Blacksky Technology Inc (BKSY) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Black Sky Technologies. First quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. To ask a question, you may press start, then one on your touchstone phone. To withdraw your question, please press start. Then the number 2. Please note this conference call is being recorded. I would like to turn the call over to Aly Bonilla, Black Sky Vice President of Investor Relations. Please go ahead, Aly.

女士們、先生們，早安，歡迎來到 Black Sky Technologies。2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。要提問，您可以按“開始”，然後按“觸控手機”上的“一”。若要撤回您的問題，請按開始。然後是數字 2。請注意，本次電話會議正在錄音。我想將電話轉給 Black Sky 投資者關係副總裁 Aly Bonilla。請繼續，Aly。

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 first quarter financial results and outlook for 2025. Following our prepared remarks, we will open the line for your questions. A reply to this conference call will be available from approximately 12:30 p.m. Eastern time today through May 20th. Information to access the reply 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.

早安，感謝您今天加入我們。與我一起出席的還有我們的執行長 Brian O'Toole 和財務長 Henry Dubois。在今天的電話會議上，布萊恩將介紹本季的一些亮點並對業務進行策略更新。隨後，亨利將回顧公司第一季的財務表現和 2025 年的展望。在我們準備好發言之後，我們將開放熱線回答您的提問。本次電話會議的回覆將於下午 12:30 左右提供。東部時間今天至 5 月 20 日。有關答复的資訊可以在今天的新聞稿中找到。此外，本次收益電話會議的網路直播將在我們網站 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 plans, objectives, and expected performance, including our financial guidance for 2025, are forward-looking statements. 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 10K.

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關注我們準備好的評論。在我們開始之前，請允許我提醒您，今天的電話會議上關於我們未來計劃、目標和預期業績（包括我們對 2025 年的財務指導）的某些聲明都是前瞻性聲明。實際結果可能存在重大差異，因為這些聲明是基於我們今天的當前預期，並受到風險和不確定性的影響，包括我們的 10K 表格中所述的風險和不確定性。

We encourage you to review our press release, Form 10k 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 for the market price of our stock. Black guy assumes no obligation to update forward-looking statements except as may be required by applicable law.

我們鼓勵您閱讀我們的新聞稿、10k 表格和其他最近的 SEC 文件，以全面討論與這些聲明相關的、可能影響我們股票市場價格未來結果的風險和不確定性。除非適用法律另有要求，否則黑人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-gap financial measures including adjusted EBITDA and adjusted imagery and software analytical service cost of sales. A reconciliation of these non-gap 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，我們將參考某些非差距財務指標，包括調整後的 EBITDA 和調整後的影像和軟體分析服務銷售成本。今天的隨附簡報中包含了這些非差距財務指標與最具可比性的 GAAP 指標的對賬，您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.

現在我將把電話轉給 Brian O'Toole。布萊恩。

Thanks, Aly, and good morning, everyone. Thank you for joining us in today's call. First off, I'm happy to report that our new Gen 3 satellite is performing exceptionally well and exceeding our expectations. As you can see from the first few slides, the image quality of this very high-resolution satellite is incredible. As we have been formally commissioning the satellite over the past several weeks. And putting it through its paces. We have been successfully collecting imagery from all over the world.

謝謝，Aly，大家早安。感謝您參加今天的電話會議。首先，我很高興地報告，我們的新一代第三代衛星表現非常出色，超出了我們的預期。從前幾張幻燈片中您可以看到，這顆超高解析度衛星的影像品質令人難以置信。因為我們在過去幾週內已經正式啟動了這顆衛星。並對其進行全面測試。我們已經成功收集了來自世界各地的圖像。

We were happy to announce earlier this week that we have now completed all of our formal tests and are now delivering evaluation imagery to customers. This achievement marks a major technical and business milestone for the company. The initial very high-resolution imagery. And advanced analytics from our new Gen 3 satellite is generating a lot of excitement with our customers. As they are actively evaluating imaging performance ahead of bringing this capability into their operations. I will share some additional details later, including upcoming plans for the next launch.

本週早些時候，我們很高興地宣布，我們現在已經完成了所有正式測試，並正在向客戶提供評估影像。這一成就標誌著該公司技術和業務的一個重大里程碑。最初的非常高解析度的圖像。我們的第三代新衛星的先進分析功能讓客戶非常興奮。因為他們正在積極評估成像性能，以便將此功能引入他們的營運中。稍後我將分享一些更多細節，包括下一次發布的計劃。

Now beginning with slide 6, I'm happy to report that we are off to a strong start to 2025, building on our momentum from last year. We have continued to expand our customer base and are entering new markets as demand for our space-based intelligence solutions remains strong. Now let me share some of the key highlights from the quarter.

現在從第 6 張幻燈片開始，我很高興地報告，在去年勢頭的基礎上，我們在 2025 年迎來了一個強勁的開端。由於對我們的太空智慧解決方案的需求仍然強勁，我們不斷擴大客戶群並進入新市場。現在讓我分享本季的一些主要亮點。

First, we were awarded over $130 million in new contracts and renewal agreements in the quarter. Primarily driven by several multi-year contract wins. These wins demonstrate the growing interest from defense and intelligence agencies worldwide in securing long-term contracts for our imaging capacity over the region of interest. We were also happy to announce a new contract to accelerate the development of India's commercial earth observation capabilities. A new and emerging market for commercial space.

首先，本季我們獲得了超過 1.3 億美元的新合約和續約協議。主要受幾份多年合約的勝利推動。這些合約表明，世界各地的國防和情報機構對我們在感興趣地區的成像能力的長期合約的興趣日益濃厚。我們也很高興地宣布一項新合同，以加速印度商業地球觀測能力的發展。新興的商業空間市場。

Second, as a result of the strong bookings in the quarter, our backlog grew 50% compared to the prior year quarter. This growth reflects the demand we're seeing for our space-based intelligence solutions and provides us with strong out-of-year revenue visibility. Third, we delivered strong year-on-year revenue growth of 22%, primarily driven by new contract awards. Fourth, we're pleased that our first Gen 3 satellite is through extensive testing and continues to exceed performance expectations. And finally, our 2nd Gen 3 satellite is being shipped and is on track to launch in Q2, which will begin a cadence of additional launches throughout the year. I'm also happy to report that we continue to improve our liquidity position in the quarter.

其次，由於本季預訂量強勁，我們的積壓訂單量與去年同期相比成長了 50%。這一成長反映了我們對太空情報解決方案的需求，並為我們提供了強勁的年外收入可見性。第三，我們的營收年增 22%，這主要得益於新合約的授予。第四，我們很高興我們的第一顆第三代衛星經過了廣泛的測試，並且繼續超越性能預期。最後，我們的第二代第三代衛星正在出貨，預計將於第二季發射，這將開啟我們全年的一系列發射計畫。我也很高興地報告，我們在本季繼續改善流動性狀況。

Strengthening our financial profile and our ability to invest in key growth and go to market initiatives. These highlights demonstrate our continued strong execution and laser focus on providing customers with unmatched imagery and analytic insights. While setting the stage for sustained long-term profitable growth. I would now like to share some operational highlights from the quarter.

加強我們的財務狀況以及投資關鍵成長和進入市場計劃的能力。這些亮點表明我們持續強大的執行力和專注於為客戶提供無與倫比的圖像和分析見解。同時為長期持續獲利成長奠定基礎。現在我想分享本季的一些營運亮點。

Turning to slide 7. We're pleased that we won $130 million in contracts in the quarter. Which included several large multi-year agreements. The strong bookings performance drove a 50% year-over-year growth in our backlog to $366 million. This significant increase is a clear indicator of the growing demand for our space-based intelligence solutions and the desire of our customers to secure long-term contracts for our imagery and analytics services to support their mission critical operations for years to come. Our sales pipeline of multi-year subscription opportunities continues to grow as we bring Gen 3 to market.

