Quarterly guidance

Revenue
$250 million to $265 million
GAAP Gross Margin
29% to 31%
Non-GAAP Gross Margin
35% to 37%
GAAP Operating Expenses
$143 million to $149 million
Non-GAAP Operating Expenses
$121 million to $127 million
Adjusted EBITDA Loss
$17 million to $23 million

Annual guidance

Annual guidance
No specific full-year financial guidance was provided.

Outlook

Launch Demand
Management describes launch demand as extreme and notes that the market is highly constrained, with limited options for customers through 2029.
Neutron Scaling
The company is prioritizing reusability to ensure they can scale to a 10-launch cadence as quickly as possible after the first flight.
Iridium Integration
The acquisition is viewed as a strategic move to enter the space applications market, with plans to expand capabilities in IoT, direct-to-device, and defense.
Capital Expenditures
CapEx is expected to remain elevated as the company invests in Neutron testing, production scaling, and infrastructure expansion.
Space Systems Margins
Margins are expected to benefit from a remixing impact as the company looks beyond Q3, following initial integration costs from acquisitions.
Free Cash Flow
Negative non-GAAP free cash flow is expected to remain at elevated levels in Q3 due to ongoing Neutron development and production scaling.