Financial Performance - Revenue for Q3 2025 remained consistent with Q3 2024 at $0.4 million, attributed to access fees for future astronauts[36] - Total operating expenses decreased to $67 million from $82 million in the prior year period, reflecting a shift from R&D to capital investments and cost structure reduction[36] - Net loss improved to $64 million compared to $75 million in the prior year period, primarily due to lower operating expenses[36] - Adjusted EBITDA was $(53) million, an improvement from $(59) million in the prior year period[36] - Free cash flow was $(108) million, compared to $(118) million in the prior year period[36] - The company raised $23 million in gross proceeds through an at-the-market equity offering program[36] Cash Flow and Balance Sheet - Free cash flow for Q3 2025 was $(108) million[37] - Q4 2025 free cash flow is expected to be in the range of $(90) million to $(100) million[37] - Cash, cash equivalents, and marketable securities totaled $424 million as of September 30, 2025, which includes $30 million of restricted cash[41, 40] Future Projections (Illustrative Economics) - With an initial fleet, annual revenue is projected at $450 million, potentially growing to $990 million with an expanded fleet[43] - Contribution margin could increase from $370 million to $825 million with fleet expansion[43] - Adjusted EBITDA is projected to increase from $90 million - $115 million to $450 million - $500 million with fleet expansion[43] - Adjusted EBITDA percentage could rise from 20%-25% to 45%-50% with fleet expansion[43]