The sharp decline in Space Systems' revenue in Q3 2024 can be attributed to a combination of factors:
- Timing of Fixed Price Manufacturing Milestones: The revenue decrease was primarily driven by the timing of fixed price manufacturing milestones1.
- Delays in Satellite Contract Payments: There were delays in satellite contract payments, which are expected to recover in the second half of the year1.
In summary, the decline in revenue is due to the timing of manufacturing milestones and delays in satellite contract payments.