Voyager Technologies, Inc. (VOYG) 2026 Q2 法說會逐字稿

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

歡迎參加 Voyager Technologies 2026 年第二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, Phil de Sousa, Voyager's Chief Financial Officer. Mr. De Sousa, the floor is yours.

現在我想把電話交給今天的第一位講者，Voyager 財務長 Phil de Sousa。De Sousa 先生，請開始。

Thank you, and good morning, everyone. I'm joined today by Dylan Taylor, Chairman and Chief Executive Officer.

謝謝，各位早安。今天與我一同出席的是董事長兼執行長 Dylan Taylor。

Today's call includes forward-looking statements, which involve risks and uncertainties detailed in our earnings materials and SEC filings, including the Risk Factors section of our annual report on Form 10-K. We undertake no obligation to update these statements.

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。

We will also discuss non-GAAP financial measures. A reconciliation of these measures is available in our earnings materials on our website.

我們也將討論非 GAAP 財務衡量指標。這些指標的調節表可在我們網站上的財報資料中查閱。

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

接下來我把電話交給 Dylan，從投影片 3 開始。

Thank you, Phil, and good morning, everyone.

謝謝 Phil，各位早安。

Our record second-quarter results further validate what we've been discussing with investors over the past year, that demand across defense modernization, national security and the rapidly expanding space economy continues to accelerate, and Voyager is increasingly converting that demand into measurable growth.

我們創紀錄的第二季業績，進一步驗證了過去一年我們與投資人所討論的觀點：國防現代化、國家安全以及快速擴張的太空經濟等領域的需求持續加速，而 Voyager 也愈來愈能將這些需求轉化為可衡量的成長。

This quarter was a decisive milestone. We delivered record revenue, record bookings, and entered the second half with record backlog. We recently completed the acquisition of Astrobotic and are today raising our full year revenue guidance.

本季是一個決定性的里程碑。我們創下營收新高、接單新高，並以創紀錄的在手訂單進入下半年。我們近期完成對 Astrobotic 的收購，並且今天上調全年營收指引。

Collectively, these achievements demonstrate the strength of our strategy, the quality of our execution, and the increasing relevance of our technologies across some of the world's highest priority growth markets.

綜合而言，這些成果展現了我們策略的強度、執行的品質，以及我們技術在全球若干最優先的成長市場中的重要性日益提升。

Revenue reached a record $53 million, increasing 51% sequentially as programs continued that transition from development into production. Just as importantly, bookings accelerated to a record $113 million, driving backlog to a record $336 million and providing increased visibility into both the remainder of 2026 and 2027.

營收達到創紀錄的 5,300 萬美元，隨著多項計畫持續由研發階段轉入量產，較前一季成長 51%。同樣重要的是，接單加速至創紀錄的 1.13 億美元，使在手訂單增至創紀錄的 3.36 億美元，並提升我們對 2026 年剩餘期間及 2027 年的能見度。

Perhaps the most significant takeaway is that demand continues to build faster than what we're converting into revenue. As bookings consistently outpace revenue, backlog continues to expand, reinforcing our confidence that today's growth is supported by durable customer demand rather than quarterly timing.

或許最重要的重點是：需求累積的速度仍快於我們轉化為營收的速度。由於接單持續高於營收，在手訂單不斷擴大，強化了我們的信心——當前成長是由具韌性的客戶需求所支撐，而非季度時點因素所致。

The acquisition of Astrobotic significantly expands our participation across the lunar economy and provides another example of our disciplined approach to capital allocation. Combined with our existing capabilities, Astrobotic further strengthens Voyager's leadership position across the future of the space infrastructure market.

收購 Astrobotic 大幅擴展我們在月球經濟中的參與度，也再次展現我們在資本配置上的紀律。結合我們既有能力，Astrobotic 進一步強化 Voyager 在未來太空基礎設施市場的領導地位。

Taken together, continued execution, accelerating demand, strategic capital deployment and increased revenue visibility, we are confident in raising our full year 2026 revenue guidance to $275 million to $305 million, representing growth of approximately 66% to 84% over last year.

綜合持續的執行力、加速的需求、策略性的資本部署與更高的營收能見度，我們有信心將 2026 年全年營收指引上調至 2.75 億至 3.05 億美元，較去年約成長 66% 至 84%。

Turning to slide 4. The wide breadth of our bookings this quarter demonstrates that demand continues expanding across our platform rather than being driven by a single customer or a single program.

接著看投影片 4。本季接單的廣泛分布顯示，需求是在我們的平台各面向持續擴張，而非由單一客戶或單一計畫所驅動。

During the quarter, we secured $113 million in new awards spanning propulsion, advanced electronics, autonomous mission systems, AI-enabled technologies, and commercial space infrastructure. This broad-based demand reinforces our confidence that the markets we serve continue to strengthen and provide significant long-term growth potential.

本季我們取得 1.13 億美元的新合約，涵蓋推進系統、先進電子、自主任務系統、AI 賦能技術以及商業太空基礎設施。這種廣泛的需求再次強化我們的信心：我們所服務的市場持續走強，並具備顯著的長期成長潛力。

Golden Dome-related awards totaled $84 million and spanned across multiple customers, multiple programs of record, and several distinct technology platforms. We view Golden Dome as much more than a single procurement opportunity. It represents a multiyear modernization initiative spanning sensing, communications, propulsion, autonomous mission systems and resilient space infrastructure, all areas where Voyager already delivers differentiated technologies.

與 Golden Dome 相關的得標合計 8,400 萬美元，涵蓋多個客戶、多個正式列管計畫（programs of record），以及數個不同的技術平台。我們認為 Golden Dome 遠不只是單一採購機會；它代表一項跨年度的現代化計畫，涵蓋感測、通訊、推進、自主任務系統與具韌性的太空基礎設施——這些都是 Voyager 已提供差異化技術的領域。

As this architecture continues to develop, we believe Voyager is exceptionally well positioned to participate across numerous layers of this critical missile defense architecture.

隨著此一架構持續發展，我們相信 Voyager 在這個關鍵飛彈防禦架構的多個層面上，具備極佳的參與優勢。

We also secured a multimillion-dollar award to deliver an agentic AI spectrum operations platform supporting autonomous mission systems for an undisclosed customer. This reflects increasing customer demand for AI-enabled decision advantage and highlights our growing position within next-generation defense technologies.

我們也取得一筆數百萬美元等級的合約，為未揭露客戶提供一個具代理能力（agentic）的 AI 頻譜作業平台，以支援自主任務系統。這反映客戶對 AI 賦能決策優勢的需求日益增加，也凸顯我們在下一代國防技術領域中不斷提升的地位。

Finally, we continued expanding our commercial space leadership through additional mission management awards, including Exobiosphere. While relatively limited today by the operating capacity of the International Space Station, opportunities like these reinforce our confidence that commercial space infrastructure will become an increasingly important growth driver over the coming decade.

最後，我們透過新增的任務管理合約（包括 Exobiosphere）持續擴大在商業太空領域的領導地位。雖然目前仍相對受限於國際太空站的運作容量，但此類機會強化了我們的信心：在未來十年，商業太空基礎設施將成為愈來愈重要的成長動能。

Turning to slide 5. Following quarter end, we completed the acquisition of Astrobotic, an important milestone in executing our long-term growth strategy. We believe the next generation of the space economy will increasingly be defined by permanent infrastructure rather than individual missions.

接著看投影片 5。於季後，我們完成對 Astrobotic 的收購，這是執行我們長期成長策略的重要里程碑。我們相信，下一代太空經濟將愈來愈由永久性基礎設施所定義，而非單次任務。

The moon represents one of the most compelling long-term infrastructure opportunities within that broader trend and Astrobotic significantly expands Voyager's contributions across that ecosystem. Astrobotic brings highly differentiated capabilities across lunar delivery, surface mobility, infrastructure, autonomous systems, reusable launch technologies and advanced robotics. Combined with Voyager's existing strengths in communications, computing, propulsion, mission systems and space infrastructure, we now participate across substantially more of the Lunar value chain and technology stack, clearly differentiating us from other Lunar competitors.

在這個更宏觀的趨勢中，月球代表最具吸引力的長期基礎設施機會之一，而 Astrobotic 大幅擴展 Voyager 在該生態系中的貢獻。Astrobotic 帶來在月球運送、地表移動、基礎設施、自主系統、可重複使用發射技術與先進機器人等方面高度差異化的能力。結合 Voyager 既有在通訊、運算、推進、任務系統與太空基礎設施的優勢，我們如今能參與更多月球價值鏈與技術堆疊的環節，並明確地使我們與其他月球競爭者區隔開來。

Beyond the strategic fit, Astrobotic contributes an experienced team, a strong intellectual property portfolio, deep customer relationships, and a proven position supporting both government and commercial customers.

除了策略契合之外，Astrobotic 也帶來經驗豐富的團隊、強大的智慧財產權組合、深厚的客戶關係，以及同時支援政府與商業客戶的成熟實績。

Turning to slide 6. What makes this acquisition particularly compelling is that it combines exceptional strategic alignment with attractive financial characteristics. Astrobotic strengthens Voyager's leadership across one of the fastest-growing areas of the future space economy while expanding our addressable market and increasing our participation across critical lunar infrastructure.

接著看投影片 6。這項收購特別具吸引力之處在於，它將高度的策略一致性與良好的財務特性結合在一起。Astrobotic 強化 Voyager 在未來太空經濟中成長最快領域之一的領導地位，同時擴大我們的可服務市場（TAM），並提升我們在關鍵月球基礎設施上的參與度。

Operationally, there is very little overlap between the businesses, creating substantial opportunities for revenue synergies as we combine complementary technologies across existing customer relationships.

在營運面，兩項業務重疊度很低，當我們在既有客戶關係中整合互補技術時，將創造可觀的營收協同效益機會。

Financially, Astrobotic strengthens our long-term growth profile and is expected to become accretive to revenue growth, EBITDA, earnings per share, and cash generation over time.

在財務面，Astrobotic 強化我們的長期成長輪廓，並預期將隨時間推進，對營收成長、EBITDA、每股盈餘以及現金創造能力帶來增益（accretive）。

Turning to slide 7. Looking briefly at the transaction structure. We acquired Astrobotic for a total potential enterprise value of approximately $300 million, including approximately $171 million of upfront cash and equity consideration with additional performance-based earn-out opportunities aligned with future growth. More importantly, this transaction significantly enhances Voyager's long-term financial profile.

接著看投影片 7，簡要說明交易結構。我們收購 Astrobotic 的總潛在企業價值約為 3 億美元，其中包含約 1.71 億美元的前期現金與股權對價，並另設有與未來成長連動的績效型或有對價（earn-out）機制。更重要的是，這筆交易顯著提升 Voyager 的長期財務輪廓。

We expect Astrobotic to contribute approximately $40 million to $50 million of revenue to Voyager in 2026. When combined with Voyager's existing organic growth opportunities, increasing operating leverage and meaningful revenue synergies, we believe the acquisition accelerates our pathway towards profitability while strengthening our competitive position across the rapidly expanding space economy.

我們預期 Astrobotic 在 2026 年將為 Voyager 貢獻約 4,000 萬至 5,000 萬美元的營收。結合 Voyager 既有的有機成長機會、持續提升的營運槓桿，以及具意義的營收協同效益，我們相信此收購將加速我們邁向獲利的路徑，同時強化我們在快速擴張的太空經濟中的競爭地位。

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

接下來我把電話交回給 Phil。

Thanks, Dylan.

謝謝，Dylan。

So turning to slide 8. The second quarter represented an important operational inflection point for Voyager. After several years of investing in technology development, manufacturing capacity and customer programs, we're beginning to see those investments translate into accelerating financial performance.

