Voyager Technologies Inc (VOYG) 2025 Q3 法說會逐字稿

Good morning and welcome to the Voyager Technologies third quarter 2025 earnings conference call. (Operator Instructions)

早安，歡迎參加 Voyager Technologies 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Auddi Padva, senior Vice President, Corporate Development and Investor Relations. Please proceed.

現在我將把電話交給企業發展和投資者關係高級副總裁奧迪·帕德瓦。請繼續。

Thank you and good morning everyone. Welcome to Voyager third quarter 2025 earnings call. I'm joined today by Dylan Taylor, our Chairman and Chief Executive Officer, and Phil De Sousa, our Chief Financial Officer.

謝謝大家，大家早安。歡迎參加 Voyager 2025 年第三季財報電話會議。今天與我一同出席的有我們的董事長兼執行長迪倫·泰勒，以及我們的財務長菲爾·德·索薩。

Today's calls include forward-looking statements which involve risk and uncertainties detailed in our earnings material and SEC filings, including the risk factor section of our IPO prospectus. We undertake no obligation to update these statements.

今天的電話會議包含前瞻性陳述，其中涉及風險和不確定性，這些風險和不確定性已在我們的盈利材料和美國證券交易委員會文件中詳細說明，包括我們首次公開募股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。

We will also discuss non-GAAP financial measure. Reconciliation of these measures is available in our earnings material on our website.

我們也將討論非GAAP財務指標。這些措施的核對情況可在我們網站上的獲利報告中查閱。

I will now turn the call over to Dylan.

現在我將把通話交給迪倫。

Thank you, Adi, and good morning everyone. I'm pleased to kick off Voyager's third quarter earnings call recapping a very successful quarter.

謝謝你，Adi，大家早安。我很高興能開始 Voyager 第三季財報電話會議，首先回顧這個非常成功的季度。

Our third quarter results reflect continued strength in our core business and acceleration of our innovation roadmap, strategic expansion of our technology stack through targeted acquisitions, and steady advancement of SA lab milestones.

第三季業績反映了我們核心業務的持續強勁發展、創新路線圖的加速推進、透過有針對性的收購實現技術堆疊的策略擴張，以及SA實驗室里程碑的穩步推進。

This translated into strong revenue growth, solid earnings performance, and robust growth and backlog.

這轉化為強勁的收入成長、穩健的獲利表現以及強勁的成長和積壓訂單。

Building on this momentum and despite the impact of the government shutdown, we expect our revenue for the full year to be at the upper end of the previously communicated range, which we'll talk through in more detail later in the call.

憑藉這一勢頭，儘管受到政府停擺的影響，我們預計全年收入將達到先前公佈範圍的上限，我們將在稍後的電話會議中詳細討論這一點。

We built Voyager to lead the next era of defense, national security and space innovation, and we continue to execute on this vision. Missile defense modernization is front and center. The Golden Dome Initiative and Space Force budget expansion are driving demand for advanced tracking and interceptor systems.

我們建造「旅行者號」是為了引領國防、國家安全和太空創新進入下一個時代，我們將繼續實現這個願景。導彈防禦現代化是當務之急。「金色穹頂計畫」和太空部隊預算的增加正在推動對先進追蹤和攔截系統的需求。

Voyager's Next Generation interceptor, known as NGI Propulsion and intelligence Surveillance and reconnaissance known as ISR capabilities are directly aligned with these national priorities, and we've actively engaged across key programs supporting the next generation of missile defense architecture.

Voyager 的下一代攔截器（稱為 NGI）推進系統和情報監視偵察（稱為 ISR）能力與這些國家優先事項直接相關，我們積極參與了支援下一代飛彈防禦架構的關鍵項目。

At the same time, the space industry is ongoing a structural transformation, launch costs are falling, satellite architectures are shifting to Leo constellations, and both public and private priorities are accelerating investment.

同時，航太產業正在進行結構性轉型，發射成本下降，衛星架構轉向獅子座，公共和私人領域的優先事項都在加速投資。

This is unlocking new opportunities for agile, vertically integrated players like Voyager.

這為像 Voyager 這樣靈活、垂直整合的企業帶來了新的機會。

We're also seeing the commercialization of space infrastructure take hold. Voyager's leadership in developing SA lab, a commercial successor to the ISS, and a generational investment opportunity, positions us at the forefront of the evolution of space infrastructure, research platforms, and national security.

我們也看到太空基礎設施的商業化正在逐步實現。Voyager 在開發 SA 實驗室（國際太空站的商業繼任者）方面處於領先地位，這是一個具有劃時代意義的投資機會，這使我們處於太空基礎設施、研究平台和國家安全發展的前沿。

We are designed to scale, adapt, and win these attractive and growing markets that demand speed, innovation, and mission critical capabilities.

我們旨在擴大規模、適應變化並贏得這些充滿吸引力且不斷成長的市場，這些市場需要速度、創新和關鍵任務能力。

From propulsion and signal intelligence to secure communications and orbital infrastructure, we are executing with precision and accelerating momentum.

從推進系統和信號情報到安全通訊和軌道基礎設施，我們正在精準執行，並加速發展。

Voyager success is anchored in three strategic pillars. First, high growth and profitable and growing national security and defense segments. Second, a relentless commitment to leading with innovation. And third, the transformational opportunity of SAR lab space stations.

Voyager的成功建立在三大戰略支柱之上。首先是高成長、獲利能力強且不斷成長的國家安全和國防領域。第二，堅持不懈地致力於以創新引領發展。第三，SAR實驗室太空站帶來的變革性機會。

Voyager is a high growth platform expected to deliver in an organic keger of over 25% with additional upside through disciplined and a creative M&A that presents additional opportunities for growth.

Voyager 是一個高成長平台，預計有機成長率將超過 25%，並透過有紀律和有創意的併購帶來更多成長機會，從而實現進一步的成長。

We operate within a $179 billion dollar addressable market spanning missile defense, space-based systems, and advanced deterrent capabilities. Our robust pipeline of $3.6 billion in qualified opportunities underscores our ability to convert visible opportunities into long-term revenue and generate meaningful returns for shareholders.

我們以價值 1,790 億美元的潛在市場開展業務，涵蓋飛彈防禦、天基系統和先進威懾能力。我們擁有價值 36 億美元的優質專案儲備，這凸顯了我們將可見的機會轉化為長期收入並為股東創造可觀回報的能力。

We 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 a creative capital allocation are core to our business model.

我們打造了一家既能像主承包商一樣擁有規模和紀律，又能像高成長科技公司一樣擁有敏捷性和創新引擎的公司，其中產品開發、智慧財產權創造和創造性的資本配置是我們商業模式的核心。

Over 18% of revenue is invested in innovation and developing proprietary mission critical capabilities, with much of that funded by our customers.

超過 18% 的收入投入到創新和開發專有的關鍵任務能力中，其中大部分資金來自我們的客戶。

This foundation makes Voyager fundamentally different from traditional defense and space contractors. As a commercial platform, we are CapEx , IP focused, and operationally efficient.

這一基礎使 Voyager 與傳統的國防和航太承包商有著根本的不同。作為商業平台，我們注重資本支出和智慧財產權，並追求營運效率。

Furthermore, we maintain a fortress balance sheet with $413 million in cash, $200 million in available credit, and no debt, which is highly differentiated amongst our competitors.

此外，我們擁有穩健的資產負債表，現金儲備達 4.13 億美元，可用信貸額度達 2 億美元，且無任何債務，這與我們競爭對手相比具有顯著優勢。

And additionally, we offer a once in a generation opportunity through our Starlab joint venture where Voyager is the majority shareholder and lead developer.

此外，我們也透過與 Starlab 的合資企業提供千載難逢的機會，Voyager 是該合資企業的控股股東和主要開發商。

Turning to slide 4, for the third quarter, total revenue was up 15% when adjusting for planned wind down of the NASA services contract within the space solution segment.

