Blacksky Technology Inc (BKSY) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, welcome to BlackSky Technology's third quarter 2024 earnings conference call. (Operator Instructions) Please note this conference call is being recorded.

早安，女士們、先生們，歡迎參加 BlackSky Technology 2024 年第三季財報電話會議。（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, Aly.

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

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 third quarter financial results and outlook for 2024.

早安，感謝您加入我們。今天我們的執行長布萊恩·奧圖爾 (Brian O'Toole) 也加入了我的行列。以及我們的財務長 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，並提供有關業務的策略更新。隨後亨利將回顧該公司第三季財務業績和 2024 年展望。

Following our prepared remarks, we will open the line for your questions. A replay of this conference call will be available from approximately 12:30 PM Eastern Time today through November 21. 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.

在我們準備好的發言之後，我們將開通您的提問專線。本次電話會議的重播將於東部時間今天中午 12:30 左右持續到 11 月 21 日。訪問重播的資訊可以在今天的新聞稿中找到。此外，本次財報電話會議的網路廣播將在我們網站 www.blacksky.com 的投資者關係部分提供。

In conjunction with today's call, we have posted a quarterly earnings presentation on the Investor Relations website that you may use to follow along with our prepared remarks. Before we begin, let me remind you that certain statements made during today's conference call regarding our future plan, objectives, and expected performance including our financial guidance for 2024, are forward-looking statements.

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報告，您可以使用該報告來了解我們準備好的評論。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 2024 年財務指引）的某些聲明均為前瞻性聲明。

Actual results may differ materially as these statements are based on our current expectations as of today and are subject to risks and uncertainties, including those stated in our Form 10-K. 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 and 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.

實際結果可能存在重大差異，因為這些陳述是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。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且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。除適用法律要求外，BlackSky 不承擔更新前瞻性聲明的義務。

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、調整後的影像和軟體分析服務銷售成本以及現金營運費用。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簡報中，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, Aly. And good morning, everyone. Thank you for joining us on today's call. Let's begin with slide 3. I'm pleased to report that BlackSky delivered another strong quarter as we made great progress across many aspects of our business and continue to deliver year-over-year revenue growth.

謝謝，艾麗。大家早安。感謝您參加今天的電話會議。讓我們從幻燈片 3 開始。我很高興地向大家報告，BlackSky 再次實現了強勁的季度業績，因為我們在業務的許多方面都取得了巨大進步，並繼續實現了同比收入增長。

Demand for our space-based intelligence solutions has never been higher as we delivered near-record bookings, which is further expanding our customer base and strengthening BlackSky's position to achieve long-term, profitable growth.

由於我們的預訂量接近歷史記錄，對我們天基情報解決方案的需求從未如此之高，這進一步擴大了我們的客戶群，並鞏固了 BlackSky 實現長期盈利增長的地位。

Let me share some of our recent highlights. First, we won new and follow-on contracts valued at up to $780 million. This was one of our strongest quarters for bookings in the past two years, as demand for BlackSky space-based intelligence solutions continues to grow from government customers around the world.

讓我分享一下我們最近的一些亮點。首先，我們贏得了價值高達 7.8 億美元的新合約和後續合約。這是過去兩年中我們預訂量最強勁的季度之一，因為世界各地的政府客戶對 BlackSky 天基情報解決方案的需求持續成長。

Second, we raised over $45 million in growth capital to fully fund our baseline Gen-3 constellation, which further strengthens our balance sheet. Third, we are excited that our first very high-resolution Gen-3 satellite is completing final pre-ship testing and is expected to ship to the launch site in the next few weeks.

其次，我們籌集了超過 4500 萬美元的成長資本，為我們的基準 Gen-3 星座提供充分資金，這進一步增強了我們的資產負債表。第三，我們很高興我們的第一顆超高解析度 Gen-3 衛星即將完成最終的發射前測試，預計將在未來幾週內運送到發射場。

Next, we delivered our fourth consecutive quarter of positive adjusted EBITDA driven by our high-margin imagery and analytics revenue and the strong operating leverage inherent in our business model. And finally, we delivered year-to-date revenue growth of 22% as compared to last year as we ramp revenues from new contract awards and work to close additional major contracts in the fourth quarter.

接下來，在我們的高利潤影像和分析收入以及我們業務模式固有的強大營運槓桿的推動下，我們連續第四個季度實現了正向調整 EBITDA。最後，由於我們增加了新合約授予的收入並努力在第四季度完成更多主要合同，因此我們今年迄今的收入比去年增長了 22%。

We remain on track to deliver against our full-year revenue and adjusted EBITDA goals. I'd also like to mention that we are honored to have won the 2024 Leading Earth Observation Business Award by Novaspace, formerly known as Euroconsult at this year's World Space Business Week in Paris.

我們仍有望實現全年收入和調整後的 EBITDA 目標。我還想提一下，我們很榮幸在今年的巴黎世界空間商業週上獲得了 Novaspace（前身為 Euroconsult）頒發的 2024 年領先地球觀測商業獎。

This award recognizes the most forward-thinking companies and innovators shaping the future of the global space sector, and we're happy to have received this distinguished honor. This award, along with our recent highlights, continues to exemplify how BlackSky is leading a new era of space-based intelligence.

該獎項旨在表彰塑造全球航太領域未來的最具前瞻性的公司和創新者，我們很高興獲得這項殊榮。該獎項以及我們最近的亮點，繼續體現了 BlackSky 如何引領天基智能的新時代。

I would now like to share some operational highlights from the quarter. Turning to slide 4. We continue to see strong growth from US defense and intelligence agencies looking for BlackSky high-frequency imagery and advanced analytics.

我現在想分享本季的一些營運亮點。轉到投影片 4。我們繼續看到美國國防和情報機構尋求 BlackSky 高頻圖像和高級分析的強勁成長。

During the quarter, we were pleased to announce that BlackSky was awarded the Luno A contract, valued up to $290 million from the National Geospatial Intelligence Agency or NGA, which is the first part of the larger Luno program. The Luno program is one of the government's largest contracts to procure commercial space-based analytics services and demonstrates the government's long-term interest and commitment in acquiring subscription-based monitoring and analytics services.

在本季度，我們很高興地宣布 BlackSky 獲得了國家地理空間情報局 (NGA) 價值高達 2.9 億美元的 Luno A 合同，這是更大的 Luno 計劃的第一部分。Luno 計劃是政府採購商業天基分析服務的最大合約之一，顯示了政府對獲取基於訂閱的監控和分析服務的長期興趣和承諾。

This multi-year IDIQ Contract Award is a follow-on contract to the Economic Indicator Monitoring or EIM program, which we won back in 2021 and has successfully supported through multiple delivery orders. Through this Luno A contract, we will assist NGA in the monitoring and analysis of global economic and environmental activity, as well as military capability using our current Gen-2 and future Gen-3 satellite constellation.

這項多年期 IDIQ 合約授予是經濟指標監測或 EIM 計劃的後續合同，我們於 2021 年贏得了該計劃，並通過多個交付訂單成功提供了支持。透過這份 Luno A 合同，我們將協助 NGA 使用我們目前的 Gen-2 和未來的 Gen-3 衛星星座監測和分析全球經濟和環境活動以及軍事能力。

Throughout the program, we will be leveraging our advanced AI technology to automatically detect and identify objects such as ships, aircraft, vehicles, and shipping containers, and deliver intelligence and change monitoring services over critical areas of interest.

