Firefly Aerospace Third Quarter 2026 Financial Results Conference Call - FIREFLY AEROSPACE INC

Greetings. Welcome to the Firefly Aerospace 3rd Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal remarks. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please note, this conference call is being recorded. I will now turn the conference over to Michael Sheets, Firefly's Director of Investor Relations. Michael, you may begin. Thank you, Carmen. Hello there. I'm Michael Sheetz, and welcome to Firefly third quarter financial results call. I am pleased to be joined on the call by CEO Jason Kim and CFO Darren Ma. as we report for the period ending September 30th, 2026. Today's call will include forward-looking statements, including but not limited to statements the company will make about its future financial and operating performance, growth strategy, and market outlook. Actual results may differ materially from those contemplated by these forward-thinking statements. Factors that could cause actual results and trends to differ materially are set forth in our annual and quarterly reports filed with the SEC. Firefly assumes no obligation to update any forward-looking statements which speak only as of their respective dates. Also, in this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAP measures is included in the third quarter 2026 earnings release. Unless otherwise stated, financial information referenced on this call will be non- GAAP. Our earnings press release, SEC filings, and a replay of today's call can be found on our investor relations website at investors.fireflyspace.com. Now, I'll turn the call over to Jason. Thank you, Michael, and welcome to our third quarter 2026 earnings call. As tomorrow is Veterans Day, I thank our country's service members for their dedication and sacrifices in supporting our nation. Firefly is proud to employ more than 200 veterans like myself, and we are honored to work on a wide variety of critical national security missions that support our warfighters and allies. Before I get into our business updates, I will discuss the recent transformative deal we signed with AST SpaceMobile. Our intellectual property supply and services agreement, valued at more than $1.3 billion, marks the beginning of a three-year partnership, bringing together two bold, complementary Texas companies. For those unfamiliar, Earlier, AST is building a space-based constellation of satellites to provide a global cellular broadband direct to everyday smartphones. The company is working with more than 60 mobile network operators around the world and has launched over a dozen satellites to date. But launch is highly constrained, with need for deployment of proliferated constellations like AST's direct-to-device satellites. This agreement is yet another tremendous validation of our technology. When an experienced operator like AST Space Mobile evaluates the options available and chooses Firefly, it represents a powerful external endorsement of our world-class engine technology. Based on our proven patented tap-off cycle, we have spent years developing and refining our next-generation RAND engines. Notably, this agreement is complementary to our existing launch business by design. ASD's vehicle will be purpose-built to launch their own satellite constellation, while Firefly continues to serve the broader commercial and government launch market. Fundamentally, this deal does not change Firefly's identity. We are a vertically integrated space and defense company with diversified lines of business. We build and operate launch vehicles, lunar landers, spacecraft platforms, and national security software. This partnership leverages one of our core competencies and is a natural extension of our fundamental business. Our commitment to our core launch services, Alpha and Eclipse, is unwavering. As a non-dilutive agreement, this more than $1.3 billion collaboration provides new fuel for Firefly's growth, allowing us to expand rapidly in several areas. We will expand our infrastructure and workforce, as well as deepen our supply chain. We are building multiple new test bays at our rocket ranch to increase our launch vehicle production and testing capacity. We are adding more team members dedicated to our launch programs. We will make bulk purchases of long-lead materials, deepening the resilience and cost efficiency of our supply chains, and the new capacity will help further scale the bandwidth of our engineering core. Under the terms of this partnership, Firefly will build, test, and deliver a total of 27 Miranda first stage engines and nine Vera upper stage engines, making up three complete flight sets. These engines will power AST's new reusable three-stage heavy lift launch vehicle, designed to carry 20 metric tons to low Earth orbit. Critically, FireFly retains full ownership of the intellectual property associated with our engines. We are licensing the technology to AST, who will independently configure the engines for their own vehicle's mission profile and integration requirements. When a company sets out to build its own rocket, the engine is the hardest, highest-stakes decision they make. AST chose Firefly, and that tells you everything you need to know about where our technology stands. This agreement is a true win-win. ASD gets control of their own launch schedule. Firefly gets steady, non-dilutive funds to reinforce our launch services production, strengthen our supply chain and infrastructure, grow our team, and push the boundaries of what is possible in space. I would now like to hand the call to Darren to discuss selected financial terms of this agreement. Thank you, Jason. This partnership is transformative from both an operational and financial perspective. This deal is broken into three primary parts worth $1.3 billion. First, there is an approximately $800 million in cash in AST stock associated with the Miranda and Vera Engine IP licenses to AST. The IP license is broken out into $400 million in cash and 10 million to 14 million shares of AST Class A common stock, as determined by a forward BWAP calculation. These shares are also subject to various lockup periods. Second, there is $250 million in support services leveraging our team's expertise. And third, the remaining $250 million is for delivering engines to support their first three flights. Revenue for this contract will be recognized in two parts. The fair value of the IP portion of the contract and support services will be recognized over time on a percentage of completion basis. The fair values of the engine deliveries will be recognized as a point in time upon delivery to the customer. Please note that revenues recognized from this agreement will be included in our launch business. Now, let me walk through how operational milestones will help shape the revenue ramp for this program. Program begins immediately, but revenue will start in earnest next year, ramping gradually as we hire and execute toward contract milestones. Engine deliveries will begin ramping in year two of the agreement, and we expect this will lead to revenue increasing in the second year and continue ramping through the third year. From a gross margin perspective, the corresponding revenue associated with the intellectual property agreement and support services will steadily expand our gross margin profile. On the cost side, we expect to make significant investments through research and development as well as capex and infrastructure related to this agreement. We expect these investments will generate returns in the long term as they benefit our existing launch services business. The agreement represents a tremendous source of non-dilutive funding for Firefly that bolsters our future, partners us with an industry leader, and enhances our financial profile. Now I will turn the call back over to Jason for our third quarter business updates. Thank you, Darren. We are closing the year with momentum, adding new contracts and achieving milestones across our programs. Our added winds drove our backlog to a record total of $1.7 billion at the end of the third quarter, further supporting our long-term growth trajectory. We opened and moved into the clean room expansion at our spacecraft campus, which quadrupled our square footage for assembly, integration, and testing of both Blue Ghost landers and and electro-orbiters. Our expansion comes at an ideal time. As we heard this weekend, NASA is full speed ahead