Blacksky Technology Inc (BKSY) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to BlackSky Technology second-quarter 2023 earnings conference call. (Operator Instructions) Please note, this conference call is being recorded.

早上好，女士們、先生們，歡迎參加 BlackSky Technology 2023 年第二季度財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。

I would now like to turn the call over to Aly Bonilla, BlackSky's Vice President of Investor Relations. Please go ahead.

我現在想將電話轉給 BlackSky 投資者關係副總裁 Aly Bonilla。請繼續。

Good morning and thank you for joining us. Today, I'm joined by our Chief Executive Officer, Brian O'Toole; and our Chief Financial Officer, Henry Dubois. On today's call, Brian will provide some highlights on the quarter and give a strategic update on the business. Henry will then review the company's second quarter financial results and outlook for 2023.

早上好，感謝您加入我們。今天，我們的首席執行官布萊恩·奧圖爾 (Brian O'Toole) 也加入了我的行列。以及我們的首席財務官 Henry Dubois。在今天的電話會議上，布萊恩將提供本季度的一些亮點，並提供有關業務的戰略更新。隨後亨利將回顧公司第二季度財務業績和 2023 年展望。

Following our prepared remarks, we will open the lines for your questions. A replay of this conference call will be available from approximately 12:30 PM Eastern time today through August 23. Information to access the replay can be found in today's press release. Additionally, a webcast of this earnings call will be available in the Investor Relations section of our website at www.blacksky.com. In conjunction with today's call, we have posted a quarterly earnings information on the Investor Relations website that you may use to follow along with our prepared remarks.

在我們準備好的發言之後，我們將開放您的提問熱線。從今天東部時間中午 12:30 到 8 月 23 日，均可重播本次電話會議。有關訪問重播的信息，請參閱今天的新聞稿。此外，本次財報電話會議的網絡廣播將在我們網站 www.blacksky.com 的投資者關係部分提供。結合今天的電話會議，我們在投資者關係網站上發布了季度收益信息，您可以使用該信息以及我們準備好的評論來關注。

Before we begin, let me remind you that certain statements made during today's conference call regarding our future plans, objectives, and expected performance, including our financial guidance for 2023 are forward-looking statements. Actual results may differ materially as these statements are based on our current expectation as of today and are subject to risks and uncertainties, including those stated in our Form 10-K.

在開始之前，請允許我提醒您，今天的電話會議中有關我們未來計劃、目標和預期業績（包括 2023 年財務指引）的某些聲明均為前瞻性聲明。實際結果可能存在重大差異，因為這些陳述基於我們截至目前的預期，並受到風險和不確定性的影響，包括我們的 10-K 表格中所述的風險和不確定性。

We encourage you to review our press release, Form 10-K, and other recent SEC filings for a full discussion of the risks and uncertainties that pertain to these statements that may affect future results or the market price of our stock. BlackSky assumes no obligation to update forward-looking statements, except as may be required by applicable law.

我們鼓勵您查看我們的新聞稿、表格 10-K 和其他最近向 SEC 提交的文件，以全面討論與這些聲明相關的可能影響未來業績或我們股票市場價格的風險和不確定性。 BlackSky 不承擔更新前瞻性陳述的義務，除非適用法律可能要求。

In addition, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA, adjusted imagery and software analytical services cost of sales, and cash operating expenses. A reconciliation of these non-GAAP financial measures to their most comparable GAAP measures are included in today's accompanying presentation, which can be viewed and downloaded from our Investor Relations website.

此外，在今天的電話會議中，我們將提及某些非公認會計準則財務指標，包括調整後的 EBITDA、調整後的圖像和軟件分析服務銷售成本以及現金運營費用。這些非公認會計原則財務指標與其最具可比性的公認會計原則指標的調節表包含在今天的隨附演示文稿中，可以從我們的投資者關係網站查看和下載。

At this point, I'll turn the call over to Brian O'Toole. Brian?

此時，我會將電話轉給布萊恩·奧圖爾。布萊恩？

Thanks, Ali, and good morning, everyone. Thank you for joining us on today's call. I'm pleased to report that BlackSky delivered another strong quarter because we continue to demonstrate revenue growth, substantial operating leverage, and effective cost management that has us on a path towards profitable growth.

謝謝阿里，大家早上好。感謝您參加今天的電話會議。我很高興地向大家報告，BlackSky 再次實現了強勁的季度業績，因為我們繼續展現出收入增長、巨大的運營槓桿和有效的成本管理，使我們走上了盈利增長的道路。

Our progress is being driven by a strong demand for our high-frequency imagery and analytics for major defense and intelligence customers around the world. BlackSky's unique dawn-to-dusk monitoring capabilities are relied upon every day to deliver critical intelligence to decision makers and some of the world's most important events.

我們的進步是由全球主要國防和情報客戶對高頻圖像和分析的強烈需求推動的。 BlackSky 獨特的從黎明到黃昏的監控功能每天都在為決策者和世界上一些最重要的事件提供關鍵情報。

A relevant example illustrated on slide 4 is related to the recent rebellion in Russia by the Wagner Group. In this case, BlackSky was monitoring activities related to location of Wagner leader, Prigozhin, days after the failed coup attempt. By combining our high-frequency monitoring capabilities with other data sources, we were able to capture imagery of two planes linked to the Wagner leader on the Belarus airfield outside the country's capital city.

幻燈片 4 中展示的相關示例與瓦格納集團最近在俄羅斯發生的叛亂有關。在這種情況下，在政變失敗幾天后，BlackSky 正在監視與瓦格納領導人普里戈任的位置有關的活動。通過將我們的高頻監控能力與其他數據源相結合，我們能夠在白俄羅斯首都郊外的機場捕獲與瓦格納領導人有聯繫的兩架飛機的圖像。

Intelligence collected by BlackSky was used by an independent third-party analyst to corroborate the findings and was featured an exclusive reporting by CNN. Over the days leading up to discovery, BlackSky monitored location over 170 times, which was an essential part of capturing this critical event. Our unique time-diverse constellation allows us to do this in a way no one else can.

獨立第三方分析師使用 BlackSky 收集的情報來證實調查結果，並由 CNN 進行獨家報導。在發現這一事件之前的幾天裡，BlackSky 監控了超過 170 次位置，這是捕捉這一重大事件的重要組成部分。我們獨特的時間多樣性星座使我們能夠以其他人無法做到的方式做到這一點。

Another example is shown on slide 5, where our dynamic monitoring capabilities were used to reveal critical strategic activity by China associated with the rapid construction and other major naval facility in Cambodia. Here, you can see two images taken about a year apart showing the rapid construction of a Chinese military naval station off the coast of Ream, Cambodia. Although only two images are shown here, BlackSky collected over 500 high-resolution images since the first signs of construction of the peer began in June of last year.

