BigBear.ai Holdings Inc (BBAI) 2025 Q3 法說會逐字稿

Greetings and welcome to BigBear.ai Holdings Inc., third-quarter 2025 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 BigBear.ai Holdings Inc. 2025 年第三季財報電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Chief Financial Officer, Sean Ricker. Thank you, sir. Please go ahead.

現在，我榮幸地向大家介紹主持人，財務長肖恩·里克。謝謝您，先生。請繼續。

Good afternoon and thank you all for joining us today for our 3rd quarter 2025 earnings call. I'm Sean Ricker, CFO of Big Bear AI, and I'm joined today by our CEO Kevin McAleenan.

下午好，感謝各位今天參加我們2025年第三季財報電話會議。我是 Big Bear AI 的財務長 Sean Ricker，今天與我一起的是我們的執行長 Kevin McAleenan。

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.

今天電話會議中所提出的非歷史事實的陳述均被視為前瞻性陳述，並符合聯邦證券法的安全港條款。實際結果可能與前瞻性聲明中預測的結果有重大差異。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聲明中的結果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.

今天我們在網站上發布了一些圖表，我們計劃在電話會議上對這些圖表進行說明，以補充我們的演講。

These charts also include information regarding non-GAAP measures that may be used in today's call.

這些圖表還包含有關今天電話會議中可能用到的非GAAP指標的資訊。

Please access our website at www.bigbar.ai and click on the investor relations link to view and follow the charts. With that, I'd like to turn the call over to Kevin.

請造訪我們的網站 www.bigbar.ai，點擊投資者關係連結查看和關注圖表。接下來，我想把電話交給凱文。

Good afternoon. It's good to be back speaking with our shareholders and analysts about our progress today.

午安.今天很高興能再次與我們的股東和分析師們交流我們所取得的進展。

3 months ago, I told you Big Bear was going on offense, taking advantage of our positioning in the market and our increased capital to grow organically and to strengthen our position through disciplined M&A.

3 個月前，我告訴過你們，大熊公司將採取進攻策略，利用我們在市場上的地位和增加的資本，實現有機增長，並透過有紀律的併購來鞏固我們的地位。

Since then, we've moved with purpose, assessing markets where we can lead, evaluating strategic opportunities, and engaging across our industry to identify the right targets. We've been intentional in every step of the process, scouting the market, evaluating AI technology developments, and aligning around a clear thesis for value creation.

從那時起，我們有目的地前進，評估我們可以引領的市場，評估策略機遇，並與整個產業互動，以確定合適的目標。我們從頭到尾都精心策劃，考察市場，評估人工智慧技術的發展，並圍繞一個清晰的價值創造概念進行調整。

That deliberate approach has led us to a significant step forward for the company, one intended to advance our vision, accelerate growth, and position Big Bear AI for leadership in our core national security market by capitalizing on the increasing adoption of generative AI for defense capabilities.

這種深思熟慮的方法使公司向前邁出了重要一步，旨在推進我們的願景，加速成長，並透過利用生成式人工智慧在國防能力方面的日益普及，使 Big Bear AI 在我們核心的國家安全市場中佔據領導地位。

Today I'm excited to announce that Big Bear has signed a definitive agreement to acquire Ask Sage, a cutting edge and fast growing generative AI platform for secure distribution of AI models and agentic capabilities built specifically for defense and national security agencies and other highly regulated sectors. In plain terms, Aksage lets organizations safely use the best AI models and AI agents to get real work done. With sensitive or classified data, Sage is cloud and model agnostic, integrates with both current frontier and emerging AI technologies, and delivers those rapidly expanding capabilities directly for use by warfighters, coders, contracting professionals, analysts, and administrators at all levels of security and at the speed of model development through platform level cybersecurity certification.

今天我很高興地宣布，Big Bear 已簽署最終協議收購 Ask Sage，Ask Sage 是一個尖端且快速發展的生成式人工智慧平台，用於安全地分發專為國防和國家安全機構以及其他高度監管行業構建的人工智慧模型和代理能力。簡而言之，Aksage 讓組織能夠安全地使用最好的 AI 模型和 AI 代理來完成實際工作。對於敏感或機密數據，Sage 與雲端和模型無關，可與當前前沿和新興的 AI 技術集成，並透過平台級網路安全認證，以模型開發的速度，直接向作戰人員、程式設計師、承包專業人員、分析師和管理員提供這些快速擴展的功能，滿足各個安全級別的要求。

Asage already supports more than 16,000 government teams across 27 agencies and hundreds of commercial companies, and annual recurring revenue is on track to grow over 6 times from 2024 to 2025.

