable spicing in the technology now that it's passed CDR.

是的，也許只是為了強調你問題的第二部分，希拉，我們實際上是許多這些技術的商家供應商。因此我們是獨立的，我們可以向不同的總承包商銷售產品，我認為這為我們的成長提供了獨特的優勢。另一件事是，由於它與新程序有關，所以我們還指定了其他程序。現在我們已經通過了 CDR，技術風險也已消除，這證明許多從 NGI 中獲取技術隊列的程式在通過 CDR 後，可以更輕鬆地融入該技術。

And then I mentioned in my response to Ron, the space-to-space interceptor which the administration is very focused on. They're talking about wanting to do a demonstration before this administration is over, which is obviously a very tight time line. Our technology, both on the propulsion side and optical navigation is relevant to that capability. And I think you asked the question, would we partner on that? Would we prime it?

然後我在回覆羅恩時提到，政府非常關注的太空對太空攔截器。他們正在談論想要在本屆政府任期結束前進行示威活動，這顯然是一個非常緊迫的時間表。我們的技術，包括推進技術以及光學導航技術，都與此能力相關。我想你問的是，我們願意就此合作嗎？我們要先打底嗎？

We're working through that right now in terms of exactly how we want to address that. But the good news is our technology is highly relevant to that capability because both the propulsion technology and optical navigation really allow for that program to work. So that gives us a high degree of confidence that one way or another, we're going to be part of that solution.

我們現在正在研究如何解決這個問題。但好消息是，我們的技術與該能力高度相關，因為推進技術和光學導航確實使該程式能夠發揮作用。因此，我們非常有信心，無論如何，我們都將成為該解決方案的一部分。

Great. And if I could ask another one, maybe just an update on Starlab. You mentioned 25th milestone achieved to-date and cash received in the quarter. How that works towards CLD2? Any update around timing of that decision and what's being factored into the fiscal '26 budget proposal?

偉大的。如果我可以再問一個問題，也許只是關於 Starlab 的最新消息。您提到迄今為止已實現的第 25 個里程碑以及本季收到的現金。這對 CLD2 有何作用？有關於該決定時間的最新消息嗎？ 26 財政年度預算提案中考慮了哪些因素？

Yeah. So in the latest bill that was passed by Congress, the funding for CLD is actually quite robust. And actually, in the outer years, there was an increase. As far as we know, the RFP is still due to come out before the end of the year with a selection sometime in 2026. That's the latest information we have.

是的。因此，在國會通過的最新法案中，對 CLD 的資助實際上相當充足。事實上，在早期年份，這一數字有所增加。據我們所知，RFP 仍將於今年年底前發布，並在 2026 年某個時候做出選擇。這是我們掌握的最新資訊。

In terms of additional milestones for us, the next big one for us which we would anticipate sometime in 2025 is our CDR for Starlab or critical design review. As a reminder, we've already passed PDR preliminary design review. So that's our next kind of key technical milestone. And I believe on our project schedule, we have that for December approximately. So I would anticipate we'll pass that key milestone before the end of the year.

就我們的其他里程碑而言，下一個重要里程碑是 Starlab 的 CDR 或關鍵設計審查，我們預計這將在 2025 年的某個時候實現。提醒一下，我們已經通過了 PDR 初步設計審查。這就是我們的下一個關鍵技術里程碑。我相信，根據我們的專案計劃，我們大約會在 12 月實現這一目標。因此我預計我們將在今年年底前實現這一關鍵里程碑。

Great. Thank you.

偉大的。謝謝。

Thanks, Sheila.

謝謝，希拉。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Thanks very much, and good morning. I wanted to ask about the signals intelligence and ISR business, including the work you're doing with Palantir. What we should be looking for there in terms of gauging that, that effort is on track and kind of what the next milestones to watch for are there?

非常感謝，早安。我想詢問有關信號情報和 ISR 業務的問題，包括您與 Palantir 合作的工作。就衡量這一點而言，我們應該尋找什麼，這項努力是否在按計劃進行，以及接下來需要關注的里程碑是什麼？

Yeah. Great question, Seth. Thanks for the question. And of course, Palantir blew their quarter out yesterday, so we were happy to see that. A couple of thoughts. So we're partnering with Palantir in a couple of ways. One, of course, is our, I'll call it, software stack in general. And as part of that, our ISR business is actually growing quite robustly. We're very excited about our capabilities there.