接著看投影片 8。第二季對 Voyager 而言是重要的營運拐點。在過去數年投入技術研發、製造產能與客戶計畫之後，我們開始看到這些投資轉化為加速的財務表現。

Revenue reached a record $53 million, increasing 51% sequentially and 15% year over year as multiple development programs transition into production and backlog increasingly converted into revenue. Equally important, demand continued to strengthen across the business.

營收達到創紀錄的 5,300 萬美元，較前一季成長 51%，較去年同期成長 15%，因多項研發計畫轉入量產，且在手訂單愈來愈多轉化為營收。同樣重要的是，整體業務需求持續走強。

Bookings reached a record $113 million, resulting in a 2.1 times book-to-bill ratio and increasing backlog to a record $336 million. Gross profit improved sequentially as higher production volumes began absorbing fixed manufacturing and overhead costs. While margins remain below our long-term targets, the quarter represents yet another step along the path towards improving operating leverage as production and volumes continue to scale.

接單達到創紀錄的 1.13 億美元，使接單出貨比（book-to-bill）達 2.1 倍，並將在手訂單提升至創紀錄的 3.36 億美元。隨著更高的產量開始吸收固定製造與間接費用，毛利按季改善。雖然毛利率仍低於我們的長期目標，但本季再次代表我們在提升營運槓桿道路上的又一步，因為量產與出貨量持續擴大。

Adjusted EBITDA was a loss of $38 million, modestly ahead of our internal expectations despite continued investment across engineering, internally funded R&D, and production capacity. Importantly, these investments are intentional. We continue allocating capital towards differentiated technologies, manufacturing capacity and future growth opportunities because we believe today's demand environment supports significant long-term value creation.

調整後 EBITDA 虧損 3,800 萬美元，儘管我們持續投資於工程、內部資助的研發（R&D）與產能擴充，但表現仍略優於內部預期。重要的是，這些投資是有意為之。我們持續將資本配置於差異化技術、製造產能與未來成長機會，因為我們相信當前的需求環境支持長期顯著的價值創造。

Turning to slide 9. We believe bookings and backlog continue to represent one of the strongest indicators of Voyager's future growth trajectory. Record quarterly bookings of $113 million were driven by broad-based demand. Importantly, the quality of our bookings remains exceptionally strong.

接著看投影片 9。我們認為接單與在手訂單仍是 Voyager 未來成長軌跡最強的指標之一。創紀錄的單季接單 1.13 億美元由廣泛的需求所驅動。重要的是，我們接單的品質依然非常強勁。

Our awards continue to be diversified across multiple customers, agencies, programs of record, contract vehicles and technology platforms. As bookings continue outpacing revenue conversion, backlog increased to a record $336 million, providing increasing visibility into both 2026 and 2027 while reinforcing our confidence in our long-term growth outlook.

我們的得標持續分散於多個客戶、機構、正式列管計畫（programs of record）、合約載具（contract vehicles）與技術平台。隨著接單持續超過營收轉化，在手訂單增至創紀錄的 3.36 億美元，提升我們對 2026 年與 2027 年的能見度，同時強化我們對長期成長展望的信心。

The key takeaway here is that trajectory of both bookings and backlog continues to accelerate. Over the past several quarters, we have seen demand build across the portfolio. We believe this reflects increasing customer adoption, expanding program participation, and growing demand across our core offerings.

這裡的關鍵重點是：接單與在手訂單的成長軌跡持續加速。過去幾個季度，我們看到需求在整體產品組合中逐步累積。我們相信這反映客戶採用度提升、參與計畫範圍擴大，以及對我們核心產品與服務的需求成長。

Turning to slide 10. I'll provide some additional insight to our Defense & Space segment. This segment continues to demonstrate the strength of Voyager's operating model with investments made over the past several years, increasingly translating into improved operating and financial performance. The second quarter marked an important milestone for this business.

接著看投影片 10。我將就我們的國防與太空（Defense & Space）事業部提供一些補充說明。該事業部持續展現 Voyager 營運模式的強勁之處：過去數年的投資正愈來愈多地轉化為營運與財務表現的改善。第二季是該業務的重要里程碑。

We generated record bookings, representing growth of more than 205% year over year. This drives company backlog to a new record of $336 million.

我們創下創紀錄的訂單（bookings），年增超過 205%。這使公司在手訂單（backlog）推升至新的紀錄，達 3.36 億美元。

Demand continues to expand across several of our high-priority technology areas, including advanced propulsion technology and mission electronics, classified autonomous and agentic AI capabilities, Golden Dome-related programs and, of course, continued expansion with our existing customers. These opportunities are supported by long-term secular trends, including defense modernization, missile defense, resilient space architectures, AI-enabled mission systems and, of course, the increasing national security investments.

需求持續在我們多個高優先級技術領域擴大，包括先進推進技術與任務電子、機密自主與代理式 AI 能力、與 Golden Dome 相關的計畫，當然也包括與既有客戶的持續擴張。這些機會受到長期結構性趨勢支撐，包括國防現代化、飛彈防禦、具韌性的太空架構、AI 賦能的任務系統，當然還有不斷增加的國家安全投資。

We believe this diversity reinforces that the demand environment is structural rather than program-specific and provides increasing confidence in the durability of our long-term growth outlook.

我們認為，這種多元性強化了需求環境屬於結構性而非特定計畫所致，並提升我們對長期成長展望持久性的信心。

During the quarter, segment revenue increased 15% year over year, more than 51% sequentially, reflecting improved execution, higher production volumes, and stronger backlog conversion across multiple programs. While we continue investing aggressively for future growth, we are beginning to realize the benefits of increasing scale.

本季分部營收年增 15%，較前一季成長逾 51%，反映執行改善、產量提升，以及多個計畫在手訂單轉換更強勁。雖然我們仍持續為未來成長積極投資，但已開始體現規模擴大的效益。

During the quarter, we continued investing in engineering talent, internally funded research and development, advanced manufacturing capabilities, automation and production infrastructure to support the significant demand opportunities we see ahead.

本季我們持續投資於工程人才、自籌研發、先進製造能力、自動化與生產基礎設施，以支援我們所見的重大需求機會。

As we've discussed previously, 2026 remains an investment year as we continue to scale our capabilities to meet growing customer demand. While these investments create near-term pressure on profitability, we continue to expect meaningful operating leverage over time as production volumes increase, manufacturing utilization improves, and revenue growth increasingly outpaces our investment spending. We believe this operating leverage is already beginning to emerge.

如我們先前所述，2026 年仍是投資年，我們將持續擴大能力以滿足不斷成長的客戶需求。雖然這些投資在短期內對獲利造成壓力，但隨著產量增加、製造稼動率改善，以及營收成長愈來愈超過投資支出，我們仍預期隨時間推進將出現顯著的營運槓桿。我們認為這種營運槓桿已開始浮現。

Adjusted EBITDA continues to reflect our strategic investments while demonstrating early improvements in fixed cost absorption as production activity accelerates. This progression remains consistent with our long-term financial framework and reinforces our confidence in the pathway towards expanding operating margins and profitability.

調整後 EBITDA 持續反映我們的策略性投資，同時也展現隨著生產活動加速，固定成本吸收的初步改善。這一進展與我們的長期財務框架一致，並強化我們對擴大營業利益率與獲利能力路徑的信心。

Stepping back, we believe this quarter illustrates the strength of Voyager's strategy. The investments we've made in differentiated technologies, advanced manufacturing, and strategic capabilities are increasingly translating into operating performance, while the markets we serve continue to expand.

回過頭來看，我們認為本季展現了 Voyager 策略的強勁。我們在差異化技術、先進製造與策略能力上的投資，正日益轉化為營運表現，而我們服務的市場也持續擴張。

Combined with record backlog, accelerating production activity and a robust opportunity pipeline, we believe the Defense & Space segment is exceptionally well positioned to deliver sustained organic growth and increased profitability over the coming years.

結合創紀錄的在手訂單、加速的生產活動與強健的機會管線，我們認為國防與太空（Defense & Space）分部具備極佳條件，在未來數年實現持續的有機成長並提升獲利能力。

Turning to slide 11. I'll now discuss Starlab. Starlab continued to execute well during the quarter, achieving important technical and program milestones while further strengthening the commercial foundation of the program. The key milestone worth highlighting is that Starlab has now secured over $500 million of signed commercial reservations, demonstrating strong market demand and continued commercial momentum.

接著看第 11 張投影片。我現在將討論 Starlab。Starlab 本季持續良好執行，達成重要技術與計畫里程碑，同時進一步強化該計畫的商業基礎。值得強調的關鍵里程碑是，Starlab 目前已取得超過 5 億美元的已簽署商業預訂（commercial reservations），展現強勁的市場需求與持續的商業動能。

This demonstrates that Starlab has progressed well beyond a development concept and is already attracting meaningful government and commercial commitments.

這顯示 Starlab 已遠超開發概念階段，並已吸引具實質意義的政府與商業承諾。

Operationally, we've achieved additional NASA milestones during the quarter and received $4 million of milestone funding, bringing our cumulative milestone receipts to approximately $211 million or nearly all of the $218 million expected under the current phase of our funded Space Act agreement.

在營運方面，我們本季達成更多 NASA 里程碑並取得 400 萬美元的里程碑資金，使累計里程碑收款達約 2.11 億美元，幾乎涵蓋目前已資助之《太空法協議》（Space Act agreement）階段預期的 2.18 億美元。

As anticipated, milestone funding naturally moderates as we complete this phase of development and transition towards the next phase of the program. Notably, we view this as a progression of the program, not a slowdown as focus shifts from Phase I development to next stage of commercialization.

如預期，隨著我們完成此開發階段並轉向計畫下一階段，里程碑資金自然會趨於溫和。值得注意的是，我們將此視為計畫的推進，而非放緩，因為重點正從第一階段開發轉向下一階段的商業化。

Following quarter end, NASA released the draft Commercial LEO Destinations Phase 2 RFP, marking another milestone in the evolution of commercial low-earth orbit market. We believe this represents the transition from early development towards competitive commercial procurement and further reinforces NASA's long-term commitment to establishing a commercially led successor to the International Space Station.

在季後，NASA 發布了商業近地軌道目的地（Commercial LEO Destinations）第二階段（Phase 2）RFP 草案，標誌著商業近地軌道市場演進的另一項里程碑。我們認為這代表從早期開發轉向競爭性的商業採購，並進一步強化 NASA 對建立由商業主導、接替國際太空站的長期承諾。

While NASA continues to refine the timing and structure of the Phase 2 procurement process, our long-term outlook for Starlab remains unchanged, and we continue to believe the program is exceptionally well positioned within NASA's commercial LEO strategy.

雖然 NASA 仍在完善第二階段採購流程的時程與架構，但我們對 Starlab 的長期展望維持不變，並持續相信該計畫在 NASA 的商業近地軌道策略中具備極佳定位。

From a financial perspective, we continue to take a disciplined approach, pacing investments alongside technical progress, customer demand and procurement activity. This disciplined capital allocation remains a core differentiator as we balance near-term financial performance with long-term shareholder value creation.

從財務角度來看，我們持續採取嚴謹的方法，依技術進展、客戶需求與採購活動來安排投資節奏。這種嚴謹的資本配置仍是核心差異化因素，使我們能在短期財務表現與長期股東價值創造之間取得平衡。

Stepping back, we continue to view Starlab as one of Voyager's most strategic long-term assets. Together with our recent acquisition of Astrobotic, Voyager is building a differentiated position across the emerging space infrastructure ecosystem from defense technologies and mission systems today to the commercial infrastructure that will enable sustained human and commercial activity in low earth orbit, Cis-Lunar space, the Moon and of course, and beyond.

回過頭來看，我們仍將 Starlab 視為 Voyager 最具策略性的長期資產之一。結合我們近期收購 Astrobotic，Voyager 正在新興太空基礎設施生態系中建立差異化定位：從當前的國防技術與任務系統，到將支撐近地軌道、地月空間（Cis-Lunar）、月球，當然以及更遠未來的人類與商業活動之商業基礎設施。

Looking ahead, we remain focused on executing against the upcoming NASA procurement process and continue to believe Starlab is well positioned to become a foundational commercial infrastructure platform supporting the next generation of the space economy.

