What do you think of RKLB's Q2 financial report released today? Simply put, the business was very strong during the season, but the marginal information was weak. Let's talk in detail: 1. RKLB is in its strongest stage in history. ， Q2 revenue reached a record high of $234.1 million, a year-on-year increase of 62%; The backlog of orders reached 2.356 billion US dollars, a year-on-year increase of 137%; GAAP gross profit margin, non GAAP gross profit margin, and adjusted EBITDA are all significantly better than the company's previous guidance. Space Systems has contributed 81% of its revenue, and Rocket Lab is no longer just a small rocket launch company; Here we need to focus on the issue of revenue recognition for the launch business decreasing year-on-year. However, the unit economy has significantly improved, with the average revenue per launch disclosed by the company increasing from 7.9 million US dollars to 9.1 million US dollars, and the average cost per launch decreasing from 5 million US dollars to 4.4 million US dollars. The cost of a single launch is reduced, while the revenue from a single launch is significantly increased. 2. In Q2 and beyond, RKLB added over $437 million in launch contracts and 26 new launches, resulting in a backlog of over 90 launch orders. The new orders include three NASA Electron missions, three iQPS Electron missions, two classified HASTE missions, as well as contracts for up to $266 million and up to 18 suborbital missions from the US Space Force. It should also be noted that the $437 million, $397 million Flatelite contracts, and $266 million HASTE contracts mentioned in the previous press release all contain some unexercised options; The official backlog of $2.356 billion disclosed by 10-Q excludes unexercised customer options. 3. The Q3 guidance exposed quality issues with revenue growth. The median revenue for Q3 is expected to continue growing by approximately 10% month on month, but GAAP gross profit margin is expected to plummet from 36.1% to 29% -31%, which is lower than the market's expectation of approximately 37.6%; The adjusted EBITDA loss will also expand from $8.8 million to $17-23 million. The root cause is not insufficient demand, but the combined increase in low margin satellite platform projects, Mynaric integration, and Neutron Flight 1 expenses; 4. RKLB has long divided the space value chain into three layers: 1) Entering space - launch; 2) Hardware working in space - satellites and components; 3) Provide services from space to the ground - communication, data, positioning, and applications. RKLB already has the first two layers, while Iridium provides the third layer. Iridium has 66 in orbit satellites, over 2.5 million users, and over $870 million in annual revenue, enabling Rocket Lab to directly access global satellite communication networks, scarce L-band spectrum, and verified subscription based revenue. Moreover, Iridium itself generates strong free cash flow, and after the acquisition and integration, it can reset RKLB's cash flow model 5. The company has not officially announced an extension for the neutron star, but the timeline has noticeably softened. The statement for the first quarter is still 'maiden flight later this year', and this quarter has become 'Q4 delivery of launch pad'. Peter Beck admits that 'the launch window at the end of the year is narrowing'. Based on this information, the first flight of the neutron star in Q1 of the 27th year has become the baseline scenario, and the expected first flight before the end of the year has become an optimistic scenario beyond expectations; Simply put, RKLB's financial report shows that its industry position continues to rise and its existing business continues to strengthen. But the market's expectations for neutron stars are still high, and the delayed first flight time will naturally disappoint the market. It is estimated that it will be worn down in the short term.