是的。問得好，塞斯。謝謝你的提問。當然，Palantir 昨天打破了季度記錄，我們很高興看到這一點。一些想法。因此，我們透過多種方式與 Palantir 合作。當然，首先是我們的，我稱之為一般的軟體堆疊。作為其中的一部分，我們的 ISR 業務實際上正在強勁成長。我們對我們在那裡的能力感到非常興奮。

I mentioned earlier M&A pipeline. Seth, pleased to report that much of that M&A pipeline is focused on software and software-enabled hardware for things like signals intelligence. So I think there's a strong possibility that we'll have an acquisition in that category to report here, hopefully very soon that we're quite excited about. So that's one area.

我之前提到過併購通路。塞思很高興地報告，大部分併購管道都集中在訊號情報等領域的軟體和軟體支援的硬體上。因此，我認為我們很有可能會在此報告該類別的收購，希望很快就會有，我們對此感到非常興奮。這是一個領域。

Also with respect to Palantir, the other thing that we're doing with them, as you'll recall, is our edge computing initiative as well called Vista. And that's the one where we're partnering with NVIDIA and Palantir to create an edge computing device that we would get on the manifest with NASA and run a demonstration mission on the ISS.

另外，關於 Palantir，正如你們所記得的，我們與他們合作做的另一件事就是我們的邊緣運算計劃，也稱為 Vista。我們正在與 NVIDIA 和 Palantir 合作創建一款邊緣運算設備，並將其列入 NASA 的清單並在國際太空站上運行演示任務。

One of the big trends in our industry is rather than transmitting data from hardware and orbit back down to earth via K-band or some kind of ancient communication technology, putting it in a cloud, computing the answer and then sending that to the -- sending the actionable answer to the end user or end customer, the trend is why not just compute where the hardware is collecting the data and actually just transmit the answer. And of course, in situations where it's a contested environment, signals are being jammed, this is a really important capability.

我們行業的一大趨勢是，我們不再透過 K 波段或某種古老的通訊技術將資料從硬體和軌道傳回地球，而是將其放在雲端，計算答案，然後將其發送給最終用戶或最終客戶，而是為什麼不直接計算硬體收集資料的位置，然後直接傳輸答案呢？當然，在有爭議的環境中，訊號受到干擾，這是一項非常重要的能力。

So that's a key initiative with Palantir. That's moving forward. And we're excited about that. We don't yet have a date on when that would be on the manifest in terms of doing the demo mission. And then just the last thing I'll mention, this isn't related to Palantir, but I think it's relevant is we're doing a push into cloud computing. And you saw that very small acquisition we did LEO Cloud. We didn't highlight it in our introductory remarks. But that also comes with a demonstration mission that we're getting very close to providing to the customer and will be flown in space. So that's another thing, Seth, that maybe on the next quarter's call, we'll have a good update for you on that, but that's another thing to monitor.

這是 Palantir 的一項重要舉措。這就是進步。我們對此感到非常興奮。我們還沒有確定執行演示任務的具體日期。最後我要說的是，這與 Palantir 無關，但我認為這與我們正在進軍雲端運算領域有關。你們也看到了我們對 LEO Cloud 進行的那次小規模收購。我們在開場白中沒有強調這一點。但這也伴隨著一個演示任務，我們即將向客​​戶提供該任務，並將在太空中飛行。所以，塞思，這是另一件事，也許在下一季的電話會議上，我們會為您提供一個很好的更新，但這是另一個需要監控的事情。

And then just final point, I just want to emphasize that Palantir is also a partner on Starlab and is providing not only the help with the compute for Starlab and how we think about that, but also supply chain optimization and other technologies and capabilities that they have that can enhance our entire program. So very much a really important partner for us.

最後一點，我想強調的是，Palantir 也是 Starlab 的合作夥伴，他們不僅為 Starlab 提供計算方面的幫助以及我們對此的看法，還提供供應鏈優化和其他可以增強我們整個專案的技術和能力。所以對我們來說，他是一個非常重要的合作夥伴。

Great, thanks. And just maybe as a follow-up, based on your comments before about the critical design review for roll control on NGI and what that can mean to others. Does that bring us closer? And can we -- should we expect in the not-too-distant future that you'll be able to have some content on other existing missile defense interceptors?

