Voyager Technologies, Inc. (VOYG) 2026 Q1 法說會逐字稿

Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines again will be placed on a music hold. Thank you for your patience.

各位女士、先生，這裡是接線員。今天的電話會議將於稍後立即開始。在此之前，您的線路將再次轉入音樂等待。感謝您的耐心等候。

Welcome to the Voyager Technologies first quarter 2026 financial results conference call. (Operator Instructions)

歡迎參加 Voyager Technologies 2026 年第一季財務業績電話會議。（接線員指示）

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

現在我想把電話交給今天的第一位講者：企業發展與投資人關係資深副總裁 Adi Padva。Padva 先生，請開始。

Thank you, and good morning, everyone. I am joined today by Dylan Taylor, our Chairman and Chief Executive Officer, and Phil de Sousa, our Chief Financial Officer.

謝謝，各位早安。今天與我一同出席的有董事長兼執行長 Dylan Taylor，以及財務長 Phil de Sousa。

Today's call includes forward-looking statements, which involve risks and uncertainties detailed in our earnings materials and SEC filings, including in the Risk Factors section of our annual report on Form 10-K. We undertake no obligation to update these statements. We will also discuss non-GAAP financial measures. A reconciliation of these measures is available on our earnings materials on our website.

今天的電話會議包含前瞻性陳述，涉及風險與不確定性，相關內容已在我們的財報資料與向美國證券交易委員會（SEC）提交的文件中詳述，包括我們 Form 10-K 年報中的「風險因素」章節。我們不承擔更新這些陳述的義務。我們也將討論非 GAAP 財務衡量指標。相關對帳表可於我們網站上的財報資料中取得。

I will now turn the call over to Dylan to begin with slide 3.

現在我將把電話交給 Dylan，從投影片第 3 頁開始。

Thank you, Adi, and good morning, everyone. Voyager had an outstanding first quarter with record backlog, a book-to-bill ratio of 1.3, and significant traction on new contracts, including Golden Dome.

謝謝你，Adi，各位早安。Voyager 第一季表現非常出色，創下歷史新高的在手訂單（backlog）、1.3 的接單出貨比（book-to-bill），並在新合約方面取得顯著進展，包括 Golden Dome。

First-quarter bookings of $45 million drove our backlog to a new record of $275 million, up 54% year-over-year. The backlog growth reflects broad-based demand and multiple awards across the Golden Dome architecture, additional work on Next Generation Interceptor, and as importantly, we were awarded a contract with Raytheon to develop advanced technologies for their Standard Missile interceptor program, a major win for us.

第一季新增訂單（bookings）4,500 萬美元，帶動在手訂單攀升至 2.75 億美元的新高，年增 54%。在手訂單的成長反映了廣泛的需求，以及在 Golden Dome 架構下取得的多項得標、Next Generation Interceptor 的額外工作；同樣重要的是，我們獲得 Raytheon 合約，為其 Standard Missile 攔截飛彈計畫開發先進技術，這對我們而言是重大勝利。

Further, bookings momentum continues into the early part of the second quarter, reinforcing our confidence in near-term revenue conversion, and consequently, we are increasing our 2026 revenue guidance to $230 million to $255 million, a significant acceleration relative to last year.

此外，接單動能延續至第二季初期，強化我們對短期營收轉換的信心；因此，我們將 2026 年營收指引上調至 2.30 億至 2.55 億美元，相較去年呈現顯著加速。

Voyager's high-growth platform is built to scale alongside customer demand in the most critical defense, national security, and space programs. Our ability to deploy differentiated capabilities across complex architectures, whether as a prime or a key technology partner, strongly positions us to participate across multiple programs as they move from development into production.

Voyager 的高成長平台可隨客戶需求擴張，服務於最關鍵的國防、國家安全與太空計畫。我們能在複雜架構中部署具差異化的能力，無論是作為主承包商（prime）或關鍵技術合作夥伴，都使我們在多項計畫從研發走向量產時，具備強勢的參與定位。

That positioning is reflected in our first-quarter performance, including strong bookings, record backlog, and improving visibility into the revenue conversion, which underpins our confidence in raising our full-year guidance.

這樣的定位反映在我們第一季的表現上，包括強勁接單、創紀錄的在手訂單，以及對營收轉換能見度的提升，這些都支撐我們上調全年指引的信心。

With that context, let me turn to slide 4 and walk through how we are scaling capacity and infrastructure to support execution as demand accelerates. As our demand scales, execution depends on capacity, and in line with our guidance last quarter, we have continued to invest in the infrastructure and production capability required to deliver at speed and at scale.

在此背景下，讓我切換到投影片第 4 頁，說明我們如何擴充產能與基礎設施，以在需求加速時支援交付執行。隨著需求擴大，執行取決於產能；依照我們上季的指引，我們持續投資於所需的基礎設施與生產能力，以更快速度、在更大規模下交付。

In January, we broke ground on a major expansion of the Voyager American Defense Complex in Southern Colorado. The facility is designed for high-volume manufacturing, operations, and testing, supporting the production of advanced military-grade components, propulsion systems, including our proprietary controllable technology, and energetics.

1 月，我們在科羅拉多州南部的 Voyager American Defense Complex 啟動重大擴建工程。該設施以高產量製造、營運與測試為設計目標，支援先進軍規零組件、推進系統（包括我們的專有可控技術）以及含能材料（energetics）的生產。

In March, we extended our capacity build-out of advanced electronics, mission hardware, and software with the launch of our Space Beach facility in Long Beach, California. This facility is strategically located next to our customers and expands our ability to deliver integrated, mission-critical solutions across national security, civil, and commercial space programs, while at the same time improving throughput and delivering timing as programs transition into higher-rate production, enabling the conversion of backlog into revenue.

3 月，我們在加州長灘啟用 Space Beach 設施，進一步擴建先進電子、任務硬體與軟體的產能。該設施策略性地緊鄰客戶，提升我們在國家安全、民用與商業太空計畫中交付整合式關鍵任務解決方案的能力；同時在計畫轉入更高產率量產時，提高產出吞吐量並改善交付時程，促使在手訂單轉換為營收。

Turning to slide 5, innovation remains central to our strategy, and our investments are focused on differentiated technologies that address real operational needs and can scale across multiple markets. In the first quarter, internally funded R&D, or IRAD, was 17% of revenue, with total innovation spend of 48%, excluding Starlab. This record level of innovation spend this year reflects the strategic shaping of next-generation space and defense capabilities.

切換到投影片第 5 頁，創新仍是我們策略的核心，我們的投資聚焦於能滿足實際作戰需求、並可跨多個市場擴展的差異化技術。第一季內部研發（IRAD）占營收 17%；不含 Starlab 的總創新支出占比為 48%。今年創新支出達到創紀錄水準，反映我們在策略上塑造下一代太空與國防能力。

Our R&D priorities are focused on, first, advanced mission-critical electronics and communications that form the backbone of constellations in space-borne cloud applications. Second, new capabilities for Golden Dome. Third, enabling next-generation space domain maneuverability for commercial and defense markets. And lastly, our investment in AI is going to significantly accelerate manufacturing across the Voyager technology portfolio, materially shortening go-to-market and delivery timelines for our customers.

我們的研發優先事項聚焦於：第一，先進的關鍵任務電子與通訊，作為太空雲端應用星座的骨幹；第二，Golden Dome 的新能力；第三，為商業與國防市場提供下一代太空領域機動能力；最後，我們在 AI 的投資將大幅加速 Voyager 技術組合的製造流程，實質縮短客戶的上市與交付時程。

At the same time, we're continuing to build an ecosystem that accelerates the path for microgravity research to commercialization. Through our Voyager Institute for Space Technology and Advancement, or VISTA Science Park, as well as the collaboration with NASA's Glenn Research Center, we announced strategic partnerships with Yonsei University in South Korea and Obuda University in Hungary.

同時，我們持續打造一個能加速微重力研究走向商業化的生態系。透過 Voyager Institute for Space Technology and Advancement（VISTA Science Park），以及與 NASA Glenn Research Center 的合作，我們宣布與韓國延世大學（Yonsei University）及匈牙利歐布達大學（Obuda University）建立策略夥伴關係。

VISTA is the first of its kind US Science park dedicated to in-space research, manufacturing, and services located on the campus of the Ohio State University. VISTA unites aerospace companies, fast-moving startups, leading academic institutions, and government agencies in a dynamic, platform-agnostic ecosystem built to accelerate discovery, collaboration, and commercialization of space.

VISTA 是美國首座同類型的科學園區，專注於在軌研究、製造與服務，並設於俄亥俄州立大學校園內。VISTA 將航太公司、快速成長的新創、頂尖學術機構與政府機關匯聚於一個動態、平台無關（platform-agnostic）的生態系中，以加速太空領域的發現、協作與商業化。

Our strong commitment to innovation positions Voyager to not only develop differentiated technologies, but to scale and deploy them into a mission-ready application. This approach is central to our strategy and underpins long-term growth opportunities.

我們對創新的堅定承諾，使 Voyager 不僅能開發差異化技術，也能將其擴大並部署為可執行任務的應用。此一方法是我們策略的核心，並支撐長期成長機會。

Among these long-term opportunities is our alignment with NASA's priorities in LEO and Lunar as presented recently during NASA's Ignition event, which I'll review on slide 6. Our confidence in Starlab as a transformational growth opportunity continues to be reinforced by our progress, including the successful completion of the commercial critical design review with NASA at the end of last year, a key milestone as the program advances into full system procurement and integration.

在這些長期機會之中，包括我們與 NASA 在近地軌道（LEO）與月球（Lunar）優先事項的對齊；NASA 近期在 Ignition 活動中已提出相關方向，我將在投影片第 6 頁進行回顧。我們對 Starlab 作為具轉型意義的成長機會之信心持續獲得強化，進展包括去年底成功完成與 NASA 的商業關鍵設計審查（commercial critical design review），這是計畫邁入全系統採購與整合的重要里程碑。

This milestone further de-risks the program and reinforces our confidence in Starlab's readiness to support commercially-led operations in low-Earth orbit.

此一里程碑進一步降低計畫風險，並強化我們對 Starlab 已準備好支援近地軌道商業主導營運的信心。

During the first quarter, Starlab achieved four additional milestones and received $24 million in cash payments from NASA. We recently provided feedback to NASA's request for information after the ignition event, and we remain confident we can deliver a strong and economic solution to NASA and other customers.