展望未來，我們仍專注於執行即將到來的 NASA 採購流程，並持續相信 Starlab 具備良好條件，成為支撐下一代太空經濟的基礎性商業基礎設施平台。

Turning to slide 12, I'll cover our financial position and capital allocation strategy.

接著看第 12 張投影片，我將說明我們的財務狀況與資本配置策略。

We ended the quarter with $429 million of cash and cash equivalents, approximately $212 million of available borrowing capacity and total liquidity of approximately $641 million. Subsequent to the quarter end, we further strengthened our financial flexibility by expanding our credit facility by an additional $50 million, increasing our available liquidity to support future growth opportunities.

本季末我們持有 4.29 億美元的現金及約當現金，約 2.12 億美元的可用借款額度，總流動性約 6.41 億美元。季後，我們再將信用額度增加 5,000 萬美元，進一步強化財務彈性，提升可用流動性以支援未來成長機會。

We believe our balance sheet remains one of Voyager's most important strategic advantages. It provides the financial flexibility to execute our long-term growth strategy while maintaining a disciplined and balanced approach to capital allocation.

我們認為，我們的資產負債表仍是 Voyager 最重要的策略優勢之一。它提供財務彈性，使我們能在維持嚴謹且平衡的資本配置方式下，執行長期成長策略。

Throughout today's call, we've discussed accelerated demand, improved execution, and disciplined capital deployment. Our financial position enables all three. It allows us to continue investing behind growing customer demand today while simultaneously building the capabilities that will support the next phase of Voyager's growth.

在今天的電話會議中，我們談到需求加速、執行改善與嚴謹的資本部署。我們的財務狀況使這三者皆可實現。它讓我們能在當下持續投入以支撐成長中的客戶需求，同時打造支援 Voyager 下一階段成長所需的能力。

As I have covered previously, we maintain a disciplined capital allocation strategy. Our first priority remains investing organically in the business, allocating capital towards differentiated technologies, internally funded research and development and, of course, advancing our manufacturing capabilities, automation and production capacity as we expand. These investments are directly aligned with growing customer demand across defense modernization, national security, and the expanding space economy.

如我先前所述，我們維持嚴謹的資本配置策略。我們的首要任務仍是對業務進行有機投資，將資本配置於差異化技術、自籌研發，當然也包括在擴張過程中推進製造能力、自動化與產能。這些投資與國防現代化、國家安全以及擴張中的太空經濟所帶動的客戶需求成長直接一致。

We believe they will continue to strengthen our competitive position while supporting long-term margin expansion.

我們相信，這些投資將持續強化我們的競爭地位，同時支援長期利潤率擴張。

We are equally disciplined in evaluating strategic acquisitions that expand our technology portfolio, broaden our addressable markets, deepen customer relationships, and accelerate our long-term financial objectives. The recent acquisition of Astrobotic is a strong example of this strategy in action. It expands Voyager's participation across the emerging lunar infrastructure economy while creating opportunities for meaningful revenue synergies, operating leverage, and long-term value creation.

我們同樣以嚴謹態度評估策略性併購，以擴充技術組合、拓展可服務市場、深化客戶關係，並加速長期財務目標。近期收購 Astrobotic 即是此策略落地的有力例證。它擴大 Voyager 在新興月球基礎設施經濟中的參與，同時創造具實質意義的營收協同效益、營運槓桿與長期價值創造機會。

Importantly, every capital allocation decision is evaluated through the lens of long-term shareholder returns. Whether we're investing organically, expanding production capacity, funding innovation or pursuing acquisitions, our objective remains the same: deploying capital where we believe it will generate the highest long-term returns while strengthening Voyager's strategic positioning.

重要的是，每一項資本配置決策都以長期股東報酬為衡量標準。無論是有機投資、擴充產能、資助創新或進行併購，我們的目標始終一致：將資本部署在我們相信能產生最高長期報酬之處，同時強化 Voyager 的策略定位。

We will continue to balance organic growth investment, disciplined strategic M&A and maintain financial flexibility with every investment expected to enhance our long-term growth profile and support increasing returns on invested capital over time.

我們將持續在有機成長投資、嚴謹的策略性併購（M&A）與維持財務彈性之間取得平衡；每一項投資皆以提升我們的長期成長輪廓並支援隨時間提高投入資本報酬率為目標。

Looking ahead, we remain confident that our current liquidity provides ample capacity to execute our strategy. It allows us to support increasing production requirements, continue to invest in differentiated technologies, pursue attractive strategic opportunities as they arise, and maintain the flexibility to navigate an evolving market environment.

展望未來，我們仍有信心目前的流動性提供充足能力以執行策略。它使我們能支援日益增加的生產需求、持續投資差異化技術、在出現時把握具吸引力的策略機會，並保有因應市場環境演變的彈性。

Stepping back, we believe the strength of Voyager's balance sheet is about much more than liquidity. It is a strategic asset that enables us to invest through market cycles, respond quickly to customer demand, accelerate innovation, and selectively deploy capital into opportunities that enhance our technology leadership and long-term earnings power.

回過頭來看，我們認為 Voyager 資產負債表的強勁遠不僅是流動性。它是一項策略資產，使我們能跨越市場循環持續投資、快速回應客戶需求、加速創新，並選擇性地將資本部署於能提升技術領導地位與長期獲利能力的機會。

Turning to slide 13. I'll conclude with our outlook for the remainder of 2026.

接著看第 13 張投影片。我將以我們對 2026 年剩餘期間的展望作結。

Based on our strong first-half execution, accelerating backlog conversion, continued customer demand and the contribution from Astrobotic following the July acquisition, we are raising our full year revenue guidance to a range of $275 million to $305 million, representing growth of 66% to 84% year over year.

基於我們上半年強勁的執行表現、在手訂單轉換加速、客戶需求持續，以及 7 月完成收購後 Astrobotic 的貢獻，我們將全年營收指引上調至 2.75 億至 3.05 億美元區間，代表年增 66% 至 84%。

This increase reflects more than a strong quarter. It reflects our growing confidence in the trajectory of the business. We continue to see increasing demand across defense modernization, national security and commercial space markets with record backlog providing greater visibility and continued operational execution as programs continue to transition from development into production.

這次上調不僅反映單一強勁季度，更反映我們對業務發展軌跡日益提升的信心。我們持續看到國防現代化、國家安全與商業太空市場的需求增加；創紀錄的在手訂單提供更高能見度，而隨著各計畫持續從開發轉入量產，營運執行也持續推進。

As we discussed earlier, Astrobotic is expected to contribute approximately $40 million to $50 million of revenue during the remainder of 2026. Looking at the balance of the year, we continue to expect revenue to accelerate through the second half with approximately 40% of second half revenue generated in the third quarter and 60% in the fourth quarter. This reflects the timing of program execution, increasing production activity, continued backlog conversion, and remains consistent with our expectations entering the year.

如先前所述，預期 Astrobotic 在 2026 年剩餘期間將貢獻約 4,000 萬至 5,000 萬美元營收。就今年剩餘時間而言，我們仍預期營收將在下半年加速，其中下半年營收約 40% 來自第三季、60% 來自第四季。這反映計畫執行時點、產能活動增加與在手訂單持續轉換，並與我們年初的預期一致。

As second-half production volumes continue to scale, manufacturing utilization improves and fixed costs are absorbed across a larger revenue base, we expect meaningful sequential improvement in gross margin. While 2026 remains an investment year, we believe we are beginning to see the early benefits of operating leverage that support our long-term margin objectives.

隨著下半年產量持續放大，製造稼動率提升，且固定成本可在更大的營收基礎上被吸收，我們預期毛利率將出現顯著的季對季改善。雖然 2026 年仍是投資年，但我們相信已開始看到營運槓桿的早期效益，這將支持我們的長期毛利率目標。

Consistent with our strategy, we expect internally funded research and development to increase to approximately 20% on a full year revenue basis, reflecting continued investment in differentiated technologies that strengthen our competitive position across propulsion, advanced electronics, autonomous systems, AI-enabled mission capabilities, supporting Golden Dome and next-generation space infrastructure.

與我們的策略一致，我們預期以內部資金支應的研發費用將提高至約占全年營收的 20%，反映我們持續投資於具差異化的技術，以強化我們在推進系統、先進電子、自治系統、AI 賦能任務能力等領域的競爭地位，並支援 Golden Dome 與下一代太空基礎設施。

Capital expenditures, excluding Starlab, are expected to be approximately $70 million to $80 million as we continue expanding manufacturing capacity, automation, advanced production capabilities and infrastructure to support expected long-term demand.

資本支出（不含 Starlab）預期約為 7,000 萬至 8,000 萬美元，因我們將持續擴充製造產能、自動化、先進生產能力與基礎設施，以支援預期的長期需求。

Within Starlab, program activities continue to be aligned with NASA's evolving commercial LEO development program schedule. While development timing continues to evolve, our launch outlook for Starlab remains unchanged, and we continue to believe the program represents a highly differentiated commercial infrastructure opportunity.

在 Starlab 方面，專案活動持續與 NASA 不斷演進的商業近地軌道（LEO）開發計畫時程保持一致。雖然開發時點仍在調整中，我們對 Starlab 的發射展望維持不變，且我們仍相信該計畫代表一個高度差異化的商業基礎設施機會。

So stepping back once again, we believe today's guidance reflects the continued execution of the strategy we've outlined since becoming a public company. We are converting record demand into accelerating revenue growth, investing to expand our technology leadership and production capabilities, deploying capital in a disciplined manner and strengthening our competitive position across defense technology, national security and the expanding space economy.

因此再次退一步來看，我們相信今日的指引反映了自成為上市公司以來我們所闡述策略的持續落實。我們正將創紀錄的需求轉化為加速的營收成長，投資以擴大我們的技術領先與生產能力，以嚴謹的方式部署資本，並在國防科技、國家安全以及持續擴張的太空經濟中強化我們的競爭地位。

While we remain focused on disciplined execution and recognize the timing of customer awards and program execution can influence quarterly results, the underlying demand environment has continued to strengthen. Combined with our record backlog, strong balance sheet, differentiated technology portfolio and expanded capabilities following the Astrobotic acquisition, we believe Voyager is exceptionally well positioned to deliver sustained growth, expanding profitability and long-term shareholder value.

雖然我們仍專注於嚴謹執行，並認知客戶授標與專案執行的時點可能影響季度結果，但基本需求環境持續轉強。結合我們創紀錄的在手訂單、強健的資產負債表、具差異化的技術組合，以及收購 Astrobotic 後擴增的能力，我們相信 Voyager 具備極佳的條件，可實現持續成長、擴大利潤率並創造長期股東價值。

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

接下來，我把電話交回給 Dylan。

Thank you, Phil. Before we wrap up, I'd like to mention that we plan to host our 2026 Investor Day on December 3 in Pittsburgh. We look forward to welcoming investors and providing additional details closer to the event.

謝謝你，Phil。在結束之前，我想提到我們計畫於 12 月 3 日在匹茲堡舉辦 2026 年投資人日。我們期待歡迎投資人，並在活動前提供更多細節。

Before we open the line for questions, I'd like to leave you with a few closing thoughts.

在我們開放提問之前，我想以幾點結語作為收尾。

The second quarter represents another critical milestone in Voyager's evolution as a public company. We delivered record revenue, record bookings, record backlog and completed the acquisition of Astrobotic and increased our full year revenue guidance. We believe these results validate our strategy that it's working and that we're systematically converting growing market demand into accelerating financial performance.