Asage 已為 27 個政府機構的 16,000 多個政府團隊和數百家商業公司提供支持，預計 2024 年至 2025 年的年度經常性收入將增長 6 倍以上。

We will dig deeper into the investment rationale in a few moments, but this is a big development that we expect to accelerate our growth and further advance our position as a technology catalyst for both government and commercial customers.

稍後我們將深入探討這項投資的理由，但這是一項重大進展，我們預計這將加速我們的成長，並進一步鞏固我們作為政府和商業客戶技術催化劑的地位。

On our agenda for the call, I will share why this acquisition is such an important step for Big Bear AI, how it fits squarely within our M&A framework, and why it strengthens our leadership in this rapidly expanding market segment.

在本次電話會議的議程中，我將分享為什麼此次收購對 Big Bear AI 來說是如此重要的一步，它如何完全符合我們的併購框架，以及為什麼它加強了我們在這一快速成長的市場領域的領導地位。

Then I'll turn to our broader market outlook and business performance and ask Sean to walk through our financial results, and I'll close with a look at where we go from here.

接下來，我將談談我們更廣泛的市場前景和業務表現，並請肖恩詳細介紹我們的財務業績，最後，我將展望一下我們未來的發展方向。

But I'd like to start off by congratulating Sean for his official appointment to the role of Chief Financial Officer as of October 14th, having held the interim position since June. Sean has done an excellent job in his expanded role at Big Barry I. He's been a true strategic partner for me while delivering rigor, transparency, and discipline in our financial operations. He maintains the respect of our board and our team, and I couldn't be more excited to work with him to execute this next phase of Big Bear's evolution.

首先，我要祝賀肖恩於 10 月 14 日被正式任命為財務官，他自 6 月以來一直擔任該臨時職位。Sean 在 Big Barry I 擔任更重要的職務後表現出色。他一直是我的真正策略夥伴，同時在我們的財務營運中展現了嚴謹性、透明度和紀律性。他贏得了董事會和團隊的尊重，我非常高興能與他合作，共同推動大熊隊發展的下一個階段。

To frame today's discussion, I will explain our corporate development strategy because M&A plays a central role in our plans to accelerate Big Barry E's growth. Over the past several months, we've built and refined a disciplined, thesis-driven approach to M&A, one where every investment is structured to advance our mission, strengthen our differentiation, and build long-term value.

為了更好地展開今天的討論，我將解釋我們的企業發展策略，因為併購在我們加速 Big Barry E 成長的計劃中起著核心作用。在過去的幾個月裡，我們建立並完善了一種嚴謹的、以理論為導向的併購方法，在這種方法中，每一項投資都旨在推進我們的使命，增強我們的差異化優勢，並創造長期價值。

Our acquisition framework focuses on 3 areas where we believe that Big Berry I is best positioned to combine our mission expertise with cutting-edge technology and achieve greater impact for our performance and investors.

我們的收購框架專注於 3 個領域，我們認為 Big Berry I 在這些領域最能將我們的專業知識與尖端技術相結合，從而為我們的業績和投資者帶來更大的影響。

First, disruptive AI mission solutions for national security.

首先，顛覆性的人工智慧任務解決方案，用於國家安全。

Unlocking the power of AI for the defense mission is essential to America's continued leadership in global security and to maintaining our edge in strategic competition with potential adversaries.

釋放人工智慧在國防任務中的作用，對於美國繼續在全球安全領域保持領導地位，以及在與潛在對手的戰略競爭中保持優勢至關重要。

We're evaluating high growth companies that have built secure, scalable, mission tailored AI solutions with products solving real problems for operators, not solely developing enabling technologies. The opportunity here is significant. AI adoption across defense, intelligence, and homeland security is still in the early stages. And the companies that can deliver tangible outcomes are well positioned for outsized growth.

我們正在評估那些已經建立了安全、可擴展、任務客製化的人工智慧解決方案的高成長公司，這些公司的產品能夠解決營運商的實際問題，而不僅僅是開發賦能技術。這裡蘊藏著巨大的機會。人工智慧在國防、情報和國土安全領域的應用仍處於早期階段。能夠帶來實際成果的公司，將更有可能實現超額成長。

Second, smart, secure travel and trade.

其次，智能、安全的旅行和貿易。

While Bigber AI's mission is grounded in national security, that mission continues to evolve as global dynamics shift and the secure and transparent movement of people and goods becomes increasingly essential to maintaining economic advantage and safeguarding the prosperity of the United States and our allies. Accordingly, a second core area for our potential investment is on technologies that enhance security and efficiency in travel and trade, particularly computer vision capabilities like biometrics, threat detection, and monitoring.