第一季期間，Starlab 達成另外四項里程碑，並自 NASA 收到 2,400 萬美元現金款項。我們近期在 Ignition 活動後，已就 NASA 的資訊徵詢（request for information）提供回饋；我們仍有信心能為 NASA 與其他客戶提供具競爭力且具經濟效益的解決方案。

In parallel, we're advancing our lunar strategy in alignment with NASA and broader national priorities. Through our investment in Max Space, we are positioning Voyager to play a meaningful role in enabling sustained lunar operations and habitation.

同時，我們也在與 NASA 及更廣泛的國家優先事項一致的前提下推進月球策略。透過對 Max Space 的投資，我們正讓 Voyager 具備在促成可持續的月球營運與居住方面扮演重要角色的定位。

Our focus is on delivering foundational infrastructure and scalable space systems, where we see strong alignment with long-term funding priorities and mission demand. Since quarter end, we announced an important milestone that further underscores our momentum as a commercial space mission provider.

我們的重點在於提供基礎性基建與可擴展的太空系統；在這些領域，我們看見與長期資金優先順序及任務需求的高度一致。自季末以來，我們宣布了一項重要里程碑，進一步凸顯我們作為商業太空任務供應商的動能。

Voyager was selected by NASA for the seventh private astronaut mission to the International Space Station, targeted for no earlier than 2028.

Voyager 獲 NASA 選定執行第七次前往國際太空站（ISS）的私人太空人任務，目標時間不早於 2028 年。

This award builds on decades of operational heritage with NASA and reflects confidence in Voyager's ability to execute complex crewed missions safely and reliably. We named the mission VOYG-1 for its historic significance. Importantly, the mission serves as a bridge between current ISS operations and the next generation of commercial space stations, including Starlab.

此一得標建立在我們與 NASA 數十年的營運傳承之上，並反映對 Voyager 安全且可靠地執行複雜載人任務能力的信心。我們將該任務命名為 VOYG-1，以彰顯其歷史意義。重要的是，該任務將作為現行 ISS 營運與下一代商業太空站（包括 Starlab）之間的橋樑。

It will be used to advance and validate microgravity-based innovation, crew operations, and integrated architectures that are directly relevant to the future commercial and lunar missions, reinforcing Voyager's role at the center of the transition to a commercially-led low-Earth orbit ecosystem.

該任務將用於推進並驗證以微重力為基礎的創新、乘員作業，以及與未來商業與月球任務直接相關的整合式架構，進一步鞏固 Voyager 在近地軌道生態系轉向商業主導過程中的核心角色。

Looking ahead, our strategic priorities remain consistent: accelerate growth, build capacity and infrastructure to deliver at scale, invest deliberately in innovation aligned with our customer needs, and advance Starlab and our lunar initiatives as the next generation of space infrastructure.

展望未來，我們的策略重點維持一致：加速成長、建置產能與基礎設施以支援規模化交付、依客戶需求有計畫地投資創新，並推進 Starlab 與月球計畫，作為下一代太空基礎設施。

In summary, we are off to a fantastic start executing well and progressing on all of our strategic initiatives. We are raising our full-year revenue guidance to $230 million to $255 million, representing 38% to 53% year-over-year growth, a significant acceleration relative to the growth last year.

總結而言，我們在各項策略計畫上執行良好、進展順利，並以非常亮眼的開局起步。我們將全年營收指引上調至 2.30 億至 2.55 億美元，代表年增 38% 至 53%，相較去年成長顯著加速。

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

接下來，我將把電話交給 Phil，請他更詳細地說明財務表現。

Thanks, Dylan. Turning to slide 7, I'll begin with our first quarter results. Net sales were $35 million, up modestly year-over-year and in line with our plan. Bookings totaled $45 million, resulting in a book-to-bill ratio of 1.3 and driving backlog to a new record level of $275 million.

謝謝你，Dylan。切換到投影片第 7 頁，我先從第一季業績開始。淨銷售額為 3,500 萬美元，年增幅度不大，且符合我們的計畫。新增訂單合計 4,500 萬美元，使接單出貨比達 1.3，並推動在手訂單升至 2.75 億美元的新高。

Importantly, backlog growth was driven by demand across the Golden Dome architecture, including multiple awards for new weapon systems. Additional work on Next Generation Interceptor, and as Dylan mentioned, we were awarded a contract with Raytheon to develop advanced technologies for their Standard Missile interceptor program, a major win for us.

重要的是，在手訂單成長來自 Golden Dome 架構下的需求，包括多項新武器系統的得標；Next Generation Interceptor 的額外工作；以及如 Dylan 所提，我們獲得 Raytheon 合約，為其 Standard Missile 攔截飛彈計畫開發先進技術，這對我們而言是重大勝利。

Adjusted EBITDA was a loss of $33 million, reflecting our deliberate investment in engineering talent, internally funded R&D. And infrastructure to support programs that are scaling. These investments are aligned with customer demand and are building the foundation to support higher program volume.

調整後 EBITDA 為虧損 3,300 萬美元，反映我們有意識地投資於工程人才、內部研發（IRAD），以及支援規模化計畫所需的基礎設施。這些投資與客戶需求一致，並正在建立支援更高計畫量的基礎。

Adjusted EPS for the quarter was a loss of $0.61 per share. With that, let's turn to slide 8. Starting this quarter, we've simplified reporting from three segments to two. First, defense and space technologies, and second, Starlab space stations. This reflects how we operate our business and how we are engaging with our customers.

本季調整後每股盈餘（Adjusted EPS）為每股虧損 0.61 美元。接下來我們看第 8 頁投影片。自本季起，我們已將報導分部由三個簡化為兩個。第一是國防與太空技術，第二是 Starlab 太空站。這反映了我們營運業務的方式，以及我們與客戶互動的方式。

Our defense and space activities now operate as a vertically integrated platform spanning propulsion, advanced electronics, data, mission services, and of course, space infrastructure. As shown on this slide, this integrated platform is aligned to fast-growing defense and space markets and is positioned to drive durable growth.

我們的國防與太空業務現在以垂直整合的平台運作，涵蓋推進系統、先進電子、資料、任務服務，當然也包括太空基礎設施。如本頁所示，這個整合平台與快速成長的國防與太空市場相契合，並具備推動持續成長的有利定位。

Going forward, defense and Space Technologies captures this integrated platform, while Starlab remains separate given its distinct role as the next-generation commercial space stations and long-term growth factor. This change improves clarity, better aligns reporting with how we operate, and simplifies how we communicate performance.

展望未來，「國防與太空技術」將涵蓋此一整合平台；而 Starlab 因其作為下一代商業太空站與長期成長動能的獨特角色，仍將獨立呈現。此變更提升了清晰度，使報導更貼近我們的營運方式，並簡化我們溝通績效的方式。

Turning to slide 9, I'll provide segment highlights for the quarter. In the Defense and Space Technology segment, we delivered a strong start to the year with $45 million of bookings up 232% year-over-year, reinforcing continued demands across our core defense and space portfolio, specifically with the new awards for Golden Dome and standard missile programs we discussed earlier.

接著看第 9 頁，我將提供本季各分部重點。在國防與太空技術分部，我們以強勁表現展開新年度，訂單金額達 4,500 萬美元，年增 232%，強化了我們核心國防與太空產品組合的持續需求，特別是我們先前提到的 Golden Dome 與標準飛彈（Standard Missile）計畫的新獲獎案。

Revenue was up modestly year-over-year and in line with planned, driven by strategic growth, including acquisitions completed last year, and partially offset by the planned wind-down of an NASA services contract. Adjusted EBITDA for the segment was negative $11.5 million, reflecting, as I previously mentioned, deliberate investment in manufacturing capacity, operating infrastructure, and internally funded R&D to support long-term growth.

營收年增幅度不大，且符合規劃，主要由策略性成長帶動，包括去年完成的併購貢獻；但部分被一項 NASA 服務合約按計畫逐步結束所抵銷。該分部調整後 EBITDA 為負 1,150 萬美元，反映如我先前所提，我們有意投入製造產能、營運基礎設施，以及由內部資金支持的研發，以支撐長期成長。

In Starlab, we received $24 million of NASA milestone cash receipts in the quarter, bringing program inception-to-date milestone cash receipts to a total of $207 million. Starlab's adjusted EBITDA reflects the cadence of investment as the program matures and enters its full system procurement phase.

在 Starlab 方面，我們本季收到 2,400 萬美元的 NASA 里程碑現金款項，使得自計畫啟動以來的里程碑現金收款累計達 2.07 億美元。Starlab 的調整後 EBITDA 反映了隨著計畫成熟並進入完整系統採購階段的投資節奏。

Overall, the quarter reflects strong demand, momentum in defense and space technologies, continued milestone expectation in Starlab, and disciplined investment to position both segments for long-term growth.

整體而言，本季反映出強勁需求、國防與太空技術的動能、Starlab 持續符合里程碑預期，以及有紀律的投資，以使兩個分部皆能為長期成長做好定位。

With that, let's turn to slide 10, and I'll cover off our financial position. As we execute our growth strategy, we continue to operate from a position of financial strength and flexibility. We ended the first quarter with $429 million in cash and access to $212 million credit facilities, thus resulting in total liquidity of $641 million.

接下來看第 10 頁，我將說明我們的財務狀況。在執行成長策略的同時，我們持續以財務實力與彈性作為營運基礎。我們在第一季末持有 4.29 億美元現金，並可動用 2.12 億美元的信貸額度，因此總流動性為 6.41 億美元。

During the second quarter, we will be upsizing our credit facility, reflecting support from our creditors as our growth trajectory accelerates. Our liquidity supports a disciplined, growth-oriented capital allocation strategy. We continue to fund organic investments to develop new technologies to further scale our existing platform, while also pursuing accretive M&A to enhance scale, margins, and our overall market position.

在第二季期間，我們將擴大信貸額度，反映在我們成長軌跡加速之際，債權人對我們的支持。我們的流動性支撐一套有紀律、以成長為導向的資本配置策略。我們持續投入有機投資以開發新技術，進一步擴大既有平台規模，同時也尋求具增益性的併購（accretive M&A），以提升規模、毛利率與整體市場地位。

To slide 11. We are raising our 2026 sales guidance to a range of $230 million to $255 million, representing a 38% to 53% year-over-year growth. This outlook is supported by record backlog, strong recent bookings activity, specifically demand and Golden Dome aligned programs, as well as growth contributions from other areas. We expect to see significant revenue growth acceleration in each of the next three quarters.