在整個計劃中，我們將利用先進的人工智慧技術自動偵測和識別船舶、飛機、車輛和貨櫃等物體，並在關鍵感興趣領域提供情報和變化監控服務。

This advanced analytics capability is powered by our multi-inch Spectra software platform, which is enabling new and innovative broad area search techniques to process a large number of images at a massive scale, utilizing data from multiple sensors and third-party sources.

這種先進的分析功能由我們的多英寸 Spectra 軟體平台提供支持，該平台支援新的創新廣域搜尋技術，利用來自多個感測器和第三方來源的數據大規模處理大量影像。

By combining AI-driven detection analytics with our high-frequency constellation and our proprietary broad area search capabilities, we will enable NGA to receive real-time and mission-critical insights on changes and emerging events. We're pleased to have won this award and have already received the first delivery order under the Luno A contract. We look forward to expanding our long-term partnership with NGA as they begin to ramp up the award of new task orders in 2025.

透過將人工智慧驅動的檢測分析與我們的高頻星座和專有的廣域搜尋功能相結合，我們將使 NGA 能夠接收有關變化和新興事件的即時和關鍵任務洞察。我們很高興贏得這個獎項，並且已經收到了 Luno A 合約下的第一份交貨訂單。隨著 NGA 於 2025 年開始加大新任務訂單的授予力度，我們期待擴大與 NGA 的長期合作夥伴關係。

Moving to slide 5. Another major contract win in the quarter was with NASA to support their commercial smallsat data acquisition program. This multi-year IDIQ contract award is valued at up to $476 million. Under this contract, BlackSky will provide NASA with time-diverse, high-revisit satellite imaging data, providing new insight in support of the agency's important research in Earth and applied science.

轉到投影片 5。本季度贏得的另一項重大合約是與 NASA 簽訂的合同，以支援其商業小型衛星資料收集計劃。IDIQ 這份多年合約價值高達 4.76 億美元。根據這份合同，BlackSky 將為 NASA 提供時域不同、頻繁重訪的衛星成像數據，為支持該機構在地球和應用科學方面的重要研究提供新的見解。

NASA-backed researchers worldwide will be able to use BlackSky imagery to broaden their understanding and develop actionable scientific observations around the most critical changes taking place on Earth. Integrating BlackSky advanced data into NASA's research data repository provides another valuable example where government agencies can significantly benefit from our real-time dynamic monitoring capabilities.

美國太空總署支持的世界各地的研究人員將能夠使用 BlackSky 圖像來擴大他們的理解，並圍繞地球上發生的最關鍵的變化進行可行的科學觀測。將 BlackSky 先進資料整合到 NASA 的研究資料儲存庫中提供了另一個有價值的範例，政府機構可以從我們的即時動態監控功能中顯著受益。

Turning to slide 6. We're also continuing to win new and expansion contracts with existing defense and intelligence customers. I'm pleased to report that we signed a $6 million contract expansion with one of our long-time international defense sector customers.

轉到投影片 6。我們也繼續與現有的國防和情報客戶贏得新的和擴展的合約。我很高興地報告，我們與一位長期的國際國防部門客戶簽署了一份價值 600 萬美元的擴建合約。

With this increased subscription agreement, the customer's total annual contract value increases to nearly $18 million and validates how BlackSky space-based intelligence solutions are relied upon every day to support mission-critical operations.

透過這份增加的訂閱協議，客戶的年度合約總價值增加到近 1,800 萬美元，並驗證了 BlackSky 天基情報解決方案如何每天依賴支援關鍵任務運作。

We continue to win various awards for the rapid delivery of our space-based intelligence solutions through the Global Data Marketplace or GDMP. These awards are for short-term services occurring within weeks to months that quickly translate into incremental revenue.

我們透過全球數據市場（GDPP）快速交付天基情報解決方案，持續贏得各種獎項。這些獎項是針對幾週到幾個月內發生的短期服務，這些服務可以迅速轉化為增量收入。

As a reminder, the GDMP is a new online marketplace that streamlines the acquisition process for US government end-users looking to contract and quickly receive a broad range of commercial data and analytics services in support of various mission needs. We are seeing increasing opportunities through the GDMP and believe this can become a long-term, viable sales distribution channel to a broader set of missions and end-users.

提醒一下，GDPMP 是一個新的線上市場，它可以簡化美國政府最終用戶的採購流程，幫助他們簽訂合約並快速獲得廣泛的商業數據和分析服務，以支援各種任務需求。我們透過 GDPMP 看到了越來越多的機會，並相信這可以成為面向更廣泛的任務和最終用戶的長期、可行的銷售分銷管道。

In addition, we awarded contracts with multiple US government customers looking to explore applications for integrating optical inter-satellite link terminals or OISL into our Gen-3 satellites. For those who may not know, OISL are laser-based communication relays that enable faster communication and transmission of data through satellite networks. We are currently in the process of incorporating OISL terminals into our Gen-3 design.

此外，我們還與多家美國政府客戶簽訂了合同，尋求探索將光學星間鏈路終端或 OISL 整合到我們的第三代衛星中的應用。對於可能不知道的人來說，OISL 是基於雷射的通訊中繼，可以透過衛星網路實現更快的通訊和資料傳輸。我們目前正在將 OISL 終端納入我們的 Gen-3 設計中。

The objective is to be compatible with both the space development agency's transport layer and commercial space transport layers. Once operational, we expect delivery timelines to improve by 10 times, further reducing the already low-latency delivery of our imagery and analytics services that we are delivering today.

目標是與空間開發機構的傳輸層和商業空間傳輸層相容。一旦投入使用，我們預計交付時間將縮短 10 倍，進一步減少我們今天提供的影像和分析服務的低延遲交付。

This type of program validates our agile approach to space, as we can rapidly deliver incremental enhancements to our space network aligned with our customers' evolving mission needs. We look forward to enhancing our Gen-3 constellation with OISL capabilities and providing government customers with real-time access to imagery to support time-sensitive tactical ISR missions and military operations around the world.

此類計劃驗證了我們對太空的敏捷方法，因為我們可以根據客戶不斷變化的任務需求快速對我們的太空網路進行增量增強。我們期待透過 OISL 功能增強我們的 Gen-3 星座，並為政府客戶提供即時圖像訪問，以支援時間敏感的戰術 ISR 任務和世界各地的軍事行動。

Moving on to slide 7. We're excited to announce that we recently launched a new product offering to provide automated non-Earth imaging services to meet the growing demand for space domain awareness or SDA. Space domain awareness missions are vital for identifying, characterizing, and tracking objects in space and understanding their operational environments.

繼續看投影片 7。我們很高興地宣布，我們最近推出了一款新產品，可提供自動化非地球成像服務，以滿足對空間域感知或 SDA 日益增長的需求。空間域感知任務對於識別、表徵和追蹤空間物體以及了解其運行環境至關重要。

Delivering non-Earth imaging services is made possible due to the agility of our satellites, which enable us to capture images of objects in space. This capability offers additional revenue-generating opportunities at time when our satellites are either passing over the ocean or traveling across the dark side of the Earth.