翻到第 4 張投影片，第三季總收入在扣除太空解決方案部門中 NASA 服務合約的計畫終止後成長了 15%。

Defense and national security revenue increased very significantly at 31% year over year, driven by continued execution on key propulsion and sensing programs. As a reminder, in Q2, we completed critical design review for our NGI second stage roll control system.

國防和國家安全收入年增 31%，這主要得益於關鍵推進和感測項目的持續推進。再次提醒大家，在第二季度，我們完成了 NGI 第二級橫滾控制系統的關鍵設計評審。

A major technical milestone that positions Voyager to deliver a flight qualified subsystem for one of the most strategic missile defense programs in the US portfolio.

這是Voyager飛彈取得的一項重大技術里程碑，使其能夠為美國最具戰略意義的飛彈防禦計畫之一交付飛行合格的子系統。

Golden Dome is emerging as an exciting new opportunity. Voyagers actively engaged across multiple mission threads with the Golden Dome architecture, with opportunities spanning the space layer, propulsion, guidance and navigation, sensors, communications, and mission critical electronics.

金穹頂正在成為一個令人興奮的新機會。Voyager 積極參與了 Golden Dome 架構的多個任務環節，機會涵蓋空間層、推進、導引和導航、感測器、通訊和任務關鍵電子設備。

We have submitted multiple golden dome related proposals in partnership with several major primes and neopprimes, further strengthening our position as a trusted technology partner across the defense and space industry.

我們與幾家主要承包商和新興承包商合作，提交了多份與金穹頂相關的提案，進一步鞏固了我們作為國防和航太工業值得信賴的技術合作夥伴的地位。

The defense and national security segment remains our largest and fastest growing, supported by multi-year visibility and expanding demand across missile defense and advanced surveillance.

國防和國家安全領域仍然是我們規模最大、成長最快的領域，這得益於多年來的發展前景以及飛彈防禦和先進監視領域不斷擴大的需求。

We've remained very active in pursuing strategic M&A opportunities during the quarter, we acquired Bridgecom's optical communications technology, fast tracking our ability to deliver secure high-speed connectivity for defense and commercial customers.

本季我們一直積極尋求策略併購機會，我們收購了 Bridgecom 的光通訊技術，加速了我們為國防和商業客戶提供安全高速連接的能力。

The deal shortens development timelines and strengthens our position in the rapidly growing market for advanced communications.

該交易縮短了開發週期，並鞏固了我們在快速成長的先進通訊市場中的地位。

For defense, it supports DOD missions with resilient, low latency links in contested environments. For commercial use, it boosts data capacity for global networks like aircraft to satellite connections.

在國防領域，它為國防部在對抗環境中執行任務提供具有彈性、低延遲的連結。在商業用途方面，它可以提升全球網路（例如飛機與衛星之間的連接）的資料容量。

This acquisition expands our tech stack and reinforces Voyager's leadership in next generation space and defense communications.

此次收購擴展了我們的技術體系，並鞏固了 Voyager 在下一代太空和國防通訊領域的領先地位。

During the quarter, we also made a minority investment in an AI platform, latent AI, which specializes in optimizing AI for contested and constrained environments.

本季度，我們也對人工智慧平台 Latent AI 進行了少數股權投資，該平台專門針對競爭激烈和受限的環境優化人工智慧。

By embedding advanced models directly at the edge, they enable faster targeting, sharper situational awareness, and resiliency, real-time decision making, and these capabilities are mission critical in environments where every second counts and traditional cloud-based AI is impractical.

透過將先進模型直接嵌入邊緣，它們能夠實現更快的目標定位、更敏銳的態勢感知和更強的韌性、即時決策，這些能力在分秒必爭且傳統基於雲端的 AI 不切實際的環境中至關重要。

This investment underscores Voyager's commitment to staying at the forefront of innovation, bringing the decisive advantage of edge AI to missions where outcome depends on speed, precision, and resilience.

這項投資凸顯了 Voyager 致力於保持在創新前沿的決心，將邊緣人工智慧的決定性優勢帶到那些結果取決於速度、精確度和韌性的任務中。

I will discuss our additional acquisitions of EMSI and recently of Exotera in more detail on the next slide.

我將在下一張幻燈片中更詳細地討論我們對 EMSI 和最近對 Exotera 的收購。

Lastly, SA lab continues to advance as a transformational growth engine. We completed 2 additional development milestones during the quarter, resulting in $4 million in milestone-based cash receipts from NASA.

最後，SA 實驗室持續發展成為變革性成長引擎。本季我們完成了 2 個額外的開發里程碑，從 NASA 獲得了 400 萬美元的里程碑現金收入。

To date, we've completed 27 milestones under our $218 million funded Space Act agreement marking steady progress towards launching the commercial successor to the ISS.

迄今為止，我們已根據獲得 2.18 億美元資助的《太空法案》協議完成了 27 個里程碑，這標誌著我們在發射國際太空站的商業繼任者方面取得了穩步進展。

This quarter, SA lab selected Vivaci Corporation to manufacture the primary structure for its next generation commercial space station.

本季度，SA 實驗室選擇 Vivaci 公司為其下一代商業太空站製造主體結構。

We are excited about this important development in partnership with Vivaci, a company with advanced aerospace engineering expertise, hightech technology readiness level, or TRL, deep capabilities, and world-class facilities.

我們很高興能與 Vivaci 公司合作取得這項重要進展。 Vivaci 是一家擁有先進航空航天工程專業知識、高科技技術成熟度 (TRL)、深厚實力和世界級設施的公司。

The aluminum-based structure will be one of the largest single spaceflight structures ever developed for launch and will be built at Babace's Engineering and Manufacturing Center located within NASA's assembly facility in Louisiana.

該鋁製結構將是迄今為止為發射而開發的最大單體航太飛行結構之一，並將在位於路易斯安那州 NASA 組裝廠內的巴巴斯工程製造中心建造。

As the majority owner and lead developer of SA lab, Voyager is building a scalable multi-decade infrastructure platform with significant recurring revenue potential.

作為 SA lab 的控股股東和主要開發商，Voyager 正在建立一個可擴展的、具有巨大經常性收入潛力的、可運行數十年的基礎設施平台。

Once operational, we expect Star lab to generate over $4 billion in annual revenue and more than $1.5 billion in free cash flow, anchored by long-term demand from government, commercial, and international customers.

我們預計，一旦投入運營，Star 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，這主要得益於政府、商業和國際客戶的長期需求。

This program not only reinforces our leadership and commercial space infrastructure but also complements our broader platform strategy, leveraging shared technologies across propulsion, sensing emission systems to drive innovation and value creation.

該計劃不僅鞏固了我們的領導地位和商業航太基礎設施，而且還補充了我們更廣泛的平台策略，利用推進、感測和排放系統等領域的共享技術來推動創新和價值創造。

Turning to slide 5 and focusing on our M&A engine, we continue to execute against our strategic growth priorities, combining organic momentum with disciplined capital deployment.

翻到第 5 張投影片，專注於我們的併購引擎，我們繼續執行我們的策略成長重點，將內生成長動能與嚴謹的資本部署結合。

Our M&A strategy is focused on acquiring high impact technologies that diversify and deepen our platform, solidifying our role as a key enabler in defense and space innovation.

我們的併購策略重點是收購能夠使我們的平台多元化和深化的高影響力技術，從而鞏固我們作為國防和航太創新領域關鍵推動者的地位。

Recent acquisitions underscore our strategic focus, enhancing capabilities in radar-based analytics, electric propulsion, and vertically integrated subsystems.

近期收購凸顯了我們的戰略重點，增強了我們在基於雷達的分析、電力推進和垂直整合子系統方面的能力。

During the quarter, we completed the acquisition of electromagnetic systems known as EMSI, a radar AI software company serving high priority US defense and intelligence missions.

