Rocket Lab Corporation · NASDAQ:RKLB
Rocket Lab — Rocket Lab USA — Investor Day (September 2022)
93 slides from Rocket Lab's investor day presentation, Sep 21, 2022
Slide 1: 2022 Investor Day and Neutron Update
Rocket Lab USA, Inc. 2022 investor Day and Neutron Update September 21, 2022 rocketlabusa.com 1
Slide 2: Disclaimer and Forward Looking Statements
DISCLAIMER AND F O R WA R D L O O K I N G S TAT E M E N T S Forward Looking Statements This presentation may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E
Slide 3: Today's Presenters
T O D AY ’ s P R E S E N T E R S Peter Beck Adam Spice Brad Clevenger Founder, CEO, Chief Engineer Chief Financial Officer Vice President – Space Systems Ehson Mosleh Richard French Shaun D'Mello Chief Engineer – Space Systems Director – Business Development and Strategy Space Systems Vice President
Slide 4: Contents
CONTENTS SECTION SECTION SECTION SECTION SECTION Rocket Lab Overview Launch: Electron Space Systems Launch: Neutron Financial 4 Rocket Lab USA
Slide 5: Rocket Lab Overview
SECTION Rocket Lab Overview
Slide 6: Our Vision
Our Vision open access to s pa c e t o i m p r o v e life on earth
Slide 7: Launch was just the start
L A U N C H wa s 01 j u s t t h e s ta r t 01 LAUNCH: The ride to space. 02 S PA C E S Y S T E M S : Satellites + the vital components and software within them. 03 S pa c e a p p l i c at i o n s : 02 03 Uniquely positioned to access expanding space applications market. Rocket Lab is bringing all th
Slide 8: We did what we said we would
W e d i d w h at w e s a i d w e w o u l d Delivering end-to-end space solutions, From idea to orbit 1 2 3 4 5 6 Satellite Design Satellite Flight Software Launch Sites & Launch On-Orbit and Manufacture Components & Testing Ground Stations Services Operations Production Industry-leading star tracker
Slide 9: Rocket Lab at a Glance
ROCKET LAB AT A G L A N C E + + 30 150 3 2nd 5 Electron Satellites deployed Launch Most frequently Mission control launches. to orbit. pads. launched U.S. rocket. centers. + + 1,330 4 3 5 13 1,700+ Team Strategic Rocket Lab U.S. states Ton payload class Satellites on orbit members. acquisitions Phot
Slide 10: $380B+ TAM forecast to grow to $1T by 2030
$ 3 8 0 B + TA M f o r e c a s t t o g r o w to $1T by 2030 LAUNCH S PA C E S PA C E SERVICES SYSTEMS A P P L I C AT I O N S ~$20B TAM ~$44B TAM ~$320B TAM With our own rockets and spacecraft, Proven, reliable products in market with growing product lines and services in we’re uniquely positioned to
Slide 11: Rocket Lab Remains Way Out in Front
Rocket Lab Remains Way O u t I n F r o n t Increasing Space Systems Continuing a record of relentless execution. capability to capture more Building momentum across launch and space of addressable space systems, delivering on growth strategy. market. Increasing mission heritage on Rocket Lab satelli
Slide 12: Built world class Executive Team
B u i lt w o r l d c l a s s Executive Team Peter Beck Founder, CEO, Chief Engineer Adam Shaun Arjun Mike Brad Brad Shaun Andy Morgan Spice O’Donnell KAMPANI Lynch Warezak Clevenger D’Mello Bunker Bailey Chief Executive Vice Senior Vice President Chief People & Chief Information Vice President – Vic
Slide 13: Small Launch: Electron
SECTION Small Launch: Electron
Slide 14: Leading small rocket globally
Leading small rocket g l o b a l ly Second most frequently launched U.S. rocket. 1 . S pa c e X 2. ROCKET LAB
Slide 15: Small launch leader
Small launch leader ELECTRON ACHIEVEMENTS SINCE ROCKET LAB’S DE-SPAC IN AUGUST 2021 + + 9 Successful orbital 100% Moon 320kG Mission success rate for Mission success for NASA using Electron Heaviest payload launches. Electron launches since rocket and Photon spacecraft. launched on Electron. de-spac
Slide 16: The leader in small sat launch: successful orbital launches
The leader in s m a l l s at l a u n c h Most reliable small launch vehicle with highest number of launches. SUCCESSFUL ORBITAL LAUNCHES 30 27 25 20 15 10 5 4 2 0 0 0 16 *Astra’s 3.0 rocket no longer in use.