雖然 Bigber AI 的使命以國家安全為基礎，但隨著全球局勢的變化，人員和貨物的安全透明流動對於維持經濟優勢和保障美國及其盟友的繁榮變得越來越重要，因此該使命也在不斷發展。因此，我們潛在投資的第二個核心領域是提高旅行和貿易安全性和效率的技術，特別是電腦視覺能力，如生物識別、威脅檢測和監控。

With our deep expertise and proven success through our digital identity portfolio, we believe we are well positioned to lead in an attractive market with growing investment and attention that is still fragmented and primed for disruption.

憑藉我們在數位身分產品組合方面的深厚專業知識和已證明的成功，我們相信我們有能力在一個充滿吸引力、投資和關注度不斷增長、但仍處於分散狀態且充滿變革潛力的市場中處於領先地位。

Third, platform level AI technologies.

第三，平台級人工智慧技術。

Our mission expertise is key to what sets Big bear AI apart, but to translate that expertise into real world impact, we must operate on platforms built for the world's most demanding use cases. The missions we serve in security, travel, and trade don't operate under typical timelines or tolerances. As a result, we are also targeting companies developing foundational AI tooling, orchestration, and data infrastructure to enable us to build and deliver the world's most advanced solutions at speed and ahead of accelerating innovation and competition.

我們的使命專長是 Big Bear AI 與眾不同的關鍵所在，但要將這種專長轉化為現實世界的影響，我們必須在為滿足世界上最苛刻的使用場景而構建的平台上運行。我們在安全、旅行和貿易領域執行的任務，其運作不受典型的時間表或容差限制。因此，我們也瞄準了那些開發基礎人工智慧工具、編排和數據基礎設施的公司，以便我們能夠快速建置和交付世界上最先進的解決方案，並領先於不斷加速的創新和競爭。

Our national security operators must have immediate access to the cutting edge commercial models and technologies being advanced globally to ensure deterrence and readiness. The United States and its allies must maintain their advantage in AI innovation. We intend to help make sure they do.

為了確保威懾和戰備能力，我們的國家安全人員必須能夠立即獲得全球正在推進的尖端商業模式和技術。美國及其盟友必須保持在人工智慧創新領域的優勢。我們打算幫助他們實現這個目標。

As the market accelerates toward generative agentic, and real-time AI, those same platform capabilities will position us not just to keep pace with our competition but to lead, driving sustained growth and margin expansion.

隨著市場加速向生成式智能體和即時人工智慧發展，這些平台功能將使我們不僅能夠與競爭對手保持同步，而且能夠引領產業，從而推動持續成長和利潤率擴張。

Our M&A framework is designed so that the decisions we make sharpen our competitive edge, deepen our mission impact, and position us for scalable and durable growth.

我們的併購框架旨在使我們所做的決策能夠增強我們的競爭優勢，加深我們的使命影響，並使我們實現可擴展和可持續的成長。

The acquisition of AskSage is a clear example of this framework in action. With Ask Sage, we have found a critical platform level AI technology, purpose-built, proven in the most secure and demanding mission environments, and positioned to accelerate everything we're building at Big Bear AI.

收購 AskSage 就是這個框架實際應用的一個明顯例子。借助 Ask Sage，我們找到了關鍵的平台級 AI 技術，它是專門構建的，在最安全、最苛刻的任務環境中得到了驗證，並且能夠加速我們在 Big Bear AI 所做的一切。

Ask Sage is impressive. It is a secure, model agnostic G AI platform built specifically for government and other highly regulated industries.

Ask Sage 令人印象深刻。這是一個安全、與模型無關的 G AI 平台，專為政府和其他高度監管的行業而建構。

In these environments, agencies often face challenges leveraging openly available commercial AI models due to data sensitivity, compliance mandates, and classified operations. This constraint slows the adoption of AI and limits mission speed.

在這些環境下，由於資料敏感性、合規性要求和機密操作，機構在利用公開可用的商業人工智慧模型方面常常面臨挑戰。這項限制減緩了人工智慧的普及應用，並限制了任務速度。

Assay removed that barrier.

檢測方法消除了這一障礙。

By enabling agencies to deploy and operate AI models anywhere from the tactical edge to classified clouds within secure accredited environments so partners can innovate safely, quickly, and at scale, and it's already available in the Microsoft and AWS marketplaces.