本季度，我們完成了對電磁系統公司 EMSI 的收購。 EMSI 是一家雷達人工智慧軟體公司，服務於美國高優先級的國防和情報任務。

EMSI specializes in synthetic aperture radar exploitation using proprietary AI machine learning models, and synthetic training data pipelines.

EMSI 專注於利用專有的 AI 機器學習模型和合成訓練資料管進行合成孔徑雷達開發。

With prime positions on NGA's LUO program and DARPA's Midnight Earthquake initiative, EMSI brings differentiated IP, a cleared technical team, and a commercial SaaS model with strong margin potential.

EMSI 在 NGA 的 LUO 專案和 DARPA 的 Midnight Earthquake 計劃中佔據重要地位，擁有差異化的智慧財產權、獲得許可的技術團隊以及具有強大利潤潛力的商業 SaaS 模式。

Following the quarter, we close on the acquisition of Exotera, a market leading manufacturer of electric propulsion systems for advanced satellites.

本季結束後，我們將完成對 Exotera 的收購，Exotera 是先進衛星電力推進系統的市場領先製造商。

Their turnkey propulsion modules, hall effect thrusters, and domestic manufacturing capabilities align with our roadmap across Leo, GEO and CIS lunar missions.

他們的交鑰匙推進模組、霍爾效應推進器和國內製造能力與我們在獅子座、地球同步軌道和獨聯體月球任務中的路線圖相符。

Exoterra expands our ability to deliver integrated propulsion solutions and supports our strategic shift towards hardware enabled space infrastructure.

Exoterra 擴展了我們提供整合推進解決方案的能力，並支援我們向硬體驅動的空間基礎設施進行策略轉型。

Together these acquisitions reinforce Voyager's differentiated strategy and strengthen our vertical technology stack, bringing together propulsion sensing and software into a unified platform. They enhance our ability to compete for higher value programs, accelerate the innovation curve, and expand our relevance.

這些收購共同鞏固了 Voyager 的差異化策略，並加強了我們的垂直技術堆疊，將推進感測和軟體整合到一個統一的平台中。它們增強了我們競爭更高價值項目的能力，加快了創新步伐，並擴大了我們的相關性。

Most importantly, they support our long-term growth strategy by deepening alignment with national security priorities, unlocking new market opportunities, and creating durable accretive value for shareholders.

最重要的是，它們透過深化與國家安全優先事項的契合、開拓新的市場機會以及為股東創造持久的增值，支持我們的長期成長策略。

And with that, I will turn it over to Phil to walk through the financials in more detail. Phil, over to you.

接下來，我將把發言權交給菲爾，讓他更詳細地講解一下財務狀況。菲爾，該你了。

Thanks, Dylan.

謝謝你，迪倫。

Turning to slide 6, for the third quarter, we delivered revenue of $40 million flat year over year. We're up 15%, excluding the planned wind-down of a legacy NASA services contract, thus reflecting strong demand and growth in our defense and national security segment.

翻到第 6 張投影片，第三季度，我們的營收與去年同期持平，達到 4,000 萬美元。不計計劃逐步終止的 NASA 傳統服務合同，我們的業績成長了 15%，這反映了我們在國防和國家安全領域的強勁需求和成長。

Bookings this quarter totaled $49 million, reflecting a 1.25 book to bill ratio as we continue to see momentum across missile defense and space platforms.

本季訂單總額為 4,900 萬美元，訂單出貨比為 1.25，我們繼續看到飛彈防禦和太空平台領域的成長勢頭。

Thus reinforcing our alignment with national defense priorities and the relevance of our technology stack.

從而加強了我們與國家國防優先事項的一致性，以及我們技術體系的相關性。

Importantly, backlog expended 10% sequentially to $189 million. We generally see backlog levels decrease in the early part of the year and increase later in the year, driven by the timing of budget releases, OEM order cycles, and the exercise of options under existing contracts.

值得注意的是，積壓訂單季減了 10%，達到 1.89 億美元。我們通常看到，年初積壓訂單水準下降，而下半年積壓訂單水準上升，這主要是由於預算發佈時間、OEM 訂單週期以及現有合約項下選擇權的行使所致。

Given the strength of our current pipeline, we are tracking well to end the year with backlog that exceeds the level at which we entered the year.

鑑於我們目前的專案儲備充足，我們預計在年底前實現比年初水準更高的訂單積壓量。

Adjusted EBITDA for the third quarter was a loss of $17.7 million compared to a loss of $8.8 million last year. The year over year change reflects planned investments in innovation, talent acquisition, and our corporate infrastructure.

第三季調整後 EBITDA 虧損 1,770 萬美元，而去年同期虧損 880 萬美元。與去年相比的變化反映了我們在創新、人才引進和企業基礎設施方面的計畫投資。

These investments are intentional and placed ahead of growth, establishing the operational foundation to ensure we scale efficiently.

這些投資是有計劃的，並且是在成長之前進行的，旨在建立營運基礎，以確保我們能夠有效地擴大規模。

On the bottom line, adjusted EPS was a loss of $0.22 compared to a loss of $1.56 in the prior year, with the per-share improvement reflecting IPO relued dilution.

最終，調整後的每股虧損為 0.22 美元，而去年同期虧損為 1.56 美元，每股盈餘的改善反映了 IPO 帶來的稀釋。

Turning to slide 7, I'll cover our operating performance by segment.

接下來請看第 7 張投影片，我將以業務部門介紹我們的營運績效。

Defense and national security, our largest and fastest growing segment, continued to perform well in the third quarter. Revenue increased 31% year over year, driven primarily by higher volumes across key programs, including the ramp up of our NGI and other undisclosed programs.

國防和國家安全是我們規模最大、成長最快的業務板塊，第三季持續表現良好。營收年增 31%，主要得益於關鍵項目銷售的成長，包括 NGI 和其他未公開項目的加速推進。

Segment adjusted EBITDA was a loss of $2 million, reflecting increased research and development investment and continued talent acquisition.

經調整後的分部 EBITDA 虧損 200 萬美元，反映研發投入增加和人才持續引進。

Switching over to our space solution segment. Revenue was $11.7 million, down year over year as expected, and primarily due to the planned phase down of the multi-year NASA services contract and its offer year over year comparable.

接下來我們進入空間解決方案板塊。營收為 1,170 萬美元，年減，如預期，主要原因是多年期 NASA 服務合約計畫逐步縮減，且其報價與去年同期相比有所下降。

The segment continues to reflect the inherently lumpy nature of space-related awards and revenue recognition, which can vary quarter to quarter based on program timing and funding.

這部分繼續反映出與太空相關的獎勵和收入確認固有的波動性，這種波動性會根據專案進度和資金狀況而逐季度變化。

Segment adjusted I was a loss of $0.6 million, primarily reflecting lower volumes.

經業務調整後，I 部門虧損 0.6 百萬美元，主要反映銷售量下降。

SA lab continues to make measurable progress. During the third quarter, we accomplished 2 additional development milestones and received $4 million in milestone-based cash receipts from NASA, part of our $218 million dollar funded Space Act agreement.

SA實驗室持續取得顯著進展。第三季度，我們完成了 2 個額外的開發里程碑，並從 NASA 收到了 400 萬美元的里程碑現金收入，這是我們 2.18 億美元太空法案資助協議的一部分。

To date, we've completed 27 milestones, totaling $174 million in NASA funding and materially offsetting our investment in the program.

迄今為止，我們已經完成了 27 個里程碑，總共獲得了 1.74 億美元的 NASA 資金，並在實質上抵消了我們對該計劃的投資。

SA lab's next major milestone is our critical design review scheduled in December 2025.

