BigBear.ai Holdings Inc (BBAI) 2025 Q2 法說會逐字稿

Greetings, welcome to BigBear.ai Holdings Inc second-quarter 2025 earnings call and webcast. It is now my pleasure to introduce Sean Ricker, CFO.

您好，歡迎參加 BigBear.ai Holdings Inc 2025 年第二季財報電話會議和網路廣播。現在我很高興介紹財務長 Sean Ricker。

Thank you. You may begin.

謝謝。你可以開始了。

Good afternoon and thank you all for joining us today for our second quarter 2025 earnings call.

下午好，感謝大家今天參加我們的 2025 年第二季財報電話會議。

I'm Sean Ricker, CFO of BigBear.ai, and I'm joined today by our CEO Kevin Mcleenan. Statements made in today's call that are not historical fact are considered forward-looking statements and are made pursuant to the safe harbor provisions of the Federal Securities laws. Actual results may differ materially from those projected in the forward-looking statements. Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

我是 BigBear.ai 的財務長 Sean Ricker，今天和我一起出席的是我們的執行長 Kevin Mcleenan。今天電話會議中所作的非歷史事實的陳述被視為前瞻性陳述，並根據聯邦證券法的安全港條款作出。實際結果可能與前瞻性陳述中的預測有重大差異。請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，以了解可能導致實際結果與前瞻性陳述有重大差異的一些因素。

We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.bigbear.ai and click on the investor relations link to view and follow the charts.

我們今天已在我們的網站上發布了圖表，我們計劃在電話會議期間討論這些圖表以補充我們的評論。這些圖表還包括有關今天電話會議中可能使用的非公認會計準則指標的資訊。請造訪我們的網站 www.bigbear.ai 並點擊投資者關係連結查看和關注圖表。

With that, I'd like to turn the call over to Kevin.

說完這些，我想把電話轉給凱文。

Good afternoon and thank you for joining us. I'm excited to speak with all of you during such a dynamic and pivotal time in our market and for BigBear.ai. This afternoon, I will share some key developments over the last quarter in our market outlook, operations, and strategy, and Sean will recap our financial results for the quarter.

下午好，感謝您加入我們。我很高興能在市場和 BigBear.ai 如此充滿活力和關鍵的時刻與大家交流。今天下午，我將分享上個季度我們在市場展望、營運和策略方面的一些關鍵進展，Sean 也將回顧本季的財務表現。

We're operating in a world that's rapidly increasing investment in our core capabilities, national and border security, AI, autonomy, tech enabled travel and trade, transportation, and logistics. These are not just policy priorities, they are global imperatives. In the three months since our last earnings call, we have seen landmark developments resulting in powerful market tailwinds in each of these areas.

我們處在一個對我們的核心能力、國家和邊境安全、人工智慧、自主權、技術支援的旅行和貿易、運輸和物流的投資迅速增加的世界。這些不僅是政策重點，更是全球當務之急。自上次收益電話會議以來的三個月裡，我們看到了里程碑式的發展，為上述每個領域帶來了強大的市場順風。

Most significantly, the passage of the one big beautiful bill will bring a generational investment in areas where Bigbear AI has core capabilities, innovative products, and market leading performance. The One Big Beautiful Bill, or OB3 as we're calling it, provides $170 billion in supplemental funding to the Department of Homeland Security and a $150 billion to the Department of Defense for disruptive defense technology, as well as billions more across shipbuilding and other critical national security missions that we support.

最重要的是，這項美麗法案的通過將為 Bigbear AI 擁有核心能力、創新產品和市場領先表現的領域帶來一代人的投資。《一項偉大的美麗法案》（我們稱之為 OB3）向國土安全部提供了 1700 億美元的補充資金，向國防部提供了 1500 億美元的顛覆性國防技術資金，此外還為我們支持的造船和其他關鍵國家安全任務提供了數十億美元的資金。

This is not incremental funding for innovation. This is a transformative level of investment and as a mission ready AI company with national and border security focus, it's directly in our lane. We anticipated these developments, if not their scale, and have made key bets in recent years that we are now positioned to capitalize on. Bigbear AI has been proving we are a leading provider of capabilities called for in this legislation both in the US and across the globe.

