Voyager Technologies, Inc. (VOYG) 2025 Q4 法說會逐字稿

Welcome to the Voyager Technologies fourth quarter and full-year 2025 financial results conference call. (Operator Instructions)

歡迎參加 Voyager Technologies 2025 年第四季及全年財務業績電話會議。（操作說明）

I would now like to turn the conference over to your first speaker today, Adi Padva, Senior Vice President, Corporate Development and Investor Relations. Mr. Padva, the floor is yours.

現在，我謹將會議交給今天的第一位發言人，企業發展和投資者關係高級副總裁 Adi Padva。帕德瓦先生，請您發言。

Thank you, and good morning, everyone. I’m joined today by Dylan Taylor, our Chairman and Chief Executive Officer; and Phil De Sousa, our Chief Financial Officer. Today’s call includes forward-looking statements, which involve risks and uncertainties detailed in our earnings materials and SEC filings, including the Risk Factor section of our IPO prospectus.

謝謝大家，大家早安。今天與我一同出席的還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。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收益資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。

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.

我們不承擔更新這些聲明的義務。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 to begin with slide three.

現在我將把電話交給迪倫，從第三張投影片開始。

Thank you, Adi Padva, and good morning, everyone. 2025 was a fantastic year for Voyager, which was founded just six years ago. 2025 was the first year we operated as a public company, moving from building the platform to rapidly scaling it.

謝謝 Adi Padva，大家早安。 2025 年對 Voyager 來說是意義非凡的一年，這家公司成立至今僅六年。 2025 年是我們作為一家上市公司營運的第一年，我們從平台建設階段迅速邁向了平台快速擴張的階段。

We are now well-positioned to accelerate and industrialize our growth in 2026. In fact, based upon a record backlog, we are significantly raising our revenue guidance for the year and will provide more specifics on that raise in a moment.

我們現在已經做好充分準備，在 2026 年加速發展並實現產業化。事實上，由於訂單積壓量創歷史新高，我們大幅提高了今年的營收預期，稍後將提供更多關於此次上調的具體資訊。

For the sixth consecutive year, we delivered growth. Our Defense and National Security segment grew significantly, up 59% year-over-year, driven by execution on Next Generation Interceptor and other classified programs. Our backlog increased 33% year-over-year, entering 2026 with $266 million to support our accelerating growth.

我們連續第六年實現了成長。我們的國防和國家安全部門實現了顯著增長，同比增長 59%，這主要得益於下一代攔截器和其他機密項目的執行。我們的積壓訂單年增 33%，到 2026 年，積壓訂單總額達到 2.66 億美元，以支持我們加速成長。

During 2025, we raised over $1 billion, including and executing on a successful IPO and issuing a follow-on convertible note, all strengthening our liquidity to fund innovation and strategic growth initiatives. We completed and integrated several acquisitions, expanding our capabilities to meet growing customer demand, which we expect to remain strong in today’s geopolitical environment. These expanded capabilities are enabling us to advance several of our key initiatives, including Golden Dome.

2025 年，我們籌集了超過 10 億美元的資金，包括成功完成 IPO 並發行後續可轉換債券，所有這些都增強了我們的流動性，為創新和戰略增長計劃提供資金。我們完成了多項收購並整合了這些收購，擴大了我們的能力以滿足不斷增長的客戶需求，我們預計在當今的地緣政治環境下，這種需求將保持強勁。這些擴展的能力使我們能夠推進幾項關鍵舉措，包括金色穹頂計畫。

We established our orbital data center capabilities, launching the first space-hardened managed cloud infrastructure to the International Space Station. We enhanced our missile defense capabilities with integrated optical technology for Next Generation Interceptor and cutting-edge electric propulsion. We are enhancing space situational awareness with AI-enabled automated target recognition and intelligence analytics for space-based radar systems.

我們建立了軌道資料中心能力，向國際太空站發射了第一個太空加固型託管雲端基礎設施。我們透過整合光學技術和下一代攔截器以及尖端電力推進技術，增強了飛彈防禦能力。我們正在利用人工智慧賦能的自動目標辨識和情報分析技術，增強天基雷達系統的空間態勢感知能力。

Later in my remarks, I will provide more details on Estes Energetics, a significant growth opportunity for the company.

稍後我將詳細介紹 Estes Energetics，這對公司來說是一個重要的成長機會。

Innovation is key to our strategy. Given the large opportunity set in front of us, we increased our innovation spend in 2025, which includes customer and internally funded R&D to over 20% of revenue. Examples of the outcomes of our efforts include successful critical design review of our throttle propulsion for NGI, new products such as AI-enabled edge computing, patented extraterrestrial manufacturing method for high-performance optical communications, and patented dust repellent coating technology that landed on the moon aboard Firefly’s Blue Ghost lander.

創新是我們策略的關鍵。鑑於擺在我們面前的巨大機遇，我們增加了 2025 年的創新支出，其中包括客戶和內部資助的研發支出，使其佔收入的 20% 以上。我們努力的成果包括：成功完成了 NGI 油門推進系統的關鍵設計審查；人工智慧賦能的邊緣運算等新產品；用於高性能光通訊的專利外星製造方法；以及搭載螢火蟲號的藍色幽靈登陸器登陸月球的專利防塵塗層技術。

We expect to accelerate our innovation spend going forward to strengthen our competitive moats and capitalize on our growing addressable markets. We’re also expanding our innovation ecosystem through strategic partnerships.

我們預計未來將加快創新投入，以增​​強我們的競爭優勢，並充分利用我們不斷成長的潛在市場。我們也透過策略合作拓展我們的創新生態系統。

During the year, we formed new partnerships. VISTA or Voyager Institute for Space, Technology and Advancement at The Ohio State University is a first of its kind US campus purpose-built to accelerate the commercial space economy with in-space research, manufacturing, and services by bringing together aerospace, defense, and commercial industries, academia, and government.

年內，我們建立了新的合作關係。VISTA（或稱旅行者空間、技術和進步研究所）是俄亥俄州立大學首個此類校園，旨在透過匯集航空航太、國防和商業產業、學術界和政府的力量，利用太空研究、製造和服務來加速商業太空經濟的發展。

We recently announced partnerships with the University of North Dakota and the University of Connecticut and anticipate expanding this ecosystem to other innovative campuses domestically and internationally.

我們最近宣布與北達科他大學和康乃狄克大學建立合作關係，並期待將這項生態系統擴展到國內外其他創新校園。

In addition to investing in technology and partnerships, we also continue to invest in our people. We added Paul Tillman as Chief Technology Officer, who joined us from Anduril and was previously at DARPA and Microsoft. John Baum as Chief Marketing Officer, a former fighter pilot who joined us after a successful career at the Department of Defense and was co-founder of Draken. Most recently, Shoshana Moody as Chief Administrative Officer with experience scaling emerging businesses such as Instacart and Lyft.

除了投資技術和合作夥伴關係外，我們還將繼續投資我們的員工。我們聘請了 Paul Tillman 擔任首席技術官，他之前在 Anduril 工作，更早之前在 DARPA 和微軟任職。約翰·鮑姆擔任首席行銷官，他曾是一名戰鬥機飛行員，在國防部擁有成功的職業生涯後加入我們，並且是 Draken 的聯合創始人。最近，Shoshana Moody 擔任首席行政官，她擁有拓展 Instacart 和 Lyft 等新興企業的經驗。

Moving on to Starlab, a transformational growth engine for Voyager. We view Starlab as a generational investment opportunity. Built as an infrastructure-like platform with the potential to deliver attractive and enduring returns over multiple decades.

接下來是星際實驗室，它是旅行者號的變革性成長引擎。我們認為 Starlab 是一項具有劃時代意義的投資機會。它被建構成一個類似基礎設施的平台，有潛力在未來幾十年內帶來可觀且持久的回報。

During 2025, Starlab accomplished meaningful milestones, ending the year by completing our commercial critical design review, a major technical milestone with NASA that validates the maturity of the program and clears the path to full-scale construction of the station. To date, we’ve completed 31 program milestones, generating $183 million of cash receipts from NASA, which underscores both performance and disciplined execution. Many investors attended our first Investor Day in Houston in November, where they also toured the full-scale high fidelity Starlab mock-up at NASA’s Johnson Space Center.

2025 年，Starlab 取得了意義重大的里程碑式成就，並在年底完成了商業關鍵設計審查，這是與 NASA 合作取得的一項重大技術里程碑，驗證了該計劃的成熟度，並為太空站的全面建設掃清了障礙。迄今為止，我們已經完成了 31 個專案里程碑，從 NASA 獲得了 1.83 億美元的現金收入，這凸顯了我們的業績和嚴謹的執行力。11 月，許多投資者參加了我們在休士頓舉辦的首屆投資者日活動，他們還參觀了 NASA 約翰遜航太中心的全尺寸高保真星際實驗室模型。

It’s the only commercial space station mock-up in the facility right next to the ISS mock-up, where NASA trains astronauts. During the year, Starlab secured meaningful capital from marquee investors and partners, including Janus Henderson, Sumitomo, Mitsubishi, sovereign fund managers, and Space Applications Services, strengthening Starlab’s balance sheet and reinforcing external confidence in the platform.

它是該設施內唯一的商業太空站模型，緊鄰國際太空站模型，NASA 在那裡訓練太空人。年內，Starlab 從 Janus Henderson、住友、三菱、主權基金經理和 Space Applications Services 等知名投資者和合作夥伴處獲得了可觀的資金，增強了 Starlab 的資產負債表，並鞏固了外部對平台的信心。

Finally, we’re seeing strong customer demand, and I’m excited to share with you that Starlab’s commercial payload capacity is fully reserved, providing early visibility into the future utilization and revenue potential.

最後，我們看到了強勁的客戶需求，我很高興地告訴大家，Starlab 的商業有效載荷能力已全部預訂完畢，這讓我們能夠提前了解未來的利用率和收入潛力。

To summarize, in 2025, we strengthened the foundation of our growth engines in national security and commercial space, leveraging our disruptive and innovative platform and multi-use technology stack. Acquisitions will continue to be an integral part of our growth strategy, and our strong financial position supports that effort. Now I’ll review our most recent acquisition, Estes Energetics, now Voyager Energetics, on slide four.

總而言之，到 2025 年，我們加強了國家安全和商業領域的成長引擎基礎，利用我們顛覆性的創新平台和多用途技術堆疊。收購仍將是我們成長策略的重要組成部分，而我們強大的財務狀況也為這項工作提供了支持。現在我將在第四張幻燈片中回顧我們最近收購的 Estes Energetics，現在的 Voyager Energetics。

Voyager Energetics strengthens a foundational layer of our missile defense and national security platform. Energetics, propulsion, and critical resources are essential to interceptors, solid rocket motors, and propulsion architectures that sit at the heart of modern missile defense and highly applicable to Golden Dome. In an environment where supply chain sovereignty and domestic manufacturing capacity are strategic imperatives, control over these inputs directly impacts program execution, schedule readiness, and mission readiness.