由於我們衛星的靈活性，使我們能夠捕捉太空物體的圖像，從而使提供非地球成像服務成為可能。當我們的衛星飛越海洋或穿越地球的黑暗面時，這種能力提供了額外的創收機會。

In response to this new service offering, we were awarded seven-figure contracts with government and commercial customers. One of these new contracts is with HEO, an Australian space company dedicated to delivering non-Earth imaging solutions at scale to government, defense, and commercial customers.

為了響應這項新服務，我們與政府和商業客戶簽訂了七位數的合約。其中一份新合約是與 HEO 簽訂的，HEO 是一家澳洲航太公司，致力於向政府、國防和商業客戶大規模提供非地球成像解決方案。

Through a subscription data services contract, BlackSky will enable HEO to task and receive high-resolution non-Earth imaging services to give their customers actionable space-based intelligence about on-orbit objects of interest.

透過訂閱資料服務合同，BlackSky 將使 HEO 能夠執行任務並接收高解析度非地球成像服務，為客戶提供有關在軌感興趣物體的可操作的天基情報。

Another contract we want provides non-Earth imaging services to the US government to address critical needs in space situational awareness or SSA. SSA data is critical for maintaining space safety and facilitating real-time space traffic coordination, as well as helping space operators predict and avoid collisions between objects or avoid debris that might affect operations.

我們想要的另一份合約向美國政府提供非地球成像服務，以滿足太空態勢感知或 SSA 的關鍵需求。SSA 資料對於維護太空安全和促進即時太空交通協調以及幫助太空運營商預測和避免物體之間的碰撞或避免可能影響操作的碎片至關重要。

As part of this contract, BlackSky will integrate Gen-2 satellite imagery of on-orbit spacecraft into the customer's collection of space domain awareness assets. Our non-Earth imaging services is a new way to further monetize our constellation capacity and expand the revenue potential for high-margin imagery and analytics services.

作為該合約的一部分，BlackSky 將把在軌航天器的第二代衛星圖像整合到客戶的空間域感知資產集合中。我們的非地球成像服務是進一步將我們的星座能力貨幣化並擴大高利潤圖像和分析服務的收入潛力的新方式。

We expect this new subscription-based offering will expand over time as we are seeing increasing demand for data services to support this important mission. We are excited to bring this new and innovative offering to market to serve a broad array of SDA missions worldwide and expand our customer base.

我們預計這種新的基於訂閱的產品將隨著時間的推移而擴展，因為我們看到對支持這項重要使命的數據服務的需求不斷增加。我們很高興將這項全新的創新產品推向市場，為全球廣泛的 SDA 任務提供服務並擴大我們的客戶群。

Turning to slide 8. We're excited to report that our first very high-resolution Gen-3 satellite is in the final testing phase in preparation for launch. Once final testing is complete, we will ship this first unit to Rocket Lab's launch site in New Zealand, where we have a dedicated rocket ready to go through our launch services agreement.

轉到投影片 8。我們很高興地報告，我們的第一顆超高解析度 Gen-3 衛星正處於發射準備的最後測試階段。一旦最終測試完成，我們將把第一個裝置運送到紐西蘭火箭實驗室的發射場，在那裡我們有一個專用火箭準備好履行我們的發射服務協議。

As we narrow down the ship date, we will be working on finalizing the launch window, which we expect will open three to four weeks after shipment. Expanding our constellation with our new Gen-3 satellites will provide customers with new space-based intelligence solutions powered through a first-of-its-kind platform that combines high-frequency monitoring with very high-resolution 35-centimeter imaging and real-time AI-enabled insights.

隨著我們縮小發貨日期，我們將致力於最終確定發布窗口，我們預計該窗口將在發貨後三到四週開放。透過新的Gen-3 衛星擴展我們的星座，將為客戶提供新的天基情報解決方案，該解決方案通過首創的平台提供支持，該平台將高頻監控與超高分辨率35 厘米成像和實時相結合。

There is strong demand for this capability as evidenced by the significant contracted backlog, we have already secured from leading defense and intelligence customers around the world. We look forward to introducing the advanced performance of our Gen-3 satellite in the first quarter of 2025. We are excited about the transformative solutions that this constellation will deliver for years to come and delivering new mission-critical insights to our customers while unlocking our next phase of growth.

我們已經從全球領先的國防和情報客戶那裡獲得了大量的合約積壓，這證明了對這種能力的強烈需求。我們期待在 2025 年第一季推出第三代衛星的先進性能。我們對這個星座將在未來幾年提供的變革性解決方案感到興奮，並為我們的客戶提供新的關鍵任務見解，同時開啟我們下一階段的成長。

Moving to slide 9. While we remain focused on getting our first Gen-3 satellite into orbit and operations, we have also been focused on the scalable production of these satellites to support a regular launch cadence beginning next year.

轉到投影片 9。雖然我們仍然專注於將第一顆第三代衛星送入軌道並投入運行，但我們也一直專注於這些衛星的可擴展生產，以支援從明年開始的定期發射節奏。

To that end, our Gen-3 production line is up and running with a number of Gen-3 satellites in various stages of production that extend from securing long lead supply chain component deliveries to the assembly and integration phases of our next units. Once we demonstrate on-orbit performance of the first satellite, we plan to begin a regular cadence of Gen-3 deployments starting in 2025.

為此，我們的第三代生產線已啟動並運行，許多第三代衛星處於不同的生產階段，從確保長週期供應鏈組件交付到下一個單元的組裝和整合階段。一旦我們展示了第一顆衛星的在軌性能，我們計劃從 2025 年開始定期進行第三代部署。

To support our Gen-3 production objectives, we've taken active steps to further optimize the Gen-3 supply chain and production operations, which includes the acquisition of our partner stake in LeoStella. We are excited to be able to combine the expertise of both the BlackSky and LeoStella teams to drive rapid innovation on our Gen-3 platform, deliver unparalleled value to our customers, and fuel growth for our business.

為了支持我們的 Gen-3 生產目標，我們採取了積極措施，進一步優化 Gen-3 供應鏈和生產運營，其中包括收購合作夥伴在 LeoStella 的股份。我們很高興能夠結合 BlackSky 和 ​​LeoStella 團隊的專業知識，推動我們 Gen-3 平台的快速創新，為我們的客戶提供無與倫比的價值，並推動我們的業務成長。

In summary, we're pleased with the operating performance in the quarter, highlighted by the significant number of large contract wins, continued revenue growth, strong operating leverage, and the progress we made on getting Gen-3 ready for launch.

總之，我們對本季度的營運業績感到滿意，突出表現在贏得大量大合約、持續的收入成長、強勁的營運槓桿以及我們在準備推出 Gen-3 方面取得的進展。

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

我現在將其交給亨利查看季度財務業績。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 how we're progressing year-to-date. Beginning with slide 11, year-to-date revenue for 2024 was $71.7 million, an increase of $12.7 million or 22% over the prior year period.

謝謝你，布萊恩，大家早安。我對我們在業務的許多方面所做的執行以及我們今年迄今為止的進展感到滿意。從投影片 11 開始，2024 年迄今的收入為 7,170 萬美元，比去年同期增加 1,270 萬美元，即 22%。

We did see some timing delays in Q3 related to our new customer contract wins and the associated ramp-up of those imagery and analytic revenues, as well as the expansion of services with an existing government customer, but we expect these revenues to shift into Q4 and not impact our full-year results.