看第 11 頁。我們將 2026 年銷售指引上調至 2.30 億至 2.55 億美元區間，代表年增 38% 至 53%。此展望由創紀錄的在手訂單（backlog）、近期強勁的接單活動（bookings），特別是需求與 Golden Dome 對齊的計畫，以及其他領域的成長貢獻所支撐。我們預期接下來三個季度的每一季都將看到顯著的營收成長加速。

Gross margin for the year is expected to be in the mid-teens, reflecting continued investment in manufacturing capacity and program readiness ahead of growth acceleration. Internally funded research and development will increase to approximately 20% of sales, as we are advancing mission-critical capabilities aligned with the customer priorities, including defense initiatives such as Golden Dome, while continuing to innovate across our existing platforms, as Dylan discussed earlier.

全年毛利率預期落在 10% 中段（mid-teens），反映在成長加速前，我們持續投資製造產能與專案就緒度。由內部資金支持的研發將提高至約占銷售額的 20%，因我們正推進與客戶優先事項一致的關鍵任務能力，包括如 Golden Dome 等國防倡議，同時也持續在既有平台上創新，如 Dylan 先前所述。

We expect modest SG&A leverage as revenue growth begins, and we also absorb public company costs as we lap pre-IPO periods. With more significant leverage as revenue increases and growth accelerates, we continue to see that leverage increase over time.

隨著營收成長開始，我們預期 SG&A 將出現溫和的槓桿效益，同時在與 IPO 前期間比較基期重疊時，我們也會吸收上市公司成本。隨著營收增加與成長加速帶來更顯著的槓桿效益，我們仍預期該槓桿效益將隨時間提升。

In addition to innovation investments, capital expenditures, excluding Starlab, are expected to be approximately $60 million to $70 million, this directed towards scaling domestic production, advanced electronics, propulsion capacity, and infrastructure investments tied to multi-year programs where we have clear line of sight to revenue.

除創新投資外，資本支出（不含 Starlab）預期約為 6,000 萬至 7,000 萬美元，將用於擴大國內產能、先進電子、推進系統產能，以及與多年期計畫相關的基礎設施投資；對於這些計畫，我們對營收可見度（line of sight）相當明確。

Starlab investments will ramp as the program enters full system procurement. These investments are expected to be supported through a combination of NASA's CLD funding, other government sources, and the capital markets, consistent with our previously outlined funding strategy.

隨著 Starlab 計畫進入完整系統採購階段，相關投資將加速提升。這些投資預期將透過 NASA 的 CLD 資金、其他政府來源以及資本市場的組合來支持，與我們先前所說明的資金策略一致。

As we look ahead, 2026 represents an important step in executing toward our long-term financial framework. We continue to target approximately 25% organic revenue growth, gross margins in the range of 30% to 35%, and mid-teens adjusted EBITDA margins, excluding Starlabs, with low-teens free cash flow margins, excluding Starlabs, as the platform continues to scale.

展望未來，2026 年是我們朝長期財務架構執行的重要一步。我們仍以約 25% 的有機營收成長為目標，毛利率目標為 30% 至 35%，調整後 EBITDA 利潤率（不含 Starlabs）為 10% 中段（mid-teens），自由現金流利潤率（不含 Starlabs）為 10% 低段（low-teens），並隨平台持續擴張而達成。

Starlab is a meaningful driver of long-term value creation. Once operational, we continue to expect Starlab to generate approximately $4 billion of annual revenue and $1.5 billion of annual free cash flow, reflecting its role as the next-generation commercial space station infrastructure platform.

Starlab 是長期價值創造的重要驅動因素。一旦投入營運，我們仍預期 Starlab 可帶來約 40 億美元的年營收與 15 億美元的年自由現金流，反映其作為下一代商業太空站基礎設施平台的角色。

In summary, the first quarter reflected disciplined execution, strong bookings, expansion of backlog to a new record level. We are investing ahead of growth, and we're supported by improving demand and ample liquidity.

總結而言，第一季展現了有紀律的執行、強勁接單，以及在手訂單擴增至新的歷史高點。我們在成長前提前投資，並受惠於需求改善與充足的流動性。

And with that, I'll turn it back over to Dylan.

接下來我把時間交還給 Dylan。

Thanks, Phil. To wrap up on slide 12, I am very happy with our first quarter performance, reflecting solid execution and continued momentum, supported by growing demand and a platform built to deliver mission-critical capabilities at scale. We are seeing expanding opportunities across missile defense, national security, and commercial space, reinforced by strong bookings and a record backlog.

謝謝，Phil。最後看第 12 頁，我對我們第一季的表現非常滿意，反映出穩健的執行與持續的動能，並由日益成長的需求以及可規模化交付關鍵任務能力的平台所支撐。我們在飛彈防禦、國家安全與商業太空領域看到更多機會，並由強勁接單與創紀錄的在手訂單所強化。

Our priorities remain consistent as we move through 2026, disciplined execution, investment to support scale, and advancing Starlab as the next generation of space infrastructure. With strong demand, improving visibility, and a strengthened operating foundation, we believe Voyager is well positioned to convert this momentum into sustained growth and long-term shareholder value.

在邁向 2026 年的過程中，我們的優先事項保持一致：有紀律的執行、支持規模化的投資，以及推進 Starlab 作為下一代太空基礎設施。在強勁需求、能見度改善與更強健的營運基礎之下，我們相信 Voyager 已具備良好定位，可將這股動能轉化為持續成長與長期股東價值。

Operator, with that, we're now ready to take questions.

接線員，接下來我們準備開始提問。

(Operator Instructions)

（接線員指示）

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Good morning, guys. Good morning, Dylan, Phil, and Adi. Maybe Dylan, just to start, the backlog increased despite the seasonal downward trend typically. What were key wins in the quarter, especially related to Golden Dome, and what do they mean to your capability stack, if you could elaborate?

各位早安。Dylan、Phil 和 Adi 早安。Dylan，先從這裡開始問：在手訂單在通常具有季節性下滑趨勢的情況下仍然增加。本季有哪些關鍵勝利，特別是與 Golden Dome 相關的？以及如果可以的話，能否進一步說明這對你們的能力堆疊（capability stack）意味著什麼？

Yeah. Well, thank you, Sheila. Great question. I appreciate the thoughtfulness of the question. Yeah, Q1 really was a seminal milestone quarter for us on Golden Dome. As we said in the IPO roadshow, our technology is very relevant to multiple missile programs.

是的。謝謝你，Sheila。問題問得很好，也謝謝你如此周到。是的，第一季確實是我們在 Golden Dome 上具有里程碑意義的一季。正如我們在 IPO 路演中所說，我們的技術與多個飛彈計畫高度相關。

And so what we said in the roadshow was that we could expect, in addition to next-generation interceptor, that we would be added to these additional missile programs. And frankly, that timing has actually been accelerated, on what I would have expected. So, we've had a lot of success here in Q1 in the early part of 2026.

因此我們在路演中提到，除了下一代攔截器（NGI）之外，我們也預期會被納入其他飛彈計畫。坦白說，這個時程比我原先預期的還要更快。因此，在 2026 年初的第一季，我們在這方面取得了很多成功。

So, as I mentioned in my remarks, we've been added to Standard Missile by Raytheon. That's a huge win for the company. There's also an announcement that's just out in the last 15 minutes about our relationship with Anduril on space-based interceptors as well. That wasn't in my previous remarks, because it literally just was issued about 15 minutes ago.

所以，如我在談話中提到的，我們已被雷神（Raytheon）納入標準飛彈（Standard Missile）計畫。這對公司而言是重大勝利。另外，就在過去 15 分鐘內也剛發布了一則公告，內容是我們與 Anduril 在天基攔截器方面的合作關係。這不在我先前的談話中，因為它真的是大約 15 分鐘前才剛發布。

So think of this as in two different categories, being added to programs where our technology is relevant to upgrade to next-generation technology. And then the second part is actually being an on-ramp for additional volumes, because, of course, there's a big ramp-up that the government is looking to achieve on these programs with existing technology. So we're being added as a second source, and we're being added as a upgrade to next-generation technology. So both of those are playing out.

所以可以把它想成兩個不同類別：第一類是我們被納入那些我們技術可用於升級至下一代技術的計畫；第二部分則是作為額外量產的導入（on-ramp），因為政府當然希望在既有技術的基礎上大幅提升這些計畫的產量。因此我們被納入作為第二來源（second source），同時也被納入作為升級至下一代技術的方案。這兩者都正在發生。

And again, if I look at our backlog that's showing up in Q1 backlog, to your point, it reversed the trend of actually burning backlog off in Q1. We were able to actually increase backlog in Q1. And then, of course, our pipeline continues to grow, Sheila, really significantly. So we're extremely optimistic that this is a validation of our technology, and additional programs awards are forthcoming as well.

再者，如果我看第一季所呈現的在手訂單（backlog），如你所說，它扭轉了第一季通常會消化在手訂單的趨勢。我們在第一季實際上讓在手訂單增加了。而且當然，我們的商機管線（pipeline）也持續成長，Sheila，成長幅度非常顯著。因此我們非常樂觀，認為這是對我們技術的驗證，後續也將有更多計畫授標。

So hopefully, that answers your question. Happy to take any follow-up.

希望這回答了你的問題。也很樂意再回答任何追問。

Yeah, super helpful. Maybe as a follow-up, thinking about how you raised the low end of the guidance for '26, what came in -- which one of the following is increasing it? Was it NGI? Was it the Anduril relationship? And maybe if you could talk about milestones over the next three quarters, we should be looking for?

是的，非常有幫助。再追問一下，關於你們上調了 2026 年指引的下緣，是哪些因素推升的——是 NGI 嗎？是與 Anduril 的合作關係嗎？另外，能否談談接下來三個季度我們應該關注哪些里程碑？

Sounds good. I'm going to give that to Phil for the detail.

聽起來不錯。我會把這個交給 Phil 來補充細節。

Good morning, Sheila. How are you?

早安，Sheila。妳好嗎？

Great question. Just as a reminder, right, we raised the guidance here this quarter, but this is following us raising the lower end of the guidance last quarter, and that was obviously following us initiating guidance here for 2026 back in November. What we've seen the last six months has been the continued strengthening of that customer signal demand. Our pipeline remains extremely strong, over $5 billion. And the confidence raised in the bottom end is the conversion of that pipeline into backlog that we know we will deliver beginning here in Q2 and all the way through the back end of the year this year.