Voyager Energetics 加強了我們飛彈防禦和國家安全平台的基礎層。能量學、推進系統和關鍵資源對於攔截器、固體火箭發動機和推進系統架構至關重要，而這些又是現代飛彈防禦的核心，並且非常適合金色穹頂飛彈防禦系統。在供應鏈主權和國內製造能力是戰略要務的環境下，對這些投入的控制直接影響專案執行、進度準備和任務準備。

Estes converts a historically vulnerable segment of the value chain into a strategic advantage. Specifically, it provides the US with controlled onshore manufacturing and surge capacity aligned with the Department of Defense’s priorities at a time when freedom of maneuver and deterrence are increasingly important. Voyager Energetics also deepens our vertical integration across propulsion and interceptor architectures, increasing the portion of high-value content we control within missile defense systems.

埃斯特斯將價值鏈中歷史上較為脆弱的環節轉化為戰略優勢。具體而言，它為美國提供了可控的本土製造能力和與國防部優先事項一致的緊急產能，而此時行動自由和威懾作用變得越來越重要。Voyager Energetics 也加深了我們在推進和攔截器架構方面的垂直整合，增加了我們在導彈防禦系統中控制的高價值內容的比例。

As programs such as Next Generation Interceptor and other advanced missile defense initiatives transition from development to production, this integration enhances throughput, improves margin durability, and reinforces customer confidence in our ability to deliver it at speed and at scale. This acquisition is a great example of how we intentionally build Voyager, acquiring durable infrastructure-level capabilities that strengthen the industrial base, align tightly with customer priorities, and compound long-term returns for shareholders.

隨著下一代攔截器等項目和其他先進飛彈防禦計畫從研發過渡到生產，這種整合提高了產能，增強了利潤率，並鞏固了客戶對我們快速、大規模交付能力的信心。此次收購很好地體現了我們如何有意識地打造 Voyager，獲取持久的基礎設施級能力，從而加強工業基礎，與客戶的優先事項緊密結合，並為股東帶來長期回報。

Turning to slide 5, I’ll now highlight our priorities for 2026. Our top priority for the year is to accelerate growth. First, as I mentioned previously, we are meaningfully raising our 2026 revenue guidance, initially provided at our Investor Day in November to a range of $225 million-$255 million, representing growth of 35%-53% year-over-year.

接下來請看第 5 張投影片，我將重點介紹我們 2026 年的優先事項。今年我們的首要任務是加速成長。首先，正如我之前提到的，我們將大幅提高 2026 年的收入預期，該預期最初是在 11 月的投資者日上提出的，範圍為 2.25 億美元至 2.55 億美元，同比增長 35% 至 53%。

This acceleration relative to last year and long-term CAGR is driven by demand for our defense and national security technologies. Programs aligned with Golden Dome are expanding in scope and urgency. Signet, now bolstered with new AI capabilities, is also seeing higher customer interest, and importantly, acquisitions are adding to our growth momentum.

與去年相比以及長期複合年增長率的加速是由對我們國防和國家安全技術的需求所驅動的。與金色穹頂計劃一致的項目正在擴大範圍，並變得更加緊迫。Signet 憑藉新的 AI 能力得到了加強，客戶興趣也日益濃厚，更重要的是，收購正在增強我們的成長勢頭。

Our next priority is building a sustainable platform for scaled growth. We recently broke ground on the Voyager American Defense Complex in Colorado, a major expansion advancing the Pentagon’s urgent call for industry to accelerate domestic missile defense and tactical munition supply. The Voyager American Defense Complex will be 150,000 square foot for advanced manufacturing, operations and testing, and designed to support high volume production of military-grade components, propulsion systems, and energetics used to address the increasing demand from the Department of Defense.

我們的下一個重點是建立一個可持續的平台，以實現規模化成長。我們最近在科羅拉多州為「航海家」美國國防綜合體舉行了奠基儀式，這是一項重大擴建工程，旨在響應五角大樓的緊急號召，加快國內飛彈防禦和戰術彈藥供應。Voyager 美國國防綜合設施佔地 15 萬平方英尺，用於先進製造、營運和測試，旨在支援軍用級組件、推進系統和能源的大規模生產，以滿足國防部日益增長的需求。

Next, we are making deliberate investments in technology innovation to meet customer demand. Our increased IRAD spend is focused on strategic campaigns directly aligned to customer priorities such as Golden Dome, mission critical advanced electronics, dynamic space operations such as propulsion and navigation, and also AI and autonomous industrialization to shorten lead times from design to output.

其次，我們正在有意識地投資技術創新，以滿足客戶需求。我們增加的 IRAD 支出主要集中在與客戶優先事項直接相關的策略活動中，例如金色穹​​頂、任務關鍵型先進電子產品、動態空間操作（如推進和導航），以及人工智慧和自主工業化，以縮短從設計到生產的交付週期。

Finally, 2026 will be a pivotal year for Starlab as we transition to full scale procurement and development. We anticipate NASA will soon release the RFP for the second phase of the Commercial LEO Development Program, or CLD, with a decision later in the year. We are highly confident in the modernized, cost-efficient, and commercially scalable solution that Starlab is delivering to NASA and other key stakeholders. The architecture is designed to provide continuous US presence in low-Earth orbit while enabling a broader transition to commercially led operations.

最後，2026 年將是 Starlab 的關鍵一年，因為我們將過渡到全面採購和開發。我們預計 NASA 將很快發布商業低地球軌道發展計畫 (CLD) 第二階段的 RFP，並在今年稍後做出決定。我們對 Starlab 為 NASA 和其他主要利害關係人提供的現代化、經濟高效且具有商業可擴展性的解決方案充滿信心。該架構旨在確保美國在近地軌道上的持續存在，同時實現向商業主導的營運模式的更廣泛過渡。

As the program advances, we are expanding Starlab’s commercial ecosystem, building durable partnerships across mission logistics, life sciences, biopharma, advanced materials, and other high-growth verticals. The approach strengthens demand visibility and reinforces Starlab’s role as an ecosystem, not a single-use platform. The early demand signals as Starlab commercial capacity is fully reserved are reinforcing our confidence.

隨著該計劃的推進，我們正在擴展 Starlab 的商業生態系統，在任務物流、生命科學、生物製藥、先進材料和其他高成長垂直領域建立持久的合作夥伴關係。這種方法增強了需求可見性，並強化了 Starlab 作為生態系統而非一次性平台的角色。Starlab 的商業產能已完全預訂，早期需求訊號增強了我們的信心。

To recap, we closed 2025 very strongly despite a prolonged government shutdown, and our growth is accelerating into 2026, giving us the confidence to raise our full-year revenue guidance. We have tremendous opportunities to capture additional market share, and we’ll continue to fund innovation and IRAD to fully capitalize on these opportunities.

總而言之，儘管政府長期停擺，我們 2025 年的業績依然非常強勁，而且我們的成長勢頭在 2026 年加速，這讓我們有信心提高全年收入預期。我們擁有巨大的機會來獲取更多的市場份額，我們將繼續資助創新和內部研發，以充分利用這些機會。

With that, I’ll turn the call over to Phil to walk through the financials in more detail.

接下來，我會把電話交給菲爾，讓他更詳細地講解一下財務狀況。

Thanks, Dylan. Turning to slide 6, I’ll begin with the fourth quarter results. Net sales increased 24% year over year, driven by strong execution in our defense and national security segment. Growth was driven by continued progress on the Next Generation Interceptor program, classified programs, as well as contributions from newly acquired businesses.

謝謝你，迪倫。接下來請看第 6 張投影片，我將從第四季業績開始。淨銷售額年增 24%，這主要得益於我們在國防和國家安全領域的強勁表現。成長的驅動力來自下一代攔截器計畫的持續進展、機密計畫以及新收購企業的貢獻。

We ended the year with total backlog of $266 million, a 41% sequential increase from last quarter. This step-up reflects new program awards, expanding scope on existing programs, and contributions from acquired businesses, all of which are significantly improving our revenue visibility and accelerating growth in 2026.

我們年底的總積壓訂單為 2.66 億美元，較上一季較上季成長 41%。這一成長反映了新項目獲得的獎勵、現有項目範圍的擴大以及收購企業的貢獻，所有這些都顯著提高了我們的收入可見性，並加速了 2026 年的成長。

Adjusted EBITDA for the fourth quarter was a loss of $21.8 million, compared to a loss of $6.3 million last year. The year-over-year change reflects investments on innovation, talent acquisition, and corporate infrastructure build. These investments are intentional and place the head of growth, establishing the operational foundation to ensure we scale efficiently.

第四季調整後 EBITDA 虧損 2,180 萬美元，而去年同期虧損 630 萬美元。與前一年相比的變化反映了對創新、人才引進和企業基礎設施建設的投資。這些投資是有計劃的，旨在引領成長，建立營運基礎，以確保我們能夠有效率地擴大規模。

On the bottom line, adjusted EPS was a loss of $0.37. This compared to a loss of $2.09 in the prior year, with comparability reflecting a higher share count following our IPO.

最終，調整後的每股虧損為 0.37 美元。相較之下，前一年虧損為 2.09 美元，可比性反映了我們 IPO 後流通股數的增加。

Turning to slide 7, I will discuss segment performance for the fourth quarter. Defense and National Security net sales increased 63% year over year, driven by execution on Next Generation Interceptor classified programs as well as contributions from acquired businesses. Segment adjusted EBITDA was a loss of $4 and a half million. This, reflecting increased R&D and talent investments. Space Solutions net sales declined 29% year-over-year and entirely due to the anticipated conclusion of a multi-year NASA services contract.

接下來請看第 7 張投影片，我將討論第四季的分部業績。國防和國家安全業務淨銷售額年增 63%，這主要得益於下一代攔截器機密項目的執行以及收購業務的貢獻。分部調整後 EBITDA 虧損 450 萬美元。這反映出研發和人才投入的增加。太空解決方案淨銷售額年減 29%，完全是由於美國太空總署多年服務合約的預期結束所致。

Segment adjusted EBITDA improved to $2.3 million compared to $1.2 million in the prior year. Here, our volume decline was more than offset by favorable mix and disciplined cost management. Today, while Starlab does not generate revenue during the quarter, Starlab continued to achieve NASA milestones, generating cash receipts of $10 million. This highlighting the continued execution, progress, and momentum. It is noteworthy that in addition to NASA milestone cash receipts, we are also seeing very strong support of Starlab from high-quality investors as part of Starlab’s Series A capital raise.

