BigBear.ai Holdings, Inc. (BBAI) 2026 Q3 法說會逐字稿

Greetings and welcome to the Big Bear AI Holdings, Inc. Third Quarter 2026 Earnings Call Webcast. (Operator Instructions) It is now my pleasure to introduce Sean Ricker, Chief Financial Officer.

各位好，歡迎收看 Big Bear AI Holdings, Inc. 2026 年第三季財報電話會議網路直播。(接線員指示) 現在我很榮幸介紹 Big Bear AI 財務長 Sean Ricker。

Good afternoon, and thank you all for joining us today for our third quarter 2026 earnings call. I'm Sean Ricker, CFO of Big Bear AI, and I'm joined today by our CEO, 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.

各位下午好，感謝大家今天參加我們 2026 年第三季財報電話會議。我是 Big Bear AI 的財務長 Sean Ricker，今天與我一同出席的還有我們的執行長 Kevin Mcaleenan。今天電話會議中所提及、非屬歷史事實之陳述，均屬前瞻性陳述，並依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所預測者有重大差異。

These statements, including discussion of our guidance, expectations for 2027 and market estimates, speak only as of today and we undertake no obligation to update them. 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.

這些陳述（包括對我們指引、對 2027 年的預期以及市場估計的討論）僅截至今日有效，我們不承擔更新之義務。請參閱今日新聞稿及我們向 SEC 提交的文件，其中說明了可能導致實際結果與前瞻性陳述所述結果出現重大差異的部分因素。

We also have posted presentation slides and financial charts on our website today that we plan to address during the call to supplement our comments. These materials 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. Now I'll hand it over to Kevin.

我們今天也在網站上發布了簡報投影片與財務圖表，並計畫在電話會議中加以說明，以補充我們的評論。這些資料亦包含與今日電話會議可能使用之非 GAAP 指標相關的資訊。請造訪我們的網站 www.bigbear.ai，並點選 Investor Relations（投資人關係）連結以查看並跟隨圖表。現在把時間交給 Kevin。

Thank you, Sean. Big Bear had another strong quarter. I'll start with four important financial updates for our shareholders. First, revenue grew 31% year-over-year, our third consecutive quarter of growth. Because of this performance, we are raising our full-year 2026 revenue guidance range to $150 million to $165 million.

謝謝你，Sean。Big Bear 又交出一個強勁的季度。我先向股東分享四項重要的財務更新。第一，營收年增 31%，為連續第三季成長。基於此表現，我們將 2026 全年營收指引區間上調至 1.50 億至 1.65 億美元。

This is the first time Big Bear has raised our revenue guidance and achieving the midpoint would represent 23% growth over last year. Second, we have won and announced more than 25 new contracts since the second quarter. Together, these represent more than $225 million in contract value. Wins include significant re-competes for the Department of Homeland Security and several important new mission customers, as well as classified awards in our national security business.

這是 Big Bear 首次上調營收指引；若達到區間中點，將較去年成長 23%。第二，自第二季以來，我們已贏得並公告超過 25 份新合約，合計合約價值超過 2.25 億美元。得標項目包括國土安全部的重要續約競標（re-competes）、數個重要的新任務客戶，以及我們國家安全業務中的機密授標。

Third, we have sustained our gross margin improvement trend. Gross margins rose by 878 basis points compared with the same period last year. Fourth, we maintained our strong cash position. We entered the fourth quarter with almost $400 million in cash and investments in reserve.

第三，我們延續毛利率改善趨勢。與去年同期相比，毛利率提升 878 個基點。第四，我們維持強勁的現金部位。我們在進入第四季時，保有近 4 億美元的現金與投資儲備。

Taken together, we are following through on what we set out to achieve this year. We are growing top-line revenue and expanding our customer base faster than Big Bear has achieved before, while diversifying our revenue mix and defending our existing business, all of which strengthens our position for growth in the years ahead.

