Vehicle enters service
Vehicle slips / cadence stalls
Neutron and Electron cadence feed the revenue inflection the forward multiple is paying for in advance
Electron cadence
rises
Neutron entry
debut
Space-systems
programs grow
Reported revenue
compounds on current mix
EPS gate
negative today
Forward multiple ~49x
paid in advance of realized EPS
forward-priced
EPS crosses positive
revenue steps to forecast
targets hold
$105 · $135 · $150 · $200
Below forecast
EPS stays negative
multiple compresses
targets lose footing