SA 實驗室的下一個重大里程碑是定於 2025 年 12 月進行的關鍵設計審查。

Wrapping up here, we're encouraged by the momentum across our businesses and are increasingly confident in our ability to execute on backlog, scale, and deliver long-term value through disciplined growth, and strategic investment.

綜上所述，我們對公司各項業務的發展動能感到鼓舞，越來越有信心透過穩健的成長和策略投資，完成積壓訂單、擴大規模並創造長期價值。

Let's turn to slide 8 and I'll cover our financial position. We continue to operate from a position of financial strength that enables both focused execution today and strategic growth over the long-term.

讓我們翻到第 8 張投影片，我將介紹我們的財務狀況。我們憑藉著雄厚的財務實力繼續運營，這不僅能讓我們專注於當下的執行，也能讓我們實現長期的策略成長。

As of September 30th, we entered the quarter with $413 million in cash, no debt, and access to a $200 million dollar undrawn credit facility, resulting in total liquidity of $613 million.

截至 9 月 30 日，我們進入本季時擁有 4.13 億美元現金，沒有債務，並且可以使用 2 億美元的未提取信貸額度，總流動資金為 6.13 億美元。

This fortress balance sheet provides flexibility to scale production, invest in innovation, and execute our targeted priorities within M&A.

這份穩健的資產負債表為我們提供了靈活性，使我們能夠擴大生產規模、投資創新，並在併購中執行我們的目標優先事項。

During the quarter, we deployed capital to expand our technology stack and enhanced capabilities through the targeted acquisition of EMSI. Following the close of the quarter, we also deployed capital to complete the strategic acquisition of Exotera, as outlined in Dylan's remarks.

本季度，我們投入資金，透過有針對性地收購 EMSI 來擴展我們的技術堆疊並增強能力。本季結束後，我們也投入資金完成了對 Exotera 的策略性收購，正如 Dylan 的演講中所述。

Turning to slide 9, I'll cover off our outlook for fiscal year 2025.

接下來請看第 9 張投影片，我將介紹我們對 2025 財年的展望。

We now expect revenues to come near the upper end of the guidance range of $165 million to $170 million reflecting year over year growth of approximately 18%.

我們現在預計營收將接近先前預期的 1.65 億美元至 1.7 億美元區間的上限，年增約 18%。

Excluding the impact of the NASA surfaces contract with its space solutions that is winding down, year over year growth in fiscal 2025 would be in the mid-30% range.

如果排除 NASA 與其太空解決方案公司簽訂的地面合約（該合約正在逐步結束）的影響，2025 財年的年成長率將在 30% 左右。

This growth reflects both organic expansion and contributions from acquired businesses while also factoring in uncertainty related to the government shutdown.

這一成長既反映了內生擴張，也反映了收購業務的貢獻，同時也考慮了與政府停擺相關的不確定性。

For the full year, we reiterate adjusted even between $60 million and $0.63 million dollars.

我們重申，全年調整後金額在 6,000 萬美元至 63 萬美元之間。

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.

總而言之，我們正在快速擴張，專注於實現高成長，有效執行高優先級項目，投資於關鍵任務創新，並推動財務績效的提升。

Our CapEx light operating model, combined with disciplined execution, continues to support marginal expansion and strong cash flow conversion potential over time, especially when layering in Starla. With that, I'll hand it back to Dylan for his concluding comments.

我們輕資本支出營運模式，加上嚴謹的執行，將繼續支持小幅擴張和強勁的現金流轉換潛力，尤其是在引入 Starla 之後。接下來，我將把麥克風交還給迪倫，請他做總結發言。

Thank you, Phil.

謝謝你，菲爾。

In summary, everyone, we are executing with focus and momentum supported by a platform purpose built for this dynamic market.

總而言之，各位，我們正以專注和強勁的勢頭執行計劃，這得益於我們專為這個充滿活力的市場而打造的平台。

The opportunities ahead for both defense and national security, as well as commercial space, are significant and measurable, and I'm confident in our team strategy and technology to capitalize on them.

國防和國家安全以及商業航太領域未來的機會是巨大且可衡量的，我對我們團隊的戰略和技術充滿信心，相信我們能夠抓住這些機會。

Before we open it up to Q&A, I also want to highlight our upcoming Investor Day, which will be held November '20 and '21 in Houston.

在正式進入問答環節之前，我還想重點介紹我們即將舉行的投資者日活動，該活動將於 2020 年 11 月和 21 日在休士頓舉行。

We look forward to spending time with many of you as we take a deeper dive into each of our business segments, walk through our long-term strategic opportunities, and showcase how recent acquisitions are enhancing our technology stack and further accelerating our roadmap.

我們期待與各位共度時光，深入了解我們的各個業務板塊，探討我們的長期戰略機遇，並展示近期收購如何增強我們的技術體系並進一步加速我們的發展路線圖。

Given limited capacity, participation is by invitation only and does require an RSVP. Please reach out to us with any questions. So with that, over to you operator to take any questions we may have.

由於場地有限，本次活動僅限受邀人士參加，且需事先回覆確認。如有任何疑問，請與我們聯絡。那麼，接下來就交給接線生回答我們可能提出的問題了。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Your first question comes from the line of Sheila Kahyaoglu with Jefferies. Sheila, please go ahead.

你的第一個問題來自 Sheila Kahyaoglu 與 Jefferies 的合作系列。希拉，請繼續。

A reminder to press 6 on your telephone keypad if you have dialed into today's call to unmute yourself.

如果您撥入今天的電話會議，請按電話鍵盤上的 6 取消靜音。

Good morning guys, and thank you. Maybe if we could just start off one question and one follow-up if we could dig into the two acquisitions and the partnership you announced, the investment you announced, maybe focusing on exotera, it seems to have nice overlap with content areas such as SDAPWSA.

各位早安，謝謝。或許我們可以先提出一個問題，然後再提出一個後續問題，深入探討您宣布的兩項收購和合作關係、您宣布的投資，也許可以重點關注外星文明，它似乎與 SDAPWSA 等內容領域有很好的重疊。

How can you think about the benefits, from these acquisitions to your portfolio and the follow-up would be how do we think about it impacting the financials for 2026.

您如何看待這些收購為您的投資組合帶來的好處？接下來的問題是，我們如何看待這些收購對 2026 年財務狀況的影響？

Sheila, thanks for the question, Dylan speaking. Yeah, so exotera, why don't we start there? Super exciting acquisition, does a few things for us, on our technology and strategic roadmap. First and foremost, as we've talked about previously, we're really focused on power and propulsion as a key capability.

Sheila，謝謝你的提問，我是Dylan。是啊，那麼外星文明，我們何不從那裡開始呢？這是一項令人振奮的收購，對我們的技術和策略路線圖來說意義重大。首先，正如我們之前討論過的，我們真正關注的是動力和推進力，將其視為一項關鍵能力。

And of course, with the hall effect thruster technology, which Exoter brings to the table. It allows us to have a capability for in orbit, movement of mass that's going to be very relevant, not only to things like Golden Dome, and those capabilities complementing our existing, power and propulsion capability on NGI, but it also allows us to be relevant to constellations that being built in Leo as well.

當然，還有 Exoter 帶來的霍爾效應推進器技術。它使我們能夠在軌道上移動質量，這不僅對金色穹頂等項目非常重要，而且這些能力可以補充我們在NGI上現有的動力和推進能力，而且它還使我們能夠與在獅子座建造的星座相關。

So we're very excited about that capability. The other thing, which I want to note is it really enhances our US based manufacturing capabilities as well. And as you, and others know, there's a huge push touring, making sure that the entire supply chain is de-risked and is US sourced, and that's another key vertical capability that Exoter brings to the table as well.