太好了，謝謝。也許只是作為後續，基於您之前關於 NGI 上的滾動控制的關鍵設計審查及其對其他人的意義的評論。這是否讓我們更親近了呢？我們是否可以—我們是否應該期待在不久的將來您將能夠獲得有關其他現有飛彈防禦攔截器的一些內容？

Yes. I think we have a high degree of confidence that additional programs will spec our technology in, yes.

是的。是的，我認為我們非常有信心，額外的項目將會規範我們的技術。

Excellent. Thanks very much.

出色的。非常感謝。

Thank you.

謝謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, everyone. Just following up on Seth's question on this on the opportunity for other programs. So when you look at your shipset content on NGI and you're able to expand your capabilities to other parts of the missile. Can you talk about how much shipset content you could potentially increase if you see your technology applied to a larger scale? Is this 50% higher content? And also as a follow-on to that, can you quantify the pipeline of business that you're pursuing today?

嘿，大家早安。我只是想跟進一下 Seth 關於其他專案機會的問題。因此，當您查看 NGI 上的船舶內容時，您就可以將您的能力擴展到導彈的其他部分。您能否談談，如果您的技術能夠得到更大規模的應用，那麼船舶內容可能會增加多少？這個含量高出50%嗎？另外，作為後續問題，您能否量化您目前正在進行的業務管道？

Sure. I'll let Filipe address that.

當然。我會讓菲利普來解決這個問題。

Yeah. So Kristine, good morning. So I mentioned earlier the $3.6 billion opportunity pipeline. Within that, I would highlight, one, next-generation interceptor represents about $1 billion from a production perspective. There's about another $1 billion of opportunities there. I won't articulate precisely which customer, but you can probably imagine which primes, if you would, are involved in missile defense. There's not too many.

是的。克里斯汀，早安。我之前提到了 36 億美元的機會管道。其中，我想強調的是，從生產角度來看，下一代攔截器的成本約為 10 億美元。那裡還有另外大約 10 億美元的機會。我不會明確指出是哪個客戶，但如果你願意的話，你大概可以想像哪些主要客戶參與了飛彈防禦。沒有太多。

We are in active discussions with all on these incremental programs, not just the ones that, as Dylan alluded to earlier, we are already working on actively, but also pursuing in terms of potential future awards. That represents another $1 billion of opportunity. So it's quite significant for us out here in the forefront.

我們正在與所有人就這些增量計劃進行積極討論，不僅僅是像 Dylan 之前提到的那樣，我們已經在積極開展的計劃，而且還在爭取未來的潛在獎項。這意味著又一個價值 10 億美元的商機。所以這對我們這些站在最前線的人來說意義重大。

Timing of which -- and just to dovetail on the previous question is always a bit difficult. I appreciate Dylan's answer of, yes. We're highly confident we're going to see additional awards in this opportunity space, timing of which is always a little more difficult to predict. But if not in the second half, certainly, we expect 2026 to be a rich year for Voyager.

其中的時間安排──以及與上一個問題的吻合總是有點困難。我很欣賞 Dylan 的回答，是的。我們非常有信心，我們將在這個機會領域看到更多的獎項，但其時機總是有點難以預測。但如果不是在下半年，我們當然預計 2026 年將是航海家號豐收的一年。

Great. Very helpful. And look, a few weeks ago, you successfully conducted a static test of the hot running advanced solid propulsion subsystem for NGI. Can you give us some context regarding how important this technical milestone was? And how important was this in terms of unlocking your NGI revenues for the year and also giving you the opportunity to pursue the pipeline you just discussed?

偉大的。非常有幫助。你看，幾週前，你們成功地對 NGI 的熱運行先進固態推進子系統進行了靜態測試。您能否向我們介紹一下這項技術里程碑的重要性？這對於釋放您今年的 NGI 收入以及為您提供追求剛才討論的管道的機會有多重要？

Yeah, it's really important. I mean there's elements of CDR. One element of CDR is sort of the theoretical design and making sure that, that checks the box, and that's really important for CDR. But then, of course, it's really important you do a hot fire test. So hot fire and CDR really linked.

是的，這真的很重要。我的意思是有 CDR 的元素。CDR 的一個要素是理論設計並確保其符合要求，這對 CDR 來說非常重要。但是，當然，進行熱火測試非常重要。所以hot fire和CDR確實是有聯繫的。

Kristine is really the way to think about that. But I think, again, it gives a high degree of confidence not only to other prime contractors that might spec in our technology, but probably even more importantly, the end customers, right? MDA is a key customer, but there are others as well that are working on these kinds of technologies. So I think that's -- yes, they're very much intertwined CDR and hot fire test.