綜合來看，我們正在落實今年年初所設定的目標。我們推動營收規模成長，並以 Big Bear 過去未曾達到的速度擴大客戶基礎，同時分散營收組合並守住既有業務，這些都強化了我們在未來數年的成長基礎。

My top two priorities for the remainder of the year continue to be delivering top-line revenue growth and pursuing our hunt for M&A targets with clear potential for either rapid deployment of cutting-edge capabilities or increasing our market penetration and scale. We're executing against those priorities, intend to finish the fiscal year strong and are in a solid position to grow in 2027. Given the dynamic environment in security and defense technology, I'd like to turn now to why we are winning with customers, where. Play in the AI landscape and the contract wins that show our strategy is working. Stated simply, we are winning because we combine operational experience, unique technical capabilities, and deep customer trust. I'll unpack that to emphasize where we are focused and why I believe we are differentiated. Big Bear is a specialized security and defense technology company. Our objective is to be the mission AI partner of choice for the United States government, its allies, and critical industries in the U.S. and internationally.

今年剩餘期間，我的兩大優先事項仍是推動營收規模成長，以及持續尋找具備明確潛力的併購（M&A）標的：要嘛能快速部署最前沿能力，要嘛能提升我們的市場滲透率與規模。我們正依此優先順序執行，並打算以強勁表現結束本財年，也已處於 2027 年成長的有利位置。鑑於安全與國防科技領域的動態環境，我接下來想談談我們為何能贏得客戶、我們在 AI 版圖中的定位，以及能證明我們策略奏效的合約得標。簡而言之，我們之所以能勝出，是因為我們結合了營運經驗、獨特的技術能力，以及客戶深厚的信任。我將進一步拆解說明我們的聚焦方向，以及我認為我們差異化所在。Big Bear 是一家專注於安全與國防科技的公司。我們的目標是成為美國政府、其盟友，以及美國與國際關鍵產業的首選任務型 AI 合作夥伴。

We focus on developing and deploying cutting-edge AI capabilities for operators who take on the toughest problems in national security and trade and travel. We specialize in technology, platforms, tools and solutions for missions that are very difficult for new entrants to understand and penetrate. We leverage deep customer trust to accelerate the application of AI in secure, complex and high consequence operating environments.

我們專注於為承擔最艱鉅國家安全、貿易與旅行問題的第一線人員，開發並部署最前沿的 AI 能力。我們擅長於新進者難以理解與切入的任務所需之技術、平台、工具與解決方案。我們運用客戶深厚的信任，加速 AI 在安全、複雜且高風險後果的作業環境中的應用。

And because we are a first mover, we can address and capitalize on demand for secure AI now while innovating at the pace our mission partners need. I believe we can do all of this as well as any company in the world. We're agile and well-capitalized enough to move quickly and innovate on near-term opportunities and changing customer needs. Yet we're big enough to scale solutions and apply technology for complex, hard-to-navigate mission sets with the highest security expectations.

而且因為我們是先行者，我們能在當下就回應並掌握對安全 AI 的需求，同時以任務夥伴所需的速度持續創新。我相信我們在這些方面的能力不輸全球任何公司。我們足夠敏捷且資本充足，能快速行動，針對短期機會與客戶需求變化進行創新；同時我們也具備足夠規模，能擴展解決方案，並在具最高安全期待、複雜且難以駕馭的任務集合中落地技術。

For those who are looking to situate Big Bear in the wider technology landscape, you can think of the AI value chain as having five basic layers, each with different economics, capital requirements, and risk profiles. chips, networking, memory, and the power and cooling equipment that runs them. data centers and cloud providers that deliver computing capacity.

對於希望將 Big Bear 放在更廣泛科技版圖中理解的各位，可以把 AI 價值鏈視為五個基本層次，每一層都有不同的經濟特性、資本需求與風險輪廓：晶片、網路、記憶體，以及支撐其運作的供電與散熱設備；資料中心與雲端服務供應商，提供運算能力。

Foundation models, large-scale general-purpose AI models, including language and multimodal models that support a wide range of applications. Four, tools and enterprise AI platforms, the technology that securely connects models to customer data, workflows, and operational systems. And five, AI applications and solutions, products and mission-specific capabilities that put AI to work for real users.