幻燈片 5 中顯示了另一個例子，其中我們的動態監控能力被用來揭示中國與柬埔寨快速建設和其他主要海軍設施相關的關鍵戰略活動。在這裡，您可以看到兩張相隔一年左右拍攝的照片，顯示中國在柬埔寨雲朗海岸快速建設一座海軍基地。雖然這裡只顯示了兩張圖像，但自去年 6 月該節點建設的第一個跡像開始以來，BlackSky 已經收集了 500 多張高分辨率圖像。

This high revisit imaging, combined with AI enabled analytics, is an essential capability required for detecting and understanding important activity such as this and many others like it that are taking place all around the world. This type of critical intelligence is what governments around the world are requiring in their day-to-day mission operations and what is driving strong demand for BlackSky's current and future capabilities.

這種高重訪成像與人工智能支持的分析相結合，是檢測和理解諸如此類的重要活動以及世界各地正在發生的許多其他類似活動所需的基本功能。這種類型的關鍵情報是世界各國政府在日常任務運營中所需要的，也是推動對 BlackSky 當前和未來能力的強烈需求的原因。

Our unique hourly monitoring capabilities, combined with industry-leading AI-enabled analytics is what is differentiating us in the market and is driving our success as we continue to win large contracts and expand our customer base of major US and international government customers.

我們獨特的每小時監控能力，與行業領先的人工智能分析相結合，使我們在市場上脫穎而出，並推動我們的成功，因為我們不斷贏得大型合同並擴大美國和國際主要政府客戶的客戶群。

Now let's turn to slide 6 and recent highlights that reinforce the strong momentum we are continuing to build across all aspects of our business. First, we continue to deliver strong year-over-year revenue growth. Our imagery analytics revenue grew 51% over the prior year quarter as demand for our services continued to rise as a result of successfully winning a number of new contracts and renewal agreements with existing customers.

現在讓我們轉向幻燈片 6 和最近的亮點，它們強化了我們在業務的各個方面繼續建立的強勁勢頭。首先，我們繼續實現強勁的同比收入增長。我們的圖像分析收入比去年同期增長了 51%，因為我們成功贏得了與現有客戶的大量新合同和續簽協議，對我們的服務的需求持續增長。

Second, our imagery and analytics business delivered a 97% incremental contribution margin for the first half of the year. This high-margin imagery and analytic service business contains a low fixed cost structure that result in strong operating leverage and is the prime driver on our path to sustainable profitable growth.

其次，我們的圖像和分析業務上半年的增量貢獻率達到了 97%。這項高利潤的圖像和分析服務業務包含較低的固定成本結構，可帶來強大的運營槓桿，是我們實現可持續盈利增長的主要驅動力。

Third, we won over $35 million on new contracts and renewal agreements, primarily supporting international and US government agencies. We continue to see strong global demand for our high-frequency imaging and advanced analytics, especially as more and more countries look to secure access to our capacity in important regions around the world.

第三，我們贏得了超過 3500 萬美元的新合同和續簽協議，主要支持國際和美國政府機構。我們繼續看到全球對我們的高頻成像和先進分析的強勁需求，特別是隨著越來越多的國家希望獲得我們在全球重要地區的能力。

Fourth, our success in winning new contracts this year has produced over $200 million in total year-to-date bookings, demonstrating strong customer demand for BlackSky's capabilities. We anticipate further growth in our bookings in the second half of the year as we are actively working with several major customers on a number of sizable contracts.

第四，我們今年成功贏得新合同，年初至今的預訂總額已超過 2 億美元，這表明客戶對 BlackSky 能力的強烈需求。我們預計下半年的預訂量將進一步增長，因為我們正在積極與幾家主要客戶就一些規模較大的合同進行合作。

Fifth, in June, we were chosen to be added to the Russell 3000 Index, making BlackSky more visible to a wider range of institutional investors.

第五，6月份，我們被選入羅素3000指數，使BlackSky在更廣泛的機構投資者中更加引人注目。

And finally, we continued to make good progress on our very high-resolution Gen-3 satellites, announcing yesterday that we signed a launch agreement with Rocket Lab for our next five dedicated launches. This agreement secures flexible launch capacity that supports replenishment, replacement, and expansion of our constellation, including the initial launch of Gen-3 satellites in 2024.

最後，我們在超高分辨率 Gen-3 衛星方面繼續取得良好進展，昨天宣布我們與 Rocket Lab 簽署了接下來五次專用發射的發射協議。該協議確保了靈活的發射能力，支持我們星座的補充、更換和擴展，包括 2024 年首次發射第三代衛星。

The success we've had this year in expanding our customer base, coupled with the strong market demand we are seeing for our imagery and analytic services worldwide gives us confidence that we are well positioned to realize sustainable profitable growth. We remain on track to achieve positive adjusted EBITDA operations in the fourth quarter, which is one of our major business objectives for this year.

今年我們在擴大客戶群方面取得的成功，加上我們在全球範圍內看到的對我們的圖像和分析服務的強勁市場需求，使我們相信我們有能力實現可持續的盈利增長。我們仍有望在第四季度實現正調整後的 EBITDA 運營，這是我們今年的主要業務目標之一。

I would now like to share some operational highlights from the quarter.

我現在想分享本季度的一些運營亮點。

Turning to slide 7, we continue to see growing demand for BlackSky's unique capabilities across many international markets as the need for real-time intelligence continues to expand due to an ever-changing geopolitical and economic environment. Looking at the global market, the conflict in Ukraine, and rising tensions around the world, including the Middle East and East Asia, have increased demand from various countries seeking to secure access through our dynamic monitoring and geospatial intelligence capabilities.

轉向幻燈片 7，我們繼續看到許多國際市場對 BlackSky 獨特功能的需求不斷增長，因為不斷變化的地緣政治和經濟環境對實時情報的需求不斷擴大。放眼全球市場，烏克蘭衝突以及包括中東和東亞在內的世界各地日益緊張的局勢，增加了各國尋求通過我們的動態監控和地理空間情報能力獲得准入的需求。

More and more international governments are looking to invest in space-based capabilities in support of national security and economic growth initiatives. Our focus on supporting these countries is significantly contributing to our growth -- growing book of payments, and includes multi-year agreements for assured capacity, which is a key driver towards strong long-term revenue growth.

越來越多的國際政府正在尋求投資天基能力，以支持國家安全和經濟增長舉措。我們對支持這些國家的關注極大地促進了我們的增長——不斷增長的支付賬簿，並包括保證產能的多年協議，這是實現強勁的長期收入增長的關鍵驅動力。

During the second quarter, we successfully closed a number of new contracts and renewals, demonstrating that demand for our products and services remained strong. Here are few of our key wins. First, we were awarded a $30 million contract renewal with an international defense sector customer. We've been supporting this customer for several years and have built a strong relationship with them over time, as they now have come to rely on BlackSky in support of their day-to-day operations.

第二季度，我們成功簽訂了許多新合同和續約，這表明對我們產品和服務的需求仍然強勁。以下是我們取得的一些關鍵勝利。首先，我們與一家國際國防部門客戶續簽了價值 3000 萬美元的合同。我們多年來一直為該客戶提供支持，並與他們建立了牢固的關係，因為他們現在已經開始依賴 BlackSky 來支持他們的日常運營。

This renewal agreement expands upon an existing contract with the total value of the new contract, three times larger than the previous. In addition, the new contract is a multi-year agreement, which is an expansion above the prior one-year term. The progression we've seen with this customer is representative of how many of our customer relationships are evolving as part of our land-and-expand strategy.

