Blacksky Technology Inc (BKSY) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Blacksky Technology Inc 3rd quarter 2025 earnings conference call. (operator Instructions)

女士們、先生們，早安，歡迎參加 Blacksky Technology Inc 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給 BlackSky 的投資者關係副總裁 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.

早安，感謝各位的參與。今天，與我一同出席的有我們的執行長布萊恩·奧圖爾和財務長亨利·杜波依斯。

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.

在今天的電話會議上，布萊恩將重點介紹本季業績，並對公司業務進行策略性更新。亨利隨後將審查公司的財務表現和 2025 年展望。

Following our prepared remarks, we will open the line for your questions. A replay of this conference call will be available from approximately 12:30 p.m. Eastern Time today through November 13th.

在我們發言結束後，我們將開放提問環節。本次電話會議的錄音重播將於美國東部時間今天下午 12:30 左右開始，一直持續到 11 月 13 日。

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.

有關觀看重播的信息，請參閱今天的新聞稿。此外，本次財報電話會議的網路直播將在我們網站 www.blacksky.com 的投資者關係版塊提供。

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.

配合今天的電話會議，我們在投資者關係網站上發布了季度收益演示文稿，您可以參考該演示文稿來了解我們準備好的發言內容。

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.

在開始之前，請允許我提醒各位，今天電話會議中關於我們未來計劃、目標和預期業績的某些陳述，包括我們對 2025 年的財務指導，都是前瞻性陳述。

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.

實際結果可能與上述聲明有重大差異，因為這些聲明是基於我們截至今日的當前預期，並且受到風險和不確定性的影響，包括我們在 10-K 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 or the market price of our stock. Black Sky assumes no obligation to update forward-looking statements except as may be required by applicable law.

我們建議您查閱我們的新聞稿、10-K 表格和其他近期提交給美國證券交易委員會的文件，以全面了解與這些聲明相關的風險和不確定性，這些風險和不確定性可能會影響我們未來的業績或股票的市場價格。除適用法律可能要求的情況外，Black Sky 不承擔更新前瞻性聲明的義務。

In addition, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and cash operating expenses. The reconciliation of these non-GAAP financial measures to their most comparable GAAP measures are included in today's accompanying presentation, which can be viewed and downloaded from our investor relations website.

此外，在今天的電話會議中，我們將提及一些非GAAP財務指標，包括調整後的EBITDA和現金營運支出。今天隨附的簡報中包含了這些非GAAP財務指標與其最可比較GAAP指標的調節表，該簡報可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.

現在我將把電話交給布萊恩·奧圖爾。布萊恩。

Thanks, Ali, and good morning everyone. Thank you for joining us on today's call.

謝謝阿里，大家早安。感謝您參加今天的電話會議。

Beginning with slide 3, I'm pleased with the strong momentum in the business as the success of Gen-3 is delivering best in class imagery and analytics and driving significant demand toward unlocking our next phase of growth.

從第 3 張投影片開始，我對業務的強勁發展勢頭感到滿意，因為 Gen-3 的成功帶來了頂尖的圖像和分析能力，並推動了巨大的需求，從而開啟了我們下一個成長階段。

We are gaining customer traction, growing our pipeline, and building backlog for both our imagery and analytic services and for Gen-3 powered sovereign solutions. Customers around the world are recognizing Gen-3 superior performance, especially at a time when they are seeking to accelerate their sovereign space-based intelligence capabilities.

我們正在贏得客戶，擴大業務管道，並為我們的圖像和分析服務以及第三代自主解決方案累積訂單。世界各地的客戶都認識到第三代產品的卓越性能，尤其是在他們尋求加速發展其自主天基情報能力的當下。

BlackSky is well positioned to capitalize on this market opportunity by leveraging a full technology stack that includes real-time software, advanced AI. Gen-3 satellites and vertically integrated satellite production capabilities.

BlackSky 擁有包括即時軟體和先進人工智慧在內的完整技術棧，因此完全有能力抓住這一市場機會。第三代衛星和垂直整合的衛星生產能力。

While the quarter reflected anticipated impacts related to US government budget uncertainty. We closed significant new contract awards and expect to remain on track to hit our full year financial objectives. Strong international demand is outpacing the near term US government business. And as such, we are anticipating a strong Q4 and expect to take that momentum into 2026.

本季反映了與美國政府預算不確定性相關的預期影響。我們成功簽署了多項重要的新合同，預計將繼續按計劃實現全年財務目標。強勁的國際需求超過了美國政府近期的業務需求。因此，我們預計第四季業績將強勁成長，並希望將這種勢頭延續到 2026 年。

Now let me share some recent highlights as shown on slide 4.

現在讓我分享一些最近的亮點，如幻燈片 4 所示。

First, We were awarded more than $60 million in new contracts. Primarily with international customers as we continue to diversify our customer base and revenue mix. In addition, these contract wins are predominantly for the delivery of Gen-3 services. Demonstrating the traction we are seeing for this capability around the world. We expect this momentum to continue as we move forward on the deployment of the Gen-3 constellation over the coming months.

首先，我們獲得了超過 6000 萬美元的新合約。我們主要面向國際客戶，並持續拓展客戶群和收入結構。此外，這些合約的中標主要涉及第三代服務的交付。這表明這項能力在全球範圍內正受到廣泛認可。我們預計，隨著未來幾個月第三代星座的部署工作繼續推進，這股勢頭將會持續下去。

Second, For police who have been awarded a contract valued at over $30 million to integrate Gen-3 high cadence tactical ISR services. Into a strategic international defense customer secure environment. This contract demonstrates how Black sky is accelerating sovereign space-based intelligence capabilities by leveraging proven commercial space technology. To address their mission critical requirements.

其次，對於已獲得價值超過 3000 萬美元合約以整合第三代高節奏戰術 ISR 服務的警察來說。進入一個面向戰略性國際國防客戶的安全環境。該合約表明，Black Sky 如何利用成熟的商業航太技術，加速發展自主的太空情報能力。為了滿足他們的關鍵任務需求。

Third Fraction for our Gen-3 imagery continues to build as we expand the number of customers participating in our early access program, including a new seven-figure contract. To commence delivery of Gen-3 imagery services to the US government. We are starting to see contributions from Gen-3 imagery revenues and expect this trend to continue as we bring moreen 3 capacity online.

隨著我們擴大參與早期訪問計劃的客戶數量，包括一份新的七位數合同，我們第三代圖像的第三部分收益持續增長。開始向美國政府提供第三代圖像服務。我們開始看到第三代影像收入的貢獻，並預計隨著更多第三代容量上線，這一趨勢將繼續下去。

Fourth, we're seeing our AI and analytic solutions continue to gain traction across our customer base, including with NGA Luno, the global data marketplace, and with major international government programs.