Slide 17: Advertised vs. demonstrated lift capacity
The leader in s m a l l s at l a u n c h Only small launch provider with demonstrated ability to lift advertised payload mass. ADVERTISED VS. DEMONSTRATED LIFT CAPACITY 600 500 500 Lift Capacity (kg) 400 320 300 300 200 320 150 100 61 10 0 0 Rocket Lab: Virgin Orbit: Astra: Rocket Astra: Rocket Elec
Slide 18: Rapidly Increased Launch Cadence
R a p i d ly I n c r e a s e d Launch Cadence Rocket Lab has demonstrated the fastest turnaround between successful launches of any small launch provider. 1 st 15 Days 2 nd 18 115 Days 3 RD 164 Days *Source: https://space.skyrocket.de/index.html *Source: https://space.skyrocket.de/index.html
Slide 19: Electron delivers on what matters most
Electron delivers o n w h at m at t e r s most to small launch customers Rapid, Responsive Reliability Dedicated Launch Launch 150 satellites Putting small launch Rapid call-up launch deployed to customers in control of in days or hours to orbit across 27 their orbit, launch meet defense needs succe
Slide 20: Unrivaled Launch Infrastructure
U N R I VA L E D L A U N C H INFRASTRUCTURE 3 LAUNCH PADS IN 2 COUNTRIES LAUNCH COMPLEX 1 Mahia, New Zealand 132 launch Critical national Dedicated slots annually. infrastructure asset integration for U.S. government and control customers. facilities. World’s first 24-hr rapid call- A bilateral priv
Slide 21: Electron Shipped to Launch Complex 2
Electron Shipped to Launch Complex 2 Major milestone achieved in path to first Rocket Lab launch from U.S. soil. First in a multi-launch deal with HawkEye 360 to launch three missions on Electron. Launch scheduled December 2022. LAUNCH C O M P L E X- 2 Wallops Island, Virginia, USA
Slide 22: Electron remains the go-to dedicated launcher
Electron remains t h e g o - t o d e d i c at e d launcher Electron backlog Awarded multi-launch Selected to grew 37% from deals by constellation launch NASA’s August 2021 operations Kineis, Advanced Synspective, BlackSky, Composite Solar and Hawkeye 360. Sail System. Awarded contract Selected by NA
Slide 23: Growing Launch Complex 2 demand
Growing Launch Complex 2 demand Selected by confidential commercial customer to provide dedicated launch services on Electron from LC-2 in January 2023. Mission to lift-off just weeks after scheduled inaugural launch from the pad.
Slide 24: Trusted launch provider of choice
TRUSTED launch provider OF CHOICE ~50% COMMERCIAL Rocket Lab is a mission partner of choice for government agencies, commercial space companies, and prime contractors globally. SECTORS ~30% ~20% DEFENSE CIVIL 28% NEW CUSTOMERS CUSTOMERS 72% RETURNING CUSTOMERS
Slide 25: Strong Launch Manifest
Strong launch Manifest Upcoming ELECTRON MISSIONS* 3 LAUNCHES 1 LAUNCH 1 3 RD O F 3 LAUNCHES 1 LAUNCH Launching NASA’s Advanced 5 LAUNCHES Composite Solar Sail System. Selected for NASA’s Venture- 1 7 TH O F 7 LAUNCHES Class Acquisition of Dedicated and Rideshare (VADR) missions. Five-year program w
Slide 26: Reusability being operationalised
REUSABILITY BEING o p e r at i o n a l i s e d Parachute First stage Demonstrated Full duration test system survives helicopter of a recovered works. re-entry. catch. Rutherford engine. UP NEXT: Catch another stage and carry it back to land via helicopter. Launch a pre-flown stage.