該續約協議在現有合同的基礎上進行了擴展，新合同的總價值是之前合同的三倍。此外，新合同是一份多年期協議，是對之前一年期限的擴展。我們與該客戶的進展代表了我們有多少客戶關係正在作為我們的土地和擴張戰略的一部分而發展。

Traditionally, many customers start with a small pilot or study contract with the duration of less than a year. After a successful valuation, customers typically renew and expand the agreement increasing either the total contract value or length of the contract term or both.

傳統上，許多客戶都是從為期不到一年的小型試點或研究合同開始的。成功評估後，客戶通常會續簽並擴大協議，增加合同總價值或合同期限長度或兩者兼而有之。

As these customers fully integrate BlackSky imagery and analytics into their operations, they seek to enter into multi-year, multi-million-dollar contracts for assured capacity over the region of interest. This was the evolution of this customer and is the trajectory we are out of many other international government organizations, as we will highlight in other wins we achieved during the quarter.

隨著這些客戶將 BlackSky 圖像和分析完全集成到他們的運營中，他們尋求籤訂數百萬美元的多年期合同，以確保感興趣區域的容量。這是該客戶的演變，也是我們擺脫許多其他國際政府組織的軌跡，正如我們將在本季度取得的其他勝利中強調的那樣。

Second, we won a two-year multi-million-dollar contract with the key international customer for ground station infrastructure. This infrastructure will be installed as an extension to the BlackSky ground network, providing this customer with an additional access point and improved latency performance. This new contract demonstrates the customers long-term commitment to secure assured access to our current and future imagery and analytic capabilities.

其次，我們與主要國際客戶簽訂了為期兩年、價值數百萬美元的地面站基礎設施合同。該基礎設施將作為 BlackSky 地面網絡的擴展安裝，為該客戶提供額外的接入點並改善延遲性能。這份新合同表明了客戶對確保獲得我們當前和未來的圖像和分析能力的長期承諾。

Third, we won a two-year multi-million-dollar renewal agreement supporting another Ministry of Defense customer. Through this contract, we are providing them with advanced subscription-based tactical imagery and AI-enabled analytic services. We've been working closely with this customer to meet their specific requirements and are pleased to have renewed our agreement with them.

第三，我們贏得了一項為期兩年、價值數百萬美元的續約協議，為另一家國防部客戶提供支持。通過這份合同，我們為他們提供先進的基於訂閱的戰術圖像和人工智能分析服務。我們一直與該客戶密切合作，以滿足他們的具體要求，並很高興與他們續簽協議。

And lastly, we were awarded a multi-year contract in support of international non-government organization. With this contract, we are providing this important group with on-demand imagery and AI-enabled analytics to assist with their mission directives and our broader global efforts. BlackSky is supporting this multi-national customer with commercial imagery as an essential element of their operation and in particular, provides a means to openly share intelligence with their key mission partners.

最後，我們獲得了一份支持國際非政府組織的多年期合同。通過這份合同，我們將為這個重要的團隊提供按需圖像和人工智能分析，以協助他們完成任務指令和我們更廣泛的全球努力。 BlackSky 正在為這家跨國客戶提供支持，將商業圖像作為其運營的基本要素，特別是提供了一種與其關鍵任務合作夥伴公開共享情報的方法。

During the quarter and throughout the first half of the year, we have successfully closed on many new international sales opportunities. Thanks in part to the investments we made last year in the expansion of our international sales team. This strategy is now paying dividends as we are now growing this pipeline of business and converting these opportunities into contracts.

在本季度和整個上半年，我們成功抓住了許多新的國際銷售機會。部分歸功於我們去年為擴大國際銷售團隊而進行的投資。這一戰略現在正在帶來紅利，因為我們現在正在擴大業務渠道並將這些機會轉化為合同。

We continue to see strong customer demand and worldwide with many customers turning to BlackSky to secure assured access to our current and future constellation under long-term subscription agreements. We're proud to support these countries and global customers and look to further capitalize on the growing international market demand.

我們繼續看到全球範圍內強勁的客戶需求，許多客戶轉向 BlackSky，以確保根據長期訂閱協議可靠地訪問我們當前和未來的星座。我們很自豪能夠為這些國家和全球客戶提供支持，並希望進一步利用不斷增長的國際市場需求。

Moving on to slide 8. We continue to see US government demand for commercial imagery and analytics through the expansion of projects that are utilizing the capabilities of commercial space companies in support of their space-based geospatial intelligence requirements.

繼續看幻燈片 8。我們繼續看到美國政府通過擴展利用商業航天公司的能力來支持其天基地理空間情報需求的項目對商業圖像和分析的需求。

During the quarter, we won several new and follow-on contracts with various US agencies, demonstrating the ongoing demand for BlackSky's imagery and analytic capabilities across the US government. One of our new contract wins was with a major Department of Defense customer to provide them an on-demand imagery and related mission solutions. This annual subscription contract is the first with this customer. We're pleased to have the opportunity to support their important mission.

本季度，我們贏得了與多個美國機構的幾份新合同和後續合同，這表明美國政府對 BlackSky 的圖像和分析能力的持續需求。我們贏得的新合同之一是與國防部的一個主要客戶，為他們提供按需圖像和相關任務解決方案。這是與該客戶的第一份年度訂閱合同。我們很高興有機會支持他們的重要使命。

In addition, we were awarded two new contracts with the NRO. These contracts are focused on exploring short-wave infrared or SWIR imaging capabilities as well as looking at techniques to drive further reductions in latency associated with the tasking, collection, and delivery of commercial imagery. We have a long track record working with the NRO and just completed a successful first year of delivering daily high-volume advanced imagery under our historic 10-year EOCL contract.

此外，我們還獲得了 NRO 的兩份新合同。這些合同的重點是探索短波紅外或短波紅外成像功能，以及研究進一步減少與商業圖像的任務分配、收集和交付相關的延遲的技術。我們與 NRO 有著長期的合作記錄，並且剛剛根據我們歷史性的 10 年期 EOCL 合同成功完成了每天提供大量高級圖像的第一年。

As a result of this success, we've been able to capture new contracts with this customer as they continue to look to BlackSky to support our long-term national security and defense needs.

由於這一成功，我們已經能夠與該客戶簽訂新合同，因為他們繼續尋求 BlackSky 來支持我們的長期國家安全和國防需求。

Also in the second quarter, we received a number of new work orders from NGA and Department of Defense customers to extend and expand services we're already providing under existing contracts. The US government continues to be an important customer for BlackSky, and we believe we are well positioned to capitalize on emerging opportunities where the government is seeking to leverage commercial space capabilities in support of our nation's long-term defense, intelligence, and national security needs.

同樣在第二季度，我們收到了來自 NGA 和國防部客戶的許多新工作訂單，以擴展和擴展我們根據現有合同已經提供的服務。美國政府仍然是 BlackSky 的重要客戶，我們相信我們處於有利位置，可以利用政府正在尋求利用商業太空能力來支持我國長期國防、情報和國家安全需求的新興機會。

Turning to slide 9. In addition to our government business, we continue to make progress on the commercial front with some exciting new partnerships and contract wins. In May, we announced that we were selected by SynMax, a leading energy intelligence company, to assist them in monitoring coal inventory at power plants.

