Adam Spice: Sure. Andres, I will take the first one and Peter will chime on the second. Yes, with the cash, we talked about the fact that, we are 2024 from our space systems business should be a much more cash positive story for us. The nature of the biggest program which was going to be a Globalstar had a bunch of unique and quite honestly onerous terms when it came to the timing of us getting paid. We have now kind of crossed the river on that one, if you will, and run on the better side of that as we now again move into the AIT phase. So, we believe we have got sufficient liquidity to do exactly what we said we were going to do when we came public, which is that we want to broaden out our space systems business. We have acquired three businesses come in public.
We are also committed to getting – having that capital get to the Neutron product, the pad, that’s also well within the scope of what we call that. But what I would say is, we still have a significant amount of capital to consume in getting Neutron to the pad by the end of next year. Now again, we are well funded to do that. The timing of that is a little difficult to predict because as Pete has kind of gone through some of the milestones and programs, they can move around a bit. There is different ways to kind of get there kind of there is some make versus buy decisions that take place that can affect how much cash goes out the door. So, I would say that it’s difficult to predict and also going to be dependent upon other businesses that we closed as we progressed through the remainder of 2023 and ‘24 and what those cash characteristics look like.
But right now, I would say that our Q3 cash consumption number was kind of a high point that we have seen thus far that could hover around in that range for a quarter or so. But then we start to see that significantly trend down as we get past these key milestones and Neutron gets closer and closer and closer to pad. The biggest factor right now in 2024 is really going to be progress towards those Neutron milestones from a developer perspective and also from the infrastructure perspective, as Pete mentioned. But again, we don’t have any concerns right now that we don’t have the runway to get to where we need to go. As far as the backlog and how that’s going to be realized and seasonality and so forth, we don’t really have a lot of view on seasonality.
We haven’t seen kind of true seasonality in our business. We have seen a lot of volatility which has really been more a function for what we can tell, from some of our smaller customers, it’s the access to funding either through their government partner programs, whether it’s through VC cycles and kind of the success in raising funds and so forth. So, we really see more effect on revenue as our customers kind of go through their kind of cash, kind of rich and cash poor cycles. But again, I think that what you will see is if you have gone through an elevated quarter, we will probably have another couple of elevated quarters before it starts to get much better and we start to again, let’s say, not consume as much cash as we have. Again, function of programs where we are in their life cycles and just Neutron development.
Andres Sheppard: Got it. Thank you. That’s super helpful and super insightful. Thanks again and congratulations on the quarter. I will pass it on.
Adam Spice: Thanks Andres.
Peter Beck: Thanks Andres.
Operator: Thank you. Your next question comes from the line of Erik Rasmussen with Stifel. Please go ahead.
Erik Rasmussen: Yes. Thanks for taking the questions. Maybe just on the HASTE Rocket, you said you secured seven missions in the past six months. Does this change the number of missions that you had previously thought you would do, I mean you have seen things accelerating?
Peter Beck: Yes. I mean we always knew that there was demand for this product. But I would say that we are pleasantly surprised to see the demand grow the way it’s growing. That first flight was an important one to demonstrate the capability. There is a bit of, I would say, hysteresis and in the way government customers move to new kind of products like this. And that was all kind of dissolved with a very successful flight. So, we are kind of reaping the benefits of that and the vehicle is just able to do a bunch of stuff that has been inaccessible before being a liquid throttleable vehicle. So, it really opens the aperture for what can be done. And the development of systems that you really in some places, in some respects, can’t be developed anywhere else in the world. So, it’s – so, we yes, we are pleasantly surprised to see the tick up on the program.
Erik Rasmussen: Great. Maybe just you made an announcement. You opened up an engine development center in the former Virgin Orbit assets facility. What sort of production capacity can you expect to achieve once operational and what is the timeline to maybe hit that, maybe call it an annual run rate?
Peter Beck: Yes. Look, whether the Virgin Orbit facility was a bit of a boon really, because there is more equipment and capacity there than we can see in the future. For an engine facility, its gold plated. So, I mean there is no numbers that we are working with at the moment that would see that EDC facility reach capacity.
Erik Rasmussen: Okay. Great. Thank you.
Operator: Thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the call back over to Peter Beck for closing remarks. Please go ahead.
Peter Beck: Okay. That wraps up today’s presentation. Thank you everyone for joining us for the call. Rocket Lab will be participating in some upcoming conferences displayed on the sheet there and look forward to the opportunity to share more exciting news and updates with you then. Thanks and we look forward to speaking to you soon.
Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining and you may now disconnect your lines.