第四，我們看到我們的人工智慧和分析解決方案在我們的客戶群中持續獲得認可，包括全球數據市場 NGA Luno 和主要的國際政府專案。

5th, our Gen-3 constellation continues to expand. Our latest satellite is at the launch site. And we're excited to get this satellite launched as we move forward in our plans. To have a baseline Gen-3 commercial constellation fully operational next year. And finally, our cash balance increased more than 50% from last year following the successful raise we completed in July.

第五，我們的第三代星座繼續擴展。我們最新的衛星已抵達發射場。隨著我們計畫的推進，我們很高興能夠發射這顆衛星。明年實現第三代商業星座基準線全面投入營運。最後，由於我們在 7 月成功完成了融資，我們的現金餘額比去年增加了 50% 以上。

Bringing our total liquidity to over $200 million. Our stronger balance sheet and cash position. Puts us on a clear path toward free cash flow operations. These highlights underscore how our space, software, and AI capabilities are well positioned to provide customers with mission critical intelligence that they rely on every day for their national security needs.

使我們的總流動資金超過 2 億美元。我們更穩健的資產負債表和現金狀況。這使我們走上了實現自由現金流營運的明確道路。這些亮點凸顯了我們在空間、軟體和人工智慧方面的能力如何為客戶提供他們每天賴以滿足國家安全需求的關鍵任務情報。

I would now like to share some more details on the operational highlights from the quarter. Turning to slide 5.

現在我想和大家分享本季營運方面的一些亮點細節。翻到第5張投影片。

As I highlighted a moment ago, we're seeing international demand for sovereign solutions continue to accelerate. And in the near term is outpacing our US government business. In fact, revenues from international customers now represent about 50% of our total revenues. Driven by new contracts and expanded service agreements with a number of ministries of defense and organizations around the world.

正如我剛才強調的那樣，我們看到國際社會對自主解決方案的需求正在持續加速成長。短期來看，它的發展速度已經超過了美國政府的業務。事實上，來自國際客戶的收入目前約占我們總收入的 50%。受與世界各地多個國防部和組織簽訂的新合約和擴大的服務協議的推動。

And we expect this trend to continue. We should also note that over 90% of our backlog is related to international contracts for Gen-3 capabilities. Countries around the world are accelerating their investments in space-based intelligence solutions in support of national security and economic development imperatives.

我們預計這一趨勢還將持續。我們還應該注意到，我們積壓訂單的 90% 以上都與第三代能力相關的國際合約有關。世界各國都在加速天基情報解決方案的投資，以支持國家安全和經濟發展的需要。

This is driving a major shift and expansion of the market. Which is being reflected in growing space-based defense budgets and sovereign investment funds. Blacksky is well positioned to capitalize on these market dynamics. As our vertically integrated technology enables us to accelerate an organization's space-based intelligence capabilities, leveraging proven and mature software, AI and satellite technologies. We are winning new contracts and building an expanded sales pipeline. As demand for our Gen-3 powered sovereign solutions continues to gain traction worldwide.

這將推動市場發生重大轉變和擴張。這一點體現在不斷增長的太空國防預算和主權投資基金上。Blacksky 已做好充分準備，能夠從這些市場動態中獲利。我們垂直整合的技術使我們能夠利用成熟可靠的軟體、人工智慧和衛星技術，加速組織基於太空的情報能力發展。我們正在贏得新合約，並建立不斷擴大的銷售管道。隨著全球對我們第三代自主解決方案的需求持續成長。

Moving to slide 6, we recently won a multi-year contract valued at over $30 million with a strategic international defense customer to integrate our Gen-3 high cadence tactical ISR services.

翻到第 6 張幻燈片，我們最近與一家具有戰略意義的國際國防客戶簽訂了一份價值超過 3000 萬美元的多年期合同，以整合我們的第三代高節奏戰術 ISR 服務。

Into their secure operational environment. This expanded solution will enable black sky tasking and AI enabled analytic services to operate seamlessly within the customer's workflows.

進入其安全的操作環境。這項擴展解決方案將使黑天空任務和人工智慧分析服務能夠在客戶的工作流程中無縫運作。

Delivering a new level of fully secure and autonomous operations. The tactical ISR services being delivered under this program. Feature high frequency Gen-3 tasking combined with real-time AI enabled detection, identification, and classification of tactical objects.

實現更高水準的完全安全自主運作。該計劃下提供的戰術情報、監視與偵察 (ISR) 服務。具備高頻第三代任務處理能力，並結合即時人工智慧技術，可對戰術目標進行偵測、辨識和分類。

Delivered through a low latency architecture. This win marks a step forward in the operational deployment of our Gen-3 capabilities. In support of delivering secure. Real-time tactical ISR solutions for 24/7 time dominant missions.

透過低延遲架構實現。這次勝利標誌著我們在第三代作戰能力的部署方面邁出了重要一步。為了支援安全交付。適用於全天候主導任務的即時戰術情報、監視與偵察 (ISR) 解決方案。

Turning to slide 7.

翻到第7張投影片。

We continue to win contracts and task orders on programs such as the Global Data Marketplace and NGA's Luno program. In Q3 we received a seven-figure delivery order under the NGA Luno program. Bringing our total orders one this year under this contract to about $30 million. This follow-on award leverages our proprietary computer vision algorithms and AI capability to automatically detect.

我們不斷贏得全球數據市場和 NGA 的 Luno 項目等項目的合約和任務訂單。第三季度，我們根據 NGA Luno 專案獲得了一筆價值七位數的交付訂單。這使得我們今年根據該合約的總訂單金額達到約 3000 萬美元。這項後續獎項利用了我們專有的電腦視覺演算法和人工智慧能力來自動偵測。

And identify areas of change caused by human activity. Our proven AI software is very effective in identifying anomalies, detecting infrastructure changes, and delivering alerts within minutes. Giving defense analysts a crucial first to know advantage.

並找出人類活動所引起的變化領域。我們成熟的人工智慧軟體能夠非常有效地識別異常情況、檢測基礎設施變化，並在幾分鐘內發出警報。為國防分析人員提供至關重要的先發優勢。

Moving to slide 8.

切換到第8張投影片。

We're seeing significant demand and growing traction for our Gen-3 imaging services. As additional customers have signed up for early access agreements in Q3.

我們看到市場對我們的第三代影像服務有著顯著的需求，而這種需求正在不斷增長。第三季又有更多客戶簽署了提前體驗協議。

Including a new seven-figure contract. With the US government. The positive customer feedback we've received from early adopters confirms that Gen-3's very high-resolution imagery Combined with our AI-driven analytics. Is delivering high value intelligence had compelling performance for the class of this satellite. And we expect this momentum to continue as we build out the constellation.

