Blacksky Technology Inc (BKSY) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to BlackSky Technology second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded.

女士們、先生們，早安，歡迎參加 BlackSky Technology 2025 年第二季財報電話會議。（操作員指示）請注意，本次電話會議正在錄音。

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

現在我想將電話轉給 BlackSky 投資者關係副總裁 Ali Bonilla。請繼續，阿里。

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 financial results and outlook for 2025. Following our prepared remarks, we will open the line for your questions.

早安，感謝您加入我們。今天，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，並對業務進行策略性更新。隨後，亨利將回顧公司的財務表現和 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。

A replay of this conference call will be available from approximately 12:30 p.m. Eastern Time today through August 21st. 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.

本次電話會議的重播將於今天美國東部時間下午 12:30 左右開始提供，直至 8 月 21 日。您可以在今天的新聞稿中找到觀看重播的資訊。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.

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，您可以使用它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。

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 10-K 表中所述的風險和不確定性。我們鼓勵您閱讀我們的新聞稿、10-K 表格和其他最近的 SEC 文件，以全面討論與這些聲明相關的、可能影響未來結果或我們股票市場價格的風險和不確定性。BlackSky 不承擔更新前瞻性聲明的義務，除非適用法律要求。

In addition, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and adjusted imagery and software analytical service cost of sales. 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，我們將參考某些非 GAAP 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。這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳包含在今天的隨附簡報中，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。布賴恩？

Thanks, Ali, and good morning, everyone. Thank you for joining us on today's call. Beginning with slide 3. I'm pleased with our strong execution across many aspects of our business during the quarter. Building on the accomplishments that we have achieved so far this year, we have never been in a better position technically, operationally and financially to capitalize on the growing global market opportunity for our real-time space-based intelligence solutions.

謝謝，阿里，大家早安。感謝您參加今天的電話會議。從投影片 3 開始。我對本季我們業務的許多方面都表現強勁感到滿意。基於今年迄今所取得的成就，我們在技術、營運和財務方面都處於前所未有的有利地位，可以利用我們即時太空情報解決方案不斷增長的全球市場機會。

Our new Gen-3 satellites are delivering exceptional performance and when combined with our industry-leading Spectra platform and AI capabilities, we are winning new contracts and expanding our customer base around the world. With the recent closing of our upsized debt refinancing, we strengthened our balance sheet and improved our liquidity, which now puts us in a position to unlock even more future growth opportunities.

我們的新一代第三代衛星性能卓越，結合我們業界領先的 Spectra 平台和 AI 功能，我們贏得了新的合約並擴大了全球客戶群。隨著我們最近完成的增額債務再融資，我們增強了資產負債表並提高了流動性，這使我們能夠釋放更多的未來成長機會。

This strong financial position is further supported by over $350 million in funded backlog. most of which is from a growing and diverse international customer base for our Gen-3 services. As we continue to deploy our Gen-3 Constellation over the coming months, we expect to continue this momentum as we add new customers and grow our services with existing customers.

這一強勁的財務狀況得到了超過 3.5 億美元資金積壓的進一步支持。其中大部分來自我們 Gen-3 服務不斷成長且多樣化的國際客戶群。隨著我們在未來幾個月繼續部署第三代星座，我們預計隨著新客戶的增加和現有客戶的服務成長，我們將繼續保持這一勢頭。

We are continuing to innovate across a strong and vertically integrated portfolio of space technologies that include proprietary AI, software and advanced satellite design and manufacturing capabilities. And finally, we are accelerating our investments for the future as evidenced by our recent announcement of a new Arrow Constellation, which is a new growth and market expansion opportunity for BlackSky.

我們將繼續在強大且垂直整合的太空技術組合中進行創新，其中包括專有人工智慧、軟體和先進的衛星設計和製造能力。最後，我們正在加快對未來的投資，正如我們最近宣布推出新的 Arrow Constellation 所證明的那樣，這對 BlackSky 來說是一個新的成長和市場擴張機會。

Now let me share some recent highlights as shown on slide 4. First, as an example of our industry-leading AI and space-based monitoring solutions, we were awarded a multiyear contract with the National Geospatial Intelligence Agency, or NGA, under the Luno A program valued at up to $24 million. We have a long history of supporting NGA and are pleased to have received this delivery order and to continue to assist their global monitoring needs.

現在讓我分享一些最近的亮點，如幻燈片 4 所示。首先，作為我們行業領先的人工智慧和空間監控解決方案的一個例子，我們獲得了美國國家地理空間情報局（NGA）在 Luno A 計劃下的多年期合同，價值高達 2400 萬美元。我們長期支持NGA，很高興收到這份交貨訂單並持續協助他們滿足全球監測需求。

Second, we are seeing significant demand and growing traction for Gen-3 services from a diverse international market. And as a result, we signed early access agreements in the quarter with multiple international defense sector customers. We now have customers around the world accessing and using imagery from our first Gen-3 satellites with more customers expected to come online as we commence general availability and full commercial operations of Gen-3 services later this year.

其次，我們看到多元化的國際市場對 Gen-3 服務的需求龐大且吸引力不斷增強。因此，我們在本季與多個國際國防部門客戶簽署了早期准入協議。現在，世界各地的客戶都可以存取和使用我們首批第三代衛星的圖像，隨著我們在今年稍後開始全面提供第三代服務並進行全面商業運營，預計將有更多客戶加入。

Third, in June, we launched our second Gen-3 satellite, which began delivering very high-resolution imagery within just 12 hours after launch. The speed at which these satellites are collecting imagery and being commissioned into commercial operations is setting a new industry standard. This achievement is a testament to the differentiated performance of BlackSky's vertically integrated space, AI and software technologies.

第三，6 月份，我們發射了第二顆 Gen-3 衛星，該衛星在發射後僅 12 小時內就開始提供超高解析度影像。這些衛星收集影像和投入商業營運的速度正在樹立新的行業標準。這項成就證明了BlackSky垂直整合的空間、人工智慧和軟體技術的差異化表現。

Fourth, we remain on track to have six Gen-3 satellites on orbit by the end of this year. To that end, we're excited that our next Gen-3 satellite is in the final testing phase and getting ready to ship to the launch pad in the coming weeks. And finally, we successfully raised $185 million in an upsized convertible note offering, which increases our liquidity, strengthens our balance sheet and puts us in a position to unlock additional revenue growth opportunities.

第四，我們仍有望在今年底前將六顆第三代衛星送入軌道。為此，我們很高興我們的下一顆第三代衛星正處於最後的測試階段，並準備在未來幾週內運送到發射台。最後，我們透過增發可轉換債券成功籌集了 1.85 億美元，這增加了我們的流動性，增強了我們的資產負債表，並使我們能夠釋放額外的收入成長機會。

Henry will go into more details on this transaction later. These highlights continue to demonstrate the momentum in our business and how our real-time mission-critical space-based intelligence solutions are gaining traction worldwide. I would now like to share some more details on the operational highlights from the quarter.

亨利稍後將詳細介紹這筆交易。這些亮點繼續展示了我們業務的發展勢頭，以及我們的即時任務關鍵型太空情報解決方案如何在全球範圍內獲得關注。現在，我想分享一些有關本季營運亮點的更多細節。

Turning to slide 5. We're pleased to have been awarded a four-year delivery order for facility operational monitoring under the Luno A program with NGA valued at up to $24 million. This win further validates BlackSky's expertise and capabilities to deliver AI-enabled dynamic monitoring solutions.

