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    Michael Leshock • KeyBanc Capital Markets

    Michael Leshock's questions to Rocket Lab USA Inc (RKLB) leadership

    Michael Leshock's questions to Rocket Lab USA Inc (RKLB) leadership • Q2 2025

    Question

    Michael Leshock asked for an update on the performance of the Archimedes engine for Neutron and inquired about the long-term strategy and timeline for a potential Rocket Lab-owned satellite constellation.

    Answer

    Founder and CEO Sir Peter Beck stated that while the basic performance of the Archimedes engine is strong, the main challenge is qualifying it for a wide range of operating conditions required for reuse, including re-entry and landing burns. Regarding a proprietary constellation, he confirmed the company's ambition but emphasized that the primary focus remains on completing the Neutron rocket to avoid 'entrepreneurial drift,' positioning a constellation as a post-Neutron opportunity.

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    Michael Leshock's questions to Rocket Lab USA Inc (RKLB) leadership • Q1 2025

    Question

    Michael Leshock inquired about how Rocket Lab prioritizes building government constellations versus its own, and asked about the target burn duration for the Archimedes engine versus current test durations.

    Answer

    CEO Peter Beck explained that the company balances these opportunities with the primary goal of building a large, profitable business, and will not commit to a massive internal constellation project at the expense of the company's security. Regarding Archimedes, he stated that a full-duration burn is around 5 minutes, but the team's focus is on testing challenging start-up, shutdown, and reignition transients under various conditions, as steady-state burns offer less learning value.

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    Michael Leshock's questions to Rocket Lab USA Inc (RKLB) leadership • Q4 2024

    Question

    Michael Leshock from KeyBanc Capital Markets inquired about technical changes to the Archimedes engine since its initial testing and the long-term strategy for Electron's launch cadence.

    Answer

    CEO Sir Peter Beck reported that the Archimedes engine is undergoing a rigorous qualification campaign, with recent changes focused on improving producibility and reducing mass. Regarding Electron, he stated the goal is to conduct as many launches as possible, driven by consistently growing year-over-year market demand.

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    Michael Leshock's questions to Rocket Lab USA Inc (RKLB) leadership • Q3 2024

    Question

    Michael Leshock asked for an update on Rocket Lab's M&A pipeline and its organic growth initiatives, such as the expansion of clean room capacity.

    Answer

    CEO Peter Beck noted that organic product development is continuous, with products announced once they are complete. CFO Adam Spice elaborated on the M&A strategy, stating they remain selective and disciplined. He identified satellite payloads as the most significant remaining gap in their vertically integrated Space Systems portfolio, suggesting that future acquisitions in this area would be strategic and could signal the company's direction for its own space applications.

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    Michael Leshock's questions to AAR Corp (AIR) leadership

    Michael Leshock's questions to AAR Corp (AIR) leadership • Q4 2025

    Question

    Michael Leshock from KeyBanc Capital Markets questioned the long-term vision for the USM business as a percentage of total sales and asked for a way to frame the size and significance of the new Trax agreement with Delta Airlines.

    Answer

    CEO John Holmes explained that AAR is strategically reducing the USM business as a percentage of the total portfolio to focus on areas with more consistent growth, like new parts distribution. Regarding the Delta deal, Holmes described it as a multi-year implementation that will be a meaningful single-customer addition to Trax's revenue, while also highlighting the significant revenue upside from upgrading the existing Trax customer base to new software suites.

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    Michael Leshock's questions to AAR Corp (AIR) leadership • Q3 2025

    Question

    Michael Leshock asked for details on efficiency improvements and throughput gains in the MRO facilities and requested an update on the progress of defense opportunities, particularly with the DOGE commission.

    Answer

    CEO John Holmes stated that MRO hangars have seen substantial margin gains from increased throughput, driven by initiatives like the paperless hangar rollout, with more improvements expected. Regarding defense, he noted that while USM sales to the government have not yet seen a notable increase, he is hopeful that the DOGE commission could be a catalyst for significant uptake, representing pure upside to current results.

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