on the moon. We previously talked with you all about building larger landers. That time is now, with CLPS-2, and we are thrilled to get started. Larger cargo landers, which can help deliver bigger payloads such as light terrain vehicles, will expand our ability to support moon-based operations. Onboarding to this $10 billion program positions us to compete for and deliver task orders. Firefly is creating the railroad to the moon. The vehicles we build will deliver and support many of the capabilities needed to enable a permanent lunar presence. And the moon is not just about exploration and discovery. The U.S. is locked in a space race with China, and we equally understand that the moon is the ultimate high ground. To quote a recent report published by the U.S. Defense Intelligence Agency, China portrays its interest in cislunar space as peaceful, but PRC officials have also discussed pursuing military capabilities in cilunar space." The Pentagon is responding to this adversarial threat with funding. U. S. Space Force Major General Steven Purdy, who leads the branch's acquisition efforts, is urging commercial providers to support national security efforts on and around the moon our fleet the spacecraft is ready to support for those new to firefly and as a reminder for others we are a space and defense company delivering innovative hardware and software to perform the hardest missions in space for national security exploration and commercial technology our hardware is represented by our spacecraft, the Blue Ghost lunar landers and Electra satellite orbiters, and our launch vehicles, the small-lift Alpha and medium-lift Eclipse. Our spacecraft solutions platform also includes our software portfolio of AI-enabled offerings, which are proven in national security operations, as well as autonomous guidance and navigation systems. We are tenaciously focused on and prioritizing safety, quality, and reliability as we scale our hardware and software product deliveries. Now turning to our business updates, we are progressing towards the launch of Alpha Flight 8 in the first quarter of 2027. We received direction from a national security customer that required a readjustment to our launch manifest. I am proud of the national security demand for Alpha as Alpha is uniquely suited to dedicated orbits for missions such as hypersonics, tactically responsive space, and Golden Dome. We did not make this decision lightly as our preference was to launch before the end of the year. However, we are proud to have the confidence from the customer to support this critical mission. Additionally, we have been in this position before, having conducted a similar manifest rescheduling when we launched the historic Victus Knox responsive launch on Alpha Flight 3. As always, timing depends on variable external factors such as customer readiness, range availability, weather conditions and more. We will conduct a thorough review of our post-flight 8 data to ensure any lessons learned flow into subsequent launches. This consequential launch represents the debut of our Block 2 vehicle configuration, a series of improvements that we have been developing to increase manufacturing rate and enhance reliability. We are focused on the debut of Block 2 because it's not just about Flight 8. Back at the rocket ranch, we have structures and engine chambers for flight 9, flight 10, flight 11, and flight 12 as we step into an increasing launch cadence in 2027. All the structures and tanks for flight nine are complete with all four reaver engines and the lightning engine in assembly. The structures for flight 10 completed proof testing. We've completed manufacturing of all tanks and structures for fly 11. The composites for flight 12 are in production. All of these structures were made using our automated fiber replacement machine on which we have continuously refined our processes over the past few years. Our AFP is producing multiple structures simultaneously. To support these launches and more, we are ramping up engine chamber output. We currently have 24 Weaver engine chambers in county in production. Block 2 is about unlocking rate for alpha and we're seeing those improvements reflected on the factory floor. I know folks are eager to hear about our plans for alpha's launches next year, but right now we're focused on the debut of Block 2. We will give our 2027 launch target during our fourth quarter earnings call. Demand for alpha remains the most supply constrained it has ever been in our company's history. We have more customers than we have rockets available in the near-term manifest. This is a very good problem to have and reinforces our investment production capacity. We're stepping into rate Block 2 during the quarter, we announced our first contract with SSE Space for two Alpha launches from S-Range Space Center in Sweden. This is a landmark deal, representing our first European launch contracts. We are looking forward to serving European customers in a domestic capacity as we build our global franchise. Firefly also added a third hypersonic task order for Alpha from a confidential customer, as well as extended our Lockheed Martin multi-launch agreement. We also added another great commercial customer, signing Japanese Synthetic Aperture Radar Satellite Company, Synspective, for up to 10 launches through 2030. Alpha will double Synspected's deployment pace per launch by delivering two satellites to orbit per mission. We will launch their satellites from both our California and Virginia launch facilities, giving Synsected flexible access to a range of orbital inclinations. A few weeks ago, I visited our future launch site at NASA's Wallops Flight Facility. I got to see firsthand the progress we are making to prepare for launches of Alpha and Eclipse. This specialized launch pad will be able to launch two different vehicles from the same location. Our fireflies are working on the launch adapters, the strong back, the launch control center, and the commodity systems. I spent time meeting with local authorities, partners, and NASA leadership, as well as our own employees. It was great to see the work we're getting done toward launching from Virginia no earlier than next year. Finally, during the third quarter, Firefly onboarded to NASA's spacecraft processing operations contract. As one of the few commercial payload processing facilities at Vandenberg Space Force Base, this contract allows us to further support NASA missions. We provide flexible infrastructure and services to alleviate ball mix for our partners while unlocking a new revenue opportunity that will utilize our existing facilities. Moving to Eclipse, our reusable medium-launch vehicle in development alongside Northrop Grumman, we made important progress in the quarter. I'm pleased to say our Miranda engine qualification campaign is underway. To date, we have completed more than 175 hot fire tests, totaling 4,230 seconds of cumulative runtime across 20 engines. Miranda's unrivaled development from clean sheet to coil campaign is a testament to the dedicated work of our team. It's been made possible by the lessons learned from Alpha, as the common tap-off cycle engine technology allows us to move faster in bringing this critically needed vehicle to market. Fireflies have been hard at work testing out the critical technologies we need for reusability, including multiple relights and power throttling. We have simultaneously reduced risk in compressed schedule in developing this powerful next-generation engine. The data we've gathered from Miranda's development gives us high confidence in the engine's performance and reliability. Now that we're in qual, we are able to further proceed with manufacturing and assembling the Miranda engines for the first Eclipse launch. Alongside our co-developer, Northrop Grumman, we're pleased to see Eclipse making progress toward the launch pad. I am enhancing the program team with added technical experts as well as investing in infrastructure to prepare to ramp up Eclipse production. The demand for launching this segment remains at all-time highs, with capacity more constrained than ever, so I'm actively working to make sure our team has the tools, people, and investments needed to bring Eclipse to market. The world needs Eclipse more than ever. Turning to Blue Ghost, our lunar program carried significant momentum through the third quarter. We are executing on five moon missions in parallel, a