分部調整後 EBITDA 從上年的 120 萬美元增加至 230 萬美元。在這裡，銷售量的下降被有利的產品組合和嚴格的成本管理所抵消。雖然 Starlab 在本季沒有產生收入，但 Starlab 繼續實現 NASA 的里程碑，產生了 1000 萬美元的現金收入。這凸顯了持續的執行、進展和動力。值得注意的是，除了 NASA 的里程碑現金收入外，我們還看到 Starlab 在其 A 輪融資中得到了高品質投資者的大力支持。

I’ll turn to slide 8 to recap our full year performance. For the full year, net sales increased 15% year-over-year. A 33% year-over-year increase, excluding the planned wind down of the legacy NASA contract within Space Solutions.

我將翻到第 8 張投影片，回顧我們全年的業績。全年淨銷售額較去年同期成長15%。年成長 33%，不包括計劃逐步終止的太空解決方案公司遺留的 NASA 合約。

The growth here was led by Defense and National Security, expanding 59% year-over-year. Adjusted EBITDA for the full year was a loss of $69.9 million, compared to a loss of $30 million last year. Adjusted EPS was a loss of $2.05, compared to a loss of $5.72 in the prior year.

國防和國家安全領域引領了這一成長，年成長 59%。調整後的全年 EBITDA 虧損 6,990 萬美元，而上年虧損 3,000 萬美元。調整後的每股虧損為 2.05 美元，而上年同期虧損為 5.72 美元。

Turning to slide 9 for a review of our full year segment performance. Defense and National Security net sales increased 59% year over year, while segment adjusted EBITDA was a loss of $4.5 million. Significant growth in Next Generation Interceptor and classified ISR programs were the main growth drivers here. Space Solutions net sales declined 36% year over year. As I mentioned earlier, primarily due to the planned wind down of a legacy NASA services contract.

接下來請看第 9 張投影片，回顧我們全年的業務部門表現。國防和國家安全業務淨銷售額年增 59%，而調整後的 EBITDA 虧損 450 萬美元。下一代攔截器和機密ISR計畫的顯著成長是這裡的主要成長動力。太空解決方案淨銷售額年減 36%。正如我之前提到的，這主要是由於美國宇航局一項遺留服務合約的計劃終止。

Segment adjusted EBITDA was a slight loss of $0.8 million. Starlab achieved 11 milestones during 2025, and we’ve achieved 31 milestones programmed to date, with milestone-based cash receipts since inception of $183 million. As a reminder, this is part of our $218 million NASA Commercial LEO Development Phase 1 award to support program development and execution in replacing the International Space Station.

分部調整後 EBITDA 略為虧損 0.8 百萬美元。Starlab 在 2025 年實現了 11 個里程碑，迄今為止，我們已經實現了 31 個已規劃的里程碑，自專案啟動以來，基於里程碑的現金收入已達 1.83 億美元。再次提醒大家，這是我們向 NASA 提供的 2.18 億美元商業近地軌道開發第一階段撥款的一部分，旨在支持國際太空站替代計畫的開發和執行。

Wrapping up here, we’re encouraged by the momentum across our businesses, and we are increasingly confident in our ability to execute on our backlog, scale our business, 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，並且越來越有信心能夠完成積壓訂單，擴大業務規模，並透過穩健的成長和策略性投資創造長期價值。

Let’s turn to slide 10 and cover our financial position. As we execute our growth strategy, we continue to operate from a position of financial strength and flexibility. We ended the year with $491 million in cash and access to $213 million in credit facilities. All this resulting in total liquidity of well over $700 million. Our liquidity supports a disciplined, growth-oriented capital allocation strategy.

讓我們翻到第 10 張投影片，看看我們的財務狀況。在執行成長策略的過程中，我們將繼續保持雄厚的財務實力和靈活的營運模式。年底時，我們擁有 4.91 億美元的現金，並可獲得 2.13 億美元的信貸額度。這一切最終帶來了超過7億美元的總流動資金。我們的流動性支持穩健的、以成長為導向的資本配置策略。

We continue to execute our targeted priorities with four acquisitions, particularly opportunities that enhance our vertical integration or add differentiated capabilities, all the while also funding organic investments to develop new technologies and to further scale our existing platform.

我們繼續推動既定的優先事項，完成了四項收購，特別是那些能夠增強我們垂直整合或增加差異化能力的機會，同時我們也為有機投資提供資金，以開發新技術並進一步擴大我們現有的平台。

Turning to slide 11. We are raising our 2026 net sales guidance to a range of $225 million-$255 million. All this representing 35%-53% year-over-year growth and a clear acceleration from 2025. This growth is driven by demand in defense and national security, including Golden Dome aligned programs, as well as contributions from other areas. With the wind down of the NASA services contract behind us, we expect to see space solutions once again return to growth in 2026.

翻到第11張幻燈片。我們將 2026 年淨銷售額預期上調至 2.25 億美元至 2.55 億美元之間。所有這些都代表著 35%-53% 的年增長率，並且從 2025 年開始將大幅加速成長。這一增長是由國防和國家安全領域的需求（包括與「黃金穹頂」相關的項目）以及其他領域的貢獻所推動的。隨著 NASA 服務合約的逐步結束，我們預計太空解決方案將在 2026 年再次恢復成長。

In 2026, we are making investments directly linked to opportunities we are seeing across our markets. Investment and incremental growth are clearly connected. We are investing because demand is expanding and customers are pulling us into larger, multi-year mission critical programs. Gross margin for the year is expected to be in the mid-teens, reflecting targeted investments in manufacturing capacity ahead of growth acceleration.

2026年，我們將根據我們在各個市場看到的機會進行直接投資。投資與漸進式成長顯然是相互關聯的。我們之所以進行投資，是因為需求不斷成長，客戶正將我們拉入規模更大、為期多年的關鍵任務項目。預計全年毛利率將達到15%左右，這反映出在成長加速之前，公司對生產能力進行了有針對性的投資。

Notably, internally funded research and development will increase to approximately 20% of net sales, advancing mission critical capabilities aligned with customer priorities, including national defense initiatives such as the Golden Dome, all the while continuing to also innovate across our existing platforms. We expect modest SG&A leverage as revenue growth begins to absorb public company costs.

值得注意的是，內部資助的研發投入將增加到淨銷售額的約 20%，從而推進與客戶優先事項相符的關鍵任務能力，包括「金頂」等國防計劃，同時繼續在我們現有的平台上進行創新。我們預期隨著營收成長開始抵銷上市公司的成本，銷售、管理及行政費用槓桿率將保持適度。

In addition to innovation investments, capital expenditures excluding Starlab are expected to be approximately $60 million-$70 million. Here we are focused on scaling domestic energetics and munitions production, advanced electronics and propulsion capacity, as well as product line enhancements. Importantly, these investments are tied to programs where we have line of sight to growing demand. Starlab enters its full system development phase in 2026 and is expected to ramp investment levels executing to plan.

除了創新投資外，不包括 Starlab 的資本支出預計約為 6,000 萬至 7,000 萬美元。我們在此重點關注擴大國內能源和彈藥生產規模、先進電子產品和推進能力，以及產品線改進。重要的是，這些投資都與那些我們能夠預見需求不斷增長的項目掛鉤。Starlab 將於 2026 年進入全面系統開發階段，預計將按計畫逐步提高投資水準。

Starlab investments, including operating expenses, procurement, and capital expenditures, will continue to be supported by diversified funding sources, including NASA’s CLD program, other government entities, domestic and international, as well as capital markets. 2026 is a pivotal year towards delivering on our long-term financial framework.

星際實驗室的投資，包括營運費用、採購和資本支出，將繼續得到多元化資金來源的支持，包括NASA的CLD計畫、其他政府機構、國內外機構以及資本市場。 2026年是實現我們長期財務架構的關鍵一年。

To emphasize, we continue to target a 25% organic growth CAGR. Gross margins in the range of 30%-35%, resulting in mid-teen adjusted EBITDA margin, excluding Starlab, and low-teen free cash flow margin, again excluding Starlab. Starlab, once in orbit, is expected to generate $4 billion of annual revenues and $1.5 billion of annual free cash flow, providing a significant value creation opportunity for shareholders.

再次強調，我們仍將以25%的有機成長複合年增長率為目標。毛利率在 30%-35% 之間，調整後 EBITDA 利潤率（不包括 Starlab）為 15% 左右，自由現金流利潤率（同樣不包括 Starlab）為 10% 左右。Starlab一旦進入軌道，預計每年將產生40億美元的收入和15億美元的自由現金流，為股東創造巨大的價值機會。

In summary, we continue to invest in growth to support accelerating demand for our mission critical capabilities with a clear line of sight to scale, operating leverage and cash generation as execution builds. This framework balances our near term execution with durable long term value. With that, I’ll turn it back over to Dylan.

總而言之，我們將繼續投資成長，以支持對我們關鍵任務能力的加速需求，並隨著執行力的提升，清楚地看到規模化、營運槓桿和現金流的增加。這一框架兼顧了近期業績和長期價值。好了，現在我把麥克風交還給迪倫。

Thank you, Phil. To wrap up on slide 12. 2025 was a year marked by transformational execution for Voyager, backed by customer momentum and supported by a platform purpose-built for mission urgency and scale. We strengthened our foundation by entering the public markets, delivered strong growth, completed strategic acquisitions that deepened vertical integration, and advanced Starlab through major milestones. Each step expanded capability and reduced risk.

謝謝你，菲爾。最後總結第 12 張投影片。 2025 年是 Voyager 實現轉型執行的一年，這得益於客戶的積極性，以及專為滿足任務緊迫性和規模需求而打造的平台的支援。我們透過進入公開市場鞏固了自身基礎，實現了強勁成長，完成了策略性收購，深化了垂直整合，並推動 Starlab 實現了重大里程碑。每一步都增強了能力並降低了風險。

The opportunities ahead across missile defense, national security, and commercial space are funded, measurable, and accelerating, and we are well positioned to convert that demand into sustained growth and long-term shareholder value. I am confident in our team, our strategy, and the strength of our technology stack as we execute in 2026 and beyond.

飛彈防禦、國家安全和商業航太領域的未來機會已獲得資金支持，且可衡量、正在加速發展，我們已做好充分準備，將這些需求轉化為持續成長和長期股東價值。我對我們的團隊、我們的策略以及我們強大的技術實力充滿信心，相信我們能夠在 2026 年及以後取得成功。

Operator, we’re now ready to take questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Ron Epstein, Bank of America.

（操作說明）羅恩愛潑斯坦，美國銀行。

Yeah. Hey, good morning, and thanks for all the detail on the call. Dylan, I was wondering if you could just maybe go into just some more detail on what really prompted the revenue guide and what you’re feeling really comfortable about to do that.