透過讓機構能夠在安全認證的環境（從戰術邊緣到機密雲端）中部署和運行 AI 模型，合作夥伴可以安全、快速、大規模地進行創新，並且該技術已在 Microsoft 和 AWS 市場中提供。

Astage stands out in this area. It is currently one of the only model agnostic Gen AI platforms holding FedRAMP high accreditation, with over 30 frontier models deployed across VOD and national security customers. It orchestrates the leading open source and government approved models. Pulls in enterprise and mission data under strict governance and makes it easy to stand up production ready AI agents for real high value use cases like acquisition, cybersecurity, coding, compliance, intelligence and operational analysis, and ultimately mission automation.

Astage 在這方面表現出色。目前，它是為數不多的獲得 FedRAMP 高級認證的與模型無關的 Gen AI 平台之一，已在視訊點播和國家安全客戶中部署了 30 多個前沿模型。它整合了領先的開源和政府認可的模式。在嚴格的管控下提取企業和任務數據，並輕鬆建立可用於生產環境的 AI 代理，以應對真正的高價值用例，例如採購、網路安全、編碼、合規性、情報和營運分析，並最終實現任務自動化。

One of the primary elements that makes this so valuable to us is the installed base and accreditation posture we're acquiring. As Sage already supports more than 100,000 users on 16,000 government teams and hundreds of commercial companies, which means we're not only buying an idea, we're buying a turnkey platform that's in production today at scale in the environments that matter most.

對我們而言，其價值主要體現在我們正在獲得的現有使用者基礎和認證地位。Sage 已經為 16,000 個政府團隊和數百家商業公司中的 100,000 多名用戶提供支持，這意味著我們購買的不僅僅是一個理念，而是一個交鑰匙平台，它現在已經在最重要的環境中大規模投入生產。

And because the platform was designed to be agnostic to LLMs and deployment models, we can meet each customer where their security classification, and data residency requirements are without locking them or us into a single model or cloud. Further, with out of the box support for 150 plus open source and commercial A am models, customers can select a specific model best suited to their mission and even build multi-model agents that combine the strengths of different systems to achieve superior outcomes.

由於該平台的設計與 LLM 和部署模型無關，因此我們可以滿足每個客戶的安全分類和資料駐留要求，而不會將他們或我們鎖定在單一模型或雲端。此外，憑藉對 150 多個開源和商業 A/M 模型開箱即用的支持，客戶可以選擇最適合其任務的特定模型，甚至可以建立結合不同系統優勢的多模型代理，以實現更優異的結果。

ASA also provides a framework to build and ship vertical mission-specific agents quickly. With ASA, we are positioning ourselves to deliver secure AI agents that actually act on mission data and drive outcomes at the highest classification levels and do it repeatedly across defense, security agencies, and the defense industrial base. From a business standpoint, this capability not only accelerates delivery and differentiation, but also creates meaningful operating leverage and sustained margin uplift as we scale.

ASA 還提供了一個框架，可以快速建置和交付垂直特定任務代理程式。借助 ASA，我們能夠提供安全的 AI 代理，這些代理能夠根據任務資料採取行動，並在最高密級範圍內推動成果，並在國防、安全機構和國防工業基地反覆執行這些任務。從商業角度來看，這種能力不僅可以加快交付速度和實現差異化，而且隨著我們規模的擴大，還能創造有意義的營運槓桿和持續的利潤率提升。

In addition to its capabilities, the market backdrop for AA is compelling. According to the US Government Accountability Office, the number of federal Gen AI use cases has grown over 8 times since 2023. AA is already capturing the wave. It has grown AAR sixfold over the last year and is tracking toward $25 million in ARR in 2025.

除了自身能力之外，AA 的市場前景也十分誘人。據美國政府問責局稱，自 2023 年以來，聯邦政府的 Gen AI 應用案例數量增加了 8 倍以上。AA 已經抓住了這股浪潮。過去一年，其平均年收入成長了六倍，預計到 2025 年，年度經常性收入將達到 2,500 萬美元。

This growth is powered by real deployments, including the US Space Force, Defense Health Agency, Office of the Secretary of Defense, Chief Digital AI Office, 11 Combatant Commands, NAAI, and the US Army's Enterprise LLM Workspace, which all run on AA today.

這一增長得益於實際部署，包括美國太空部隊、國防衛生局、國防部長辦公室、首席數位人工智慧辦公室、11 個作戰司令部、NAAI 和美國陸軍的企業級 LLM 工作區，它們目前都在 AA 上運作。

This rapid momentum is a clear sign of first mover advantage and the speed at which assage has achieved a high level security posture in the delivery of tangible value.