所以我們對這項能力感到非常興奮。另外，我想指出的是，它也確實增強了我們在美國的生產能力。正如你和其他人所知，巡迴產業正在大力推進，確保整個供應鏈降低風險並實現美國本土化，這也是 Exoter 帶來的另一個關鍵垂直能力。

I think you also referenced, Bridgecom, and perhaps the latent AI investment. I'll just touch on those briefly. Bridgecom again, as I mentioned in my remarks, really enhances our comms technology portfolio. As we're very relevant in laser communication.

我想你也提到了 Bridgecom，或許還有潛在的人工智慧投資。我只簡單提一下這些。正如我在演講中提到的，Bridgecom 再次大大增強了我們的通訊技術組合。我們在雷射通訊領域非常重要。

This further enhances that technology stacks, so we're very bullish on that IP, portfolio acquisition. And then on latent AI.

這將進一步增強該技術棧，因此我們對該知識產權組合的收購非常看好。然後是潛在人工智慧。

Our grand vision here in partnership with Palantirer and others is to really build that entire technology stack for edge computing. And where latent AI comes in is really at the firmware level, so that as you're collecting data, and you're passing it off to call it the operating system level, that's semi-processed data happening literally at the ASIC level.

我們與 Palantier 等公司合作的宏偉願景是真正建立邊緣運算的整個技術堆疊。而潛在人工智慧的真正作用在於韌體層面，因此，當你收集資料並將其傳遞給所謂的作業系統層面時，實際上是在 ASIC 層面上進行的半處理資料。

And so we're very excited about what latent AI brings to that technology stack. So just kind of to wrap that up in, into a broader theme here. These are acquisitions that are on our technology roadmap that are strategic strategically relevant to our capabilities going forward.

因此，我們對潛在人工智慧為該技術堆疊帶來的變革感到非常興奮。所以，我只是想把這些內容總結到一個更廣泛的主題。這些收購項目都在我們的技術發展路線圖上，對我們未來的發展能力具有戰略意義。

These are very creative transactions. I still to chime in on that, proprietarily sourced and really, thematically, very consistent with kind of what we I talked about it in our roadshow that we would execute our capital deployment on. So over to Phil.

這些都是非常有創意的交易。我還要補充一點，這是專有來源，而且在主題上，與我們在路演中談到的我們將要進行資本部署的內容非常一致。接下來交給菲爾。

Good morning, Sheila. As Dylan mentioned, both acquisitions are extremely attractive, enhance our portfolio, not just from a technology capability perspective, but for my financial lens, I see these acquisitions as driving our overall growth up significantly in 2026.

早安，希拉。正如 Dylan 所提到的，這兩項收購都極具吸引力，不僅從技術能力角度增強了我們的投資組合，而且從我的財務角度來看，我認為這些收購將在 2026 年顯著推動我們的整體成長。

More to come on that front at our investor day, we'll provide the analyst investment community with a framework about how to think for 206.

在我們的投資者日上，我們將就此方面提供更多信息，我們將為分析師投資界提供一個關於如何思考 206 年的框架。

It's still a bit premature to provide overly specifics there. That said, given the profile of these acquisitions, I'm excited because they're both accretive from a gross profit margin perspective to our overall portfolio today, in some cases significantly more accretive, than our existing portfolio today, and both businesses bring positive to us immediately.

現在提供過於具體的細節還為時過早。也就是說，考慮到這些收購的本質，我感到很興奮，因為從毛利率的角度來看，它們都能提升我們目前的整體投資組合，在某些情況下，它們的提升幅度甚至比我們現有的投資組合還要大，而且這兩家企業都能立即為我們帶來積極影響。

And so, extremely excited to get both businesses integrated into our overall portfolio. I think over the longer-term. Revenue and revenue synergies that these businesses bring to enhance overall portfolio are quite significant.

因此，我們非常高興能將這兩家公司整合到我們的整體投資組合中。我認為應該從長遠來看。這些業務帶來的收入和收入綜效對於提升整體業務組合而言相當顯著。

So in addition to the 2026 contribution that you'll see is quite significant over the coming 345 years, I think that these businesses will be real standout performers.

因此，除了 2026 年的貢獻之外，在未來 345 年裡，這些企業還將做出相當大的貢獻，我認為它們將成為真正傑出的佼佼者。

Yeah, just maybe one final point, Sheila, just to emphasize our growth prospects for 2026 look very solid, and we're super confident as we look into next year. And these acquisitions are a big part of that theme. So, thanks for the question.

是的，Sheila，或許還有最後一點要強調，我們2026年的成長前景非常穩健，展望明年，我們充滿信心。而這些收購正是這一主題的重要組成部分。謝謝你的提問。

Sure, thank you.

當然，謝謝。

Thanks you.

感謝您。

Your next question comes from the line of Christine Lee with Morgan Stanley. Please go.

你的下一個問題來自摩根士丹利的克莉絲汀李。請走吧。

Ahead. Hi, good morning, everyone. I just wanted to, dive a little bit deeper on SA lab and the op opportunity set there. It looks like the government shut down, they're laying off some employees related to the ISS and, in preparation for the deorbiting.

前方。大家早安。我只是想更深入地了解SA實驗室以及那裡的營運機會。看起來政府已經停擺，他們正在裁減一些與國際太空站相關的員工，為脫離軌道做準備。

So I was wondering, how does this government shutdown and changes in employees affect, priorities and potentially the timing. Of award for ISS replacement in 2026. Do you anticipate that the government shutdown kind of delays some of that timeline?

所以我想知道，這次政府停擺和人員變動會對工作重點和時間安排產生怎樣的影響。授予國際太空站2026年更換計畫。你預計政府停擺會在某種程度上延緩這項時間表嗎？

And then also my follow-up would be just generally related to the government shutdown. How does that affect your expectations for strong orders for for Q to to get your backlog higher than last year.

此外，我的後續問題也主要與政府停擺有關。這對您預期Q季度訂單強勁成長，使積壓訂單量高於去年有何影響？

Thank you.

謝謝。

Thank you, Christine.

謝謝你，克里斯汀。

So, starting with SA lab, right now, the current timeline remains intact so far as we know, and that timeline just to remind everybody, we have a critical design review, on SA lab with NASA scheduled, currently scheduled for December.

所以，就SA實驗室而言，目前我們所知的進度安排仍然保持不變，為了提醒大家，我們與NASA就SA實驗室安排了一次關鍵的設計審查，目前計劃在12月進行。

So yet, this year is the plan for that. But we still anticipate an RFP for phase two award sometime late this year or early next year.

所以，今年的計畫就是如此。但我們仍然預計在今年稍後或明年年初發布第二階段授標的招標書。

And then we anticipate a contract award for phase two, where they're going to pick who effectively wins phase two sometime in early 2026.

然後我們預計會授予第二階段的合同，屆時他們將在 2026 年初的某個時候選出誰將贏得第二階段。

So, obviously, if the government shutdown continues longer than anticipated, let's say, past Thanksgiving into December, and, even into early next year, that could impact, obviously, the timing that I just communicated. But as of right now, based upon what we know, we think that timing will hold.

所以，很顯然，如果政府停擺持續的時間比預期的要長，比如說，從感恩節持續到 12 月，甚至持續到明年年初，那顯然會影響到我剛才所說的時間安排。但就目前我們掌握的情況來看，我們認為這個時間安排不會改變。

Also, I think you're referencing some of the job cuts, I think at Marshall Space Flight Center, a lot of that has to do with ISS payloads. So that doesn't necessarily impact the, CLD phase two, contract awards. But to your point, I think NASA is obviously looking at the budget with a lens towards the commercialization of the ISS long-term.

另外，我想你指的是一些裁員，我認為在馬歇爾太空飛行中心，許多裁員都與國際太空站的有效載荷有關。所以這不一定會影響CLD第二階段的合約授予。但正如你所說，我認為NASA顯然是在著眼於國際太空站的長期商業化來審視預算。

But I wouldn't read too much into those specific, cuts. I don't think that's a change in strategy or anything like that. I think that's just, a little bit of reorg, consistent with some of the other budget pressures that NASA has.