這不是用於創新的增量資金。這是一個變革性的投資，作為一家專注於國家和邊境安全的任務就緒型人工智慧公司，這完全符合我們的要求。我們預見了這些發展，即使沒有預見到它們的規模，並且在最近幾年做出了重要的押注，現在我們已準備好利用這些押注。Bigbear AI 已證明我們是美國乃至全球範圍內該立法所要求功能的領先提供者。

For example, Bigbear AI has deployed world-class biometric solutions for traveler processing on more than 2,000 devices at over 500 gates and 25 airports. These deployments include providing biometric exit solutions and recently pioneering a new biometrically enabled enhanced passenger processing solution alongside partner airports and in support of US Customs and Border Protection.

例如，Bigbear AI 已在 25 個機場的 500 多個登機口、2000 多台設備上部署了世界一流的旅客處理生物辨識解決方案。這些部署包括提供生物辨識出口解決方案，以及最近與合作機場共同率先推出新的生物辨識增強型旅客處理解決方案，並支援美國海關和邊境保護局。

We're also demonstrating progress with our technologies that support defense autonomy, including Conductor OS for DOD's dronees forming development efforts. Our supply chain management solutions, including Shipyard AI are helping transform the industrial base for America and our allies, and we're partnering internationally with organizations like International Holding Company in the United Arab Emirates and Narwhal Holdings in Panama in multiple sectors such as port security and supply chain logistics, expanding our global relevance and impact.

我們也展示了支援國防自主的技術進展，包括國防部無人機組成開發工作的指揮作業系統。我們的供應鏈管理解決方案（包括 Shipyard AI）正在幫助美國及其盟友轉變工業基礎，我們正在與阿拉伯聯合大公國的國際控股公司和巴拿馬的 Narwhal Holdings 等組織在港口安全和供應鏈物流等多個領域建立國際合作夥伴關係，擴大我們的全球相關性和影響力。

Importantly, we've done this while building a robust balance sheet and the capital necessary to take advantage of the unprecedented growth opportunities in this market. In our release today, we highlight the strongest ever balance sheet in the history of Bigbear AI, with over $390 million in cash to support aggressive new growth initiatives.

重要的是，我們在實現這一目標的同時，也建立了穩健的資產負債表和必要的資本，以利用這個市場前所未有的成長機會。在我們今天的發布中，我們重點介紹了 Bigbear AI 歷史上最強勁的資產負債表，其中擁有超過 3.9 億美元的現金來支持積極的新增長計劃。

We intend to deploy capital with urgency, rigor, and discipline to grow our top line both organically and inorganically through targeted M&A. We are excited to discuss all of this with you today in detail, but first, I want to address our second quarter performance and our outlook for the rest of the year.

我們打算緊急、嚴格、有紀律地部署資本，透過有針對性的併購，以有機和無機的方式增加我們的營業收入。我們很高興今天能與大家詳細討論所有這些問題，但首先，我想談談我們第二季的業績以及對今年剩餘時間的展望。

In our first quarter earnings call, we talked about the potential for disruptions in federal contracts from efficiency efforts. We have seen those disruptions this quarter, most notably in programs that support the United States Army. As they seek to consolidate and modernize their data architecture and in turn, we have adjusted our full year guidance this quarter to reflect such disruptions.

在我們的第一季財報電話會議上，我們討論了效率提升措施可能造成的聯邦合約中斷。本季我們已經看到了這些中斷，最明顯的是支持美國陸軍的計畫。由於他們尋求整合和現代化其資料架構，因此我們本季調整了全年指導以反映此類中斷。

That said, Bigbear AI will support the Army's strategy to capitalize on their investment in a new data platform while continuing to support the development of critical capabilities for the warfighter on their new architecture going forward, including competing for the new Global Force Information Management contract with our unique expertise in Army data systems.