基礎模型（Foundation models），也就是大規模通用型 AI 模型，包括語言與多模態模型，可支援廣泛的應用。第四層是工具與企業 AI 平台：能安全地將模型連結到客戶資料、工作流程與營運系統的技術。第五層是 AI 應用與解決方案：讓 AI 真正為使用者服務的產品與任務專屬能力。

BigBear operates primarily across the last layers, four and five, and that is where we aim to continue to win greater market share. We are an applied AI business combining proprietary platforms, applications, and specialized AI and machine learning models with the expertise required to deploy them in mission-critical environments.

BigBear 主要在後面兩層，也就是第四與第五層運作，而這也是我們希望持續贏得更大市占的領域。我們是一家應用型 AI 企業，結合自有平台、應用程式與專業 AI/機器學習模型，以及在任務關鍵環境中部署它們所需的專業能力。

We connect AI to our customers' data and workflows, and we build and deploy mission-specific platforms and solutions that make AI work in practice. Importantly, we don't simply integrate AI developed by others. We also develop our own specialized capabilities, drawing on domain expertise and specific customer requirements and data to solve complex operational problems.

我們把 AI 連結到客戶的資料與工作流程，並建置與部署任務專屬的平台與解決方案，讓 AI 在實務中真正發揮作用。重要的是，我們不只是整合他人開發的 AI。我們也會開發自有的專業能力，結合領域專業與特定客戶需求與資料，來解決複雜的營運問題。

This is where we intend to differentiate. In other words, Big Bear turns advanced AI capabilities, including frontier or open weight models, multi-agent systems and specialized machine learning algorithms into production-ready deployments, providing immediate operational value and changing how critical missions get done. And I would like to underscore that our position in this value chain is deliberate and built on our track record of rapid innovation with advanced tools directly supporting operators.

這正是我們希望實現差異化之處。換言之，Big Bear 會把先進 AI 能力（包括前沿或開放權重模型）、多代理系統，以及專業機器學習演算法，轉化為可投入生產環境的部署，立即提供營運價值，並改變關鍵任務的執行方式。我也要強調，我們在這條價值鏈中的定位是有意為之，並建立在我們以先進工具快速創新、直接支援第一線人員的實績之上。

We do not need to finance data center build-outs or the development of general-purpose foundation models to participate in the growth of AI. While markets focus on these macro trends and investors increasingly scrutinize the capital intensity, leverage and financing risks associated with the infrastructure build, it is important to distinguish those exposures from the more focused economics of our business and the opportunities presented by how government and critical infrastructure customers are now working to adopt AI tools.

我們不需要為資料中心建置或通用型基礎模型的開發提供資金，也能參與 AI 成長。當市場聚焦於這些宏觀趨勢、投資人也日益檢視基礎建設建置所伴隨的資本密集度、槓桿與融資風險時，重要的是要將這些曝險與我們業務更聚焦的經濟特性區分開來，並看見政府與關鍵基礎設施客戶目前為採用 AI 工具所帶來的機會。

We benefit from innovation across the AI ecosystem, but pursue that opportunity through a much more targeted and less capital-intensive model. In fact, our strategy is designed so that our business benefits as the technology advances. Our model-agnostic platform capabilities give us the flexibility to incorporate advances in third-party AI models as they emerge, alongside the specialized capabilities we develop ourselves without depending on any single model provider. Deep mission expertise, a security-cleared workforce, and the ability to deploy in secure, real-world environments are differentiators.

我們受惠於整個 AI 生態系的創新，但以更聚焦且資本投入更低的模式來把握該機會。事實上，我們的策略設計使得隨著技術進步，我們的業務也能同步受益。我們的平台能力不依賴特定模型，讓我們能在第三方 AI 模型出現新進展時，靈活納入其成果，同時也能發展我們自身的專業能力，而不必依賴任何單一模型供應商。深厚的任務領域專業、具備安全許可的員工隊伍，以及能在安全、真實世界環境中部署的能力，都是我們的差異化優勢。

Government customers want capability that works in the field. So do commercial leaders in critical industries. The demand is here now, and customers are starting to move more quickly because their missions require it, as do policymakers and shareholders alike. In reality, most agencies and companies are in the early stages of applying AI to operational use cases and workflows, and the adoption curve is steep. That's exactly where we play. We serve the full spectrum of national security and travel and trade mission customers. That includes the executives who set mission.