milestone that demonstrates the maturity and repeated ability of our lunar architecture. Each of these missions is at a different stage of development, and the team is managing this portfolio with tremendous discipline. One of the most significant milestones of the quarter was the completion of our new cleanroom facility at our Austin, Texas campus. We enjoyed hosting multiple partners at the ribbon cutting, including leadership from the Texas Space Commission, NASA's Moon Base team, and both state and local representatives. The ribbon had hardly touched the ground before we began moving in multiple spacecraft for NASA and the Department of War, making the cleanroom immediately operational. This is no small upgrade. This This is a multi-bay facility that is purpose-built to enable simultaneous integration of up to a dozen lunar landers and orbital vehicles, giving us flexibility to add even more spacecraft contracts. The new cleanroom is foundational to our moon-based ambitions. We are scaling production to meet the growing NASA pipeline as well as support commercial demand. On Blue Doze Mission 2, known as Riders to the Dark, we are getting closer to being launch ready. The lander completed proof testing during the third quarter, which is a final test to verify the full integrated fluid system is complete, with pressurization and leak checks. We stacked both the lander and the electric transfer vehicle, installed electronics on the landers, and powered it on. Riders to the Dark is one of the most complex multi-stage missions to the moon to date, with a spacecraft stack that is 22 feet tall. We are proud to carry a commercial and government payloads representing the US, Australia, Canada, the United Arab Emirates, and the United Kingdom. We expect the second Blue Ghost mission will launch next year, with specific timing dependent on delivery of our spacecraft to Florida and confirmation of the launch window. Following a ride through the dark, Blue Ghost's mission to the Groote Huizen domes is progressing through flight hardware production. The team has transitioned from design to build, and the hardware is taking shape with Launch Target in 2028. Joining the Gridheisen Dome's mission is the new customer StarCloud, which signed an agreement with Firefly during the third quarter to fly an advanced AI compute payload on the Electra vehicle. Together, StarCloud and Electra will look to validate the core capabilities of the future data center in the Moon's orbit, which would support lunar surface and orbital infrastructure. StarCloud's processor will ingest data from Firefly's SOLUX autonomous vision system, a critical technology we added as part of our acquisition of SpaceNG earlier this year. Our StarCloud deal is a significant validation of our thesis that the Moon is a platform for commercial infrastructure, not just a destination for government science. We're bringing together space-based compute and the system in our economy. We're not stopping there either, as SOLUx will support other commercial surface efforts related to the moon-based program. I will share more on those in the future. Our Blue Ghost mission to the Lunar South Pole is making progress, with the team completing the critical design review to progress the mission's development. This is another hugely exciting mission as we pursue potentially groundbreaking resource discoveries such as looking for water ice that unlocks key moon- based resources on the surface like breathable oxygen rocket propellant and science firefly also signed xeno power systems as a commercial cable customer to our accelerated blue ghost mission of the moon's near side xeno's radio isotope heater payload is a remarkable cutting edge technology which is critical to a sustained lunar presence onboard blue ghost xeno will seek to demonstrate its survive the night package which is intended to allow spacecraft and infrastructure to operate through the extreme cold of the long lunar night, which reaches below negative 275 degrees Fahrenheit. NASA's moon-based program is seeding the lunar economy. Our missions have bolt-on opportunities and hosted payload options for commercial customers, which improve each mission's gross margins and unlock additional revenue sources. Switching to ELECTRA, the moonfall mission passed through preliminary design review, verifying our spacecraft's design to support this flagship NASA mission. As part of our $75 million subcontract, we are collaborating closely with NASA's Jet Propulsion Laboratory to deliver their drones to low lunar orbit. This mission is a new frontier in lunar surface mobility and exploration, and we're excited to be part of it alongside one of the world's premier research institutions. I recently visited NASA's JPL and met with Director Dave Gallagher. During our fireside chat in front of the JPL workforce, which you can watch online, I loved the way Dave described the drones ELECTRA is delivering, quote, they are going to be tremendous scouts for the resources you need, potential moon-based locations, and there is a bit of national security flavor to this as well, end quote. During the third quarter, ELECRA added another contract with the Department of War's Defense Innovation Unit. We are designing a mission that would see ELECCRA provide de-orbit services. Once we complete the preliminary design review, Firefly will be eligible to compete for the next phase, which could include launch and spacecraft operations for a low Earth orbit mission. We are also fired up to have won a spacecraft subcontract to support NASA's Skyfall mission to Mars. This is our first effort supporting a mission to the Red Planet and another statement mission for JPL. And our spacecraft for the DIU's Project Cynoclone is entering integration and testing as we prepare for launch next year. Recently, we completed testing the deployment of the folding solar panels for this ELECTRA maneuverability mission. The orbiter is now at our spacecraft clean room to undergo the remaining steps of testing and integration. And finally, our subcontract with Benchmark Space Systems on the Department of War's DARPA the LASA program is progressing to the next phase after competitive down-select. Benchmark advanced its feasibility and design effort for DARPA, and we're pleased to support this lunar mission with our SOLIX Autonomous Vision Navigation System. Now, let's talk about SciTech. Recently, I had the privilege to visit the Forge Operations Floor at Buckley Space Force Base in Colorado. There, I witnessed an amazing group of Space Force guardians and contractors dedicated to serving our nation and our allies. I saw FORGE operations in action, with Firefly's SciTech team supporting. It made me very proud to see how we are directly supporting advanced processing of missile warning and tracking data, using our in-house AI capability to force-multiply the Space Force's work. When I spoke to high-ranking Guardians, they told me that FORGE has been delivering results that not only the Space Forces in our nation appreciate, they get phone calls from allied nations that they are grateful for the life-saving capabilities. These same guardians also said they see Firefly's capabilities that no other contractor provides. Forge continues to be one of our most consequential programs. The current geopolitical environment, including ongoing conflict in the Middle East and evolving global missile threats, has only reinforced the strategic importance of Forge's capabilities to our government customers. Forge is operational, it is performing, and the demand signals from our customers remain During the third quarter, we added another operational milestone for FORGE, adding data to the system to the Space Force's geo-wide field-of-view space vehicle. On a personal note, this milestone is a meaningful moment as I built and operated that geostationary orbit satellite in my prior role. The spacecraft adds wide-area situational awareness and augmented time-critical detection capability, further enhancing the FORGE system. We are steadily executing operational advances on Forge, in just the last few weeks adding new technical intelligence capabilities. Because our engineers are co-located with Space Force operations, we are able to respond directly to customer needs and advance the technology at unique speed. And now we're further diversifying our capabilities and revenue into adjacent opportunities and programs of record. During