克里斯汀確實在思考這個問題。但我認為，這不僅給可能採用我們技術的其他總承包商帶來了高度的信心，更重要的是，也給最終客戶帶來了高度的信心，對嗎？MDA 是一個主要客戶，但也有其他公司正在研究這類技術。所以我認為——是的，它們與 CDR 和熱火測試緊密相關。

I'd also just add, Kristine, from NGI and what does it mean in terms of unlocking incremental revenue, it's certainly -- well, one, first and foremost, our customer, Lockheed Martin, is working well with us to make sure that we're not only on time to the extent that we can, we can accelerate our progress in wrapping up design to support their ultimate design, CDR, et cetera.

我還想補充一下，NGI 的克里斯汀，這對於釋放增量收入意味著什麼，當然是 - 嗯，首先，我們的客戶洛克希德馬丁正在與我們良好合作，以確保我們不僅盡可能按時完成，而且我們還可以加快完成設計的進度，以支持他們的最終設計、CDR 等等。

The CDR passing here in the second quarter, it's not that it necessarily unlocks anything new, but we do anticipate that what it does is allow us to, as I mentioned earlier, continue to increase revenue sequentially in that program in the second half. So that provides us a lot of confidence as we look out to our second half guidance.

CDR 在第二季度通過，並不一定會帶來任何新變化，但我們確實預計，正如我之前提到的，它能夠讓我們在下半年繼續連續增加該計劃的收入。因此，當我們展望下半年指引時，這給了我們很大的信心。

Yeah. And just one final point I'll make. OPC, I don't know if we stressed it when we were talking about that acquisition, optical physics, they're actually on NGI as well, and they were technically our prime on the optical navigation system. So in a way, we were on the optical navigation system. OPC was the prime.

是的。我只想強調最後一點。OPC，我不知道我們在談論那次收購時是否強調過這一點，光學物理學，他們實際上也在 NGI 上，從技術上講，他們是光學導航系統的佼佼者。所以從某種意義上來說，我們處於光學導航系統上。OPC 是首要的。

We essentially acquired the prime for the optical navigation subsystem. So to your point, we're aggregating more of the value and technology stack. They also bring additional capability in optical navigation, specifically with their Star Trackers, as I mentioned in my remarks. And they have very, very high-end optical systems that we did not have within our product suite. And the way we think about that is it's not only NGI, but that's a product that we can further commercialize and sell into commercial markets as well. So we're excited about that.

我們基本上獲得了光學導航子系統的首要地位。所以正如您所說，我們正在聚合更多的價值和技術堆疊。正如我在評論中提到的那樣，它們還帶來了光學導航方面的附加功能，特別是星星追蹤器。而且他們擁有非常高階的光學系統，而我們的產品套件中沒有這些系統。我們的想法是，它不僅是 NGI，而且是我們可以進一步商業化並銷售到商業市場的產品。所以我們對此感到很興奮。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Thanks, good morning.

謝謝，早安。

Good morning.

早安.

So to put a finer point on all the NGI questions, I think as part of the -- your road show, you talked about $40 million in NGI revenue this year and now it sounds like it's tracking to $50 million. Is that correct?

因此，為了更詳細地闡述所有 NGI 問題，我認為作為路演的一部分，您談到了今年 NGI 的收入為 4000 萬美元，現在聽起來它有望達到 5000 萬美元。對嗎？

That's right, David. $50 million this year. As I mentioned just a little while ago, customers actively working with us to ensure that not only that we can achieve on our time line, which we've been doing all along the way, we've actually been a bright spot here, I think, for Lockheed, but also try to move as fast as we can, so we can ultimately get to that production phase, which we anticipate would be in 2026.

沒錯，大衛。今年 5000 萬美元。正如我剛才提到的，客戶積極與我們合作，以確保我們不僅能夠按時完成任務（我們一直在這樣做），而且我認為，對於洛克希德來說，我們實際上一直是一個亮點），而且還會嘗試盡快行動，以便我們最終能夠進入生產階段，我們預計將在 2026 年實現這一目標。

Yeah. And Filipe on that, I mean, I think you had shown kind of a leveling off in NGI in '26 and then a ramp up to like $80 million in annual revenue. Is that still a trajectory -- still the trajectory, but I guess just kind of off a higher base than you expected in '25?