這種快速發展勢頭清楚地表明了先發優勢，以及 Assage 在提供實際價值方面迅速達到高水準安全態勢。

Finally, AA is led by its founder, an exceptional talent in Nicholas Shalon. Nick is one of the most respected voices in secure mission grade AI, having served as the former Chief Software Officer for both the US Air Force and Space Force, and founded multiple companies over the past 25 years. He has proven that he can build technology the Pentagon actually uses rapidly and iteratively to support critical missions.

最後，AA 由其創始人、傑出人才尼古拉斯·沙龍領導。Nick 是安全任務級人工智慧領域最受尊敬的人物之一，他曾擔任美國空軍和太空部隊的首席軟體官，並在過去 25 年中創辦了多家公司。他已經證明，他能夠快速迭代地開發出五角大廈實際使用的技術，以支援關鍵任務。

I am thrilled to announce that Nick will be joining Big Bear at the closing of the transaction to lead our technology teams as Chief Technology Officer, where he will focus on enhancing our broader portfolio and increasing the efficiency and velocity of our product development and innovation while powering us forward as an AI first company across all of our functions.

我很高興地宣布，交易完成後，Nick 將加入 Big Bear，擔任首席技術官，領導我們的技術團隊。他將致力於增強我們更廣泛的產品組合，提高產品開發和創新的效率和速度，同時推動我們作為一家人工智慧優先的公司在所有職能部門向前發展。

By integrating S8 with BigBerry I, we are creating an offering the market has been asking for a secure integrated AI platform that connects software, data, and mission services in one place. I'd like to touch on a few important synergies.

透過將 S8 與 BigBerry I 集成，我們正在打造市場一直以來所期待的安全整合人工智慧平台，該平台將軟體、數據和任務服務連接在一個地方。我想談談幾個重要的綜效。

First, we plan to cross-sell the AA platform into BigB AI's existing federal and commercial accounts, opening up a new group of DHS intelligence community, and travel mobility customers that need secure AI for speed processing and threat detection.

首先，我們計劃將 AA 平台交叉銷售給 BigB AI 現有的聯邦和商業客戶，從而開拓國土安全部情報機構和旅行移動客戶的新群體，這些客戶需要安全的 AI 來進行快速處理和威脅檢測。

Second, we plan to introduce BigBerry AI products into the large and growing Aage user base. These customers are already operating in a secure AI environment. We can now offer them more mission apps, more data sources, and more automation.

其次，我們計劃將 BigBerry AI 產品引入龐大且不斷成長的 Aage 用戶群。這些客戶已經在安全的AI環境中運作。現在我們可以為他們提供更多任務應用程式、更多資料來源和更多自動化功能。

Third, we plan to wrap our integration and mission services around the applications and agents deployed on ASage, giving customers not only the AI capability, but also the deployment, tuning, and change management support to ensure that they maximize the value potential of the offering. 4th, ASage application marketplace gives us a faster route to market for future offerings, whether built organically, through partnerships, or via acquisition. It'scom a distribution channel for innovation.

第三，我們計劃圍繞部署在 ASage 上的應用程式和代理程式建立整合和任務服務，不僅為客戶提供人工智慧功能，還提供部署、調優和變更管理支持，以確保他們最大限度地發揮產品的價值潛力。第四，ASage 應用市場為我們未來的產品提供了更快的市場推廣途徑，無論這些產品是透過自身發展、合作或收購而獲得的。It's.com 是一個創新產品的通路。

In sum, this acquisition represents a watershed moment for Big Bear AI and our shareholders. We are acquiring not just technology, but the foundation of an ecosystem that positions us to support the AI revolution in government and regulated industries. With unprecedented government AI investments expected in 2026 and 2027, Aage's existing accreditations and operational platform will give us a key competitive advantage. While others are still building and working through certification, we will be deploying and scaling.

總之，此次收購對 Big Bear AI 和我們的股東來說是一個具有里程碑意義的時刻。我們獲得的不僅僅是技術，而是生態系統的基礎，這將使我們能夠支持政府和受監管產業的AI革命。預計 2026 年和 2027 年政府將對人工智慧進行前所未有的投資，Aage 現有的認證和營運平台將為我們帶來關鍵的競爭優勢。當其他人還在建造和進行認證工作時，我們將開始部署和擴展。

We intend to move quickly and integrate Aage after closing, and we're looking forward to executing on this shared vision together.