但我不會對這些具體的刪減之處過度解讀。我不認為這是戰略上的改變或其他類似的事情。我認為這只是一次小小的重組，與美國太空總署面臨的其他一些預算壓力是一致的。

But in general, we feel very good about the STAR lab program as we indicated, we completed another two milestones in the quarter. The program's on track.

但總的來說，我們對 STAR 實驗室專案感到非常滿意，正如我們之前所說，我們在本季又完成了兩個里程碑。該專案進展順利。

So we're very, bullish and optimistic about where the program is. And again, it's anyone's guess on when the government's going to reopen, but as of right now, we would expect it would be open sometime before Thanksgiving, but we'll have to wait and see. But right now, I would say the timing is on track.

所以我們對該專案的進展非常看好和樂觀。政府何時重新開放，目前還不得而知，但就目前來看，我們預計會在感恩節前某個時候開放，不過我們還得拭目以待。但就目前而言，我認為時間安排是按計劃進行的。

So, would you have anything?

那麼，你們需要什麼嗎？

Just, Christina, and good morning. I appreciate the question. I think your second part of your question is more tied to Our, expectations around orders and confidence around orders and how that builds over the course of the fourth quarter heading into next year.

克里斯蒂娜，早安。感謝您的提問。我認為你問題的第二部分與我們自身的訂單預期和訂單信心有關，以及這種預期和信心如何在第四季度以及明年逐步增強。

And so I'll just reiterate, what I mentioned in my prepared remarks. Extremely confident we'll enter the year next year with total backlog, well in excess of the $200 million that we entered the year 2025 with. As you see, we already built backlog here in the third quarter. We're up to $180 million up $18 million or 10% coming off of Q2.

因此，我只想重申我在準備好的發言稿中提到的內容。我們非常有信心，到明年年初，我們的訂單積壓總量將遠遠超過 2025 年年初的 2 億美元。如您所見，我們在第三季已經累積了一定的訂單積壓。我們目前的營收為 1.8 億美元，比第二季增加了 1,800 萬美元，增幅達 10%。

From a pipeline perspective, I don't believe the government shutdown will impact our ability to not just capitalize and convert our pipeline into orders, whether it's here in the fourth quarter or early 1st quarter. We're terribly excited by the pipeline that we have, particularly supporting our defense national security business.

從管道運輸的角度來看，我不認為政府停擺會影響我們利用管道運輸資源並將訂單轉化為實際訂單的能力，無論是在第四季度還是第一季初。我們對現有的產品線感到非常興奮，特別是它對我們的國防國家安全業務的支援。

It's not just, as you guys know, NGI that we've been executing on. There's quite a number of Golden Dome opportunities that we've been actively pursuing and have me excited about the prospects for 2026, and our ability to build that backlog. So.

正如你們所知，我們一直在執行的不僅僅是 NGI。我們一直在積極尋求與金色穹頂相關的許多機會，這讓我對 2026 年的前景以及我們累積訂單的能力感到興奮。所以。

One other final point, Christine, I'm not sure if, schedule-wise, you'll be able to be at the investor event, but one kind of cool thing that's happening right now, I'll just mention is a full-scale mockup of SA lab. Is being constructed on the floor of Building nine at NASA's Johnson Center.

克里斯汀，還有最後一點，我不確定你的日程安排是否允許你參加投資者活動，但目前有一件很酷的事情，我想提一下，那就是 SA 實驗室的全尺寸模型。正在美國太空總署約翰遜太空中心九號樓的樓層建造。

And so as part of that investor day, you'll actually see the full scale of the SA lab, 7 plus meter design. And that's literally on the floor next to the ISS mockup, the Dragon capsule mockup, and others. So, cool that, we received kind of this coveted position, if you will, on the floor Building nine.

因此，作為投資者日的一部分，您將真正看到 SA 實驗室的完整規模，7 米多的設計。而且它就擺放在國際太空站模型、龍飛船模型和其他模型旁邊的地板上。所以，很棒，我們獲得了這個令人垂涎的位置，在九號樓的這一層。

I think really showcases our partnership with NASA and the progress that the program has made. So we're excited to show that to investors in November.

我認為這充分展現了我們與NASA的合作關係以及該計畫的進展。所以我們很高興能在11月向投資者展示這一點。

Very well, thank you very much. I'm looking forward to it.

好的，非常感謝。我很期待。

Thanks for.

謝謝。

Your next question comes from the line of Greg Dahlberg with Wolfe Research. Please go ahead.

你的下一個問題來自 Wolfe Research 的 Greg Dahlberg。請繼續。

Hi, good morning, everyone.

大家早安。

Thank you for taking my question.

感謝您回答我的問題。

I just wanted to ask on capitalization for the buildout of SAR lab. You talked before about the use of third-party equity raises, and I think most recently you brought in space applications, based in Belgium. So I was just curious if you give an update on the timing and sizing of what to expect for future capital raises.

我只是想問SAR實驗室建設所需的資金問題。您之前談到利用第三方股權融資，我認為最近您引進了總部位於比利時的太空應用公司。所以我很好奇，您能否就未來融資的時間表和規模提供一些最新消息？

Yeah. Thanks, Greg. Great question.

是的。謝謝你，格雷格。問得好。

So the, we are actively raising a Series A or the SA lab, joint venture. That raise is actually going quite well. We look forward to making some announcements related to that. Again, not to put too much pressure on investor day, but we anticipate being able to talk about that raise and some of the other marquee investors coming into that, capital stack, at Investor Day.

所以，我們正在積極籌集 A 輪資金，或是成立 SA 實驗室合資企業。那次加薪進展相當順利。我們期待就此發布一些公告。再次聲明，我們不想給投資者日施加太大壓力，但我們預計能夠在投資者日上討論此次融資以及一些其他知名投資者和資本結構。

But these are quite notable investors, name brand investors. So we're very confident that the capitalization of SA lab is on track. And, again, we're coupling that with continuing to achieve milestones and triggering payments there. And then, of course, the phase two award early next year. So capitalization for SAR lab looks extremely solid at this point. We're very confident in where that stands.

但這些都是相當知名的投資者，都是有名氣的投資者。因此，我們非常有信心 SA 實驗室的資本化過程正在按計劃進行。而且，我們也會繼續實現里程碑目標並觸發相應的付款。當然，還有明年年初的第二階段授標。因此，SAR實驗室目前的資本狀況看起來非常穩健。我們對此非常有信心。

Got it. I'll keep that one.

知道了。我就留著那個了。

Thank you so much.

太感謝了。

Thank.

感謝。

You.

你。

Your next question comes from the line of Alexander Preston of Bank of America. Please go ahead.

你的下一個問題來自美國銀行的亞歷山大‧普雷斯頓。請繼續。

Hey, good morning. Thanks for taking the question. Maybe just to get back to M&A strategy a bit broader, It seems like you're building capabilities around, various high value subsystems on satellites, payloads. I know you've highlighted staying CapEx Light as a key part of the business.

嘿，早安。感謝您回答這個問題。或許我們可以更廣泛地回到併購策略的話題上來，看起來你們正在圍繞著衛星上的各種高價值子系統和有效載荷建立能力。我知道您一直強調保持低資本支出是業務的關鍵組成部分。

Are you approaching this from sort of high value merchant supply only, or is there an appetite towards potentially even doing your own satellite development at some point?

你們是只考慮高價值的商業供應，還是有意在未來某個時候進行自己的衛星研發？

Great question, Alex. CapEx Light, capital efficient for sure, is really our ethos, and that's what we're leaning into. That being said, as I mentioned earlier, having an integrated US based supply chain is actually relevant, especially in the national security community.