翻到幻燈片 7。我們很高興本季贏得了價值 1.3 億美元的合約。其中包括幾項大型多年期協議。強勁的預訂業績推動我們的積壓訂單年增 50%，達到 3.66 億美元。這一顯著增長清楚地表明了對我們的太空情報解決方案的需求不斷增長，以及我們的客戶希望獲得我們的圖像和分析服務的長期合同，以支持他們未來幾年的關鍵任務運營。隨著我們將 Gen 3 推向市場，我們的多年訂閱機會銷售管道繼續成長。

As we convert these opportunities into long-term subscription contracts, our multi-year backlog should also grow, providing improving long-term revenue visibility. As a reminder, the majority of our contracts are with government customers. And the timing of these contracts has the potential to introduce quarter to quarter impacts to booking revenue and EBITDA. The majority of our backlog is for high margin imagery and analytic services.

隨著我們將這些機會轉化為長期訂閱合同，我們多年的積壓訂單也應該會成長，從而提高長期收入的可見性。提醒一下，我們的大部分合約都是與政府客戶簽訂的。這些合約的簽訂時間可能會對預訂收入和 EBITDA 產生逐季度影響。我們的大部分積壓訂單都是高利潤的圖像和分析服務。

From our current Gen 2 and future Gen 3 constellations. As we are launching more Gen 3 satellites and get them into operations later this year. We expect to unlock further contract opportunities and recognize additional revenue growth from our existing backlog. Moving to slide 8, as I just highlighted, I'm excited to share that our Gen 3 satellite has completed calibration and testing. And is delivering exceptional imagery that is achieving up to near 6 quality. For those who may not know, Nars is an industry standard image quality metric used by analysts to characterize the performance of imagery to meet certain mission requirements. Our Gen 3 satellite is delivering imagery at a quality equivalent to much larger and more expensive 25-centimeter class satellites.

從我們目前的第二代和未來的第三代星座。我們將在今年稍後發射更多第三代衛星並投入營運。我們期望釋放更多合約機會並從現有積壓訂單中實現額外的收入成長。轉到幻燈片 8，正如我剛才強調的那樣，我很高興地告訴大家，我們的第三代衛星已經完成了校準和測試。並提供達到接近 6 品質的卓越影像。對於可能不知道的人來說，Nars 是一種業界標準影像品質指標，分析師使用它來表徵影像的表現是否符合某些任務要求。我們的第三代衛星提供的影像品質相當於更大、更昂貴的 25 公分級衛星。

Attaining this class of image quality is a commercial first for a satellite of the size, cost, and performance. The Gen 3 satellite is proving to be an exceptional spacecraft that we expect will be a workhorse for Black Sky and our customers for years to come. But just as exciting is the AI derived information that we are now extracting from these images. Within 3 weeks after launch, we demonstrated how our advanced fully automated AI capabilities can transform Gen 3 satellite imagery into actionable insights at machine speed and scale for sites of interest around the world.

對於這種尺寸、成本和性能的衛星來說，達到這種等級的影像品質在商業上尚屬首次。第三代衛星已被證明是一顆卓越的太空船，我們預計它將在未來幾年成為 Black Sky 和我們客戶的主力。但同樣令人興奮的是我們現在從這些影像中提取的人工智慧衍生資訊。在發布後的 3 週內，我們展示了我們先進的全自動 AI 功能如何以機器速度和規模將第三代衛星圖像轉化為可供世界各地感興趣地點操作的見解。

Black Sky is setting a new industry standard using advanced software and AI enabled automation to accelerate space-based intelligence capabilities through disruptive speed, economics, and insights. While optimizing and validating the performance of this satellite over the past several weeks. We have been providing sample imagery to customers and potential partners around the world. I'm proud to report that the customer response to our initial Gen 3 imagery has been overwhelmingly positive and is driving growth in our sales pipeline. Our customers are very excited about the new mission applications that will be enabled by combining very high-resolution imaging with high frequency monitoring and advanced AI analytics.

Black Sky 正在使用先進的軟體和人工智慧自動化技術來制定新的行業標準，以顛覆性的速度、經濟性和洞察力來加速太空情報能力。在過去的幾周里，我們一直在優化和驗證這顆衛星的性能。我們一直在向世界各地的客戶和潛在合作夥伴提供樣本圖像。我很自豪地報告，客戶對我們最初的第三代圖像的反應非常積極，並推動了我們的銷售管道的成長。我們的客戶對將超高解析度成像與高頻監控和先進的人工智慧分析相結合而實現的新任務應用感到非常興奮。

Turning to slide 9. With the superior resolution and image quality of Gen 3. We are now able to demonstrate the ability of our AI. To extract an incredible amount of information and insights in real time and deliver this actionable intelligence at industry leading speed and scale. In this example, our AI was able to automatically detect and classify over 25,000 individual vehicles in over 700 maritime vessels in just a few minutes. All fully automated and with incredible precision. This type of analysis would typically take teams of analysts' hours and days using traditional tools and manual processes. This is a clear example of how proven and disruptive commercial space technologies can support a range of new and advanced applications and provide highly efficient and cost-effective solutions to government customers.

翻到第 9 張投影片。具有 Gen 3 的卓越解析度和影像品質。我們現在能夠展示我們的人工智慧的能力。即時提取大量資訊和見解，並以業界領先的速度和規模提供可操作的情報。在這個例子中，我們的人工智慧能夠在短短幾分鐘內自動偵測和分類 700 多艘海上船隻上的 25,000 多輛車輛。一切都是全自動的，而且精度極高。這種類型的分析通常需要分析師團隊使用傳統工具和手動流程花費數小時甚至數天的時間。這是一個明顯的例子，說明經過驗證的顛覆性商業空間技術如何支援一系列新的和先進的應用，並為政府客戶提供高效且經濟的解決方案。

Moving to slide 10. Now that we have demonstrated and validated Gen 3 satellite performance, image quality, and AI analytics. We are now set to commence a regular cadence of additional Gen 3 launches. In fact, our 2nd Gen 3 satellite is being shipped this week and is on track to launch in Q2. As we look ahead, we are on track to have 8 Gen 3 satellites on orbit by early 2026. With each launch improving our revisit rates capacity. and the quantity and quality of actionable intelligence. We are delivering to customers.

移至投影片 10。現在我們已經展示並驗證了第三代衛星的性能、影像品質和人工智慧分析。我們現在準備開始定期進行第三代火箭的額外發射。事實上，我們的第二代第三衛星本周正在發貨，並將於第二季發射。展望未來，我們預計在 2026 年初將 8 顆第三代衛星送入軌道。每次發射都會提高我們的重訪率。以及可操作情報的數量和品質。我們正在向客戶出貨。

We expect to begin providing early access to Gen 3 imagery and analytic services. To major customers over the course of the summer with general commercial availability anticipated to begin by Q4. As a reminder, many of our existing major contracts such as EOCL with the US government and several large multi-year international contracts are structured to incrementally expand as Gen 3 capacity comes online.