轉向幻燈片 9。除了我們的政府業務外，我們還繼續在商業方面取得進展，建立了一些令人興奮的新合作夥伴關係並贏得了合同。 5 月份，我們宣布被領先的能源情報公司 SynMax 選擇協助他們監控發電廠的煤炭庫存。

Our partnership with SynMax will create a timely and accurate energy intelligence assessment that will help support national energy transition initiatives away from fossil fuels and more towards sustainable energy resources.

我們與 SynMax 的合作將創建及時、準確的能源情報評估，這將有助於支持國家能源轉型計劃，從化石燃料轉向可持續能源。

BlackSky was selected by SynMax following a competitive bid process where they chose our rapid revisit, low-latency imagery services, combined with our advanced first imagery capabilities. First imagery is where our satellites focus on a single location and can take five images repeatedly over a 15-second period. The imagery collected in this manner allows for multiple viewing angles as well as motion tracking of objects at the location.

BlackSky 在經過競爭性投標過程後被 SynMax 選擇，他們選擇了我們的快速重訪、低延遲圖像服務以及我們先進的首次圖像功能。第一張圖像是我們的衛星聚焦於單個位置的圖像，可以在 15 秒的時間內重複拍攝五張圖像。以這種方式收集的圖像允許多個視角以及該位置處物體的運動跟踪。

SynMax will use our burst imagery to generate 3D volumetric products and provided clients with critical information on coal stockpiles for effective decision-making. We're happy to partner with an innovative industry leader like SynMax and support them in achieving a competitive advantage using our real-time dynamic monitoring capabilities.

SynMax 將使用我們的連拍圖像生成 3D 體積產品，並為客戶提供有關煤炭庫存的關鍵信息，以便做出有效的決策。我們很高興與 SynMax 這樣的創新行業領導者合作，並支持他們利用我們的實時動態監控功能實現競爭優勢。

Last quarter, we also announced a partnership with Spire Global to create a commercially available AI-driven maritime custody service. This innovative surveillance and analytics service will utilize radiofrequency emissions from ships, automatically task our satellite constellation, and collect high-resolution imagery in thousands of vessels worldwide.

上季度，我們還宣布與 Spire Global 合作，創建一項商業化的人工智能驅動的海事託管服務。這項創新的監視和分析服務將利用船舶的射頻發射，自動分配我們的衛星星座的任務，並收集全球數千艘船舶的高分辨率圖像。

Our AI-enabled Spectra software will integrate these images to detecting [Class V] vessels, estimate cargo on board, and track activity over time. Monitoring global maritime activity is becoming increasingly critical to national security to help identify illegal activities and monitor supply chain and commodity markets. In fact, we're seeing increased interest in market demand worldwide for maritime services and are addressing this growth opportunity through partnerships like this.

我們支持人工智能的 Spectra 軟件將集成這些圖像來檢測 [V 級] 船舶、估計船上的貨物並跟踪一段時間內的活動。監控全球海事活動對於國家安全變得越來越重要，以幫助識別非法活動並監控供應鍊和商品市場。事實上，我們看到全球市場對海事服務的需求日益濃厚，並正在通過這樣的合作夥伴關係來抓住這一增長機會。

Moving on to slide 10. During the quarter, we continued to make good progress on our Gen-3 satellites, which are designed to deliver up to 35 centimeters of high-resolution imagery and we'll also include a SWIR imaging capability.

繼續看幻燈片 10。本季度，我們在 Gen-3 衛星方面繼續取得良好進展，這些衛星旨在提供長達 35 厘米的高分辨率圖像，我們還將包括 SWIR 成像功能。

In preparation for the initial launch of our Gen-3 satellites, I'm happy to report that yesterday, we signed an agreement with Rocket Lab to secure a block of five dedicated launches. This agreement locks in launch capacity for the replacement, replenishment, and expansion of our constellation, and includes deployment of our initial Gen-3 satellites in 2024.

為了準備我們的第三代衛星的首次發射，我很高興地報告，昨天，我們與火箭實驗室簽署了一項協議，以確保進行五次專用發射。該協議鎖定了我們星座的更換、補充和擴展的發射能力，包括在 2024 年部署我們最初的第三代衛星。

Securing this launch capacity will ensure resiliency of our satellite operations and provides us with the agility to play satellites where and when we want in order to best meet our customer needs. We've partnered with Rocket Lab on a series of successful missions and are looking forward to expanding our constellation.

確保這一發射能力將確保我們衛星運營的彈性，並使我們能夠靈活地隨時隨地發射衛星，以便最好地滿足客戶需求。我們與 Rocket Lab 合作執行了一系列成功的任務，並期待著擴大我們的星座。

In summary, we're pleased that Q2 was another strong quarter, highlighted by continuing revenue growth, improving operating leverage, and the delivery of strong bookings performance during the first half of the year.

總而言之，我們很高興第二季度又是一個強勁的季度，突出表現在上半年收入持續增長、運營槓桿改善以及強勁的預訂業績。

I'll now turn it over to Henry to go through the quarterly financial results in more detail. Henry?

我現在將把它交給亨利，讓他更詳細地查看季度財務業績。亨利？

Thank you, Brian, and good morning, everyone. I'm pleased with the execution we've made across many aspects of our business and with our second-quarter financial results.

謝謝你，布萊恩，大家早上好。我對我們在業務的許多方面所做的執行以及我們第二季度的財務業績感到滿意。

Beginning with slide 12, the total revenue for the second quarter of 2023 was $19.3 million, an increase of $4.2 million or 28% over the prior year quarter. Imagery and analytics revenue grew to $15.3 million, a 51% increase over the prior year period, primarily driven by greater volumes of imagery delivered to customers worldwide.

從幻燈片 12 開始，2023 年第二季度的總收入為 1930 萬美元，比去年同期增加 420 萬美元，即 28%。圖像和分析收入增長至 1,530 萬美元，比上年同期增長 51%，這主要是由於向全球客戶交付的圖像數量增加。

Professional and engineering services revenue was $4 million in the second quarter of 2023 compared to $4.9 million in the prior year quarter. The decrease of $900,000 was primarily due to timing of some R&D programs as a few new projects began to ramp up this year while a few large projects from last year came to an end. Keep in mind, revenues recognized from these types of projects are largely milestone based and can fluctuate significantly quarter over quarter, depending on a project estimated costs and percentage of completion.

2023 年第二季度的專業和工程服務收入為 400 萬美元，而去年同期為 490 萬美元。減少 900,000 美元主要是由於一些研發項目的時間安排，一些新項目今年開始增加，而去年的一些大型項目結束。請記住，從這些類型的項目中確認的收入主要是基於里程碑的，並且每個季度可能會出現大幅波動，具體取決於項目的估計成本和完成百分比。

Turning to cost of sales, we continue to demonstrate strong operating leverage in our imagery and analytics business as shown on slide 13. Excluding stock-based compensation, depreciation, and amortization expenses, imagery and analytics cost of sales was $7 million in the first half of 2023 compared to $6.7 million in the first half of 2022. The small $300,000 increase in cost of sales on a revenue growth of $13.5 million results in a high incremental contribution margin of 97% for the first half of the year.