第二季代表 Voyager 作為上市公司演進過程中的另一個關鍵里程碑。我們創下營收新高、接單新高、在手訂單新高，並完成對 Astrobotic 的收購，同時上調全年營收指引。我們相信這些成果驗證了我們的策略正在奏效，且我們正有系統地將不斷成長的市場需求轉化為加速的財務表現。

Throughout today's call, we've discussed the powerful trends shaping our business. Defense modernization continues to accelerate, national security priorities continue to expand, and the commercial space economy continues to mature. These are not short-term market dynamics. We believe they represent long-term structural growth opportunities that will continue to drive growth potential for years to come.

在今天的電話會議中，我們討論了塑造我們業務的強勁趨勢。國防現代化持續加速、國家安全優先事項持續擴大，而商業太空經濟也持續成熟。這些並非短期市場動態。我們相信它們代表長期的結構性成長機會，將在未來多年持續推動成長潛力。

We believe Voyager occupies a differentiated position at the convergence of these markets. Our portfolio of mission-critical technologies, combined with our growing manufacturing capabilities, disciplined innovation strategy and expanding space infrastructure platform positions us to participate across some of the highest priority programs supporting the future of defense and space.

我們相信 Voyager 在這些市場的交會點上占據具差異化的地位。我們的關鍵任務技術組合，結合不斷成長的製造能力、嚴謹的創新策略與擴張中的太空基礎設施平台，使我們得以參與多項支援國防與太空未來、優先等級最高的計畫。

Just as importantly, we continue executing with discipline. We're converting backlog into revenue, investing capital to expand capacity and technology leadership, and we're allocating capital strategically, integrating acquisitions to strengthen our platform while enhancing our long-term growth profile.

同樣重要的是，我們持續以紀律執行。我們正將在手訂單轉化為營收，投入資本以擴充產能與技術領先地位，並策略性地配置資本，整合併購以強化平台，同時提升我們的長期成長輪廓。

Record backlog, a huge opportunity pipeline, a strong balance sheet and the successful integration of Astrobotic provides us with a solid foundation to continue building long-term value for our customers, employees and shareholders. We remain focused on disciplined execution, thoughtful capital allocation, and delivering on the commitments we have made since becoming a public company.

創紀錄的在手訂單、龐大的機會管線、強健的資產負債表，以及 Astrobotic 的成功整合，為我們持續為客戶、員工與股東建立長期價值提供了堅實基礎。我們仍專注於嚴謹執行、審慎的資本配置，並履行自成為上市公司以來所做出的承諾。

We believe those principles, combined with the quality of our technology portfolio and the strength of the markets we serve, position Voyager to deliver sustained growth, expanding profitability, and increasing shareholder value over the long term.

我們相信這些原則，加上我們技術組合的品質與所服務市場的強勁動能，使 Voyager 具備條件在長期實現持續成長、擴大利潤率並提升股東價值。

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) Sheila Kahyaoglu, Jefferies.

（接線員指示）Sheila Kahyaoglu，Jefferies。

Maybe I'll just start off on the 2026 guidance range. It looks like it's all Astrobotic contribution, but the core business is doing really well, record bookings up 2x essentially from where you've been.

我想先從 2026 年指引區間開始。看起來似乎全部都是 Astrobotic 的貢獻，但核心業務表現非常好，接單創新高，基本上是你們先前水準的 2 倍。

Can you maybe talk about the puts and takes of how we should think about the second half and how you're thinking about the pacing items to unlock any pull forward of the backlog recognition and where you see potential upside?

你們能否談談我們應如何看待下半年各項因素的增減，以及你們如何看待推進節奏的項目，以釋放任何可能提前認列在手訂單的機會，並且你們在哪些地方看到潛在上行空間？

Sheila, thanks for the question. I appreciate it very much. I'm going to let Phil handle that one. Go ahead, Phil.

Sheila，謝謝你的問題，我非常感謝。我會讓 Phil 來回答這題。Phil，請。

Look, from a guidance perspective, the best way to think about it, Astrobotic specifically, we've included a range of $40 million to $50 million post-acquisition. So I think $45 million at the midpoint there. So by definition, that means certainly our business, our core business is also contributing to the increase in our guidance. And just that reflects really the first half performance, tremendous job by Matt Magana and the team across all of our businesses, delivering on execution even slightly better than we expected here in the second quarter.

從指引角度來看，最好的理解方式是：就 Astrobotic 而言，我們在併購完成後納入了 4,000 萬到 5,000 萬美元的區間，中位數約 4,500 萬美元。因此按定義來說，這也意味著我們的業務、我們的核心業務同樣對指引上調有所貢獻。而這反映了上半年表現——Matt Magana 與各事業團隊做得非常出色，即使在第二季的執行表現也略優於我們原先的預期。

And as a result, that's why we've got the confidence to raise guidance for the full year.

因此，我們才有信心上調全年指引。

From a visibility perspective, you can see our backlog build sequentially pretty significantly from the first quarter to the second quarter. That provides us tremendous visibility and confidence in delivering the second half ramp that you guys will all pencil out.

就可見度而言，你們可以看到我們的在手訂單從第一季到第二季連續增加且幅度相當顯著。這為我們提供了極高的可見度與信心，以交付你們都會在模型中推算出的下半年爬坡。

And from an upside perspective, I would just say, certainly, there is that. But like all things Voyager, we've taken it pretty down the middle of the fairway each of the last two quarters. We'll continue to provide you guys transparency and updates to those things as we progress forward. But certainly, there's upside potential there as well.

至於上行空間，我只想說，當然是存在的。但就像 Voyager 一貫的作風，我們在過去兩個季度都採取相對中性的保守假設。我們會在後續推進過程中持續向各位提供透明資訊與更新。不過，確實也存在上行潛力。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

I was wondering if you could talk about the Astrobotic annualized revenue, $60 million, $70 million in fiscal '26, but $40 million, $50 million in the back half of the year. Should we use that back half of the year as the run rate into '27?

我想請問你們能否談談 Astrobotic 年化營收：在 2026 財年為 6,000 萬到 7,000 萬美元，但下半年為 4,000 萬到 5,000 萬美元。我們是否應該把下半年視為進入 2027 年的運行水準（run rate）？

And then also if you can fold into that, the big award for the lunar payload of about $300 million, how will that fold into both revenue as well as the third quarter bookings?

另外，如果可以也請一併說明：月球酬載約 3 億美元的大型授標，將如何反映在營收上，以及第三季接單上會如何呈現？

Myles, thanks for that. I'm going to ask Phil to give you some additional specifics. But as you know, we just closed on the acquisition about 2.5 weeks ago. So the 2027 outlook, we're still working through, and that will be dependent on the mission timing as well. But as you correctly pointed out, we had very significant CLPS wins with NASA just as we were closing that transaction.

Myles，謝謝。我會請 Phil 提供更具體的細節。不過如你所知，我們大約在 2.5 週前才完成這項收購，因此 2027 年展望我們仍在推進中，且也將取決於任務時程。如你正確指出的，在交易完成之際，我們也剛好取得 NASA 的 CLPS 重大勝利。

So we're super optimistic about the business and the growth prospects there. But in terms of the exact timing for next year and beyond, we're still working through the details of that. I think we'll have a lot more to say on that at Investor Day on December 3 because that will not only give us a very clear outlook for '27 for Astrobotic, but of course, for Voyager as a whole.

因此我們對該業務及其成長前景非常樂觀。但就明年及更長期的確切時點而言，我們仍在釐清細節。我想我們在 12 月 3 日的投資人日會有更多可以分享的內容，因為那不僅能讓我們對 Astrobotic 的 2027 年展望更清楚，當然也包括 Voyager 整體。

So over to Phil.

交給 Phil。

Yes. And Myles, maybe I'll just add some incremental color there. When we talked about on a full year basis, that $60 million, $70 million, obviously, you guys can see that there is a second-half ramp, particularly this year for Astrobotic. That's tied specifically with the Griffin mission that we're very excited for, coming up later this year, early next year. And so a lot of the revenue is in that backlog coming into the year.

是的。Myles，我再補充一些說明。當我們談到全年基礎的 6,000 萬到 7,000 萬美元時，顯然你們也看得出來 Astrobotic 今年下半年會有爬坡，尤其是在今年。這主要與我們非常期待的 Griffin 任務相關，預計在今年稍晚到明年初進行。因此，年初帶入的在手訂單中，有相當一部分營收會在那段期間認列。

And just a point of emphasis too, as a reminder to everybody, when you look at our ending backlog here in the second quarter, record backlog, there's absolutely $0 in there associated with Astrobotic. So we'll provide more color as we kind of progress here through the quarter.

另外也再次強調提醒大家：當你們看到我們第二季期末的在手訂單——創紀錄的在手訂單——其中與 Astrobotic 相關的金額是 0。隨著我們在本季持續推進，我們會提供更多說明。

Obviously, I anticipate backlog, not just at the end of the third quarter, but at the end of the fourth quarter to be substantially higher than where it is here today. As you noted, we got nearly a $300 million award or two awards really for NASA for CLPS missions.

顯然，我預期在手訂單不僅在第三季期末，甚至在第四季期末都會大幅高於目前水準。正如你所提到的，我們從 NASA 取得了接近 3 億美元的授標——嚴格來說是兩個授標——用於 CLPS 任務。

As we work through those details, to Dylan's point earlier and another shameless plug for December 3, please everybody circle that date. We look forward to seeing you all in Pittsburgh. We provide ample visibility to not just how those specific missions play themselves out over the course of '27 and years ahead, but more importantly, also our full year visibility into Voyager because we're excited about how the core business has actually accelerated here in the second half of the year.

當我們把這些細節釐清後，呼應 Dylan 先前的說法，也再不害臊地宣傳一次 12 月 3 日——請大家把那天圈起來。我們期待在匹茲堡與各位見面。我們將提供充分的可見度，不僅說明這些特定任務在 2027 年及往後年度如何展開，更重要的是，也會提供 Voyager 全年的可見度，因為我們對核心業務在今年下半年實際加速的表現感到振奮。

And we anticipate not just from a bookings perspective, you guys will be pretty impressed with the numbers we put up over the second half, giving us a lot of momentum as we head into 2027.

我們預期不僅從訂單（bookings）的角度來看，你們會對我們在下半年交出的數字印象深刻，這也將在我們邁向 2027 年之際帶來強勁動能。

John Godyn, Citi.

John Godyn，花旗（Citi）。

Obviously, the Astrobotic deal is a very interesting deal. But Dylan, I was hoping to just plug into your broader views on strategic M&A. I feel like you've always been unusually plugged into the landscape. So maybe you can just kind of talk about M&A from here, what you've learned with prior deals as well as the business and vision you have over the next few years and how M&A plays into that.

顯然，Astrobotic 這筆交易非常有意思。不過 Dylan，我希望能請你談談你對策略性併購（strategic M&A）更廣泛的看法。我覺得你一直對產業版圖有特別深入的掌握。所以也許你可以談談從現在開始你怎麼看併購、你從過去的交易學到了什麼，以及你對未來幾年業務與願景的規劃，還有併購在其中扮演什麼角色。

Very thoughtful question, John. I really appreciate the thought behind that.

很有深度的問題，John。我非常感謝你背後的思考。

Yes, we're very optimistic about what we see in the M&A landscape in our pipeline and specifically what's happening in the industry. I think increasingly, companies understand that they need to be part of a larger platform to be successful long term, especially for larger infrastructure projects that are being bid out, whether it's on the DoW side or the NASA side.

是的，我們對併購市場在我們管線中所看到的機會、以及產業內正在發生的事情都非常樂觀。我認為愈來愈多公司理解到，若要長期成功，就需要成為更大型平台的一部分，特別是那些正在投標的大型基礎設施專案，不論是在 DoW 端或 NASA 端。

So I think here, John, as you're, I think, alluding to a bit, relationships really matter. And the trust and the reputation in the market, I think, goes a long way in terms of not only creating opportunities for M&A, but also convincing those M&A opportunities that bigger companies are the right home for their technology and for their people.