我們確實在第三季度看到了一些時間延遲，這些延遲與我們新客戶合約的贏得以及這些圖像和分析收入的相關增加以及現有政府客戶服務的擴展有關，但我們預計這些收入將轉移到第四季度並且不會影響我們的全年業績。

Year-to-date, imagery and analytics revenue was $52.6 million, an increase of $6.2 million or 13% over the prior year period. The year-over-year increase was primarily driven by instrumental customer orders for BlackSky imagery services. Year-to-date professional and engineering services revenue was $19.1 million, an increase of $6.5 million or 52% over the prior year period.

年初至今，影像和分析收入為 5,260 萬美元，比去年同期增加 620 萬美元，成長 13%。年比成長主要是由 BlackSky 圖像服務的工具客戶訂單推動的。年初至今，專業和工程服務收入為 1,910 萬美元，比去年同期增加 650 萬美元，即 52%。

The year-over-year increase was primarily driven by new engineering projects that began in late 2023 and ramped up this year, as well as higher professional services fees from new customer contracts. Looking at professional and engineering service revenue on a year-to-date basis minimizes the quarter-over-quarter variability that is often attributed to these types of contracts, which are largely milestone-based.

年比成長主要是由於 2023 年底開始並於今年增加的新工程項目，以及新客戶合約帶來的專業服務費上漲。從年初至今的角度來看專業和工程服務收入可以最大限度地減少季度與季度之間的變化，這種變化通常歸因於這些類型的合同，這些合同主要是基於里程碑的。

Turning to cost of sales, we continue to demonstrate strong operating leverage in our imagery and analytics business as shown on slide 12. On a year-to-date basis, imagery and analytics cost of sales excluding stock-based compensation, depreciation, and amortization expenses remains flat as compared to the same period last year at $10.4 million.

談到銷售成本，我們在影像和分析業務中繼續展示強大的營運槓桿，如投影片 12 所示。年初至今，不包括股票薪資、折舊和攤提費用的圖像和分析銷售成本與去年同期相比保持不變，為 1,040 萬美元。

Keeping year-over-year cost of sales flat while increasing imagery and analytics revenue 13% validates once again how our incremental high-margin revenues pass directly to the bottom line. This performance is a result of our low-cost operating structure and cost-effective financial model that gives BlackSky the significant ability to grow and scale our business efficiently.

保持同比銷售成本持平，同時將影像和分析收入增加 13%，再次驗證了我們增量高利潤收入如何直接轉化為利潤。這項業績歸功於我們的低成本營運結構和具有成本效益的財務模式，這使 BlackSky 具有有效發展和擴展業務的強大能力。

Let's move to slide 13 and talk about cash operating expenses, which excludes stock-based compensation, depreciation, and amortization expenses, as we believe this non-GAAP financial measure enables us to better manage our expenses without having non-cash items obscure the underlying performance. For year-to-date 2024, cash operating expenses were $48 million, a small improvement compared to the $48.7 million in the prior year period.

讓我們轉到幻燈片13，討論現金營運費用，其中不包括基於股票的薪酬、折舊和攤銷費用，因為我們相信這種非GAAP 財務指標使我們能夠更好地管理我們的費用，而不會讓非現金項目掩蓋潛在的支出表現。2024 年年初至今，現金營運支出為 4,800 萬美元，與去年同期的 4,870 萬美元相比略有改善。

The reduction in cash operating expenses was primarily driven by ongoing reductions in general corporate costs, which more than offset investments made into our business. As discussed on prior calls, we continue to maintain a disciplined cost management approach and consistently look for areas where we can further drive efficiencies in our business.

現金營運費用的減少主要是由於一般企業成本的持續下降，這遠遠抵消了對我們業務的投資。正如先前電話中所討論的那樣，我們將繼續保持嚴格的成本管理方法，並不斷尋找可以進一步提高業務效率的領域。

Turning to slide 14. We're pleased to report that we delivered another quarter of positive adjusted EBITDA in Q3, making it our fourth consecutive quarter of positive results. On a year-to-date basis, adjusted EBITDA was $4.3 million compared to an adjusted EBITDA loss of $10.3 million in the prior year period.

轉到投影片 14。我們很高興地報告，我們在第三季度又實現了一個季度的正調整 EBITDA，使其成為我們連續第四個季度的正業績。年初至今，調整後 EBITDA 為 430 萬美元，而去年同期調整後 EBITDA 虧損為 1,030 萬美元。

The strong year-over-year improvement of $14.6 million was primarily driven by increased revenues, improved gross margin performance in both our core imagery and analytics service as well as our professional and engineering service business in reductions in our cash operating expenses.

年比強勁成長 1,460 萬美元主要是由於我們的核心影像和分析服務以及專業和工程服務業務的收入增加、毛利率績效提高以及現金營運費用減少。

Moving on to our balance sheet. We're pleased that we successfully completed an equity capital raise in late September, generating $46 million in gross proceeds. This additional growth capital further strengthens our balance sheet, and we believe fully funds our baseline Gen-3 constellation business plan.

繼續我們的資產負債表。我們很高興我們在 9 月底成功完成了股權融資，產生了 4,600 萬美元的總收益。這筆額外的成長資本進一步增強了我們的資產負債表，我們相信可以為我們的基準第三代星座業務計劃提供充足的資金。

As a result of this transaction, we ended the third quarter of 2024 with $64.4 million of cash, restricted cash, and short-term investments. This ending balance included net proceeds of approximately $44.6 million raised in the quarter plus a $10 million debt repayment on the commercial bank line, which remains available to us should we choose to draw on it again.

透過此交易，我們在 2024 年第三季結束時擁有 6,440 萬美元的現金、限制性現金和短期投資。期末餘額包括本季籌集的約 4,460 萬美元的淨收益，加上商業銀行額度的 1,000 萬美元債務償還，如果我們選擇再次動用，我們仍然可以使用這筆資金。

Also, as of the end of September, we had $26.7 million in contracted assets down from $28.2 million at the end of June 2024 as we met certain contract milestones during the quarter and were able to invoice for these services.

此外，截至 9 月底，我們的合約資產從 2024 年 6 月底的 2,820 萬美元減少到 2,670 萬美元，因為我們在本季度達到了某些合約里程碑，並且能夠為這些服務開立發票。

We expect to bill and receive payments on the current $26.7 million in contract assets over the next 12 months as we continue to meet interim milestones on a few major customer contracts. These actions, combined with the adjusted EBITDA improvements we expect to continue delivering, will contribute to our strong liquidity position and push us on a path to reach free cash flow breakeven.

隨著我們繼續實現一些主要客戶合約的中期里程碑，我們預計將在未來 12 個月內對當前 2,670 萬美元的合約資產開立帳單並收到付款。這些行動，加上我們預計將繼續實現的調整後 EBITDA 改善，將有助於增強我們強勁的流動性狀況，並推動我們走上實現自由現金流盈虧平衡的道路。

Now let's move on to the 2024 outlook as shown on slide 15. We're pleased with our year-to-date operating results and the recent success we've had winning new contracts. The sign for ramp-up revenues from these new contract awards while also continuing to work on closed a number of sizable new contracts and expanding agreements with existing customers in the fourth quarter.