也就是說，Bigbear AI 將支援陸軍的戰略，充分利用其對新數據平台的投資，同時繼續支持未來在新架構上為作戰人員開發關鍵能力，包括利用我們在陸軍數據系統方面的獨特專業知識競爭新的全球部隊資訊管理合約。

Despite these challenges with Army contracts, we are not going to sit back and lick our wounds. We're going to compete to win this work again. More broadly, we welcome this type of disruption to streamline data layers and allow for software to address mission use cases to be delivered more quickly.

儘管陸軍合約面臨這些挑戰，我們不會袖手旁觀，舔舐傷口。我們將再次競爭贏得這項工作。更廣泛地說，我們歡迎這種類型的中斷，以簡化資料層並允許軟體更快地解決任務案例。

We intend to capitalize on this type of changing focus in government technology investment and the suite of new acquisition methodologies with a larger and better focused pipeline targeted where the resources are going and bringing mature products and technology assets to bear in addition to our talented and mission focused development teams.

我們打算利用政府技術投資重點的這種變化和一系列新的收購方法，建立更大、更集中的管道，瞄準資源的流向，並在我們才華橫溢、專注於使命的開發團隊的基礎上，帶來成熟的產品和技術資產。

Coming into the role of CEO earlier this year, it was clear to me that our pipeline was narrow and relied on a few large contracts. We have taken steps this year to deepen and broaden that pipeline with additional customers, more prime contract targets, larger opportunities, and expansion into new markets, including international.

今年早些時候擔任執行長時，我很清楚我們的管道很狹窄，而且依賴少數幾份大合約。今年，我們已採取措施深化和拓寬此管道，包括增加客戶、擴大主要合約目標、增加更多機會以及拓展包括國際在內的新市場。

It will take time to mature, but we are on the right track, and with the historic funding levels announced in recent weeks, directly focused in areas where we have leading capabilities and a reputation for innovation, we are confident that our mid-term outlook remains strong.

成熟需要時間，但我們正走在正確的軌道上，隨著最近幾週宣布的歷史性融資水平，直接集中在我們擁有領先能力和創新聲譽的領域，我們相信我們的中期前景仍然強勁。

Further, one of my first priorities as I stepped into my role as CEO was to increase the level of rigor in our forecasting process and transparency in our communication to the market. In partnership with Sean in his new role, I believe that we are achieving the right balance of optimism, while also being mindful of risks that we cannot control. We are building this business for the long term, not building this business around quarterly thinking or focusing myopically on prior contract models.

此外，當我擔任執行長時，我的首要任務之一就是提高我們預測過程的嚴謹性和與市場溝通的透明度。我相信，透過與肖恩的新職位合作，我們將在樂觀主義和警惕我們無法控制的風險之間取得適當的平衡。我們是在為長遠發展而打造這項業務，而不是圍繞季度思維或短視地關注先前的合約模式來打造這項業務。

We see the opportunity to build a market leading business that can transform mission areas and industries, and we are firmly placing our focus on the future growth prospects. Our new guidance range will give us the flexibility to invest in an aggressive but disciplined way over the rest of this year and smartly deploy capital to accelerate the major growth inflection that will drive material long term shareholder value in the quarters to come. This quarter is not about taking a step back. It's about setting up for an aggressive step forward. We are going on offense in a big way and going after a much bigger game.

我們看到了建立能夠改變任務領域和行業的市場領導者的機會，並且我們堅定地將重點放在未來的成長前景上。我們的新指導範圍將使我們能夠靈活地在今年剩餘時間內以積極但有紀律的方式進行投資，並明智地部署資本以加速主要的成長拐點，從而推動未來幾季的長期股東價值。本季我們不會倒退一步。這是為積極向前邁進做好準備。我們正在大力進攻，並追求更大的勝利。

Let's talk in more detail about the exciting emerging environment that we're operating in because it's never looked more promising. This quarter, the US and allies have committed to unprecedented partnerships in AI, such as the acceleration of a 1.4 trillion AI investment with the United Arab Emirates, UAE.