翻到幻燈片 5。我們很高興獲得 NGA Luno A 計劃下設施運營監控的四年交付訂單，價值高達 2400 萬美元。此次勝利進一步證明了 BlackSky 提供人工智慧動態監控解決方案的專業知識和能力。

By employing leading-edge automated object and pattern of life change analytics, we are providing customers with new, timely and relevant insights that are critical to their operations. Our AI-powered Spectra platform is monitoring strategic military and economic facilities worldwide. enabling customers to detect and anticipate anomalies in activity at ports, airfields, rail yards and other key infrastructure with unmatched speed, scale and efficiency.

透過採用尖端的自動化物件和生活變化模式分析，我們為客戶提供對其營運至關重要的全新、及時和相關的見解。我們由人工智慧驅動的 Spectra 平台正在監控全球的戰略軍事和經濟設施，使客戶能夠以無與倫比的速度、規模和效率檢測和預測港口、機場、鐵路貨場和其他關鍵基礎設施的活動異常。

BlackSky is now monitoring more than 30 million square kilometers of the earth surface and delivering advanced insights to geospatial analysts within minutes. Securing this Luno A task order continues BlackSky's long track record of success, delivering commercial real-time AI-enabled monitoring capabilities to NGA in support of US national security needs. We are winning contracts like this because of our proprietary AI capabilities, which are becoming a differentiator and a competitive advantage in the market.

BlackSky 目前正在監測超過 3000 萬平方公里的地球表面，並在幾分鐘內向地理空間分析師提供先進的見解。獲得這項 Luno A 任務訂單延續了 BlackSky 長期以來的成功記錄，為 NGA 提供商業即時 AI 監控功能，以支援美國國家安全需求。我們之所以能贏得這樣的合同，是因為我們擁有專有的人工智慧能力，這正在成為市場上的差異化因素和競爭優勢。

Moving to slide 6. We're seeing international demand for BlackSky services accelerate as Gen-3 has been validated and is coming online. And we remain focused on securing multiyear contracts with major customers around the world. In the second quarter, we won a multimillion-dollar contract with a major new international defense customer. This multiyear contract combines immediate Gen-3 and Gen-2 subscription-based imagery and analytics with ground segment modernization services.

移至幻燈片 6。隨著 Gen-3 得到驗證並上線，我們看到國際上對 BlackSky 服務的需求正在加速成長。我們仍然致力於與世界各地的主要客戶簽訂多年合約。第二季度，我們與一家重要的新國際國防客戶簽訂了一份價值數百萬美元的合約。這份多年合約將即時的第三代和第二代基於訂閱的圖像和分析與地面段現代化服務結合在一起。

This customer will have guaranteed tasking ability for dynamic monitoring services over specific areas of interest using BlackSky's automated and AI-enabled Spectra platform. In addition, BlackSky will upgrade the customer's existing ground station and mission operations center with direct downlink and uplink communications capabilities for faster, locally controlled intelligence.

該客戶將使用 BlackSky 的自動化和支援 AI 的 Spectra 平台，確保對特定感興趣區域進行動態監控服務的任務執行能力。此外，BlackSky 將升級客戶現有的地面站和任務操作中心，使其具有直接下行鏈路和上行鏈路通訊功能，從而實現更快、本地控制的情報傳遞。

This type of infrastructure investment illustrates the customer's commitment to employing BlackSky services for years to come. We also continued our expansion into new markets, securing a new Latin American Defense and Intelligence Agency customer. This agreement includes immediate on-demand subscription-based access to our Gen-3 and Gen-2 monitoring services as well as access to our archive data and the ability to order third-party commercial constellation data through the BlackSky Spectra platform.

這種基礎設施投資顯示了客戶在未來幾年使用 BlackSky 服務的承諾。我們也繼續向新市場擴張，並獲得了拉丁美洲國防和情報局的新客戶。該協議包括立即按需訂閱我們的 Gen-3 和 Gen-2 監控服務以及存取我們的檔案資料和透過 BlackSky Spectra 平台訂購第三方商業星座資料的能力。

This customer will gain rapid visibility into irregular activities that are taking place at certain strategic locations by monitoring vehicle, vessel and aircraft movements as well as important migration changes. We're pleased to support Latin American defense agencies with AI-driven intelligence at the tactical edge to assist their decision-making needs and efforts to combat transnational organized crime.

透過監控車輛、船舶和飛機的移動以及重要的遷移變化，該客戶將快速了解某些戰略位置發生的不規則活動。我們很高興為拉丁美洲國防機構提供戰術前沿的人工智慧驅動情報，以協助他們滿足決策需求並打擊跨國有組織犯罪。

In Q2, we also signed early access agreements for Gen-3 services with multiple allied defense customers. These customers are now using Gen-3 imagery in their daily intelligence operations. And when combined with Gen-2 imagery, are improving the speed of analysis and opening a new expansive set of mission solutions.

在第二季度，我們還與多個盟軍國防客戶簽署了 Gen-3 服務的早期使用協議。這些客戶現在在日常情報工作中使用第三代圖像。與第二代影像結合，可以提高分析速度並開闢一套新的廣泛的任務解決方案。

These initial contracts are designed to scale in size and volume as capacity for Gen-3 services increases over time as we deploy the baseline constellation over the coming months. This strong international growth and demand is coming at a time when we are seeing near-term uncertainty from the US government's fiscal year 2026 budget, which includes an expansive agenda from the new administration that is working its way through Congress.

隨著我們在未來幾個月內部署基線星座，第三代服務容量將隨著時間的推移而增加，這些初始合約的規模和數量也將隨之擴大。在這種強勁的國際成長和需求出現之際，我們看到美國政府 2026 財年預算的短期不確定性，其中包括正在國會審議的新政府的廣泛議程。

It's important to note that about 85% of our funded backlog of over $350 million is from international customers and for Gen-3 services. As you know, we have been investing in international expansion over the past few years, and this is now paying dividends as we have and continue to grow this long-term customer base.

值得注意的是，我們超過 3.5 億美元的資金積壓訂單中約有 85% 來自國際客戶和 Gen-3 服務。如您所知，過去幾年我們一直在投資國​​際擴張，現在這項投資正在帶來回報，因為我們已經並將繼續擴大這個長期客戶群。

With the strong demand for Gen-3 related services and satellite solutions, we have limited our US exposure to a few large US government contracts and annual appropriations uncertainties. We believe the long-term opportunities with the US government remains strong as BlackSky's capabilities are aligned to the administration's agenda of increased national defense, leadership in space and the use of cost-effective commercial solutions for government programs.

由於對第三代相關服務和衛星解決方案的強勁需求，我們已將美國業務限制在少數幾份大型美國政府合約和年度撥款不確定性上。我們相信，由於 BlackSky 的能力與美國政府加強國防、在太空領域發揮領導作用以及為政府項目使用具有成本效益的商業解決方案的議程相一致，因此與美國政府的長期合作機會仍然強勁。

New commercial acquisition strategies in the space force and emerging opportunities for programs like Golden Dome offer long-term opportunities for BlackSky -- which we believe we are well positioned to capitalize on with our portfolio of Gen-3 satellites and manufacturing, AI and real-time software capabilities.