Slide 27: Recovered Rutherford engine hot fire
RECOVERED RUTHERFORD ENGINE HOT FLRE LOCATION: PROPULSION TEST COMPLEX i ——ss—“—sSSSS GK TLS
Slide 28: Electron Margin Improvement
ELECTRON MARGIN IMPROVEMENT Proven vehicle and established manufacturing facilities - now we can focus on margin improvement. R&D complete Manufacturing R&D headcount Core product is facilities stable proven and reliable, established Team is built and requiring limited Factories in place and experie
Slide 29: Space Systems
SECTION S PA C E SYSTEMS
Slide 30: Space systems strategy
s pa c e systems s t r at e g y E v e r y t h i n g t h at g o e s t o s pa c e s h o u l d h av e a r o c k e t l a b logo on it
Slide 31: Brad Clevenger, Space Systems
Brad Clevenger Vice President Space Systems 31
Slide 32: What we said we'd do
W h at w e 01 said we’d do S at e l l i t e s as a service Complete spacecraft design and build for LEO constellations to high-complexity deep space and interplanetary missions. S at e l l i t e 02 03 components Building the hardware that makes missions possible. S pa c e a p p l i c at i o n s Uniq
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Slide 34: Now a leading spacecraft manufacturer
1 S a t e l l i t e s a s a s e r v i c e Now a leading s pa c e c r a f t m a n u fa c t u r e r Capability proven, manufacturing facilities established, and strategic investments underway to scale production capacity for future growth. > Rocket Lab spacecraft on orbit, including NASA Moon mission.
Slide 35: Vertical integration acquisition strategy
1 S a t e l l i t e s a s a s e r v i c e Vertical i n t e g r at i o n REACTION WHEELS & STAR TRACKERS Acquisition s t r at e g y Flight Software & GNC Bringing robust spacecraft manufacturing capability and critical elements of supply chain in-house. Separation Systems These acquisitions, combined
Slide 36: Industry leading spacecraft components
2 S a t e l l i t e C O M P O N E N T S Industry leading s pa c e c r a f t components STAR TRACKERS FLIGHT SOFTWARE SPACECRAFT STRUCTURES STATE OF MORE THAN THE ART ROCKET LAB 38% HARDWARE of addressable launches in 2021 globally REACTION WHEELS SOLAR CELLS & ARRAYS featured technology created by c
Slide 37: Enabling the world's most ambitious missions
2 S a t e l l i t e C O M P O N E N T S Enabling the world’s most ambitious missions Supplying hardware and software for scientific missions of global significance, defense primes, and large commercial constellations. NASA James Webb Space NASA Gateway Power & GlobalStar Space-Based OneWeb Constella
Slide 38: New satellite production facility
1 S a t e l l i t e s a s a s e r v i c e N e w s at e l l i t e p r o d u c t i o n fa c i l i t y Significant investment in satellite manufacturing and testing capability at scale. Designed for constellation-scale production, this satellite manufacturing, integration, and test 38 facility is subst
Slide 39: Ehson Mosleh, Space Systems
EHSON MOSLEH Chief Engineer Space Systems 39
Slide 40: Complete spacecraft solutions
1 S a t e l l i t e s a s a s e r v i c e Complete spacecraft solutions Awarded contracts to design, build and operate spacecraft across all target segments. Lunar and High-complexity S AT E L L I T E I n t e r p l a n e ta r y missions C o n s t e l l at i o n s Enabling in-space manufacturing and
Slide 41: Rocket Lab spacecraft delivered first Artemis mission
A R o c k e t L a b S pa c e c r a f t delivered the first mission of NASA’s Artemis program to return humans to the Moon
Slide 42: A complete mission solution
1 S a t e l l i t e s a s a s e r v i c e A COMPLETE MISSION SOLUTION > A Moon Rocket > A Moon Engine > A M o o n S pa c e c r a f t > A Moon Trajectory All designed, built and operated by Rocket Lab. Rocket Lab is the only small launch provider to have designed, built, launched, and operated its ow
Slide 43: Highly complex trajectory
1 S a t e l l i t e s a s a s e r v i c e H i g h ly c o m p l e x t r a j e c t o r y Six days of 24/7 spacecraft operations. 1.2 million km >
Slide 44: The most complex Rocket Lab mission yet
1 S a t e l l i t e s a s a s e r v i c e The most complex rocket lab mission yet First deep First use of Lunar Photon, Developed new First use of MAX Flight space a high energy in-space propulsion Software from mission. Rocket Lab-designed system in under Advanced Solutions Inc and built spacecraft
Slide 45: CAPSTONE helped us prepare for Venus and Mars