我們期望開始提供對第三代圖像和分析服務的早期訪問。整個夏季將向主要客戶提供該產品，預計第四季將開始全面商業化供應。提醒一下，我們現有的許多主要合同，例如與美國政府簽訂的 EOCL 合約以及幾份大型多年期國際合同，都是隨著 Gen 3 產能上線而逐步擴大的。

Turning to slide 11 As we continue to build out the Gen 3 constellation. We are moving into our next phase of growth. Where we can provide our customers with best-in-class imagery and new and advanced applications that combined very high-resolution imagery, high frequency monitoring, and AI-driven analytics. We believe we are redefining the future of space-based intelligence enabled through a best-in-class space and first of its kind software platform. Our software first strategy, which leverages over 10 years of investment in our spectra platform is a unique capability and a key enabler for rapidly developing and deploying new and innovative space-based intelligence solutions to customers around the world.

翻到第 11 張投影片，我們將繼續建構第三代星座。我們正在進入下一個成長階段。我們可以為客戶提供一流的影像以及結合了超高解析度影像、高頻監控和人工智慧驅動分析的新型先進應用程式。我們相信，我們正在透過一流的空間和首創的軟體平台重新定義太空智慧的未來。我們的軟體優先策略充分利用了我們在光譜平台上超過 10 年的投資，這是一種獨特的能力，也是快速開發和部署面向全球客戶的全新創新太空智慧解決方案的關鍵推動因素。

The combination of these advanced capabilities. Provides black sky with a powerful competitive advantage in the market. And is able to overcome the limitations of legacy solutions that were designed for static mapping applications. We are excited to be entering into a new aerospace-based intelligence with new and exciting opportunities emerging on the heels of our successful demonstration of Gen 3. We are well positioned to meet the rapidly growing demand for space-based insights from an expanding global customer base. Especially at a time when governments around the world are seeking to accelerate and expand their space-based capabilities.

這些先進功能的組合。為黑天提供了強大的市場競爭優勢。並且能夠克服為靜態地圖應用設計的傳統解決方案的限制。我們很高興能夠進入一個新的航空航天智慧領域，隨著我們成功展示第三代技術，新的和令人興奮的機會也隨之而來。我們已做好準備，滿足日益擴大的全球客戶群對太空洞察快速成長的需求。尤其是在世界各國政府都在尋求加速和擴大其太空能力的時候。

Leveraging cost effective and proven commercial space technologies. While we are bullish on this growing market opportunity. We are also cognizant of a very fluid geopolitical and economic environment. Both here and abroad. And remain vigilant in monitoring changing policies and budget dynamics that may have near-term impacts on our business. Despite this uncertain time, we are maintaining our full year outlook for 2025 and look forward to ahead with our growth plans. With that, I'll now turn it over to Henry to go through the quarterly financial results Henry.

利用具成本效益且成熟的商業空間技術。我們看好這個不斷成長的市場機會。我們也意識到地緣政治和經濟環境非常不穩定。無論是國內還是國外。並保持警惕，監控可能對我們的業務產生短期影響的政策和預算動態變化。儘管目前情況不確定，我們仍維持 2025 年全年展望，並期待未來的成長計畫。說完這些，我現在將把時間交給亨利，讓他來介紹一下季度財務表現。

Thank you, Brian, and good morning, everyone. Before I begin, let me remind you that references to adjusted costs for sales excludes stock-based compensation, depreciation, and amortization expenses, as we believe this measure represents a more accurate picture of our business without having these non-cash items obscure the underlying performance. With that, let's go through our first quarter financial results starting with slide 13. Total revenue for the first quarter of 2025 was $29.5 million an increase of $5.3 million or 22% over the prior year quarter, driven by higher professional and engineering services revenue. The primary driver for this increase was related to the recognition of progress to date under a new contract to accelerate the development of India's commercial earth observation program, which we announced in February.

謝謝你，布萊恩，大家早安。在我開始之前，請允許我提醒您，調整後的銷售成本不包括股票薪酬、折舊和攤銷費用，因為我們相信這一指標能夠更準確地反映我們的業務，而不會讓這些非現金項目掩蓋潛在的業績。讓我們從第 13 張投影片開始看第一季的財務表現。2025 年第一季總收入為 2,950 萬美元，比去年同期增加 530 萬美元，增幅為 22%，這得益於專業和工程服務收入的增加。這一增長的主要驅動力與我們在二月份宣布的一項旨在加速印度商業地球觀測計劃發展的新合約迄今為止所取得的進展得到認可有關。

These strategic contracts deepen our relationship with these customers and are typically precursors to securing long-term subscription contracts for imagery and analytic services. Keep in mind, revenues recognized from these types of contracts, which are largely milestone-based, may have quarter over quarter variability. In addition, our high margin imagery and analytics revenue currently comes from our Gen 2 satellites as we look to begin mixing in initial Gen 3 imagery later this year. Moving to slide 14, our adjusted imagery and analytics cost of sales for the first quarter of 2025 was $3.8 million compared to $3.4 million in the prior year quarter. The slight year over year increase was primarily due to short-term investments to optimize operating efficiencies that will drive marginal improvement over time.

這些策略合約加深了我們與這些客戶的關係，通常是獲得圖像和分析服務長期訂閱合約的先決條件。請記住，這些類型的合約確認的收入主要基於里程碑，因此可能每個季度都會有所不同。此外，我們高利潤的圖像和分析收入目前來自於我們的第二代衛星，我們希望在今年稍後開始混合初始第三代圖像。轉到第 14 張投影片，我們 2025 年第一季的調整後影像和分析銷售成本為 380 萬美元，而去年同期為 340 萬美元。與去年同期相比略有成長，主要是由於優化營運效率的短期投資，這將隨著時間的推移推動邊際改善。

Now turning to slide 15. Our adjusted EBITDA for the first quarter was a loss of $600,000 compared to an adjusted EBITDA of $1.4 million in the prior year quarter. The $2 million year over year decrease was primarily due to higher SG&A expenses of $2.6 million as we absorbed the first full quarter of overhead expenses from the recent Leo stellar acquisition. As a result of bringing LEO cell's production capabilities in-house, we are only able to capitalize direct labor and costs associated with the construction of our satellites and not their associated overhead costs. Under the prior structure, we would have reported positive adjustment if it $2 million or $600,000 better than the prior year. Keep in mind, the strategic acquisition of Leo Stellar was to allow us to better control and optimize our satellite manufacturing capabilities and secure advanced space technology and intellectual property to support our long-term growth objectives.

現在翻到第 15 張投影片。我們第一季的調整後 EBITDA 虧損 60 萬美元，而去年同期的調整後 EBITDA 為 140 萬美元。與去年同期相比減少 200 萬美元，主要是因為我們吸收了最近收購 Leo Stellar 後第一季的管理費用，導致銷售、一般及行政費用增加 260 萬美元。由於將 LEO 單元的生產能力引入內部，我們只能將與衛星建造相關的直接勞動力和成本資本化，而不能將相關的間接成本資本化。在先前的結構下，如果比前一年好 200 萬美元或 60 萬美元，我們就會報告正調整。請記住，對 Leo Stellar 的策略性收購是為了讓我們更好地控制和優化我們的衛星製造能力，並獲得先進的太空技術和智慧財產權，以支持我們的長期成長目標。

Going into 2025, we expected to realize some cost savings related to the acquisition, but with the successful launch of Gen 3, we decided to make additional investments in innovative space technologies to support our next generation capabilities. Let's move on to our cash and liquidity position as shown on slide 16. We ended the first quarter of 2025 with $77 million of cash, restricted cash, and short-term investments. This amount includes a $32 million cash prepayment for work related to a new contract awarded with an international defense and intelligence customer in the first quarter.