太空部隊的新商業收購策略和金色穹頂等項目的新興機會為 BlackSky 提供了長期機會——我們相信，憑藉我們的第三代衛星和製造、人工智慧和即時軟體能力組合，我們完全有能力利用這些機會。

The acceleration and adoption of space-based intelligence solutions has never been more important as the speed of global change is driving the need to real-time and actionable insights across governments and businesses worldwide. Now let's look at some recent examples where customers are using the image quality and analytic insights being delivered by our Gen-3 satellites and the rapid response of our constellation to monitor and respond to global events.

隨著全球變化的速度推動著全球各國政府和企業對即時和可操作洞察的需求，加速和採用基於空間的情報解決方案變得前所未有的重要。現在讓我們來看看一些最近的例子，客戶正在使用我們的第三代衛星提供的圖像品質和分析見解以及我們的星座的快速響應來監控和應對全球事件。

Moving to slide 7. Let's start with the recent bombing of the Nuclear Research Center in Isfahan, Iran. As you can see in this image, we're able to clearly show the detail and extent of destruction to buildings in this complex following the missile attacks in June. This type of imagery provides critical intelligence assessments and insights into these types of operations.

移至幻燈片 7。讓我們從最近發生的伊朗伊斯法罕核子研究中心爆炸事件開始。正如您在圖片中看到的，我們能夠清楚地顯示 6 月導彈襲擊後該建築群建築物受損的細節和程度。這種類型的圖像為這些類型的操作提供了關鍵的情報評估和見解。

On the next slide, we captured an image of the UG Naval Base in China, which is reportedly home to China's first aircraft carrier. With our AI-enabled Spectra tasking and analytics platform, our customers are gaining persistent access to high cadence monitoring over areas of strategic importance, allowing them to detect damage patterns, track movements and inform operations in real time.

在下一張投影片中，我們拍攝了中國基輔海軍基地的圖像，據報道，這裡是中國第一艘航空母艦的所在地。透過我們支援人工智慧的 Spectra 任務和分析平台，我們的客戶可以持續存取具有戰略重要性的區域的高節奏監控，從而可以檢測損壞模式、追蹤運動並即時通知操作。

These are just two examples of the thousands of images we deliver to customers every day as they rely upon BlackSky for space-based intelligence to support their mission-critical national security needs. Moving to slide 9. We successfully launched and commissioned our second Gen-3 satellite this past quarter. The satellite began collecting its first images within 12 hours after launch, setting a new standard for achieving first flight and entering into operations.

這只是我們每天向客戶提供的數千張圖像中的兩個例子，客戶依靠 BlackSky 獲取太空情報來支援其關鍵的國家安全需求。移至幻燈片 9。我們在上個季度成功發射並投入使用第二顆第三代衛星。該衛星發射後12小時內就開始收集第一批影像，為實現首飛和投入運作樹立了新的標準。

With the second Gen-3 satellite performing as well as the first, we remain on track to meet our goal of having six Gen-3 satellites by the end of this year and having 8 in Q1 of 2026. Our third Gen-3 satellite is now in the final testing phase, and we expect to ship the satellite to the launch site in the coming weeks.

由於第二顆第三代衛星的性能與第一顆一樣好，我們仍有望實現今年底擁有六顆第三代衛星、2026 年第一季擁有八顆第三代衛星的目標。我們的第三顆第三代衛星目前正處於最後的測試階段，我們預計將在未來幾週內將衛星運送到發射場。

As I mentioned earlier, several customers have already signed agreements to receive early access to our Gen-3 imagery and analytics services and are now eagerly awaiting to receive broader access when we begin general commercial availability in Q4. In fact, due to the exceptional performance of these satellites, some customers requested and started using this imagery ahead of schedule in support of their operations.

正如我之前提到的，一些客戶已經簽署了協議，可以提前使用我們的第三代圖像和分析服務，現在他們正熱切地等待著在第四季度開始全面商業化時獲得更廣泛的使用權。事實上，由於這些衛星的卓越性能，一些客戶提前請求並開始使用這些圖像來支援他們的營運。

As a reminder, many of our existing major contracts are structured to incrementally expand as additional Gen-3 capacity comes online. Turning to slide 10. In addition to moving ahead with the Gen-3 Constellation, we are also investing in the future, leveraging our recent acquisition of LeoStella to further vertically integrate satellite production into our operations and accelerate new and advanced small satellite solutions.

提醒一下，隨著額外的 Gen-3 產能上線，我們的許多現有主要合約都將逐步擴大。翻到第 10 張投影片。除了推進第三代星座計畫外，我們還在投資未來，利用我們最近收購的 LeoStella 將衛星生產進一步垂直整合到我們的營運中，並加速新的和先進的小型衛星解決方案。

During the quarter, we announced Arrows, a wide area mapping and global change monitoring constellation, which is being designed to address an emerging market opportunity for a wide range of government and commercial digital mapping applications. This new constellation provides an opportunity to significantly expand our total addressable market for the delivery of high-performance and cost-effective digital mapping services worldwide.

在本季度，我們宣布推出 Arrows，這是一種廣域測繪和全球變化監測星座，旨在為廣泛的政府和商業數位測繪應用抓住新興市場機會。這個新星座為我們在全球範圍內提供高性能、高性價比的數位地圖服務提供了顯著擴展其總體目標市場的機會。

Arrows will deliver large area multispectral imagery at scale, supporting applications like digital mapping, maritime awareness, environmental and agriculture monitoring and 3D digital twin databases. The Arrow satellites will be different from Gen-3 satellites in that Gen-3 is more like a point-and-shoot camera for high-frequency collection of strategic locations like airports, maritime ports and border crossings, whereas Arrows collects wide swaths of images for mapping applications like Google and Apple Maps.

Arrows 將大規模提供大面積多光譜影像，支援數位地圖、海事意識、環境和農業監測以及 3D 數位孿生資料庫等應用。Arrow 衛星與 Gen-3 衛星的不同之處在於，Gen-3 更像是一台傻瓜相機，用於高頻收集機場、海港和邊境口岸等戰略位置的圖像，而 Arrows 則收集大片圖像，用於谷歌和蘋果地圖等地圖應用程式。

We made a decision in Q2 to accelerate Arrows to meet a supply gap that we expect will impact the market starting around 2027 as legacy satellites that provide these services today are now beyond their expected life and are projected to age out of service in that time frame. This anticipated decrease in wide area mapping capacity is a concern for many customers as it will likely lead to lower collection rates, higher prices and unreliable service.

我們在第二季度決定加速 Arrows 項目，以彌補供應缺口，我們預計該缺口將從 2027 年左右開始影響市場，因為目前提供這些服務的傳統衛星現已超出其預期壽命，預計將在該時間段內停止使用。廣域測繪能力的預期下降令許多客戶感到擔憂，因為這可能會導致收集率降低、價格上漲和服務不可靠。

As a result, we are accelerating the Arrow initiative with plans to start launching these satellites as early as 2027. It's important to note that we anticipated this market opportunity and began to invest in elements of the Arrow system over two years ago, and this was a key factor in our acquisition of LeoStella.

因此，我們正在加快推進 Arrow 計劃，該計劃最早在 2027 年開始發射這些衛星。值得注意的是，我們預見了這個市場機會，並在兩年前開始投資 Arrow 系統的各個元素，這是我們收購 LeoStella 的關鍵因素。

Arrows will also leverage a significant amount of core capabilities in Gen-3, which with the recent success clearly demonstrates the performance and maturity of this technology and our ability to rapidly deploy high-performance satellites at disruptive speeds and economics.