是的。菲利普，我想說，我認為你在 26 年 NGI 中表現出了一種趨於平穩的狀態，然後年收入上升到 8000 萬美元左右。這仍然是一個軌跡嗎 - 仍然是一個軌跡，但我猜只是比你在 25 年預期的要高一些？

Correct. Yeah, nothing changes in terms of that anticipation. We do have -- as we wrap up design, and we're wrapping it up here in the second half of this year and early next year, then there will be a bit more of a lull, if you were to flattening before an acceleration as we move from then design into low rate production and high rate production when you think about 2027 and beyond. So you've got it nailed, David. Thank you.

正確的。是的，就預期而言，沒有任何改變。我們確實有 - 當我們完成設計時，我們將在今年下半年和明年年初完成它，然後會有一個更多的平靜期，如果你在加速之前趨於平穩，當你想到 2027 年及以後時，我們從設計轉向低率生產和高率生產。所以你已經成功了，大衛。謝謝。

Okay, thanks. And a quick follow-up on Starlab and I guess, free cash flow for this year. How should we think about free cash flow for this year, what you're expecting potentially in additional NASA money or outside capital contributions on Starlab?

好的，謝謝。接下來是有關 Starlab 的快速跟進，我猜，還有今年的自由現金流。我們應該如何看待今年的自由現金流，您預計 NASA 可能會從 Starlab 獲得哪些額外的資金或外部資本投資？

Maybe I'll take the first part here, highlight. And of course, Starlab is a bit more of the wildcard in terms of how capital expenditures are made and whatnot. I do expect there to be an increase in CapEx associated with Starlab as we move through the second half of the year. That's because we're achieving on all marks. You saw the milestones already we highlighted this quarter, four achieved milestones, $22.5 million of milestone cash receipts. That's on top of the one significant milestone we achieved in the first quarter and $20 million of receipts.

也許我會在這裡選取第一部分，進行突出顯示。當然，就資本支出方式等而言，Starlab 更具不確定性。我確實預計，隨著今年下半年的到來，與 Starlab 相關的資本支出將會增加。這是因為我們在各方面都取得了成就。您已經看到了我們本季強調的里程碑，四個已實現的里程碑，2,250 萬美元的里程碑現金收入。這是我們在第一季取得的一個重要里程碑和 2000 萬美元收入的基礎上取得的。

Second half of this year, we anticipate about another $30 million of milestone receipts and the balance of our fully funded $218 million NASA Space Act agreement to come in during the first quarter of next year. From -- I would say, I don't want to call it the core business because obviously, Starlab is quite core to our thesis. But within Defense and National Security and our corporate operations, anticipate pretty consistent free cash flow performance first half, second half.

今年下半年，我們預計還將收到約 3,000 萬美元的里程碑收入，而我們全額資助的 2.18 億美元 NASA 太空法案協議的餘額將在明年第一季到位。從——我想說，我不想稱之為核心業務，因為顯然，Starlab 對我們的論點來說相當核心。但在國防和國家安全以及我們的公司營運中，預計上半年和下半年的自由現金流表現將相當穩定。

You saw what we did from a second quarter free cash flow perspective overall, $27 million of a net outflow. Do anticipate because of the Starlab capital expenditures in the fourth quarter that we will see a tick up in cash flow. As it relates to the core business, we're pretty much steady state at this point.

從第二季自由現金流的角度來看，您會看到我們整體的表現，淨流出量為 2700 萬美元。由於第四季 Starlab 的資本支出，我們確實預計現金流將會增加。就核心業務而言，我們目前處於相當穩定的狀態。

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. There was quite a bit of movement in the NASA budget from a White House proposal that showed a $6 billion cut to a reconciliation bill that added $10 billion to it and obviously going through the congressional process for the full appropriations bill. But Dylan, can you comment on what you're seeing in the budget, where the pluses and minuses are? And then maybe with the Space Solutions business ex the Space Dx contract, what that outlook for acceleration looks like?

謝謝。早安.NASA 預算發生了很大變化，白宮提議削減 60 億美元，而和解法案則增加了 100 億美元，顯然完整的撥款法案正在經過國會程序。但是迪倫，您能否評論一下您在預算中看到的內容，有哪些優點和缺點？那麼，對於 Space Dx 合約之外的 Space Solutions 業務來說，加速的前景是什麼樣的呢？

Yeah. Great question, Myles. Yeah, so the key things that we're monitoring are the programs we're on, which is the existing ISS mission management business and then, of course, CLD. And as I mentioned earlier, the CLD funding is actually quite robust. It actually increased in the outer years compared to what was previously submitted. So that funding appears to be intact and quite solid. So no concerns there.