進入 2025 年，我們預計將實現與收購相關的一些成本節約，但隨著 Gen 3 的成功發射，我們決定對創新空間技術進行額外投資，以支持我們的下一代能力。讓我們繼續討論投影片 16 所示的現金和流動性狀況。截至 2025 年第一季度，我們擁有 7,700 萬美元的現金、受限現金和短期投資。這筆款項包括第一季與國際國防和情報客戶簽訂的新合約相關工作的 3,200 萬美元現金預付款。

In addition, we have accumulated approximately $39.2 million in unbilled contract assets, of which $32.4 million is anticipated to be billed and received over the next 12 months as certain customer milestones are met, with the rest expected to be collected in the following 12 months. These assets Together with about $20 million in remaining vendor financing for several Gen 3 launches, brings our total liquidity position to over $136 million. This is an increase of $46 million or 51% from the prior year quarter. Given this liquidity profile and our expected performance, we believe we are fully funded to deploy our baseline constellation of 12 satellites and get to free cash flow positive.

此外，我們已累積了約 3,920 萬美元的未開票合約資產，其中 3,240 萬美元預計將在未來 12 個月內隨著某些客戶里程碑的達成而開票並收到，其餘部分預計將在接下來的 12 個月內收回。這些資產加上為第 3 代火箭發射提供的剩餘約 2,000 萬美元的供應商融資，使我們的總流動資金頭寸超過 1.36 億美元。這比去年同期增加了 4,600 萬美元，即 51%。鑑於這種流動性狀況和我們的預期業績，我們相信我們有足夠的資金來部署我們的 12 顆衛星基線星座並獲得正自由現金流。

Now turning to slide 17 and our outlook for the year. With the success of our Gen 3 satellite, we're seeing additional long-term opportunities emerge for commercial space-based solutions. We are also keeping a close eye on potential risks, particularly the timing of contract awards and budget allocations that may be associated with a rapidly changing geopolitical environment.

現在翻到第 17 張投影片，看看我們對今年的展望。隨著第三代衛星的成功，我們看到了商業太空解決方案的更多長期機會。我們也密切關注潛在風險，特別是可能與快速變化的地緣政治環境相關的合約授予和預算分配時機。

While the near-term situation remains fluid, we are maintaining our full year 2025 guidance, which consists of revenue between $125 and $142 million adjusted EBITDA between $14 and $22 million and capital expenditures between $60 to $70 million. In summary, we're pleased with the strong revenue growth in the 1st quarter and the continued momentum we're seeing across the business. With that, I'll now turn it back over to Brian for some closing remarks.

儘管短期情況仍不明朗，但我們仍維持 2025 年全年預期，即營收在 1.25 億美元至 1.42 億美元之間，調整後 EBITDA 在 1,400 萬至 2,200 萬美元之間，資本支出在 6,000 萬至 7,000 萬美元之間。總而言之，我們對第一季強勁的營收成長以及整個業務持續成長的勢頭感到滿意。現在，我將把發言權交還給 Brian，請他做最後的總結發言。

Thanks, Henry. In closing, we're happy that our first gen 3 satellite is now fully operational and delivering exceptional imagery and analytics. Which is getting positive feedback from customers around the world. We're making great progress growing our customer base, building our backlog, advancing our technology, and strengthening our balance sheet. Our highly efficient and cost-effective space and software solutions are well positioned to address national security needs both here and abroad for years to come. As we deploy additional Gen 3 satellites this year and further expand our constellation in 2026. We believe black sky is at the forefront of a new era in real-time space-based intelligence.

謝謝，亨利。最後，我們很高興我們的第一代第三衛星現已全面投入運營，並提供卓越的圖像和分析。這得到了世界各地客戶的正面回饋。我們在擴大客戶群、建立積壓訂單、推進技術和加強資產負債表方面取得了巨大進展。我們高效且經濟的空間和軟體解決方案能夠很好地滿足未來幾年國內外的國家安全需求。我們今年將部署更多第三代衛星，並在 2026 年進一步擴大我們的星座。我們相信黑色天空處於實時太空情報新時代的前沿。

With new Gen 3 satellite launches on the horizon. Deepening customer engagement and a growing sales pipeline, the foundation we're building today is setting the stage to drive our next phase of growth into 2026 and beyond. This concludes our remarks for the call, and we'll now take your questions.

隨著第三代新衛星即將發射。深化客戶參與和不斷增長的銷售管道，我們今天建立的基礎為推動我們進入 2026 年及以後的下一階段成長奠定了基礎。我們的電話發言到此結束，現在我們將回答大家的提問。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press start, then the #1 on your touchtone phone. If you're using a speakerphone, please leave the handset before pressing any keys to withdraw your question, please press start and the number 2. At this time, we will pause momentarily to assemble our roster. Your first question comes on the line of Edison Yu from Deutsche Bank. Please go ahead.

謝謝。我們現在開始問答環節。要提問，您可以按“開始”，然後按按鍵電話上的“#1”。如果您使用的是揚聲器，請在按任何按鍵撤回問題之前放下聽筒，請按開始和數字 2。此時，我們將暫時暫停以整理我們的名冊。您的第一個問題來自德意志銀行的 Edison Yu。請繼續。

Hey, good morning, guys, thank you for taking our questions. So, first of all, I want to ask you mentioned some of the geopolitics and I guess macro uncertainty. How are you seeing that or are you seeing that impact some of these discussions with the international customers that that may have been in progress and I guess it's in the context of, are they now a little bit more hesitant because they want to see what kind of trade deals worked out or something. Or is it actually a good thing because now they're, they feel, oh, we want to actually do something because, we want to kind of see working with an US commercial customer. Is US commercial your provider?

嘿，大家早安，感謝你們回答我們的問題。所以，首先，我想問您提到的一些地緣政治和宏觀不確定性。您如何看待這一點，或者您認為這會對與國際客戶正在進行的一些討論產生影響？我想這是在這樣的背景下，他們現在是否有點猶豫，因為他們想看看能達成什麼樣的貿易協議或其他什麼。或者這實際上是一件好事，因為現在他們覺得，哦，我們想真正做點什麼，因為我們希望與美國商業客戶合作。美國商業是您的供應商嗎？

Hey, good morning, Edison. Thanks for the question. I think you know what we're experiencing right now is continued strong demand worldwide, we had a very strong first quarter. And in fact, since our demonstration of Gen 3, we're actually seeing our pipeline grow, I think there is a clearly a lot of demand worldwide for space-based intelligence solutions. And we're seeing, strong interest for our commercial imagery and analytic services, but also Governments that are accelerating their investments in their own sovereign capability. So, I think everybody's cognizant of the geopolitical dynamics, but I also think national security is First and foremost priority. And we're well positioned to help them address that, so. Despite some of the dynamics right now we're seeing strong interest in demand and feel we're well positioned.

嘿，早安，愛迪生。謝謝你的提問。我想你知道我們現在所經歷的是全球持續強勁的需求，我們第一季的表現非常強勁。事實上，自從我們展示第三代以來，我們看到我們的產品線不斷增長，我認為全球對太空智慧解決方案的需求顯然很大。我們看到，人們對我們的商業圖像和分析服務表現出濃厚的興趣，各國政府也正在加速對自身主權能力的投資。所以，我認為每個人都了解地緣政治動態，但我也認為國家安全是首要任務。我們有能力幫助他們解決這個問題。儘管目前存在一些動態，但我們看到需求強勁，並且感覺我們處於有利地位。

Gotcha. They want to come to us about AI. I know it's a word that gets, thrown around a lot these days. How much, how many of the customers or how many of the customers are new customers are you speaking with that this is a kind of big or is the core reason that they are getting involved or getting interested or increasing their business. Is it a deal breaker for a lot of these, whether it's domestic or international customers to really get their hands around? Is that increasing the potential of spectra as, a growth driver, how does one kind of view that at the moment?