Arrows 還將利用 Gen-3 中的大量核心功能，其最近的成功清楚地證明了該技術的性能和成熟度，以及我們以顛覆性的速度和經濟性快速部署高性能衛星的能力。

The Arrows constellation is an exciting new opportunity for BlackSky, and we look forward to combining our high-frequency site monitoring capabilities from our Gen-3 Constellation with the wide area mapping capabilities from Arrows to unlock an entirely new class of scalable AI and space-based intelligence solutions.

Arrows 星座對 BlackSky 來說是一個令人興奮的新機遇，我們期待將我們的 Gen-3 星座的高頻站點監控功能與 Arrows 的廣域測繪功能相結合，以解鎖全新可擴展的 AI 和基於空間的智能解決方案。

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

現在，我將把財務結果交給亨利來審核。亨利？

Thank you, Brian, and good morning, everyone. Starting with slide 12. Total revenue for the first half of 2025 was $51.7 million, an increase of $2.6 million or 5.2% over the same period in the prior year. As we discussed on our first quarter earnings call, we had a large contract award in the first quarter that pulled revenue forward from the second quarter.

謝謝你，布萊恩，大家早安。從投影片 12 開始。2025 年上半年總營收為 5,170 萬美元，比去年同期增加 260 萬美元，增幅 5.2%。正如我們在第一季財報電話會議上所討論的那樣，我們在第一季度獲得了一份大合同，從而拉動了第二季度的收入。

And as such, we feel it is more appropriate to discuss the full first half performance rather than just the second quarter in many instances. The main driver of the revenue growth was from higher professional and engineering services as timing of these contracts can vary from period to period. Revenues from our high-margin Imagery and Analytics business increased in the second quarter, driven by greater imagery orders and subscription growth for these services.

因此，我們認為在許多情況下討論整個上半年的表現比僅僅討論第二季度的表現更為合適。收入成長的主要驅動力來自更高級的專業和工程服務，因為這些合約的時間可能因時期而異。受圖像訂單增加和這些服務訂閱量成長的推動，我們高利潤的圖像和分析業務的收入在第二季度有所增長。

Keep in mind, we are only providing initial Gen-3 imagery at this time to a small number of customers through early access agreements. However, we expect for these advanced services to begin ramping up once we start general availability to all customers in the fourth quarter.

請記住，我們目前僅透過早期存取協議向少數客戶提供初始 Gen-3 影像。然而，我們預計，一旦我們在第四季度開始向所有客戶提供這些先進的服務，它們就會開始增加。

Moving to slide 13. Our adjusted imagery and analytics cost of sales for the first half of 2025 was $7.2 million, up only $400,000 compared to the same period in the prior year. As a reminder, adjusted imagery and analytics cost of 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 noncash items obscure the underlying performance.

移至幻燈片 13。我們 2025 年上半年調整後的圖像和分析銷售成本為 720 萬美元，與去年同期相比僅增加 40 萬美元。提醒一下，調整後的圖像和分析銷售成本不包括股票薪酬、折舊和攤銷費用，因為我們相信這項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績效。

Turning to slide 14. Our adjusted EBITDA for the first half of 2025 was a loss of $3.4 million compared to an adjusted EBITDA of $3.5 million in the prior year period. The year-over-year decrease was primarily due to higher SG&A expenses from LeoStella, which includes investments in Arrows. Excluding these expenses, we would have reported a positive adjusted EBITDA of approximately $2.2 million for the first half.

翻到第 14 張投影片。我們 2025 年上半年的調整後 EBITDA 虧損 340 萬美元，而去年同期的調整後 EBITDA 為 350 萬美元。年比下降主要是由於 LeoStella 的銷售、一般及行政費用增加，其中包括對 Arrows 的投資。除去這些費用，我們上半年的調整後 EBITDA 將達到約 220 萬美元。

We will continue to invest in Gen-3 capabilities as planned in order to increase our Gen-3 capacity and unlock revenue growth from existing and new customers. We remain focused on judicious investments and cost management to achieve long-term margin improvement and adjusted EBITDA growth on a path toward free cash flow operations and long-term profitable growth.

我們將按計劃繼續投資 Gen-3 功能，以增加我們的 Gen-3 產能並釋放現有和新客戶的收入成長。我們將繼續專注於明智的投資和成本管理，以實現長期利潤率的提高和調整後的 EBITDA 成長，從而實現自由現金流營運和長期獲利成長。

Turning to slide 15. As announced in July, we completed a $185 million 8-year convertible note offering. We're happy that interest from investors was exceptionally strong, which led to an oversubscribed book and an increase in the offering size, demonstrating a clear vote of confidence in BlackSky's long-term potential.

翻到第 15 張投影片。正如 7 月宣布的那樣，我們完成了價值 1.85 億美元的 8 年期可轉換票據發行。我們很高興看到投資者的興趣異常強烈，導致認購量超額，發行規模也隨之增加，這清楚地表明了投資者對 BlackSky 的長期潛力充滿信心。

We used part of the proceeds from the convertible note to repay and terminate BlackSky's secured note of $103.1 million and our commercial bank line of $10.2 million. The remaining net proceeds of approximately $65.9 million is targeted for general corporate purposes and strategic investments.

我們利用可轉換票據的部分收益來償還和終止 BlackSky 的 1.031 億美元擔保票據和我們的 1,020 萬美元商業銀行信用額度。剩餘淨收益約 6,590 萬美元將用於一般公司用途和策略投資。

This transaction enabled us to pay off higher interest debt and replace it with a note at an 8.25% interest rate, which is payable to noteholders semi-annually in February and August with a maturity on August 1, 2033. With this convertible debt and our path towards free cash flow, our balance sheet and liquidity positions are now much stronger, and they enable us to unlock future growth opportunities.

此交易使我們能夠償還利息較高的債務，並以利率為 8.25% 的票據代替，該票據於每年 2 月和 8 月每半年支付給票據持有人，到期日為 2033 年 8 月 1 日。有了這筆可轉換債務和我們實現自由現金流的道路，我們的資產負債表和流動性狀況現在更加強勁，使我們能夠釋放未來的成長機會。

Let's move on to our cash and liquidity position, as shown on slide 16. We ended the second quarter of 2025 with $94.9 million of cash, restricted cash and short-term investments, which is more than double our cash balance from a year ago. This amount includes $35.8 million in net proceeds from issuing 3.1 million shares of common stock in the quarter under our ATM program.

讓我們繼續討論我們的現金和流動性狀況，如幻燈片 16 所示。截至 2025 年第二季度，我們擁有 9,490 萬美元的現金、受限現金和短期投資，比去年同期的現金餘額增加了一倍以上。該金額包括本季根據我們的 ATM 計劃發行 310 萬股普通股所得的 3,580 萬美元淨收益。

Following the end of the quarter, as we just discussed, we successfully completed a $185 million upsized convertible note offering. In addition, in July, we had one warrant holder exercise a portion of their holdings, yielding us $10.8 million of new cash. Our ending cash position, together with the net proceeds from the convertible note and warrants, coupled with our other sources of liquidity, namely our unbilled receivables of $42.5 million and available launch financing of $13.5 million brings our adjusted June 30 liquidity position to nearly $230 million. This is a significant increase of $130 million of liquidity from the second quarter of 2024.