政府客戶需要能在現場運作的能力。關鍵產業的商業領導者也同樣如此。需求此刻就已存在，而客戶正開始加速行動，因為他們的任務需要如此，政策制定者與股東亦然。實際上，多數機關與企業仍處於將 AI 應用於營運用例與工作流程的早期階段，而採用曲線相當陡峭。這正是我們發揮所長之處。我們服務涵蓋國家安全以及旅運與貿易任務客戶的完整光譜，其中包括制定任務方向的高階主管。

And the CIOs and CTOs who own and execute technology roadmaps. It includes the program leaders who turn operational needs into funded programs and we never lose sight of the operators who depend on these tools every day from intelligence fusion centers to combatant commands and operations at the edge to shipyards and ports of entry. We understand what each of them needs. Each win we secure is further proof that our customers want to deploy specialized AI in secure environments for these complex use cases.

也包括擁有並執行技術路線圖的 CIO 與 CTO。也包括將營運需求轉化為獲得資金支持之計畫的專案領導者；同時，我們從不忽視每天仰賴這些工具的第一線操作人員——從情報融合中心到作戰司令部、從邊緣端作業到造船廠與入境口岸。我們了解他們每一方的需求。我們拿下的每一個案子，都進一步證明客戶希望在安全環境中部署專用 AI，以應對這些複雜用例。

The best evidence for customer trust is a result that we are delivering in contract wins. Demand for AI built by operators for operators is getting stronger by the quarter. Combining Q2 and Q3, we have announced more than 45 new contract wins in multiple markets, demonstrating that we are gaining significant traction across the board.

客戶信任的最佳證據，是我們在合約得標上所交付的成果。由操作人員為操作人員打造的 AI 需求，正以每季更強的態勢成長。合併第二季與第三季，我們已宣布在多個市場取得超過 45 項新合約得標，顯示我們在各方面都獲得顯著進展。

Included in our Q3 wins, we secured 2 substantial subcontracts centered on Homeland and border security, one on SAIC's team and the other partnering with UNISON. Both extend our long-standing work supporting U.S. Customs and Border Protection Targeting and Systems Program Directorate.

在我們第三季的得標中，我們取得兩項以國土與邊境安全為核心的重要分包合約，一項在 SAIC 團隊中，另一項則與 UNISON 合作。兩者皆延續我們長期支援美國海關與邊境保護局（CBP）「鎖定與系統計畫處」（Targeting and Systems Program Directorate）的工作。

Together, they represent a meaningful contribution to our revenue base and enhance our backlog. More broadly, these contracts provide our developers and program professionals the opportunity to support essential CBP risk assessment and targeting operations for counterterrorism, counter-narcotics, human smuggling, trade enforcement, agriculture protection, and other security missions.

合計而言，這些合約對我們的營收基礎有實質貢獻，並強化我們的在手訂單。更廣泛地說，這些合約也讓我們的開發人員與專案專業人員有機會支援 CBP 的關鍵風險評估與鎖定作業，涵蓋反恐、反毒、打擊人口走私、貿易執法、農業保護及其他安全任務。

Under SAIC's newly awarded five-year recompete task order, Big Bear will provide integrated AI and analytics to optimize critical systems essential for securing the U.S. border.