1 S a t e l l i t e s a s a s e r v i c e C A P S T O N E h e l p e d u s p r e pa r e for Venus and Mars
Slide 46: High complexity missions
1 S a t e l l i t e s a s a s e r v i c e HIGH COMPLEXITY MISSIONs High complexity missions Selected by Varda Space Industries to build four spacecraft, enabling high-value products to be manufactured in zero-gravity and returned to Earth in a re-entry capsule. V A R D A LOXSAT selected as a NASA Ti
Slide 47: Constellations
1 S a t e l l i t e s a s a s e r v i c e C O N S T E L L AT I O N S Awarded $143m contract to design and build seventeen 500 kg spacecraft buses for Globalstar constellation to enable space-based global connectivity. The contract is a major step toward Rocket Lab’s strategy to grow its Space System
Slide 48: Constellations: spacecraft design
1 S a t e l l i t e s a s a s e r v i c e C O N S T E L L AT I O N S The spacecraft design for this premium customer utilizes key internal investments and expertise from recent acquisitions. • Solar Panels from SolAero - 2.7 kW per satellite. • Two Rocket Lab C-Band Frontier-C Radios per spacecraft
Slide 49: Richard French, Space Systems
Richard french Director Business Development & Strategy, Space Systems
Slide 50: Space Systems: Clear Growth Strategies & Demonstrated Success
2 S a t e l l i t e s C O M P O N E N T S S pa c e S y s t e m s : C l e a r G r o w t h S t r at e g i e s & D e m o n s t r at e d S u c c e s s Cross-selling opportunities with new and existing customers Constellation-class builds scale into Deliver operational capabilities to capture production,
Slide 51: A leader in reaction wheels and star trackers
2 S a t e l l i t e C O M P O N E N T S A leader in reaction w h e e l s a n d s ta r trackers S ta r T r a c k e r s & R e a c t i o n wheels > Industry leader for reaction wheel assemblies and star trackers from acquisition of Sinclair Interplanetary in 2020 > Star trackers: Space heritage with 70
Slide 52: Expanding software solutions
2 S a t e l l i t e C O M P O N E N T S E x pa n d i n g S o f t wa r e solutions > Industry-leading flight software, ground software, and mission simulation tools from Advanced Solutions Inc. (ASI) acquisition in October 2021. > MAX Flight Software: Off-the-shelf flight software operating on 53 spa
Slide 53: Continued investment in separation systems
2 S a t e l l i t e C O M P O N E N T S Continued investment in S e pa r at i o n s y s t e m s > Industry-leading launch separation systems from Planetary Systems Corp. (PSC) acquisition in December 2021. > Heritage Canisterized Satellite Dispensers and Motorized Lightband separation systems family
Slide 54: Expanding solar and structures solutions
2 S a t e l l i t e C O M P O N E N T S E x pa n d i n g s o l a r and Structures solutions > High-volume solar power production capability from acquisition of SolAero Technologies Inc. in January 2022 > Leveraging in-house composite structural panel manufacturing, introducing a new structures busin
Slide 55: Highest efficiency space solar cell technology in the world
2 S a t e l l i t e s C O M P O N E N T S highest efficiency s pa c e s o l a r c e l l technology in the world Patented Inverted MetaMorphic (IMM) solar cell technology– only at Rocket Lab > Single highest efficiency cell in the world at 33.3%, with potential for even higher performance than any ot
Slide 56: Expanding radio products
2 S a t e l l i t e s C O M P O N E N T S E X PA N D I N G R A D I O PRODUCTS Building on partnerships and organic manufacturing capabilities, Rocket Lab has brought new products to market and continues to add more. S at e l l i t e R a d i o s F R O N T I E R - S > Exclusive license agreement with
Slide 57: Record Year for Space Systems
2 S a t e l l i t e s C O M P O N E N T S Record Year for S pa c e S y s t e m s 66% All of Rocket Lab’s total Component hardware Q2’2022 revenue was from companies acquired by space systems, creating Rocket Lab have had cash flow stability and record sales and diversity and off-setting production r
Slide 58: Positioned to capitalize on space applications
3 S p a c e a p p l i c a t i o n s Rocket Lab is now p o s i t i o n e d t o c a p i ta l i z e o n t h e l a r g e s t s pa c e TA M – s pa c e a p p l i c at i o n s . With our own satellites Active discussions and launch capability, with our customers we can deliver on what these will be service
Slide 59: New rocket development