明白了。他們想來找我們討論人工智慧。我知道這個詞最近被頻繁使用。您說的有多少客戶，有多少新客戶，這是他們參與、感興趣或增加業務的一個重要原因或核心原因。對於許多這樣的客戶，無論是國內客戶還是國際客戶，這是否是一個讓他們無法接受的事實？這是否會增加光譜作為成長動力的潛力，目前人們對此有何看法？

Yeah, it's, I think what we're seeing is, now that and this is what we're seeing particularly as we've been Bringing our Gen 3 imagery around the world to customers, where now they're moved, they can see that the very high-resolution imaging is there and then when you start to combine it with the high frequency. Low latency collection. The volume and speed of the information they need to deal with is starting to outpace their normal. Operation so they are all recognizing they need to introduce AI in their environments and workflows to one, keep up with the rate and volume of information, but to speed up the time to insights from when that data comes in and gets turned into actionable intelligence, so, that that conversation with customers has to me made a marketed market shift. Particularly in the last 9 to 12 months, so we're anticipating this to be A really critical capability that customers are going to need to have, as they expand their capabilities over the next couple of years. Is it, thank you. Thanks, Edison.

是的，我認為我們現在看到的是，特別是當我們將第三代圖像帶給世界各地的客戶時，他們現在可以看到非常高解析度的圖像，然後當你開始將它與高頻結合起來時。低延遲收集。他們需要處理的資訊量和速度開始超出正常水平。因此，他們都認識到，他們需要在他們的環境和工作流程中引入人工智慧，跟上資訊的速度和數量，但要加快從數據進入到轉化為可操作情報的洞察時間，因此，與客戶的對話對我來說已經帶來了市場轉變。特別是在過去的 9 到 12 個月中，我們預計這將成為客戶在未來幾年擴展其能力時需要具備的一項真正關鍵的能力。是嗎，謝謝。謝謝，愛迪生。

Thank you. And your next question comes on the line of Jason Smith from Lake Street. Please go ahead.

謝謝。您的下一個問題來自 Lake Street 的 Jason Smith。請繼續。

Yeah, thanks for taking my questions. Just looking at your backlog, curious what timeline you expect to recognize that backlog and then relatedly how much of that relates to gen 3 capacities.

是的，感謝您回答我的問題。只是看一下您的積壓訂單，好奇您預計在什麼時間表上確認該積壓訂單，然後相關地了解其中有多少與第三代容量相關。

Yeah, good morning, Jason. Thanks for the question. Yes, as we reported, we grew our backlog very significantly in the first quarter, up to $366 million. In the near term there's a reasonable amount of revenue from our imagery and analytics line. That we're going to see coming in over the next couple of months, we announced our EOCL extension and a large international deal. And so, near-term, we're going to see that coming into play and stepping up. As we get into the second half of the year and then, there's quite a bit of strong backlog out their post 2026.

是的，早上好，傑森。謝謝你的提問。是的，正如我們所報導的，第一季我們的積壓訂單大幅增加，達到 3.66 億美元。短期內，我們的圖像和分析產品線將帶來相當可觀的收入。我們將在未來幾個月內宣布我們的 EOCL 延期和一項大型國際交易。因此，短期內我們將看到這項措施開始發揮作用並不斷加強。隨著我們進入下半年，2026 年後將會有大量積壓訂單。

Got you. And then just as a follow up, Henry, based on your comments on the professional services revenue line, would we expect that to take a step back here in Q2?

明白了。然後作為後續問題，亨利，根據您對專業服務收入線的評論，我們是否預計第二季該收入會有所回落？

Thanks for the question, Jason. Yes, I mean, as you may recall, when we have some of these programs where we are taking some hardware and kind of positioning it off for a customer, we already have that sitting on our balance sheet and we're moving that into for sale assets. That's why you get a big catch up right up front. So, we did have a fair bit of that happening in the first quarter there, correct. Okay, thanks a lot guys.

謝謝你的提問，傑森。是的，我的意思是，您可能還記得，當我們有一些這樣的項目時，我們會將一些硬體出售給客戶，我們已經將其放在資產負債表上，並將其轉移到待售資產中。這就是為什麼你一開始就取得了巨大的成功。所以，我們在第一季確實發生了不少這樣的事情，沒錯。好的，非常感謝大家。

Thank you. And your next question comes from the line of Jeff Van Nu from Craig Hallam. Please go ahead.

謝謝。您的下一個問題來自 Craig Hallam 的 Jeff Van Nu。請繼續。

Great, thanks. Thanks for taking the questions. Congrats guys, real nice progress on Gen 3 and some great images here.

太好了，謝謝。感謝您回答這些問題。恭喜大家，Gen 3 取得了非常好的進展，這裡還有一些很棒的圖像。

Talk to me maybe about just briefly on the $130 million increase in backlog. Can you give a sense of rough proportion how much of that is from new customers versus existing customers?

請跟我簡單談談積壓訂單增加 1.3 億美元的情況。您能否大致說明一下其中新客戶和現有客戶的比例是多少？

A I think you know we announced a very large international deal which was a good portion of that from an existing customer.

答：我想您知道，我們宣布了一項非常大的國際交易，其中很大一部分來自現有客戶。

There are in the mix about 20 new customers in there, including the deal we announced in India.

其中大約有 20 個新客戶，包括我們在印度宣布的交易。

Okay, that's helpful. And so talk to me then maybe just for a minute on the sovereign interest. Can you give us just a little more expanded commentary on the scope and magnitude of the increase in sovereign capabilities and kind of how that's progressed over the last 90 to 180 days?

好的，這很有幫助。那麼請您花一分鐘時間跟我談談主權利益。您能否就主權能力增強的範圍和程度，以及過去 90 到 180 天內的進展情況，給予我們更詳細的評論？

Yeah, I think, we're seeing growing interest and governments accelerating. The programs, we're if you look at programs we publicly announced in India and Indonesia. We're seeing this growing opportunity for A bundling our commercial imagery analytics services with space and software assets. So, we're seeing that pretty much worldwide across multiple regions. I think we're also seeing that those things seem to be Those opportunities seem to be accelerating, I think, as governments are looking to move quicker and building out their capabilities. We were pretty well positioned to capitalize on this dynamic in the market.

是的，我認為，我們看到人們的興趣日益濃厚，政府也在加速行動。如果你看一下我們在印度和印尼公開宣布的計劃，你就會知道這些計劃。我們看到了將我們的商業影像分析服務與空間和軟體資產捆綁在一起的不斷增長的機會。我們在全球多個地區都看到了這種情況。我認為我們也看到這些事情似乎正在加速，因為各國政府正在尋求更快採取行動並增強其能力。我們已做好充分準備來利用市場中的這種動態。

Yeah, it seems like 11 last if I could in terms of, just sort of as you build out the architecture, how critical is Edge computer on orbit compute and your thoughts on optical interlinks just forward roadmap, how critical are those capabilities? How do you view them?

是的，如果可以的話，這似乎是最後一個，就像您建立架構一樣，邊緣電腦在軌道運算中有多重要，以及您對光學互連未來路線圖的看法，這些功能有多重要？您如何看待他們？

I think onboard computing is a is another tool in the toolbox. We're delivering very high performance and low latency delivery without that capability. As we have mentioned before, optical cross links is something we're currently developing and investing in. This will be a next level of capability to improve. A latency in the both on the tasking of the satellites and the delivery of information and analytics to our customers, so all of those things are being addressed in our roadmap.