讓我們更詳細地談談我們所處的令人興奮的新興環境，因為它從未顯得如此有希望。本季度，美國及其盟友致力於在人工智慧領域建立前所未有的合作夥伴關係，例如與阿拉伯聯合大公國（UAE）加速1.4兆美元的人工智慧投資。

This type of international partnership is indicative of the rapid push for adoption of mission enhancing AI tools across the security and critical infrastructure sectors. We are excited to be partnering with leading Emirati companies to deliver our AI products in the region and beyond. In the US, OB 3 includes $170 billion in supplemental funding for DHS over the next four years.

這種國際合作表明，安全和關鍵基礎設施領域正在迅速推動採用增強型人工智慧工具。我們很高興能與阿聯酋領先的公司合作，為該地區及其他地區提供我們的人工智慧產品。在美國，OB 3 包括在未來四年為國土安全部提供 1,700 億美元的補充資金。

$70 billion of that is earmarked for CBP, with $6.2 billion allocated specifically to border technology and $673 million to biometric exits. It's worth pausing on the magnitude of these funding enhancements. When I led CBP, we had a $16 billion budget, one of the largest for any law enforcement agency globally.

其中 700 億美元專門用於美國海關及邊境保護局，62 億美元專門用於邊境技術，6.73 億美元用於生物辨識出境。值得我們思考一下這些資金增加的規模。在我領導美國海關和邊境保護局時，我們的預算為 160 億美元，是全球執法機構中預算最高的預算之一。

Now CBP has 4 times that amount in incremental funding on top of their existing base, largely to acquire technology solutions to support operations and all over the next four years. For DOD, OB 3 includes a $16 billion military AI autonomy fund to scale swarming unmanned aerial systems which aligns directly with our investments in conductor OS and autonomy enablement.

現在，美國海關及邊境保護局在現有基礎上又獲得了 4 倍的增量資金，主要用於購買技術解決方案，以支持未來四年的營運。對於國防部來說，OB 3 包括一筆 160 億美元的軍事人工智慧自主基金，用於擴大無人機集群系統，這與我們在指揮操作系統和自主支援方面的投資直接相關。

Add to that $29 billion for domestic shipbuilding supporting areas where we've already demonstrated value with platforms like Shipyard AI and all of this is underpinned by a surge in AI adoption. In our core markets, security, travel and logistics, defense and intel, AI deployment is no longer an experiment, it's becoming a global standard.

再加上 290 億美元用於國內造船支援領域，我們已經透過 Shipyard AI 等平台證明了其價值，而所有這些都是由人工智慧應用的激增所支撐的。在我們的核心市場，安全、旅遊和物流、國防和情報，人工智慧部署不再是一個實驗，它正在成為全球標準。

Industry reports indicate that US investments in AI are projected to surge by 44% year-over-year, and federal procurement for AIML enabled mission systems is estimated to be growing by approximately 10% to 15% year-over-year. These are generational investments in areas with a direct line of sight to growth for Bigbear AI in markets where we are already a leader.

產業報告顯示，美國對人工智慧的投資預計將年增 44%，而對 AIML 支援的任務系統的聯邦採購預計將年增約 10% 至 15%。這些都是針對 Bigbear AI 在我們已經處於領先地位的市場中具有直接成長前景的領域的世代投資。

On that note, our efforts over the last quarter reinforce our positioning in these markets, our product innovation and our operational performance. In borders, travel and trade, our biometric solution Bear Scan has become a market standard for enhanced passenger processing, which enables smooth and secure traveler processing upon entry into the United States.

就此而言，我們上個季度的努力加強了我們在這些市場中的定位、我們的產品創新和我們的營運表現。在邊境、旅行和貿易領域，我們的生物辨識解決方案 Bear Scan 已成為增強旅客處理的市場標準，使旅客在進入美國時能夠順利、安全地進行處理。

Over the last quarter, we expanded deployments across 12 airports and seaports in North America. We are rapidly scaling to meet demand and combined with our established and growing deployments of biometric exits. Bigbear AI has emerged as a market leader in this category.