the third quarter, we won a $94 million Space Force contract under the Ground-Based Radar Visualization, or GBARD, program to support work overhauling legacy defense systems. GBARD applies the FORGE playbook to radar modernization. We onboarded to the $981 million SpaceForce IDIQ contract for NIGHTSTAR. This allows us to compete for task orders that will support advanced space-based test and training operations through 2032. This represents another example of the synergies between our hardware and software capabilities. And we extended Firefly's Air Force contract for the Air Battle Management System Data Fusion Program, which benefits from decades of expertise in sensor integration and multi-source data correlation. Under this ADMS contract, we are integrating a new class of counter-unmanned aerial system sensor feeds into the cloud-based command and control system. CBC-2 is a central component of the Air Force Battle Network, so we're pleased to support integration of yet another data stream into the system. Since then, we received Air Force System Interoperability Test Certification for the CBC2 system, a critical program milestone that establishes readiness ahead of operational acceptance. Additionally, during the third quarter, we onboarded to a $66 million IDIQ for work on our instrumentation and testing group. while also executing a test campaign for our missile defense customer. All in, our advanced data and artificial intelligence business is executing well and steadily broadening its scope into new programs of record. We are building toward a future where we provide our customers an on-demand app store with missile warning, space domain awareness, position navigation timing, targeting, and exploration services. With that business summary, I'll turn it over to Darren for a review of the third quarter financials. Thank you, Jason. We delivered our second consecutive quarter of more than $100 million in revenue. That brought year-to-date revenue to $309.2 million, representing growth of 203% compared to the first nine months of the prior year. Our third quarter results demonstrate the strength across Firefly's diversified portfolio and reinforce our strategy to build a fully integrated space and defense technology company. Third quarter revenue of $110.7 million represented a strong 259% increase year over year and compares with $30.8 million in the same quarter a year ago. Notably, our third quarter performance was achieved without a revenue benefit recognized in the second quarter from an accelerated national security hardware order. within total revenue spacecraft accounted for 106 million dollars and launch was 4.7 million our third quarter results demonstrate the strength and resilience of our business model to briefly explain our revenue recognition model the spacecraft solutions business generally recognizes revenue over time under each contract on a percentage completion basis for the launch business revenue for alpha is recognized at a point in time when the launch occurs while Eclipse revenue is recognized over time based on program milestones as part of our Northrop Grumman partnership. Eclipse will shift the point in time revenue when the vehicle is operational. We ended the third quarter with a total backlog of approximately 1.7 billion dollars up from 1.5 billion last quarter and up from1.3 billion for the same quarter a year ago driven primarily by the ground-based radar digitization award, additional hardware server orders, and an additional alpha hypersonics task order. The majority of our third quarter revenue represented backlog conversion, but over $300 million in new customer contracts more than replenished the revenue recognized within the quarter. Backlog remains one of our strongest indicators of future revenue growth for our business. Third quarter gap gross margin was 22.9%, compared with 20.3% in the prior quarter. The sequential improvement was driven by favorable product mix as lower-margin hardware server purchases weighed on Q2. As a reminder, the primary gap-to-non-gap adjustments to operating expenses are stock-based compensation expense, one-time transaction-related expenses, and the amortization of intangibles. Operating expenses for the third quarter were $104 million, compared with $94.3 million in the second quarter. The increase represents R&D investments in our next-generation launch vehicles, bringing online Alpha Block 2 and ramping up Eclipse development. Operating loss was $78.7 million, Compared with a loss of $70.4 million in second quarter Our net loss in the third quarter was $75.4 million, or a net loss of $0.45 per share. This compares with a net lost of $67.7 million in the prior quarter, or net loss of $.42 per share last quarter. The third quarter net loss per share figures were calculated using a weighted average share count of $168.4 million. Due to a series of option exercises throughout the period, our Our third quarter ending share count was 171.6 million shares, and we expect this number will increase by about 1 million shares per quarter. Thought-based compensation expense was $15.3 million in the third quarter, compared with $17 million inthe prior quarter. Adjusted EBITDA in the first quarter was a loss of $69.5 million, comparedwith a loss of $61.2 million in second quarter. Our balance sheet remains strong, ending the quarter with a total liquidity of $839.7 million. This consists of $534.7 in cash, cash equivalents, and short-term investments, and $305 million of available capacity from our revolving credit facility, which remains undrawn. Capital investments in the third quarter were $15.6 million, compared with $24.7 million sequentially. The sequential decline primarily came from the completion of investments related to test upgrades to support Alpha Block II, the spacecraft cleanroom expansion, and other infrastructure improvements to support our growth objectives. Free cash flow was an outflow of $85.3 million, compared with an out flow of $106.3 in the second quarter. As a reminder, the Q2 number included the final Scitech acquisition-related payment of approximately $24 million. Regarding our revenue outlook for 2026, we are updating the 2026 revenue range to $440 million to $450 million from our prior range of $420 million to 450 million. This increases the midpoint of our guidance to $445 million from $435 million. In closing, our financial strengths rest on a diversified revenue base, an expanding backlog, and substantial liquidity to support discipline investment. We continue to identify ways to optimize our programs by leveraging our core technologies while retaining the capital-efficient discipline that has accelerated our development in just nine years as a company. To highlight a few examples from our playbook, we are leveraging the proven Blue Ghost lander for subsequent missions, and deployed a lift and shift strategy which leverages many years of investment in the Forge Missile Defense System, unlocking adjacent opportunities like GBARD and ABMS. Additionally, we've tapped non-diluted funding sources, such as the Texas Space Commission's grant program for a clean room expansion. The AST agreement is the latest example of this playbook. Our Miranda and Vera engines represent proprietary technology that very few companies in the world possess. Now we are leveraging and monetizing that technology. With that, I'll turn the call back to Jason. Thank you, Darren. As I think about where Firefly stands today, three things come to mind. First, Alpha production is ramping up. The factory is humming with block two, manufacturing and assembly, giving me confidence. After flight eight launches, Alpha Flights 9, 10, 11, and 12 are right behind it. We made upgrades to our test stands, our Vandenberg facilities, and are making progress on both our Virginia and Sweden launch sites. And we added new international customers, thanks to the deals with SSE Space and Suspective. Second, our platform is expanding. We added multiple commercial partnerships for our upcoming lunar missions. The DIU Diorbit contract validates another growth vector for Electra's orbital services. Forge validates the national importance of what SciTech brings to the Firefly platform. And our agreement with AST SpaceMobile validates the extreme scarcity value of our propulsion technology. Third, our team is world-class. They have delivered these results every quarter and are the reason Firefly