現在讓我們繼續展望 2024 年，如幻燈片 15 所示。我們對今年迄今的經營業績以及最近贏得新合約的成功感到滿意。這些新合約授予的收入將增加，同時也將繼續在第四季度與現有客戶簽訂大量新合約和擴大協議。

However, there is some degree of uncertainty surrounding the timing of these contracts and when we can begin to recognize revenue. Taking this into consideration, we are maintaining our full year 2024 guidance of revenue between $102 million to $118 million, adjusted EBITDA of between $8 million to $16 million, and capital expenses of between $55 million to $65 million. In summary, we're pleased with the progress we continue to make across many aspects of our business.

然而，這些合約的時間以及我們何時可以開始確認收入存在一定程度的不確定性。考慮到這一點，我們將2024 年全年營收指引維持在1.02 億美元至1.18 億美元之間，調整後EBITDA 維持在800 萬美元至1,600 萬美元之間，資本支出維持在5,500 萬美元至6,500 萬美元之間。總之，我們對我們業務的許多方面持續取得的進展感到高興。

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. In closing, we're pleased with the growing demand we're seeing for our space-based intelligence solutions, as demonstrated by the near-record multi-year contract bookings we delivered this quarter. We are excited that our Gen-3 satellites are readying for launch and the innovative solutions that we will begin to deliver in 2025 as we begin a regular cadence of launches to meet the strong demand for this capability.

謝謝你，亨利。最後，我們對天基情報解決方案的需求不斷增長感到高興，本季交付的多年合約預訂量接近創紀錄水平就證明了這一點。我們很高興我們的第三代衛星已準備好發射，我們將於 2025 年開始提供創新解決方案，因為我們開始定期發射以滿足對此能力的強烈需求。

With the capital raised this quarter, we have strengthened our position to execute on our business plan. We're looking forward to a strong finish to the year in line with our full year guidance and the opportunities that lie ahead in 2025.

透過本季籌集的資金，我們加強了執行業務計劃的地位。我們期待根據我們的全年指引和 2025 年的機遇，以強勁的勢頭結束這一年。

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。

(technical difficulty) my questions. Just want to touch on your comments on some of the revenue being pushed out of Q3 and into Q4. Just curious if you could quantify how much revenue was actually pushed?

（技術難度）我的問題。只是想談談您對從第三季推到第四季的一些收入的評論。只是好奇您是否可以量化實際推動了多少收入？

Morning, Jaeson. As Henry mentioned in his remarks, we had some revenues that pushed into the quarter. We're also working on ramping revenues from contracts that we recently won. So, as you know, we do have some lumpiness in the business tied to some of these milestone driven contracts. And so, this is natural for the business. And we're expecting that deliver a strong fourth quarter and main in line with our guidance.

早上好，傑森。正如亨利在演講中提到的，我們有一些收入推入了本季。我們也致力於增加最近贏得的合約的收入。因此，如您所知，我們的業務確實存在一些與這些里程碑驅動的合約相關的不穩定情況。因此，這對企業來說是很自然的。我們預計第四季將表現強勁，並且主要符合我們的指導。

Okay. No, that's great to hear. And then you noted some really nice bookings activity in Q3. Just curious how much of this was related to Gen-3 capacity. And I guess relatedly, if you could just comment on what you're seeing from bookings activity so far here in Q4?

好的。不，很高興聽到這個消息。然後您注意到第三季度出現了一些非常好的預訂活動。只是好奇其中有多少是與第三代容量有關。我想與此相關的是，您是否可以對第四季度迄今為止的預訂活動發表評論？

Yeah, I think what's exciting about what we delivered in Q3 was, I don't think any of it was related specifically to Gen-3. It was primarily driven by what we have today moving into Gen-3. The Luno award was really driven by our software and AI analytics capabilities that we demonstrated in the early phases of EIM, which drove some nice revenue growth there and have us well positioned to capitalize on that new contract.

是的，我認為我們在第三季交付的內容令人興奮的是，我認為其中任何內容都與第三代無關。它主要是由我們今天進入第三代的內容所推動的。Luno 獎項實際上是由我們在 EIM 早期階段展示的軟體和人工智慧分析能力推動的，這推動了我們的收入成長，並使我們能夠很好地利用新合約。

So we've secured a lot of Gen-3 contracts as we have talked about in the past. These contracts are really not only for Gen-3, but really driven by software and AI.

因此，正如我們過去談到的那樣，我們已經獲得了許多第三代合約。這些合約實際上不僅適用於 Gen-3，而且實際上是由軟體和人工智慧驅動的。

Okay. No, that's really helpful. Thanks a lot, guys.

好的。不，這真的很有幫助。非常感謝，夥計們。

Thank you.

謝謝。

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi, good morning, guys. Thanks for taking my questions. First, I'm curious of the $26 million or just under $27 million of milestone payments expected over the next 12 months, what does the cadence look like? Are those evenly distributed or should we expect a lumpy or significant amount of that coming in a single quarter?

嗨，早上好，夥計們。感謝您回答我的問題。首先，我很好奇未來 12 個月內預計將支付 2,600 萬美元或略低於 2,700 萬美元的里程碑付款，節奏是怎樣的？這些分佈是否均勻，還是我們應該預期單季內會出現大量或大量的分佈？

Yeah, I mean, I'll throw it over to Henry, but I think, they're all tied to milestone-based contracts that are all different. So you're not going to see a smooth recognition. But as we said, we propose our plan for the next 12 months. But Henry?

是的，我的意思是，我會把它交給亨利，但我認為，它們都與基於里程碑的合約相關聯，而這些合約都是不同的。所以你不會看到順利的識別。但正如我們所說，我們提出了未來 12 個月的計劃。但亨利？

Yes, sure. Scott, this is Henry. Yeah, no, we do expect those coming in over the next 12 months. They are somewhat lumpy. You can see between Q2 of this year and Q3 of this year, we had a net reduction of about $1.5 million.

是的，當然。史考特，這是亨利。是的，不，我們確實預計這些內容將在未來 12 個月內推出。它們有些凹凸不平。你可以看到，今年第二季到第三季度，我們淨減少了約150萬美元。

So we are being able to hit some of those milestones a little bit earlier. And then we'll just kind of continue to do that. I mean, we'll always have a little bit there. But the vast majority will be able to collect without putting new bookings into there.

因此，我們能夠更早實現其中一些里程碑。然後我們會繼續這樣做。我的意思是，我們總是會有一點。但絕大多數人無需在其中進行新預訂即可領取。

Great. I appreciate that. And then second, Henry, with the Gen-3 launches coming up and I guess being more active in 2025, any change in OpEx or any costs that are directly tied to managing the Gen-3s that are not in 2024 OpEx?

偉大的。我很欣賞這一點。第二，亨利，隨著第三代產品的發布即將到來，我想在2025 年會更加活躍，營運支出有任何變化，或與管理不屬於2024 年營運支出的第三代產品直接相關的任何成本嗎？

As we're looking at our business line, I mean, we're maintaining our guidance for this year in terms of both revenue adjusted EBITDA on CapEx. So that kind of -- that keeps us pretty well covered here. As we go into '25 and working with our Gen-3s, it's using the same ground network that we're having. It's using the same infrastructure, so there shouldn't be any significant changes.