正如我們剛才討論的那樣，在本季度結束後，我們成功完成了 1.85 億美元的增發可轉換票據。此外，7 月份，一位認股權證持有人行使了部分持股，為我們帶來了 1,080 萬美元的新現金。我們的期末現金狀況，加上可轉換票據和認股權證的淨收益，再加上我們的其他流動資金來源，即 4250 萬美元的未開票應收賬款和 1350 萬美元的可用啟動融資，使我們截至 6 月 30 日的調整後流動資金狀況達到近 2.3 億美元。與 2024 年第二季相比，這筆流動資金大幅增加了 1.3 億美元。

Moving to slide 17. As we previously disclosed in an 8-K filing on July 17, we adjusted our guidance for the full year 2025 to be between $105 million and $130 million in revenue and between breakeven to $10 million in adjusted EBITDA. Given our cost structure and as we grow our revenues in the second half, we anticipate with our operating leverage to get back to positive adjusted EBITDA in the second half of the year, enabling us to achieve this guidance range.

移至投影片 17。正如我們之前在 7 月 17 日的 8-K 文件中披露的那樣，我們調整了 2025 年全年的預期，收入在 1.05 億美元至 1.3 億美元之間，調整後的 EBITDA 在盈虧平衡點至 1000 萬美元之間。考慮到我們的成本結構以及下半年收入的成長，我們預計我們的經營槓桿將在下半年恢復到正調整後 EBITDA，從而使我們能夠實現這一指導範圍。

Finally, we maintained our full year 2025 guidance for capital expenditures of $60 million to $70 million. The changes made were driven by near-term volatility from the US government budget process and timing related to some international contracts. There is also the likelihood of a US continuing resolution, which historically has slowed the awards of new and expansion government contracts.

最後，我們維持 2025 年全年資本支出指導價 6,000 萬至 7,000 萬美元。所做的改變是由於美國政府預算流程的近期波動以及與一些國際合約相關的時間表所致。美國還有可能繼續採取一項決議，從歷史上看，該決議已經減緩了新政府合約和擴大政府合約的授予。

As a result, any near-term US government reductions have now been factored into our guidance and also reflects the decision we made in Q2 to accelerate our investment in the design of the new Arrow initiative in order to prepare for the anticipated supply gap coming to the market in a few years. Despite this near-term volatility, we remain confident in our long-term prospects.

因此，美國政府近期的任何減產措施都已納入我們的預期，同時也反映了我們在第二季度做出的決定，即加快對新 Arrow 計劃設計的投資，為幾年後市場預計出現的供應缺口做好準備。儘管近期存在波動，但我們對長期前景仍充滿信心。

In summary, we're pleased with the successful convertible note financing, which provides us with additional financial flexibility to continue investing in our business to pursue long-term opportunities. With that, I'll now turn it back over to Brian for some closing remarks. Brian?

總而言之，我們對可轉換票據融資的成功感到高興，這為我們提供了額外的財務靈活性，可以繼續投資我們的業務以尋求長期機會。現在，我將把發言權交還給 Brian，請他做最後的總結發言。布賴恩？

Thanks, Henry. In closing, we are pleased with the progress this quarter as we continue to execute across all aspects of our business. Our accomplishments so far this year have us well positioned to capitalize on the growing global market opportunity for our real-time space-based intelligence solutions and have us on a path toward long-term profitable growth.

謝謝，亨利。最後，我們對本季的進展感到滿意，因為我們將繼續執行業務的各個方面。今年迄今為止的成就使我們能夠充分利用即時太空情報解決方案不斷增長的全球市場機遇，並走上長期獲利成長的道路。

Our new Gen-3 satellites are delivering exceptional performance and when combined with our industry-leading Spectra platform and AI capabilities, we are winning new contracts and expanding our customer base around the world. A strong backlog from these long-term and diverse international customers provides strong out-year revenue visibility and opportunities of expansion as Gen-3 services come online later this year.

我們的新一代第三代衛星性能卓越，結合我們業界領先的 Spectra 平台和 AI 功能，我們贏得了新的合約並擴大了全球客戶群。隨著 Gen-3 服務於今年稍後上線，這些長期且多樣化的國際客戶所累積的大量訂單將為未來幾年的收入提供強勁的可見性和擴張機會。

As we continue to deploy our Gen-3 Constellation over the coming months, we expect to continue this momentum as we add new customers and grow our services with existing customers. With a strong balance sheet and improved liquidity, we are now in a position to unlock even more future growth opportunities.

隨著我們在未來幾個月繼續部署第三代星座，我們預計隨著新客戶的增加和現有客戶的服務成長，我們將繼續保持這一勢頭。憑藉強勁的資產負債表和改善的流動性，我們現在能夠釋放更多的未來成長機會。

We are continuing our investments and innovation across a strong and vertically integrated portfolio of space technologies, which has us well positioned to capitalize on rapidly emerging market opportunities. And finally, we are accelerating our investments for the future as evidenced by the recent announcement of a new Arrow Constellation, which is a new growth and market expansion opportunity for us.

我們將繼續對強大且垂直整合的太空技術組合進行投資和創新，這使我們能夠充分利用快速崛起的市場機會。最後，我們正在加速對未來的投資，最近宣布推出新的 Arrow Constellation 就是明證，這對我們來說是一個新的成長和市場擴張機會。

In summary, we are well positioned and have set the stage to meet the rapidly growing global demand for space-based intelligence solutions for years to come. This concludes our remarks for the call, and we'll now take your questions.

總之，我們已做好準備，以滿足未來幾年全球對太空情報解決方案快速成長的需求。本次電話會議的發言到此結束，現在我們將回答大家的提問。

(Operator Instructions)

（操作員指示）

Tim Horan, Oppenheim.

提姆霍蘭，奧本海姆。

Thanks, guys. Good morning. Can you give us a sense of when you turn on the third-generation satellites for general availability, what that kind of looks like in terms of what's it mean for the revenue trends and volume trends? Like how important is that versus what you're doing right now with limited availability?

謝謝大家。早安.您能否告訴我們，當第三代衛星投入普遍使用時，這對收入趨勢和數量趨勢意味著什麼？與您現在在有限的可用性下所做的事情相比，這有多重要？

Yes, Tim, thanks for the question. The way to think about it as we get to commercial availability in Q4, we'll begin to incrementally start ramping revenues, both from existing contracts that we already have in backlog and then new agreements that we're signing over the course of the summer.

是的，提姆，謝謝你的提問。我們可以這樣想，隨著我們在第四季度實現商業化，我們將開始逐步增加收入，既來自我們已經積壓的現有合同，也來自我們將在夏季簽署的新協議。

And so, you'll see -- starting to see that incremental revenue over time as we deploy the constellation. I should also note that the contracts we're winning also include a combination of Gen-2 and Gen-3 services. So, it's the integrated constellation that is continuing to see strong demand and is part of the overall revenue growth trend.

因此，您會看到—隨著我們部署星座，隨著時間的推移，開始看到增量收入。我還應該指出，我們贏得的合約還包括第二代和第三代服務的組合。因此，綜合星座的需求持續強勁，並且是整體收入成長趨勢的一部分。

And just on the US government spending. So, apologize, but get into a little bit more detail on what you're seeing right now? Are you starting to see new orders out of them, new purchase orders? Or what will be the catalyst to kind of cause that to turn back on?