談到銷售成本，我們在圖像和分析業務中繼續展現出強大的運營槓桿，如幻燈片13 所示。不包括基於股票的薪酬、折舊和攤銷費用，上半年圖像和分析銷售成本為700 萬美元2023 年的增長率為670 萬美元，而2022 年上半年的增長率為670 萬美元。收入增長1,350 萬美元，銷售成本小幅增加30 萬美元，導致今年上半年的增量貢獻率高達97% 。

This performance is in line with the incremental contribution margins in the prior year and further demonstrates our consistent and strong track record of operating leverage. We've always said that BlackSky's core business of imagery and analytic services has an inherently low marginal cost for each incremental dollar received, and these are self-contained to prove that point.

這一業績與上一年的增量貢獻率一致，並進一步證明了我們一貫且強勁的運營槓桿記錄。我們總是說，BlackSky 的核心業務——圖像和分析服務，每增加一美元的邊際成本本質上就很低，而這些都是獨立的，可以證明這一點。

I also want to point out that for the second quarter of 2023, we incurred a $2.5 million expense to professional and engineering service cost of sales, primarily due to the accounting treatment of an R&D project that is partially customer funded for our Gen-3 satellite capabilities. Since we generate revenue on these projects, the total costs incurred on these development efforts and not just proportion funded by the customers' needs to be expensed rather than capitalized.

我還想指出，在 2023 年第二季度，我們的專業和工程服務銷售成本產生了 250 萬美元的費用，這主要是由於我們對第三代衛星部分由客戶資助的研發項目的會計處理所致能力。由於我們通過這些項目產生收入，因此這些開發工作所產生的總成本（而不僅僅是由客戶需求資助的部分）需要支出而不是資本化。

This has the benefit of offsetting corporate CapEx investments with government-funded R&D, which helps our cash flows, and they also enable us to build relationships with strategic customers that can lead to long-term subscription contracts for imagery and analytic services. As a result, our portion of the development costs is the P&L rather than the balance sheet.

這樣做的好處是用政府資助的研發來抵消企業資本支出投資，這有助於我們的現金流，而且還使我們能夠與戰略客戶建立關係，從而簽訂圖像和分析服務的長期訂閱合同。因此，我們的開發成本部分是損益表而不是資產負債表。

Let's move to slide 14 and briefly talk about operating expenses. For this discussion, I will refer to cash operating expenses, which exclude stock-based compensation, and depreciation, and amortization expenses. This approach enables us to compare our year-over-year costs and run rates for the business without having the non-cash items cloud the underlying performance of the business.

讓我們轉到幻燈片 14，簡要討論一下運營費用。在本次討論中，我將提及現金運營費用，其中不包括股票薪酬、折舊和攤銷費用。這種方法使我們能夠比較業務的逐年成本和運行率，而不會讓非現金項目影響業務的基本績效。

For the second quarter of 2023, cash operating expenses were $16.8 million compared to $15.2 million in Q2 of last year. This year-over-year increase in cash operating expenses of $1.6 million or 10% was primarily due to the expansion of our sales team in order to capture new opportunities in the market and to continue development on our AI software platform to further support our customers with greater analytics.

2023 年第二季度，現金運營支出為 1,680 萬美元，而去年第二季度為 1,520 萬美元。現金運營費用同比增加 160 萬美元或 10%，主要是由於我們擴大了銷售團隊，以抓住市場新機遇，並繼續開發我們的人工智能軟件平台以進一步支持我們的客戶具有更強大的分析能力。

In addition, as you can see on this slide, our growth and cash operating expenses is significantly lower than our revenue growth rate and most importantly, a fraction of our growth rate for imagery and analytic revenues.

此外，正如您在這張幻燈片中看到的，我們的增長和現金運營支出明顯低於我們的收入增長率，最重要的是，僅占我們圖像和分析收入增長率的一小部分。

Turning to slide 15, for the second quarter of 2023, we reported an adjusted EBITDA loss of $5.8 million, a 35% improvement over the $8.8 million loss in the prior year period. The year-over-year improvement was primarily driven by strong revenue growth in our inventory and analytic services business delivered at high incremental contribution margins, significantly offsetting the small increase in cash operating expenses.

轉向幻燈片 15，我們報告 2023 年第二季度調整後 EBITDA 損失為 580 萬美元，比上年同期的 880 萬美元損失減少了 35%。同比改善主要是由於我們的庫存和分析服務業務收入強勁增長，增量貢獻率較高，大大抵消了現金運營費用的小幅增長。

Keep in mind this past quarter, we incurred a $2.5 million expense to our professional engineering service costs as previously discussed. Without this impact, we would have reported an adjusted EBITDA loss of just $3.3 million.

請記住，如前所述，上個季度我們的專業工程服務成本產生了 250 萬美元的費用。如果沒有這種影響，我們的調整後 EBITDA 損失僅為 330 萬美元。

Regarding our balance sheet, we ended the second quarter of 2023 with $59.5 million of cash, restricted cash, and short-term investments. Our capital expenditures in the second quarter of 2023 were $12.6 million and brings our total CapEx for the first half of this year to $28.4 million. These investments are primarily to advance our Gen-3 satellite constellation and enhance our AI software capabilities. We continue to closely manage these investments and believe we have sufficient cash and liquidity for our needs for the foreseeable future.

關於我們的資產負債表，截至 2023 年第二季度末，我們擁有 5950 萬美元的現金、限制性現金和短期投資。我們 2023 年第二季度的資本支出為 1,260 萬美元，使今年上半年的資本支出總額達到 2,840 萬美元。這些投資主要是為了推進我們的第三代衛星星座並增強我們的人工智能軟件能力。我們將繼續密切管理這些投資，並相信我們有足夠的現金和流動性來滿足可預見的未來的需求。

Now let's move on to our 2023 outlook as shown on slide 16. We continue to see strong global demand for our inventory and analytic capabilities, as evidenced by the number of new and expansion agreements we've recently won. We're highly focused on realizing profitable growth and remain on track to achieve positive adjusted EBITDA in Q4 of this year. This is a result of our expected revenue growth in our high-margin imagery and analytics business, coupled with our continued focus on managing costs responsibly.

現在讓我們繼續展望 2023 年的前景，如幻燈片 16 所示。我們繼續看到全球對我們的庫存和分析能力的強勁需求，我們最近贏得的新協議和擴張協議的數量就證明了這一點。我們高度重視實現盈利增長，並有望在今年第四季度實現正調整後的 EBITDA。這是我們高利潤圖像和分析業務的預期收入增長以及我們持續關注負責任地管理成本的結果。

On revenue, we are actively working with several major customers at a number of sizable new multi-year contracts. However, as is typical for deals of this nature, there are some degree of uncertainty surrounding the timing of revenues associated with these long procurement cycles. As this can introduce quarter-to-quarter variability, we are widening the range of about 2023 revenue outlook to be between $84 million and $96 million. Even at the low end of this revenue range, we expect to achieve positive adjusted EBITDA in Q4 this year.