上個季度，我們擴大了在北美 12 個機場和海港的部署。我們正在迅速擴大規模以滿足需求，並結合我們已建立的和不斷增長的生物識別出口部署。Bigbear AI 已成為該類別的市場領導者。

We are also preparing to build upon our existing work at DHS and compete for the opportunity to support multiple critical IT systems at CBP, where the agency is pursuing several acquisitions to upgrade critical systems supporting border security, passenger and cargo processing, and risk assessment. Several of these procurements have been accelerated and are scheduled to come to fruition over the next four to six quarters.

我們也準備在國土安全部現有工作的基礎上，爭取支援美國海關及邊境保護局的多個關鍵 IT 系統的機會，美國海關及邊境保護局正在進行多項收購，以升級支援邊境安全、旅客和貨物處理以及風險評估的關鍵系統。其中一些採購已經加速，預計將在未來四到六個季度內取得成果。

For our defense and intelligence customers, our autonomous command and control enablement software Conductor OS performed exceptionally at the recent Talian saber exercise, supporting operations with real-time AI model deployment, enhancing battlefield decision making, and asset coordination.

對於我們的國防和情報客戶，我們的自主指揮和控制支援軟體 Conductor OS 在最近的塔利安軍刀演習中表現出色，透過即時 AI 模型部署支援作戰，增強戰場決策和資產協調。

We also recently secured a contract in partnership with Hardy Dynamics under the DOD Joint Program Executive Office for Armaments and ammunition to work on drones for lethality, another proof point of our strong positioning to play a critical role in the next generation of distributed autonomy.

我們最近還與美國國防部武器彈藥聯合項目執行辦公室旗下的 Hardy Dynamics 公司合作簽訂了一份合同，致力於研發殺傷力無人機，這再次證明了我們在下一代分散式自主技術中發揮關鍵作用的強大優勢。

For our supply chain logistics and manufacturing business, our shipyard AI capability has already proven itself with new funding allocated to shipbuilding and infrastructure as part of OB 3, we're poised to scale these offerings.

對於我們的供應鏈物流和製造業務，我們的造船廠 AI 能力已經得到了證明，作為 OB 3 的一部分，我們為造船和基礎設施分配了新的資金，我們準備擴大這些產品的規模。

Regarding our international expansion, we are deepening relationships that matter. We signed a transformative partnership with leading companies in the UAE under the IAC umbrella of this quarter, focused on accelerating the development and adoption of AI across several domains and applications.

關於我們的國際擴張，我們正在深化重要的關係。本季度，我們在 IAC 框架下與阿聯酋的領先公司簽署了變革性合作夥伴關係，重點是加速多個領域和應用的人工智慧的開發和採用。

Additionally, we launched a cargo security management solution in partnership with Narva Holdings in Panama, opening the door to broader regional expansion and partnerships with global shipping lines. We're proving that we can win in the markets that will be most critical in the next chapter. As we move forward, we have a strong and talented team to take us to the next level. A prime example of that is our interim CFO, Sean Ricker joining us today for his first quarterly earnings call on his new role.

此外，我們與巴拿馬的 Narva Holdings 合作推出了貨物安全管理解決方案，為更廣泛的區域擴張和與全球航運公司的合作打開了大門。我們正在證明我們能夠在下一章最關鍵的市場中獲勝。在我們前進的過程中，我們擁有一支強大而有才華的團隊，帶領我們邁向新的水平。一個典型的例子就是我們的臨時財務長 Sean Ricker 今天加入我們，參加他在新職位上的第一次季度收益電話會議。

Sean has been at Bigbear AI from the start of the company's journey in the public markets and most recently served as our Chief Accounting Officer. Sean knows the business inside and out, and he is an outstanding financial professional with a deep appreciation for our customers and their missions.