僅談及美國政府支出。所以，抱歉，但您可以更詳細地說明一下您現在看到的情況嗎？您是否開始看到他們發出的新訂單、新採購訂單？或是什麼因素會成為促使其重新開啟的催化劑？

Well, I think we're seeing the effects of the current budget process and an anticipated continuing resolution. So we've looked at a number of -- have good visibility into a number of our contracts and opportunities and have looked at a number of those scenarios, and we factored that into our guidance.

嗯，我認為我們正在看到當前預算流程和預期的持續決議的效果。因此，我們研究了許多——對我們的許多合約和機會有了很好的了解，並研究了許多這樣的場景，並將其納入我們的指導中。

Great. And can you talk about the pipeline for new contracts at a high level? Yes, can you maybe just talk about any new awards or amounts in the quarter if you were to add it all up? I know you kind of gave those details last quarter would be helpful.

偉大的。您能否從高層角度談談新合約的簽訂情況？是的，您能否談談本季是否有任何新獎項或金額（如果加起來的話）？我知道您在上個季度提供的這些細節會很有幫助。

Yes, I can comment on the general trends we're seeing. I think with the success of Gen-3 and the validation of the quality of the imagery and the performance of the satellites. We're now seeing a step-up in interest and demand is reflected in some of the early access agreements that we're signing, and we're also seeing a growing pipeline of out-year opportunities coming from that, not only from the imagery and analytics elements of that, but also for satellite solutions similar to programs that we announced previously in places like India and Indonesia.

是的，我可以對我們看到的整體趨勢發表評論。我認為隨著 Gen-3 的成功以及對圖像品質和衛星性能的驗證。我們現在看到人們的興趣和需求不斷增加，這反映在我們正在簽署的一些早期訪問協議中，我們也看到由此產生的未來幾年機會越來越多，不僅來自圖像和分析元素，還來自類似於我們之前在印度和印度尼西亞等地宣布的計劃的衛星解決方案。

Very helpful. And I guess, lastly, do you have a sense of how your image quality delivery analytics compares to the competition? And I guess, thinking the pricing or other alternatives that your customers have, how much of the competitive advantage is this now?

非常有幫助。最後，我想問一下，您是否了解您的影像品質交付分析與競爭對手相比如何？我想，考慮到您的客戶擁有的定價或其他選擇，這現在有多大的競爭優勢？

Yes, I'll say at 35 centimeters, it's comparable to other systems that are about 5 times the cost. And so when you look at the performance and the economics and then when you combine that with our Spectra and AI capabilities, it's a highly differentiated offering relative to frequency, access to strategic locations in terms of monitoring and then the delivery of actionable intelligence at low latency. So we're highly differentiated not only in the satellites but across our entire platform.

是的，我想說的是，35 公分的尺寸與其他系統相當，但成本大約是其 5 倍。因此，當您考慮性能和經濟性，然後將其與我們的 Spectra 和 AI 功能相結合時，它是一種高度差異化的產品，涉及頻率、監控方面的戰略位置訪問以及低延遲可操作情報的交付。因此，我們不僅在衛星方面，而且在整個平台上都具有高度的差異化。

Jaeson Schmidt, Lake Street Capital Markets.

Jaeson Schmidt，Lake Street Capital Markets。

Yeah, thanks for taking my questions. Looking at that backlog number you gave, Brian, not looking for specifics, but at a high level, can you give us a sense of how much of that relates to Gen-3 capacity?

是的，感謝您回答我的問題。布萊恩，看看您給出的積壓訂單數字，不是在尋找具體細節，而是在較高的層面上，您能否讓我們了解一下其中有多少與 Gen-3 容量有關？

I would say -- Jason, thanks for the question. I think there's a significant portion of that backlog is related to Gen-3 imagery and analytics and related satellite solutions and some of those larger contracts that we announced prior.

我想說——傑森，謝謝你的提問。我認為積壓訂單中很大一部分與第三代圖像和分析、相關衛星解決方案以及我們之前宣布的一些較大的合約有關。

Got you. And then looking at the outlook or updated outlook for this year, the puts and takes, the high end versus the low end of that outlook, is it really based on a few programs? Or is it sort of just broad-based on thawing in the US government space? How should we think about that?

明白了。然後看看今年的前景或更新後的前景，收益和利得，前景的高端與低端，真的是基於幾個計劃嗎？或者這只是基於美國政府內部關係解凍的廣泛現象？我們該如何看待這個問題？

Considers both. I think, as I said, we factored in -- we got good visibility into a number of US government scenarios. But also keep in mind, we typically have a strong second half of the year. And then some of these large deals that come in, the timing is sometimes difficult to exactly nail down. So, we've always had this kind of -- maintained a wider range as we've gotten into the second half.

兩者兼顧。我認為，正如我所說，我們已經考慮到了——我們對美國政府的許多情況有了很好的了解。但也請記住，我們通常會在下半年表現強勁。對於一些大型交易，有時很難準確地確定時機。因此，我們始終保持這種情況——在進入下半場時保持更廣泛的範圍。

Thanks a lot, guys. Thank you.

非常感謝大家。謝謝。

Jeffrey Van Rhee, Craig-Hallum Capital Group.

Jeffrey Van Rhee，Craig-Hallum 資本集團。

Hey, this is Daniel Hibshman on for Jeffrey Van Rhee. Maybe just one opening for Brian. On the early access programs for Gen-3, maybe you could explain to us a little bit better what those look like. We've had multiple of those announced.

嘿，我是 Daniel Hibshman，代替 Jeffrey Van Rhee。也許對 Brian 來說這只是一個機會。關於 Gen-3 的早期訪問程序，也許您可以向我們更好地解釋它們是什麼樣的。我們已經宣布了多個這樣的消息。

How does an early access program compare or differ from a full-scale contract? And then is early access essentially just a small operational contract? Or is there a fundamental difference in how the imagery is used in early access? And then what are the steps it takes for an early access program to become a sort of standard operational full-scale contract?

早期訪問計劃與全面合約有何不同或比較？那麼，搶先體驗本質上只是一份小型營運合約嗎？或者在早期訪問中圖像的使用方式是否存在根本差異？那麼，早期訪問計劃需要哪些步驟才能成為標準的全面營運合約？

Yes. Thanks, Daniel. The way to think about early access is it's typically a smaller contract to just access the imagery. It does not typically come with a full-service level agreement like we would provide under commercial operations. So, it gives customers early access to assess the imagery and the experience of accessing that imagery through our Spectra platform.

是的。謝謝，丹尼爾。早期訪問的思考方式是，它通常是一個僅用於訪問圖像的較小合約。它通常不附帶我們在商業運營下提供的全方位服務水平協議。因此，它讓客戶能夠提前評估圖像，並體驗透過我們的 Spectra 平台存取該圖像的體驗。

Those typically transition into longer multiyear contracts. And also keep in mind, we only have a couple of satellites up right now. And so, as Henry had mentioned, when we get to four to six, that starts to give us meaningful revisiting capacity around a commercial offering. So that ramps up as well.

這些合約通常會轉變為更長的多年期合約。還要記住，我們現在只有幾顆衛星。因此，正如亨利所提到的，當我們達到四到六個時，這開始為我們提供圍繞商業產品的有意義的重訪能力。所以這也會增加。

Okay. That's helpful. And then one other just on Luno for me. Really great opening win, interesting that, that facility is monitoring task order you got much larger than Maxars, and I think that's the largest task order in either Luno A or B yet that you guys won. So, encouraging.