wins. Fireflies are bold, resilient, and passionate, and I am proud to support them. Our team has led Firefly to land on the moon, launch a 24-hour call-up, and provide operational no-fail AI defense software. We have a robust, diversified space and defense business. Every quarter, the addressable market for what we are building grows larger. Thank you for joining today's call. Michael, back to you. Thank you, Jason. We will be attending multiple investor events in November and December, and we look forward to seeing many of you in the coming weeks. Operator, we're ready to take questions. Thank you. And as a reminder, to ask a question, simply press star 1-1 on your telephone and wait for your name to be announced. To remove yourself, press star 11 again. One moment, please, for our first question. It comes from Sheila Cayoglu with Jefferies. Please proceed. Thank you, and good afternoon, guys. Lots of developments this quarter, so two questions, if that's okay. With Firefly now onboarded to the $10 billion TLPS to IBIQ, can you just talk about how the scope of that opportunity changes relative to the existing program, and maybe more specifically, what additional mission types or larger payload classes can Firefly now address? Thank you. Hey, Sheila. We're very pumped and excited about onboarding onto Eclipse 2. Just, you know, going back to next year, last year, we were the first company to successfully land on the moon. And we did that with our Blue Ghost Mission 1, which was part of the $4 billion Eclipse 1.0 program. There's still a few outstanding bids there that we're still waiting for as well on Eclipse. 1.0 but clips 2 really excited because we began design work on that ahead of time and a lot of the fundamental technologies that allowed us to successfully land on the moon are also embedded on our larger landers and so that gives a lot confidence to nasa and to firefly as well as some of our commercial customers that are both on opportunities and so we're really excited some of the things that we can launch with the larger cargo uh lander is things like light terrain vehicles i think you remember that carlos from the moon base program mentioning that they awarded a couple of those light terrain vehicles already so we're excited about that opportunity to take those take mobility to the moon there's also other cargo that can help sustain a permanent human presence on the moon if you remember the moon is about the whole surface area is about the size of africa and then the usable part of the south pole which we believe has all the resources like water ice and other resources to sustain life is about the size in washington dc and so we're excited about those missions and supporting any cargo that helps with the permanent presence on the moon with humans and then there's a lot of other science that we can gather as well but i'm really particularly excited about manufacturing on the moon as well there's lot of resources like water ice i mentioned that could be converted into propellants uh there's some rare earth minerals that could potentially be used for manufacturing the Regulus itself can be used and converted into different fabrication as well. And then there's a whole economy, a commercial economy that can be built upon what NASA and other global agencies are doing. But in addition to that, we're also seeing a lot of demand on the national security side. You saw that the Space Force stood up a whole organization to coordinate things in in cislunar space led by Major General Stephen Purdy. And so we expect that there will be more and more, you know, maybe it starts out with 10% scope. You know, the Moon base is bigger than just the $30 billion opportunity that NASA is talking about with the Moon Base. You know there's potentially 10% of what goes to the Moon might be Space Force based. It might go up to 25%. We already saw requests for information for up to five satellites to go and look around to center space. And those are the kinds of things that we've invested in with our acquisition of Space NG, with the vision autonomous navigation camera systems that we have now in-house. We're able to deploy that, things with like the Oculus service to provide space domain awareness, even beyond just space exploration. That's a really helpful long-term color. If I could ask one more, maybe a little bit more short-term. As we think about the CRL26 side end, we weighed the low end of the revenue guide, but Flight 8 is now moving to C1. Maybe can you help us bridge what's driving the revenue up a second, or any alpha launches assuming C4 revenues? Thank you. Yeah. Hi, Sheila. This is Darren. So, for the remainder of this year, there's definitely some moving parts there. strength in the spacecraft business you know we're working on five moon programs all in parallel and there's strong demand on the ai software solution side really offset by some of the revenue impact on launches jason discussed one of the strengths of our business model is that we have a diversified portfolio that generates revenues and and we'll and basically astd also adds to this multiple of revenue streams that we already have in place great thank you so much Thank you. Our next question comes from Edison Yu with Deutsche Bank. Please proceed. Hi. Congratulations on the deal with AST, and thank you for taking our questions. I wanted to ask about the AST rev rec. I'm sure you guys know better than anyone rocket programs historically probably average three- to five-year delay. If there's any sort of delay on their end, has nothing to do with you does that impact the rev rec at all if we think you know in the next couple years hey edison this is darren no i mean when you look at the revenue recognition for this program it's broken up into two parts um the ip portion is tied into the services portion which will be recognizing as we perform over the the three-year time period and then the engine deliveries will also be recognized as we deliver the engines so if there is any delay on their side it i don't believe it has any impact on us in terms of revenue recognition okay and then just a follow-up on also on the on the deal you mentioned i think in the prepared remarks that the the gross profit margin contribution is is uh you know help expand um in any sense how we can think about just the incremental margin is this basically kind of almost pure margin is there some like small extent to just just how to think about it you know as we kind of layer in all this all this revenue yeah I think the way to think about is when you look at our gross margin you know right now we're in the mid-20s and because the IP portion of it is tied closely to the services and recognize at the same time. That will provide incremental gross margin expansion as we execute on this deal, but there will be some gross margin expansion associated with the contract. Great. Thank you. Thank you, our next question comes from the line of Christine Lebois with Morgan Stanley. Please proceed. Hi, this is Kyle Benvenuto on for Christine. Thank you for taking my question, and congrats on all the progress this quarter. I wanted to ask about SciTech and the outlook for the business, first with that $94 million G-BART award and onboarding to the $981 million Nightstar IDIQ, extending the Forge playbook into the adjacent programs of record. It's how should we think about Scitex organic growth heading into 2027, and how much could Nightstar task orders and other new programs contribute relative to the existing Forge base? And then second, as the business scales, you previously discussed moving more of Scitech's work towards fixed price contracts. So how far along is that shift today, and how much margin uplift do you see as programs like Forge move from cost-plus development into reputable software-driven deployments? Thank you. Yeah, I'll try to unpack all those multiple questions, but I am super excited about Cyclic just like you are. I'll go back to Forge. Forge is built upon a foundation of over 45 years of algorithm development specifically for national security and more specifically for missile warning missile tracking and so when you look at the fourth program it's you know an 800 million dollar programming counting total total value and you know that program is doing no fail operational missions right now i was at the fact the the floor the mission operations floor and uh i it was eye-watering what scitech is doing uh in