當我們審視我們的業務線時，我的意思是，我們將維持今年在資本支出的收入調整後 EBITDA 方面的指導。因此，這讓我們在這裡得到了很好的報導。當我們進入 25 世紀並與我們的 Gen-3 合作時，它使用與我們相同的地面網絡。它使用相同的基礎設施，因此不應有任何重大變更。

Perfect, that's great. And then last one, just curious if you guys are seeing any change in the sales cycle? Any urgency or people going to move faster or just the broader macro? There's been some hesitation or not really macro, the geopolitical state of the world?

完美，太棒了。最後一個，只是好奇你們是否看到銷售週期有任何變化？是否存在緊迫性或人們要採取更快的行動，或只是更廣泛的宏觀？世界地緣政治狀況是否存在一些猶豫或不真正宏觀的猶豫？

I think, Scott, we're seeing a couple things. I think we're definitely seeing growing demand. And you're seeing that reflected in the contracts for winning in the backlog that we're building. The cycles themselves are still remaining pretty typical for government contracts, both in the US and internationally. So the good news there, we have a pretty good handle on those cycles and we're performing on capturing contracts to capitalize on the demand.

我想，斯科特，我們看到了一些事情。我認為我們肯定會看到需求不斷增長。您將看到這一點反映在我們正在建造的積壓訂單中的獲勝合約中。對於美國和國際上的政府合約來說，週期本身仍然非常典型。因此，好消息是，我們對這些週期有很好的把握，並且我們正在捕捉合約以利用需求。

Great. Well, I appreciate the time, guys.

偉大的。好吧，我很珍惜這段時光，夥計們。

Thank you, Scott.

謝謝你，斯科特。

Thanks, Scott.

謝謝，斯科特。

Josh Sullivan, The Benchmark Company.

喬許·沙利文，基準公司。

Hey, good morning. Just following up on the operating leverage question there, we look at this quarter's results and you talked about lumpiness and with revenues moving out or moving to the right.

嘿，早安。就營運槓桿問題進行跟進，我們看看本季度的業績，您談到了波動性以及收入向外移動或向右移動的問題。

But on the other side, when we think about that regular cadence in '25 on the launch of the Gen-3 and as that picks up, is there any way to just frame what that operating leverage might look like in '25, just as you get maybe past some of this lumpiness?

但另一方面，當我們考慮 25 年推出 Gen-3 的常規節奏以及隨著這種節奏的加快時，是否有任何方法可以框架 25 年的運營槓桿可能是什麼樣子，就像你也許能克服一些這種笨拙的狀況嗎？

Well, I think, as Henry said, we are demonstrating strong operating leverage due to the generally fixed operating platform that we have in the ground and in our software. I think what, Josh, you can expect to see is we're securing contracts, particularly things like Luno, which should begin to ramp nicely for us in a way we similarly performed under the prior contract.

嗯，我認為，正如亨利所說，由於我們在地面和軟體中擁有普遍固定的操作平台，我們正在展示強大的營運槓桿。我認為，喬什，你可以期待看到的是我們正在獲得合同，特別是像 Luno 這樣的東西，它應該開始以我們在上一份合同下類似的方式表現良好。

As we bring Gen-3 capability online next year, we're going to begin to start unlocking the revenues from the backlog we've already secured around that capability. So we will always continue to do some of these professional engineering projects so that there will be some lumpiness related to that. But we do expect that some of the imagery and analytics revenues will begin to smooth and grow.

當我們明年推出第三代功能時，我們將開始從我們已經圍繞該功能獲得的積壓中釋放收入。因此，我們將始終繼續做一些專業工程項目，這樣就會有一些與之相關的障礙。但我們確實預期一些影像和分析收入將開始平穩成長。

But Henry, do you want to add to that?

但是亨利，你想補充嗎？

Sure. I mean, Josh, as we talked in the script and we talked in the prepared remarks, when you take a look at our operating costs associated with imagery and analytics, we did about $10.4 million of operating costs this year over the first nine months. So call that neighborhood of $3.5 million to $4 million a quarter. That's basically what it cost to run a ground station at ground network.

當然。我的意思是，喬什，正如我們在劇本中和準備好的演講中談到的那樣，當你看到我們與圖像和分析相關的運營成本時，我們今年前9 個月的運營成本約為1040 萬美元。因此，我們稱這個社區為每季 350 萬至 400 萬美元。這基本上就是在地面網路上運行地面站的成本。

Yes, there will be a little incremental increase for additional data transmissions. But as I said earlier on the call, I wouldn't expect there would be any significant increase in costs associated with our imagery and analytics, our key component of the business.

是的，額外的資料傳輸會略有增加。但正如我之前在電話會議上所說，我預計與我們業務的關鍵組成部分——圖像和分析相關的成本不會出現任何顯著增加。

Okay. Got it. And then just on the OISL design that's being integrated into the Gen-3 here, how much of a lift is that design addition? And then is there anything proprietary in the BlackSky front that's being added into that technology?

好的。知道了。然後，就整合到 Gen-3 中的 OISL 設計而言，該設計增加有多大提升？那麼 BlackSky 前端是否有任何專有內容被添加到該技術中？

In the Gen-3 design, we've already made considerations and provisioning in the design for this type of capability. What we're doing now is looking at very specific implementation related to different types of terminals and networks that we're going to integrate with.

在Gen-3設計中，我們已經在設計中針對此類能力進行了考慮和配置。我們現在正在做的是研究與我們將要整合的不同類型的終端和網路相關的非常具體的實現。

I think from a proprietary aspect, our focus is on really delivering high frequency, low latency intelligence solutions, which we're already doing today. And the software and the AI is also a pretty critical component of enabling that to happen.

我認為從專有方面來看，我們的重點是真正提供高頻、低延遲的智慧解決方案，我們今天已經在這樣做了。軟體和人工智慧也是實現這一目標的非常關鍵的組成部分。

So this is pretty exciting in the sense of what will happen on the hardware side, but the really important aspect of this is when it's implemented in the total system of the speed and low latency that we'll be able to achieve in delivering actionable information and insights to our customers.

因此，從硬體方面將發生的情況來看，這是非常令人興奮的，但真正重要的方面是，當它在整個系統中實現時，我們將能夠在提供可操作資訊時實現速度和低延遲以及對我們客戶的見解。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·李，克雷格·哈勒姆。

Yes, thank you. Good morning, guys. Apologies, I missed most of the initial comments. I was in the queue waiting for an operator here, so some of these might be redundant. Henry, as it relates to the guide, I'm curious, obviously, we've got a very steep ramp here, Q3 to Q4. What are you expecting? How much of that ramp sequential here is going to come from professional services trying to understand this sequential jump Q3 to Q4?

是的，謝謝。早安，夥計們。抱歉，我錯過了大部分最初的評論。我在這裡排隊等待接線員，所以其中一些可能是多餘的。亨利，因為這與指南有關，我很好奇，顯然，我們這裡有一個非常陡峭的坡道，從 Q3 到 Q4。你在期待什麼？這裡的斜坡順序有多少將來自試圖理解第三季到第四季順序跳躍的專業服務？

Well, we don't guide by individual product or revenue lines, revenue streams at the moment, but when you take a look at where we are, when the queue comes out, you'll see we've got about $25 million already sitting in backlog, consistent with where we were about this time last year.

好吧，我們目前不以單一產品或收入線、收入流為指導，但是當你看看我們的處境，當隊列出來時，你會發現我們已經有大約 2500 萬美元了積壓情況與去年這個時候的情況一致。

We do have a number of projects that we're working on. As Brian would have mentioned earlier, that relate to work that we're already completing in anticipation of these contracts to be completed. Some of those would be professional services, some of those would be imagery and analytics projects.

