Suji Desilva

Listed pipeline items, 4 CLPS bids, TDRS replacement, orbital data centers, Andromeda RG-XX, but did not quantify the pipeline dollar size.

Explained the shift from rideshares to a dedicated launch flying all 4 Altus sats at once, pulling full operational capability into 2028; direct.

Altemus explained Goonhilly plus KinetX navigation improves orbit determination and serves as a gold-standard testbed for lunar-landing confidence; direct.

Altemus said agile-spacecraft demand spans national security (RG-XX) and future commercial satellite-servicing (OSAM) on the Maxar/Lanteris bus; direct.

McGrath said 2026 revenue is fairly level through the year, with a small January anomaly from the mid-month Lantaris close; LTV award is awaiting timing.

Altemus named SDA Tranche 3 (18 satellites with L3Harris), Golden Dome 300-series proposals, and an orbital transfer vehicle advancing to Phase 3.

Steve said Lanteris is product-based revenue on the 300/500/1,300 class satellites today, and IM will layer on its higher-margin services (flying, operating, delivering data).

Steve is excited about robotics as a category, citing IM's Glen Burnie center of excellence, Lanteris' robotics team, the LTVS robotic arm, and RGXX/MGO/OSAM satellite-servicing markets.

Steve cited lunar flight heritage, a minimum 5-satellite constellation and an 8-antenna ground segment across 6 countries as the competitive moat.

Steve named the ~$4.6B Lunar Terrain Vehicle Services award as the most transformative near-term opportunity but withheld the exact competitive bid value.

Pete attributed higher-margin growth to NSNS satellite-servicing assets but gave no specific mix percentage or inflection timing.

Steve outlined a 3-5 year vision of expanding data-transmission services from lunar space back toward Earth across multiple orbital domains.

Pete declined to provide a post-2025 growth rate but pointed to a stabilized G&A run-rate supporting the path to EBITDA positivity.

Bill cited owning the full stack (SerDes, DSP, PIC) as both a COGS and ASP advantage and positioned Credo as the optical innovation pacesetter.

CEO said optical could eventually reach 50% and could even exceed copper long term given the much larger pluggable optical market size.

Bill expects more than four ZeroFlap customers ramping through fiscal '27, a mix of hyperscalers and Neoclouds, up from four in qualification now.

Bill said each hyperscaler is almost a different market with customer-specific architecture, and the next tier of data centers could drive big numbers over time.

Bill said ALC manufacturing mirrors AECs: Credo owns the entire stack and takes accountability for the full system-level solution.

Asked whether all five customers have inter-rack programs alongside three-meter rack solutions; Brennan said the first step is typically intra-rack, with rack-to-rack still in early stages.

Asked about catalysts for disaggregated switch architectures; Brennan said the first uptake is in switch racks dedicated to AI back-end networks, with speed as the key catalyst.

Brennan said the AEC market can support multiple winners and Credo's edge is owning the full system stack to iterate and ramp first.

Bill said each of the first three ramping customers has multiple projects and SKUs, and he expects the same multi-project pattern with newer customers.

Bill spoke generally to broad design activity across multiple customers and quarter-to-quarter customer surges rather than a single program's growth.

Bill did not confirm a specific count but expects all U.S. hyperscalers to consume AECs long-term, with optical DSP penetration still partial.

Beck said Neutron demand already feels close to Electron-level ordering comfort, with limited early supply the company allocates carefully; Spice added he is pleasantly surprised by the backlog for a vehicle that has not flown, a strong customer endorsement.

Spice said 2026 mix skews toward Space Systems with SDA contracts at lower gross margin but scale, while Electron margins expand with cadence.

Spice said higher HASTE mix supports rising Electron ASP with consistent margins, a positive bias going forward.

Beck said customers increasingly lock in bulk Electron capacity rather than single launches, with demand growth continuing.

Spice said the OpEx-to-COGS transition and reuse-amortization assumptions make Neutron gross margin hard to model early on.

Spice explained large-program revenue concentrates within ~18 months, so near-term backlog conversion appears elevated.

Spice tied Neutron unit economics to reusability, amortizing the expensive booster over up to 20 launches.

Sanjay confirmed COSMOS now crosses into orchestration, with the XPU talking directly to the switch to cut latency and lift GPU utilization, deepening stickiness.

Management said software-defined standard products deliver customization while a separate custom business grows selectively with NRE models.

Management said power limits per rack eventually force rack-to-rack disaggregation beyond copper reach, driving optical in 2028-2029.

Management explained retimer content depends on system reach and architecture, with scale-up having more links but power constraints limiting attach.

Management confirmed X-Series carries significantly higher ASP than P-Series given its role interconnecting GPUs.

Management said it tracks OEM and emerging AI players but the bulk of the current TAM runs through hyperscalers.

Baratz said conversations have shifted, with roughly 25-30% now involving the line of business, up from essentially none a year ago, as production references build credibility.

Baratz said D-Wave is focused solely on quantum computing and does not view sensing, networking or QKD as central to its systems.

Baratz declined to preview new milestones but said D-Wave is working across variational autoencoder, transformer and diffusion approaches for a broad quantum-AI platform.

Markovich declined to quantify a revenue run rate or timing to profitability, reiterating only that liquidity is sufficient to reach sustained profitability.

Baratz said deal structure varies by customer use case; the Jülich deal included the Advantage2 upgrade at the customer's request.