是的。邁爾斯，問得好。是的，所以我們監控的關鍵事項是我們正在進行的項目，即現有的國際太空站任務管理業務，當然還有 CLD。正如我之前提到的，CLD 資金實際上相當充足。與先前提交的數據相比，未來幾年這一數字實際上有所增加。因此，資金看起來完好且相當穩健。所以不用擔心。

ISS mission management revenue, it's really difficult to know because as you saw, there were some cuts in the science budget as well, and some of those missions are science related. What I would say is there's always a bottleneck for getting things on the manifest with NASA. So if science missions were to decrease, I think commercial missions would increase. So I don't anticipate any impacts to our -- substantial impacts to our business from that change or that, call it, mix and change in product mix.

國際太空站任務管理收入，這真的很難知道，因為正如你所看到的，科學預算也有一些削減，而其中一些任務與科學有關。我想說的是，將物品放入 NASA 的清單中總是存在瓶頸。因此，如果科學任務減少，我認為商業任務就會增加。因此，我預計這種變化或產品組合的變化不會對我們的業務產生任何重大影響。

The real ones that have been flagged as vulnerable, which is primarily SLS would be the biggest one. And to a lesser extent, Gateway, although gateway appears to be back front and center in the latest budget. We really don't have any exposure at all on SLS. And on gateway, we do have some revenue in our backlog on gateway. But as I said, it appears that gateway has been fully restored in the latest budget.

真正被標記為易受攻擊的漏洞，主要是 SLS，是最大的漏洞。程度較小，Gateway 也同樣如此，儘管在最新的預算中，Gateway 似乎又重新佔據了中心位置。我們確實對 SLS 沒有任何了解。在網關方面，我們在網關積壓訂單中確實有一些收入。但正如我所說，看來該門戶已在最新預算中完全恢復。

So we're not concerned there. So I think in general, business as usual is what I would say. But the other thing that I would just point out, Myles, is the more disruption in sort of how NASA is procuring services, the more commercial NASA is thinking about things that actually plays to our strengths because our platform, as you know, is very highly maneuverable.

所以我們對此並不擔心。所以我認為總的來說，一切照舊。但是，邁爾斯，我想指出的另一件事是，NASA 採購服務的方式越是發生改變，NASA 就越會考慮能夠真正發揮我們優勢的商業化舉措，因為正如你所知，我們的平台具有高度的機動性。

We're very entrepreneurial. It's easy for us to pivot. It's easy for us to bid on new opportunities. It's more difficult for the larger companies, traditional aerospace primes to do that. So in some respects, the fact that there's a lot of changes happening at NASA actually plays to our strengths, I would say.

我們非常具有創業精神。我們很容易就能轉變方向。我們可以輕鬆競標新機會。對於較大的公司、傳統的航空航太企業來說，要做到這一點更加困難。所以從某些方面來說，我想說，NASA 發生的許多變化實際上發揮了我們的優勢。

And Myles, just to maybe tack on just from a financial planning perspective, anticipate, obviously, the low-margin NASA services wind-down impact to continue here through the second half of the year. In fact, the second half impact will be greater than it was in the first half.

邁爾斯可能只是從財務規劃的角度補充說明一下，他預計低利潤的 NASA 服務逐漸減少的影響顯然會持續到今年下半年。事實上，下半年的影響將比上半年更大。

Overall, we anticipate Space stock too, which is that contract to be down $18 million year-over-year with about $12 million of that year-over-year decline in the second half. We'll continue to face some headwinds there through the first quarter of next year. And then from that point forward, I anticipate Space Solutions to see greener pastures if you return to growth rates, but still a bit too early to predict 2026 from a guidance perspective.

總體而言，我們預計太空庫存也會下降，即該合約將同比下降 1800 萬美元，其中下半年的同比下降約為 1200 萬美元。到明年第一季度，我們仍將面臨一些阻力。從那時起，如果恢復成長率，我預計太空解決方案將會看到更好的前景，但從指導角度預測 2026 年還為時過早。

Okay. And then just one follow-up on the growth within Defense and National Security, you cited NGI clearly, but there was an undisclosed contract I imagine it's classified, but any color you can provide as it relates to that contract, either scope, scale, duration, size, anything?