我們確實有一些正在進行的項目。正如布萊恩之前提到的，這與我們已經完成的工作有關，預計這些合約即將完成。其中一些是專業服務，一些是圖像和分析項目。

Okay. So you're looking in for about $7.5 million of sequential at the low end. And last year you had three flat sequential quarters, a big jump in Q4. This year you've had three flat sequential quarters; you're looking for a big jump in Q4. When you look at that jump Q3 to Q4, how many contracts is did drive it last year and is expected to drive it this year, trying to understand the drivers here?

好的。因此，您正在尋找大約 750 萬美元的低端連續劇。去年，連續三個季度持平，第四季出現大幅成長。今年連續三個季度表現平平；您正在尋找第四季度的大幅躍升。當您查看第三季度到第四季度的跳躍時，去年有多少合約推動了這一增長，預計今年將推動這一增長，試圖了解這裡的驅動因素？

Yeah, I think, Jeff, there's a couple of drivers. I think Q4 is a natural quarter where a number of our long-term existing customers renew. So we get a natural step up in the fourth quarter related to those renewals and expansions. And then, we continue to close other larger deals which have some lumpiness to it. So it's a combination of both. But there is some natural step up in Q4 as it relates to the timing of contracts.

是的，我想，傑夫，有幾個司機。我認為第四季是我們許多長期現有客戶續約的自然季度。因此，我們在第四季度得到了與這些更新和擴展相關的自然進步。然後，我們繼續完成其他較大的交易，這些交易有些不穩定。所以它是兩者的結合。但第四季度自然會出現一些進展，因為這與合約的時間表有關。

Is there anything implicit in what you're guiding here for Q4 that is not sustainable in the following quarter of Q1? Trying to understand if I can look at what you're implying as a baseline for Q4 as a starting point for Q1 of the following fiscal?

您為第四季制定的指導方針中是否有任何隱含內容在第一季的下一個季度是不可持續的？試圖了解我是否可以看看您所說的第四季度的基線，作為下一財年第一季的起點？

I think Q4 will reflect what we planned in the business, which have a continued growth in our imagery and analytics combined with additional projects related to professional and engineering services.

我認為第四季度將反映我們的業務計劃，我們的圖像和分析以及與專業和工程服務相關的其他項目將持續成長。

Okay. And then lastly, I guess for me, as you look at the overall bookings value, any ability to provide us more of an ACV-based bookings sense, that gives us a little more clarity on what the annual values are as opposed to the overall contract your part of and in our multi-year?

好的。最後，我想對我來說，當你看到整體預訂價值時，任何能夠為我們提供更多基於ACV 的預訂感覺的能力，都可以讓我們更清楚地了解年度價值相對於整體預訂價值是多少。

Yeah. We're not providing that at this point, but I think it's what you can assume is we are building nice backlog and strong visibility into ACV-related to the subscription contracts that we have. The EOCL is a good example of that. Luno is a task order-based contract, but we grew that very nicely into subscription revenues.

是的。目前我們還沒有提供這一點，但我認為您可以假設我們正在為與我們擁有的訂閱合約相關的 ACV 建立良好的積壓和強大的可見性。EOCL 就是一個很好的例子。Luno 是一個基於任務訂單的合約，但我們將其很好地轉化為訂閱收入。

You saw the announcement on our renewal. I think our fifth renewal of the major international customer, which is driving about $18 million of annual commitments from them. So we are building to a strong ACV business related to that, but there's still some lumpiness that we're -- has been by guiding to it.

您看到了我們續訂的公告。我認為我們對主要國際客戶進行了第五次續約，這為他們帶來了約 1800 萬美元的年度承諾。因此，我們正在建立與此相關的強大的 ACV 業務，但我們在引導它方面仍然存在一些障礙。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) David Storms, Stonegate.

（操作員說明）David Storms，Stonegate。

Good morning and thank you for taking my questions. My first one is just around Gen-2 after Gen-3 starts going up. What's kind of the remaining life of your Gen-2 satellites and is there any decommissioning costs that we should be thinking about as Gen-3 starts to go up?

早上好，感謝您回答我的問題。我的第一個是在 Gen-3 開始上升後的 Gen-2 左右。你們的第二代衛星的剩餘壽命是多少？

Yeah. So first off, Gen-2 is -- our constellation is operating extremely well. We have 12 satellites up there right now that are driving our revenue growth. We expect that constellation to continue to perform well throughout '25 and into '26. And then we'll begin to dovetail Gen-3 satellites into that constellation. As those Gen-2 satellites age out, there are no material incremental decommissioning costs related to that.

是的。首先，Gen-2 是－我們的星座運作得非常好。我們現在有 12 顆衛星正在推動我們的營收成長。我們預計該星座將在整個 25 年和 26 年繼續表現良好。然後我們將開始將第三代衛星融入該星座。隨著這些第二代衛星的老化，不會產生與之相關的實質增量退役成本。

Understood. That's very helpful. And then I just want to ask one more around the new non-Earth imaging offerings. With these new offerings, is there any notable differences between the technology needed or the contracts or margins or anything of that nature?

明白了。這非常有幫助。然後我想再問一下新的非地球成像產品。對於這些新產品，所需的技術、合約、利潤或類似性質的東西之間是否存在任何顯著差異？

No, I think what's exciting about that offering is that it leverages the capacity we already have on orbit. And it actually enables to expand how we monetize that capacity through our high margin imagery and analytic services bringing that type of capability to market is a testament to two things. The agility of our satellites enables to actually support that mission.

不，我認為該產品的令人興奮之處在於它利用了我們在軌道上已有的容量。它實際上能夠擴展我們透過高利潤圖像和分析服務將這種能力貨幣化的方式，將這種類型的能力推向市場證明了兩件事。我們衛星的敏捷性能夠真正支援該任務。

But also, as importantly as our software and AI capabilities use to command and process that type of data and deliver that to customers in a timely and reliable way. So think of this type of new services as incremental high margin imagery and analytics revenues off of the capacity we already have on orbit.

但同樣重要的是，我們的軟體和人工智慧功能用於命令和處理此類數據，並及時、可靠地將其交付給客戶。因此，此類新服務可以被視為從我們在軌道上已有的能力中獲得的增量高利潤圖像和分析收入。

Understood. Thank you for taking my questions and good luck in Q4.

明白了。感謝您回答我的問題，祝第四季好運。

Thank you.

謝謝。

Caleb Henry, Quilty Space.

凱萊布·亨利，奎爾蒂空間。

Hi. Thank you. Couple of questions, I think most of mine have been answered at this point. But there's a mention in the presentation of the baseline constellation for Gen-3. Has BlackSky finalized what exactly that baseline constellation will be in terms of how many satellites?

你好。謝謝。我想我的大部分問題現在已經得到解答。但在介紹 Gen-3 的基線星座時提到了這一點。BlackSky 是否已經確定了基線星座到底有多少顆衛星？

Well, Caleb, good morning. Our baseline constellation today is 12 to 14 satellites. That's what we have on orbit with Gen-2. So the plan here for this baseline is to maintain those levels of satellites, so we'll begin to dovetail Gen-3 into that constellation.