Sean 從 Bigbear AI 公司進入公開市場之初就一直在該公司工作，最近擔任我們的首席會計官。肖恩對業務瞭如指掌，他是一位傑出的金融專業人士，對我們的客戶及其使命深表讚賞。

With that, I'll turn it over to Sean to share some more about his background and discuss our financial results for the quarter.

接下來，我將讓肖恩分享更多他的背景並討論我們本季的財務表現。

Thank you, Kevin. It's a privilege to be joining today's call in my new capacity as CFO. As Kevin mentioned, I've been with Bigbear since the beginning. This is such an exciting time to see the speed and scale of AI development in the world and how that reverberates through the technology we deploy and the customers we serve each and every day.

謝謝你，凱文。我很榮幸能夠以財務長的新身分參加今天的電話會議。正如 Kevin 所提到的，我從一開始就加入了 Bigbear。這是一個令人興奮的時刻，我們看到了人工智慧在世界範圍內的發展速度和規模，以及它如何影響我們部署的技術和我們每天服務的客戶。

What I can also say is that across the four plus years that I've been with the company we have never been in a better liquidity position than where we stand today. Kevin, myself, and our board are all aligned on going on offense and doing so in a significant way. The proceeds we raised this quarter, which I'll discuss in more detail shortly, open up a world of new possibilities that were previously out of reach.

我還可以說的是，在我任職公司的四年多時間裡，我們的流動性狀況從未像今天這樣好。凱文、我本人以及我們的董事會都一致同意採取積極行動，並採取有力措施。我們本季籌集的資金（我將在稍後詳細討論）開闢了一個以前無法觸及的充滿新可能性的世界。

On that note, let's start with our balance sheet. This quarter we have continued to make sequential improvements to our balance sheet in terms of our liquidity and net debt position. We're proud to announce that as of the end of the second quarter we have $391 million of cash, an all-time record, and as you'll see on the earnings presentation, we ended the quarter with a net positive cash position of almost $250 million another record, and the first time in Bigbear's history where our total cash exceeds our total debt.

關於這一點，讓我們先從資產負債表開始。本季度，我們在流動性和淨債務狀況方面繼續對資產負債表進行連續改善。我們很自豪地宣布，截至第二季末，我們擁有 3.91 億美元的現金，創歷史新高，正如您在收益報告中看到的，我們在本季度結束時擁有近 2.5 億美元的淨正現金頭寸，創下了另一項紀錄，也是 Bigbear 歷史上第一次總現金超過總債務。

Our second quarter cash balance, an increase of $341 million from where we ended 2024, provides us with the capital we need to execute on the vast array of opportunities we have ahead of us, both organically and inorganically.

我們第二季的現金餘額比 2024 年底增加了 3.41 億美元，這為我們提供了所需的資本，以利用我們面臨的大量有機和無機機會。

During the second quarter, through our at the market facilities, we raised gross proceeds of approximately $293 million in exchange for the sale of roughly 75 million shares of our common stock. This equates to an average gross selling price of $3.90 per share, which is about 370 basis points higher than the average daily closing price of our stock during those days that we were in the market. This demonstrates that not only did we raise significant proceeds, but also executed at strong prices.

在第二季度，我們透過市場融資手段出售了約 7,500 萬股普通股，籌集了約 2.93 億美元的總收益。這相當於每股 3.90 美元的平均總售價，比我們在市場上的那些日子裡股票的平均每日收盤價高出約 370 個基點。這表明我們不僅籌集了大量資金，而且還以強勁的價格執行。

Our access to the capital markets through these ATM facilities demonstrates our ability to raise a meaningful amount of capital quickly and a relatively low cost compared to other alternatives for companies of our size. From a macro perspective, the proceeds from these ATM facilities will be the foundational fuel to the offensive strategy we've outlined here today.

我們透過這些 ATM 設施進入資本市場表明，與其他規模的公司相比，我們有能力快速籌集大量資金，而且成本相對較低。從宏觀角度來看，這些 ATM 設施的收益將成為我們今天在此概述的進攻策略的基礎燃料。

Now let's turn to our operating results for the quarter. Second quarter revenue was $32.5 million, a decrease of $7.3 million year-over-year, which was primarily driven by the Army programs that Kevin previously discussed. Growth margins decreased slightly year-over-year. Gross margins for the second quarter of 2025 was 25% versus 27.8% for the comparable period.