好的。這很有幫助。然後還有一個只針對 Luno 的。開局勝利真的很棒，有趣的是，該設施正在監控的任務訂單比 Maxars 大得多，我認為這是你們迄今為止在 Luno A 或 B 中贏得的最大任務訂單。因此，令人鼓舞。

As we look forward, is there -- would we -- you expect that, that $24.4 million task order, that's sort of the primary award to expect out of Luno over the four-year duration of it? Or would you expect to potentially layer in other Luno A awards as well? And then similarly for Luno B, should we be thinking of Luno B as being a sort of similar scale of opportunity? Or how should we think about B relative to A?

展望未來，您是否預計，這項價值 2440 萬美元的任務訂單，是 Luno 在四年期限內可獲得的主要獎勵？或者您希望同時獲得其他 Luno A 獎項？那麼對於 Luno B 來說，我們是否應該將 Luno B 視為一種規模相似的機會？或者我們應該如何看待 B 相對於 A 的關係？

Yes, Daniel, you're right. We believe it is the largest task order awarded under the new Luno contract vehicle. The -- what we're seeing is there's a pretty wide range in the scope of these Luno task orders. So, we kind of deal with them as those task orders get put up for bid in the market.

是的，丹尼爾，你是對的。我們相信這是新 Luno 合約框架下授予的最大任務訂單。我們看到的是，這些 Luno 任務訂單的範圍相當廣泛。因此，當這些任務訂單在市場上進行招標時，我們會對其進行處理。

So, we're excited about this one in the sense that it is a multiyear long-term type of task order that provides -- as that -- those options get turned down over the years, provides higher visibility of recurring revenue around our high-margin imagery and analytics services. So, we're really happy to see that award, and we're happy to see the trend that seems to be coming out of the Luno program now.

因此，我們對此感到興奮，因為它是一種多年的長期任務訂單，它提供了——因為——這些選項多年來被拒絕，為我們的高利潤圖像和分析服務的經常性收入提供了更高的可見性。因此，我們非常高興看到該獎項，我們也很高興看到 Luno 計劃現在呈現的趨勢。

Thanks Brian.

謝謝布萊恩。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

Hi, good morning. Just my first question, do you plan to offer Arrow Imagery in Spectra bundled with Gen-3 imagery? Or would it be a premium add-on to a subscription for a customer?

嗨，早安。我的第一個問題是，您是否計劃在 Spectra 中提供與 Gen-3 圖像捆綁的 Arrow 圖像？或者它會成為客戶訂閱的高級附加元件嗎？

Thanks, Austin. It's actually a good question. There's a clear demand just for this wide area mapping services. So, there'll be offerings related to that. But also, it's really -- it's an important point in that when you look at Gen-3 operating in concert with an Arrow capability, you can start doing broad area monitoring and change capability that tips and queues high-frequency Gen-3 collection.

謝謝，奧斯汀。這實際上是一個好問題。對於這種廣域地圖服務有明顯的需求。因此，將會有與此相關的祭品。但同時，這確實是一個重要的點，當你看到 Gen-3 與 Arrow 功能協同運作時，你可以開始進行廣域監控和更改功能，從而提示和排隊高頻 Gen-3 收集。

So that capability being fully integrated by a single company really hasn't been in the market before. So, we see that as an opportunity that customers will take advantage of, particularly as you start to use AI to do exploitation on broad area change and then couple that with doing high-frequency change monitoring and other higher order analytics.

因此，由一家公司完全整合的能力以前在市場上確實不存在。因此，我們認為這是客戶將要利用的一個機會，特別是當您開始使用人工智慧來利用廣泛的區域變化，然後將其與高頻變化監控和其他更高階的分析相結合時。

And what commentary have you heard from the congressional appropriators on the funding for the NRO commercial imagery budget?

您聽過國會撥款委員會對 NRO 商業圖像預算撥款有何評論？

Right now, it's in the congressional markup process. So that's very dynamic. Congress is in recess right now. So we'll see how this plays out over the coming months, but it's still very much a dynamic situation.

目前，該法案正處於國會審批階段。所以這非常有活力。國會目前正在休會。因此，我們將觀察未來幾個月情況如何發展，但這仍然是一個非常動態的情況。

Thanks, I'll pass it back.

謝謝，我會回覆的。

Greg Burns, Sidoti & Company.

格雷格·伯恩斯（Greg Burns），Sidoti & Company。

Morning. In terms of the Arrow Constellation, what -- how many satellites would make up a full constellation? And what is the cost to build and launch one of those satellites?

早晨。就箭星座而言，多少顆衛星可以組成一個完整的星座？建造和發射一顆衛星的成本是多少？

Yes. We haven't -- when we get closer to deployment, we will share more of those details. I think one thing you can -- it's safe to say is the types of compelling economics that we're experiencing with Gen-3 would apply to the Arrow System. So, we see that bringing a very competitive imaging capability at significantly more favorable economics that's in the market today.

是的。我們還沒有——當我們接近部署時，我們將分享更多細節。我認為有一件事你可以肯定地說，我們在 Gen-3 中體驗到的引人注目的經濟類型將適用於 Arrow 系統。因此，我們看到，它能夠以比當今市場更為優惠的經濟價格提供極具競爭力的成像能力。

Okay. And then in terms of your -- the full year revenue guidance, what is the split between imagery and engineering?

好的。那麼就您的全年收入預期而言，影像和工程之間的比例是多少？

About 70-30 meaning analytics sort of --

約 70-30 意味著分析--

Okay.Thank you. And just lastly, I just wanted to follow up on the government -- US government spending outlook, just to better understand the dynamic there. Because I think before this uncertainty, the expectation would be that they would step up spending and Gen-3 was coming online and I'm assuming they would start taking those services.

好的，謝謝。最後，我只是想跟進美國政府的支出前景，以便更好地了解那裡的動態。因為我認為在這種不確定性出現之前，人們預期他們會增加支出，而 Gen-3 即將上線，我假設他們會開始接受這些服務。

Is the implication now in the outlook and the guidance that they are not going to be using the Gen-3 satellites, like the funding is not going to be there for that? And is there a potential for them to cut back on Gen-2? I just wanted to understand like what the actual outlook is in terms of their consumption based on what you're seeing now?

現在的展望和指導是否暗示他們不會使用第三代衛星，因為不會為此提供資金？他們是否有可能削減第二代產品？我只是想了解一下，根據您現在看到的情況，他們的消費實際前景如何？

Yes, I would say a couple of things. I think Obviously, it's -- this is dynamic, so it's unclear what's actually going to manifest in the actual budget, but we may not know that until early next year. There is significant demand for Gen-3 capability. So we anticipate the government will want access to Gen-3 as well as Gen-2.

是的，我想說幾件事。我認為顯然這是動態的，因此目前還不清楚實際預算中究竟會反映什麼，但我們可能要等到明年年初才能知道。對第三代能力的需求很大。因此，我們預計政府將希望獲得 Gen-3 和 Gen-2 的使用權。

(Operator Instructions)

（操作員指示）

Caleb Henry, Quilty Space.

卡萊布‧亨利 (Caleb Henry)，Quilty Space。

Good morning, guys. A couple of questions. One, I note that Arrow is still a little way out, but can you give any sense of the resolution the satellites will have, revisit size and -- or excuse me, revisit rate? And will the satellites be roughly the same size? Or are we talking about a much bigger or smaller spacecraft?