好吧，凱萊布，早安。今天我們的基線星座有 12 到 14 顆衛星。這就是我們在軌道上的 Gen-2 所擁有的。因此，此基線的計劃是維持衛星的這些水平，因此我們將開始將 Gen-3 融入該星座。

The primary driver of that number of satellites is maintaining our reliable hourly monitoring capability from space. So that is our baseline. We will look at expanding that constellation over time commensurate with contracts and demand.

這麼多衛星的主要驅動力是維持我們可靠的每小時太空監測能力。這就是我們的基線。我們將考慮隨著時間的推移，與合約和需求相稱地擴大這個星座。

Okay. And then the presentation also makes mention of a partner stake in LeoStella. I was wondering if you could clarify that a bit more because there are already a joint venture partner that BlackSky is increasing the stake. And if so, how does that change or reshape the relationship with LeoStella?

好的。然後，簡報還提到了 LeoStella 的合作夥伴股份。我想知道你能否再澄清一下，因為已經有合資夥伴 BlackSky 正在增持股份。如果是這樣，這將如何改變或重塑與 LeoStella 的關係？

Yes. As you noted, we had a 50% ownership stake in LeoStella through our partner Thales. We did acquire their stake in the company. And that's primarily driven by our objectives of scaling and driving efficiencies around the delivery of Gen-3. There's a lot of demand for that capability.

是的。正如您所指出的，我們透過合作夥伴泰雷茲持有 LeoStella 50% 的股權。我們確實收購了他們在該公司的股份。這主要是由我們圍繞 Gen-3 的交付進行擴展和提高效率的目標所驅動的。這種能力的需求很大。

Our partnership with Thales remains really strong. We're continuing to partner worldwide on bringing Gen-3 capability combined with their offerings to the market.

我們與泰雷茲的合作關係仍然非常牢固。我們將繼續與全球合作夥伴將 Gen-3 功能與其產品推向市場。

And just as you recall, we're continuing to pursue the types of contracts that we jointly closed with countries like Indonesia, which are bringing Gen-3 capability or high margin data services along with some of the space capabilities from Thales. So this is really just a step in just further scaling and optimizing our Gen-3 capabilities.

正如您所記得的那樣，我們正在繼續尋求與印尼等國家聯合簽訂的合約類型，這些國家將帶來第三代能力或高利潤數據服務以及泰雷茲的一些太空能力。因此，這實際上只是進一步擴展和優化我們的 Gen-3 功能的一步。

Okay. And then one other, just follow-up on that question. Does that mean that LeoStella is going to be fully focused on the BlackSky constellation going forward or are you going to continue to try and use that for third-party sales that could potentially offset some of the Gen-3 costs?

好的。然後是另一個問題，只是跟進這個問題。這是否意味著 LeoStella 將完全專注於 BlackSky 星座的發展，或者您會繼續嘗試將​​其用於第三方銷售，從而有可能抵消部分 Gen-3 成本？

Well, right now, BlackSky is the primary customer for LeoStella. So we've been essentially funding that business through our existing satellite production contracts. So the focus right now, as I mentioned, is on the scaling of Gen-3 and optimizing those production operations.

嗯，目前 BlackSky 是 LeoStella 的主要客戶。因此，我們基本上是透過現有的衛星生產合約為該業務提供資金。因此，正如我所提到的，現在的重點是擴大 Gen-3 的規模並優化這些生產營運。

And so, we think that this type of -- this move will give us better operating leverage because of the current situation and we believe may result in better Gen-3-unit economics. So it's really again a step in strengthening our Gen-3 offerings.

因此，我們認為，鑑於目前的情況，這種措施將為我們帶來更好的營運槓桿，並且我們相信可能會帶來更好的第三代機組經濟效益。因此，這確實是加強我們第三代產品的另一步。

Okay. And then just two quick questions. One is on Luno A. I was wondering if you could talk a bit about how that contract is split between imagery and analytics providers, if there is such a split and if BlackSky is able to participate in both. And then the opportunity that you see in this new NEI, SSA market, that's something you expect to continue to grow?

好的。然後是兩個簡單的問題。其中之一是 Luno A。然後，您在這個新的 NEI、SSA 市場中看到的機會，您預計會繼續成長嗎？

Yeah, I think first on Luno A, I believe there was a published piece on the companies that won that contract. I believe there's 10. There's a mix of companies that are pure play analytics companies and others that are satellite operators with AI capability.

是的，我想首先在 Luno A 上，我相信有一篇關於贏得該合約的公司的文章。我相信有 10 個。其中有一些公司是純粹的分析公司，也有一些公司是具有人工智慧能力的衛星營運商。

We happen to be in a great position relative to the fact that we have a proprietary space capability and have demonstrated our ability to deliver the AI and software capabilities for this program under the EIM predecessor program. What's also positive for us is so we have a prime position on the contract like we did before, but we are also able to serve as a vendor to the other providers to provide them data for their Luno task order.

我們恰好處於有利地位，因為我們擁有專有的太空能力，並且已經證明了我們有能力在 EIM 前身計劃下為該計劃提供人工智慧和軟體功能。對我們來說另一個積極的因素是，我們像以前一樣在合約中擁有首要地位，但我們也能夠作為其他提供者的供應商，為他們提供 Luno 任務訂單的資料。

So pretty exciting for us. We think we're well positioned to capitalize on this program, and it's also pretty exciting that the government has really made this step in committing a significant amount of budget toward buying commercial space analytics services. So this was an important contract win and we're excited to begin ramping this going into next year.

對我們來說非常令人興奮。我們認為我們已經做好充分利用該計劃的準備，而且政府確實邁出了這一步，投入大量預算購買商業空間分析服務，這也非常令人興奮。因此，這是一次重要的合約贏得，我們很高興能在明年開始加強。

And then let me get to your NEI question. Yeah, I think as we outlined in the call, we have launched that new service that's leveraging the capacity we already have on orbit and our software and AI capabilities to deliver that type of monitoring and analytic solution. We are seeing a significant amount of demand for that capability.

然後讓我回答你的 NEI 問題。是的，我認為正如我們在電話中概述的那樣，我們已經推出了這項新服務，該服務利用我們在軌道上已有的能力以及我們的軟體和人工智慧功能來提供此類監控和分析解決方案。我們看到對該功能的大量需求。

As we announced, we've already won a couple of seven-figure contracts for this capability and we're seeing that demand increasing. So we expect to continue to ramp revenues from that offering and also evolve the platform to further address the demand in the market for that. So pretty exciting development. And again, another way to monetize what we already have invested in on orbit and drive high margin imagery and analytics revenues.

正如我們所宣布的，我們已經贏得了幾份價值七位數的合同，並且我們看到需求不斷增加。因此，我們預計將繼續增加該產品的收入，並發展該平台以進一步滿足市場的需求。如此令人興奮的發展。再說一次，這是將我們在軌道上的投資貨幣化並推動高利潤圖像和分析收入的另一種方式。

Thanks, guys. Appreciate the time.

謝謝，夥計們。珍惜時間。

Thanks, Caleb.

謝謝，凱萊布。

Thank you. At this time, there are no further questions. This concludes BlackSky's third quarter 2024 earnings conference call. The company thanks you for joining the call today.

謝謝。目前，沒有其他問題了。BlackSky 的 2024 年第三季財報電話會議到此結束。本公司感謝您今天加入電話會議。