在收入方面，我們正在積極與幾家主要客戶合作，簽訂一些規模可觀的新的多年期合同。然而，正如此類性質的交易的典型情況一樣，與這些漫長的採購週期相關的收入時間存在一定程度的不確定性。由於這可能會帶來季度與季度之間的差異，因此我們將 2023 年收入前景的範圍擴大到 8400 萬美元至 9600 萬美元之間。即使處於該收入範圍的低端，我們預計今年第四季度也將實現正調整後 EBITDA。

In addition, we are maintaining our expectation for full-year 2023 capital expenditures to be between $40 million and $45 million as we continue to invest in building our Gen-3 satellites and further enhancing our spectrum AI-driven software.

此外，我們維持 2023 年全年資本支出在 4000 萬至 4500 萬美元之間的預期，因為我們將繼續投資建造第三代衛星並進一步增強我們的頻譜人工智能驅動軟件。

In summary, we're pleased with our financial performance in the second quarter and the progress we've made across many aspects of our business.

總之，我們對第二季度的財務業績以及我們在業務的許多方面取得的進展感到滿意。

With that, I'll now turn it back over to Brian for some closing remarks. Brian?

現在，我將把它轉回給布萊恩做一些結束語。布萊恩？

Thank you, Henry.

謝謝你，亨利。

In closing, we are pleased with the strong second-quarter performance and the momentum we are carrying into the second half of the year. Demand for our products and services has never been higher as we continue to see an increasing number of defense and intelligence customers turn to BlackSky for their mission critical needs.

最後，我們對第二季度的強勁表現以及下半年的勢頭感到滿意。隨著我們不斷看到越來越多的國防和情報客戶轉向 BlackSky 來滿足其關鍵任務需求，對我們的產品和服務的需求從未如此之高。

Our unique high-frequency hourly monitoring and AI-enabled analytics is what differentiates us in the market and is becoming an essential capability for national security missions around the world. Our strategy to focus on this market is paying dividends as this increased demand has translated into a large and growing pipeline of sales opportunities, which we are successfully converting into sizable multi-year contracts with highly strategic and long-term customers.

我們獨特的高頻每小時監控和人工智能分析使我們在市場上脫穎而出，並正在成為世界各地國家安全任務的一項重要能力。我們專注於這個市場的戰略正在帶來紅利，因為這種增加的需求已轉化為大量且不斷增長的銷售機會，我們正在成功地將其轉化為與高度戰略性和長期客戶的大規模多年合同。

The revenue growth from our high-margin imagery and analytics sales is demonstrating the operating leverage of our business model. And combined with prudent and responsible cost management, it has us on track to achieve positive adjusted EBITDA in the fourth quarter and beyond.

我們的高利潤圖像和分析銷售帶來的收入增長證明了我們業務模式的運營槓桿。結合審慎和負責任的成本管理，我們有望在第四季度及以後實現正調整後的 EBITDA。

While our focus is on profitable long-term growth, we continue to invest in the future and in technologies that provide the highest long-term value to meet our customers' needs. We are growing our expertise and capabilities in AI while advancing our space architecture to include very high-resolution Gen-3 satellites, which remain on track for initial deployment next year.

雖然我們的重點是盈利性的長期增長，但我們繼續投資於未來和能夠提供最高長期價值的技術，以滿足客戶的需求。我們正在增強人工智能方面的專業知識和能力，同時推進我們的空間架構，包括非常高分辨率的第三代衛星，這些衛星仍有望在明年進行初步部署。

We look forward to next phase of expansion of our constellation to meet the strong demand for these capabilities.

我們期待下一階段的星座擴展，以滿足對這些功能的強烈需求。

Finally, I want to thank the entire BlackSky team for their hard work and dedication as they work every day to deliver on our commitments to customers around the world that have come to rely on BlackSky. We are all very proud to be partnered with these customers. And most importantly, that our capabilities are being used to shine a light on events that threaten the security of our country and our allies around the world.

最後，我要感謝整個 BlackSky 團隊的辛勤工作和奉獻精神，他們每天都在努力履行我們對世界各地依賴 BlackSky 的客戶的承諾。我們都非常自豪能夠與這些客戶合作。最重要的是，我們的能力被用來揭露威脅我們國家和世界各地盟友安全的事件。

This concludes our remarks for the call, and we'll now take your questions.

我們的電話會議發言到此結束，現在我們將回答大家的問題。

(Operator Instructions) Jaeson Schmidt, Lake Street.

（操作員指示）Jaeson Schmidt，湖街。

Hey, guys, thanks for taking my questions. I just wanted to start with the update in guidance. Curious if this is more related to contracts that you guys had previously won, they're getting pushed to the right, or contracts that you had previously expected to close at this time that just won't start contributing until later this year?

嘿，伙計們，謝謝你回答我的問題。我只想從指導更新開始。好奇這是否與你們之前贏得的合同更相關，他們被推到了右邊，或者你們之前預計在這個時候完成的合同直到今年晚些時候才會開始貢獻？

Hi, good morning, Jaeson. Thanks for the question. It's primarily timing and it's related to both renewals and new contracts. So as we mentioned, we're actively working with several major customers on a number of new sizable contracts. And it's the case of contracts of this nature, the sales cycle sometimes takes longer, especially contracts with new government customers, especially internationally. So this can introduce variability quarter to quarter. So that's why we've ultimately widened our guidance here to address for that variability.

嗨，早上好，傑森。謝謝你的提問。這主要是時間問題，與續約和新合同有關。正如我們所提到的，我們正在積極與幾家主要客戶就一些新的大型合同進行合作。對於這種性質的合同，銷售週期有時需要更長的時間，特別是與新政府客戶的合同，尤其是國際客戶。因此，這可能會帶來季度與季度之間的變化。這就是為什麼我們最終擴大了我們的指導範圍以解決這種可變性。

Okay, understood. And then just following up on that, I mean that pipeline of contracts are in negotiations. Are those primarily with existing customers looking at expanding or new customers coming online?

好的，明白了。接下來，我的意思是合同管道正在談判中。那些主要是那些尋求擴大規模的現有客戶還是新的在線客戶？

Combination of both. There are several expansion contracts, but also several contracts with new customers.

兩者的結合。有幾份擴展合同，還有幾份與新客戶的合同。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, thanks. Good morning. I was wondering, you obviously had a lot of momentum on the bookings side. Can you give any sense of a cadence or the timeframe on how you would recognize some of the bigger ones, for example, the $30 million renewal? How does that sort of start flowing through either this year or next?

嘿，謝謝。早上好。我想知道，您顯然在預訂方面有很大的動力。您能透露一下您將如何識別一些較大的項目（例如 3000 萬美元的續約）的節奏或時間框架嗎？今年或明年這種情況如何開始發生？

Yeah. Thanks, Edison. I think as we stated, many of these contracts are multi-year contracts and are subscription based. And so those contracts will start to be recognized over the course of that couple of year period as we deliver capacity and, in some cases, these are take-or-pay type contracts where they subscribe to our capacity, and they pay on a quarterly basis to access that capacity.