我們計劃在交易完成後迅速推進並整合 Aage，我們期待共同實現這一共同願景。

Now turning to the broader market environment, over the past several months, we strengthened our momentum across core markets and national security and travel and trade while expanding into international arenas. We said we plan to diversify our pipeline, deepen partnerships, and demonstrate execution at scale, and we've delivered. Our capture campaigns under the One Big Beautiful bill are well underway, broadening our pipeline across DHS and defense, and positioning Big Barry I to compete successfully for the key investments in security that this generational funding source will bring.

現在轉向更廣泛的市場環境，在過去的幾個月裡，我們在核心市場、國家安全、旅遊和貿易領域加強了發展勢頭，同時拓展到國際領域。我們曾說過，我們計劃實現產品線多元化、深化合作夥伴關係並大規模地展現執行力，而我們已經做到了。根據《一個大而美好的法案》，我們的爭取行動正在順利進行，擴大了我們在國土安全部和國防部的管道，使「大巴里一世」能夠成功競爭這一代資金來源將帶來的關鍵安全投資。

Across our growth apparatus, we've demonstrated real measurable progress. Our Variscan biometric platform continues to expand to additional airports and is now live at Chicago O'Hare, Seattle Tacoma International Airport, and Nashville in support of CBP's enhanced passenger processing program. These deployments are improving security, accelerating processing times, and enhancing traveler experience at some of the country's busiest airports of entry.

在我們的成長體系中，我們已經取得了實際可衡量的進步。我們的 Variscan 生物辨識平台持續擴展到更多機場，目前已在芝加哥奧黑爾機場、西雅圖塔科馬國際機場和納許維爾投入使用，以支援美國海關與邊境保護局 (CBP) 的增強型旅客處理計畫。這些部署正在提高該國一些最繁忙入境機場的安全性，加快處理速度，並提升旅客體驗。

In the national security space, we advance our core platforms, integrating conductor OS and vain to deliver real-time situational awareness and decision support for multi-domain operations.

在國家安全領域，我們推進核心平台的發展，整合 Conductor OS 和 Vain，為多域作戰提供即時態勢感知和決策支援。

New partnerships with TS2 and DfCON AI extend our capability to the tactical edge, processing data in disconnected environments and strengthening joint force logistics and readiness. Our participation in Unitas 2025 alongside the US Navy and SMX further demonstrated the scalability of our AI solutions and complex real-world missions.

與 TS2 和 DfCON AI 建立新的合作夥伴關係，將我們的能力擴展到戰術邊緣，在斷開的環境中處理數據，並加強聯合部隊的後勤和戰備能力。我們與美國海軍和SMX公司一起參加Unitas 2025，進一步證明了我們的人工智慧解決方案的可擴展性以及在複雜現實世界任務中的能力。

Internationally, we're proving the reach and reliability of our technology. In the UK, our Pangaea threat detection software completed successful trials at Edinburgh Airport, validating performance under operational conditions. In the Middle East, we continue to build momentum in the UAE where we serve as title sponsor of the Global AI Show in Abu Dhabi, a premier venue for advancing trusted, mission-driven AI with global partners and allies.

在國際上，我們正​​在證明我們技術的覆蓋範圍和可靠性。在英國，我們的 Pangaea 威脅偵測軟體在愛丁堡機場成功完成了試驗，驗證了其在實際運作條件下的表現。在中東，我們繼續在阿聯酋保持發展勢頭，我們是阿布達比全球人工智慧展的冠名贊助商，該展會是與全球合作夥伴和盟友共同推動值得信賴、以使命為導向的人工智慧的首要場所。

We also entered the sports and entertainment arena through our landmark partnership with the Washington Commanders, securing naming rights for the Big Barry High Performance Center. By stepping onto the national stage alongside one of the NFL's most storied franchises, we're extending our visibility beyond the defense and government sectors, connecting our brand to performance, precision, and innovation, the very attributes that define our technology.

我們也透過與華盛頓指揮官隊的里程碑式合作，進入了體育和娛樂領域，獲得了大巴里高性能中心的冠名權。透過與 NFL 最負盛名的球隊之一一起登上國家舞台，我們將我們的知名度擴展到國防和政府部門之外，將我們的品牌與性能、精準和創新聯繫起來，而這些正是定義我們技術的屬性。

All that said, like all federal contractors, we are actively navigating the government shutdown.

儘管如此，與所有聯邦承包商一樣，我們正在積極應對政府停擺的影響。

Importantly, over 80% of our government contract work has been deemed accepted and mission essential, including our work for the Department of War and the Department of Homeland Security. We are proud to have the opportunity to continue to support our government customers during the lapse in appropriations. That said, parts of several contracts, mostly for the intelligence community, have been temporarily paused and have resulted in some revenue and personnel disruption. We look forward to a resolution of the shutdown and getting our team back to full strength in support of our mission customers.