好問題。提醒一下，我們本季上調了這裡的財測指引，但這是在上季我們已經上調指引區間下緣之後，而那又是在去年 11 月我們首次提出 2026 年指引之後。過去六個月我們看到的是客戶端需求訊號持續走強。我們的商機管線仍然非常強勁，超過 50 億美元。而我們對下緣的信心提升，來自於將該管線轉化為訂單積壓（backlog），而我們知道這些將自第二季開始交付，並一路延續到今年下半年。

Obviously, we still have quite a ways to go. So, we'll reserve touching the midpoint or effectively the top end of the range for future quarters but increasing confidence in us delivering as we plan here in 2026.

當然，我們還有很長的路要走。因此，我們會把觸及中位數或實際上區間上緣的調整留待未來幾季再談，但我們對於依計畫在 2026 年交付的信心正在提高。

Awesome. Thank you.

太好了。謝謝。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行。

Hey, good morning. This is Ron Epstein with Bank of America First, I just wanted to follow-up on the Anduril Award. I actually noticed that a bit before you mentioned it, Dylan, so you stole my thunder there. But just curious if you can maybe talk broadly about the contributions you'll make on that team or what the partnership means for the business in general. Just some more color would be great if you could.

嗨，早安。我是美國銀行的 Ron Epstein。首先，我想追問一下 Anduril 的得標案。我其實在你提到之前就注意到了，Dylan，所以你搶了我的風頭。不過我想請教，你能否大致談談你們在那個團隊中會做出哪些貢獻，或這個合作關係對整體業務的意義是什麼？如果能多給一些背景說明就太好了。

Yeah, thanks for the question, Alex. So it's obviously a very significant award. It pertains to the space-based interceptors. We have to be vague as to exactly what role we're playing in the team; that's really driven by the customer. But I think you're aware of our suite of technologies, advanced technologies, and the ones that are relevant to space-based interceptors and call it Golden Dome in particular.

好的，謝謝你的問題，Alex。這顯然是一個非常重要的得標案，與天基攔截器（space-based interceptors）相關。至於我們在團隊中扮演的確切角色，我們必須保持模糊，這主要是由客戶端所決定。但我想你也了解我們的一系列技術、先進技術，以及其中哪些與天基攔截器、特別是所謂的「Golden Dome」相關。

And what I can say is we have multiple technologies on the SBI program. Furthermore, Alex, what I can also say is there are additional news forthcoming on SBI, so stay tuned on that. But we're extremely pleased with how central our technology is to the architectures being put forward on Golden Dome and space-based interceptors in particular.

我能說的是，我們在 SBI 計畫上有多項技術。此外，Alex，我也可以說，關於 SBI 還會有更多消息即將公布，敬請期待。不過我們對於自家技術在「Golden Dome」所提出的架構中、尤其是在天基攔截器方面所扮演的核心角色感到非常滿意。

And as I said in my response to Sheila, we had anticipated that our technology would be relevant for Golden Dome. Frankly, I'm quite surprised at how quickly that technology is gaining traction within this architecture. And we're extremely bullish on what we see there. So hopefully that answers your question, Alex. I'm happy to take any follow-up.

而且如同我在回覆 Sheila 時所說，我們原本就預期我們的技術會與 Golden Dome 相關。坦白說，我很驚訝這項技術在這個架構中獲得採用的速度如此之快。我們對於所看到的發展非常看多。所以希望這回答了你的問題，Alex。我也很樂意再回答任何追問。

Yeah, I appreciate the color. And then if I could shift to Starlab and CLD, right? A lot of moving parts, obviously, sounds like NASA's got maybe funding challenges, but they put out this RFI for a core module path forward. I guess, broadly, maybe, how are you thinking about the updates here on Starlab's timeline, perhaps, your view on the competitive landscape, if there maybe aren't two free flyers was one thought. Sort of broad thoughts there would be also really helpful.

好的，謝謝你補充的背景。接著我想轉到 Starlab 和 CLD。顯然有很多變數，聽起來 NASA 可能面臨資金挑戰，但他們針對核心艙段（core module）的後續路徑發布了這份 RFI。我想更宏觀地問，你們如何看待 Starlab 時程更新、你們對競爭態勢的看法，以及如果最後可能不會有兩個自由飛行站（free flyers）這種情境，你們的整體想法是什麼？這些更廣泛的看法也會很有幫助。

Yeah, well, first of all, we're still very optimistic about Starlab and the program because either direction NASA takes, whether it's core module with commercial modules attached or it's commercial free flyers, we think we have the technology and, in particular, the market traction to service both those models.

好的。首先，我們對 Starlab 及其計畫仍然非常樂觀，因為不論 NASA 最終採取哪一種方向——不管是以核心艙段搭配商業艙段，或是採用商業自由飛行站——我們認為我們具備技術能力，尤其是在市場牽引力方面，能同時服務這兩種模式。

So we responded to the RFI. As you mentioned, NASA put out the RFI. We responded to that. We're awaiting NASA's response on that, which is likely to be an RFP. But keep in mind, we're already at 130% of commercial demand capacity spoken for on Starlab, and that commercial demand could translate to a different solution if NASA goes a different path.

因此我們已回覆該 RFI。正如你提到的，NASA 發布了 RFI，我們也提交了回覆。我們正在等待 NASA 的回應，後續很可能會轉為 RFP。但請記住，Starlab 的商業需求容量目前已被預訂到 130%，而這些商業需求若 NASA 走不同路徑，也可能轉化為不同的解決方案。

So we're actually quite bullish, and as you probably are aware, we won the PAM-7 private astronaut mission from NASA. That's really a validation of our mission management business. So we're actually quite optimistic that no matter what path NASA takes, our capabilities will be relevant. We did pass another four milestones in the quarter on Starlab itself and got some additional cash payments in.

所以我們其實相當看多。而且你可能也知道，我們從 NASA 拿下了 PAM-7 私人太空人任務。這基本上驗證了我們的任務管理業務。因此不論 NASA 走哪條路，我們的能力都會具備相關性。本季我們在 Starlab 本體又達成了另外四個里程碑，也收到了一些額外的現金款項。

And I don't know if we mentioned on the last quarter or not, but we had this high-fidelity mock-up in Building 9 at Johnson Space Center. We're getting a lot of people through there. It's quite impressive just seeing the volume of that Starlab design. So I would encourage you, Alex, or anybody on the call, if they happen to be in Houston, we can arrange a tour.

我不確定我們上季是否有提到，但我們在詹森太空中心（Johnson Space Center）的 9 號大樓有一個高擬真模型。我們讓很多人進去參觀。光是看到 Starlab 設計的體量就非常令人印象深刻。所以我會鼓勵你，Alex，或任何參與電話會議的人，如果剛好在休士頓，我們可以安排導覽。

But I think just, yeah, to put a finer point on it, we're very optimistic that we're well-positioned on CLD no matter what path NASA chooses to take.

不過我想，是的，講得更明確一點：不論 NASA 最終選擇哪條路徑，我們都非常樂觀，認為我們在 CLD 上處於有利位置。

Great. Thank you very much for taking the questions. Appreciate it.

很好。非常感謝你回答問題。感謝。

Thank you, Alex.

謝謝你，Alex。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Yeah, thanks. Good morning. I was hoping to maybe clarify first on the standard missile contract during the IPO roadshow that was, I think, the largest single opportunity in the pipeline, around $300 million plus. Is the part of the win that you've gotten this quarter in there? Is that the entire? Is it something new? Maybe you just put it in context what you were looking for versus what you get.

好的，謝謝。早安。我想先釐清一下標準飛彈（standard missile）合約：在 IPO 路演期間，那應該是商機管線中最大的單一機會，大約 3 億美元以上。本季你們拿到的這部分得標是否包含在那裡？那是全部嗎？還是新的案子？也許你可以把你們原本期待的與實際拿到的放在同一個脈絡中說明一下。

Yeah, Miles, it's all good news here. I'll give you the particulars, but this is all incremental to what we reported.

好的，Myles，這裡都是好消息。我會提供具體細節，但這些都是在我們已揭露內容之外的增量。

I think really important to highlight too, Myles, is one, this is just the initial contract we've received here from Raytheon for SM-3. This is a pre-production award. And so significant upside to the backlog that we've added here strategically.

我也認為很重要的一點是，Myles，第一，這只是我們從 Raytheon 取得的 SM-3 初始合約。這是一個量產前（pre-production）的授標。因此，從策略角度來看，我們新增的訂單積壓（backlog）仍有顯著上行空間。

More importantly, as we look beyond 2026 and expect that program to then continue, it absolutely aligns well with what we had talked about around the IPO, where there wasn't just a next-generation interceptor program that had $1 billion worth of leg to it from a production standpoint. We still expect that, if you would, to come to fruition later this year as we enter into 2027 from a low-rate to high-rate production perspective.

更重要的是，當我們把視野放到 2026 年之後，並預期該計畫將持續推進時，它確實與我們在 IPO 時談到的內容高度一致：不僅僅是下一代攔截器計畫在量產面有約 10 億美元的潛在規模。我們仍預期該部分會在今年稍晚、當我們進入 2027 年、從低速率量產（low-rate）轉向高速率量產（high-rate）的過程中逐步實現。

Raytheon SM-3, early stages, we'll continue to report out as we make progress on that specific program. I think more exciting news as we've validated our disruptive technologies in the space.

Raytheon 的 SM-3 還在早期階段，我們會在該特定計畫取得進展時持續對外更新。我認為更令人振奮的是，我們已在這個領域驗證了我們的顛覆性技術。

Okay. And Phil, I'll have you, the sales cadence for the rest of the year obviously has to accelerate quite substantially. Could you talk about the first quarter headwinds you had that those alleviate in the second quarter, just the magnitude of acceleration you're expecting here in the near term versus the tail end of the year.

了解。另外 Phil，我想請教：今年剩餘期間的銷售節奏顯然必須大幅加速。你能否談談第一季遇到的逆風，以及這些在第二季如何緩解；還有你們預期短期內的加速幅度，相較於年底的加速幅度大概會是怎樣？

I appreciate the question, Myles. A bit to unpack there. So let's remind everybody, $35 million of revenue this first quarter, slightly up year-over-year. As a reminder, we did have some pretty substantial programs rolling off. For example, the Space Doc 2 contract that we've been flagging and highlighting as a year-over-year headwind latter part of last year, contributed about $5 million of revenue last year, first quarter. And so that's just about wrapped up completely, so about a $5 million, I think, 13 percentage point headwind into the quarter for us this year.