是的。謝謝，愛迪生。我認為正如我們所說，其中許多合同都是多年期合同，並且是基於訂閱的。因此，隨著我們交付容量，這些合同將在這幾年內開始得到認可，在某些情況下，這些合同是照付不議類型的合同，他們訂閱我們的容量，並按季度付款訪問該容量的基礎。

All Right. And then I guess more broadly speaking, I think one of your competitors out there has been seeing a decent amount of slowdown on the commercial side. Can you maybe just talk about on the government side, is that the case? It sounds like it's not, but just any thoughts around how you're seeing the various end markets as they compare to each other?

好的。然後我想更廣泛地說，我認為你的一個競爭對手在商業方面已經看到了相當大的放緩。您能否從政府方面談談，是這樣嗎？聽起來好像並非如此，但您對如何看待各個終端市場的相互比較有什麼想法嗎？

Yeah, we're not seeing a slowdown in our core markets. As you know, we've been primarily focused on the global defense and intelligence sector, and we're seeing that market rapidly growing and where there's clear demand for our products and services.

是的，我們的核心市場沒有放緩。如您所知，我們主要關注全球國防和情報部門，我們看到該市場正在快速增長，並且對我們的產品和服務有明確的需求。

And so for us, this has always been our strategy and this focus is paying off as you can see in the growth of our sales pipeline, the quality of our bookings, and the growth of our customer base. So this has been our strategy all along and we're continue to see strong demand there.

因此，對我們來說，這一直是我們的戰略，這種關注正在得到回報，正如您在我們銷售渠道的增長、預訂質量和客戶群的增長中看到的那樣。因此，這一直是我們的戰略，並且我們繼續看到那裡的強勁需求。

Great. I guess take one more in on the Gen-3. Obviously, great to see the Rocket Lab contract. Do you have any sense of how many Gen-3 you may be contemplating for next year?

偉大的。我想再看一下 Gen-3。顯然，很高興看到火箭實驗室合同。您知道明年可能會考慮生產多少 Gen-3 嗎？

Edison, as we've said in the past, we will deploy satellite as we need to, to replace and replenish what we have on orbit, and we'll expand that over time. So we've commenced a pipeline of production of Gen-3 satellites. And as we get into next year, we'll get closer to those appointments. We'll provide an update on timing and how many.

愛迪生，正如我們過去所說，我們將根據需要部署衛星，以替換和補充我們在軌道上的衛星，並且隨著時間的推移，我們將擴大這一範圍。因此，我們已經開始生產第三代衛星。隨著明年的到來，我們將越來越接近這些任命。我們將提供有關時間和數量的最新信息。

Josh Sullivan, The Benchmark Company.

喬什·沙利文，基準公司。

Hey, good morning. As far as contract renewals, you mentioned the $30 million renewal, almost 3x the previous one. What is your recompete or renewal rate look like over the next 12 months?

嗨，早上好。至於續約，你提到了3000萬美元的續約，幾乎是之前的3倍。未來 12 個月內您的重新競爭或續約率是多少？

Josh, I would say generally, the majority of our customers renew with us. And as I mentioned, we go through a process where they typically start with the initial pilot capability, and they expand that over time. We're seeing almost no churn with the customers that we have and, in most cases, they are all expanding.

喬希，我想說的是，一般來說，我們的大多數客戶都會與我們續約。正如我所提到的，我們經歷了一個過程，他們通常從最初的試點能力開始，然後隨著時間的推移不斷擴展。我們幾乎沒有看到我們現有的客戶流失，而且在大多數情況下，他們都在擴大。

And then as far as the EBITDA breakeven target, how much of that is volume or how much of that is controlled by cost at this point to get you there?

然後，就 EBITDA 盈虧平衡目標而言，其中有多少是數量，或者有多少是由成本控制的，以實現這一目標？

Josh, this is Henry. Thanks for that question. The way we look at it, I mean, we have been responsible on our cost management all along. So we're very comfortable with where we are. And we are continuing to grow and hire people. But we don't need to do that ahead of our need. And so the way we're looking at it is we do have some revenue growth that we're expecting throughout the rest of this year. I mean, as you see with our guidance, we'll be growing in the second half. But we feel comfortable that we will be hitting that EBITDA positive in Q4.

喬什，這是亨利。謝謝你提出這個問題。我的意思是，我們一直對成本管理負責。所以我們對自己所處的位置感到非常滿意。我們正在繼續發展和僱用人員。但我們不需要在我們需要之前這樣做。因此，我們看待它的方式是，我們預計今年剩餘時間裡確實會有一些收入增長。我的意思是，正如您所看到的，在我們的指導下，我們將在下半年實現增長。但我們對第四季度的 EBITDA 為正值感到放心。

And then maybe just one last one. How's the relationship Spire evolving? What is customer interest look like? And then, how are you sharing the value between yourself and Spire?

然後也許只是最後一件事。 Spire 的關係進展如何？客戶興趣是什麼樣的？那麼，您如何在自己和 Spire 之間分享價值？

Yeah, Josh, as we mentioned, we're seeing really significant interest in maritime-related solutions worldwide, particularly in the national security sector. And in order to address that need, it's important to combine the RF capabilities with Spire with high-frequency imaging capabilities and AI analytics that we offer through our Spectra AI software platform. So we are in the process of bringing that joint offering to market and bringing those to customers around the world.

是的，喬希，正如我們提到的，我們看到全世界對海事相關解決方案非常感興趣，特別是在國家安全領域。為了滿足這一需求，將 RF 功能與 Spire 與我們通過 Spectra AI 軟件平台提供的高頻成像功能和 AI 分析相結合非常重要。因此，我們正在將聯合產品推向市場，並將其帶給世界各地的客戶。

Greg Mesniaeff, WestPark Capital.

Greg Mesniaeff，西園資本。

Yes, thank you for taking my question. As your customers renew, can you talk about any changes or adjustments to the subscription terms that you have put into your contracts regarding episodic ordering as opposed to commitments in frequency and volume? Thanks.

是的，謝謝您回答我的問題。當您的客戶續訂時，您能否談談您在合同中加入的有關間歇訂購（而不是頻率和數量承諾）的訂閱條款的任何更改或調整？謝謝。

Thanks for the question, Greg. I think the most of these larger renewals are you can think of them as take-or-pay type agreements where they're subscribing to a certain amount of capacity on a quarterly basis, and they have access to that capacity as part of their subscription. And so that gives us a very good outcome subscription-based revenue and visibility into where and when those customers need our capacity.

謝謝你的提問，格雷格。我認為這些較大的續訂中的大多數是您可以將它們視為照付不議類型的協議，其中他們每季度訂閱一定數量的容量，並且他們可以作為訂閱的一部分訪問該容量。因此，這為我們提供了非常好的基於訂閱的收入結果，並且可以了解這些客戶何時何地需要我們的容量。

(Operator Instructions) Griffin Boss, B. Riley Securities.