我認為機載計算是工具箱中的另一個工具。我們沒有這種能力，但卻提供了非常高效能和低延遲的交付。正如我們之前提到的，光學交叉鏈路是我們目前正在開發和投資的。這將是需要改進的下一個層次的能力。衛星任務執行和向客戶傳遞資訊和分析都存在延遲，因此我們的路線圖將解決所有這些問題。

Sounds good. Congrats on the progress. Thanks.

聽起來不錯。恭喜你取得進展。謝謝。

Thank you.

謝謝。

Thank you. And your next question comes from the line of Thon from Oppenheimer. Please go ahead.

謝謝。您的下一個問題來自奧本海默公司的 Thon。請繼續。

Thanks guys. 3 questions if I may. The near 6 congratulations, but can you say what you were expecting and what we were conveying to your customers, prior to, the actual real-life examples. Can you give us also, it sounds like you're going to be doing 2 satellite launches per quarter, starting the second half of the year. Is that pretty accurate and can you maintain that pace? Then I have an AI question.

謝謝大家。我可以問 3 個問題。接近 6 個祝賀，但您能否說說您期望什麼以及在實際的真實案例之前我們向您的客戶傳達了什麼。您能否也告訴我們，聽起來從今年下半年開始，您將每季發射兩顆衛星。這是否非常準確？您能保持這樣的速度嗎？然後我有一個人工智慧問題。

I think yeah, on the image quality, we had designed the system to be in the nearest 55 plus realm. So, and that is aligned with what our customers were our expectations, I think you know we're seeing some images come out in that near 6 level which is indicating the system is performing. Beyond our expectations, but for nominally or where we expect it to be, it's meeting and or exceeding where we want it to be on image quality. The pace of launches, as I mentioned. We're on track to for 8 satellites. By early 2026 and 6 on orbit, by later this year, so, we have a regular cadence of satellites coming off the production line and we're aligning launch. A launch capacity and are on track to hit that launch games.

我認為是的，就影像品質而言，我們設計的系統已接近 55 以上的範圍。因此，這與我們的客戶的期望一致，我想您知道我們看到一些圖像出現在接近 6 級的水平，這表明系統正在運行。超出了我們的預期，但就名義上或我們預期的而言，它滿足或超越了我們對影像品質的期望。正如我所提到的，發射的速度。我們正按計畫發射 8 顆衛星。到 2026 年初，其中 6 顆衛星將進入軌道，到今年晚些時候，我們將定期從生產線上生產衛星，並安排發射。具有發射能力並且有望實現發射遊戲的目標。

So, any sense by year end year in 26, how many satellites you'll have in operation?

那麼，到 26 年底，將有多少顆衛星投入運作？

We have a plan. Our plan is to have 12 that would get us to our baseline consolation.

我們有一個計劃。我們的計劃是擁有 12 個可以讓我們達到基準安慰的數字。

Great. On AI, can you license out your technology for customers to analyze other images, other data sources, out of curiosity?

偉大的。在人工智慧方面，您是否可以授權客戶出於好奇來分析其他圖像、其他資料來源？

Yeah, we would be able to do that. We don't currently do that, but we do have. I and software capabilities that do analyze other people's other parties. Imagery not only electro optical but radar and other capabilities and we've been incorporating that into some of our advanced capabilities. I think I may have mentioned on prior calls some of our work in doing broad area broad area search from our monitoring large area of interest for change, and we can do that at scale. Across very large data sets and large areas or regional areas of interest.

是的，我們可以做到。我們目前沒有這樣做，但我們確實這樣做了。我和軟體確實有分析別人其他方面的能力。影像不僅具有電光功能，還具有雷達和其他功能，我們已經將其融入我們的一些先進功能中。我想我可能在之前的電話會議中提到過，我們在監測大範圍關注的變化方面開展了廣泛區域搜索的一些工作，我們可以大規模地開展這項工作。跨越非常大的資料集和大面積或感興趣的區域。

And so is that something you're planning on pursuing and is it could be a pretty large incremental revenue opportunity?

那麼這是您計劃追求的目標嗎？這是否可能是一個相當大的增量收入機會？

Well, I think the AI delivering AI derived information. It certainly part of our core business plan. We're going to see how this market unfolds into what levels of software and other types of capabilities we may or may not license customers.

嗯，我認為人工智慧傳遞的是人工智慧衍生的訊息。這當然是我們核心業務計畫的一部分。我們將觀察這個市場如何發展，最終我們可能會或可能不會授權客戶獲得哪些級別的軟體和其他類型的功能。

Thank you.

謝謝。

Your next question cost on the line of Josh Sullivan from the benchmark Company. Please go ahead.

您的下一個問題來自基準公司的 Josh Sullivan。請繼續。

Hey, good morning, any prepared remarks, you noted black guys entering, the next phase of growth here, maybe you could expand on that perspective or wax poetically, I guess just, and as you enter this next phase, what we should be expecting over the, next 1 to 3 years versus maybe where you've been.

嘿，早安，有任何準備好的發言嗎？你提到黑人進入了下一個成長階段，也許你可以擴展這個觀點，或者詩意地表達一下，我想，當你進入下一個階段時，我們應該對未來 1 到 3 年與你過去的情況相比有什麼期待。

I think the main thing that we're excited about is the interest and demand for Gen 3 imagery and analytics and so as we continue to deploy those satellites into our constellation we are seeing. A strong step up in imagery and analytics revenue. That's going to be tied to that. We have a significant backlog tied to some of our major programs that begins to get unlocked. As we bring that capacity online. So, as you look out over the next 18 to 24 months. That's the exciting part of our business that's going to be driving very good growth.

我認為讓我們興奮的主要原因是對第三代圖像和分析的興趣和需求，因此隨著我們繼續將這些衛星部署到我們的星座中，我們看到了這一點。圖像和分析收入強勁增長。這會與此相關。我們的一些主要項目積壓了大量工作，這些工作即將開始完成。當我們將該容量上線時。因此，展望未來 18 到 24 個月。這是我們業務令人興奮的部分，它將推動非常好的成長。

And then just on the full ownership of Leo Stellar, how is that evolved since taking full ownership.

那麼關於 Leo Stellar 的完全所有權，自從完全所有權以來，情況是如何發展的呢？

Yeah, I think that, as a reminder. That was a strategic acquisition for us, as you can Gen 3 is really demonstrating to be a remarkable platform. And we wanted to make sure that we had the ability to optimize and control. The production supply chain and production of those satellites. So, we've got that moving ahead very nicely. There are also some next generation technologies that that came along with that we're that we're investing in. We're only really a couple quarters into, integrating them into the operations and that's doing well, and you know we think over the long-term having that type of capability vertically integrated into the business on top of the satellite constellation, our AI and software is going to be going to put us in a very strong competitive position.

是的，我想，作為提醒。這對我們來說是一次策略性收購，如您所見，Gen 3 確實是一個卓越的平台。我們希望確保我們擁有優化和控制的能力。這些衛星的生產供應鏈和生產。所以，我們的工作進展非常順利。我們也對隨之而來的一些下一代技術進行了投資。我們實際上只花了幾個季度的時間就將它們整合到營運中，而且進展順利，而且我們認為，從長遠來看，將這種能力垂直整合到衛星星座業務中，我們的人工智慧和軟體將使我們處於非常強大的競爭地位。

Great, thank you.

太好了，謝謝。

Thank you. And your next question comes in the line of Chris Wilkie from Wilky Space. Please go ahead.