在 SAIC 新近獲得的五年期續約競標（recompete）任務訂單下，Big Bear 將提供整合式 AI 與分析能力，以最佳化確保美國邊境安全所需的關鍵系統。

Big Bear helps CBP assess the security risk from travelers and cargo entering our country. To our work under Unison's newly awarded five-year contract, Big Bear will continue software development work on CBP vetting workflow operations and analysis, extending our team's history of supporting CBP's ability to detect and interdict threats at our borders. In addition to these key long-term wins with existing customers, Big Bear successfully expanded our customer and contract base in Q3. Our generative AI platform, which we have adapted and enhanced since acquiring SAGE and. December has played a big part in growing our customer base. New enterprise customers in Q3 include critical national security departments and agencies, including the Federal Bureau of Investigation, US Coast Guard, NASA, the Department of Energy, and the Department of Veterans Affairs. While the mission needs and use cases may differ, Big Bear's generative AI platform provides secure access to the latest generative AI models and agentic tools with the choice of available models from leading AI and cloud providers. The ability for these agencies to process secure data with these tools and build agents for advanced workflows. These contracts demonstrate that demand continues to grow across defense, intelligence, and civilian agencies, including in disconnected and air-gapped environments. The team and I are extremely proud to be serving these agencies, each of which plays a critical role in our national and economic security.

Big Bear 協助 CBP 評估入境旅客與貨物所帶來的安全風險。在 Unison 新近獲得的五年期合約下，Big Bear 將持續進行 CBP 審查（vetting）工作流程作業與分析相關的軟體開發工作，延續我們團隊長期支援 CBP 偵測並攔截邊境威脅的歷史。除了與既有客戶的這些關鍵長期得標之外，Big Bear 也在第三季成功擴大我們的客戶與合約基礎。我們的生成式 AI 平台，自 12 月收購 SAGE 以來，我們已加以調整並強化，並在擴大客戶基礎方面扮演了重要角色。第三季的新企業客戶包括關鍵國家安全部門與機關，例如聯邦調查局（FBI）、美國海岸防衛隊（US Coast Guard）、NASA、能源部（Department of Energy）以及退伍軍人事務部（Department of Veterans Affairs）。儘管任務需求與用例可能不同，Big Bear 的生成式 AI 平台可安全存取最新的生成式 AI 模型與代理型（agentic）工具，並可在領先的 AI 與雲端供應商所提供的可用模型中進行選擇。這使得這些機關能以這些工具處理機密資料，並為進階工作流程建置代理。這些合約顯示，國防、情報與民用機關的需求持續成長，包括在斷線與空氣隔離（air-gapped）環境中亦然。我與團隊對能服務這些機關深感自豪，因為它們各自都在我們的國家與經濟安全中扮演關鍵角色。

In addition, the work we do to support critical national infrastructure, often with our digital twin modeling and simulation tools, is also growing well. In addition to the contracts with shipyards and manufacturing facilities, airports, and supply chain players that we have announced this year, we have added customers in healthcare. Our healthcare system is part of our nation's critical infrastructure and requires a level of operational rigor and data security similar to our security customers. Just as we deploy specialized AI for national security use cases. Future Flow Rx addresses complex healthcare operational challenges where lives are at stake. We recently secured a two-year renewal with Children's Minnesota, one of the largest pediatric health systems in the United States, continuing their investment in our digital twin and predictive analytics solution for healthcare. The agreement focuses on AI applications to help hospital leaders anticipate patient flow, evaluate operational challenges, and optimize capacity and resources.

此外，我們支援關鍵國家基礎設施的工作——通常透過我們的數位孿生建模與模擬工具——也持續良好成長。除了我們今年已宣布與造船廠與製造設施、機場以及供應鏈業者的合約外，我們也新增了醫療保健客戶。我國的醫療體系是關鍵基礎設施的一部分，所需的營運嚴謹度與資料安全水準，與我們的安全客戶相近。正如我們為國家安全用例部署專用 AI 一樣，Future Flow Rx 也用於解決攸關生命的複雜醫療營運挑戰。我們近期與 Children’s Minnesota（美國最大的兒科醫療體系之一）完成兩年期續約，延續其對我們醫療數位孿生與預測分析解決方案的投資。該協議聚焦於 AI 應用，協助醫院領導者預測病患流量、評估營運挑戰，並最佳化容量與資源配置。

Our continued partnership validates our ability to deliver mission-ready AI solutions across sectors, extending our impact into critical civilian infrastructure that communities depend on every day.