重要的是，我們超過 80% 的政府合約工作已被認定為已接受且為任務關鍵型工作，其中包括我們為戰爭部和國土安全部所做的工作。在撥款中斷期間，我們很榮幸有機會繼續為政府客戶提供支援。儘管如此，一些合約的部分內容（主要涉及情報部門）已被暫時中止，導致收入和人員方面出現一些混亂。我們期待停工問題盡快解決，讓我們的團隊恢復滿員，為我們的任務客戶提供支援。

Throughout the quarter, we've executed with rigor, staying disciplined and capital deployment while expanding our customer base, diversifying our pipeline, and strengthening our international presence. With that, I'll turn it over to Shawn to walk through our financial performance in more detail.

本季度，我們嚴格執行各項工作，保持紀律和資本部署，同時擴大客戶群，使我們的業務管道多元化，並加強我們的國際影響力。接下來，我將把發言權交給肖恩，讓他更詳細地介紹我們的財務表現。

Thanks Kevin. This quarter we have continued to make sequential improvements to our balance sheet in terms of our liquidity and net debt position.

謝謝你，凱文。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環比改善。

At the end of the 3rd quarter, we have total cash and investments of $715 million which includes $457 million of cash and $258 million of held to maturity securities.

截至第三季末，我們共有現金和投資總額為 7.15 億美元，其中包括 4.57 億美元現金和 2.58 億美元持有至到期證券。

During the third quarter through our at the market facilities, we raised gross proceeds of approximately $337 million in exchange for the sale of 65 million shares of our common stock, which equates to an average gross selling price of $5.18 per share.

第三季度，我們透過市場融資管道，出售了 6,500 萬股普通股，籌集了約 3.37 億美元的總收益，相當於每股平均毛售價為 5.18 美元。

Our ability to access the capital markets at relatively low cost and at attractive prices will allow us to continue to execute on the M&A strategy that Kevin outlined and to make other investments to accelerate growth in the future.

我們能夠以相對較低的成本和優惠的價格進入資本市場，這將使我們能夠繼續執行凱文概述的併購策略，並進行其他投資以加速未來的成長。

Now let's turn to our operating results for the quarter.

現在讓我們來看看本季的經營業績。

Third quarter revenue was $33.1 million a decrease of $8.4 million year over year, which was primarily driven by lower volume on Army programs.

第三季營收為 3,310 萬美元，年減 840 萬美元，主要原因是陸軍工程數量減少。

Gross margins decreased year over year. Gross margin for the third quarter of 2025 was 22.4% versus 25.9% for the comparable period, primarily due to certain higher margin programs in the third quarter of 2024 that were not repeated in the third quarter of 2025.

毛利率較去年同期下降。2025 年第三季的毛利率為 22.4%，而 2024 年第三季的毛利率為 25.9%，這主要是由於 2024 年第三季實施了一些利潤率較高的項目，而這些項目在 2025 年第三季沒有重複實施。

SG&A expenses increased from $17.5 million in the third quarter of 2024 to $25.3 million in the third quarter of 2025. The increase in SG&A was primarily related to increased SG&A labor infringe costs of $4.3 million to support growth in other initiatives, increased non-recurring strategic initiatives of $2 million and an increase in marketing and other growth investments of $1.4 million.

銷售、一般及行政費用從 2024 年第三季的 1,750 萬美元增加到 2025 年第三季的 2,530 萬美元。銷售、一般及行政費用的增加主要與以下因素有關：為支持其他措施的成長，銷售、一般及行政勞動侵權成本增加了 430 萬美元；非經常性策略措施增加了 200 萬美元；以及行銷和其他成長投資增加了 140 萬美元。

Our net income for the third quarter was $2.5 million driven by a decrease in the fair value of derivatives of about $26 million primarily associated with the quarterly remeasurement of the convertible features of our convertible notes, which was partially offset by the increased SG&A spending previously mentioned.

第三季淨收入為 250 萬美元，主要原因是衍生性商品公允價值減少約 2,600 萬美元，主要是由於我們可轉換票據的可轉換特性按季度重新計量所致，但部分被前面提到的銷售、一般及行政費用增加所抵銷。

Adjusted EBITDA for the third quarter was $9.4 million versus $900,000 in the comparable period.

第三季調整後 EBITDA 為 940 萬美元，去年同期為 90 萬美元。

The decrease in adjusted EBITDA was driven by the increased SG&A spending, as well as the lower gross profit due to contract mix.