謝謝你的問題，Myles。這裡有一些需要拆解。先提醒大家：第一季營收 3,500 萬美元，年增略為上升。也提醒一下，我們確實有一些相當重要的專案在結束。例如我們一直提示並強調的 Space Doc 2 合約，去年下半年就已指出它會成為年對年逆風；該合約在去年第一季貢獻約 500 萬美元營收。現在幾乎已完全結束，因此對我們今年本季造成約 500 萬美元的逆風，我想大約相當於 13 個百分點的逆風。

We also had a fantastic software design radio contract with Airbus. That was a big growth driver for us last year and in 2024, frankly speaking. That program is also wrapping up here early 2026, so another headwind. As I think about looking ahead, the new record backlog that we've established, the momentum we're building from a bookings perspective, we anticipate revenues to ramp sequentially and accelerate growth sequentially, going from $35 million of revenue should increase sequentially by 37%. So think high 40s, if you would, there'll be about mid-single-digit growth year-over-year.

我們也有一個與 Airbus 的非常出色的軟體設計無線電（software design radio）合約。坦白說，那是我們去年以及 2024 年的重要成長動能。該專案也將在 2026 年初結束，因此又是一個逆風。展望未來，考量我們創下的新高訂單積壓、我們在接單（bookings）動能上的累積，我們預期營收將逐季爬升並逐季加速成長；從 3,500 萬美元的營收來看，下一季預期將季增 37%。也就是說，大概落在 4,000 多萬美元的高段；年對年則約為中個位數成長。

And then just based on the backlog, the customer timeline that we've received, the delivery of longer-leave material items, we know we have in our backlog a substantial amount of second-half revenue to deliver. And so that's how we're planning it, about 33% or a full-year revenue at the midpoint in the first half and about 67% of the revenue in the second-half of the year with great visibility given our backlog.

接著，基於訂單積壓、我們收到的客戶時程、以及長交期物料（long-lead material items）的交付，我們知道在訂單積壓中有相當可觀的下半年營收需要交付。因此我們的規劃是：以全年營收指引中位數來看，上半年約占 33%，下半年約占 67%；由於有訂單積壓支撐，因此能見度很高。

And Myles, just to emphasize the points that Phil made there, it's not only line of sight for what we have in the backlog and what we're reporting on in Q1, but all of these incremental awards that we're talking about are all going to be additive to that confidence that we have, including, for example, that PAM-7 mission that I mentioned earlier, none of that is in backlog.

Myles，我再強調 Phil 剛才的重點：不僅我們對訂單積壓中已有的內容、以及我們在第一季所揭露的內容有清楚的可視性（line of sight），我們現在談到的所有這些增量授標都會進一步強化我們的信心；例如我先前提到的 PAM-7 任務，那些都尚未納入訂單積壓。

First of all, that was a Q2 award. Secondly, being the conservative company we are, we're not going to count that as backlog until we actually get a signed contract and a down payment towards a mission slot. So that's all upside to backlog as well. So I just want to emphasize that point.

首先，那是一個第二季（Q2）的得標。其次，基於我們一貫保守的作風，在我們實際拿到已簽署合約，並且收到針對任務艙位的預付款之前，我們不會把它算作在手訂單（backlog）。因此，這對在手訂單也同樣是額外上行空間。我只是想強調這一點。

And maybe just to put a finer point on the momentum story, and I'm just reflecting back to my answer to Sheila at the opening of the call. One thing to highlight here, and I know it's early in the second quarter, but we continue to see the bookings momentum continue for us here early Q2. We've already booked quite a substantial amount of the second quarter.

另外，為了把動能的故事講得更精準一些，我只是回到我在電話會議一開始對 Sheila 的回答。有一點值得強調，我知道現在才第二季初，但我們在 Q2 初期仍持續看到訂單（bookings）動能延續。我們在第二季已經簽下相當可觀的一部分訂單。

And I know, Miles, you and I have had that discussion around the we typically burn backlog in the first half of the year and build it in the second-half of the year. I wouldn't say it's unusual. It's a realization of the strong demand signal that we're getting here that we had a 1.3 book-to-bill ratio in Q1. Expect our book-to-bill ratio will exceed 1 again in the second quarter, and we should well exceed even the $45 million of bookings that we had in Q1.

我也知道，Miles，你和我曾討論過：我們通常在上半年消化在手訂單、在下半年建立在手訂單。我不會說這不尋常；這其實是我們所收到強勁需求訊號的體現——我們在 Q1 的接單/出貨比（book-to-bill）為 1.3。預期我們第二季的接單/出貨比也會再次高於 1，而且我們的接單金額應該會明顯超過 Q1 的 4,500 萬美元。

So momentum continues to build line of sight, even the bookings we have here in early April. These are also revenue-generating programs here for the calendar year 2026. A substantial portion of these won't be delivered until the second-half of the year, again, supporting that second-half ramp. So, again, appreciate the question. I just want to make sure we highlighted the continued momentum that we've seen in early Q2 as well.

所以動能持續增強、能見度也在提升，甚至包括我們在四月初拿到的訂單。這些也都是 2026 曆年可帶來營收的專案。其中相當一部分要到下半年才會交付，再次支撐下半年的爬坡。因此，再次感謝這個問題。我只是想確保我們也凸顯了在 Q2 初期持續看到的動能。

Thanks so much.

非常感謝。

Seth Seifman, JP Morgan.

JP Morgan 的 Seth Seifman。

Hi, good morning. This is Rock on for Seth.

嗨，早安。我是 Rock，代 Seth 提問。

Hey, Seth

嘿，Seth。

I was wondering what were the main factors that kind of weighed on Q1 gross margin and how should we expect the margin to progress through the year? Will it just be a kind of a quick step up in Q2 or more of a ramp throughout the year?

我想請教，Q1 毛利率主要受到哪些因素拖累？以及我們應該如何預期毛利率在今年的走勢？會是在 Q2 快速跳升，還是會在全年逐步爬升？

Yeah, maybe I'll take that question, Rock. So from a gross profit margin perspective, if you recall, we anticipated this year will be a gross profit margin in the mid-teens, so I think 14%, 15% on a full-year basis. That reflects year-over-year an incremental investment ahead of growth, scale growth as we move into higher rate production contracts later this year and into next year.

好，Rock，這題我來回答。就毛利率角度來看，如果你還記得，我們預期今年全年毛利率會在十幾%的中段，也就是全年約 14%、15%。這反映了相較去年，我們在成長之前做了額外的前置投資，為了在今年稍晚以及明年進入更高產量的量產合約時，能支撐規模化成長。

So we're already anticipating a challenging first half of the year. You see negative gross profit reflects exactly that, some program mix as well. As we look out, second quarter anticipate gross profit to be positive, think low mid-single-digits in Q2, and then a significant acceleration thanks to leverage. I just reflected on the revenue profile. I think 33% first half, 67% of our full-year revenue guidance split that way.

因此我們本來就預期上半年會比較具挑戰性。你看到的毛利為負，正是反映這點，也包含一些專案組合（program mix）的影響。往前看，第二季我們預期毛利會轉正，Q2 大概是低到中個位數百分比，之後會因為營運槓桿而顯著加速。我剛也提到營收型態：我們全年營收指引中，約 33% 在上半年、67% 在下半年。

From a gross profit sequential perspective, you should see a step up into the mid- to high-10s in Q3 and then back into the mid-20s in Q4 as we significantly leverage our cost structure.

從毛利的季比（sequential）來看，你應該會看到 Q3 拉升到十幾%中段到高段，然後 Q4 回到 20%中段，因為我們能大幅運用成本結構的槓桿。

Great, thank you. And then what drove the decision to combine the defense and space businesses into one segment? And is there an opportunity for the combination to drive any synergies in the business?

很好，謝謝。接著，將國防與太空業務合併為單一事業部（segment）的決策是由什麼驅動？而這樣的合併是否有機會帶來任何綜效？

Yeah, I'll start with that, Rob, and I'll ask Phil to chime in. I think a couple of things. One is there's increasing convergence between our national security and defense business and our space business. Of course, it's been said before that space is the ultimate high ground, so there's a lot of national security implications for that. And there was also a lot of overlap in the technologies that were being deployed.

好，Rob，我先回答，然後也請 Phil 補充。我想有幾個原因。第一，我們的國安與國防業務和太空業務之間的融合度正在提高。當然，過去也有人說過太空是終極制高點，因此對國家安全有很多意涵。第二，兩邊所部署的技術也有大量重疊。

We had a single executive, Matt Magaña, running those businesses as well, so that also allowed us to merge the growth teams and a lot of other things that were relevant to actually running the business. So those were the main drivers. I'll ask Phil to chime in as well.

此外，這些業務原本就由同一位高階主管 Matt Magaña 負責，因此也讓我們能合併成長團隊，以及許多實際營運所需的相關事項。這些是主要驅動因素。我也請 Phil 一起補充。

As a reminder everyone, we IPO'd last June with three external segments, Defense, National Security, Space Solutions, and Starlab, and going forward, we've got the two segments now. To Dylan's point, internally, we had already integrated the Defense and National Security and Space Solutions segment under the leadership of Matt Magaña.

提醒大家，我們在去年六月 IPO 時，對外揭露有三個事業部：Defense、National Security、Space Solutions，以及 Starlab；往後我們就變成兩個事業部。正如 Dylan 所說，在內部我們早已在 Matt Magaña 的領導下，把 Defense、National Security 與 Space Solutions 整合在一起。

Equally as importantly, as we progressed post-IPO last year, made three strategic acquisitions, EMSI, ExoTerra and then Estes late in the fourth quarter. And so as we've already well on our way to integrating these businesses fully, the way we go to market, the way we go and highlight and bring our technologies, our disruptive space tech and defense tech technologies to the customer, it's bringing portfolio solution sell to the customer.

同樣重要的是，IPO 之後我們在去年完成了三項策略性併購：EMSI、ExoTerra，以及在第四季末完成的 Estes。隨著我們已經在全面整合這些業務的路上，我們的市場進入方式（go-to-market）、以及我們如何向客戶展示並導入我們的技術——我們具顛覆性的太空科技與國防科技——都更偏向以「產品組合解決方案」的方式銷售給客戶。

Next Generation Interceptor is a great example, classic, if you had propulsion technology that we've been long developing alongside with Lockheed Martin for years, combine that with traditional space or effectively dual-use space technology and navigation controls. And so that's a great example of how we're bringing a more portfolio set, getting a greater wallet share with our customer.