謝謝。您的下一個問題來自 Wilky Space 的 Chris Wilkie。請繼續。

Thanks Brian. I just wanted to follow up on that Leo Stella discussion. I think you said during the discussion that you're going to invest in Gen 3. I was just wondering, is that R&D investments to improve the platform? Are we talking, CapEx investments in abilities to production or increase flexibility in the design.

謝謝布萊恩。我只是想跟進 Leo Stella 的討論。我想您在討論中說過您將投資 Gen 3。我只是想知道，這些研發投資是否用於改進平台？我們談論的是生產能力的資本支出還是增加設計的彈性。

Yeah, most of the investments are in the platform side, facilities in decent shape, we'll make some incremental investments in some of the back-office infrastructure and supply chain management, our investments in next generation capability come in the two-form come in the form primarily of R&D. Some of that begins to get capitalized as we those reach certain levels of feasibility. And so that's been our normal course, and we expect to continue that, and, in some cases, the acquisition of Leo Stella helps us move some of that along even faster.

是的，大部分投資都在平台方面，設施狀況良好，我們會對一些後台基礎設施和供應鏈管理進行一些增量投資，我們對下一代能力的投資主要有兩種形式，一種是研發。當我們達到一定的可行性水準時，其中一些就開始被資本化。這就是我們的正常做法，我們希望繼續這樣做，在某些情況下，收購 Leo Stella 可以幫助我們更快地推進這項進程。

And for Henry, when we look at the Q1 OpEx, SG and A should we look at that as sort of a steady state now that Leo Stella is fully folded in, or should that number grow or come down over the course of the year?

對於亨利來說，當我們查看第一季的營運支出、SG 和 A 時，我們是否應該將其視為一種穩定狀態，因為現在 Leo Stella 已經完全融入其中，還是這個數字應該在一年內增長或下降？

Chris, now that we've had a full quarter of Leo Stellar in that does reflect kind of them in there, and we had baked in kind of as we did our forecast assuming that they would be operating as wholly owned obviously so I don't expect that to grow. I think that would be kind of the same and keep in mind those additional costs and SGNA are things that we would have been covering. In the prior world through a cap X line because it would have been covered by the invoices that we were paying to Leo Stelar on an arm's length basis. So it doesn't change the cash profile.

克里斯，現在我們已經有了整整一個季​​度的 Leo Stellar 業務，這確實反映了他們在那裡的情況，我們在做預測時已經考慮到了他們顯然將以全資方式運營，所以我不認為它會增長。我認為那會是差不多的，請記住那些額外費用和 SGNA 是我們會承擔的內容。在之前的世界裡，透過 cap X 線，因為它會被我們按照公平交易原則支付給 Leo Stelar 的發票所覆蓋。所以它不會改變現金狀況。

Okay, and presumably the increased investments are already in the capital structure is already reflected in your CapEx guidance that you've provided.

好的，大概增加的投資已經存在於資本結構中，並且已經反映在您提供的資本支出指引中。

Correct.

正確的。

Gotcha quick question, the imagery and analytics was down a sequentially, obviously you've got, EOCL and other things that open up on a go forward basis. Were there other one-time items that might have led to the year over year or decline there or that just reflective of customer losses or timing of contracts?

很快，問題來了，圖像和分析是按順序下降的，顯然你已經得到了 EOCL 和其他向前開放的東西。是否存在其他一次性項目可能導致同比或下降，或僅反映客戶損失或合約時間？

Yeah, I think, keep in mind we still have Some quarter-to-quarter variability in the business related to Both the particularly in the imagery and analytics business because there are some projects that have deliverables on a quarterly basis that can surge. A we are seeing a slower than expected orders coming out of Luno, for example, but we're also seeing customers anxious to transition to Gen 3. But as I mentioned earlier, we have EOCL and backlog from any other international customers already secured for Gen 2 capacity going well into 2026, so, this is really a I think Chris as you're alluding, really timing. And if you look at the general trend that where we where we are in the direction of the business, we're seeing that backlog growing in and the visibility into transitioning that backlog into revenue growth emerging, especially now that we got Gen 3 operational.

是的，我認為，請記住，我們在與業務相關的業務方面仍然存在一些季度間差異，特別是在圖像和分析業務方面，因為有些項目的季度交付量可能會激增。例如，我們看到 Luno 的訂單量比預期的要慢，但我們也看到客戶急於過渡到 Gen 3。但正如我之前提到的，我們已經從其他國際客戶那裡獲得了 EOCL 和積壓訂單，第二代產能將持續到 2026 年，所以，我認為克里斯，正如你所暗示的，這真的是一個時機。如果你看一下我們業務發展的整體趨勢，我們會發現積壓訂單不斷增長，而且將積壓訂單轉化為收入成長的可見性正在顯現，特別是現在我們已經開始投入第三代產品。

Got it. And speaking of timing, you mentioned that you won't start offering Gen 3 commercially until Q4. Is there any reason that you wouldn't, if you've got a couple of satellites on orbit, start selling that, at least in a beta mode to customers prior to the end of Q4, or what's the rationale for waiting until the end of the year?

知道了。說到時間，您提到要到第四季才會開始商業化提供第三代產品。如果您有幾顆衛星在軌道上運行，為什麼不在第四季度結束前開始銷售，至少以測試模式向客戶銷售，或者為什麼要等到年底？

Yeah, we are planning to, we have an early access program that Will kick in when we just have a couple of satellites this summer and customers will begin. Acquiring imagery and we'll begin initial revenue generating operations through data sales and evaluation of the imagery and then the way we think about the commercial availability is just having enough satellites and the back-end infrastructure ready to support. A broad range of customers through our spectra platform, so it's normal. It's a normal go to market strategy, but of course we will start monetizing those satellites as fast as we can.

是的，我們正在計劃，我們有一個早期訪問計劃，當我們今年夏天擁有幾顆衛星時，該計劃將啟動，客戶將開始使用。取得影像後，我們將透過資料銷售和影像評估開始初始創收業務，然後我們考慮商業可用性的方式就是擁有足夠的衛星和準備好支援的後端基礎設施。廣泛的客戶群都可以透過我們的光譜平台來訪問，所以這很正常。這是一種正常的市場策略，但我們當然會盡快開始將這些衛星貨幣化。

Very good, thank you and good luck with the next launch.

非常好，謝謝，祝下次發射順利。

Thanks Chris.

謝謝克里斯。

Thank you. And your next question comes on the line of Scott Block from HC Wainwright. Please go ahead.

謝謝。您的下一個問題來自 HC Wainwright 的 Scott Block。請繼續。

Hey, good morning, guys. Thanks for taking my questions. Brian, I guess first, congrats on fully commissioning, the first Gen 3 satellite. I'm curious, having that first one under your belt, does that change the timeline? Or the steps required for commissioning to through 12.

嘿，大家早安。感謝您回答我的問題。布萊恩，我想先祝賀第一顆第三代衛星全面投入使用。我很好奇，有了第一個這樣的作品，時間軸會改變嗎？或調試所需的步驟要經過12。

No, I think we're on plan. I think obviously we wanted to make sure that that satellite was performing as expected before we launched the second one, in case we had to make any incremental. A refinement, but for satellites performing. But we expected the functionally it's really performing well. The image quality is great, and the agility is meeting all of our expectations, so we're moving out as planned to hit our launch schedule as I outlined earlier.