大家早安。有幾個問題。首先，我注意到 Arrow 仍然有點偏離目標，但您能否透露這些衛星的分辨率、重訪尺寸和——或者對不起，重訪率？這些衛星的尺寸是否大致相同？或者我們談論的是更大或更小的太空船？

As we -- without getting into specifics, this will be a very high-resolution multispectral satellite. We'll size the constellation based on demand in the market, but targeting a reasonable refresh and revisit rate. As I mentioned, we anticipated this opportunity.

我們無需贅述，這將會是一顆分辨率極高的多光譜衛星。我們將根據市場需求確定星座的規模，但目標是合理的刷新和重訪率。正如我所提到的，我們預料到了這個機會。

So, we had started investing in some of the technologies for the system a couple of years ago, and that was behind our -- one of the factors behind our acquisition of LeoStella. So, it will be a different payload for sure, but it will also take advantage of some new technologies in the bus and other things that we've been developing.

因此，幾年前我們就開始投資該系統的一些技術，這也是我們收購 LeoStella 的因素之一。因此，它肯定會是一個不同的有效載荷，但它也將利用總線中的一些新技術以及我們一直在開發的其​​他技術。

Okay. And then your presentation this morning references strategic investments as a potential use of proceeds from recent funding raise. Can you talk any about what types of things BlackSky would be interested in as a strategic investment, especially since Arrow is being built internally and you already have LeoStella.

好的。然後，您今天早上的演講提到戰略投資是最近籌集的資金的潛在用途。您能否談談 BlackSky 會對哪些類型的策略性投資感興趣，特別是因為 Arrow 正在內部建置並且您已經擁有 LeoStella。

Yes. I'll just talk more broadly. Obviously, we are investing significantly in AI. We are also seeing emerging opportunities for things like Golden Dome that can leverage aspects of our technology stack and space. And as those opportunities become clearer, that may be an impetus to invest more. Arrows is a strategic investment. So, we see that as a new market and growth opportunity out in that 2027-time frame.

是的。我就更廣泛地談談吧。顯然，我們正在大力投資人工智慧。我們還看到了諸如 Golden Dome 之類的新興機會，它們可以利用我們的技術堆疊和空間。隨著這些機會變得更加清晰，這可能會成為增加投資的動力。Arrows 是一項策略性投資。因此，我們認為這是 2027 年期間的一個新市場和成長機會。

So, I still want to emphasize that we remain highly focused on growing our EBITDA margins and getting to free cash flow operations here in the near future. So just because we've secured the cash and liquidity on the balance sheet, it does not mean we're going to be changing significantly our overall operating or investment profile.

因此，我仍然想強調，我們仍然高度關注提高我們的 EBITDA 利潤率並在不久的將來實現自由現金流營運。因此，僅僅因為我們在資產負債表上獲得了現金和流動性，並不意味著我們將大幅改變我們的整體營運或投資狀況。

Okay. And then my last question was just about the international business. 85% of backlog is much higher. I think last year this time, it was 40%. And so, I know BlackSky has invested a lot in that area.

好的。我的最後一個問題是關於國際業務的。 85% 的積壓訂單率要高得多。我認為去年這個時候是 40%。所以，我知道 BlackSky 在該領域投入了大量資金。

I'm curious if there's anything else you see helping you grow in those markets. And if this is kind of where you expect the levels to -- things to level out or if you see international kind of continuing to grow faster than domestic?

我很好奇，您是否認為還有其他因素可以幫助您在這些市場中發展。如果您預期情況會趨於平穩，或者您認為國際成長速度將繼續快於國內成長速度？

We're seeing it growing faster than domestic for sure. absent what happens with some of these larger programs like Golden Dome and some of the Space Force opportunities. But certainly, we see international growing faster and in some cases accelerating. So that's going to create new opportunities for us in regions across the region -- different regions across the world.

我們肯定看到它的成長速度比國內更快。沒有像金色穹頂和一些太空部隊機會這樣的大型計畫的情況。但可以肯定的是，我們看到國際成長速度更快，在某些情況下甚至在加速。因此，這將為我們在世界各地不同地區創造新的機會。

Robert Lynch, Stonegate Capital Partners.

羅伯特林奇，Stonegate Capital Partners。

Hey, good morning, guys, thanks for taking my questions today. Just wanted to tie back to that 70-30 revenue split you mentioned earlier. P&E revenue was a bit lumpy this quarter. Any sense of if you'll get that pick up in the back half of the year tied to any specific milestones? Or is this a broader shift towards recurring imagery and analytics driving the mix change?

嘿，大家早安，感謝你們今天回答我的問題。只是想與您之前提到的 70-30 收入分成聯繫起來。本季的 P&E 收入有些不穩定。您是否知道下半年是否會實現與任何特定里程碑相關的成長？或者這是向重複影像和分析推動混合變化的更廣泛轉變？

I think for now, you can assume that appropriate ratio of Imagery and analytics to professional engineering services. There's still some lumpiness in those professional engineering contracts as they're all different and have different milestone-based delivery. So, we do anticipate kind of continuing quarter-to-quarter variability related to that revenue line.

我認為現在，您可以假設圖像和分析與專業工程服務的比例適當。這些專業工程合約仍然存在一些不統一之處，因為它們各不相同，並且具有不同的基於里程碑的交付。因此，我們確實預期該營收線的季度間變化將持續存在。

Okay. Great. Thank you. Just how are you seeing contract terms shift with Gen-3 going up? Is there competition to lock in longer terms? Or what does that landscape look like going forward into the second half here?

好的。偉大的。謝謝。隨著 Gen-3 的推出，您認為合約條款有何變化？是否存在鎖定更長期期限的競爭？或是下半年的情勢會是怎樣？

Yes. I think we're -- the trend is to lock in longer-term agreements. As you know, in the first half, we signed a significant multiyear agreement. The two contracts that we announced just this past quarter were multiyear agreements.

是的。我認為我們的趨勢是鎖定長期協議。如您所知，上半年我們簽署了一項重要的多年期協議。我們剛剛在上個季度宣布的兩份合約都是多年期協議。

And so that's generally been the trend and the historic performance of these types of customers once they integrate their -- these types of services into their operations, they tend to want to secure long-term recurring revenue contracts and ensure that they have the capacity they need over the regions of interest. So, we're seeing that trend, and we're seeing that pick up now that Gen-3 is working and operational.

因此，這通常是一種趨勢，也是這類客戶的歷史表現，一旦他們將這些類型的服務整合到他們的營運中，他們往往希望獲得長期經常性收入合同，並確保他們在感興趣的地區擁有所需的容量。所以，我們看到了這種趨勢，隨著 Gen-3 的運作和投入使用，我們看到這種趨勢正在回升。

Okay, great, very helpful. I think that's it for me and congrats on the quarter.

好的，非常好，非常有幫助。我想對我來說就是這樣了，恭喜本季取得佳績。

Okay, thanks Robert.

好的，謝謝羅伯特。

Thank you. At this time, there are no further questions. This concludes BlackSky's second quarter 2025 earnings conference call. Thank you for joining the call today. Thank you.

謝謝。目前，沒有其他問題。BlackSky 2025 年第二季財報電話會議到此結束。感謝您今天參加電話會議。謝謝。