SECTION New rocket development
Slide 60: It's happening: real hardware in manufacture
MEGA C O N S T E L L AT I O N LAUNCHER It’s happening R e a l h a r d wa r e i n m a n u fa c t u r e
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Slide 62: Neutron is coming to life
Vile eaer IS | a COMING TO LIFE
Slide 63: First Neutron tanks
F i r s t n e u t r o n ta n k s Hardest part complete Tooling and moulds are the complex, time-consuming part requiring extensive design work and refinement. With these now done, the first hardware has been delivered with more in production at pace. 63
Slide 64: We're building it
We’re building it We’re experts at 3D-printing rocket engines and we know how to scale. Full scale parts come through our production lines using in-house 3D-printing machines. We own some of the largest 3D-printers in the world. 64
Slide 65: A design led by market demand
A Design led by market demand P A Y L O A D : 15T (Expendable), 13T (Reusable), 8T (Return to Pad). H E I G H T : 42.8 m / 140.4 ft. F A I R I N G D I A M E T E R : 5 m / 16.4 ft. M I S S I O N P R O F I L E S : LEO, MEO, GEO, Interplanetary. R E U S A B I L I T Y : First Stage And Fairing. E N G I
Slide 66: Advanced fairing design
A d va n c e d fa i r i n g d e s i g n A slightly less hungry hippo. Captive Fairing: Fairing remains attached to the first stage, opening to deploy the second stage and payload within. Enables rapid re-launch: Eliminates the high cost of expending or capturing and reusing fairings. Iterated Design
Slide 67: First stage: major design complete
F i r s t s ta g e Major design complete Built for rapid reusability. Tapered profile: First stage has a tapered profile and aerodynamic control surfaces, including canards and landing legs that act as rear-lifting surfaces. Optimized ballistic coefficient: Allows first stage to glide back to Earth
Slide 68: Not a capsule announcement
Not a capsule announcement But we’re looking into it. 68
Slide 69: Not a capsule announcement
Not a capsule announcement But we’re looking into it. 69
Slide 70: Second stage: major design complete
S e c o n d s ta g e major design complete High performance: Designed to maximize mass-to- orbit capability, orbital insertion accuracy, and performance for complex payload deployments. Suspended second stage: Provides easily accessible and condensed mounting location for avionics hardware, aerodyna
Slide 71: Rocket building robots
Rocket Building robots Automated Fiber Placement: Optimized for performance, speed and cost. Advanced composite manufacturing technique: Used to fabricate complex, lightweight vehicle structures with superior strength qualities. Outperforms metallics on structural performance and manufacturing cost:
Slide 72: Archimedes Engine update
Archimedes E n g i n e u p d at e Breathing first fire this year. Property Value STAGE 1 ENGINE Quantity 9 2.1 m Min. Throttle 50% (6.8 ft) Sea Level Thrust 165 klbf Vacuum ISP 329 s STAGE 2 ENGINE Quantity 1 Min. Throttle 50% Vacuum Thrust 200 klbf Vacuum ISP 367 s 72
Slide 73: The Archimedes Engine
The Archimedes Engine Simplicity where it matters. Open Cycle Rocket Engine Oxidizer Rich Closed Cycle Provides higher specific impulse than gas generator, open expander, or tap-off cycles, without the thrust limits or added Oxidizer Fuel Oxidizer Fuel complexity. Tank Tank Tank Tank Gas generator c
Slide 74: Shaun D'Mello, Launch Systems
SHAUN D’MELLO Vice President Launch Systems
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Slide 76: Secured Engine Test Site
Secured Engine Test Site Exclusive use of large-scale national asset. Selected NASA Stennis Space Centre’s A-3 Test Complex to test Archimedes engines. Exclusive use of land within a 1 million square foot area for 10 years, with option for additional 10 years. Access to capital investment incentive
Slide 77: Neutron Factory
N e u t r o n Fa c t o r y Concrete poured in Wallops Island, Virginia. Standing up the first Neutron Production Complex building before the end of the year. Expecting to build our first Stage 1 tank above this concrete. The site also serves as a development area for tank testing, enabling rapid bui
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Slide 79: Development partnerships with key U.S. government customers
D e v e l o p m e n t pa r t n e r s h i p s with key u.s. govt customers U . S T r a n s p o r tat i o n U . S . S pa c e F o r c e Command Awarded a $24.35 million contract with the U.S. Space Signed a Cooperative Research and Development Agreement Force’s Space Systems Command for development of