是的。嘿，早上好，感謝你在通話中提供的所有細節。迪倫，我想請你詳細說說是什麼促使你撰寫這份收入指南，以及為什麼你覺得這樣做很放心。

Yeah. Well, I appreciate it, Ron. Good to hear from you. A couple points I would make. First of all, it’s a terrific environment for our products and services in general. Certainly, defense spending, as we know, is on the increase, but probably more importantly than that, structurally, the way the Department of Defense is procuring products and services is evolving, and it’s really playing to our strengths.

是的。謝謝，羅恩。很高興收到你的來信。我有幾點想提。首先，這裡總體上為我們的產品和服務提供了一個絕佳的環境。當然，眾所周知，國防開支正在增加，但可能更重要的是，從結構上看，國防部採購產品和服務的方式正在發生變化，這真正發揮了我們的優勢。

It’s really leaning into the innovation side of things. Everything is being challenged in terms of legacy programs versus new advanced technologies. That’s playing directly into our strengths. Great environment, record pipeline, record backlog. Then if I dive deeper into the demand signals, it’s really across the board. It’s everything from our advanced electronics capability, which is really seminal to a lot of these programs.

它確實非常注重創新方面。傳統程序與新興先進技術之間的衝突正挑戰一切。這正好發揮了我們的優勢。絕佳的工作環境，創紀錄的產能，創紀錄的積壓訂單。如果我深入分析需求訊號，就會發現這種情況是普遍存在的。它涵蓋了我們先進的電子技術能力，這對許多專案來說都至關重要。

We’re seeing the demand signal very, very strong in propulsion, on multiple programs factoring into Golden Dome. The energetics business that we just acquired, we’re seeing huge demand signals on that as well as the Department of Defense looks to replenish their stockpiles. I would say also on communications, sensing, and data processing, huge demand signals on that as well. It’s really across the board, and that’s why we have the conviction based upon the record pipeline, based upon the record backlog to raise revenue guidance into end of the year.

我們看到推進系統的需求訊號非常非常強勁，多個專案都考慮到了金色穹頂計畫。我們剛收購的能源業務，以及國防部尋求補充庫存，都顯示出巨大的需求訊號。我認為在通訊、感測和數據處理方面，也存在著巨大的需求訊號。情況確實全面如此，正因如此，基於創紀錄的項目儲備和創紀錄的積壓訂單，我們有信心提高年底的收入預期。

Maybe just kind of as a follow-up to that on Starlab. With a NASA administrator set and things seeming more stable at the top of NASA, when would you expect a downselect decision on Starlab?

或許可以把它看作是對 Starlab 的後續報導。NASA 局長人選已定，NASA 高層似乎也更加穩定，那麼你預計何時會就 Starlab 計畫做出最終決定？

Yeah. Definitely this year, Ron. We still anticipate a downselect this year. To be more precise, it’s difficult to say. We would anticipate the RFP is going to come out in the next 60 days or so, and basing that on language that was in the NASA Authorization Act, which has passed committee. If you figure roughly, I don’t know, 4-5 months for selection once that RFP is out, then that would be sort of late summer, early fall. I would definitely anticipate selection within calendar year 2026.

是的。今年肯定沒問題，羅恩。我們仍預計今年會進行小幅篩選。更準確地說，很難說。我們預計 RFP 將在未來 60 天左右發布，這項預測是基於 NASA 授權法案中的措辭，該法案已獲得委員會通過。如果粗略估計，從 RFP 發佈到遴選需要 4-5 個月的時間，那麼那大概就是夏末初秋了。我預計會在2026年內選出結果。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Thanks. Maybe still, you gave us a number of the moving pieces on the EBITDA walk. Could you maybe flesh that out if you want to get to sort of a range? Relating to the higher CapEx, we’ve seen a lot of the missile providers find a way to get what are effectively advances, but basically higher milestone payments coincident with the CapEx expenditures to lessen the load on free cash flow. Could you touch on that as well?

謝謝。或許，您還是向我們介紹了 EBITDA 計算過程中的一些關鍵因素。如果你想大致估算一下範圍，能否再詳細說細節？關於更高的資本支出，我們看到許多飛彈供應商找到了一種方法，實際上是透過提高里程碑付款的方式，與資本支出同時進行，以減輕自由現金流的壓力。您能否也談談這方面？

Miles, I’ll take that first one. Just ask you to repeat the second question for me. From an EBITDA perspective, you’re 100% right. We are guiding to an EBITDA loss in 2026. It shouldn’t come as a surprise. We continue to see tremendous opportunity to grow our business, invest in our business.

麥爾斯，我選第一個。請你再說一次第二個問題。從 EBITDA 的角度來看，你的說法完全正確。我們預計2026年將出現EBITDA虧損。這不足為奇。我們持續看到發展業務、投資業務的巨大機會。

As part of that, we’re accelerating a significant amount of our own internally funded research and development. We know that there’s a strong signal for demand for our product, for innovative solutions that we already have and are contracted, and the next generation of those. We’re going to continue to invest in growing our business. We see as strong a signal as Dylan mentioned earlier from the marketplace that that’s going to continue. It’s not just a short-term duration.

作為其中的一部分，我們正在加速推進大量由我們內部資助的研究和開發工作。我們知道，市場對我們的產品、我們已經擁有和已簽約的創新解決方案以及下一代解決方案有著強烈的需求訊號。我們將繼續投資以發展我們的業務。正如迪倫之前提到的那樣，我們從市場中看到了強烈的信號，表明這種情況將會持續下去。這並非短期現象。

We’re going to continue to invest in our business here in 2026. Important too is as we start to scale and grow through the back half of this year, we anticipate to still, if you would achieve our longer term aspirations of being EBITDA positive, exiting 2027, be free cash flow positive in 2028. That’s, I think, a really important element to make sure that investors and analysts alike understand.

2026年，我們將繼續投資於我們在這裡的業務。重要的是，隨著我們在今年下半年開始擴大規模和發展，我們預計，如果我們能夠實現到 2027 年底 EBITDA 為正的長期目標，到 2028 年仍將實現自由現金流為正。我認為，這一點非常重要，必須確保投資人和分析師都能理解。

We are committed. In fact, if anything, we’re enthused with the increasing demand for our product and see opportunity to actually potentially achieve some of those targets earlier than we had previously anticipated, despite our investment here in 2026.

我們承諾會做到。事實上，我們對產品需求的不斷增長感到振奮，並看到了實現部分目標的可能，儘管我們在 2026 年才進行投資，但我們仍有望比之前預期的更早實現其中一些目標。

Sorry. It’s Dylan. I think just to touch on your second part of your question, if I understood it correctly, we’re seeing tremendous demand on the propulsion missile defense side, across multiple programs. I think part of what I would want to communicate on that is in addition to Next Generation Interceptor, our technology is quite relevant to other programs. Whether it’s THAAD or PAC-3 or some of these others. Two things are happening.

對不起。是迪倫。我想就你問題的第二部分談談我的看法，如果我理解正確的話，我們看到多個項目對推進導彈防禦方面的需求非常巨大。我想傳達的部分訊息是，除了下一代攔截器之外，我們的技術與其他項目也密切相關。無論是薩德系統、PAC-3系統或是其他一些系統。兩件事正在發生。

One is our technology continues to be relevant to being spec’d in on those programs. Then the second part is the demand for those, let’s say the quantities under those programs are increasing, given the geopolitical circumstances in the world.

其一是我們的技術仍然與這些項目密切相關，並被指定用於特定用途。其次，考慮到世界地緣政治情勢，這些項目下的需求量正在增加。

Touching on another part of your question, which is there non-dilutive funding and or milestone payments available for these programs? The answer to that is yes. We’re absolutely driving that and expect some additional detail and announcements on that as we roll forward into 2026.

關於您問題的另一部分，這些項目是否有非稀釋性融資或里程碑付款？答案是肯定的。我們絕對會推進這項工作，並預計在進入 2026 年之際，會公佈更多細節和相關公告。

Right now we’re not communicating any of that quite yet. We’re not in a position to do so, but you’re absolutely right. There is a lot of non-dilutive funding available to accelerate not only these programs, but the quantities on these programs. We’re very optimistic that that’s going to be very beneficial as we look to scale our propulsion technology as well.

目前我們還不打算透露任何相關資訊。我們現在沒有這樣的條件，但您說得完全正確。有許多非稀釋性資金可用於加速這些項目，並擴大這些項目的規模。我們非常樂觀地認為，隨著我們推進技術的規模化發展，這將非常有益。

Yep. Yeah, that was the question, Dylan. Thank you. Just one follow-up, if I could. The Starlab percentage ownership at this point by Voyager following the fundraising, where does that sit today?

是的。對，迪倫，那正是問題所在。謝謝。如果可以的話，我還有一個後續問題。在完成融資後，Voyager 目前擁有 Starlab 的股份比例是多少？

I believe we can get you an exact number, Myles, but I believe we’re sitting at.

邁爾斯，我相信我們可以給你一個確切的數字，但我認為我們目前的情況是…

About 60%.

約60%。

Yeah, it’s right just up north of 60%. I think it’s 61% last time I checked, but we can get you a precise number.

是的，就在 60% 的上方一點。我上次查的時候好像是 61%，但我們可以給你一個更精確的數字。

Seth Seifman, JP Morgan.

Seth Seifman，摩根大通。

Good morning. This is [Rocco] in for Seth.

早安.羅科代替塞思上場。

Good morning, Rocco.

早上好，羅科。

How should we think about growth in defense and national security next year? Should NGI remain the main growth driver, or are there other growth drivers that should be called out?

明年我們該如何看待國防和國家安全領域的成長？NGI應該繼續作為主要成長動力，還是應該專注於其他成長動力？

In 2026?

2026年？

Yeah, in 2026.

是的，2026年。

Yeah. No, it’s really across the board. NGI for sure on the propulsion side of things, that’s a big part of it. I wish I could give you more specificity on the Golden Dome in general, but there are a lot of programs associated with Golden Dome that are being specced in currently. Those announcements, award announcements haven’t been made public yet.

是的。不，這真的是普遍現象。NGI在推進方面肯定發揮了重要作用，這是其中很重要的一部分。我希望我能更具體地向您介紹金頂項目，但目前有許多與金頂項目相關的計劃正在製定中。這些公告，也就是得獎公告，尚未公開。

Rest assured our technology is quite relevant to those various programs, so stay tuned on that. As I mentioned earlier, in addition to the propulsion technology, we’re seeing huge demand signal on the advanced electronics part of our business, which is really foundational to a lot of defense programs in general. The energetic side, as I mentioned, advanced communications and sensing.