「下一代攔截器」（Next Generation Interceptor）就是很好的例子：典型情境是把我們多年來與洛克希德馬丁（Lockheed Martin）共同長期開發的推進技術，結合傳統太空技術或實際上可軍民兩用（dual-use）的太空技術，以及導航控制。這就是我們如何以更完整的產品組合切入，從客戶那裡取得更高的錢包份額（wallet share）的例子。

And the segmentation helps us clarify and clearly. Convey those results the way that we manage the business internally to the external community. So it should help from that perspective as well.

而事業部劃分也有助於我們更清楚地把成果傳達給外部市場，讓外界看到我們在內部如何管理這門生意。因此從這個角度也會有所幫助。

Great. Thank you, guys.

很好。謝謝各位。

Thanks

謝謝。

John Godyn, Citigroup.

Citigroup 的 John Godyn。

Hey, guys. Thanks for taking my question. Dylan, you had a great dialogue in the beginning about AI investments, reducing go-to-market time, preparing for rising production rates. With the strong booking commentary and outlook you guys have here, I just wanted to revisit that topic, understand it a little bit better, and understand how you guys are kind of preparing to scale.

嗨，各位。謝謝讓我提問。Dylan，你在一開始對 AI 投資談得很深入，包括縮短市場導入時間（go-to-market time）、為產能提升做準備。基於你們對強勁接單的評論與展望，我想回到這個主題，更深入理解你們如何準備擴大規模（scale）。

Yeah, thank you for the question. Very thoughtful question. So we're thinking about AI in a couple of different ways. And this has got very senior level executive sponsorship. Matt Kuta, our overall company President, is driving a lot of this. we also made a key hire. And I credit Paul Tilghman, our CTO, for this, a key hire out of DARPA Labs, who was involved very much in Agentic AI.

謝謝你的問題，這題很有深度。我們從幾個不同面向在思考 AI，而且這件事有非常高層的主管支持。我們公司總裁 Matt Kuta 正在推動其中很多工作。我們也做了一項關鍵招募——這點要歸功於我們的 CTO Paul Tilghman——從 DARPA Labs 延攬了一位關鍵人才，他在 Agentic AI 方面參與很深。

So we're thinking of AI beyond just personal productivity, which is the way I think a lot of people are thinking about it. And we're really thinking of it as more of a technical tool that allows us to not only enhance our ability to create technical solutions for our customers, but to, as I said in my remarks, reduce cycle time.

因此我們看待 AI 不只是個人效率提升——我想很多人目前都是這樣看——我們更把它視為一種技術工具，不僅能提升我們為客戶打造技術解決方案的能力，也能如我在談話中所說，縮短週期時間（cycle time）。

Because when you're a technology and innovation company, which Voyager is, it's all about being first to market with advanced technology. And so that's really the way we're thinking about it, and that's really where we're seeing the primary benefits. So think of everything from a custom ASIC design to other things that might go in a program. Instead of that being a multi-year approach, it could be a multi-month approach.

因為當你是一家技術與創新公司——Voyager 就是——關鍵在於以先進技術率先上市。因此我們就是用這個角度在思考，也是在這裡看到主要效益。從客製化 ASIC 設計到專案中可能包含的其他項目，原本可能是多年期的流程，現在可能變成數月期。

And it's not only getting a better outcome, but it's reducing that cycle time and bringing the innovation to bear sooner. So that's really the key way we're thinking about it. Early indications are this is going to have a significant impact on our business. It's still too early to say exactly what meaningfully will change from a margin profile and things like that.

這不只是得到更好的結果，更重要的是縮短週期時間，讓創新更早落地。因此這是我們思考的核心方式。初步跡象顯示，這將對我們的業務帶來顯著影響；但現在要精確說明毛利結構等會有什麼實質改變，仍然太早。

But I would tell you, as you would expect, being a technology and innovation company, we are on the leading edge of innovation in this area as well. And I really like what I see initially here. And I think we'll have a lot more to say about this probably on our next earnings call.

但我可以說，如你所預期，作為一家技術與創新公司，我們在這個領域也站在創新的前沿。我很喜歡目前看到的初步成果。我想我們在下一次財報電話會議上，可能會有更多內容可以分享。

Great. That's great color. And if I could just sort of ask a nip, this is probably more for Phil. You guys raised the low end of the revenue guidance, but not the high end. I know it's very early in the year, very small percentage of revenue, in 1Q versus the full year. That may be it, but I'm just kind of curious, scope to kind of revisit the high end or execute to the high end throughout the year. I mean, the bookings commentary was great. I think there might be, little bit of potential for that. But, Phil, any thoughts?

很好，這些資訊很有幫助。如果我可以再追問一個小問題，這可能更適合 Phil。你們上調了營收指引的下緣，但沒有上調上緣。我知道現在還很早，第一季營收占全年比例也很小，可能就是原因；但我想了解，今年是否有空間重新檢視上緣，或在全年執行到上緣？你們對接單的評論很強，我覺得可能有一些上行潛力。Phil，你怎麼看？

Yeah, John, appreciate the question. Love it when the conservative CFO gets put in the corner. So I'm smiling here on this end. No. Again, just reminding everybody, so we've now consistently raised, yes, the bottom end. It's because it is early in the year. We're wrapping up the first quarter, as I mentioned earlier, great momentum heading into Q2.

John，謝謝你的問題。我很喜歡——當保守派 CFO 被逼到角落時，我這邊正在微笑。沒有。再次提醒大家，我們現在是持續上調，是的，是下緣。原因是今年才剛開始。我們正在收尾第一季，正如我先前提到的，進入 Q2 的動能非常強。

We'll provide an update on what we think about what the top end could be once we get through the second quarter of this year. We've got that crystallized visibility into the second-half of the year. I do highlight, and I mentioned it earlier, there's second-half revenue, about 67% of the full-year guide, with a substantial amount of that in the fourth quarter.

我們會在今年第二季結束後，更新我們對於上緣可能落點的看法。屆時我們對下半年將有更明確、可落實的能見度。我也要強調（我先前提過），下半年營收約占全年指引的 67%，其中相當大一部分會落在第四季。

Our customer schedules tend to move around. No fault of errors, but things get delayed and get pushed, et cetera. And so again, perhaps more on the conservative side here before we start to think about moving the top end up. We'll keep it where we laid out today and provide an update in August. Look forward to that update, obviously.

我們客戶的排程往往會有所變動。不是因為出錯，而是事情會延後、會往後推等等。所以在我們開始考慮把上緣往上調之前，這裡我們可能會再保守一些。我們會維持今天所提出的水準，並在 8 月提供更新。當然也很期待那次更新。

Things continue to progress well as they have here through the strong start to the year. I'm optimistic that there could be some upside, but we'll stay a bit short from guiding that way until we have that crystallized visibility. But thanks for the question, John.

事情持續進展順利，就像今年以來強勁開局所展現的一樣。我樂觀認為可能會有一些上行空間，但在我們有更明確、可落實的能見度之前，我們會先不以那個方向做指引。不過謝謝你的問題，John。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Hi, this is Anton on for Gotham. So assuming Starlab does win CLD Phase II, and when do you expect Starlab to start generating revenue? Can we start to see revenue from things like on-ground astronaut training as soon as 2027, or is this really only meaningful in 2028? And, maybe how much revenue can you generate from on-ground work?

嗨，我是 Anton，代替 Gotham 提問。假設 Starlab 贏得 CLD 第二階段（Phase II），你們預期 Starlab 何時開始產生營收？我們是否最早在 2027 年就能看到像地面太空人訓練這類的營收，還是要到 2028 年才會比較有意義？另外，地面相關工作大概能帶來多少營收？

Appreciate the question. This is Phil. Yes, our expectation is that we could start seeing some revenue recognition as early as 2027 and certainly in 2028 from a training perspective. I think most importantly for everybody to kind of keep an eye on, and I highlighted this the last quarter, I keep an eye out from a balance sheet perspective, the deferred revenue that we start to recognize, or not recognize excuse me, but realize.

謝謝你的問題。我是 Phil。是的，我們預期最早在 2027 年、當然也會在 2028 年，從訓練的角度開始看到一些營收認列。我認為對大家來說最重要、也值得關注的是（我上季也提過），從資產負債表的角度，留意我們開始「實現」（我更正一下，不是認列，而是實現）的遞延收入。

We expect advanced bookings could start as early as like they did here in 2026. Certainly expect that to accelerate as we move into 2027 and beyond. I think that would be the strongest indicator. As Dylan mentioned, we already have over 130% of our commercial capacity spoken for. But as we move through the year, out the back end of the year into next year, we start to see that convert into cash reservations, nothing better than that from a CFO's perspective. And then we'll start to turn that and flip that into revenue, like I said, the year after, '27 and '28.

我們預期預收訂單（advanced bookings）最早可能在 2026 年就會開始出現，就像我們這裡看到的一樣；並且預期在 2027 年及之後會加速。我認為那會是最強的指標。正如 Dylan 提到的，我們的商業產能已經有超過 130% 被預訂。但當我們走過今年、進入今年下半年並延伸到明年，我們會開始看到這些轉化為現金訂金／預訂款；從 CFO 的角度來看，沒有比這更好的了。接著我們會開始把它轉換並反映到營收上，如我所說，在隔一年，也就是 2027 與 2028 年。

Thanks.

謝謝。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

Hey, good morning. I wanted to ask on Golden Dome, is the early Golden Dome revenue more R&D prototype-like, or is it more production-like with more established gross margins? Just appreciate any additional color you can provide on the margin profile for Golden Dome-related work.

嗨，早安。我想問 Golden Dome 的部分，早期的 Golden Dome 營收比較像研發／原型（prototype）性質，還是比較像量產（production）性質、毛利率也更成熟？想請你們就 Golden Dome 相關工作的毛利率輪廓提供更多說明。

Hey, Mike, it's Phil. I'll take that from a gross profit margin perspective, but certainly have Dylan weigh in as well. So we highlighted it as a pre-production contract. So it's certainly not research and development. This is a revenue-generating contract that we've received here and expect to deliver on. It is a firm fixed-price contract.

嗨，Mike，我是 Phil。我先從毛利率的角度回答，也會請 Dylan 一起補充。我們把它定位為「量產前」（pre-production）合約，所以它當然不是研發。這是一份我們已取得、並預期交付的創收合約。它是一份確定的固定價格（firm fixed-price）合約。

So I know that wasn't your question, but from a margin perspective. We're looking at 20%-plus margins. So these are healthy margins, early stage, clearly. And as we move into the higher production, no different than the NGI, we expect that margin profile to only improve or increase as we move into that phase. Thanks for the question.