support of that mission helping to save lives of our warfighters fighters and our allies a lot of the work that's on there both the data center hardware work and the framework that's applied to it and the mission applications for missile warning missile tracking a lot of that is transferable and you can lift and shift that capability into things like winning ground-based radar digitization program now what we did was we lifted and shifted the framework in this case and it helped us you know accelerate our capabilities competitive compared to the landscape and we were able to win the phase one which is around the 94 million our first phase there's a lot of upside opportunities there it could be around 400 to 500 million dollars of upside but we're focused on working with our team that we've assembled to provide an asymmetric capability to modernize the ground-based radar legacy programs so that we can provide more missile warning missile tracking and space domain awareness for the warfighters so that's one example there is growth upside opportunity there but then i'm also excited about lifting shifting you know the things we learned from both forge and gbar into other types of areas like position navigation timing air moving target indicator ground moving target indicator and space domain awareness so a lot of those kinds of algorithms are very transferable and they're proven in battle battlefield today and we're using ai we're improving the ai so we're really excited about those opportunities and in terms of burn fixed price contracts you know uh that's been a movement um for a few years now and that's why a lot of the space force migrated to these uh other transactional authorities or these otas which are primarily firm fixed price type contracts going away from the cost plus type contracts and you know those have opportunities as long as you execute for growth margin expansion so we're really excited about the future of what we do with SciTech. And don't count us out in terms of upside opportunities of taking SciTech algorithms and deploy it to space as well, because the name of the game in national security is to be faster than the adversaries OODA loop. And by bringing things to orbit and doing things with lower latencies, we can be within the adversary OOTA loop. Very helpful. Thank you, Jason. I'll turn turn it over. Thank you. Our next question comes from Michael Leshock with KeyBank Capital Markets. Please proceed. Hey, good afternoon. I just wanted to ask on, you know, given how constrained the launch supply-demand market is today and for the foreseeable future, particularly just thinking about Falcon 9 sunsetting over the coming years, and then also given the prices that medium-lift vehicles are commanding in the market today for the latter part of this decade. Has that changed your pricing approach at all for future Eclipse or Alpha launch agreements? Yeah, absolutely. You know, we're seeing the most highly constrained launch supply environment ever, and we've got a lot of inbounds. As you see, we signed two Alpha contracts with Sweden, as well as up to 10 with Suspecta from Japan, and another confidential hypersonic test launch with Alpha. So we're seeing that demand turn into actual contracts, and the pricing power is there. When you look at our Victus Sol mission that we signed with the Space Force previously, that was a $22 million contract. And we're seeing things with upside opportunities beyond on the higher, higher than those prices, you know, lately. And so we do see that on our Alpha missions, which are very, very uniquely suited for national security, like hypersonic test launches, as well as technically responsive space launches and other. In terms of Eclipse, we are heads down. And this deal that we did with AST, it's really a win-win because what it does is inject capital that is helping our Eclipse program at the same time as helping AST. And so we're going to be ramping up our Miranda production and, you know, also our production of Eclipse in general with the additional engineering and manufacturing supply chain stuff, the injection of a hardware rich long lead materials, optimal equipment, as well as more integration and test capacity. So all that is going to help us get Eclipse up and running as soon as possible because the demand is so high. And we do see that the demand affords higher pricing for medium lift as well. Great. And then on the AST agreement, the release had said it was, you know, non-competitive by design and purpose built for AST's payloads. I'm just curious if you could give any color on the formal restrictions on how the engines and IP can be used and what's in place there. Is Blacklist only allowed to launch its own internal AST payloads, or is there potentially some reality where they could become another launch provider for the commercial market over the long term? Just any clarity on that would be great. Thank you. Yeah, it's important to note that Firefly retains ownership of our core intellectual property, and that's Miranda, while AST focuses solely on launching its own constellation. You know, they have a great business of direct-to-mobile constellations, and they're going to ramp up continuously. And because they're ramping up their proliferated constellation, they need to basically control their launch schedule and their capacity. And so I see them being laser-focused on launching their own constellations. while we, you know, are unwavering in terms of launch capability of our Eclipse rocket for commercial and government customers. And so it's truly a strategic transformational deal. It's a win-win. Thank you. Thank you, and that question comes from Seth Siffman with J.P. Morgan. Please proceed. Yeah, hey, guys. This is Alex on for Seth. Good afternoon. Yeah. Hey, so wanted to ask, I guess no one's really directly asked about this yet, but and get that you guys, you know, don't really want to share specific plans on how to think about, you know, alpha rockets launch cadence next year. But you guys have kind of outlined that say the next five or so alpha rockets are under various stages of production. You know, curious if everything kind of goes according to plan is that, you know maybe a reasonable baseline to think about about how many launches you could do next year and then you know off of that thinking about this ast deal like how much does the capital that you know you guys are getting from them potentially help accelerate you know that your ability to do launches next year hey steph i just will give you a data point just from today uh within three hours today at our rocket ranch which is all co-located vertically integrated with our test stands we ripped a bunch of engine tests two reavers were hot fired today one lightning was hot fired one miranda qualification was hot-fired as well this was all within three hours of each other today and so you can see that our test capabilities are just ramped up and then when you look at alpha block two the whole point of the upgrade was to make it more manufacturable and reliable and so that's being seen and manifested on the factory floor. So if you look at building three, we've got flight eight and flight nine there for integration, finishing off integration. Flight eight is getting ready, prepared for shipping to Vandenberg. Flight nine is getting all the reaver engines and lightning engines assembled to integrate. And then flight 10, all the composite structures are approved, past proof testing. Flight 11 composites are finishing up. Flight 12 composites starting up. We've got 24 Reaver engine chambers that are in flow right now. That's about six shipsets right there. And this is all within the fourth quarter. So we're really excited about going forward, building upon that success. We opened up our Cortex feeder line for all the avionics and harnessing as well. So that's ramping up. So everything is humming in our production factory floor. And the test capabilities are also ramped up, as I mentioned before. And then in addition to that, we've upgraded Vandenberg for block two. We're, yeah, just was at Wallace, Virginia earlier this year. And we're making progress there with all the different components of that launch pad. And then Sweden, I was there earlier this year as well. And same thing, we're making a lot of progress there. So, you know, we are just ramping up in all areas. Great. Glad to hear. And maybe as a quick follow-up, with respect