其中包括一份價值七位數的新合約。與美國政府合作。我們從早期用戶收到的正面客戶回饋證實了 Gen-3 的超高解析度影像與我們的 AI 驅動分析相結合。該衛星在提供高價值情報方面表現出色，對於同級衛星而言極具吸引力。我們預計隨著星座的不斷構建，這種勢頭將會持續下去。

Turning to slide 9.

翻到第9張投影片。

We're pleased that our next Gen-3 satellite has arrived at the launch site. And we anticipate its deployment in the coming weeks. Gen-3 satellites continue to move through our production line, and we will continue a cadence of launches to build out our constellation in 2026.

我們很高興我們的下一代第三代衛星已經抵達發射場。我們預計將在未來幾週內部署。第三代衛星繼續在我們的生產線上推進，我們將繼續保持發射節奏，以便在 2026 年建造我們的衛星星座。

The Gen-3 satellites in orbit are performing well and generating revenue.

在軌運行的第三代衛星性能良好，並正在產生收益。

Moving to slide 10 We believe the long-term opportunities with the US government remain strong, as many agencies are seeking to leverage mature commercial space technologies to advance national capabilities. Especially missions that require proven technology to support proliferated low Earth satellite constellations. We continue to make important progress across our US government portfolio.

轉到第 10 張投影片。我們相信與美國政府的長期合作機會仍然強勁，因為許多機構正在尋求利用成熟的商業航太技術來提升國家能力。尤其是那些需要成熟技術來支援不斷增加的低地球衛星星座的任務。我們在負責的美國政府專案組合中持續取得重要進展。

Including advanced R&D for capabilities like the integration of optical intersatellite cross links. Into our current and next generation capabilities. Although we are experiencing near term impacts of the fiscal year 2026 budget on the EOCL program.

包括先進研發，例如整合衛星間光鏈路等能力。融入我們當下和下一代能力。儘管我們正在經歷 2026 財政年度預算對 EOCL 計劃的短期影響。

We are seeing congressional support to restore funding to the program. We expect to have better visibility once the final budget is approved. As the US government expands its investments in space, We see opportunities for companies like BlackSky who have proven agile space capabilities and tech stacks. That can rapidly deploy its technology to support cost-effective government programs.

我們看到國會支持恢復該計畫的資金。我們預計最終預算獲準後，情況會更加明朗。隨著美國政府加大對太空領域的投資，我們看到了像 BlackSky 這樣擁有成熟的太空能力和技術堆疊的公司所面臨的機會。它可以迅速部署其技術，以支援具有成本效益的政府專案。

In particular, there are programs such as Golden Dome where aggressive deployment schedules and non-traditional acquisition models favor proven commercial space capabilities. We have a strong track record of supporting these types of customers. And feel we are well positioned as these future opportunities unfold.

尤其是像金穹頂這樣的項目，其積極的部署計劃和非傳統的採購模式更傾向於採用成熟的商業航太能力。我們在支援這類客戶方面有著良好的業績記錄。我們相信，隨著未來機會的到來，我們已經做好了充分的準備。

Turning to slide 11.

翻到第11張幻燈片。

We continue to make progress on our EROS initiative. Recall that EROS is a new satellite designed to provide wide area mapping, monitoring, and change detection. To address an anticipated GAAP in these capabilities in the 2028 time frame. We continue to work through the design phase and engage potential customers and partners on the development of this constellation. We will have more to report as we progress on this program through 2026.

我們的 EROS 計劃持續取得進展。請記住，EROS 是一顆新型衛星，旨在提供大範圍的測繪、監測和變化檢測。為了應對 2028 年期間這些能力方面預期的 GAAP。我們繼續推進設計階段的工作，並與潛在客戶和合作夥伴就該星座的開發進行接洽。隨著該計畫在 2026 年的推進，我們將有更多進展報告。

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

接下來，我將把發言權交給亨利，讓他來介紹財務表現。

Thank you, Brian, and good morning everyone. Starting with slide 13, total revenue for the first nine months of 2025 was $71.4 million consistent with the prior year period.

謝謝你，布萊恩，大家早安。從第 13 張投影片開始，2025 年前九個月的總收入為 7,140 萬美元，與去年同期一致。

While we were expecting imagery and analytics revenue growth in the third quarter of 2025, our revenue was negatively impacted in August and September by approximately $4 million due to reductions made in the EOCL contract. Our professional and engineering services revenue for the first nine months of 2025 grew to $20.8 million a 9% increase over the same period in the prior year.

雖然我們預計 2025 年第三季圖像和分析收入將有所增長，但由於 EOCL 合約的削減，我們在 8 月和 9 月的收入受到了約 400 萬美元的負面影響。2025 年前九個月，我們的專業和工程服務收入成長至 2,080 萬美元，比上年同期成長 9%。

Let's now turn to slide 14 and talk about cash operating expenses, which excludes stock-based compensation, depreciation, and amortization expenses.

現在讓我們翻到第 14 張投影片，談談現金營運費用，其中不包括股票選擇權費用、折舊和攤提費用。

For the 1st 9 months of 2025, cash operating expenses were $56.6 million compared to $48 million in the prior year period. The year over year increase in cash operating expenses was driven by about $9 million of overhead expenses in 2025 from the integration of LeoStella. These costs would have been previously capitalized into our satellite assets and not included as operating expenses.

2025 年前 9 個月的現金營運支出為 5,660 萬美元，而去年同期為 4,800 萬美元。現金營運支出較去年同期增加，主要是由於 2025 年整合 LeoStella 產生的約 900 萬美元的間接費用。這些成本之前都會計入我們的衛星資產，而不會作為營運費用。

Therefore, excluding the LeoStella overhead expenses, year-to-date, 2025 cash operating expenses would have been in line with the prior year period, demonstrating the discipline we have in managing our costs while still making investments in our business.

因此，若不計入 LeoStella 的間接費用，截至目前，2025 年的現金營運費用將與去年同期持平，這表明我們在控製成本的同時，仍然能夠對業務進行投資。

Moving to slide 15.

切換到第15張投影片。

Our adjusted EBITDA for the first nine months of 2025 there was a loss of $7.9 million compared to an adjusted EBITDA of $4.3 million in the prior year period. The year over year decrease was primarily attributable to EOCL and LeoStella, as I've mentioned earlier.