我們持續的合作夥伴關係，驗證了我們跨產業交付可投入任務（mission-ready）的 AI 解決方案之能力，並將我們的影響力延伸至社區每日仰賴的關鍵民用基礎設施。

Combined, these wins show that our strategy is working. We have organized our business to pursue growth with focus and discipline, with technology teams aligned to the specific mission customers that we serve. Since May this year, our structure and go-to-market motions are simpler and more targeted, and we are executing with increasing consistency. I'll now turn it over to Sean to walk us through the details on our financials.

綜合而言，這些得標顯示我們的策略正在奏效。我們以聚焦與紀律來組織業務以追求成長，並讓技術團隊與我們所服務的特定任務客戶對齊。自今年 5 月以來，我們的組織架構與市場進入（go-to-market）運作更簡化且更具針對性，而我們的執行也愈發一致。接下來我把時間交給 Sean，請他帶我們了解財務細節。

Thanks, Kevin. Our results were strong operationally and financially this quarter.

謝謝你，Kevin。本季我們在營運與財務表現上都很強勁。

Revenue for the third quarter of 2026 was $43.6 million, an increase of 31% year-over-year due to improved revenue performance across the business and substantially driven by our Big Bear generative AI platform, which was acquired at Sage in December 2025.

2026 年第三季營收為 4,360 萬美元，年增 31%，主要因整體業務的營收表現改善，且很大程度上由我們的 Big Bear 生成式 AI 平台所帶動；該平台於 2025 年 12 月隨收購 Sage 而取得。

Our improved gross margins continued this quarter, growing to 31.2%, an increase of 878 basis points as compared to the third quarter of 2025. The expansion in gross margins was particularly supported by the results of our generative AI platform.

本季我們改善後的毛利率持續提升，增至 31.2%，較 2025 年第三季增加 878 個基點。毛利率的擴張尤其受到我們生成式 AI 平台成果的支持。

We recorded a non-cash goodwill impairment charge of $76.7 million or $0.16 per share in the third quarter of 2026, which was the primary driver of our net loss of $91.9 million or $0.19 per share this quarter as compared to net income of $2.5 million in the comparable period. Adjusted EBITDA improved to negative $9.1 million this quarter versus negative $9.4 million in the comparable period.

我們在 2026 年第三季認列 7,670 萬美元的非現金商譽減損費用，或每股 0.16 美元，這是本季淨損 9,190 萬美元（每股 0.19 美元）的主要原因；相較之下，可比期間為淨利 250 萬美元。本季調整後 EBITDA 改善至負 910 萬美元，而可比期間為負 940 萬美元。

Our balance sheet continues to remain strong. We finished the third quarter with almost $400 million of cash and investments. With about $17 million of convertible debt outstanding that will mature in December of this year, we expect to be in great shape to kick off 2027 debt-free and with maximum flexibility to be opportunistic in the execution of our strategy.

我們的資產負債表持續維持強勁。我們在第三季結束時，持有接近4億美元的現金與投資。由於目前尚有約1,700萬美元的可轉換債務未償，並將於今年12月到期，我們預期在啟動2027年時將處於極佳狀態：無負債且具備最大彈性，以便在執行策略時把握機會。

Turning to backlog, we ended the third quarter with $330 million in backlog, an increase of 22% from the end of last quarter, driven by the new wins and successful recompetes that Kevin previously mentioned.

談到在手訂單（backlog），我們在第三季結束時的在手訂單為3.3億美元，較上季末增加22%，主要由Kevin先前提到的新案得標以及成功續約（recompete）所帶動。

The performance we saw this quarter exceeded our expectations, giving us confidence in a stronger revenue trajectory as we look ahead to the end of this year. Building on the momentum we've seen this quarter, we now expect full-year revenue between $150 million to $165 million, representing a 5% increase at the midpoint versus the guidance range we provided earlier this year. At the midpoint, this would represent 23% revenue growth relative to our 2025 results.