所以我想在這裡，John，正如你所暗示的，人際關係確實非常重要。而市場上的信任與聲譽，我認為在不僅創造併購機會、也在說服那些併購標的相信大型公司是其技術與人才的最佳歸宿方面，都有很大的助益。

So I think I really am encouraged by what we see. Now that being said, we're building to a specific strategy here. It's not an opportunistic one. It is a strategic one. So for example, within the Lunar tech stack, we've talked in the past about how important it is to really have the integrated approach for Lunar.

所以我對我們所看到的情況確實很受鼓舞。不過話說回來，我們是在建立一個明確的策略；這不是機會主義式的，而是策略性的。舉例來說，在月球（Lunar）技術堆疊方面，我們過去談過，對月球業務而言，採取整合式方法有多重要。

So for example, not only the lander, but mobility on the moon, habitation, power, propulsion, all the different things that you need to live and work on the moon and survive the night, in quotes. Those are all important technologies that are part of our strategic technology stack that we're either investing in from an IRAD perspective or targeting from an M&A perspective. So we're super excited about that.

例如，不只是登陸器（lander），還包括月面移動（mobility）、居住（habitation）、電力（power）、推進（propulsion），以及你在月球上生活與工作、並且「撐過月夜」（survive the night，打引號）所需要的各種要素。這些都是我們策略性技術堆疊中的重要技術，我們要嘛從 IRAD（內部研發）角度投入資金，要嘛從併購角度鎖定目標。因此我們對此非常興奮。

Similarly, on propulsion, as you've seen over the last six to nine months with, in particular, the ExoTerra acquisition, but also the investments we're making into the Pueblo American Defense complex as it relates to scaling our propulsion technology and the success we've had on Golden Dome. We're really completing that technology stack from an integrated propulsion standpoint, including energetics. And we're really getting multiplier effects, not only technologically, but with the customer seeing us increasingly solving larger mission-critical solutions for them.

同樣地，在推進方面，正如你在過去六到九個月所看到的，尤其是 ExoTerra 的收購案，以及我們在 Pueblo American Defense complex 的投資（與擴大我們推進技術規模相關），再加上我們在 Golden Dome 上取得的成功，我們正在從整合式推進的角度（包含能量材料／火工品等 energetics）把整個技術堆疊補齊。我們也正在產生乘數效應，不僅在技術上，客戶也愈來愈看到我們能為他們解決更大型、任務關鍵（mission-critical）的整體方案。

And then just final point I'll make. We had a big win. I think it was understated, frankly, and people don't fully understand it on the agentic AI initiative for an undisclosed customer. That initiative has been led internally by our Co-Founder, Matt Kuta, who is rapidly becoming, I think, the industry leader and expert in agentic AI as it applies to defense and national security.

最後我想補充一點。我們在一個未揭露客戶的 agentic AI（代理式 AI）計畫上拿下了一個重大勝利。坦白說，我覺得外界低估了這件事，而且很多人並沒有完全理解其意義。這個計畫由我們共同創辦人 Matt Kuta 在內部主導；我認為他正迅速成為 agentic AI 在國防與國家安全應用領域的產業領導者與專家。

And so I expect a lot of very interesting growth opportunities there. And as we know, that's a very rapidly growing and evolving market as well. So very optimistic about what we see.

因此我預期那裡會出現許多非常有意思的成長機會。而且我們也知道，那同樣是一個成長非常快速、且持續演進的市場。所以我們對所看到的情況非常樂觀。

The M&A pipeline is extremely robust, and we're going to continue to be disciplined with our capital allocation. But at the same time, we're seeing a lot of opportunities for accretive M&A, not only financially accretive, but technologically and strategically accretive to our overall vision and plan.

我們的併購管線非常強勁，我們也會持續在資本配置上保持紀律。但同時，我們看到許多具增益性的併購機會（accretive M&A），不僅在財務上具增益性，在技術與策略上也能增益我們整體願景與計畫。

So I hope that answers that. I'm happy to take any follow-ups, John.

希望這回答了你的問題。我也很樂意回答任何追問，John。

No, I think that was fantastic. Really appreciate it.

沒有，我覺得那非常精彩。非常感謝。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通（JPMorgan）。

I wanted to follow up on that. You mentioned Golden Dome. It seems like roughly 3/4 of the awards this quarter were Golden Dome related. Can you talk in a little bit more detail about what you've won there and what the opportunities are for you going forward? And should we expect to see this continuing to be a significant portion of the bookings?

我想就此追問一下。你提到 Golden Dome。看起來本季大約有 3/4 的得標與 Golden Dome 相關。你能否更詳細談談你們在那裡贏得了什麼、以及未來的機會有哪些？另外，我們是否應該預期它會持續成為訂單（bookings）中相當重要的一部分？

Yes. Thank you, Seth. I'm going to have Phil give the detail on how that $84 million of Golden Dome awards break down in the quarter. But just generally, a couple of points.

是的。謝謝你，Seth。我會請 Phil 說明本季 Golden Dome 這 8,400 萬美元得標金額的拆分細節。不過先就整體而言，幾點說明。

As we've said previously on previous calls and also at our Investor Day last November, our technology because it has been demonstrated on the highest technical standards on, for example, next-generation interceptor, we're seeing a very high level of adoption for the technology.

正如我們先前在過去的電話會議、以及去年 11 月的投資人日所說，我們的技術因為已在最高技術標準下完成驗證——例如在次世代攔截器（next-generation interceptor）上——因此我們看到市場對該技術的採用度非常高。

Couple that with some of the geopolitical circumstances, including what's happening, of course, in Iran and elsewhere depleting inventories, we're seeing extremely significant demand for Golden Dome-related activities. So obviously, this $84 million print on backlog for Q2 is where we are today, but anticipate that additional traction will be demonstrated as we go forward in the back half of the year with respect to Golden Dome.

再加上一些地緣政治情勢，包括當然伊朗及其他地區的情況導致庫存消耗，我們看到對 Golden Dome 相關活動的需求極為顯著。因此，Q2 這筆 8,400 萬美元的在手訂單（backlog）增量是我們今天的現況，但我們預期在今年下半年，Golden Dome 方面會展現更多進展與動能。

And frankly, it's a tiger by the tail in the sense that we have so many opportunities on the Golden Dome platform to implement our technology that we're super excited about what that prospect is going to bring forward.

坦白說，這有點像「抓住老虎尾巴」——意思是我們在 Golden Dome 平台上有非常多機會可以導入我們的技術，因此我們對這個前景將帶來的成果感到非常興奮。

But Phil will give you the specifics on how the $84 million breaks down.

不過 Phil 會提供你 8,400 萬美元的具體拆分。

Yes, from a Golden Dome perspective, again, $84 million in total awards this quarter. Just to put a little bit more details to that, we're looking at more than five awards, five different customers, five different platforms, five different awards. And I would highlight about 60% of that $84 million tied specifically to space-based interceptor programs. And that's programs in plural. That's an important note.

是的，從 Golden Dome 的角度來看，本季總得標金額同樣是 8,400 萬美元。再補充一些細節：我們看到超過五個獎項、五個不同客戶、五個不同平台、五筆不同得標。我會特別強調，其中約 60% 的 8,400 萬美元是明確與天基攔截器（space-based interceptor）計畫綁定，而且是「多個」計畫（programs，複數）。這點很重要。

I think back a year since we've gone public. And I want to say for the first three, four calls that we've had, we focus a lot of times on next-generation Interceptor, still a major program of ours and an incredible base to our revenue, continues to be and expected to be this year. But this will be the first call we've gotten like three, four questions into this, and we haven't talked about NGI yet. That's an important note.

回想一年前我們上市以來，我想在前三、四次電話會議中，我們很多時候都把焦點放在次世代攔截器（NGI）上；它仍然是我們的重要計畫，也是我們營收的極佳基礎，今年仍會是、也預期會是如此。但這將是我們第一次在這通電話會議中，大家問到第三、第四個問題了，我們卻還沒談到 NGI。這點很值得注意。

And that's because even in this quarter and sequentially, obviously, we increased from the first quarter up to $53 million of revenue. We actually had the same amount of contribution from space-based interceptor programs here in Q2 from a revenue perspective as we did from NGI. I think that's a really important milestone for not just analysts and investors alike to recall as we kind of came out as a public company, we talked about national defense -- or national security and defense providing significant ample opportunities extended far beyond just next-generation interceptor.

原因是即便在本季、以及相較前一季，我們的營收從第一季提升到 5,300 萬美元，但就營收貢獻而言，我們在 Q2 來自天基攔截器計畫的貢獻，實際上與 NGI 相同。我認為這是一個非常重要的里程碑，不僅分析師與投資人都應該記住：當我們成為上市公司時，我們談到國家安全與國防將提供大量機會，而且遠不止於次世代攔截器。

As I look out over the balance of the year, I anticipate space-based Interceptor revenue will continue to be along the same part of NGI over the back half with significant upside to that as we continue to progress from a technical development perspective.

展望今年剩餘期間，我預期天基攔截器的營收在下半年將會與 NGI 大致處於同一水準，並且隨著我們在技術開發面持續推進，還有顯著的上行空間。

Yes. And Seth, just final point. I think Phil articulated it extremely well. But again, SBIs were not even on our radar screen six months ago. We didn't even talk about that as part of our Investor Day in November because Golden Dome, of course, architecture hadn't been specified, but it also technologically wasn't something that was yet spec-ed.

是的。Seth，最後補充一點。我覺得 Phil 說得非常到位。不過再說一次，六個月前天基攔截器（SBI）甚至不在我們的雷達上。我們在 11 月的投資人日也沒有把它當作重點來談，因為 Golden Dome 的架構當時當然尚未被明確定義，而且在技術上也還沒有完成規格制定（spec-ed）。

So the fact that that architecture has now been configured, SBIs are now a thing. It's technically extremely difficult and our technology has been spec-ed in on multiple SBI programs, I think, bodes extremely well for how our technologies are being developed in Golden Dome generally and is not only consistent, but I would say exceeds the expectations that we had for how much traction we would get within the Golden Dome ecosystem and not only in terms of the quantum, but how quickly the adoption is happening.

因此，現在這個架構已經配置完成，SBI 也成為一個實際存在的項目；它在技術上極具挑戰，而我們的技術已被納入多個 SBI 計畫的規格之中（spec-ed in）。我認為這對於我們的技術在 Golden Dome 整體架構中的發展非常有利；而且不僅符合、我甚至會說超出我們原先對於在 Golden Dome 生態系中能取得多少進展的預期——不只是量的層面，也包括採用發生的速度之快。

So extremely bullish on what we see on Golden Dome.

所以我們對 Golden Dome 的展望極度看多。

Excellent. That's very helpful. If I could follow up on just a totally different topic, but on the Lunar opportunity you've talked about, which obviously is considerable. When you think about how that matures and the opportunity that's there, to what extent is the runway for your growth governed by the Artemis program and the pace at which that moves forward and stays on schedule?

很好。這非常有幫助。如果我可以就一個完全不同的主題追問：關於你們談到的月球（Lunar）機會，顯然規模相當可觀。當你思考它如何成熟、以及其中的機會時，你們的成長跑道在多大程度上是由 Artemis 計畫所主導，並取決於它推進的速度以及是否能按時程進行？

Well, it's a thoughtful question. I would say a couple of things. The fact that the CLPS missions have been awarded and we were awarded two of those I think, bodes very well. Of course, Artemis has a difficult component to it, which is the human landing component, right?

嗯，這是一個很有深度的問題。我會說幾點。CLPS 任務已經完成授標，而我們也獲得其中兩項，我認為這是非常正面的訊號。當然，Artemis 有一個很具挑戰性的部分，也就是載人登月的部分，對吧？

And I think that is dependent on things that are not within our constraints. So for example, space suits, surface landers (technical difficulty)

而我認為那取決於一些不在我們可控範圍內的事情。舉例來說，太空衣、月面著陸器（技術難度）

(technical difficulty) Coming out last year, we talked a lot about there being a $3.6 billion opportunity pipeline for Voyager (inaudible). And as I think about where we are today from a pipeline perspective, looking ahead over the next five years, I've got a factored pipeline, that's probability win, probability fund with factored pipeline of over $5 billion.