2025 年前九個月，我們調整後的 EBITDA 虧損 790 萬美元，而去年同期調整後的 EBITDA 為 430 萬美元。正如我之前提到的，同比下降主要歸因於EOCL和LeoStella。

Excluding these two impacts, we would have reported a positive adjusted EBITDA of approximately $5 million for the first nine months of 2025.

如果排除這兩項影響，我們預計 2025 年前九個月的調整後 EBITDA 將為正值約 500 萬美元。

We remain committed to achieving adjusted EBITDA growth and margin expansion. Let's move on to our cash and liquidity position as shown on slide 16. We ended the third quarter of 2025 with $147.6 million of cash, restricted cash, and short-term investments, which is more than double our cash balance from a year ago.

我們將繼續致力於實現調整後 EBITDA 成長和利潤率擴張。接下來，我們來看看第 16 頁投影片中所顯示的現金和流動性狀況。截至 2025 年第三季末，我們擁有 1.476 億美元的現金、受限現金和短期投資，比一年前的現金餘額增加了一倍多。

This amount includes $65.9 million in net cash proceeds from a convertible node offering and $10.8 million from the exercise of warrants, both completed in July. In addition to the cash, we also have $43.4 million in unbilled contract assets, of which $36 million is anticipated to be billed and received over the next 12 months.

該金額包括 7 月完成的可轉換節點發行所得淨現金 6,590 萬美元和認股權證行使所得 1,080 萬美元。除了現金外，我們還有 4,340 萬美元的未開票合約資產，其中 3,600 萬美元預計將在未來 12 個月內開票並收到。

Together with a $13.5 million available launch financing. This brings our total liquidity position to over $200 million. This position reflects an increase of $85 million or a 71% growth over the position we had in the third quarter of 2024, and provides Blacksky with sufficient cash to deploy our Gen-3 constellation, invest in strengthening our in-house AI capabilities, continue the design and development of our AROs program. And puts us on a path to positive free cash flow.

同時，公司也獲得了 1,350 萬美元的啟動資金。這使我們的總流動資金超過2億美元。這一頭寸較 2024 年第三季增加了 8,500 萬美元，成長了 71%，為 Blacksky 提供了足夠的現金來部署我們的第三代星座，投資加強我們內部的 AI 能力，繼續設計和開發我們的 ARO 計畫。並使我們走上實現正自由現金流的道路。

Turning to slide 17, we are maintaining our guidance for full year 2025 revenue, adjusted EBITDA, and capital expenditures.

翻到第 17 頁，我們維持對 2025 年全年營收、調整後 EBITDA 和資本支出的預期。

We are maintaining the current range as we are actively working to close on a number of large sales opportunities that we expect will impact the fourth quarter. In summary, we're pleased with the momentum in our business, a growing sales pipeline, our strong cash and liquidity position. We look forward to a strong 4th quarter, high visibility growth in 2026, and continuing our path to free cash flow.

我們維持目前的定價區間，因為我們正在積極爭取一些大型銷售機會，預計這些機會將對第四季度產生影響。總而言之，我們對公司業務的發展勢頭、不斷增長的銷售管道以及強勁的現金和流動性狀況感到滿意。我們期待第四季業績強勁，2026 年實現高成長，並繼續朝著自由現金流的目標邁進。

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

接下來，我將把發言權交還給布萊恩，請他作總結發言。布萊恩？

Thanks, Henry. In closing, we're pleased with the strong momentum in our business and the growing demand for our space-based intelligence solutions.

謝謝你，亨利。最後，我們對公司業務的強勁發展勢頭以及市場對我們天基情報解決方案日益增長的需求感到滿意。

As we look ahead, we expect a strong finish to 2025 and significant high visibility growth in 2026. This visibility is anchored by a strong backlog of international contracts and a growing pipeline for our imagery and analytics services and sovereign solutions.

展望未來，我們預計 2025 年將取得強勁的收官，並在 2026 年實現顯著且備受矚目的成長。這種知名度得益於我們積壓的大量國際合同，以及不斷增長的圖像和分析服務以及主權解決方案項目儲備。

Customers around the world are recognizing Gen-3's superior performance. Especially at a time when they are seeking to accelerate their sovereign space-based intelligence capabilities. The opportunities ahead are significant. We remain confident in our ability to capitalize on the growing global market for our space-based intelligence solutions.

全球各地的客戶都認可了第三代產品的卓越性能。尤其是在他們尋求加速發展其自主太空情報能力之際。未來機會眾多。我們仍然有信心利用全球日益增長的太空情報解決方案市場。

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

我們的發言到此結束，現在我們將回答各位的問題。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Hey, good morning, everyone. Thanks for taking our questions. First, I wanted to check on the Gen-3 deployment cadence. Is that still progressing on the same kind of deployment number as you were previously looking for?

嘿，大家早安。謝謝您回答我們的問題。首先，我想了解一下第三代產品的部署節奏。部署數量是否仍然符合您先前預期的水平？

Yes, good morning, Edison. Yes, as we mentioned, the next satellite is at the launch site, and we expect that to be deployed here in the coming weeks. We did find a faulty component in that satellite during final testing, so we experienced some delays, but. It was non-systemic to the rest of the constellation, and so we fixed that and We're moving forward. Obviously there's Some delays, but we're continuing on the plan that we outlined earlier.

是的，早安，愛迪生。是的，正如我們所提到的，下一顆衛星已經運抵發射場，我們預計它將在未來幾週內部署到這裡。我們在最終測試中確實發現該衛星存在一個故障部件，因此遇到了一些延誤，但是。它與系統的其他部分不相容，所以我們修復了這個問題，現在我們正在向前推進。顯然，目前出現了一些延誤，但我們將繼續按照先前製定的計劃進行。

I understand and I know you mentioned in the deck that next year will be fully operational. Can you just remind us what does that mean exactly how many satellites does it have to have to be fully operational?

我明白，也知道您在簡報中提到明年將全面投入營運。您能再提醒我們一下，這具體又意味著什麼？要全面投入運行，需要多少顆衛星？

As I mentioned before, our goal is to have at least 12 up by the end of next year.

正如我之前提到的，我們的目標是到明年年底至少建造 12 個項目。

Understood. And then just, if I could sneak one in on the financials, the range for 4Q is quite wide. So if we want to kind of take that as a jumping off point, what are sort of the main factors in getting to the low end or the or the high end? Is it, is the government shutdown hurting that? So, yes, just trying to get an understanding of, what the, what kind of the delta is that.

明白了。然後，如果我能偷偷透露一點財務數據的話，第四季的業績區間相當寬泛。所以，如果我們想以此為出發點，那麼達到低端或高端的主要因素是什麼呢？政府停擺是否對此造成了影響？所以，是的，我只是想了解一下，這個增量到底是什麼，是什麼樣的增量。

Yes, I think, Edison, I think maybe first off, as you've seen in the past couple of years, we've had. Tend to have really strong Q4 performance, and that's the case again this year.