Slide 80: Neutron program on track
Neutron program on track UPCOMING neutron From program start to hardware in less than 18 months. major milestones INTO END OF 2023 Not starting from scratch - new developments leverage rich flight proven heritage. Engine Neutron Construction Pre-burner Factory Underway at Testing Buildings Launch Cr
Slide 81: Financial
SECTION Xs FINANCIAL
Slide 82: Adam Spice, Chief Financial Officer
ADAM SPICE Chief Financial Officer
Slide 83: Building momentum across multiple growth vectors: what we said we'd do
Building momentum a c r o s s m u lt i p l e growth vectors W h at w e s a i d w e ’ d d o 1. Execute on Small Launch: Electron Leadership and Heritage ˃ Capitalize on leadership position in dedicated small satellite launch. 2. Expand into Larger Launch: Neutron Launch SAM Expansion ˃ Develop a cons
Slide 84: Building momentum: what we've done (small launch)
Building momentum a c r o s s m u lt i p l e growth vectors W h at W E ’ v e D O N E Executed on Small Launch: ˃ Made it look easy. Launch is hard, and gets harder after your first successful launch. ˃ Dramatically extended leadership in small dedicated launch with increased cadence, improved payloa
Slide 85: Building momentum: what we've done (more launch)
Building momentum a c r o s s m u lt i p l e growth vectors W h at W E ’ v e D O N E More Launch: we’re building a larger rocket ˃ Secured $45M in State of Virginia and local incentives towards manufacturing facility and pad infrastructure, in addition to a $24M contract with the U.S. Space Force’s
Slide 86: Building momentum: what we've done (end-to-end space solutions)
Building momentum a c r o s s m u lt i p l e growth vectors W h at W E ’ v e D O N E End-to-End Space Solutions: ˃ Organic development and acquisition have expanded our addressable market in spacecraft and component solutions. ˃ Secured first constellation contract valued at $143M with MDA for Globa
Slide 87: Expansion of addressable market (Launch & Space Systems)
E x pa n s i o n o f a d d r e s s a b l e m a r k e t ( L a u n c h & S pa c e S y s t e m s ) 2021 SAM consisted of $100 • Small responsive launch with Electron. • Satellite Manufacturing with Photon. $90 • Satellite components from Sinclair Interplanetary $80 such as reaction wheels and star trac
Slide 88: Increasing revenue scale and diversity
Increasing Revenue scale and Diversity $250 Significant scaling across both launch and space systems supports aggressive TAM $200 expanding investments and garner larger platform opportunities such as the recently awarded MDA/Globalstar 17 satellite $150 constellation. $38 Millions $100 $23 More tha
Slide 89: Path to target model: keys to creating operating leverage
K e y s t o c r e at i n g Pat h t o ta r g e t m o d e l Selling, general & o p e r at i n g l e v e r a g e Cost of Research & Goods Sold development administrative e s ta b l i s h i n g a n e w b u s i n e s s 140% m o d e l i n n e w s pa c e 134% 120% 103% 100% 94% 91% Percent of Revenue Cost
Slide 90: Focus on profitability: Electron
Focus on p r o f i ta b i l i t y Electron ˃ 30 launches and Stage 1 Recovery Progress: positions us to turn the crank on profitability ˃ Volume Driven Savings: increase launch cadence from 12 to 24 missions per year ˃ Production: overhead pool constrained and amortized over greater units = 25% savi
Slide 91: Focus on profitability: Space Systems
Focus on p r o f i ta b i l i t y S pa c e s y s t e m s ˃ Gross margins across space systems components are at or above target with the exception of SolAero ˃ SolAero: from ~10% to 30% gross margins by Q1 ’2024 ˃ Introduction of highest efficiency IMM technology ˃ Yield enhancements, capacity utili
Slide 92: Liquidity
LIQUIDITY Strong Cash Position • Raised $777 million of gross proceeds from business combination and PIPE investment • Strategically deployed approximately $180M, before transaction adjustments, into growing our vertically integrated Space System business ˃ ASI – October 2021 ˃ PSC – November 2021 ˃
Slide 93: Successfully delivering the CAPSTONE mission
Successfully delivering the CAPSTONE mission has thrown open the door to more missions. Richard French to add context here about business development of Photon and growing interest from NASA and commercial customers. 93