現在讓我們來看看本季的經營業績。第二季營收為 3,250 萬美元，年減 730 萬美元，這主要受到 Kevin 先前討論過的陸軍計畫的影響。成長利潤率較去年同期略有下降。2025 年第二季的毛利率為 25%，去年同期為 27.8%。

SG&A expenses decreased from $23.4 million in the second quarter of 2024 to $21.5 million in the second quarter of 2025. Our net loss for the second quarter was $228.6 million, driven by changes in the fair value of derivatives of about $136 million primarily associated with the quarterly remeasurement of the convertible features of our convertible notes.

銷售、一般及行政費用從 2024 年第二季的 2,340 萬美元減少至 2025 年第二季的 2,150 萬美元。我們第二季的淨虧損為 2.286 億美元，原因是衍生性商品公允價值變動約 1.36 億美元，這主要與可轉換票據的可轉換特徵的季度重新計量有關。

We also recorded a goodwill impairment charge of about $71 million this quarter, which was partially driven by our reduced guidance range for 2025. Both of these are non-cash items and excluded from our measurement of adjusted EBITDA. Adjusted EBITDA for the second quarter was negative $8.5 million versus negative $3.7 million in the comparable period.

本季我們也記錄了約 7,100 萬美元的商譽減損費用，部分原因是我們下調了 2025 年的指導範圍。這兩項都是非現金項目，不包含在我們調整後的 EBITDA 衡量範圍內。第二季調整後 EBITDA 為負 850 萬美元，而去年同期為負 370 萬美元。

The decrease in adjusted EBITDA was primarily driven by lower gross profit due to lower revenue volume as well as higher R&D expenses. As Kevin already mentioned in his remarks, while we see significant opportunities in our portfolio long term, recent near term impacts on certain large programs and government contracting timing risks have impacted our revenue outlook for the rest of this year.

調整後 EBITDA 的下降主要是由於收入減少導致的毛利下降以及研發費用增加。正如凱文在演講中提到的那樣，雖然我們看到我們的投資組合中存在長期重大機遇，但近期對某些大型項目的影響以及政府承包時機風險已經影響了我們今年剩餘時間的收入前景。

We see tremendous growth opportunities ahead of us from expanding our existing portfolio to meet the demands of OB 3 and global AI adoption, as well as opportunities to accelerate through inorganic growth. In order to capitalize on these opportunities, we plan to make meaningful investments for the duration of this year to pursue these in earnest.

我們看到，透過擴大現有產品組合來滿足 OB 3 和全球 AI 應用的需求，我們面臨著巨大的成長機會，同時也面臨著透過無機成長來加速的機會。為了利用這些機會，我們計劃在今年內進行有意義的投資，以認真追求這些機會。

As a result of the reduction in our revenue outlook, coupled with our expected increased investment spend profile for the second half of this year, we are withdrawing our adjusted EBITDA guidance at this time. For the full year 2025, we are now projecting revenue between $125 million and $140 million.

由於我們下調了收入預期，加上我們預計今年下半年投資支出將增加，因此我們此次撤回了調整後的 EBITDA 指引。我們預計 2025 年全年營收將在 1.25 億美元至 1.4 億美元之間。

I'll now turn it back to Kevin to discuss our priorities and to give a few closing remarks.

現在我將把話題轉回給凱文，讓他討論我們的優先事項，並做幾點結束語。

Thanks, Sean. As mentioned, our balance sheet strength and cash position specifically puts us in a position to dramatically increase our rate of market capture and capitalize on these unprecedented tailwinds with conviction and agility. Our strategy is clear, go on offense. We'll by investing in our capability to pursue organic growth with our AI technology products and government solutions and through targeted acquisitions.