不，我認為我們按照計劃進行。我認為，顯然我們希望在發射第二顆衛星之前確保該衛星的性能符合預期，以防我們必須做出任何增量變更。這是一種改進，但適用於衛星執行。但我們預期它的功能確實表現良好。影像品質很棒，靈活性也滿足了我們所有的期望，所以我們正在按計劃進行，以實現我之前概述的發佈時間表。

Okay, appreciate that. And then Henry, I assume, the CapEx builds through the year kind of in line with Gentry.

好的，非常感謝。然後，我猜亨利的資本支出全年的成長速度與金特里一致。

That is correct. I mean that's the primary driver behind our CapEx is getting this next batch up and being prepared also for our launches in 2026.

沒錯。我的意思是，這是我們資本支出背後的主要驅動力，是為了完成下一批產品，並為 2026 年的發布做好準備。

Okay, perfect. That's it from me guys. I appreciate it.

好的，完美。夥計們，這就是我要說的。我很感激。

Thank you. And your next question comes from the line of Austin Moler from Cancoria. Please go ahead.

謝謝。您的下一個問題來自 Cancoria 的 Austin Moler。請繼續。

Hi, good morning, Brian and Henry. Just my first question here. You mentioned the early access program. Are there customers now that are getting that early gen 30s test symmetry that are paying a higher subscription premium under their contract, or does that not occur until you have more customers on the EAP that can actively task a growing fleet of genres?

嗨，早上好，布萊恩和亨利。這是我的第一個問題。您提到了早期訪問計劃。現在是否有客戶正在獲得 30 年代早期測試對稱性，並根據合約支付更高的訂閱費，或者這種情況是否要等到 EAP 上有更多客戶可以積極地處理越來越多的遊戲類型時才會發生？

Yeah, I think the way to think about it is there will be customers that We have contracts with to get imagery under the Under the early program that this will be getting imagery at a lower volume. Primarily for evaluation purposes and to Integrating that into their operations. The fully automated, commercial operations will be in the 4th quarter.

是的，我認為我們應該這樣想：我們會與一些客戶簽訂合同，根據早期計劃獲取圖像，但獲取圖像的數量會較少。主要用於評估目的並將其整合到他們的營運中。全面自動化商業營運將於第四季實現。

Okay, and you mentioned there's over 20 new customers added in that backlog that you discussed. Are you able to indicate without saying who they are geographically where the bulk of that is located? I'm just trying to understand if the NATO Europe commitment to spend more than 2% of GDP on defense is becoming visible to you.

好的，您提到在您討論的積壓訂單中增加了 20 多個新客戶。您能否在不說明他們是誰的情況下指出他們大部分位於哪個地理位置？我只是想了解北約歐洲承諾將超過 GDP 的 2% 用於國防，這項承諾是否對您有意義。

Yeah, let me first thanks for the question, Austin, let me just clarify that the 20 I was referring to is $20 million as part of that backlog. We have been bringing on new customers as part of our normal sales operations, the customers we're seeing are really A really all over the world. There's growing customers in Europe, Middle East, Asia. We're seeing, particularly now with Gen 3, we're seeing a number of new larger customers working with us to acquire Gen 3 capability and As I mentioned in my remarks, we've seen a pretty significant increase in our pipeline.

是的，首先感謝奧斯汀提出這個問題，讓我澄清一下，我所指的 20 是指積壓訂單中的 2000 萬美元。作為我們正常銷售業務的一部分，我們一直在吸引新客戶，我們看到的客戶確實遍布世界各地。歐洲、中東和亞洲的客戶數量正在不斷增長。我們看到，特別是現在有了 Gen 3，我們看到許多新的大客戶與我們合作以獲得 Gen 3 功能，正如我在發言中提到的，我們的管道數量有了相當顯著的增長。

Just over the last few months that are From new customers for Gen 3 capability. So that's really exciting and now we're working on how we Can move those customers through our through the pipeline and transition those into contracts.

就在過去的幾個月裡，Gen 3 功能得到了新客戶的青睞。這真的令人興奮，現在我們正在研究如何將這些客戶透過我們的管道轉移到合約中。

That's very exciting. Thanks for the insights.

這非常令人興奮。感謝您的見解。

Thank you.

謝謝。

Thank you. And your last question comes from the line of Dave Storms from Snowden Gate. Please go ahead.

謝謝。您的最後一個問題來自「斯諾登門」事件的戴夫·斯托姆斯 (Dave Storms)。請繼續。

Hey, good morning, and thank you for taking my questions. I just wanted to circle back on some of the commercial capabilities that you're expecting later this year and maybe how they compare to the same capabilities that you would expect in late 2026 once you have the full baseline constellation.

嘿，早上好，感謝您回答我的問題。我只是想回顧一下您預計今年稍後將實現的一些商業能力，以及它們與您在 2026 年末擁有完整基線星座後預期的相同能力相比如何。

I think functionally the capabilities that we'll have later this year as far as Image quality automated AI. Latency and things of those around those aspects will pretty much be in place later this year. What happens as we add more satellites is basically adding more capacity. It improves revisit and, in some cases, reduces latency because we'll have quicker access to two locations around the world, the thing that you should keep in mind is, we're introducing Gen 3 satellites into a very mature.

我認為，就影像品質自動化 AI 而言，我們今年稍後將具備這些功能。延遲和圍繞這些方面的事情將在今年晚些時候基本到位。當我們添加更多衛星時，實際上就是增加了更多容量。它提高了重訪率，在某些情況下還減少了延遲，因為我們可以更快地訪問世界各地的兩個地點，你應該記住的是，我們正在將第三代衛星引入一個非常成熟的系統。

Software and ground network that is operating our Gen 2 constellation, so We're not having to go build out new software. Extensively new software and product capabilities to bring Gen 3 to market. It's just an extension of the platform that is highly reliable and been serving our customers now for well over 5 years.

運行我們的第二代星座的軟體和地面網絡，所以我們不必去建立新的軟體。廣泛的新軟體和產品功能將 Gen 3 推向市場。它只是高度可靠的平台的擴展，並且已經為我們的客戶服務了 5 年多。

Understood that's very helpful, thank you. And then, just curious now that the global data marketplace has been up for a little bit, are you seeing any differences in the bidding environment or what it takes to win, contracts there compared to maybe more traditional routes?

明白了，這非常有幫助，謝謝。然後，我很好奇，現在全球數據市場已經稍微活躍起來了，與更傳統的途徑相比，您是否看到投標環境或贏得合約所需的條件有什麼不同？

Yeah, it's a good question. We're starting to win more of those. They're still small, but we are seeing a trend towards customers wanting to acquire longer term services, it's a pretty competitive marketplace, but we seem to be doing. Pretty well, and we're forming some partnerships with other companies to be able to offer Higher value information and insight services, so still early and we're excited about where that can go and we're seeing the trends related to that marketplace go in the right direction.

是的，這是個好問題。我們開始贏得更多這樣的勝利。他們的規模仍然很小，但我們看到客戶希望獲得長期服務的趨勢，這是一個競爭相當激烈的市場，但我們似乎正在這樣做。非常好，我們正在與其他公司建立合作夥伴關係，以便能夠提供更高價值的資訊和洞察服務，因此仍處於早期階段，我們對未來發展感到興奮，並且我們看到與該市場相關的趨勢正朝著正確的方向發展。

Understood. Thanks for taking my questions and good luck in you too.

明白了。感謝您回答我的問題，也祝您好運。

Thank you.

謝謝。

Thank you. At this time there are no further questions. This concludes Black Sky's first quarter 2025 earnings conference call. Thank you for joining the call today. Give me all disconnect.

謝謝。目前沒有其他問題。Black Sky 2025 年第一季財報電話會議到此結束。感謝您今天參加電話會議。給我全部斷開連線。