Core Viewpoint - Boeing's stock is facing challenges in 2025 due to delays in the certification of its joint venture ULA's new Vulcan Centaur rocket, which is critical for revenue generation [1][11]. Group 1: ULA's Launch Plans - ULA, a joint venture between Boeing and Lockheed Martin, planned to launch its Vulcan Centaur rocket 20 times in 2025, aiming for approximately 100millionperlaunch[2].−Halfoftheselauncheswereintendedforcommercialcustomers,whiletheotherhalfwereforU.S.governmentmissions,includingnationalsecurity[3].−ULAneedscertificationfromtheU.S.SpaceForcefortheVulcanrockettoproceedwithitsplannedlaunchcadence[3][4].Group2:CertificationDelays−ULAsuccessfullylaunchedtheVulcanrocketforthefirsttimeinJanuary2024,butasubsequentlaunchinOctoberfacedissueswithoneofitssolidrocketboosters[5][6].−TheFederalAviationAdministrationinitiallydeemedtheanomalynotserious,butlaterreconsideredtheneedforaninvestigation[6][7].−ULA′sCEOexpressedoptimismaboutreceivingcertificationsoon,butasoflateMarch,nodecisionhadbeenmade[7][9].Group3:FinancialImplications−ULAhasreducedits2025launchtargetfrom20to12,withonlyhalfofthesebeingVulcanlaunches,leadingtoaprojected40800 million less revenue for ULA, translating to a potential $39 million profit loss for both Lockheed Martin and Boeing [11]. - Boeing, already facing significant losses, may find this revenue shortfall impactful despite it being relatively small compared to its overall financial situation [12]. Group 4: Future Concerns - There are concerns regarding the potential for further delays in certification, which could lead to ULA losing future launch contracts to competitors like SpaceX [13][14]. - ULA's CEO has downplayed these concerns, but any negative developments could further reduce ULA's launch opportunities and revenue, impacting Boeing's profits [14].