是的，我想，愛迪生，我想首先，正如你在過去幾年所看到的，我們已經有了。第四季業績通常非常強勁，今年也不例外。

We are expecting a step up from contracts that we have in place and others that we expect to close shortly. The wide range really is just accounting for the timing of these deals. So, we're seeing a lot of momentum. We've got, as Henry outlined, a number of large, deals that are in play right now, and, the range reflects really just where we are in the timing of those.

我們預計現有合約和即將完成的其他合約都會有所改進。價格波動幅度如此龐大，其實只是因為這些交易的時機不同而已。所以，我們看到發展勢頭強勁。正如亨利所概述的那樣，我們目前正在進行一些大型交易，而這個範圍實際上反映了我們目前所處的階段。

Right Thank you.

好的，謝謝。

Thank you.

謝謝。

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Hey, good morning, Brian Henry. This is Daniel Hibshman on for Jeff.

嘿，早上好，布萊恩亨利。這裡是丹尼爾·希布什曼，替傑夫報道。

Just maybe if you could talk to us a little bit on the early access agreements just kind of where those are at, how those are progressing, those early access agreements for Gen-3, and then a little bit more about the steps you see needing to take place to get those to a more significant revenue line just if that's all about the size of the fleet you're deploying or about, the customers' internal processes or about them getting budget in place just how those will progress in the steps to get there.

或許您能跟我們談談早期訪問協議的情況，例如這些協議的進展情況，特別是第三代早期訪問協議的進展情況，以及您認為需要採取哪些步驟才能將其轉化為更可觀的收入，例如這是否與您部署的機隊規模有關，或者與客戶的內部流程有關，或者與他們如何落實預算有關，以及這些步驟將如何推進以實現目標。

Yes, good morning, Daniel. Yes, the early access program is progressing really well. The way that is playing out is, we have, customers that are coming online with six figure type early access agreements, to basically test and evaluate, Gen-3 performance in their operations.

是的，早安，丹尼爾。是的，提前體驗計畫進展非常順利。目前的情況是，一些客戶簽訂了六位數的早期存取協議，主要目的是測試和評估第三代產品在其營運中的表現。

What we're seeing is A couple things. One is we're adding more of those types of. Agreements as we are still early in the deployment of Gen-3, but we're also seeing an acceleration of some of those transitioning to longer-term, much larger contracts.

我們看到的情況有兩點。一是我們正在增加更多這類產品。雖然我們仍處於第三代技術的早期部署階段，但我們也看到一些協議正在加速過渡到更長期、更大的合約。

And then finally I just as a reminder. As I indicated in our backlog, there's already pretty significant Gen-3 services in our backlog as we continue to deploy the Constellation. So, all in all we're very pleased at the momentum we have with bringing on new customers, their evaluation and our visibility into the transitioning. Those customers into long-term subscription revenue.

最後，我還要提醒一句。正如我在我們的待辦事項清單中所指出的，隨著我們繼續部署星座計劃，我們的待辦事項清單中已經有很多第三代服務。總而言之，我們對目前在吸引新客戶、客戶評估以及過渡階段的可見性方面所取得的進展感到非常滿意。這些客戶傾向於長期訂閱收入。

Okay, that's helpful. And then on the, to be clear on the 4 million of impact from the EOCL for August and September is, that's significant enough that just to be clear, is that a total pause on the program right now or is that just a significant reduction?

好的，這很有幫助。然後，為了明確 EOCL 在 8 月和 9 月造成的 400 萬美元影響，這是否足夠重大，所以為了明確起見，目前是該計劃完全暫停，還是只是大幅削減？

It's not a pause, and it's, I wouldn't, I'm not sure I would deem it a significant reduction at this point. The government made some adjustments to our contract to reflect. The potential baseline budget that was submitted by the administration for fiscal year 26, but keep in mind the budget is not final. And we have seen marks from multiple committees to restore funding to the EOCL. Line in the budget, but we won't really know until the budget .Is finalized. These are reductions that we're experiencing. We're set to carry into Q2 of next year which would align with Timing of a CR and a final fiscal year '26 budget.

這並非暫停，而且，我也不認為，在目前這個階段這是一個顯著的減少。政府對我們的合約進行了一些調整以反映這一點。政府提交的 26 財年潛在基準預算，但請記住，該預算尚未最終確定。我們已經看到多個委員會提出恢復對EOCL的撥款。預算中會有這一項，但要等到預算公佈後才能真正知道。已最終確定。這些都是我們正在經歷的減產。我們計劃將這項工作延續到明年第二季度，這與 CR 的時間表以及 2026 財年的最終預算相吻合。

Okay, that's helpful. And then, maybe just on satellite sales slash dedicated capacity, how however you think about it, but you know those deals that you got with Indonesia and India, in terms of dedicated Gen-3 capacity, if you could talk to us a little, I mean those are large kinds of opportunities. Talk to us a little bit about the pipeline for those kinds of opportunities and how go to market is progressing or evolving in that area.

好的，這很有幫助。然後，也許就衛星銷售和專用容量而言，不管你怎麼想，但你知道你與印尼和印度達成的那些關於第三代專用容量的交易，如果你能和我們談談，我的意思是，這些都是很大的機會。請您談談這類機會的通路狀況，以及該領域的市場推廣進度或發展。

Yes, I would say, as I mentioned in my remarks, the demand. For those types of solutions is growing very rapidly, we have a significantly growing pipeline for those types of arrangements. I think what we're also seeing is building on the success of Gen-3. The interest is increasing as we're demonstrating. Significant performance for this class of satellite, both in terms of image quality and economics. So, we see as we continue to deploy Gen-3.

是的，正如我在演講中提到的，這就是需求。這類解決方案發展非常迅速，我們這類合作安排的管道也顯著成長。我認為我們現在看到的也是在第三代產品成功的基礎上繼續發展。隨著我們進行演示，人們的興趣也越來越濃厚。對於這類衛星而言，無論從影像品質或經濟性方面，都表現出色。所以，隨著我們繼續部署第三代技術，我們看到了這一點。

And also demonstrate Gen-3's performance with our AI capabilities that these types of opportunities will continue to expand and we'll and we'll begin to continue to capture more contracts that were similar to what we announced in India and Indonesia.

此外，我們還將展示 Gen-3 在人工智慧方面的表現，證明這類機會將會繼續擴大，並且我們將開始繼續獲得更多與我們在印度和印尼宣布的類似的合約。

All right, that's it. Thanks, Brian.