（操作員指令）Griffin Boss，B. Riley Securities。

Hi, thanks. Good morning. So back to the Gen-3 launches, just thinking back to your launch in March, that satellite entered revenue generating operations within 18 hours, I think it was. And you mentioned you're already selling capacity for Gen-3.

你好謝謝。早上好。回到 Gen-3 的發射，回想一下 3 月份的發射，那顆衛星在 18 小時內就進入了創收運營，我認為是這樣。您提到您已經在銷售 Gen-3 的容量。

So when we're thinking about those future Gen-3 deployments, I understand part of this new capacity is going to replace existing capacity. But generally, will we be correct to look at these launches sort of as revenue inflection points or essentially a day after you launch, you're firing up new contracts and capabilities with customers; or is it not so much a step function?

因此，當我們考慮未來的第三代部署時，我知道部分新容量將取代現有容量。但總的來說，我們是否正確地將這些發布視為收入拐點，或者基本上在發布後的第二天，你就與客戶簽訂了新的合同和功能；或者它不是一個階躍函數？

I think the way to look at it, Griffin, is initially the Gen-3 satellites will replace existing capacity. So you'll see continued revenue growth as we've been experiencing in the last couple of years. So that'll continue. As we reach a certain level of Gen-3 capacity over the coming years, you will begin to see a step function related to certain contracts.

格里芬，我認為看待這個問題的方式是，最初第三代衛星將取代現有容量。因此，您將看到我們在過去幾年中所經歷的收入持續增長。所以這會繼續下去。當我們在未來幾年達到一定水平的 Gen-3 容量時，您將開始看到與某些合同相關的階躍函數。

Okay, understood. Thanks for the color there. And then I wanted to jump back to the previous question on Spire and get clarification. What's the go-to-market strategy with this? Is this an add-on feature to the Spectra platform or sold as a separate service from Spire?

好的，明白了。感謝那裡的顏色。然後我想跳回到上一個關於 Spire 的問題並得到澄清。其進入市場的策略是什麼？這是 Spectra 平台的附加功能還是作為 Spire 的單獨服務出售？

It's an add-on feature to the Spectra platform, and it's a capability that we're bringing to our existing and targeted customers.

這是 Spectra 平台的附加功能，也是我們為現有客戶和目標客戶提供的功能。

Caleb Henry, Quilty Space.

凱勒·亨利，奎爾蒂空間。

Hey, guys. A couple of questions. I just want to revisit the topic of the Gen-3. The wording on the Rocket Lab deal, it sounds like not all of the launches are for Gen-3. So I was just wondering if you could clarify if that means you guys have decided to launch some Gen-2 spares or even continued production of Gen-2 before moving up.

大家好。有幾個問題。我只是想重溫一下 Gen-3 的話題。從火箭實驗室協議的措辭來看，聽起來並不是所有的發射都是針對 Gen-3 的。所以我只是想知道您是否可以澄清這是否意味著你們已經決定推出一些 Gen-2 備件，甚至在升級之前繼續生產 Gen-2。

The general aspect of the deal is that with Rocket Lab, as we can deploy capacity and different types of satellites where and when we want to. Primarily, those launches are for Gen-3 capability.

這筆交易的總體方面是與火箭實驗室合作，因為我們可以在我們想要的時間和地點部署能力和不同類型的衛星。這些發射主要是針對第三代功能。

Okay. And then just a question about the solar context, there's been a lot of solar, whether that's been impacting constellation operator. Have seen this with the SkySat and others. Is that having an impact on your current fleet operations as well that you're planning for a Gen-3 just to be in environment where the atmosphere is kind of been inflated and that's having an impact on spacecraft lifetimes and lowered orbit?

好的。然後是關於太陽環境的問題，有很多太陽能，這是否影響了星座運營商。在 SkySat 和其他衛星上已經看到了這一點。這是否會對您當前的艦隊運營產生影響，以及您計劃將 Gen-3 置於大氣層膨脹的環境中，從而對航天器壽命和降低軌道產生影響？

Let me just start with our constellation is healthy and performing as expected. We designed our satellites to deal with that type of environment and space. And we've reached a point where we've incrementally deployed this constellation over the course of the last couple of years and have deployed significant amount of capacity to meet our growth objectives.

讓我先說一下我們的星座是健康的並且表現符合預期。我們設計的衛星就是為了應對這種類型的環境和空間。我們已經達到了這樣的程度：在過去幾年中，我們逐步部署了這個星座，並部署了大量容量來滿足我們的增長目標。

And we're now entering a point in time where some of those satellites are reaching end-of-life. So you'll start seeing us replace those. It's really reflected in the contract we just signed with Rocket Lab and the progress we made on Gen-3.

我們現在正進入一個時間點，其中一些衛星即將達到使用壽命。所以你會開始看到我們替換它們。這確實反映在我們剛剛與 Rocket Lab 簽署的合同以及我們在 Gen-3 上取得的進展中。

Okay. And then I can you talk about the imaging capacity that you expect that Gen-3 will have? I understand that they're slightly bigger satellites, but typically a higher resolution -- sometimes high resolution comes to the expense of surface area that can be covered. So just wondering if you can share some color on that.

好的。然後我能談談您期望Gen-3將具有的成像能力嗎？據我所知，它們是稍大的衛星，但通常具有更高的分辨率——有時高分辨率會犧牲可覆蓋的表面積。所以只是想知道你是否可以分享一些顏色。

The satellites will have volumetric up capacity similar to our Gen-2 satellites. But as you mentioned, they will have increased resolution up to 35 centimeters and also will include a short way by our capability.

這些衛星的體積容量將與我們的第二代衛星類似。但正如您所提到的，它們的分辨率將提高到 35 厘米，並且還將包括我們能力範圍內的短距離。

Okay. And then just last question, a quick one. LeoStella had announced a new larger bus I think for the small tech conference in Utah. Is that what BlackSky plans to use for Gen-3?

好的。然後是最後一個問題，一個快速的問題。 LeoStella 宣布推出一款新的大型巴士，我想是為猶他州的小型科技會議準備的。這就是 BlackSky 計劃在 Gen-3 中使用的嗎？

A Gen-3 is utilizing a different technology. But I think what you're seeing with the LeoStella, as a strategic investor and JV partner in that company, that type of progress in their bus technology over time is something we can take advantage of as part of our business.

Gen-3 使用不同的技術。但我認為，作為該公司的戰略投資者和合資夥伴，您在LeoStella 上看到的情況是，隨著時間的推移，他們的總線技術取得的這種進步是我們可以利用的，作為我們業務的一部分。

And at this time, there are no further questions. I'll turn it back over to Aly Bonilla, BlackSky's Vice President of Investor Relations. Go ahead, Aly.

而此時，已經沒有其他問題了。我會將其轉回 BlackSky 投資者關係副總裁 Aly Bonilla。繼續吧，艾麗。

Thank you. I want to thank everybody for joining us on the call today. We will be participating in several upcoming investor conferences, and we look forward to speaking to you again soon. Have a great day, everybody.

謝謝。我要感謝大家今天加入我們的電話會議。我們將參加即將舉行的幾場投資者會議，並期待很快再次與您交談。祝大家有美好的一天。

And this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。