請放心，我們的技術與這些不同的項目非常相關，請留意。正如我之前提到的，除了推進技術之外，我們還看到市場對我們業務中的先進電子部分有巨大的需求訊號，這對於許多國防項目來說都是基礎性的。正如我之前提到的，能量方麵包括先進的通訊和感測技術。

A lot of our SIGINT data processing, this sits mostly in the intelligence community and classified programs. We’re seeing strong demand signals there as well. Yeah, it’s really across the board with an emphasis, I would say, on propulsion. Phil, would you add anything to that?

我們大量的信號情報資料處理工作主要集中在情報界和機密項目。我們也看到了那裡的強勁需求訊號。是的，這確實是一個全面性的問題，我認為重點在於推進系統。菲爾，你還有什麼要補充的嗎？

Yeah, I’d certainly. Well, one, I’d wanna remind everybody how diversified our defense national security portfolio is today, especially with the strategic acquisitions of ExoTerra and Estes in the back half of last year. To kind of reframe, certainly this past fourth quarter, NGI was a significant driver of our growth. NGI actually grew over 100% year over year in Q4. NGI was up about 100% year-over-year in the calendar year 2025.

是的，我當然會。首先，我想提醒大家，我們如今的國防國家安全組合是多麼多元化，尤其是在去年下半年對 ExoTerra 和 Estes 進行戰略收購之後。換句話說，在過去的第四季度，NGI 是我們成長的重要驅動力。NGI第四季年增超過100%。2025 年，NGI 年成長約 100%。

As we enter 2026, bear in mind about $200 million of our backlog sits within defense and national security, and only about 25% of that is actually tied to NGI, which is fantastic. Program is the base, and we look forward to the scaling of that program as we move from design phase here in 2026 into low rate production and high rate production in 2027, 2028 respectively.

進入 2026 年，請記住，我們積壓的訂單中約有 2 億美元屬於國防和國家安全領域，而其中只有約 25% 與 NGI 有關，這真是太棒了。該項目是基礎，我們期待該項目能夠逐步擴大規模，從 2026 年的設計階段過渡到 2027 年的低速生產，再到 2028 年的高速生產。

Just as a key reminder to investors, we are far more diversified than just Next Generation Interceptor, as important a program as it is to us.

再次提醒投資者，我們的業務多元化程度遠不止下一代攔截器項目，儘管該項目對我們來說非常重要。

This final point I would make is, again, record backlog. That record backlog is based upon record pipeline. We really like the visibility we’re seeing and the demand drivers we’re seeing. You know, as a management team, the way we think about value creation is build pipeline. That’s why we’re super excited about the record pipeline.

最後我想再次強調的是，唱片積壓問題。這張唱片積壓量是基於唱片管道計算的。我們非常滿意目前所看到的市場前景和需求驅動因素。你知道，作為管理團隊，我們思考價值創造的方式是建立管道。這就是為什麼我們對唱片發行計劃感到無比興奮的原因。

Make sure that we turn that into backlog and of course, with record backlog, which then of course transfers into revenue, EBITDA, and then cash flow. The funnel, Rocco, is just tremendous, and we’re super bullish about the demand signals that we’re seeing.

確保我們把這些轉化為積壓訂單，當然，還要有創紀錄的積壓訂單，這自然會轉化為收入、EBITDA，然後是現金流。Rocco，這個漏斗模型太棒了，我們對目前看到的需求訊號非常樂觀。

Right. Digging into that funded backlog in defense and national security, I mean, it’s over doubled quarter-over-quarter. Should we think about the kind of unannounced Golden Dome awards as being the primary driver thereof the growth, or is there another kind of program to call out?

正確的。深入調查國防和國家安全領域的資金積壓問題，我的意思是，它比上一季翻了一番還多。我們是否應該將這種未公開宣布的「金頂獎」視為其成長的主要驅動力，還是應該提及其他類型的項目？

Yeah. It’s not included. Think of this as things that have been announced and things that haven’t been announced or not yet in those numbers.

是的。不包含在內。你可以把這理解為已經公佈的事情和尚未公佈或尚未以這些數字表示的事情。

Go back to the initial question from Ron asking us about the confidence in our visibility, as you said, in our revenue guide for 2026. Obviously it starts with that record backlog position. It’s also, if you would, and I don’t mean to sound overly enthusiastic. I’m supposed to be the CFO and more of the realist here, but in the room.

回到 Ron 最初提出的問題，即我們對 2026 年收入預測的信心，正如你所說。顯然，這一切都始於創紀錄的積壓訂單量。如果你願意的話，我也是，我並不是想顯得過於熱情。我本應是財務官，也是這裡比較務實的人，但在房間裡。

We are tremendously excited by the pipeline and how that’s going to crystallize for us over the course of not just first half of this year, but even as we extend out to the back half of the year. We know this administration’s going to be heavy into upping the defense budget, the defense allocations, if you would.

我們對目前的進展感到非常興奮，不僅對今年上半年，而且對下半年的發展前景都充滿期待。我們知道本屆政府將會大力增加國防預算，也就是國防撥款。

Clearly a lot of the onshoring demand that we’re excited about is not reflected in this backlog. It’s all in front of us in terms of order opportunity for us into our 2026. We have to get through 2026 to first, but as we look out to 2027, it will make for yet another acceleration in growth profile for Voyager.

顯然，我們非常期待的許多本土化需求並沒有反映在這份積壓訂單中。到 2026 年，訂單機會對我們來說都擺在我們面前。我們首先要熬過 2026 年，但展望 2027 年，Voyager 的成長動能將進一步加速。

Justin Lang, Morgan Stanley.

賈斯汀朗，摩根士丹利。

Appreciate all the detail at the top on Estes. I was hoping you could provide a little more color on how that business factors into your 2026 outlook and how you think about synergy capture from here. We’ve heard a lot about fragility within the missile propulsion supply base. Just curious if you could size maybe the magnitude of investment required to build out capacity in that business. I have a follow-up. Thanks.

非常感謝 Estes 頂部的所有細節。我希望您能更詳細地說明這項業務在您 2026 年的展望中扮演的角色，以及您如何看待從現在開始的協同效應。我們已經聽到了很多關於飛彈推進系統供應鏈脆弱性的說法。我只是好奇您能否估算一下，在該業務領域擴大產能需要多少投資？我還有一個後續問題。謝謝。

Yeah. I’ll take a stab at that, and I’ll pass it over to Phil, especially to talk about the cost portion. Yeah, the energetics portion of our business is going to be increasingly strategic and critical. If you look at the value chain for propulsion in missile defense in general, but also factoring into things like munitions, which is another key focus of the administration. Within that value chain, energetics is one of the key components, not only from a value capture standpoint, but also as a critical supply chain input.

是的。我先試著回答一下，然後把這個問題交給菲爾，特別是關於成本部分的問題。是的，我們業務中的能源部分將變得越來越具有戰略意義和關鍵性。如果你看一下飛彈防禦推進系統的價值鏈，以及彈藥等其他因素（這也是本屆政府的另一個重點關注領域），你會發現這一點。在這個價值鏈中，能源是關鍵組成部分之一，不僅從價值獲取的角度來看如此，而且作為重要的供應鏈投入也是如此。

It’s at the confluence of not only the fact that this is essential to make these systems work, but it’s also at the confluence of the administration’s priority for critical chemicals, which is the same strategic orientation that they had toward critical minerals like antimony and things like that. That’s a key focus. It also is at the confluence of onshoring, because a lot of these energetics are currently not made in the US.

這不僅是因為這對這些系統運作至關重要，而且還因為政府將重點放在關鍵化學品上，這與他們對銻等關鍵礦物的戰略方向相同。這是重點。這也與本土化生產密切相關，因為目前許多這類能源產品都不是美國生產的。

There’s a few factors here. One is we can control more of the production inputs, which gives us more control over the supply chain, which ultimately gives us speed to market, which is what the customer’s asking for. Furthermore, it allows us to build out this Voyager ADC, the American Defense Complex, which is relevant to all of our propulsion technologies.

這裡有幾個因素。一方面，我們可以控制更多的生產投入，以便更好地控制供應鏈，最終實現快速上市，而這正是客戶所要求的。此外，它還使我們能夠建造這個旅行者ADC（美國國防綜合體），它與我們所有的推進技術都息息相關。

There’s actually some CapEx offset with this, Estes Energetics acquisition we made, where we’re able to use some of their facilities to offset some CapEx that we had anticipated with our TDACS technology. We’re super excited about that. Then the other thing, which isn’t in our numbers, but we’re still, I think, very optimistic about, is all of this is eligible for non-dilutive funding from the government under this critical chemicals framework and onshoring framework. I think that’s another opportunity for value capture and CapEx offset.

實際上，我們透過收購 Estes Energetics 實現了部分資本支出抵消，因為我們可以利用他們的一些設施來抵消我們預期在 TDACS 技術方面產生的一些資本支出。我們對此感到非常興奮。還有一件事，雖然我們的數據中沒有包含，但我們仍然非常樂觀地認為，所有這些都有資格根據關鍵化學品框架和本土化框架獲得政府的非稀釋性資金。我認為這是獲取價值和抵銷資本支出的另一個機會。

When you think about this, Voyager American Defense Complex and what it’s supporting, it’s not only supporting the energetics business, which is a critical input, it’s setting us up for scaled production for our entire propulsion technology suite.

當你思考這一點時，你會發現 Voyager 美國國防綜合體及其所支持的業務，不僅支持了能源業務（這是一項關鍵投入），而且還為我們整個推進技術套件的規模化生產奠定了基礎。

Think of this as a foundational investment that’s going to lead to huge, scaling and upside on the revenue side for propulsion more generally. We’re super excited about that. I think it’s going to be ultimately a critical competitive advantage in moats that we’re going to have that other providers are not going to have. Again, I think it’s completely aligned with the administrator’s administration’s goals, stated goals, for these critical inputs as well.

把這看作是一項基礎性投資，它將帶來巨大的規模增長，並在更廣泛的層面上推動收入成長。我們對此感到非常興奮。我認為這最終將成為我們擁有而其他供應商所不具備的關鍵競爭優勢——護城河。再次強調，我認為這與管理者的行政目標、既定目標完全一致，這些關鍵投入也是如此。

With that, I’ll pass it over to Phil.

好了，接下來就交給菲爾了。

Yeah. Good. Again, thanks for the question. One thing I think I’d really start by highlighting is, as we acquire these businesses, the first thing that Voyager looks to do is integrate the businesses into our portfolio. Don’t think of these as a standalone operation kind of going forward. We will quickly integrate them.

是的。好的。再次感謝你的提問。我想首先強調的一點是，當我們收購這些企業時，Voyager 首先要做的是將這些企業整合到我們的投資組合中。不要把這些看作是未來各自獨立的行動。我們將盡快整合它們。

As Phil mentioned, it’s not just Estes, it’s ExoTerra, it’s our former predecessor, Vallitech business. It’s all really part of our strategic defense portfolio. Estes, along with ExoTerra, this does nothing but strengthen our vertical integration around propulsion. It’s tied to multiple growth drivers, including Golden Dome. Estes alone, from an energetics perspective, adds over $1 billion of opportunity to our pipeline.