好了，就這些。謝謝你，布萊恩。

Thanks, Daniel.

謝謝你，丹尼爾。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Hi guys, thanks for the questions. Can you just give us the number? How many satellites did you actually have in operation at the end of the quarter and, what are you expecting here by the end of the year? And if you can give us, a rough guess on the 1st quarter, would be helpful.

大家好，感謝大家的提問。能把號碼告訴我們嗎？截至本季末，你們實際運作的衛星數量是多少？到年底，你們預計會達到多少顆衛星？如果您能為我們提供一個關於第一季業績的大致估計，那就太好了。

Yes, right now we have 2 gen 3s and. 11 gen 2, so. We've got 13 satellites on orbit, as I mentioned, we have another satellite at the launch pad and another one coming out of production later this year, so. The gen 2s that we have up on orbit are continuing to perform well, they'll carry well into next year. Not longer and the gen 2s that 3, the early gen 3s that we have are performing well. As well, so we'll just continue a regular cadence of Gen-3 launches going into 26.

是的，目前我們有2台第三代產品和11台第二代產品。正如我之前提到的，我們有 13 顆衛星在軌運行，還有一顆衛星在發射台上，另外一顆衛星將於今年稍後生產完成。我們目前在軌運行的第二代火箭性能良好，它們將一直運行到明年。不再是第二代，而是第三代，我們擁有的早期第三代產品表現良好。因此，我們將繼續保持第三代產品定期上市的節奏，直到 2026 年。

So, you think about 2 per quarter is still a relatively good guide.

所以，你認為每季 2 個左右仍然是相對不錯的參考值。

That's a reasonable assumption to keep in mind we have to deal with timing of launches and those types of things which are normal course.

這是一個合理的假設，我們需要記住這一點，因為我們必須處理產品發布的時間表以及這類正常情況下會遇到的問題。

And the gen-2s, how, what's, how much longer, what's the cadences of event kind of coming down?

那麼第二代產品呢？還要多久才能上市？上市的節奏如何？

As I mentioned, those were deployed in sequence and so. We expect at least 50% of the satellites up there will still be in service by the end of next year.

正如我之前提到的，這些設備是按順序部署的。我們預計到明年年底，至少有 50% 的衛星仍將繼續運作。

Okay, got it. Sorry, thanks. And then professional engineering services were very strong in the 4th quarter last year. Should we assume a kind of a similar rebound, this year, and I guess somewhat related to that to like India, Indonesia and India, contracts, when do they start kicking in and, where does that revenue kind of show up in the line items things?

好的，明白了。不好意思，謝謝。去年第四季度，專業工程服務表現非常強勁。我們是否應該假設今年會出現類似的反彈？我想這與印度、印尼和印度的合約有些關聯，這些合約何時開始生效？這些收入又會在哪些項目明細中反映出來？

Yes, well, yes, you can expect, similar type of trend that you saw last year in Q4, with respect to Indonesia and the India contracts. We're recognizing revenue as those programs, progress, so there's. That's kind of a smooth ramping of revenue from those programs.

是的，可以預見，印尼和印度的合約會出現與去年第四季類似的趨勢。我們正在確認這些項目的收入，以及專案進展，所以就是這樣。這些項目的收入成長比較平穩。

Got it, very helpful. And so. What are you assuming for the government budget for your 4th quarter guide and going into next year, in your guide, I guess for the 4th quarter here.

明白了，很有幫助。所以。您在第四季預算指南以及展望明年時，對政府預算有何假設？我猜您指的是您指南中關於第四季度預算的預測。

Yes, as I'm, as I, mentioned or responded in the prior question. We, the EOCL program in particular has been. Set, at the levels that are at now through Q2 of next year and that's what we expect. In our planning for Q4 and into the early half of next year.

是的，正如我在上一個問題中提到的或回答的那樣。我們，特別是EOCL項目，一直如此。預計到明年第二季度，價格將維持在目前的水平，這也是我們預期的。在我們的第四季及明年上半年計畫中。

Thank you, very helpful. And just lastly, I know you kind of mentioned on it. And so on that point on EOCL, so there could be upside if the budget is approved, to the trends, I mean, would you expect if the budget is approved, there could be, yes, I guess a step up there.

謝謝，很有幫助。最後，我知道你之前也提到過。所以關於EOCL這一點，如果預算獲得批准，可能會有上漲的趨勢，我的意思是，如果預算獲得批准，你認為可能會有上漲嗎？是的，我想會有進步。

There could be, as I mentioned, we're seeing positive. Activity out of Congress, in the marks to this budget to restore the funding, so. So we're. We think that could be a positive upside next year, but we'll have to wait and see what actually comes out in the budget.

正如我之前提到的，我們目前看到了積極的跡象。國會方面的活動，以及這份預算案的修改，都是為了恢復撥款。所以我們是。我們認為這可能是明年的一個利好因素，但我們還得等等看預算案最終會如何出台。

And I think you said internationals half the revenues. What can you say what that was a year ago?

我想你說過國際業務貢獻了半數的收入。一年前的情況是怎樣的？

I think a year ago it was 60 to 75, the US government was 60% to 75%.

我認為一年前是 60% 到 75%，美國政府的比例是 60% 到 75%。

Ya It was 60, 40 Got it. And then lastly, I know you kind of touched on it also. Just how's the pipeline looking now, I guess qualitatively, maybe just not quantitatively, are you talking to a large increase of new customers and, are these costs willing to spend, much, well, can you charge them much more per image than you had kind of historical?

是的，是60，40，明白了。最後，我知道你也稍微提到了這一點。現在的銷售通路狀況如何？我猜是從定性角度來看，可能不是從數量角度來看，你們是否正在與大量新客戶洽談？這些成本是否值得投入？你們能否比以往向他們收取更高的單張圖片費用？

Yes, the quality The quality of the pipeline is excellent. The types of customers that we're engaged with. And then the scope of services that range from a long-term Gen-3 subscription services to these types of sovereign programs that were. Successfully executing on in places like India and Indonesia, so, I'll say both quantitatively and qualitatively, we're very pleased with where the pipeline is and how it's growing.

是的，管道品質非常好。我們接觸的客戶類型。然後是服務範圍，從長期的第三代訂閱服務到這些類型的主權計劃。我們在印度和印尼等地成功實施了相關計劃，因此，無論從數量或品質上來說，我們對目前的業務發展狀況和成長速度都非常滿意。

Thanks guys, appreciate it.

謝謝各位，感激不盡。

Thanks, Tim.

謝謝你，提姆。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good morning, Brian and Henry. Just my first question here. Does the shutdown affect the timing of government customers being able to use the early access program for Gen-3?