問得好，Alex。輕資本支出、高效率資本利用，這確實是我們的理念，也是我們努力的方向。話雖如此，正如我之前提到的，擁有一個以美國為基地的一體化供應鏈實際上是非常重要的，尤其是在國家安全領域。

So we're going to, continue to find ways to make sure that we're as vertically integrated as we can be. But to your point, let's take, for example, missile defense. We're on the optical navigation and control system. That's a great part of the technology stack to be on.

因此，我們將繼續尋找方法，確保我們盡可能實現垂直整合。但正如你所說，我們以飛彈防禦為例。我們正在使用光學導航和控制系統。這是技術棧中非常重要的一部分。

We're on the proprietary propulsion and roll control system. That's a great part of the technology stack to be on. Would we make the missile body? No, we wouldn't do that, right?

我們採用的是專有的推進和橫滾控制系統。這是技術棧中非常重要的一部分。我們會製造導彈彈體嗎？不，我們不會那樣做，對吧？

So, I think similar to that on, if you look at power and propulsion. As a subsystem on a satellite system, that's an area we want to play. Would we actually build the satellite and assemble the satellite.

所以，我認為，如果你觀察動力和推進力，情況也類似。作為衛星系統的子系統，這是我們想要涉足的領域。我們真的會建造並組裝衛星嗎？

Never say never, but I don't think that's leaning into our strengths necessarily. As we look forward in our M&A pipeline, which by the way, is quite robust, we might do some additional, what I would call vertical integration on, let's say the energetics side of propulsion.

永遠不要說“絕不”，但我認為這未必能發揮我們的優勢。展望未來，我們的併購計畫相當穩健，我們可能會在推進系統的能源方面進行一些額外的、我稱之為垂直整合的整合。

I think that's an important strategic objective that the government has identified is something that's important to the national security and national interest.

我認為這是政府確定的一項重要戰略目標，對國家安全和國家利益至關重要。

So I think that's something we would consider. And again, we're, as I say, we return all phone calls and we look at a wide swath of opportunities in the market, but we definitely want to lean into advanced technology, lean into innovation, and make, the model as CapEx efficient, with, generating strong operating cash flow as possible.

所以我覺得這是我們應該考慮的事情。正如我所說，我們會回覆所有來電，並且會關注市場上的各種機會，但我們絕對希望大力發展先進技術，大力創新，並使該模式盡可能高效地利用資本支出，同時產生強勁的營運現金流。

That's really has been our success and that's what you can anticipate from us going forward.

這確實是我們所取得的成功，也是你們可以期待未來繼續保持的勢頭。

Got it. And then I think just there you covered my follow-up what it would have been so I'll keep it at one. Appreciate.

知道了。我覺得你已經涵蓋了我接下來要問的，所以我就只提一個問題了。欣賞。

It. Okay, thanks, Alex. Appreciate it.

它。好的，謝謝你，Alex。謝謝。

Your next question comes from the line of Michael Leshock with Key Bank Capital Markets. Please go ahead.

你的下一個問題來自 Key Bank Capital Markets 的 Michael Leshock。請繼續。

Hey, good morning. I wanted to ask on the NGI program and the visibility you have there. Could you provide some color on the next milestones or key watch points for NGI in order for that program to ramp to its target for LPRIP in late 26?

嘿，早安。我想問一下關於NGI項目以及您在該項目中的知名度。能否詳細介紹 NGI 的下一個里程碑或關鍵觀察點，以便該專案能夠在 2026 年底達到 LPRIP 的目標？

Are there any additional capacity expansions to hit your targets or anything else we should be aware of there for NGI?

為了實現目標，NGI 是否還有其他產能擴張計畫？或者我們還需要注意哪些事項？

Mike, good morning. It's Phil here. I'll take this one and don't chime in, but from an NGI specific perspective, just as a reminder, we have the capital, infrastructure, if you would, that's necessary and required to deliver on this pro on this program.

麥克，早安。我是菲爾。我就不插嘴了，但從 NGI 的具體角度來看，提醒一下，我們有必要的資金和基礎設施，可以交付這個專案。

That said, and you ask a great question there, I would look in turn towards our success in passing CDR factor in the second quarter, and how that leads, it has led to significant activity, significant discussion. Around other programs.

也就是說，你提出了一個很好的問題，我想反過來看看我們在第二季度透過 CDR 因素的成功，以及這帶來了怎樣的後果，它引發了大量的活動和討論。圍繞其他項目。

As we continue to cultivate that and convert that pipeline into our backlog, there may be a time where we're required to invest further into CapEx. I think just to dovetail off of the previous question, around M&A, we're quite thoughtful.

隨著我們不斷培養這些客戶並將其轉化為我們的訂單儲備，將來可能需要進一步投資資本支出。我認為正好可以接續上一個問題，關於併購，我們考慮得相當周全。

We, we've actually used the M&A lever to acquire, intellectual property to advance our innovation, growth and opportunity. I think as we look ahead, in our pipeline, there's also opportunities there for us to add. Other capabilities, both manufacturing as well as engineering.

我們實際上已經利用併購槓桿來獲取智慧財產權，以促進我們的創新、成長和機會。我認為展望未來，在我們的產品線中，也存在著我們可以增加產品的機會。其他能力，包括製造和工程能力。

And so I just keep the door open there. Coming back to NGI specifically, fantastic quarter, just as a reminder, NGI. That program's up over 130%, year-to-date, year over year, and we had significant growth again in the third quarter.

所以我就一直把門開著。再說回 NGI，這季表現非常出色，再次提醒大家，NGI。該項目今年迄今的成長率超過 130%，與去年同期相比也有所成長，而且我們在第三季再次實現了顯著成長。

It drove a significant composition of our overall defense and national security revenue. As we look out to the fourth quarter, I anticipate sequentially NGI will continue to grow.

它在我們國防和國家安全總收入中佔據了相當大的比例。展望第四季度，我預計 NGI 將繼續環比成長。

As we move into 2026, we'll continue to work closely with Lockheed as we start to move into our low-rate production and high rate production in the years ahead.

進入 2026 年，我們將繼續與洛克希德公司密切合作，在未來幾年逐步推動低速生產和高速生產。

Yeah. And just one other thing to chime in on, Mike, we're seeing a lot of interest and traction on our technology for these other missile defense programs, as we have previously communicated. And then on Golden Dome, some really exciting things happening there, especially as it relates to space-based interceptors.

是的。還有一點要補充，麥克，正如我們之前所溝通的那樣，我們看到其他導彈防禦項目對我們的技術表現出了濃厚的興趣和濃厚的興趣。然後，在金穹頂，那裡正在發生一些非常令人興奮的事情，特別是與天基攔截器有關的事情。

So we're on, several teams of both primes and neopprimes. I think those, so-called SBI awards will be made in the near term here.

所以，我們已經開始了，有好幾支隊伍，既有精英也有新精英。我認為這些所謂的SBI獎將在近期內頒發。

And I'm confident that, if there are multiple awards, I think we have multiple paths to the glory, as I would say, because our technology is extremely relevant to the SBI, space-based interceptor component of Golden Dome.

而且我相信，如果頒發多個獎項，我認為我們有多種通往榮耀的道路，因為我們的技術與金穹天穹的天基攔截器組件 SBI 非常相關。

Some more to come, but we really like what we see, as Phil said, and we've talked about previously. Now that we've passed critical design review on NGI, that's really opened up the aperture for us to sell this technology and other programs of record, and emerging programs of record like SBI.

還有一些後續報道，但正如菲爾所說，我們真的很喜歡我們目前看到的，而且我們之前也討論過。現在我們已經通過了 NGI 的關鍵設計評審，這確實為我們銷售這項技術和其他已記錄項目以及像 SBI 這樣的新興記錄項目打開了大門。

So we're super bullish on that.

所以我們對此非常看好。

Great, and then a follow-up on space solutions. Should we expect the space segment to return to growth in 1Q '26 is that, NASA services contracts lapses and, any way to frame what the sales growth could be there for the segment in in 26 and and beyond.