正如菲爾所提到的，這不僅僅是埃斯特斯，而是ExoTerra，是我們以前的前身Vallitech公司。這其實都是我們戰略防禦組合的一部分。Estes 與 ExoTerra 的合作，只會進一步加強我們在推進系統領域的垂直整合。它與多個成長驅動因素相關，包括金頂。從能源角度來看，光是 Estes 就為我們的專案儲備增加了超過 10 億美元的機會。

Again, back to the backlog, $266 million entering the year, very little of that tied to energetics. The opportunity is all in front of us. We know the opportunity is real. The US government continues to call for it. When we highlight $60-$70 million of CapEx in 2026, of course, that’s all excluding Starlab. A significant portion of that is going to be tied to the Voyager American Defense Complex. Again, it’s not only specifically Estes or energetics related, it’s also tied to propulsion, the broader propulsion portfolio and supporting our grander fluid Golden Dome driver, or growth drivers, I should say, and initiatives.

再說回積壓訂單，年初至今積壓了 2.66 億美元，其中與能源相關的訂單很少。機會就在我們面前。我們知道機會是真實存在的。美國政府持續呼籲這樣做。當然，當我們提到 2026 年 6,000 萬至 7,000 萬美元的資本支出時，這還不包括 Starlab 專案。其中很大一部分將與「旅行者」美國國防綜合體有關。再次強調，這不僅與埃斯特斯或能源有關，還與推進、更廣泛的推進組合以及支持我們更宏大的流體金穹驅動因素（或應該說是成長驅動因素）和舉措有關。

Got it. That’s great color. Sort of relatedly, just on Golden Dome specifically, as that opportunity set takes shape, just curious from the signal you’re getting from the customer, if they’re really stressing that industry sort of invest up front here and you’re seeing maybe a pay-to-play type dynamic emerge. Any color there would be helpful.

知道了。這顏色真好看。稍微相關一點，就 Golden Dome 而言，隨著機會的形成，我很好奇從客戶那裡得到的信號來看，他們是否真的強調該行業需要預先投資，而你是否看到一種付費才能參與的動態正在出現。任何顏色都會有所幫助。

Yeah. Well, again, record pipeline, about $1.6 billion of our record pipeline is associated with Golden Dome opportunities. We’re super bullish on the opportunity that we see. In terms of the procurement strategy, which is really, I think, embedded in your question, we are seeing the customer, the Department of Defense, looking for new ways to incentivize commercial providers to not only spec the technology they need, but to move faster, to develop these systems.

是的。再次強調，我們創紀錄的儲備項目價值約 16 億美元，其中約 16 億美元與 Golden Dome 項目機會相關。我們非常看好我們看到的機會。就採購策略而言（我認為這實際上蘊含在你的問題中），我們看到客戶——國防部——正在尋找新的方法來激勵商業供應商，不僅要規範他們需要的技術，還要加快開發這些系統的速度。

Of course, that need is urgent. I think that plays to our strengths, right? Because we’re more maneuverable, more entrepreneurial, more flexible, more adaptable than certainly a lot of the legacy players in this space are. We actually welcome this, I would say, creative procurement approach that the customer is asking for. Ultimately keep in mind the technologies that we’re putting into play into Golden Dome have already passed things like critical design review on Next Generation Interceptor, right? This is already proven technology.

當然，這種需求非常迫切。我認為這正符合我們的優勢，對吧？因為我們比這個領域的許多傳統企業更具靈活性、更具創業精神、更靈活、更具適應性。我們非常歡迎客戶提出的這種富有創意的採購方式。最後要記住，我們在金色穹頂計畫中應用的技術已經通過了諸如下一代攔截器的關鍵設計評審等，對吧？這項技術已經過驗證。

Even if it’s a milestone-based contract, we have a lot of confidence that the tech is already going to work, as opposed to, let’s say, developing systems that might have unproven technology being specced in. We could be more specific on the Golden Dome, but you know, currently we’re not able to talk specifically about the specifics of those contracts. I would say generally speaking, the customer is looking for new and innovative ways to procure that are disrupting the status quo approach.

即使這是一份基於里程碑的合同，我們也對這項技術充滿信心，相信它已經能夠發揮作用，而不是像某些公司那樣，開發可能採用未經證實的技術的系統。關於金頂大廈，我們可以說得更具體一些，但是你知道，目前我們還不能具體談論這些合約的細節。總的來說，我認為客戶正在尋找能夠打破現狀的創新採購方式。

I think, Dylan, if I could just double down to emphasize. Think of not just the CapEx, but the innovation investment that we have planned for here in 2026. It’s extremely deliberate, and it’s a deliberate investment ahead of growth, not ahead of opportunity. If we didn’t have line of sight to orders in our pipeline, line of sight to larger programs that are scaling in terms of moving from design phase into production phase, we wouldn’t be making these investments ahead of this growth.

迪倫，我想，如果我能再強調一次就好了。不僅要考慮資本支出，還要考慮我們計劃在 2026 年進行的創新投資。這是經過深思熟慮的，是為成長而進行的深思熟慮的投資，而不是為抓住機會而進行的。如果我們無法了解訂單進度，無法了解正在從設計階段過渡到生產階段的大型項目，我們就不會在成長之前進行這些投資。

Just to kind of reiterate our confidence in what that growth profile looks like. Of course, like Voyager has demonstrated in years past, being ahead of the curve, if you would. Not necessarily waiting for the opportunities to knock on our door. We are positioning ourselves to capture a great share or portion of that share of that market as it unveils and develops.

我們再次重申我們對這種成長前景的信心。當然，就像旅行者號過去幾年所展現的那樣，它始終走在時代前沿。不一定要等機會敲門。我們正在積極佈局，以便在該市場展現和發展的過程中，搶佔其很大一部分份額。

Yeah. I just want to emphasize one thing. Our record backlog does not include the upside from these Golden Dome opportunities.

是的。我只想強調一點。我們創紀錄的積壓訂單還不包括這些「金色穹頂」項目帶來的潛在收益。

Greg Konrad, Jefferies.

格雷格·康拉德，傑富瑞集團。

Morning. You spent a lot of time talking about the defense and national security side. If maybe we could talk about space solutions a little bit. I think you said now that some of the wind down’s behind them, you expect it to return to growth in 2026. You know, what do you see as the biggest drivers of that? Any way to maybe quantify the growth expectations for space?

早晨。你花了很多時間談論國防和國家安全的問題。或許我們可以稍微談談太空解決方案。我想你之前說過，隨著一些衰退的過去，你預計到 2026 年經濟將恢復成長。你認為造成這種情況的最大驅動因素是什麼？有沒有辦法量化太空領域的成長預期？

Yes. I’ll take that, Greg. Just a reminder, right? Fourth quarter revenue down entirely driven by the planned wind down of the NASA low margin services contract. As we, if you would, reset 2026, we see continued demand for mission management services on the ISS as it certainly continues to operate today. Think of that as the bridge to Starlab, which we’re already seeing continuous demand.

是的。我接受，格雷格。只是提醒一下，對吧？第四季營收下降完全是由於計劃逐步終止與 NASA 的低利潤服務合約所致。如果我們把時間重置到 2026 年，我們會發現對國際太空站任務管理服務的需求仍然存在，因為國際太空站今天仍在繼續運作。可以把它看作是通往星際實驗室的橋樑，我們已經看到對星際實驗室的持續需求。

In fact, we know it’s our current mission management services customer relationships managing things on the International Space Station today that’s leading to that overbooked, if you would, commercial demand that we’re seeing on Starlab already.

事實上，我們知道，正是我們目前在國際太空站上管理任務管理服務的客戶關係，導致了我們在星際實驗室上看到的超額預訂的商業需求。

As we kind of look out to 2026 and 2027, we continue to see low Earth orbit as a demand driver. Looking out even beyond, certainly the focus on lunar. Perhaps we can talk a little bit about the announcement we made today in that space and how that lends itself to that. I think that there’s upside opportunity in space solutions. I look forward to seeing it return to growth in 2026, albeit modest relative to our defense national security business, which is supported by a tremendous amount of backlog entering the year. Make no mistake, space solutions continues to be a growth driver and a growth focus for Voyager.

展望 2026 年和 2027 年，我們仍然認為近地軌道是需求驅動因素。放眼更遠的地方，當然也包括月球。或許我們可以稍微談談我們今天在這個領域發布的公告，以及它如何與此相關。我認為太空解決方案領域存在著巨大的發展機會。我期待它在 2026 年恢復成長，儘管相對於我們國防國家安全業務而言成長幅度不大，因為我們的國防國家安全業務在年初積累了大量的訂單。毋庸置疑，太空解決方案仍然是 Voyager 的成長動力和成長重點。

Yeah. I would just add, so we’re very bullish on space solutions. I know we’ve spent a lot of time talking about the defense side, but we also see great demand on the space solutions side. Just to reiterate our strategy there, we call it the three L’s, which is LEO, lunar, and Lagrange. Lagrange being a proxy for deep space. We’ll have more to talk about on our next space investment, probably on our next quarterly call because that’s fresh. Think of us as focusing on the technologies that enable administration goals in all three of those domains: low-Earth orbit, the lunar environment, and deep space.

是的。我還要補充一點，我們非常看好太空解決方案。我知道我們花了很多時間討論國防方面，但我們也看到太空解決方案方面有巨大的需求。為了重申我們的策略，我們稱之為三個 Lâ 的，即 LEO、月球和拉格朗日。拉格朗日是深空的代表。我們將在下一次太空投資會議上詳細討論這個問題，可能是在下一次季度電話會議上，因為這是新鮮事。您可以將我們視為專注於實現這三個領域（近地軌道、月球環境和深空）管理目標的技術。

We have relevant technology already that applies to all three of those domains, and we’re going to look to fund IRAD and or make acquisitions and or investments in technologies that are again going to address all three of those domains.

我們已經擁有適用於這三個領域的相關技術，我們將尋求為 IRAD 提供資金，或進行收購或投資，以再次解決這三個領域的問題。

As Phil pointed out, we see a huge opportunity in lunar and the return to the moon with lunar infrastructure. Then of course, a lot of our foundational mission management business is leading directly to these demand signals we’re getting on Starlab, which is really well positioning us well to capture the majority of the market share available in low-Earth orbit. We’re feeling very bullish about that. 100% of our commercial demand for Starlab is already reserved, which I think is a fantastic outcome given the fact that we won’t be in orbit for another 36 months.

