That work has been kind of validated on the design side, as we’ve learned the specificity of maintenance on the Unity flights. So that’s been super, super helpful. And then, you heard us talking about the test articles that we’re putting in here. We’re not going to wait all the way until flight test to validate that. We’re going to be validating these designs with our copper burden, or iron burden, our static test article systems along the way. I’m really proud of what the engineers have been able to do and what our technical operations teams have delivered. It’s that collaborative effort that lets us speak with confidence on a 2x a week or kind of 8x a month on average flights for Deltas when we get to steady state.
Greg Konrad: And then just sneaking one last one in. I mean eight times, 12, 96 are sell flights a year for each Delta. How are you thinking about capacity for each spaceport? I mean I think you’ve in the past you’ve maybe talked about 400, just thinking about how many spaceships to fill up the first baseboard and kind of start planning for a second?
Michael Colglazier: Yes. You’re bringing up a great point. With the turn time objectives on Delta, now something we’ve got confidence in, this has great benefit in reducing the amount of CapEx needed for every spaceport. So with each space ship being able to do round about 100 flights a year on a steady-state basis, you probably need four to five, right? And that’s what we would put in at a spaceport. And so we’ll probably start with four and just see how we’re doing with those and do we need to add a fifth as kind of one that’s always kind of available on the side. We will take I’m sure, a month out of that year. I’m giving you monthly rates on average. We’ll take a month of the year as a more intensive overhaul, like an annual overhaul, like you would see in other aerospace type vehicles. But the average of the year will be eight times a month, 96-ish a year. So hopefully, that gives you a little bit of perspective on that.
Greg Konrad: Perfect. Thank you.
Michael Colglazier: Thank you.
Operator: Your next question comes from the line of Myles Walton with Wolfe Research. Your line is open.
Myles Walton: Thanks. Good evening. I was hoping to pick up where that left off, maybe. As you get into 2026 and you’re sort of going to this very, very high OpTempo. How quickly have you assumed getting to that OpTempo in the cash flow breakeven analysis?
Michael Colglazier: We’re giving ourselves in 2026 time to sort new ships out. Now we have gone through the whole flight test and ground test and with the extensive ground test assets we’ve talked about. In this type of work in our internal modeling, we’re giving ourselves half a year, a year to ramp that up. I would note the skill of our technical operations teams. We’ve given ourselves several flights before we were kind of sure if we’d hit a monthly cadence on Unity and we hit a monthly cadence pretty much right out of the gate. So I’m very proud and impressed with that team, and they’ll be moving that as quickly as we can, but we think it’s prudent to be conservative at this point.
Myles Walton: Okay. And obviously, this is not — the company has not been one to run the business without cash on hand. So I just want to make sure I understand the $1.1 billion is what you require to get to cash flow positivity, is that without thinking about just a normal level of cash on hand? Or is $1.1 million basically the CapEx and operating costs to get from here to there is another way to ask it.
Doug Ahrens: Yes. This is Doug. Yes, sufficient to get there. And we mentioned, we would likely at some point, tap into the ATM, what’s the remaining of $100 million, we don’t need to in any near-term time frame. So we haven’t put like a minimum cash balance out there, but we foresee that the $1.1 billion is sufficient to get through to cash flow positivity by 2026.
Doug Ahrens: One thing, Myles, I’d probably add is context to that. We often will look to say how much of that time runway do you want to have on hand. As we get out into 2025 and move into 2026, the overall cost footprint of the company is also much less than it’s been. At this point, we’re through all sorts of things. We’re through all the upfront engineering, the nonrecurring engineering. We’re through all the upfront tooling and infrastructure test assets go in. We’re in through all the infrastructure of the factory. We’ve got the supply chain built out and going. And so all of those costs are behind us at that point in time and we’re at a lighter footprint. So the need for cash on hand is less than you may have seen from us in the past.
Myles Walton: And just one other one. The mothership you said, the second one, you’re planning enters in 2027. I think the mothership is more restrictive in terms of how many flights you can actually achieve. Can you remind us of what the status is on that, because obviously, you’ve made pretty good progress on the Delta? What’s the current status of limitations of flights on the mothership?
Michael Colglazier: So our first mothership Eve, as we fly with Eve and Unity, Unity is the bottleneck in the system. We’ll be able to turn Eve as an airplane around quickly, and we feel Eve is able to do two or more flights a week on spaceflights and Unity can’t keep up with that. So generally reliant to, we think there’s probably some opportunity to go above two with Eve. But that means Eve will be the kind of constraining factor as we bring the first Deltas on board. So that also balances out as we’re learning to turn the Deltas on that twice a week cadence by having two of them out, they’ll probably balance out with Eve alone.
Myles Walton: Okay, all right. Thanks so much.
Operator: Your next question comes from the line of Michael Leshock with KeyBanc Capital Markets. Your line is open.
Michael Leshock: Hey, good afternoon, guys. I wanted to start just asking now that we’re in commercial service for some time now, you’ve had several successful flights. I wanted to ask on how Unity has really influenced the Delta Class production and design of that fleet, and how are you thinking about Delta Class differently versus maybe three or six months ago in terms of flight cadence or technical capabilities, you have the eight times a month flight right now, but anything else that’s different than what we had initially expected?
Michael Colglazier: Sure. The flights have been fantastic. I’ve had a chance to talk to the majority of the astronauts who have flown. It’s very, very meaningful. We put just a few of the quotes in here today. And that’s been very rewarding to the entire company. But business-wise, it’s super meaningful. I’ve never contemplated an experience that is having the value that this is having for people and I think that will bode incredibly well for us as we go forward. So Unity has been delivering that. There are a lot of things on Unity that this is fantastic, and it will carry forward. We love the design of our cabin. We love the way the cabin interior generally is laid out. I would love the mirrored element in the back. We love the way we have the windows scattered around the sides and the ceiling kind of becomes a glass bottom boat as we flip the ship outside down.