（技術難度）去年我們談了很多，提到 Voyager（聽不清）有 36 億美元的機會管線。而從今天的管線角度來看，展望未來五年，我有一個加權後的管線（按中標機率、獲得資金機率加權），加權後的管線超過 50 億美元。

Now obviously, strategic systems, we're talking propulsion, missile defense, Golden Dome, space-based interceptors, all a significant component of that, but still much larger than they were even just a year ago to Dylan's point earlier. That sits at about $3.5 billion.

現在很明顯地，在戰略系統方面，我們談的是推進、飛彈防禦、Golden Dome、天基攔截器，這些都占了其中相當重要的一部分；但即便如此，正如 Dylan 先前提到的，相較於僅僅一年前仍然大了很多。這部分大約是 35 億美元。

When I think about Lunar, obviously, with the Astrobotic acquisition, but this is complementary already to the Lunar strategy that we have been developing and quite good product and capabilities we've been innovating and developing on our own organically.

談到月球業務，顯然有 Astrobotic 的收購，但這其實是對我們一直在發展的月球策略的補強；而且我們自身也以有機方式創新與開發出相當不錯的產品與能力。

I think of Lunar and space mission management and that's a rich pipeline, over $1 billion of opportunity. So we're excited as we look out. The great news is we're not tied to any one specific program and/or award as we execute, and the team has been doing exactly that. So exciting times as we look ahead.

我想到月球與太空任務管理，這是一個很豐富的管線，機會超過 10 億美元。因此我們對未來展望感到振奮。好消息是，在執行過程中，我們不會被任何單一特定計畫和／或授標所綁住，而團隊也正是這樣在做。所以展望未來，是令人興奮的時刻。

And just final point, Seth, I know we're kind of running on, on this topic, but it's an important one. We'll have more to say about this on Investor Day, December 3 in Pittsburgh. But there are other parts of our technology stack that are very relevant to the moon that we see huge long-term growth opportunities for.

最後一點，Seth，我知道我們在這個主題上講得有點久，但這很重要。我們會在 12 月 3 日於匹茲堡舉行的投資人日上，對此有更多說明。不過，我們的技術堆疊中還有其他部分與月球高度相關，我們看到非常巨大的長期成長機會。

And two I'll mention both of which Astrobotic has been working on. But the two, I think, that are absolutely essential that we can play a key role in are comms and power. And if you look at building permanent infrastructure on the moon, living and working on the moon, everything is downstream of power, as we know.

我會提兩個，而這兩個 Astrobotic 都一直在做。但我認為絕對關鍵、而且我們能扮演重要角色的兩個領域是通訊與電力。如果你看在月球上建設永久性基礎設施、在月球上生活與工作，正如我們所知，一切都取決於電力。

And to a lesser extent, everything is downstream of comms. And so those are two areas that we're really focused on. We'll have more to say about that, as I mentioned at Investor Day. But that's another thing I'd like to just surface as key parts of our strategy that I think are going to have very significant financial implications to our strategic plan going forward.

而在較小程度上，一切也取決於通訊。因此這兩個領域是我們真正聚焦的重點。我剛才提到，我們會在投資人日上有更多說明。但我也想把這點提出來，作為我們策略中的關鍵部分；我認為這將對我們未來的策略計畫帶來非常重大的財務影響。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

You've discussed how the Starlab program is being rephased to align with NASA's updated CLD plan. Now there appears to be a lot of information from NASA's approach and fluidity around the program and the timing for this.

你們談到 Starlab 計畫正在重新分期，以配合 NASA 更新後的 CLD 計畫。現在看起來，NASA 的做法以及該計畫與時程的變動性，帶來了很多資訊。

Can you provide more color on what specifically changed in the plan? How these changes impacted your program schedule and outlook? And what gives you the confidence that the current development and funding timeline is what's going to go forward?

你能否更具體說明計畫中到底改了哪些內容？這些變更如何影響你們的計畫時程與展望？以及是什麼讓你們有信心，認為目前的開發與資金時程將會持續推進？

Thanks for the question, Kristine. I think our confidence, frankly, since the last call has increased pretty dramatically on Starlab. As you know, they issue -- NASA did an RFI that they got some feedback from the market on, which included sort of a, I'll call it, a government-owned core module. The general consensus from the industry was that that was not the right approach. And to NASA's credit, they reversed course on that particular approach.

謝謝你的問題，Kristine。坦白說，自上次電話會議以來，我們對 Starlab 的信心大幅提升。如你所知，NASA 發出了一份 RFI，從市場收集了一些回饋，其中包含某種——我姑且稱之為——政府自有的核心艙段。產業界的普遍共識是，那不是正確的做法。值得肯定的是，NASA 在那個特定做法上改弦更張。

And the draft RFP that they issued here recently was much more consistent with the CLD Phase 1 approach. Now there are still some mechanisms within that draft RFP that I think the industry is going to provide feedback on requirements primarily because you want the requirements to be robust because it's human-rated hardware, of course. But you don't want them to be so robust that nobody can build it on time and on budget.

而他們最近發布的 RFP 草案，與 CLD 第一階段的方法更為一致。當然，在那份 RFP 草案中仍有一些機制，我認為產業界會就需求條款提供回饋，主要是因為你希望需求足夠嚴謹，畢竟這是載人等級硬體；但你也不希望需求嚴苛到沒有人能在期限內、在預算內把它做出來。

So I think there are going to be elements of the requirements that in the final RFP will be either changed or relaxed a bit.

因此我認為，在最終版 RFP 中，需求條款會有一些要素被調整或稍微放寬。

But in general, Kristine, we're feeling really good about where we're positioned. Even if the RFP came out as sort of issued in the draft, I think we'd be very well positioned. And I think we're hopeful that additional changes from the draft to the final RFP will only enhance our competitive position because keep in mind, our single launch to orbit solution, our operational day one approach as opposed to on-orbit assembly, the full scale of Starlab with its larger design is highly differentiated compared to some of the other solutions out there. So we feel good about that.

但整體而言，Kristine，我們對自身所處的位置感覺非常好。即便 RFP 最終就照草案那樣發布，我認為我們也會處於非常有利的位置。我也希望從草案到最終版 RFP 的額外變更，只會進一步強化我們的競爭地位。因為請記住，我們的一次發射入軌方案、我們「第一天即可營運」的做法（相對於在軌組裝），以及 Starlab 更大規模的設計與完整尺度，相較於市面上其他方案都具有高度差異化。因此我們對此很有信心。

I think you also talked about timing. Obviously, we would prefer that a decision be made sooner rather than later, of course. Really, the time pressure for the industry and for -- frankly, for the country and for Western allies is making sure this gets built before the ISS has to come down. And there's, of course, a planned deorbit of the ISS.

你也提到了時程。很明顯地，我們當然希望越早做出決定越好。對產業而言、坦白說對國家與西方盟友而言，真正的時間壓力在於：必須在 ISS 必須退役之前把這個建起來。當然，ISS 有既定的離軌計畫。

But we also want to make sure that the station is aging and of course, it's got issues on it from time to time. We want to make sure that we have a commercial solution in plenty of time before the ISS no longer has functionality.

但我們也希望確保，隨著太空站老化，且不時會出現一些問題，我們能在 ISS 不再具備功能之前，提前很充裕地準備好商業解決方案。

So yes, I think timing is a bit delayed just because they went through the RFI and the draft RFP process. But we still anticipate a final RFP here shortly. And submissions, I would say, sometime mid- to late fall and then a selection early next year. That's our current belief on timing.

所以是的，我認為時程確實因為他們走過 RFI 與 RFP 草案流程而有所延後。但我們仍預期最終版 RFP 將在近期發布。提案提交我會說大概在秋季中後段，然後在明年初做出遴選。這是我們目前對時程的判斷。

With that, I'll ask Phil if he's got anything else to contribute.

接下來，我請 Phil 看看是否還有其他補充。

Phil, if I could add, Kristine, I appreciate the question. Yes. So just from a competitive advantage perspective. I just want to make sure not just our analysts but investors are well aware, the strategic advantage we have with the actual construct of the Starlab joint venture.

Phil，如果我可以補充一下，Kristine，謝謝你的問題。是的，從競爭優勢的角度來看，我想確保不只是我們的分析師，投資人也能清楚了解：我們在 Starlab 合資架構本身就具備策略優勢。

The way we've actually formulated, if you will, the cost structure to that program and to that business effectively allows us to flex our spend and adapt to delays like this with NASA. So a lot of credit to the hard work that Marshall Smith, who leads Starlab and the team at Starlab. They've continued to make really meaningful progress. They continue to advance, obviously, the technological development, commercial customer engagement.

我們實際上所設計的——如果你願意這麼說——該計畫與該業務的成本結構，使我們能夠彈性調整支出，並因應像 NASA 這樣的延遲。這要歸功於領導 Starlab 的 Marshall Smith 以及 Starlab 團隊的努力。他們持續取得非常有意義的進展，持續推進技術開發與商業客戶洽談。

And to that note, I just remind everybody, I highlighted this in my prepared remarks, now we're well over $500 million, actually quickly approaching the $600 million mark of signed commercial reservations for Starlab. These are the things that are in our control and the things that our team has been focused on every day since we initiated this program.

就此我也提醒大家，我在事先準備的發言中提到：我們目前已經有超過 5 億美元、而且很快接近 6 億美元的 Starlab 已簽署商業預訂。這些是我們可控的事情，也是自我們啟動這個計畫以來，團隊每天專注的重點。

And so again, we're really happy with the progress that we've made. We're happy and continue to work closely with NASA during this RFI process, and we'll continue to adapt to it as things evolve.

因此再次強調，我們對已取得的進展非常滿意。我們也很高興並將持續在這個 RFI 流程中與 NASA 密切合作，並會隨著情勢演進持續調整。

And just final point, Kristine, I'll make. I really want to thank and compliment administrator Isaacman because I think they have done a fantastic job of testing different ideas in the market, soliciting feedback from industry and then I wouldn't say pivoting, but I would say incorporating that feedback from industry into what they reissue and approaches that they're taking. And so I think that's fantastic.

最後一點，Kristine，我想說的是：我非常想感謝並稱讚主管 Isaacman，因為我認為他們在市場上測試不同想法、徵詢產業回饋方面做得非常出色；然後我不會說是轉向，但我會說是把產業回饋納入他們重新發布的內容與採取的方法之中。我覺得這非常棒。

That's exactly what you would hope for from your customer is that they float ideas, they take feedback and then they adjust based upon your feedback. So I think we have a great partner in NASA, and we're excited about the future with them on this program.

這正是你會希望你的客戶做到的：提出想法、吸收回饋，然後根據回饋做調整。所以我認為我們與 NASA 有很好的合作夥伴關係，我們也對在這個計畫上與他們的未來感到振奮。

Gautam Khanna, Cowen.

Gautam Khanna，Cowen。

I was wondering if you could give us an update on the American Defense Complex, how that is -- what it's doing right now, how far along the build-out and staffing is? And if you could also talk a little bit about whether you've seen any traction on SRMs with the captive Black Powder asset that you guys own? And if you could talk about kind of how you're positioned in that market?

我想請你們更新一下 American Defense Complex 的狀況：它目前——現在在做什麼、建置與人力配置進度到哪裡？另外也想請你們談談，你們是否在 SRM（固體火箭馬達）方面，透過你們自有的 Black Powder 資產看到任何進展？以及你們在那個市場中的定位大概如何？

It's Phil. I'll take this one and then Dylan might add some additional color. But we were excited not just to break ground earlier this year, but to get off with a flying start. We've made a considerable amount of investment on-prem already.

