国防技术峰会要点：True Anomaly自主实现太空优势

USA | Aerospace & Defense Electronics Defense Tech Summit Takes: True AnomalyAutonomously Enabling Space Superiority Pleasecontact us or your Jefferiesrepresentative for a link to the replay. We hosted Even Rogers, CEO and Co-Founder of True Anomaly, at our FirstAnnual Jefferies Defense Tech Summit. Key takes: 1) Jackal and Mosaiccombine to serve emerging space superiority mission; 2) Modularity andautonomy support flexibility to serve multi-orbit missions; 3) Key to successis delivering capability in line with primes at a price point and speed that theycannot match. Threat Environment Signals Needed Changes to Space.Space was defined as a war-fightingdomain by the US and NATO in the late 2010s. The US has built architecture for space that isundefended because efforts were focused on adversaries on the ground over the last 20 years. WithRussia and China developing space weapons and a large arsenal of weapons designed to attacksatellites, space is no longer benign. True Anomaly builds hardware and software to fill the gap inSpace for the US. Jackal Build to Be Platform Agnostic.Most satellites designed by great companies are arounda particular set of payloads with mission driving design. Jackal has been purpose-built for space-to-space engagements such as rendezvous and proximity operations. There is also flexibility withTrue Anomaly's Jackal autonomous spacecraft supporting a variety of payloads to be deployedwith the Mosaic software orchestrating the systems. Flexible Design Supports All Payloads.The Jackal has been designed and built with interfacestandards to allow flexibility across government-hosted payloads or other companies's payloads.Given Jackal is designed for space superiority missions and the requirements of space warfare,new payloads also need to be built as they aren't available off the shelf. Supporting Multi Orbit Solutions.Jackal's modularity allows components to be swapped out totarget different orbits given each orbit has different thermal and radiation requirements. Whilethere's subsystem commonality across orbits, there are requirements to swap out avionics,guidance and comms and navigation. This becomes important as we look at lunar which is quicklyrequiring defense applications as there is a push to exploit the new domain with a focus on China'sadvancements. Responsive space acknowledges we don't have the infrastructures to sense, detectand react in space, an opportunity to move at speed. Autonomy A Must.For space superiority, autonomy is not an option, but a must as you don't alwayshave connectivity and operations with human input. There are also latency issues w/ spacecraftrequired to operate at the edge. Jackal's autonomy comes through Mosaic. Mosaic is a tool foroperators in the loop and provides the next layer of activity and orient on how capability might beoperated in orbits and used to predict and make timely decisions. Mosaic can display and calculatedata to allow operators to quickly distinguish between signals and noise. While Mosaic can beoperated independently of Jackal, the two are more effective when paired. The independence,however, avoids perceived vendor lock. Scale and Price A Competitive Edge.Today, True Anomaly is not yet building at scale to achievea major cost inflection point, but is more concerned about the performance envelope today. Thismeans building 10s of units and eventually 100s. The schedule and performance is focused onbringing new innovations to the market quickly, supported by the new Long Beach facility that willbuild new space superiority systems not on the market today. True Anomaly envisions taking share Greg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comSheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com from large systems integrators or primes, with space startups only a small portion of the markettoday. The key to success is delivering capability that is as capable as the primes, but at a betterprice point and a schedule that primes can't deliver on. Speaker Bios Even Rogers – CEO and Co-Founder Even establishes True Anomaly’s strategic objectives and aligns resources for their execution. Priorto co-founding True Anomaly, Even served as an Air Force officer, leading interdisciplinary teamsof space operators, scientists, and engineers to develop and evaluate the performance of militarysystems and tactics designed to protect U.S. and allied space assets. Even is the author of six seminal texts that serve as foundational doctrine and training forU.S. military space operations. He was a major contributing author of the U.S. Space Force’sinaugural Spacepower: Doctrine for Space Forces. He has held leadership positions in space systemdevelopmental and operational test, training, spacecraft operations, and joint fires. In these roles, heprovided key insights into the practices needed to successfully deploy space security satellites andsupporting infrastructure. Even was also