本季的表現超出我們的預期，讓我們對今年年底前更強勁的營收走勢更具信心。延續本季的動能，我們目前預期全年營收將介於1.5億至1.65億美元之間；以區間中點計算，較我們今年稍早提供的指引區間中點上調5%。以中點計算，這相當於相較於我們2025年業績的營收成長23%。

This higher revenue guidance reinforces two important growth dynamics. First, we're growing top-line revenue. This is our third sequential quarter of organic revenue growth this year. Second, our revenue growth has accelerated this year. Quarter-over-quarter revenue growth was 6.7% in the second quarter and has accelerated to 18.6% in the third quarter. As we look ahead at the business in totality. We are feeling positive about our momentum as we close out this year and look ahead to 2027. Now I'll turn it back to Kevin for some closing remarks.

這項較高的營收指引強化了兩個重要的成長動能。第一，我們的營收（top-line）正在成長。這是我們今年連續第三個季度的有機營收成長。第二，我們今年的營收成長正在加速。第二季的季對季營收成長為6.7%，第三季已加速至18.6%。當我們從整體角度審視業務時。在今年收官並展望2027年之際，我們對自身動能感到正向。接下來我把時間交還給Kevin做結語。

Thank you, Sean, and thank you to the whole Big Bear team for your hard work. We approach the end of the year with real confidence thanks to our underlying financial strength and win momentum. I'd like to close by looking out to 2027 and talk about four trend lines in the macro environment that are generating tailwinds for our business.

謝謝你，Sean，也感謝整個Big Bear團隊的辛勤付出。憑藉我們扎實的財務實力與得標動能，我們在年底前抱持真正的信心。我想在結尾展望2027年，談談宏觀環境中四條趨勢線，正在為我們的業務帶來順風。

The catalyst fueling these trends are continued technological breakthroughs, increased geopolitical instability and accelerating great power competition, and I believe their impact is likely to grow next year. First, defense modernization. Our wars are fought is changing. Shifts of this magnitude happen rarely and we are only at the start of the change curve. The world is wrestling with dozens of active conflicts. In 2025 alone, global military spending reached a record $2.9 trillion. While US defense spending grows, the proportion being directed to disruptive technologies and new entrants is increasing as well. In the 2027 US defense budget, the combined AI and autonomy request is $112 billion. And over the next decade, G7 governments are expected to make $8 trillion of additional investment.

推動這些趨勢的催化因素包括：持續的技術突破、地緣政治不穩定加劇以及大國競爭加速；我相信其影響在明年可能會進一步擴大。第一，國防現代化。我們作戰的方式正在改變。如此規模的轉變並不常見，而我們才剛站在變革曲線的起點。全球正面臨數十起正在進行的衝突。僅在2025年，全球軍事支出就達到創紀錄的2.9兆美元。隨著美國國防支出成長，投入於顛覆性技術與新進者的比重也在提高。在2027年美國國防預算中，AI與自主系統（autonomy）的合計需求金額為1,120億美元。未來十年，預期G7政府將額外投資8兆美元。

On top of the prior trends. Second, redesigned global trade flows. The global economy is undergoing equally significant change. Regional conflicts and increased great power competition mean that global trade requires faster cargo processing at the same time as more precise risk assessment to keep goods moving securely and at pace. Global trade in goods reached $26 trillion in 2025, growing 7% year-over-year. Third, demand for secure international travel.

在上述趨勢之上。第二，全球貿易流向的重新設計。全球經濟也正在經歷同樣重大的變化。區域衝突與大國競爭加劇，意味著全球貿易一方面需要更快速的貨物處理，另一方面也需要更精準的風險評估，以確保貨物流通在安全且有效率的節奏下進行。2025年全球貨物貿易額達到26兆美元，年增7%。第三，對安全國際旅行的需求。

Global passenger travel is also on the rise. In 2025, international air traffic grew by 7.1%. IATA's forecast show increased growth in international air traffic in 2026 as well. U.S. Customs and Border Protection processes about 1 million individuals entering the country daily at air, land, and seaports of entry. A substantial share of these travelers move through airports, and our biometric solutions are deployed across more than two dozen major U.S. airports.