我是 Phil。我先回答這題，然後 Dylan 可能會再補充一些細節。我們不僅很興奮能在今年稍早動土，也很高興一開始就進展順利。我們已經在現場端投入了相當可觀的資本支出。

I'd say most notably here, think about the benefits we're already reaping. So some of the technological advancements that we have made, even though we're not done constructing the facility, but it has allowed us to do a significant amount of innovation prototyping and testing on site, which has actually been the catalyst leading to a lot of these space-based Interceptor award wins. And so we've talked about this year being an investing year.

我想在這裡最值得一提的是，想想我們已經在收穫的效益。所以我們已經取得的一些技術進展，儘管我們還沒有完成設施的建設，但它已經讓我們能夠在現場進行大量的創新原型開發與測試，而這實際上成為促成我們贏得許多這些太空基攔截器（Interceptor）獎項的催化劑。因此我們也談到，今年是一個投資年。

There's still a significant amount of investment to go at that site as well as the development out at Space Beach or Long Beach, California. And so we're continuing to look forward to making those investments. But more importantly, we're already seeing returns on that invested capital, which is exciting to us.

在該基地以及位於加州 Space Beach 或長灘的開發方面，仍然還有相當可觀的投資要投入。因此我們會持續期待進行這些投資。但更重要的是，我們已經開始看到這些投入資本的回報，這讓我們感到振奮。

Yes. And I would say also that the CapEx deployment is on schedule, again, being led by Matt Kuta, our Co-Founder and President, who's doing a great job. He's got an entire team dedicated to that, and I know he's very closely managing that. They're doing a great job.

是的。我也想說，資本支出（CapEx）的部署進度如期進行，再次強調，這由我們的共同創辦人兼總裁 Matt Kuta 領導，他做得非常出色。他有一整個團隊專責這件事，我知道他也在非常密切地管理。他們做得很好。

I think you also asked about SRMs and Black Powder traction. We like what we see there, certainly, and I think we'll have more to say on that in Q3. But yes, the short answer is we are very optimistic that that growth factor is what we thought it was, and we'll have more to say on that in the very near future.

我想你也問到了 SRMs 和黑火藥（Black Powder）的進展。我們確實喜歡目前看到的情況，我想我們會在第三季（Q3）有更多可以分享的內容。但答案是肯定的，簡短的回答是：我們對於那個成長動能如同我們原先預期感到非常樂觀，而且在不久的將來會有更多說明。

That's helpful. And just a quick follow-up because you did mention the huge pipeline of opportunities you're pursuing. I'm curious, do you have a sense for what the book-to-bill might look like in the second half of the year just based on what you have out there already?

這很有幫助。再快速追問一下，因為你確實提到你們正在追逐龐大的機會管線。我很好奇，僅就你們目前手上已經在推進的案子來看，你們對今年下半年訂單出貨比（book-to-bill）可能會是什麼樣子，有沒有概念？

I certainly do, Gautam. So I will highlight that with the significantly large $300 million award that we received from NASA for those CLPS missions with Astrobotic, those certainly have come in actually post-acquisition. So there'll be an exceptional third-quarter performance.

我當然有，Gautam。我先強調一點：我們從 NASA 取得了規模相當大的 3 億美元獎項，針對與 Astrobotic 的那些 CLPS 任務；那些其實是在併購完成後才入帳的。因此第三季的表現會非常亮眼。

That said, when you think of fourth quarter, when things start to normalize again, positive book-to-bill, again, despite us having well over a 1 book-to-bill ratio in the first half where we're typically south of 1.

話雖如此，當你看第四季、事情開始再次回歸常態時，訂單出貨比仍會是正向的；再次強調，儘管我們在上半年訂單出貨比遠高於 1，而我們通常是低於 1。

So I would guide towards Q4 being quite similar to the combination of the first half, so about 1.2, 1.3 book-to-bill in Q4 with a truly exceptional third quarter in between.

所以我的指引是：第四季會相當接近上半年合計的水準，也就是第四季訂單出貨比大約 1.2、1.3，而中間的第三季會是非常突出的表現。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

I just wanted to clarify the magnitude of NGI. I think you previously said the 2026 revenue contribution would be relatively flattish versus the $50 million in '25. Has that changed at all?

我只是想釐清 NGI 的規模。我記得你之前說過，2026 年的營收貢獻相較於 2025 年的 5,000 萬美元會相對持平。這有任何改變嗎？

And then secondly, what milestones need to happen to hit LRIP in 2027? Is that all based on the customer or capacity expansions or any other milestones to be looking for on NGI just to hit that initial production cadence?

第二個問題，若要在 2027 年達到 LRIP，需要發生哪些里程碑？這完全取決於客戶端，或是產能擴充，或還有其他里程碑需要關注，以便在 NGI 上達到初始的生產節奏？

Mike, it's Phil here on this side. I appreciate the question. Yes. No, NGI, no change in the program from our perspective. Again, the team there just continues to execute on behalf of the customer as they have been for, frankly speaking, quite a number of years now.

Mike，我是 Phil，在這邊回答。謝謝你的問題。是的。沒有，從我們的角度來看，NGI 專案沒有任何變化。同樣地，那邊的團隊持續代表客戶執行交付，坦白說，他們已經這樣做了相當多年。

So if I recall correctly off the top of my head, last year, full year NGI revenue was just about $47 million. That flat comment that I've carried forward still holds true. We should be in the range of $45 million to $50 million this year, again, all tied really specifically to specific customer timing on that front. We have passed our critical design review from the propulsion side of the house.

如果我沒記錯的話，去年 NGI 全年營收大約是 4,700 萬美元。我一直延續的「持平」說法仍然成立。今年我們應該會落在 4,500 萬到 5,000 萬美元的區間，同樣地，這主要都非常明確地取決於客戶端在時程上的安排。我們已經從推進系統端通過了關鍵設計審查（critical design review）。

Last year, if you guys recall, that was June, that was a pretty significant milestone for us. As we continue to march out for the balance of the year, and we are certainly still awaiting for the LRIP contract, which we anticipate could still come before the end of the year. We'll obviously provide an update as soon as we can.

去年如果各位還記得，那是在 6 月，對我們而言是相當重要的里程碑。隨著我們在今年剩餘期間持續推進，我們當然仍在等待 LRIP 合約，我們預期它仍有可能在年底前到來。我們會在能夠提供更新時，第一時間對外說明。

But obviously, just as a reminder, we anticipate that's a pretty significant contribution, not just 2027 and '28, but then as we move from low rate production to high rate production, we view Lockheed Martin's next-generation interceptor at approximately $1 billion worth of value to us to be generated over the next five-plus years.

但也提醒一下，我們預期那會是相當重大的貢獻，不僅是在 2027 與 2028 年；而且當我們從低速率生產（low rate production）轉向高速率生產（high rate production）時，我們看待洛克希德馬丁（Lockheed Martin）的下一代攔截器（next-generation interceptor）對我們而言，在未來五年以上可創造約 10 億美元的價值。

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

This is Ben Tomick on for David. I was just wondering, could you guys talk about how you're feeling about the certainty of Starship's capacity to launch Starlab and if there's any risk to the timeline there?

我是 Ben Tomick，代替 David 發問。我想請教，你們如何看待 Starship 發射 Starlab 的運力確定性？在時程上是否存在任何風險？

Ben, I don't think I've had a chance to meet you before. Nice to hear from you.

Ben，我想我以前還沒有機會認識你。很高興聽到你的聲音。

We're not concerned about that. Keep in mind, what we need Starship to do is orbital insertion, which Starships really already demonstrated. So a lot of the refinements that Elon and team are working on right now have to do with reentry, heat shield, refueling, human-rated hardware, et cetera, et cetera.

我們不擔心這件事。請記住，我們需要 Starship 做的是入軌（orbital insertion），而 Starship 其實已經展示過這個能力。所以 Elon 和團隊目前正在做的許多精進，主要是關於再入（reentry）、隔熱罩（heat shield）、補給加注（refueling）、載人等級硬體（human-rated hardware）等等。

So from our perspective, what we need them to do, which is safe delivery to orbit, they've already demonstrated. So short answer is no, we're not concerned with their ability to launch us.

所以從我們的角度來看，我們需要他們做到的事情，也就是安全送達軌道，他們已經證明了。因此簡短回答是：不，我們不擔心他們發射我們的能力。

Andre Madrid, US Bancorp.

Andre Madrid，US Bancorp。

I think you mentioned it a little bit before, but can we maybe just go into some more detail about the pace of revenue recognition on Moon Base 2 and the two CLPS Lunar landers awards as those progress towards eventual delivery?

我想你之前稍微提到過，但我們能否更詳細談談：隨著 Moon Base 2 與兩個 CLPS 月球著陸器獎項推進至最終交付，相關營收認列的節奏會是如何？

Andre, good morning. Great question. It was asked earlier. I'll stick to the script here. As we get closer to our Investor Day, we're going to have significant more information to share. And in part, that's because, look, we just acquired the business, frankly speaking, just a couple of weeks ago, just received both awards from NASA. And as we start to work through the contracting dynamics associated with it, and you can appreciate it's probably far more complex than we'd all appreciate.

Andre，早安。問題很好，前面也有人問過。我先照既定說法回答：隨著我們更接近投資人日（Investor Day），我們會有更多重要資訊可以分享。部分原因是，坦白說，我們才在幾週前完成對該業務的收購，也才剛從 NASA 收到這兩個獎項。當我們開始梳理與之相關的合約動態時，你也能理解，這可能比大家想像的要複雜得多。

We anticipate -- we will certainly, as always, provide the level of transparency we always have. But I ask you to just be patient with us, anticipate that, obviously, it will be a significant contribution to us in future periods, not counting on any significant contribution from it here in 2026. I think that's an important piece to note. The team there is obviously really focused on the Griffin mission first.

我們預期——我們當然會一如既往提供我們一向提供的透明度。但我想請你對我們保持耐心；我們預期它在未來期間會對我們有顯著貢獻，但在 2026 年我們不會指望它帶來任何顯著貢獻。我認為這點很重要。那邊的團隊顯然正把重心放在 Griffin 任務上。

And then obviously, we'll tackle these, both contractually and then from an execution perspective once we get into 2027.

然後很明顯地，一旦進入 2027 年，我們會在合約面以及執行面來推進這些事項。

Got it. Got it. And I guess on my follow-up, something a little bit different. Obviously, given your experience in providing advanced propulsion subsystems on programs like NGI, I mean, looking at these recent framework agreements, I mean, does this present really any opportunity for Voyager to support as a sub?

了解。了解。那我追問一個稍微不同的問題。顯然，鑑於你們在 NGI 這類專案上提供先進推進子系統的經驗，我是想問，看到近期這些框架協議（framework agreements），這是否為 Voyager 以分包商（sub）身分提供支援帶來任何機會？

Specifically on propulsion Golden Dome activities, Andre?

Andre，你是特別指推進相關的「金穹」（Golden Dome）活動嗎？

Yes. No, more specific to, I guess, the recent framework agreements, if any of the work that you do is maybe tangential and could support that at all? Do you view it as an opportunity or not really?

是的。不過更具體來說，我想問的是近期的框架協議；你們所做的工作是否有一些周邊相關（tangential）的部分可以支援到那裡？你們把它視為機會嗎，還是不太算？

We view it as an opportunity. No, I think it's a very astute question. We see it the same way. Obviously, we've got a lot of other growth opportunities here and things that we're excited about. But yes, we do see that as an opportunity, full stop.

我們視之為機會。不，我認為這是個非常敏銳的問題。我們看法相同。當然，我們這裡還有很多其他成長機會與讓我們興奮的事情。但是的，我們確實把那視為一個機會，就這麼簡單。

Steven Wahrhaftig, Wedbush Securities.