to Eclipse, is the expectation that you guys will still get the first launch there in 2027? I know you guys are talking about starting the Miranda engine qualification process, like maybe if there's anything more specific on you guys that you guys could say on you know what you still have to do there and you know maybe beyond that what are kind of like the you know final long pulls in the tent in terms of um you know being able to finally do an eclipse launch eclipse launch yeah as i mentioned before we're heads down on eclipse you know we're laser focused on delivering the first stage to our co-developer norther grumman and you knows we're over 175 hot fires on miranda um you count the one from today and you know we're looking at all the data verifying the capability it's a very mature engine and you we're very confident in its capabilities we're building ahead the flight engines as well and so everything is just laser focus on you know all the milestones in terms of qualifying miranda and qualifying our composite tanks and fluid systems as well so we're really really just excited about the future of eclipse especially with this injection of capital that will help accelerate our production line great thanks very much thank you one moment for our next question that comes from the line of griffin boss with be rightly securities please proceed Yeah, this is actually Mike Crawford from B-Ride with Securities. But just further on Eclipse, your partner, ASTS, is building a simpler rocket by design to only go to LEO versus Eclipse can go all the way to translunar injection. But is there a reason why they would be using a three-stage rocket if it's supposed to be a simpler racket versus the two-stage Eclipse? Yeah, hey, Mike. You know, that's AST's design. They are responsible for the overall design of their Blacklift rocket. We're, as we mentioned before, providing the IP for the Miranda engines as well as providing the first three shipsets of 36 engines to them for those first three launches. There's some engineering services as well that we're going to provide to them, but that is ASTs design. They are focused on mass of their constellations of the bluebirds on each launch. That's why they're focused on what they have in terms of their three-stage design. Whereas for our Eclipse rocket, we're building the railroad to the moon. And so we're looking at a number of different missions for commercial and government customers to include moon missions as well. So that's why we have a different stage design. Okay, thank you, Jason. And then just regarding Elettra, could you maybe help compare and contrast some of its RPO and maneuverability abilities versus competitors like True Anomaly Jackal or Quantum Space Scout or Turion, et cetera? Yeah, a lot of the fundamental technologies that made the Blue Ghost Mission 1 successful, all the way from the seven major burns that we had to do through translunar injection all the the way to low lunar orbit, and then finally breaking and maneuvering and descending softly onto the moon's surface, a lotta those things are things that are also built into our electrospacecraft and provide us heritage, and as you know, we traversed through many days, 45 days through Leo, Neo, Geo, Cislunar, all the way to the moon. So we have heritage in all those orbits. What I would say is the capabilities that Electra affords is a lot of fuel. We have chemical propulsion systems. So there's a lot OF fuel that we can carry on board. We use carbon composites for our primary and secondary structures, which means you can put more into the mission payload and so we have a system that not only is maneuverable with precise millimeter per second kind of precision of thrusts but we also have a lot of lightweight structural technology that allows us to carry more mission payload capability like optics like camera systems and other systems that can help with space domain awareness we also acquired space NG earlier this year And their autonomous navigation camera system allows us to perform a lot of autonomous maneuvers, including RPO. And so it's a really great capability that has flight heritage and can operate in all the different orbits. And as I mentioned before, you know, the moon is the ultimate high ground. And so everything is moving more towards this lunar space. And, you Know, the Space Force is going to need more space domain awareness in that area. And we already have capability that has been proven in that area. And in addition to that, we signed some really great commercial hosted options like StarCloud. And now we're providing AI from our Electra spacecraft as well. So really excited about Electra's future. All right. Thank you. Thank You, Jason. Thank you, our next question comes from David Strauss with Wells Fargo, please proceed. Hey, this is Ben Tomek going for David. Could you guys just talk about how should we think about the cash burn for the full year and into 2027? And how much incremental CapEx should we expect related to the AST agreement? Yeah, hey, you know, as I mentioned earlier, as far as the AEST agreement, we're going to be making some significant investments into R&D, CapEx, and infrastructure as we expand our production facilities and everything. And, you know, that's not only benefits AST, but also complimentary to the production, as Jason mentioned, for other customers on Eclipse. So, I mean, we'll be making those investments. And as part of that, you could expect cash burn to tick up through next year as part OF this contract. Got it. And then switching back to Eclipse, I think you mentioned how there were still additional Eclipse 1.0 opportunities still out there. How should we think about the timing for that and then when those initial Eclipse 2.0 awards should be coming in? I think there's at least three outstanding opportunities there. One was an opportunity that could be awarded in the fourth quarter, as early as fourth quarter. And that's for a Far Side South Pole mission. We're really excited about that mission because we are going to the Far Side in our next Riders to the Dark mission next year. And so a lot of the underlying con ops and technology that is built into that system is really transferable to this new opportunity as well. We're super excited about hearing back on the results of that competition. And then there's a second mission that is looking for lunar surface imaging, and it's very akin to our existing commercial Ocula service that is also going to fly on our second mission to the far side of the moon called Rise to the Dark, specifically our Oculi service. That's where we put a camera on our Electra transfer vehicle, and we're going to be able to image the moon and sell the data commercially. Well, the bid that is outstanding from NASA that is, you know, in front of us is for a service like that to do lunar high resolution imaging as a commercial service. And then there's a third landing mission as well that will most likely come out next early first quarter of next year to be awarded in 2027. So those are the three outstanding that I mentioned. Great, thanks. Thank you. Our next question comes from the line of Anthony Valentini with Barclays. Please proceed. Hey, guys. Thanks for the question. When AST came to you guys to start the conversations here, did they start out with just wanting to procure launches from you like any other customer? Because it seems as if, you know, I've seen the slides, there's a bullet that says it gives them their control over the launch schedule. But, you guys know how hard launch is and that there's delays that happen pretty consistently. And so, wouldn't that get them to market quicker? Or are there more things at play with how that decision was made? I think AST is a very innovative company, and that's why this led to a blockbuster deal, this non-dilutive funding to basically accelerate our core launch services business, especially when it comes to Eclipse, given we share the Miranda engine with the Blacklist launch vehicle. Now, every single launch vehicle program, the hardest part about it is the rocket engine development. And because Miranda is so mature and we're going through qualification and we've done so many hot fire tests and over 4,200 cumulative seconds of hot fire testing on it, it really accelerates things for a new rocket, starting with a mature rocket engine such as Miranda. And so, you know, it's truly a win-win in terms of, you know, we