正如菲爾指出的那樣，我們看到了月球領域的巨大機遇，以及重返月球並建立月球基礎設施的機會。當然，我們許多基礎性的任務管理業務都直接指向了我們在 Starlab 專案中獲得的這些需求訊號，這確實讓我們處於有利地位，能夠佔據近地軌道的大部分市場份額。我們對此非常樂觀。星際實驗室的商業需求已100%被預訂，考慮到我們還要36個月才能進入軌道，我認為這是一個非常棒的結果。

Maybe just as a follow-up, that’s a good transition to Starlab. Any way to maybe quantify some of the financial impact in 2026? I think most of the numbers you gave are ex Starlab, thinking about innovation, CapEx, and then it seems like potentially some offset given you’ve sold out the payload capacity. You know, how should we think about the free cash flow usage and any inflows tied to Starlab in 2026?

或許可以作為後續補充，這是一個很好的過渡到 Starlab 的方法。有沒有辦法量化一下2026年的一些財務影響？我認為你給出的大部分數字都來自 Starlab，考慮到創新、資本支出，而且鑑於你已經售罄了有效載荷能力，這似乎可能會有一些抵消。你知道，我們應該如何看待 2026 年 Starlab 的自由現金流使用情況以及任何資金流入？

Yeah. Yep. Yeah, Greg, I think really important to note, in terms of planning cash flow around Starlab in 2026 is one, I am driving at, think of it as a cash neutral profile, meaning it’s not just about free cash flow, but it’s also about our successful fundraising for Starlab, and that’s non-dilutive capital as well as dilutive capital through our successful, Series A for Starlab that’s been ongoing.

是的。是的。是的，格雷格，我認為在規劃 Starlab 2026 年的現金流時，有一點非常重要，我強調的是，要將其視為現金中性方案，這意味著它不僅關乎自由現金流，還關乎我們為 Starlab 成功籌集的資金，包括非稀釋性資本以及透過我們正在進行的 Starlab A 輪融資獲得的稀釋性資本。

We anticipate obviously, NASA to step in, during the year as well, but it’s going to be also other international space agencies. As we kind of start to approach the latter part of the year, we’ll start to, expect some pre-advance, fundings, to come in from customers already.

我們預計，美國太空總署（NASA）今年也會介入，但其他國際航太機構也會參與其中。隨著我們逐漸接近今年的下半年，我們預計會開始收到一些來自客戶的預付款和資金。

To that point, I’ll highlight. I know we’ve talked a lot about our record backlog and the $266 million, but just to highlight and be fully transparent with everybody, there’s actually $6 million of backlog associated with Starlab, which is quarters ahead of when I would have expected to actually have hit. Back to the growing demand, growing necessity for a low Earth orbit replacement for ISS and Starlab’s great position to do so.

對此，我將重點強調。我知道我們已經談了很多關於我們創紀錄的積壓訂單和 2.66 億美元的訂單，但為了強調並對大家完全透明，實際上與 Starlab 相關的積壓訂單為 600 萬美元，比我預期實際達到的時間提前了幾個季度。回到日益增長的需求，即需要低地球軌道太空站來取代國際太空站，而星際實驗室（Starlab）正處於實現這一目標的絕佳位置。

We feel great about that from a financial perspective. Starlab is intended to be, if you would, cash neutral for the year. We do anticipate free cash flow to be a cash outflow that will be funded by both dilutive and non-dilutive capital coming into the year. I think that’s the important piece to highlight.

從財務角度來看，我們對此感到非常滿意。Starlab 的目標是全年實現現金流收支平衡。我們預計自由現金流將出現現金流出，這筆資金將透過今年引入的稀釋性資本和非稀釋性資本來籌集。我認為這是需要重點強調的地方。

From a Voyager perspective, just to remind everybody, the JV structure actually reduces Voyager’s capital exposure to Starlab. Our diversified funding within Starlab itself limits Voyager’s capital burden. Again, just to highlight the early demand visibility, the diversified customer base we see for Starlab gives us tremendous excitement as we look out to later in 2026 and certainly 2027, as we start to move from design into actually constructing the new station.

從 Voyager 的角度來看，提醒大家一下，合資結構實際上降低了 Voyager 對 Starlab 的資本風險。Starlab內部多元化的融資方式限制了旅行者號的資金負擔。再次強調，為了突顯早期需求可見性，我們看到 Starlab 擁有多元化的客戶群，這讓我們非常興奮，展望 2026 年下半年，當然還有 2027 年，我們將開始從設計階段過渡到實際建造新太空站。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

Hey, good morning. I wanted to ask on the government shutdown and what you’re expecting from the catch-up there and how that plays out in 2026. Is there one quarter that might see the biggest benefit or is that relatively consistent as the year progresses?

嘿，早安。我想問政府停擺的情況，您對政府的追趕工作有何預期，以及這在 2026 年會如何發展。是否有某個季度可能會獲得最大收益，還是隨著時間的推移收益會相對穩定？

I can take that.

我可以接受。

I can take that as well. Good morning, Mike. Thanks for making the call. You know, the government shutdown had a minor, if you would, impact or relatively small impact on us actually in the fourth quarter. Probably would have had even bigger backlog, even more orders to report in Q4, if not for the prolonged government shutdown.

我也可以接受。早上好，麥克。謝謝你的來電。你知道，政府停擺對我們第四季的影響其實很小，或者說影響相對較小。如果不是因為政府長期停擺，第四季的積壓訂單可能會更多，需要報告的訂單也會更多。

As excited as we are about total record backlog of $266 million, that would have been higher. I look forward to Q1 and certainly Q2 being perhaps a little bit higher in terms of orders than perhaps historically speaking we would have seen. From a revenue perspective, that delay, if you would, in the fourth quarter probably means our first quarter will be a bit muted from an actual revenue crystallization perspective.

儘管我們對創紀錄的 2.66 億美元積壓訂單總額感到非常興奮，但實際數字本來可以更高。我期待第一季度，當然也期待第二季度的訂單量能比以往略高一些。從營收角度來看，如果第四季出現延遲，那麼從實際營收實現的角度來看，我們第一季的表現可能會比較平淡。

We would anticipate revenue to accelerate through the year in 2026. The government shutdown, for what it’s worth, doesn’t necessarily impact Voyager that significantly. The underlying demand drivers here, these national security growth drivers are not, if you would, temporary.

我們預計2026年全年營收將加速成長。政府停擺，就其本身而言，並不一定會對「航海家號」產生重大影響。這裡的潛在需求驅動因素，也就是國家安全成長的驅動因素，並非暫時的。

Obviously, with the geopolitical environment that we’re in today last quarter, we were talking about the impact potentially of, well, the prolonged impact of the Ukraine war with Russia. Now we have the Iran conflict, et cetera. If anything, these things are just depleting our national security resources, and Voyager is well-positioned to replenish that. It’s not going to be a 6- or 12-month resupply mission. This is going to be a multi-year growth support driver for Voyager.

顯然，鑑於我們今天所處的地緣政治環境，上個季度我們討論了烏克蘭與俄羅斯戰爭長期持續可能帶來的影響。現在我們又面臨伊朗衝突等等問題。如果有什麼影響的話，那就是這些項目正在消耗我們的國家安全資源，而「旅行者」號探測器正好可以補充這些資源。這不會是一次持續6個月或12個月的補給任務。這將成為 Voyager 未來多年的成長動力。

Yeah. The only other thing I would say is that given the fact that we were shut down for half of the fourth quarter, right, 45 out of 90 days, the fact that we essentially hit our revenue target, I think is a very good fact, and I think shows not only the resilience of the diversification of the business and again, exiting the year with record backlog, record pipeline, raising revenue guidance all on the heels of a prolonged government shutdown, I think is a very good, very good fact.

是的。我唯一想補充的是，考慮到我們在第四季度有一半時間（90天中有45天）處於停工狀態，我們基本上實現了營收目標，我認為這是一個非常好的結果，這不僅表明了業務多元化的韌性，而且再次強調，在政府長期停擺之後，我們仍然以創紀錄的積壓訂單、創紀錄的在建項目、提高這一年的結果。

Then on the NGI program, can you provide any color on next milestones or key watch points for NGI to hit its target for LRIP in late 2026? Is there any facility or capacity expansions that are needed to hit your targets and kind of drive the strong growth that you’re seeing there?

那麼關於 NGI 項目，您能否透露一下 NGI 要實現 2026 年底低速初始生產 (LRIP) 的目標，接下來的里程碑或關鍵重點是什麼？為了實現目標並推動目前所看到的強勁成長，是否需要進行任何設施或產能擴張？

You want to take this one?

你想選這個嗎？

Yeah. No. NGI, as we’ve said, we work very closely obviously with the prime Lockheed Martin there. Just a case in point, we’ve continued to stay on time and stay on schedule from our perspective, irrespective of other potential supply chain issues.

是的。不。正如我們所說，NGI 與洛克希德馬丁公司的主要合作夥伴有著非常密切的合作關係。舉例來說，無論其他潛在的供應鏈問題如何，從我們的角度來看，我們一直都能按時按計劃完成工作。

Ultimately, we will take that final order, if you would, for low rate production from the customer when it’s ready. We do anticipate those orders to come in the second half of this year as we move into low rate production next year. As far as the manufacturing capacity and investment, to be clear, we are investing in the Voyager American Defense Complex ahead of demand for Golden Dome opportunities in excess or I should say incremental to Next Generation Interceptor. We know those opportunities are real.

最終，如果客戶願意，我們會在產品準備好後接受他們的最終訂單，進行小批量生產。我們預計這些訂單將在今年下半年到來，因為明年我們將進入低速生產階段。就製造能力和投資而言，需要明確的是，我們對 Voyager 美國國防綜合體的投資先於 Golden Dome 的需求，或者應該說是下一代攔截器需求的增量。我們知道這些機會是真實存在的。

We’re working very closely with other primes not named Lockheed Martin as an example, on various, if you would, initiatives, various programs. That’s the reason why we’re making that investment. That said, we are well-positioned, if you would, to scale on NGI when Lockheed is good and ready.

我們正與其他主要承包商（例如，並非洛克希德·馬丁公司）密切合作，進行各種計劃和專案。這就是我們進行這項投資的原因。也就是說，如果洛克希德公司準備就緒，我們已經做好了充分的準備，可以擴大 NGI 的規模。

(Operator Instructions) Sam Brandeis, Wedbush Securities.

（操作員說明）薩姆·布蘭代斯，韋德布希證券公司。

Sam Brandeis on for Dan Ives. Looking ahead to 2026, can you walk us through the two or three most critical growth drivers or milestones, whether contract awards, Starlab development targets, program execution gates, that you would point to as the clearest proof points that Voyager’s long-term thesis is well on track?