嗨，布萊恩和亨利，早安。這是我的第一個問題。政府停擺是否會影響政府客戶使用第三代產品提前體驗計畫的時間表？

No, it's not affected at all, as we mentioned, we closed a seven-figure contract recently for the government to begin accessing Gen-3, so that's moving ahead.

不，完全沒有受到影響。正如我們之前提到的，我們最近與政府簽訂了一份價值七位數的合同，開始使用第三代技術，所以這項工作正在順利進行中。

Okay, and you've already done this with some customers, but how do you think about the TA opportunity for building and operating exclusive remote sensing satellites for them as a service versus building the satellites for your own fleet and then providing customers with access to a Specter subscription?

好的，你們已經和一些客戶這樣做了，但是你們如何看待為他們建造和運營專屬遙感衛星的服務，與為自己的衛星群建造衛星，然後向客戶提供 Specter 訂閱服務相比，哪種方式更具優勢？

I think we're seeing pretty strong demand for both. There's really, there's really a couple different models. One is for customers who want to own the satellites, but we fly them for them using our spectra platform and ground network.

我認為我們看到市場對這兩方面的需求都非常強勁。實際上，確實有好幾種不同的型號。一種情況是，客戶想要擁有衛星，但我們使用我們的頻譜平台和地面網路為他們發射衛星。

And that is a form of a sovereign capability, and then there's another variant where it's fully owned and operated and run within a customer's environment and then you have a hybrid approach where customers are buying satellites from us.

這是一種自主能力的形式，還有另一種變體，即完全由客戶擁有和運營，並在客戶的環境中運行，然後還有一種混合方法，客戶從我們這裡購買衛星。

Through one of those first two models, but also bundling in subscription access to our Gen-3 commercial constellation. So, we're finding that What customers are finding attractive is. They get the benefit of a sovereign capability very quickly because we can. Pull satellites and deploy software that already. Exists and then they get the benefit of our commercial constellation which is providing very high frequency monitoring. Capability our we see the bundling of this as being a pretty exciting opportunity for us.

透過前兩種模式之一，同時捆綁訂閱存取我們的第三代商業星座。所以，我們發現顧客覺得有吸引力的是…他們能夠很快地享受自主能力所帶來的好處，因為我們有能力這樣做。撤回衛星並部署已有的軟體。存在，然後他們就能受益於我們的商業星座，該星座提供非常高頻的監控。我們認為，將這些功能整合在一起對我們來說是一個非常令人興奮的機會。

Excellent, that sounds super exciting. I'll pass it back there.

太棒了，聽起來超級刺激。我會把它遞回去。

Thanks, Austin.

謝謝你，奧斯汀。

Greg Burns, Sidoti & Co.

格雷格·伯恩斯，西多蒂公司

Morning. Can you just talk about maybe some of the non-government opportunities. I know you announced an expansion of a contract for on Earth imaging. How much of an opportunity are, incremental services like that for you and, how should we think about maybe some of the commercial. Opportunities for the business to find growth outside of the government marketplace.

早晨。您能談談一些非政府領域的就業機會嗎？我知道您宣布擴大一項地球成像合約。像這樣的增量服務對您來說有多大的機會？我們應該如何考慮一些商業方面的問題？企業在政府市場之外尋求成長的機會。

Yes, I think we're continuing to see traction on our non-Earth imaging capability. We just renewed a 7 figure contract subscription contract for that, I think relative to commercial. We'll look to see that starting to Expand later next year as we get our baseline constellation deployed and are able to service those types of customers with a high frequency Gen-3 capability. But for now we're still, we're staying. Highly focused on this opportunity in the US and international government sector.

是的，我認為我們在非地球成像能力方面正持續取得進展。我們剛剛續簽了一份價值七位數的訂閱合同，我認為這相對於商業而言是相當高的。我們將期待明年晚些時候，隨著我們部署了基礎星座，並能夠以高頻第三代能力為這類客戶提供服務，這種情況將開始擴大。但就目前而言，我們依然會留下來。高度關注美國和國際政府部門的這一機會。

Okay, and then just in terms of the guidance, I know you maintain the ranges, but should we be thinking about you coming in towards the low end of those ranges? I mean, is the, are the top end still feasible, or is it? You, how should we think about that just because it implies a pretty significant step up into the, in the 4th quarter.

好的，就指導方針而言，我知道你們維持著一定的範圍，但是我們是否應該考慮讓你們的定價接近這些範圍的下限呢？我的意思是，高階產品現在還可行嗎？你該怎麼看待這件事呢？因為它意味著在第四季度邁出了相當大的一步。

It does. And as I said, this is pretty consistent in the way that we've performed in the 4th quarter over the past couple of years. But we are expecting a major step up from contracts that we already have in place. You, you've seen some of the announcements and that we are working a number of fairly large contracts. Right now, that we expect to close shortly, the wide range. Really is accounting for the timing of these deals, so. That's why we're maintaining that range at this point.

確實如此。正如我所說，這與我們過去幾年第四季的表現相當一致。但我們預計會比我們現有的合約有顯著提升。您已經看到了一些公告，也知道我們正在洽談一些相當大的合約。目前，我們預計很快就會結束，範圍很廣。確實需要考慮這些交易的時機。這就是為什麼我們目前維持這個價格區間的原因。

Okay, and are the step ups tied to the Gen-3? Satellites, like do you need to la like is that. The trigger like getting the gentry up in in orbit.

好的，那麼這些升級是否與第三代產品有關？衛星，就像你需要的嗎？觸發機制就像把上流社會送到太空軌道。

No, I don't believe any of the deals that we have in play right now are reliant on us to launch satellites in the coming months.

不，我不認為我們目前正在進行的任何交易都取決於我們在未來幾個月內發射衛星。

Dave Storms, Stonegate Capital.

戴夫·斯托姆斯，石門資本。

Morning and thank you for taking my questions. Just want to start by asking if you could give us a little more detail, on the sales that you're expecting in the 4th queue that'll get to the guidance. Is that expected to continue to be primarily international? Is there any Gen-3 versus Gen-2 components? And any more detail that would be great.

早上好，感謝您回答我的問題。首先我想問一下，您能否更詳細地說明您預計在第四個隊列中達到指導標準的銷售額？預計這種情況仍將主要發生在國際範圍內嗎？是否存在第三代和第二代組件的差異？如果能提供更多細節就更好了。

Yes, good morning, Dave. Yes, I think primarily. These are international deals. We are seeing We have a number of opportunities with the US government that are in are in that are active right now, but that's been slowed due to the shutdown. But the range that we're talking about is primarily tied to international contracts.