get to productionize our Eclipse program, and, you know, the Blacklift gets these very mature rocket engines, and we're going to start off by delivering the first three shipsets. And so you know this is a win win. Okay, that's helpful and makes sense. I guess as I'm looking at this, you know, seems like you know this is this is good deal and I guess I'm wondering if there's anything that you guys had to give up right if i'm looking at you know the engine ip license should i be thinking about that as if you know ast in the future does 50 launches um they can make the engines on their own and there isn't revenue that's associated with that because they're paying you for you know 400 million dollars cash up front um for the license and so like that's what you'd be giving up for that cash upfront or um is there something else Yeah, I just wanted to highlight that this does not change our identity or our business model. We're still going to be producing Eclipse, and we're going to able to service all the government and commercial customers that we've been engaging with. AST is going to eventually build the Miranda engines themselves and be able to use it for their Black Lift launch vehicle and support their laser focus on launching as many Blue birds for their direct mobile constellations okay thank you thank you our next question is from the line of calling can field with Cantor please proceed it takes the question so as I think about the AST deal and in terms of working capital dynamics can just maybe walk through how you think about AST funding to flow through in terms of the geography of the cash flow statement and whether or not that's going to show up in working capital versus financing cash flow. And then if you could also talk about kind of other key areas of working capital upside that you think through the year, whether that's upsized clips one, faster outweighs of clips two, or other launch areas that you think are particularly favorable. Thank you. Hey, Colin. Yeah, it's actually both. When you talk about cash, where the cash flow is going to flow, you know, this deal is part cash and part equity. When we look at it, you got essentially $400 million in cash and 10 to 14 million shares of AST class A common stock. And then the remainder of it, services are $250 million. We look at delivery engines at $250 million. So everything other than the equity will be flowing through operating cash for us. And then your second question around, yeah, we always expect to, we think we're really well positioned to win additional CLPS contracts. Those have been pretty additive for us from a cash flow perspective in the past. And I think we are really well positioned for it. Got it. And as I think about kind of like cash flow inflection, this obviously helping 2027 a lot and kind of the equity re-rating. How do you think about future M&A targets between launch and especially some of the kind of legacy assets in launch or increasing your spacecraft business and maybe intelligence or comms, propulsion, what have you? Thanks. Yeah, Colin, you know, we have a multi-year strategy and we're just executing it. And you saw that with, you Know, the investments in the lunar lander business, even before it became popular. And then the SciTech acquisition to get us into data center work, as well as all the AI defense software. You know, We're ramping up both our alpha and eclipse production as well. That's a moat, you Now, the launch of the moat. allows us to launch these great services that are being provided by our lunar landers and our electro orbiting spacecraft and as we you know become more autonomous in terms of our constellations on orbit we're going to be able to provide that app store on demand from space and so we're just following that strategy and part of that strategy is in m a we have a robust pipeline of m a targets so you know it's just executing this multi-year strategy got it thank you and for our next question please it comes from Suji de Silva with Roth Capital please proceed hi Jason hi Darren congratulations on all the progress here for the Forge for the Forge products, it sounds like you're targeting multiple areas, obviously air-moving missiles today with what you demoed in New York, but future ground-movering and then space domain. Jason, I'm wondering if the products that would support those other opportunities are already developed or are in development, just to understand the timeframe when you might be able to monetize those. Yeah, I mean, think about the 45 years of algorithm development to support all national security in multi-domains. You heard about missile warning, missile tracking, you heard about space domain awareness. At the end of the day, it's all about tracking needles in the haystack, subtracting the, you know, the contrast from the backgrounds, and finding and tracking and taking custody of those hard, dim targets. And so a lot of the algorithms are transferable from one mission to another. the phenomenologies are something that SciTech is really good at because they have the scientists co-located with the software developers. So if you know the phenomenology better, you know how to develop the algorithms and process the data better from the sensors. And so the short answer is yes, a lot of these algorithms are transferable. SciTech has a lot R&D that's being developed and constantly transitioning to operations. That's one of the benefits of the FORGE program, and also you heard about the FEAST program. It allows us to battle test our algorithms and get them really hardened, and then once they are, we can deploy them to other mission areas. Thank you. One moment for our next question that comes from the line of Ryan Koontz with Needham and Company. Please proceed. Great. Thanks for the question. You know, relative to gross margins, can appreciate the AST Miranda deals. It's going to be a nice tailwind there, it sounds like, for several years. Remind us how we should think about gross margins in launch relative to scaling alpha and Eclipse. I know there are different RevRec models, but if you can remind us, Darren, how we think about gross margin on those two programs, it would be great. Thank you. Hey, Ryan. Yeah, so with gross margin, right now, until alpha reaches technical feasibility, the cost for it is expense in the R&D. And as it reaches technical ability, those costs will be inventoried on our balance sheet. So it goes into production from that perspective. Same thing for eclipse falls, a similar pattern as well. One moment for our next question. It comes from the line of Chris Quilty with Quilty Space. Thanks, guys. I missed it. Could you repeat what the 2027 launch forecast was? Just kidding, actually. Actually, just to follow up on something that you said on the last call, I think you're relying on Northrop Grumman for your NSSL certification, but given the fact that their MLV is different than your Eclipse, is that a separate certification that you would have to do, or is that lane reserved just for Northrop? Thanks, Chris. Yeah, we're laser focused head down on, you know, qualifying our Miranda engines and our tanks and primary structure. It's a first stage that's usable on both of those vehicles. You know, we've been pretty steadfast on when we're going to be ready to launch before we onboard onto National Security Space Launch Program. We want to be able to look the customer in the eye and say, hey, we'RE launching in this year when we onboard. And so that's where we're focused. And, you know, having Northrop Grumman co-developed this with us, we're very confident it's an American-made rocket that will meet standards of national security space launch, as well as NASA, for the Space Force, for NASA. You know, we want to be able to deploy a broad range of payloads for those kind of critical missions, because I used to build a lot of those critical missions. And I know how important it is to deploy those into the right mission-unique orbits. Thank you. And ladies and gentlemen, this will conclude our Q&A session. I will turn it back to Michael for closing remarks. Thank you all for attending today's call. We look forward to speaking to you again when we report our fourth quarter earnings results. And we look forward to meeting with you at many of our upcoming investor conferences on the road. Talk soon. Thank you for joining us. We'll see you next time. Thank you, all, for participating. You may now disconnect.