好的。然後關於國防和國家安全內部的增長，您明確提到了 NGI，但有一份未公開的合同，我想它是機密的，但您能否提供與該合同相關的任何細節，包括範圍、規模、期限、大小，還是其他什麼？

Sure. A little that I can disclose and in part that's because I don't actually have my own clearance. But think of it as actually being our largest contract within -- or revenue driver within the quarter, about $14 million. It is to another prime. It is obviously a contract we can't discuss.

當然。我可以透露一點，部分原因是我實際上沒有自己的許可。但可以認為它實際上是我們本季最大的合約——或者說是收入驅動力，約為 1400 萬美元。這是另一個質數。這顯然是一份我們不能討論的合約。

We did see a significant acceleration sequentially in revenue associated with that contract. Don't anticipate as much revenue contribution from it over the course of the second half, but we're working closely with the customer, and we see additional opportunity to potentially enhance that as we go forward. We'll provide more updates, obviously, to the extent that we can as we move along.

我們確實看到與該合約相關的收入連續顯著增長。我們預計下半年它的收入貢獻不會那麼大，但我們正在與客戶密切合作，我們看到了未來可能增強收入的更多機會。顯然，隨著工作的推進，我們會盡可能提供更多更新。

Okay, that's great. Thanks.

好的，太好了。謝謝。

Thanks, Myles.

謝謝，邁爾斯。

Michael Leshock, KeyBank Capital Markets.

KeyBank 資本市場公司的 Michael Leshock。

Good morning, Mike.

早上好，麥克。

I wanted to ask on defense spending, specifically internationally with the target for some European NATO allies to increase defense spending to 5% GDP over time. I know international is a smaller piece for Voyager today, but do you see any opportunities internationally should budgets increase?

我想問國防開支問題，特別是國際國防開支問題，一些歐洲北約盟國的目標是隨著時間的推移將國防開支增加到 GDP 的 5%。我知道目前國際市場對 Voyager 來說只佔很小一部分，但您是否認為如果增加預算，國際市場會有什麼機會？

Yeah, No, for sure. It's a great question. Thanks for bringing it up, Mike. Yeah. So just a reminder, Airbus is a key partner for us on Starlab. And Airbus, of course, is the largest A&D prime in Europe and is likely to capture a lot of this increase in defense spending in Europe. We've got a very good relationship with Airbus. We have a contract with them right now delivering software-defined radios for Airbus UK. So we're already doing business with them in Europe. That's the lion's share of our European revenue to date.

是的，不，肯定的。這是一個很好的問題。謝謝你提出這個問題，麥克。是的。需要提醒的是，空中巴士是我們在 Starlab 的重要合作夥伴。當然，空中巴士公司是歐洲最大的航空航太與國防公司，很可能從歐洲國防開支的成長中分得一杯羹。我們與空中巴士公司的關係非常好。我們目前與他們簽訂了合同，為英國空中巴士公司提供軟體定義無線電。所以我們已經在歐洲與他們開展業務。這是我們迄今為止歐洲收入的最大份額。

I think Airbus sees us as an innovation partner for them and someone who can help them because if you look at their challenges, they've been asked to take on this additional defense spending and then create capabilities around that. And of course, there is a supply chain in Europe, but maybe not -- to be fair, maybe not as much innovation in Europe happening as here in the US. So I think we're very well positioned with Airbus or other partners like [Kaze] in Italy and others to be an innovation partner for them.

我認為空中巴士將我們視為他們的創新合作夥伴和可以幫助他們的人，因為如果你看看他們面臨的挑戰，你會發現他們被要求承擔額外的國防開支，然後圍繞這一點創造能力。當然，歐洲也有供應鏈，但也許不是──公平地說，歐洲的創新可能不如美國那麼多。因此，我認為我們與空中巴士公司或義大利的 [Kaze] 等其他合作夥伴的合作非常有利，可以成為他們的創新合作夥伴。

So it is a key part of our long-term strategy is to increase our global capability and revenue. Part of the challenge there is export control, as you're aware. And so thinking through what technologies we're allowed to export into those geographies, I think, is an important consideration. But we're very bullish on the increase in defense spending in Europe, and I think we're going to be able to create a lot of growth vectors around that given our relationships in that region.