很好，接下來可以討論一下太空解決方案。我們是否應該預期太空領域在 2026 年第一季恢復成長，是因為 NASA 服務合約到期，以及任何能夠預測該領域在 2026 年及以後銷售成長情況的方法。

Thank you.

謝謝。

Yeah, Mike, it's Phil again. I'll take this one again, we'll cover off our 2026 framework at Investry, but as a reminder, everybody, that legacy contract rolls off, has rolled off effectively here in the second half of 2025, so. The full lapping of that will happen in the second half of next year.

是的，麥克，我是菲爾。我再說一遍，我們將介紹 Investry 的 2026 年框架，但提醒各位，那份遺留合約實際上已於 2025 年下半年到期。全部施工工作將於明年下半年進行。

So we'll continue to see some pressure in the first half, not suggesting that space solutions won't return to growth. We do anticipate, we're excited about space solutions, as it also, if we dovetails and leads and feeds our SA lab, opportunities there.

因此，上半年我們仍會看到一些壓力，但這並不意味著太空解決方案不會恢復成長。我們確實對太空解決方案充滿期待，也對此感到興奮，因為如果我們能與我們的SA實驗室相契合、引領和發展，那將會帶來很多機會。

So, really exciting, times for Voyager in the space sector. As for that specific contract, anticipate those segments to be over by the end of the first half of next year.

所以，對於「旅行者號」來說，太空領域迎來了激動人心的時刻。至於那份具體的合同，預計這些部分將在明年上半年末完成。

Yeah, the only other thing I would say, Mike, is we, there are other things we're working on in space solutions that we're very, optimistic, will significantly build that backlog in 2026. So stay tuned on that, but we, we've got, we're competing for some things that are very interesting in that regard.

是的，麥克，我唯一想補充的是，我們在太空解決方案領域還有其他一些工作要做，我們非常樂觀地認為，這些工作將在 2026 年大幅增加我們的訂單。所以請繼續關注，我們在這方面正在競爭一些非常有趣的項目。

So, we still see growth in space solutions. I want to really emphasize that. It's just a matter of timing on when that hits. So I just want to, rest assured that it's still a growth business for us. It's just a matter of getting the timing right in terms of when some of this stuff hits.

因此，我們仍然看到太空解決方案領域的成長。我想特別強調這一點。這只是時機問題。所以我想讓大家放心，對我們來說，這仍然是一項成長型業務。關鍵在於把握好時機，讓這些事情在適當的時間發生。

Great, appreciate all the detail.

太好了，感謝您提供的所有細節。

Thank you. You bet.

謝謝。當然。

Thank you, Mike.

謝謝你，麥克。

Thank you. I will now hand it back to Addi Padva for more questions.

謝謝。現在我將把問題交還給Addi Padva，讓她繼續提問。

Thank you. Before we conclude today's Q&A, we'd like to take a moment to address a few questions that were submitted by members of our retail investor community. First one for you, Dylan, about M&A. How does Exotera acquisition positions Voyager to compete on Golden Dame?

謝謝。在結束今天的問答環節之前，我們想花一點時間來回答一些由我們零售投資者社群成員提出的問題。迪倫，第一個問題是關於併購的。Exotera 的收購將如何讓 Voyager 在 Golden Dame 專案中更具競爭力？

Yeah, so we covered that a little bit with some of the questions asked by the analyst community, but, the short story is the way to think about Golden Dome is layers of a defense shield, if you will, at the outermost we're very relevant to that. That's next generation interceptor. So that's literally hypersonic missile interception for, nuclear tip warheads from adversaries.

是的，我們已經針對分析師社群提出的一些問題稍微談到了這一點，但簡而言之，你可以把金穹頂想像成多層防禦盾牌，而我們與最外層的防禦盾牌密切相關。那是下一代攔截器。所以，這其實就是對敵方攜帶核彈頭的超音速飛彈進行攔截。

But if you think about in-space capability, not only tracking and defending against threats, but also intercepting in space, there are lots of technologies that are relevant there.

但如果你考慮太空能力，不僅是追蹤和防禦威脅，還包括在太空進行攔截，那麼有很多技術都與此相關。

Electric propulsion and specific hall effect thrusters are very relevant there, especially if you can integrate both the propulsion and the power into a single integrated unit, which is what Exoter is known for.

電力推進和特定的霍爾效應推進器在那裡非常適用，特別是如果你能將推進和動力整合到一個整合單元中，而這正是 Exoter 的專長所在。

So, long story short, it it enhances our ability to compete for different architectures and different designs of Golden Dome, and it's just another piece of the puzzle that makes us more relevant to the entire missile defense capability.

簡而言之，它增強了我們在金穹頂不同架構和不同設計方案上的競爭力，而且它只是拼圖中的又一塊，使我們在整個飛彈防禦能力中更具相關性。

The next question about power generation in space is Voyager planning to integrate nuclear power for space-based platforms?

關於太空發電的下一個問題是，旅行者號是否計劃將核動力整合到天基平台中？

Yeah, in fact, we are bullish on nuclear as a technology. Something that we haven't previously talked about is we actually made a, investment in a nuclear power company called Helicity. We did that a couple of years back, and we did that really as a strategic investment to monitor that technology and further enhance, our ability to use that technology in the future.

事實上，我們非常看好核能技術。我們之前沒有談到的一件事是，我們實際上投資了一家名為 Helicity 的核電公司。幾年前我們就這麼做了，這實際上是一項策略性投資，旨在監測這項技術並進一步提高我們未來使用這項技術的能力。

So, short story is, yes, it is part of our long-term roadmap, and it is something that we're actively monitoring. And again, we made that strategic investment in holicity, which is one of the leaders in nuclear propulsion.

簡而言之，是的，這是我們長期發展規劃的一部分，也是我們正在積極關注的事情。我們再次對 Holicity 進行了策略性投資，該公司是核動力推進領域的領導企業之一。

And lastly, on SA lab, what are the key milestones to all, including the lunch date?

最後，關於 SA 實驗室，所有專案的關鍵里程碑是什麼，包括午餐日期？

Yes, so, reinforcing some of what I've said previously, we have critical design review coming up with NASA currently scheduled for December. The RFP for Phase 2 award, is due out late this year or early next year.

是的，正如我之前所說，我們即將與 NASA 進行關鍵的設計評審，目前計劃在 12 月進行。第二階段授予合約的招標書預計將於今年底或明年年初發布。

And then, we anticipate a CLD phase 2 award sometime in early 2026, probably late Q1, early Q2. And then in terms of the launch date, we are currently on time, and on target for a 2029 launch date, which would be well ahead of the ISS decommission date in 2030 and deorbit date in 2031.

然後，我們預計 CLD 2 期臨床試驗將於 2026 年初授予，可能是第一季末或第二季初。至於發射日期，我們目前進展順利，預計在 2029 年發射，這將遠早於國際太空站 2030 年的退役日期和 2031 年的脫離軌道日期。

Thank you, Dylan. This concludes the Q&A and I'll pass it back to you for closing remarks.

謝謝你，迪倫。問答環節到此結束，現在我把時間交還給您，請您作總結發言。

Wonderful. Well, thank you all for joining us today. We really appreciate your interest in Voyager technologies. We're super excited about the significant momentum the company has going into the fourth quarter in 2026, and we're looking forward to speaking with you again next quarter, and we hope to see many of you at the Investor Day in a few weeks in Houston.

精彩的。謝謝各位今天蒞臨。我們非常感謝您對Voyager技術的關注。我們對公司在 2026 年第四季度取得的巨大發展勢頭感到非常興奮，我們期待著下個季度再次與您交流，並希望在幾週後於休斯頓舉行的投資者日上見到你們中的許多人。

So, thank you, everybody.

所以，謝謝大家。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。