全球旅客運輸也在上升。2025年，國際航空運量成長7.1%。IATA的預測也顯示，2026年國際航空運量將進一步成長。美國海關與邊境保護局（CBP）每天在航空、陸路與海港入境口岸處理約100萬名入境人士。其中相當大比例的旅客會經由機場通行，而我們的生物辨識解決方案已部署於美國兩打以上的主要機場。

The global aviation security market is estimated to be more than $17 billion in 2026 and is predicted to reach $27 billion by 2031. Finally, pressure on the security apparatus. The message from security professionals in Washington and other global capitals is that agencies responsible for protecting people are deeply concerned about the diversity and pace of the threats facing us.

全球航空安防市場在2026年的規模估計超過170億美元，並預測到2031年將達到270億美元。最後，安全體系所承受的壓力。來自華盛頓及其他全球首都的安全專業人士所傳達的訊息是：負責保護民眾的機構，對我們所面臨威脅的多樣性與速度深感憂慮。

This includes asymmetric technology-driven threats. There is mounting evidence that state and non-state actors are increasingly using generative AI tools, able to plan and execute attacks with far fewer resources, far less time, and fewer guardrails.

這包括由非對稱、技術驅動的威脅。越來越多證據顯示，國家與非國家行為者正日益使用生成式AI工具，使其能以更少資源、更短時間、且更少限制（guardrails）來規劃並執行攻擊。

For example, the challenges associated with detecting and intercepting drones involved in cross-border smuggling operations or potentially threatening event venues and critical infrastructure, increasing cybersecurity vulnerabilities across the economy and a digital information ecosystem flooded with disinformation are high on the agendas of policymakers and appropriators. Big Bird customers understand that many of our people came from the security community, helped build the technology it depends on and understand the nature of the changing threat landscape.

例如，偵測並攔截用於跨境走私行動的無人機，或可能威脅活動場館與關鍵基礎設施的無人機所帶來的挑戰；全經濟範圍內日益增加的資安脆弱性；以及充斥不實資訊的數位資訊生態系——這些都位居政策制定者與預算撥款者的優先議程之列。Big Bird的客戶理解，我們許多同仁來自安全社群，曾協助打造其所依賴的技術，並了解不斷變化的威脅態勢本質。

Indeed, our executives, technology and combined experience are respected internationally by government and commercial customers in each of these areas. While the underlying trends present significant concern, they also present a galvanizing opportunity for the private sector to help governments and critical infrastructure operators to outpace the threats. This is what Big Bear was built for. Our full focus is on delivering enduring strategic advantage for the United States, its allies and critical industries.

確實，我們的高階主管、技術能力與累積的綜合經驗，在上述各領域皆受到政府與商業客戶的國際尊重。雖然這些底層趨勢帶來重大憂慮，但也帶來一個能凝聚力量的機會：由民間部門協助政府與關鍵基礎設施營運者超前威脅。這正是Big Bear成立的初衷。我們將全部重心放在為美國、其盟友以及關鍵產業提供持久的戰略優勢。

Our strategy to build, deploy and acquire catalytic technology for operators in national security and trading travel is the right strategy at the right time.

我們的策略是為國家安全以及貿易與旅行領域的營運者打造、部署並透過併購取得具催化效應的技術；這是在正確的時間採取正確的策略。

The financial opportunity for our business is clear. Our leadership, organization and resources are fully focused on capturing and delivering value and it is an exciting time to be deploying AI in our markets.

我們業務的財務機會非常明確。我們的領導團隊、組織與資源都全力聚焦於價值的掌握與交付，而在我們的市場中部署AI正逢其時，令人振奮。

My continued thanks to our team for your efforts and to our shareholders for supporting us. I look forward to talking with you again at our next earnings call where we will cover the full-year performance for 2026 and chart our path to sustained growth in 2027 and beyond.

我持續感謝團隊的努力，也感謝股東對我們的支持。我期待在下一次法說會上再次與各位交流，屆時我們將回顧2026年全年表現，並勾勒我們在2027年及更長遠未來實現持續成長的路徑。

Thank you. This does conclude today's teleconference. We thank you for your participation, and you may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝各位的參與，現在您可以掛斷電話線。