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Andre

Vice President and Aerospace and Defense Analyst at BTIG

Andre Madrid is a Vice President and Aerospace and Defense Analyst at BTIG, specializing in small- to mid-market cap companies in aerospace materials, defense, and space sectors. He covers specific companies including AeroVironment (AVAV), Kratos Defense & Security Solutions (KTOS), FTAI Aviation (FTAI), AIRO Group (AIRO), and Carpenter Technology Corp (CRS), achieving a strong performance track record with an 88% success rate on TipRanks, 79% profitable ratings, and average returns of 30.1% per rating over one year, including a standout +159.8% return on CRS. Madrid joined BTIG after serving as a Research Associate at Bank of America covering similar verticals, and holds a bachelor’s degree in finance and history from the University of Miami.

Andre's questions to Rocket Lab (RKLB) leadership

Question · Q4 2025

Andre asked about the space systems revenue, which came in weaker than consensus expectations, seeking clarification on the underlying factors. He also inquired about the financial details of the recently announced OSI and Precision Components Limited acquisitions, including their performance and potential cost savings from vertical integration.

Answer

CFO Adam Spice explained that space systems revenue can be non-linear due to ASC 606 revenue recognition and subcontractor progress, making it difficult for consensus to predict granularity. He emphasized that Rocket Lab's diversified business allows overall top-line growth despite volatility in individual product lines. Regarding the acquisitions, Adam Spice stated that OSI and Precision Components Limited were primarily strategic for vertical integration and risk reduction, not significant revenue contributors, and would not materially impact financial models. He noted that these deals aim to reduce margin stacking and increase control over programs.

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