薩姆·布蘭代斯替補丹·艾夫斯上場。展望 2026 年，您能否為我們介紹一下您認為最能證明「旅行者號」長期計劃進展順利的兩到三個最關鍵的成長驅動因素或里程碑，例如合約授予、星際實驗室開發目標、專案執行階段？

Well, we got a lot more than three. I’ll try to pick the biggest three. I mean, I think a few things. One is continued delivery of our propulsion technology on programs like NGI. I would say more specific to that would be being announced on additional programs of record, including Golden Dome programs, including legacy programs of record.

嗯，我們得到的遠不止三個。我會盡量挑選最大的三個。我的意思是，我想到了一些事情。一是繼續向 NGI 等專案提供我們的推進技術。更具體地說，應該在其他正式節目中公佈，包括金頂體育場節目和傳統正式節目。

I think evidence that we can hopefully talk about in the public domain here in the near term that would show that we’re getting traction on additional programs, I think would be a key indicator and validation point. That would be, and again, just to re-emphasize, that would be in addition to the record backlog that we’ve already talked about. This is all incremental. I think that’s one thing.

我認為，如果我們能在近期內公開討論一些證據，表明我們在推進其他專案方面取得了進展，這將是一個關鍵的指標和驗證點。也就是說，而且再次強調，這還不包括我們已經討論過的唱片積壓。這一切都是循序漸進的。我認為這是一回事。

Second key thing would be our ability to scale our production capacity, because that’s really what’s going to set us up for a remarkable 2027 and 2028, both from a revenue growth perspective, but also from an operating leverage, EBITDA, free cash flow, all the things that we anticipate.

第二件關鍵的事情是我們擴大生產能力的能力，因為這才是真正能讓我們為2027年和2028年取得輝煌成就的關鍵，無論是從收入成長的角度來看，還是從營運槓桿、EBITDA、自由現金流以及我們預期的所有方面來看。

The third thing I would say which is relevant is the successful outcome of CLD phase two, which of course is the space station selection by NASA. We anticipate that selection to happen within calendar year 2026, and we feel very good about our strategic position there. Just to emphasize, we have ample liquidity lots of dry powder on the balance sheet. We’re seeing huge opportunities, not only for internal investment to drive growth, but also still on the acquisition side as well.

第三點值得一提的是CLD第二階段的成功成果，當然就是NASA選擇了太空站。我們預計該選擇將在 2026 年內進行，並且我們對我們在該領域的戰略地位感到非常滿意。再次強調一下，我們流動性充足，資產負債表上有大量可用資金。我們看到了巨大的機遇，不僅體現在透過內部投資推動成長方面，也體現在收購方面。

Those would be three kind of pillars that I would put out there and we have a lot more than just those three, but I think those are three to keep an eye on.

以上是我要提出的三大支柱，我們擁有的支柱遠不止這三點，但我認為這三點值得關注。

Great. Thank you. You guys made five acquisitions in 2025. Where do you think are the remaining capability gaps in the portfolio? When do you think the strategy shifts from capability filling to driving scale as the company further matures? Thank you.

偉大的。謝謝。你們在2025年完成了五項收購。您認為產品組合中還存在哪些能力差距？您認為隨著公司進一步成熟，其策略何時會從提升能力轉向擴大規模？謝謝。

I think we’ve already made the pivot or shift to that second part. We are in scale mode for sure. I think on the capability side, there are a few areas that we’re still interested in exploring. Anything in power and propulsion, we’re going to continue to look at the value chain there. How do we go faster? How do we scale capability and production availability? We’ll also be responsive to the needs of the customer as we have been with this critical chemicals and onshoring initiative that we talked about.

我認為我們已經轉向或轉移到第二部分了。我們肯定已經進入規模化模式了。我認為在能力方面，還有一些領域我們仍然有興趣探索。在動力和推進方面，我們將繼續關注該領域的價值鏈。如何才能開得更快？我們如何擴大產能和提高生產可用性？我們也會像之前討論過的關鍵化學品和本土化計畫一樣，積極回應客戶的需求。

On space exploration, I think the lunar environment is something that we’re really keen on. There’s a huge opportunity there with NASA’s focus on going back to the moon and going back to the moon to stay. We’re very well positioned with our technology to be a major player in that domain as well. I think those are two key areas. I think our acquisition pipeline is quite robust, and we’re seeing a lot of opportunities there.

關於太空探索，我認為我們非常熱衷於月球環境。NASA 致力於重返月球並長期駐留月球，這其中蘊藏著巨大的機會。憑藉我們的技術，我們完全有能力成為該領域的主要參與者。我認為這是兩個關鍵領域。我認為我們的收購管道相當穩健，我們看到了很多機會。

I think, one way to think about this might be geographic expansion as well that would lead to other customers around the world that would be non-US based. I think that’s a huge growth opportunity for the company. Nothing imminent there, but I think that’s another another area that we can scale our business. Those are some thoughts and happy to dive deeper with you on any of those points.

我認為，思考這個問題的一種方式可能是地理擴張，這將帶來世界各地（非美國）的其他客戶。我認為這對公司來說是一個巨大的成長機會。目前還沒有什麼迫在眉睫的事情，但我認為這是我們可以擴大業務規模的另一個領域。以上是我的一些想法，我很樂意就其中任何一點與您深入探討。

Thank you. Mr. Padva, I’d like to turn the conference back over to you.

謝謝。帕德瓦先生，我想把會議交還給您。

Thank you very much. We’ll now take a couple of questions from Say Technologies. First one. As Voyager seeks to grow content on additional missile programs, how should we think about the incremental investment required to supply programs like PAC-3 or others which have higher production rates relative to Next Generation Interceptor?

非常感謝。接下來，我們將回答 Say Technologies 提出的幾個問題。第一個。隨著 Voyager 尋求增加對其他飛彈項目的內容，我們應該如何看待為 PAC-3 或其他相對於下一代攔截器而言生產速度更快的項目提供供應所需的增量投資？

Yeah. Well, thank you for the question. I really appreciate that. A couple ways to think about this. Our Voyager American Defense Complex, we’re building that out in anticipation not only of addressing the record pipeline that we have but scaling from there.

是的。謝謝你的提問。我非常感謝。可以從兩個方面來思考這個問題。我們正在建造的「航海家美國國防綜合體」不僅是為了應對我們目前創紀錄的訂單量，而且還是為了在此基礎上擴大規模。

This would be existing programs of record, missile defense programs of record like PAC-3, like THAAD, like Trident, like others. In addition to that, opportunities on things like Golden Dome, which you know, haven’t been announced publicly yet. Think of the American Defense Complex as setting the table for us to take advantage of all these demand signals that we’re seeing. You know, we’re confident with the investment that we’re planning in 2026 for the Voyager ADC.

這包括現有的已登記在冊的飛彈防禦項目，例如 PAC-3、THAAD、Trident 等。除此之外，還有一些機會，像是金頂大廈之類的項目，你知道，這些項目還沒有公開宣布。不妨把美國國防聯合體看作是為我們創造條件，讓我們能夠利用所有這些我們看到的需求訊號。你知道，我們對 2026 年計畫對 Voyager ADC 的投資充滿信心。

We won’t have additional incremental investment in order to capture these large pipeline and backlog opportunities that we see. We feel very good about that.

我們不會追加投資來抓住我們看到的這些大型項目儲備和積壓訂單機會。我們對此感到非常滿意。

The next question. Given that NASA is expected to award the CLD Phase 2 later this year, what is Voyager’s strategy in case NASA further delays the phase two selection to 2027, for example? Do you have any other financing to maintain the 2029 launch schedule without the federal funding?

下一個問題。鑑於 NASA 預計將於今年稍後授予 CLD 第二階段合同，如果 NASA 將第二階段的選擇進一步推遲到 2027 年，旅行者號的策略是什麼？如果沒有聯邦政府的資助，你們還有其他融資管道來維持2029年的發射計畫嗎？

Yes. Well, we don’t anticipate a delay outside of calendar year 2026. There was a NASA authorization bill that just cleared the Senate Commerce Committee here recently, and it specifically says the RFP, I think it’s within 60 days.

是的。我們預計2026年後不會延誤。最近參議院商務委員會剛剛通過了一項美國太空總署授權法案，其中明確規定，徵求建議書（RFP）的發佈時間應在 60 天內。

So I don’t anticipate the RFP pushing in or the selection pushing into 2027. The other thing about the Starlab joint venture model is it’s fantastic from a Voyager perspective because there’s a lot of capital flexibility in that model. So the cost structure itself. Well, first of all, the JV is actually raising third-party capital into the JV, so that’s one key point.

因此，我預計 RFP 的發布或遴選工作不會推遲到 2027 年。從旅行者號的角度來看，星際實驗室合資模式的另一個優點是它非常棒，因為這種模式具有很大的資本彈性。所以問題出在成本結構本身。首先，合資企業實際上是在向合資企業引入第三方資金，所以這是關鍵的一點。

The second key point is the way the joint venture is set up is a lot of the cost structure is in procurement and integration, and those things can be modulated, and the time that those costs are spent can be chosen at our option, as opposed to let’s say some of the competitors have very heavy run rate cost structure. If there’s a delay in procurement on their side, their cash burn is extremely high. Our model is different, and that gives us much more capital flexibility in our approach.

第二點是合資企業的設立方式，其成本結構很大一部分體現在採購和整合上，而這些成本是可以調整的，我們可以選擇花費這些成本的時間，這與某些競爭對手的非常高的運作成本結構截然不同。如果他們那邊採購有延誤，他們的現金消耗就會非常高。我們的模式不同，這使我們在資金運用上擁有更大的彈性。

This concludes our question. I will hand it back to Dylan for closing remarks.

我們的提問到此結束。我將把發言權交還給迪倫，讓他作總結發言。

Well, thank you everybody. We’re super excited about our 2025, the record backlog that we have going into 2026, the growth opportunities we see in the company throughout all of our growth vectors, including power and propulsion, energetics, space solutions, Starlab, and the like.

謝謝大家。我們對 2025 年充滿期待，2026 年的訂單積壓創歷史新高，我們看到公司在所有成長領域都蘊藏著巨大的成長機遇，包括動力和推進、能源、太空解決方案、星際實驗室等等。

With that, want to thank everybody for joining the call. Thanks for your interest in Voyager Technologies, and we look forward to speaking with you after we wrap up Q1. Thank you.

最後，感謝各位參加本次通話。感謝您對 Voyager Technologies 的關注，我們期待在第一季結束後與您交流。謝謝。

Thank you. This concludes today’s Voyager Technologies fourth quarter and full year 2025 financial results conference call. Please disconnect your lines at this time and have a wonderful day.

謝謝。Voyager Technologies 2025 年第四季及全年財務業績電話會議到此結束。請暫時斷開您的線路，祝您有美好的一天。