調整後 EBITDA 的下降是由於銷售、一般及行政費用增加，以及合約組合導致毛利下降所致。

While there are still risks related to the ultimate resolution and timing of the ongoing government shutdown, for the full year 2025, we continue to project revenue between $125 million and $140 million.

儘管目前政府停擺的最終解決和時間表仍存在風險，但我們仍然預計 2025 年全年收入將在 1.25 億美元至 1.4 億美元之間。

The anticipated acquisition of Asage is expected to close late in the 4th quarter of 2025 or early in the 1st quarter of 2026, and therefore we do not expect the financial results of the acquisition to have a material impact on our consolidated 2025 financial results.

預計對 Asage 的收購將於 2025 年第四季末或 2026 年第一季初完成，因此我們預計此次收購的財務結果不會對我們 2025 年的合併財務業績產生重大影響。

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

現在我將把發言權交還給凱文，讓他討論我們的工作重點並作一些總結性發言。

Thanks. As Sean presented, our financial position remains strong, with cash and investments totaling $715 million. This foundation has allowed us to move quickly and strategically, investing in organic growth, targeted partnerships, and the infrastructure necessary to scale. And as we scale, another major focus area is talent. We are continuing to develop a world-class team that includes substantially expanding the size of our growth team. Bringing on experienced sales leaders who can expand our reach, deepen customer relationships, and translate our technical differentiation into market share gains and long-term revenue growth.

謝謝。正如肖恩所介紹的，我們的財務狀況依然強勁，現金和投資總額達 7.15 億美元。這項基礎使我們能夠快速、有策略地發展，投資於有機成長、有針對性的合作夥伴關係以及規模化所需的基礎設施。隨著公司規模的擴大，人才將成為另一個重點領域。我們正在持續打造一支世界級的團隊，其中包括大幅擴大我們的成長團隊規模。引進經驗豐富的銷售領導者，以擴大我們的業務範圍，深化客戶關係，並將我們的技術差異化轉化為市場份額的成長和長期的收入成長。

We look to our acquisition of Asage to support accelerating our growth in 2026 and beyond, driving our ability to deliver platform-level AI technologies built for the world's most demanding missions. By combining Big Barry AI's mission expertise with Asage's world-class Gen AI capabilities. We'll strengthen our capacity to build and deploy secure, scalable, and agile solutions at the speed that our industry's innovation demands.

我們希望透過收購 Asage 來支援我們在 2026 年及以後加速成長，提升我們交付平台級人工智慧技術的能力，以應對世界上最苛刻的任務。透過將 Big Barry AI 的任務專業知識與 Asage 世界一流的 Gen AI 能力相結合。我們將加強自身能力，以滿足產業創新所需的速度，建構和部署安全、可擴展和敏捷的解決方案。

This acquisition will advance our vision of providing US operators with immediate access to cutting edge AI, reinforcing deterrence, readiness, and leadership across the national security, travel, and trade spaces.

此次收購將推動我們的願景，即為美國營運商提供立即使用尖端人工智慧的機會，從而加強國家安全、旅行和貿易領域的威懾力、戰備能力和領導地位。

Before we close, I want to remind our shareholders that your voice matters. Participating in the upcoming special meeting of stockholders is one of the most important ways you can help shape Big Barry's future. To this end, we are asking our shareholders to approve at our December 1st special meeting an increase in our authorized capital to support these growth initiatives.

在結束之前，我想提醒各位股東，你們的意見很重要。參加即將舉行的股東特別會議是您幫助塑造 Big Barry 未來的最重要途徑之一。為此，我們請求股東在 12 月 1 日的特別股東大會上批准增加公司法定資本，以支持這些成長計畫。

Looking ahead, the foundations we've built this year set the stage for accelerated growth in 2026 and beyond. We are building a stronger, more resilient Big Barry A, one positioned to lead in national security and travel and trade modernization worldwide.

展望未來，我們今年奠定的基礎為 2026 年及以後的加速成長奠定了基礎。我們正在建立一個更強大、更有韌性的“大巴里A”，一個在國家安全以及全球旅行和貿易現代化方面處於領先地位的“大巴里A”。

Thank you as always to our Big Barri Ey team and to our shareholders for continued support. I look forward to speaking with all of you next quarter to update you on our progress.

一如既往地感謝我們的 Big Barri Ey 團隊和股東們的持續支持。我期待下個季度與各位交流，向大家報告我們的進度。

Thank you sir.

謝謝您，先生。

Ladies and gentlemen, that then concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for joining us. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。