所以我知道這不完全是你問的點，但就毛利率而言，我們看的是 20% 以上的毛利率。也就是說，這些是健康的毛利率，雖然仍屬早期階段。隨著我們進入更高的量產階段，這點和 NGI 沒有不同，我們預期毛利率輪廓只會在進入該階段後進一步改善或提升。謝謝你的問題。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，Morgan Stanley。

Hey, good morning, everyone. Dylan, you mentioned earlier for NASA CLD that depending on the approach NASA wants to take, that, Voyager is prepared with Starlab. I was wondering, is a third option possible? I mean, if NASA still seems to be uncertain about the path they want to take, considering the maturity of your investments in Starlab and your ability to raise private capital to support the investments? Could you still go forward with Starlab as a private enterprise, even if the NASA CLD doesn't materialize in what you had initially thought, it would be helpful to get your thoughts on that.

各位早安。Dylan，你先前提到 NASA 的 CLD，取決於 NASA 想採取的方式，Voyager 會以 Starlab 做好準備。我想問，是否存在第三種選項？也就是說，如果 NASA 似乎仍不確定要走哪條路，考量你們在 Starlab 的投資成熟度，以及你們籌措民間資本來支持投資的能力，即使 NASA 的 CLD 沒有如你們最初所想的那樣落實，你們是否仍能把 Starlab 當作民間企業繼續推進？希望聽聽你的看法。

Yeah, I think the short answer is yes, Kristine, we could, but I don't anticipate that being the case. I mean, NASA, of course, is the largest user in commercial LEO -- I'm sorry, in LEO today. And, as we all know, the International Space Station is aging. And even if it's extended to 2032, it's hard to imagine it being extended much past that. So even if we were to go it alone, so to speak, and actually build Starlab, I would still anticipate that. That major space agencies around the world would be an important part of that.

是的，Kristine，簡短的答案是可以，我們可以，但我不預期會是那種情況。畢竟 NASA 當然是商業 LEO——抱歉，是目前 LEO 的最大使用者。而且如大家所知，國際太空站正在老化。即使延役到 2032 年，也很難想像還能再延長太久。所以即便我們所謂「單打獨鬥」去建造 Starlab，我仍預期全球主要太空機構會是其中很重要的一部分。

But if your question is, could we capitalize this independent of NASA, I don't think that's going to end up having to be the case. Like I say, I think we're very well-positioned for CLD Phase II, but it's not out of the realm of possibility that we could independently finance this.

但如果你的問題是：我們能否在不依賴 NASA 的情況下為此資本化（籌資／投入資本）？我不認為最後會需要走到那一步。就像我說的，我們在 CLD 第二階段的布局非常到位，但也不能排除我們能夠獨立融資的可能性。

The other thing I would say, I just want to reinforce for everyone on the call. Space is an incredibly important part of our key strategy we have this three L strategy that we've been referring to that refers to LEO which is of course low Earth-orbit that's where Starlab plays and a lot of our other technologies play.

另外我也想再強調給電話會議上的各位：太空是我們關鍵策略中極其重要的一環。我們一直提到的 3L 策略，第一個 L 指的是 LEO，也就是近地軌道，Starlab 以及我們許多其他技術都在這裡發揮作用。

But we also have a key lunar initiative so that's the second L the third L being LaGrange which just is a proxy for deep space technology but as it relates to lunar we have a key initiative there we call it Project Prevail and there was a lot to work with in the Ignite presentation that Jared made that we're very excited about vis-a-vis lunar, including lunar habitation, and that really brings into focus our key strategic investment in Max Space, which is on expandable inflatable technology.

但我們也有一項關鍵的月球（lunar）倡議，這是第二個 L；第三個 L 是 LaGrange（拉格朗日點），它其實是深太空技術的一個代稱。就月球而言，我們有一個關鍵計畫，稱為 Project Prevail。Jared 在 Ignite 簡報中提到很多內容，我們對月球相關的機會非常興奮，包括月面居住（lunar habitation）。這也讓我們對 Max Space 的關鍵策略性投資更為聚焦，Max Space 專注於可展開式充氣（expandable inflatable）技術。

So we really like what we see in that 3L strategy from a growth prospect standpoint, far above and beyond just Starlab and just LEO. So I really want to reinforce that for everyone. We're very bullish on what we see on the space economy.

因此，從成長前景的角度來看，我們非常看好這個 3L 策略，遠遠不只是 Starlab、也不只是 LEO。我很想再次強調這點。我們對太空經濟所看到的趨勢非常看多。

Great. Super helpful. And Dylan, just, doubling down on the CLD and just understanding it a little bit better. So what are the milestones we should be watching for the Phase II announcement? I mean, is the program still on hold or is that still expected to be early summer for the down select?

很好，這非常有幫助。Dylan，我想再追問 CLD，讓我更理解一些。那麼，關於第二階段公告，我們應該關注哪些里程碑？這個計畫目前仍在暫停中嗎？還是仍預期會在初夏進行篩選（down select）？

And then also, just understanding, the size of this potential contract. Can you just level set us again regarding the investments in Starlabs so far and what you need to do and if you have to go in this alone or as a standalone entity.

另外也想了解這個潛在合約的規模。你能否再幫我們校準一下：目前在 Starlab 上的投資到什麼程度、接下來還需要做什麼，以及如果必須單獨推進或以獨立實體運作時會是什麼情況？

Yeah, well, the second part of your question really depends on what the final design and parameters are. So, it's hard to answer that second question without answering the first question, which is what the award is. What we know is that the RFI was submitted, and I think industry has all participated in that RFI. And it's our understanding, based upon what NASA has said, that they will then take that RFI and they will create an RFP around that.

是的，你問題的第二部分其實取決於最終設計與參數。所以如果不先回答第一個問題——也就是獎項（award）會是什麼——就很難回答第二個問題。我們知道的是 RFI 已經提交，我想產業界也都參與了這份 RFI。根據我們對 NASA 說法的理解，他們接著會以該 RFI 為基礎制定一份 RFP。

In terms of the timing, it's uncertain. We would anticipate sometime early summer; so June, July. But there's nothing official, so far as we know, from NASA with a firm deadline on that. So yeah, TBD on timing, Christine.

至於時程，目前不確定。我們預期會在初夏某個時間點，也就是 6 月、7 月。但就我們所知，NASA 目前沒有公布任何具有硬性期限的正式截止日。所以時程仍待定（TBD），Christine。

But I think what I would say is I'm confident that we have the right commercial model, the right team, and the right technology to address NASA's needs. And so, no matter what comes out in the form of the RFP, I think we're going to be extremely well positioned. That's really what I want to leave you with.

但我想說的是，我有信心我們具備正確的商業模式、正確的團隊，以及正確的技術來滿足 NASA 的需求。因此，不論 RFP 最終以什麼形式出現，我認為我們都會處於非常有利的位置。這是我最希望你帶走的重點。

Super helpful, Dylan. And, congrats again on your announcement with Anduril this morning. As a follow-up to that announcement, I want to understand, is this an exclusive partnership or are you able to partner with other players for other space-based interceptor approaches.

非常有幫助，Dylan。另外也再次恭喜你們今天早上與 Anduril 的公告。就這個公告的追問，我想了解：這是獨家合作夥伴關係嗎？或者你們也能與其他業者合作、採用其他太空攔截器（space-based interceptor）方案？

We are on multiple award-winning teams is what I can say, Kristine. More to come, but we are on multiple SBI-winning teams.

我能說的是，我們在多個得標團隊中，Kristine。後續會有更多消息，但我們確實在多個 SBI 得標團隊中。

Great. Thank you very much.

很好。非常感謝。

Thank you.

謝謝。

Stephen Wahrhaftig, Wedbush.

Stephen Wahrhaftig，Wedbush。

Hey, good morning, guys. Thank you for taking the question and congrats on a good quarter. I kind of want to take a big picture look at the entire defense space, considering the fiscal year '27 defense budget is expected to expand to about $1.5 trillion. And this includes about $75 billion of munitions procurements and $17 billion specifically for Golden Dome. So I wanted to kind of touch on how Voyager's positioning to gain some of this incremental deal flow if this budget were to pass?

各位早安。感謝讓我提問，也恭喜你們本季表現不錯。我想從更宏觀的角度看整個國防領域，因為預期 2027 會計年度的國防預算將擴大到約 1.5 兆美元。其中包含約 750 億美元的彈藥採購，以及專門用於「Golden Dome」的 170 億美元。因此我想請教，如果這項預算獲得通過，Voyager 在爭取這些新增案源／交易流量方面的布局如何？

And then also about $350 billion of that $1.5 trillion is sitting in reconciliation rather than a discretionary base. And I just wanted to figure out exactly where your programs fall in the defense budget for reconciliation for discretionary?

另外，這 1.5 兆美元中約有 3,500 億美元是放在「和解法案」（reconciliation）裡，而不是屬於裁量性（discretionary）的基礎預算。我想更清楚了解，你們的專案在國防預算中究竟是歸類在和解法案，還是裁量性預算？

Yeah, really smart question. I'll ask Phil to chime in on it, but let me just give you the headline. Obviously, $1.5 trillion defense budget would be an absolute windfall, not only for our industry, but for Voyager in particular. Everything that we've talked about today sort of assumes a steady-state budget. So if we were to have dramatically increased spending in the DOW, that would all be potential upside to our growth profile and our organic CAGR. So that's one point I'd like to make.

是的，這問題很聰明。我會請 Phil 也補充一下，不過我先給你重點結論。顯然，1.5 兆美元的國防預算將是巨大的利多，不僅對整個產業，對 Voyager 尤其如此。我們今天談到的一切基本上都假設預算維持穩態。如果國防部（DOD）的支出大幅增加，那將成為我們成長曲線與有機 CAGR 的潛在上行空間。這是我想先強調的一點。

Second point I'd like to make is, if you look at the incremental spending contemplated, whether it's in reconciliation or not, just take the Space Force, for example, the vast majority of that incremental spending is really in advanced technology and products that directly play into where we're positioned in the market.

第二點是，如果你看所設想的新增支出，不論是否透過和解法案，以太空軍為例，絕大多數的新增支出其實都在先進技術與產品上，而這些正好直接對應到我們在市場上的定位。

So, yes, they're ramping up production level on existing programs, but the vast majority of the incremental spend is really directed towards advanced technology. And so that's why we're extremely bullish at having the right technology at the right time, solving the right customer Challenges.