是的，早上好，戴夫。是的，我認為主要是這樣。這些都是國際交易。我們看到，目前我們與美國政府有許多合作機會，但由於政府停擺，這些合作機會的進展已放緩。但我們所說的範圍主要與國際合約有關。

Perfect. And just thinking about those international contracts, should we expect, if your backlog right now is about 90/10 international versus domestic, but historically revenues have been, 40, 60 international versus domestic, where do you think that normalizes out at, on a revenue level? Do you think it shakes out to more 50/50 in the near future, or do you think international continues to grow at, proportionately?

完美的。考慮到這些國際合同，如果目前的積壓訂單中國際訂單佔比約為 90%，國內訂單佔比約為 10%，但歷史上收入中國際訂單佔比約為 40% 或 60%，那麼你認為收入水平最終會恢復到什麼程度？你認為在不久的將來，這兩種情況會趨於五五開，還是國際業務會繼續保持相對成長？

Well, right now we're about 50/50, coming out of the 3rd quarter. From what we can see in our backlog and The pipeline we're expecting the international to continue its growth and that trend. And 26 will likely outpace. The contribution from the US government.

嗯，目前我們勝負各半，第三季剛結束。從我們的積壓訂單和項目儲備來看，我們預計國際業務將繼續保持成長動能。而26號很可能會超越。美國政府的貢獻。

Understood. Appreciate that. And then just one more if I could, thinking about the software side of Gen-3, are, what are you seeing in terms of attracting and maintaining retaining AI talent, as you continue to put these satellites up in the air?

明白了。謝謝。如果可以的話，我再問一個關於第三代衛星軟體的問題：隨著你們不斷將這些衛星送入空中，在吸引和留住人工智慧人才方面，你們看到了什麼？

Yes, we've been very successful in attracting AI talent. Dave, as we've been investing in our AI capabilities, infrastructure. Training and model development and deployment in a real-time environments now for 10 years. And we built a proprietary. Capability that's a competitive advantage. And you can see that playing out as we're winning, we're successfully winning contracts based on that. Capability at a point when we see others just outsourcing their AI. To third-party platforms, so, we feel that when you combine.

是的，我們在吸引人工智慧人才方面非常成功。戴夫，我們一直在投資人工智慧能力和基礎設施。已有 10 年在即時環境中進行培訓、模型開發和部署的經驗。我們開發了一款專有產品。具備競爭優勢的能力。你可以看到，我們正憑藉這一點贏得比賽，成功拿下合約。我們已經具備了這樣的能力，而其他公司卻只是將人工智慧外包出去。因此，我們認為，當您將第三方平台結合時，情況就會有所不同。

This proprietary AI, which is very high performance in real time with the satellite constellation, it's a really significant differentiator in the market, and we're bundling those things together and we're getting very positive response. From customers for that capability.

這種專有的人工智慧技術能夠與衛星星座即時進行高性能交互，這在市場上是一個真正重要的差異化優勢，我們將這些技術整合在一起，並得到了非常積極的反饋。來自客戶的這種需求。

Caleb Henry, Quilty Space.

Caleb Henry，Quilty Space。

Hi, good morning. Thanks for the questions. First one is, can you talk about how the average contract value for Gen-3 compares to Gen-2? And are you seeing, I assume because of the international mix, mostly internet new customers, or are we talking about existing customers upgrading more so?

您好，早安。謝謝大家的提問。首先，您能否談談第三代產品的平均合約價值與第二代產品相比如何？我猜是因為國際客戶群組成，所以您看到的主要是網路新客​​戶，還是說我們說的是現有客戶升級換代比較多？

Yes, I think what we're experiencing is we're seeing both in the contracts we're winning and the deals that are in our pipeline is a pretty marked step up in the overall contract values. Both in terms of the size of the contracts and the duration, they're all tending to be. Much larger and multi-year type arrangement, so. And we're, I think again, Gen-2 was an exceptional capability to demonstrate. The performance of a high frequency constellation, now when you bring in very high resolution with the type of AI. With a satellite of this performance and economics. The attractiveness of that is being reflected in the pipeline and the structure of these deals.

是的，我認為我們目前的情況是，無論是在我們贏得的合約中，還是在我們正在進行的交易中，整體合約價值都出現了相當明顯的增長。無論從合約規模或期限來看，它們都趨於如此。規模更大、期限更長的合作協議。我認為，第二代技術再次展現了非凡的能力。現在，當您將高解析度與人工智慧結合時，高頻星座的性能將會如何？擁有這樣性能和經濟效益的衛星。這種吸引力體現在專案儲備和交易結構中。

Can you talk about how revenue recognition compares for international customers versus US government? Is that something that's roughly the same speed, or is that faster or slower with different compliance requirements?

能否談談國際客戶和美國政府在收入確認上有何不同？這是否意味著速度大致相同，還是說速度更快或更慢，並受到不同的合規要求影響？

I don't think there's a difference between US and international. It's just dependent on the structure of the contract, imagery tends to be. Very, stable as a subscription and then we've always had these other projects under a professional engineering and services line that that tend to be milestone driven. But I don't know. Henry, do you want to comment on that?

我認為美國和國際之間沒有區別。這取決於合約的結構，圖像通常也是如此。訂閱模式非常穩定，而且我們一直以來都有其他專業工程和服務項目，這些項目往往是以里程碑為導向的。但我不知道。亨利，你對此有何評論？

Yes, I Mean, whether it's an international contract or US government, it's imagery and analytics revenues tend to be subscription-based and kind of smooth and easy to predict. The professional engineering services, as Brian said, they tend to be more milestone and lumpier and those tend to be more internationally focused.

是的，我的意思是，無論是國際合約還是美國政府項目，其圖像和分析收入往往是基於訂閱的，而且比較穩定，也容易預測。正如布萊恩所說，專業工程服務往往更具里程碑意義，也更不連貫，而且往往更注重國際市場。

Okay, thanks. And then how are you thinking about leverage and what do you have in terms of a midterm target there?

好的，謝謝。那麼，您是如何考慮槓桿作用的呢？您的中期目標是什麼？

I mean, we just raised the convertible notes and we're quite comfortable with the liquidity that we have on the books at the moment, so I think we're in a pretty good position at the moment.

我的意思是，我們剛剛發行了可轉換債券，而且我們目前帳面上的流動資金狀況良好，所以我認為我們目前的處境相當不錯。

All right, those are my questions. Thank you.

好的，我的問題就這些。謝謝。

Thanks.

謝謝。

And at this time there are no further questions. This does conclude Blacksky's 3rd quarter 2025 earnings conference call. Thank you for joining the call today.

目前沒有其他問題了。Blacksky 2025 年第三季財報電話會議到此結束。感謝您今天參加電話會議。