Backlog to milestone revenue recognition to the positive-EBITDA gate Backlog ~$1.8B record order book book-to-bill 4.5x bookings run far ahead commercial 49% civil 37% natl security 14% CLPS lunar missions Spacecraft platforms GEO satellite >$600M program Services and programs revenue inflection plateau → ~$200M / qtr no inflection revenue stays at plateau gross margin ~10% scale and mix must lift it Positive EBITDA FY2026 margin gate gate open gate shut flow passes flow starves Upside narrows low-end revenue margins stay negative Upside ~60% stands full consensus target gate open, EBITDA positive