所以，是的，他們正在把既有專案的產量拉升，但新增支出的絕大部分其實是導向先進技術。因此我們非常看多：在對的時間點擁有對的技術，去解決客戶面臨的對的挑戰。

So, again, we like what we see with whatever budget number you want to put in there, whether it's $1.2 trillion or $1.5 trillion . And I would say our programs are protected, and we've got line of sight because everything in our backlog is funded backlog, just to remind you. So, yes, I'll ask Phil to put a finer point on it, but that would be the headline I would give you.

所以再說一次，不管你要用哪個預算數字，無論是 1.2 兆美元或 1.5 兆美元，我們都喜歡我們所看到的情況。我也會說，我們的專案是受保護的，而且我們有清晰能見度，因為提醒你一下，我們積壓訂單（backlog）裡的每一項都是已獲資金支持的積壓訂單（funded backlog）。所以，是的，我會請 Phil 再把重點講得更精準一些，但這就是我會給你的主要結論。

I think, Dylan, you answered the near-term question. I would say a lot less exposure to any reconciliation impacts than not, as expected, and we've seen an actual incremental step-up in the funded status of our backlog. Which will obviously provide details in our filings, et cetera, but we are well over 50% funded here at the end of Q1, which is seasonally, if you would, higher than typical for any quarter, let alone Q1. So we feel great about not just the impact, but the actual reflection in our guidance that we gave out earlier.

我想 Dylan 已經回答了短期的問題。我會說，我們受到任何和解法案影響的曝險比預期更小；而且我們也看到積壓訂單的資金到位狀態實際上有額外的提升。當然，我們會在申報文件等提供細節，但在第一季末，我們的 funded 比例已遠超過 50%，以季節性來看，這比一般季度更高，更不用說是第一季。因此我們對於不僅是影響本身，也對我們先前給出的指引所反映的實際情況，都感到非常有信心。

I'm going to take another step back and just highlight because you asked an interesting point around the priorities effectively for our national security. And you mentioned, effectively, energetics. And so I think it was asked earlier around a question around our pipeline. When we first IPO'd last June, we entered the capital public markets with an opportunity pipeline that was about $3.6 billion in size. And that has increased meaningfully since last summer.

我再往後退一步補充一下，因為你提到一個很有意思的點：也就是我們國家安全的優先事項。你也提到了，基本上是「含能材料／推進火工」（energetics）。我想之前也有人問到我們的案源管線。當我們去年六月首次公開募股（IPO）時，我們帶著約 36 億美元規模的機會管線進入公開資本市場；而自去年夏天以來，這個數字已顯著增加。

Today, we sit with an opportunity pipeline. This is factored and qualified at over $5 billion with a significant amount of that tied to programs of record like Next Generation Interceptor is over $1 billion of that opportunity. And we mentioned Golden Dome. You mentioned Golden Dome. That is still $1 billion plus opportunity within our pipeline.

目前我們的機會管線（已經過加權與資格審核）超過 50 億美元，其中相當大一部分與既定專案（programs of record）相關，例如「下一代攔截器」（Next Generation Interceptor）就占了超過 10 億美元的機會。我們也提到過 Golden Dome，你也提到 Golden Dome；在我們的管線中，這仍然是超過 10 億美元的機會。

But the biggest increase to our pipeline is on the energetic side. And this is, if you would, significantly tied to our strategic entry points. Via the Estes acquisition, Exoterra as well, in the late fourth quarter last year. And so that brings meaningful opportunity for us from a growth perspective as we look out.

但我們管線增幅最大的部分是在含能材料（energetic）這一側。而這在很大程度上與我們的策略性切入點有關，例如透過 Estes 的收購，以及去年第四季末的 Exoterra。這些都為我們帶來了相當可觀的成長機會，讓我們在往前看時更具成長動能。

So, great question. Thank you.

所以，問題問得很好。謝謝。

David Strauss, Wells Fargo.

Wells Fargo 的 David Strauss。

Hi, good morning. This is Ben Tomick, going for David Strauss. I was just wondering if you guys can find any color on the M&A pipeline right now, and then any areas like you're specifically trying to target, and then how that activity kind of compares to 2025?

嗨，早安。我是 Ben Tomick，代替 David Strauss 提問。我想請問你們能否分享一下目前的併購（M&A）案源管線的更多資訊？以及你們特別想鎖定哪些領域？另外，這樣的活動程度與 2025 年相比如何？

Yeah, thanks for the question, Ben. Yeah, we are very pleased with our M&A pipeline. We're seeing some really great opportunities in the market. And in terms of areas that we're interested in, of course, expect more related to advanced technology as it relates to smart missile defense and products and services around that.

好的，謝謝你的問題，Ben。是的，我們對目前的 M&A 管線非常滿意。我們在市場上看到一些非常好的機會。至於我們感興趣的領域，當然，預期會有更多與先進技術相關的標的，特別是與智慧飛彈防禦，以及其周邊產品與服務相關。

We also backed our 3L strategy, LEO, Lunar, and LaGrange. We really like opportunities that we're seeing in that area as well. So we're obviously very well capitalized, we have lots of dry powder. So we're in a really good position to take advantage of these opportunities. We're certainly not going to set a milestone if we're going to do two or three deals a year, because we're going to always be very disciplined in terms of the acquisitions we make.

我們也持續推進我們的 3L 策略：LEO（近地軌道）、Lunar（月球）以及 LaGrange（拉格朗日點）。我們也非常喜歡在這些領域看到的機會。所以我們顯然資本充足、手上有很多可動用資金（dry powder），因此處於能夠把握這些機會的有利位置。我們當然不會設定里程碑說一年一定要做兩到三筆交易，因為我們在收購上始終會非常自律、非常審慎。

But we're very pleased with the robust M&A pipeline we have and we're very confident that we're going to have an opportunity to augment our very high organic growth rate with some additional M&A in the near term. So stay tuned on that, but we like what we see.

但我們對目前強勁的 M&A 管線非常滿意，也很有信心在短期內有機會透過一些額外的併購，來強化我們本來就很高的有機成長率。所以請持續關注；我們對目前看到的情況感到樂觀。

Great, thanks. And then any update to EBITDA and free cash flow guidance? Are you guys still expecting to be EBITDA positive end of next year and then free cash flow positive end of 2028? Or do we expect to revisit this anytime this year?

很好，謝謝。那 EBITDA 與自由現金流（free cash flow）的指引有沒有更新？你們仍預期在明年年底達到 EBITDA 轉正，並在 2028 年底自由現金流轉正嗎？還是我們今年內會重新檢視這些目標？

Yeah, no, we'll keep it as short because we're almost up here on time, but certainly no change in our outlook, expect to exit 2027, positive EBITDA overall for the year and free cash flow positive in 2028. Of course, that's all excluding Starlab, just as a reminder. If anything, the confidence that we're building here, the growth, if you would, signals that we're getting from the market has me, if you would, giddy with confidence in delivering on those key metrics. So, appreciate the question there.

是的，我簡短回答，因為時間快到了：我們的展望沒有改變，仍預期在 2027 年結束時，全年整體 EBITDA 轉正，並在 2028 年自由現金流轉正。當然，提醒一下，這些都不包含 Starlab。若要說有什麼不同，那就是我們正在建立的信心、以及成長動能、以及我們從市場收到的訊號，讓我對達成這些關鍵指標更有把握、信心滿滿。謝謝你的提問。

Great. Thanks.

很好，謝謝。

Thank you. I would now like to turn the conference back over to Adi Padva.

謝謝。接下來我想把電話會議交回給 Adi Padva。

Thank you. We'll now take a question from our retail investors via the Say Technologies platform. Following the NASA recent commentary during the Ignition event, how has your outlook for Starlab demand evolved?

謝謝。我們現在將透過 Say Technologies 平台，接受散戶投資人的提問。根據 NASA 最近在 Ignition 活動中的評論，你們對 Starlab 需求的展望有何變化？

Yes, thank you for that question. I think I touched on that a bit earlier when I was answering Kristine's question. But so Ignition event, I think, was a very positive overall message from the administrator. We were very bullish on what we heard on lunar initiatives in particular.

是的，謝謝這個問題。我想我在先前回答 Kristine 的問題時有稍微提到。Ignition 活動上，我認為署長整體傳達的是非常正面的訊息。特別是在月球計畫方面，我們對所聽到的內容非常看多。

CLD, they're thinking through different options on CLD. But again, I think we're very well-positioned no matter what NASA ultimately decides to do in terms of architecture. I think we have the right team, the right commercial model, and the right technology to address that.

至於 CLD，他們正在評估 CLD 的不同選項。但我認為，不論 NASA 最終在架構上做出什麼決定，我們都處於非常有利的位置。我們有合適的團隊、合適的商業模式，以及合適的技術來因應。

So I'm very confident that we're well-positioned there. We'll know more when the RFP actually comes out, which, again, we don't know for sure, but should be in the next couple months.

所以我對我們在那方面的定位非常有信心。等到 RFP（徵求建議書）真正發布時，我們會知道更多；再次強調，我們不確定確切時間，但應該會在接下來幾個月內。

Thank you. And with that, Dylan, passing to you for closing remarks.

謝謝。接下來，Dylan，交給你做結語。

Thank you Adi and thank you Phil and thank you everyone for being on the call. I am extremely pleased with how 2026 is shaping up. We won significant awards on multiple key programs including Golden Dome, Standard Missile and Space and these awards really validate our unique and proprietary technologies and position us for multiple years of strong growth. So thank you for joining the call and thank you for your interest in Voyager. Have a great day.

謝謝你，Adi，也謝謝 Phil，並感謝各位參與本次電話會議。我對 2026 年的發展態勢感到非常滿意。我們在多個關鍵專案上獲得了重要獎項，包括 Golden Dome、Standard Missile，以及太空相關專案；這些獎項確實驗證了我們獨特且具專有性的技術，並讓我們在未來多年具備強勁成長的有利位置。感謝各位加入本次會議，也謝謝各位對 Voyager 的關注。祝各位有美好的一天。

Thank you. This concludes today's Voyager Technologies first quarter 2026 financial results conference call. Please disconnect your lines at this time and have a wonderful day.

謝謝。以上為 Voyager Technologies 2026 年第一季財務結果電話會議。請各位現在掛線，祝各位有美好的一天。