Steven Wahrhaftig，Wedbush Securities。

Congrats on the quarter. I want to talk a little bit more about the agentic contract that you got in the pipeline. I also want to talk about the opportunity that you really see to expand in this space because it really seems like a unique contract, and it seems a little bit different than what you are going after with the defense and space industry. So can you break down the opportunity that you're seeing within the agentic field?

恭喜本季表現。我想再多談一點你們管線中的 agentic 合約。我也想談談你們在這個領域看到的擴張機會，因為這看起來像是一份很獨特的合約，也似乎與你們在國防與太空產業所追逐的方向有些不同。你能否拆解一下你們在 agentic 領域看到的機會？

And then I have a follow-up.

然後我還有一個追問。

Yes. Thanks for the question. I wish we could give you more detail, including who the customer is, but this is deeply embedded in the classified community. But there are a couple of things that I think are important to point out here.

好的，謝謝你的問題。我希望我們能提供更多細節，包括客戶是誰，但這深度嵌入在機密社群（classified community）之中。不過有幾點我認為在這裡很重要，值得指出。

As we've seen with our friends, Palantir, who just a reminder, a strategic partner of ours, shareholder within Starlab, early shareholder within Voyager, they're getting tremendous traction within the DoW and the federal government at large, not only in the US, but other governments around the world with their ability to generate intelligence around data.

正如我們從朋友 Palantir 身上看到的——提醒一下，他們是我們的策略夥伴、也是 Starlab 的股東、也是 Voyager 的早期股東——他們在國防部（DoW）以及整體聯邦政府中獲得了巨大的進展，不僅在美國，也在全球其他政府，因為他們具備從資料中產生情報的能力。

And a lot of that has to do with, as we know, increased demands for autonomy. And when we say autonomy, those are decisions being made in real time in environments that might not necessarily have the ability for a human to provide intervention before something needs to take place.

而其中很大一部分原因在於，如我們所知，對自主性的需求增加。當我們說自主性時，指的是在可能不一定具備讓人類在事情發生前介入能力的環境中，即時做出的決策。

So autonomy is a big driver. And I would say there's a big opportunity between what I would call traditional agentic AI, which is more data processing, data analyzation, data sorting and what Palantir does, which is like full operating model, full autonomy.

因此，自主性是一個重要的驅動因素。我會說，在我所稱的傳統代理式 AI（更多是資料處理、資料分析、資料整理）與 Palantir 所做的那種（完整作業模式、完全自主）之間，存在很大的機會。

In between those two extremes, there is a huge -- I wish I could capitalize on the phone here, but a huge opportunity for companies like ours that are at the very forefront of what is possible in that middle layer to help the customer think through solutions. And we made a critical hire, Matt Kuta did, who leads this initiative, as I mentioned earlier, who led agentic AI initiatives at DARPA, and he has been a fantastic hire internally to the company.

在這兩個極端之間，有一個巨大的——我希望我能在手機上把它大寫，但確實是巨大的——機會，留給像我們這樣站在該中間層可行性最前沿的公司，協助客戶把解決方案想清楚。我們也做了一項關鍵的人才招募：如我先前提到的，由 Matt Kuta 完成，他領導這項計畫；他曾在 DARPA 領導代理式 AI 計畫，對公司內部而言是一位非常出色的加入。

So this is kind of a Skunk Works project internally that we're -- as we've already seen in this quarter, getting traction on from a customer demand and contracting standpoint. I expect a lot of growth opportunity here.

因此，這在內部有點像是一個 Skunk Works 專案——而且正如我們在本季已經看到的，從客戶需求與簽約的角度來看正在取得進展。我預期這裡會有很大的成長機會。

And again, I'll just emphasize what I said earlier. I don't think the market fully understands this opportunity that we have captured here. And we'll have a lot more to say about it on future calls. But we are extremely well positioned for a part of the market that, frankly, I don't think a lot of people are understanding or have the capability to focus on.

再一次，我只想強調我先前說過的。我不認為市場已充分理解我們在這裡所掌握的機會。我們在未來的電話會議上會談更多。但我們在市場中的某一部分具備極佳的定位；坦白說，我不認為很多人理解這一塊，或具備能力把焦點放在這裡。

Okay. I appreciate the color on that. And then, Phil, I just wanted to talk a little bit more so about the guidance, specifically on the gross margin side of things because you're still reaffirming the fiscal year '26 guidance for gross margins in the mid-teens. And when looking at the results, it was negative in the first quarter and then it was high single digits in 2Q.

好的。感謝你提供這方面的補充說明。接著，Phil，我想再多談一點關於指引，特別是毛利率這一塊，因為你們仍重申 2026 財年的毛利率指引為十幾個百分點的中段。而從結果來看，第一季是負的，第二季則是高個位數。

So can we get a better idea of what the cadence will be like in the second half of the year? And should we expect the seasonality in fiscal year '27.

所以，我們能否更清楚了解下半年節奏會是什麼樣子？以及 2027 財年是否也應該預期同樣的季節性？

Great question. I appreciate you actually asking it. Really important element of focus and certainly in our commentary, we haven't provided a total amount of specifics, but here we go.

問得很好。我也很感謝你真的問到這個。這是非常重要的關注重點，而在我們的評論中，我們確實沒有提供非常完整的細節，但現在就來說明。

Great point, negative gross margin in the first quarter. But just as a reminder, we were already investing for our manufacturing capacity capabilities, if you would, some of which did lend itself to obviously see some of these early wins coming out of our American Defense complex.

你說得對，第一季毛利率為負。但提醒一下，我們當時已經在投資製造產能能力；其中一部分也確實有助於我們看到來自美國國防體系的一些早期勝利。

You saw what happens from a leverage perspective, even at the gross margin line in Q2 when we got a little over 8% gross profit margins. As I look out over the third quarter and fourth quarter, and obviously, there's going to be a revenue ramp here, significantly supported by our backlog.

你在第二季看到的是，即使在毛利率這一行，當我們毛利率略高於 8% 時，從槓桿效應角度會發生什麼。展望第三季與第四季，顯然營收會有一個爬坡，並且將由我們的在手訂單（backlog）大幅支撐。

I anticipate gross profit margins in the mid- to high teens, so call it around 17% in the third quarter. And we will eclipse the 20% mark, I think low 20 percentage points in the fourth quarter. That ultimately gets you to that mid-teens full year gross profit margin guidance there.

我預期第三季毛利率會在十幾個百分點的中到高段，大約可說是 17% 左右。第四季我認為會突破 20% 的門檻，落在 20% 出頭。最終就能達到你提到的全年十幾個百分點中段的毛利率指引。

As I look out to 2027, there's no question that as our revenue continues to scale and increase, we'll continue to get significant margin leverage, not just at the gross profit line, but certainly at the operating profit or EBITDA margin line.

展望 2027 年，毫無疑問，隨著營收持續擴大與成長，我們將持續獲得顯著的利潤率槓桿，不僅在毛利率這一行，當然也會在營業利益或 EBITDA 利潤率這一行。

Ron Epstein, Bank of America.

美國銀行的 Ron Epstein。

This is Alex Preston on for Ron. Thanks for taking the question. I was wondering if you could just talk a little bit about incremental investment in Astrobotic post-acquisition, right? It looks like the CapEx outlook is up. I presume that's primarily or maybe all Astrobotic.

我是代 Ron 提問的 Alex Preston。謝謝讓我提問。我想請你談談收購完成後對 Astrobotic 的增量投資，好嗎？看起來資本支出（CapEx）展望上調了。我推測那主要、或可能全部都是 Astrobotic 相關。

Can you just maybe give a bit more color on what investments you're making there and maybe the broader framework as you look to execute on these new awards at Astrobotic going forward?

你能否再多提供一些細節，說明你們在那邊做了哪些投資？以及在你們展望未來執行 Astrobotic 新獲獎案時，更廣泛的執行框架是什麼？

Yes. Great question. I appreciate it. Yes. So in the past, we had guided approximately $70 million of CapEx, excluding Starlab. Update to the guidance framework, we're looking at anywhere from $70 million to $80 million. There is a little bit of investment in there for Astrobotic. There's also, if you would, incremental investment there for our base business as we look ahead.

可以。問得很好，謝謝。是的。過去我們指引的 CapEx 約為 7,000 萬美元（不含 Starlab）。更新後的指引框架，我們預期約在 7,000 萬到 8,000 萬美元之間。其中有一部分投資是給 Astrobotic；另外也有一些增量投資是給我們的核心業務，作為我們向前布局的一部分。

Growth and supporting that growth capacity is an absolute prerequisite for us as we look into 2027 being another record year for Voyager. And so that's really what's underpinning that increase there. There is some modest investment there for Astrobotic.

成長以及支撐該成長的產能，是我們在展望 2027 年將成為 Voyager 另一個創紀錄年度時的絕對前提。因此，這正是這次上調的根本原因。對 Astrobotic 也會有一些適度的投資。

Like all of the acquisitions we've done in the past, it's one of the great reasons why we're thought of as an acquirer of choice. It's because we do have a strategic asset in our balance sheet and have the ability to not just invest from an innovation perspective, you also see our internally funded research and development being about 20% for the year.

就像我們過去做過的所有收購一樣，這也是我們被視為首選收購方（acquirer of choice）的重要原因之一。因為我們的資產負債表上確實有策略性資產，並且不僅有能力從創新角度投資；你也看到我們的內部自籌研發（internally funded R&D）全年約占 20%。

Obviously, not just our base business, but we will also invest in Astrobotic from that regard and continue to support the growth trajectories of all the businesses that we've integrated into Voyager.

顯然，我們不僅會投資於核心業務，也會在這方面投資 Astrobotic，並持續支持所有已整合進 Voyager 的業務之成長軌跡。

Great question. Thank you.

問得很好。謝謝。

Ladies and gentlemen, that does conclude our question-and-answer session. I will now turn the call back over to Phil for closing comments.

各位女士先生，問答環節到此結束。現在我將把電話交回給 Phil 作結語。

Krista, we're -- since we've got over here on time, I think we're just going to end, and I'll address the retail questions we typically have had during the third quarter as we kind of stand up a new Investor Relations website going forward, and we'll be very responsive to that team, to that group of interest.

Krista，我們——既然我們這邊時間還很準時，我想我們就直接結束；而我會在第三季我們通常會收到的零售投資人問題上做回覆，因為我們正在建立新的投資人關係網站，未來我們也會對那個團隊、那個關注群體非常積極回應。

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

那麼，我把電話交回給 Dylan，請他做任何結語。

Thank you, Phil. Well, just to wrap up, thank you all for the very thoughtful questions. We are super excited as we enter this Q3, not only with the Astrobotic acquisition, but the opportunity with the Starlab Phase 2 contract award and RFP, our ability to execute on these Golden Dome awards and continue to build significant pipeline and opportunities there and executing on our overall business.

謝謝你，Phil。最後做個總結，感謝大家提出非常有深度的問題。進入第三季我們非常振奮，不僅因為收購 Astrobotic，也因為 Starlab 第二階段合約授予與 RFP 所帶來的機會；我們執行這些 Golden Dome 獲獎案的能力，並持續在那裡建立可觀的管線與機會，同時推進我們整體業務的執行。

So thank you all. Again, I just want to plug one more time, one last time, our Investor Day, December 3 in Pittsburgh. We'll have lots of hardware to show off. We're also thinking about providing a few slots for retail investors. So stay tuned on that approach.

所以謝謝大家。再次、也是最後一次，我想再提醒一下我們的投資人日：12 月 3 日在匹茲堡。我們會展示很多硬體。我們也在考慮提供一些名額給零售投資人，所以請持續關注我們的安排。

But yes, thank you all for your attention and your support of Voyager Technologies. We appreciate it. Have a great day.

不過，是的，感謝各位對 Voyager Technologies 的關注與支持。我們非常感激。祝大家有美好的一天。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與，現在您可以掛線。