謝謝，肖恩。如上所述，我們的資產負債表實力和現金狀況使我們能夠大幅提高市場佔有率，並以堅定的信念和敏捷的行動利用這些前所未有的順風。我們的策略很明確，進攻。我們將透過投資我們的人工智慧技術產品和政府解決方案以及有針對性的收購來實現有機成長。

On organic growth, we're investing to supercharge our growth engine, specifically around capture campaigns pertaining to OB 3 and the private sector security technology markets. We'll also be expanding our investment in marketing. Given the extent of the value that we can provide potential customers at this moment, we believe that broad awareness is critical and we have the resources to support a much greater presence.

在有機成長方面，我們正在投資增強我們的成長引擎，特別是圍繞 OB 3 和私營部門安全技術市場的捕獲活動。我們也將擴大對行銷的投資。考慮到我們目前能夠為潛在客戶提供的價值範圍，我們認為廣泛的知名度至關重要，並且我們擁有資源來支持更大的影響力。

Talent for attracting and retaining top tier talents from both the tech and national security communities. As we expand into this new chapter, we will be bringing on senior advisors and operators that can further support our business in scaling to the next level.

吸引和留住科技界和國家安全界頂尖人才。隨著我們進入新的篇章，我們將引入高級顧問和營運商，以進一步支持我們的業務擴展到新的水平。

Innovation. Our AI innovation agenda is advancing quickly, and we are focusing on both our core existing capabilities and on additional frontier innovation, including physical AI and Internet of Things integration and agentic systems that will operate in the real world to drive security and efficiency at scale.

創新。我們的人工智慧創新議程正在快速推進，我們既關注現有核心能力，也關注其他前沿創新，包括實體人工智慧和物聯網整合以及將在現實世界中運行的代理系統，以大規模推動安全性和效率。

Partnerships. We are deepening ties with strategic partners domestically and internationally to ensure our capabilities integrate seamlessly into the ecosystems that matter most and that we have distribution access that extends globally.

合作夥伴關係。我們正在深化與國內外戰略合作夥伴的聯繫，以確保我們的能力無縫融入最重要的生態系統，並確保我們擁有覆蓋全球的分銷管道。

M&A, most critically, we are actively pursuing strategic transformational acquisitions. We are looking at targets that will accelerate scale, unlock new markets, and add step function and AI capability.

併購，最關鍵的是，我們正在積極尋求策略轉型收購。我們正在尋找能夠加速規模、開拓新市場以及增加階躍功能和人工智慧能力的目標。

Let me close by bringing it all together. When we have experienced some contract disruption that has negatively impacted our financial results, this quarter should not be defined by it. Instead, the opportunities we have in this moment are defined by powerful market tailwinds, significant progress in the business and our technology, and a strong financial posture going forward to take rapid advantage of the climate that we're operating in. We're in the right markets for the right platforms, and we are proving that in the field.

最後，請容許我總結一下。當我們遇到一些合約中斷並對我們的財務業績產生負面影響時，本季不應該由此受到影響。相反，我們此刻所擁有的機會是由強大的市場順風、業務和技術的重大進步以及強勁的財務狀況決定的，以便迅速利用我們所處的營運環境。我們處於正確的市場，擁有正確的平台，我們正在實踐中證明這一點。

We intend to gain market share, win new customers, establish new partnerships, and secure our place at the center of AI transformation in national and border security, transportation and mobility, and critical infrastructure. We have the cash to invest, the conviction to advance, and we're building the team to execute.

我們旨在獲得市場份額、贏得新客戶、建立新的合作夥伴關係，並確保我們在國家和邊境安全、交通和移動以及關鍵基礎設施的人工智慧轉型中佔據中心地位。我們有資金進行投資，有信心前進，我們正在組建團隊來執行。

Thank you to our Bigbear AI team and our shareholders for your continued support. I look forward to speaking with all of you next quarter to update you on our progress.

感謝我們的 Bigbear AI 團隊和股東的持續支持。我期待下個季度與大家交談，向大家通報我們的進度。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接並感謝您的參與。