因此，提高我們的全球能力和收入是我們長期策略的關鍵部分。如您所知，其中的部分挑戰在於出口管制。因此，我認為，仔細考慮我們可以向這些地區出口哪些技術是一個重要的考慮因素。但我們非常看好歐洲國防開支的成長，而且我認為，鑑於我們在該地區的關係，我們將能夠創造許多成長動力。

And then maybe a follow-up on Starlab. If we look at the ISS today, it's a global collaboration, and that's certainly a strength for Starlab and your JV partners. But I'm wondering, are there other countries that maybe currently are represented on the ISS today, whether they built a module or operate it in some way that might not necessarily move operations directly from ISS to Starlab and maybe they're seeking alternatives versus whoever wins the CLD award. And if that is the case, is that something that's reflected in your long-term assumptions?

然後也許會跟進 Starlab。如果我們今天看看國際太空站，它是一項全球合作，這對 Starlab 及其合資夥伴來說無疑是一個優勢。但我想知道，目前是否有其他國家在國際太空站有代表，他們是否建造了模組或以某種方式操作它，不一定將操作直接從國際太空站轉移到星際實驗室，也許他們正在尋找替代方案，而不是誰贏得 CLD 獎。如果確實如此，這是否反映在您的長期假設中？

Yeah. So if you look at the partners, I mean, let's take Russia out for the time being. You've got the European Union, you have Canada and you have Japan. And of course, our JV partners reflect those different geographies as well. I don't anticipate any of those partners to have their own space station solution.

是的。所以如果你看看合作夥伴，我的意思是，讓我們暫時把俄羅斯排除在外。你們有歐盟、有加拿大、有日本。當然，我們的合資夥伴也體現了不同的地理位置。我並不期望任何合作夥伴擁有自己的太空站解決方案。

I think that might have been part of your question. So I don't anticipate that. I think they'll be part of larger programs. And I think they see Starlab as the most international of the different CLD Phase 1 competitors. So I think we're well positioned there.

我認為這可能是你的問題的一部分。所以我並不期待這一點。我認為它們將成為更大項目的一部分。我認為他們認為 Starlab 是 CLD 第一階段競爭對手中最國際化的。所以我認為我們在這方面處於有利地位。

In all cases, I think our vision for LEO is multiple space stations, right? We see capacity and demand for multiple space stations over the future. I think what is more likely to happen versus geographical specialization, if you will, is probably more functional specialization, things like science dedicated space stations, manufacturing dedicated space stations, biopharma dedicated space stations, things like that. I think that's more likely the differentiation and subset of space stations in the future. But Starlab is very well positioned, as you mentioned, to capture a lot of that international spend. And I think that's the beauty of the JV we've created. So we're feeling like we're very well positioned there.

無論如何，我認為我們對低地球軌道的願景是多個太空站，對嗎？我們預見了未來多個太空站的容量和需求。我認為，與地理專業化相比，更有可能發生的是功能專業化，例如科學專用太空站、製造專用太空站、生物製藥專用太空站等。我認為這更有可能是未來太空站的分化和子集。但正如您所說，Starlab 處於非常有利的位置，可以吸引大量國際支出。我認為這就是我們創建的合資企業的魅力所在。所以我們感覺我們在那裡處於非常有利的位置。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

There are no further questions at this time. With that, I will turn the call back over to Dylan Taylor, Chief Executive Officer, for closing remarks. Please go ahead.

目前沒有其他問題。最後，我將把電話轉回給執行長迪倫泰勒 (Dylan Taylor)，請他作最後發言。請繼續。

Yeah. Thank you very much, operator. So just to reiterate, we've entered the next chapter with strong momentum, clear alignment to long-term industry priorities and a differentiated platform built for high growth. We're executing across key programs, expanding through innovation and are positioned to capitalize on the tailwinds shaping the future. We're very proud of the foundation we've built and confident in our ability to deliver long-term value for our shareholders.

是的。非常感謝，接線生。因此，再次重申一下，我們已進入下一章，勢頭強勁，與長期行業重點明確一致，並建立了為高增長而構建的差異化平台。我們正在執行各項關鍵計劃，透過創新進行擴展，並準備好利用塑造未來的順風。我們對自己已經建立的基礎感到非常自豪，並對我們為股東創造長期價值的能力充滿信心。

I want to thank you all for joining and we look forward to speaking to you on the next earnings call, next quarter. Thanks so much.

我要感謝大家的加入，我們期待在下個季度的下一次財報電話會議上與你們交談。非常感謝。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。