BlackSky Technology Inc. (BKSY) 2025 Q4 法說會逐字稿

(Operator Instructions)

（操作說明）

Ladies and gentlemen, thank you for joining us and welcome to Black Sky Technology Q4 2025 earnings call.

女士們、先生們，感謝各位參加黑天科技2025年第四季財報電話會議。

I will now hand the conference over to Ali Pannella, Vice President of Investor Relations. Ali, please go ahead.

現在我將把會議交給投資人關係副總裁阿里·潘內拉。阿里，請繼續。

Good morning and thank you for joining us today. I'm joined by our Chief Executive Officer Brian O'Toole and our Chief Financial Officer Henry Dubois. On today's call, Brian will provide some highlights on the quarter and give a strategic update on the business. Henry will then review the company's financial results and outlook for 2026. Following our prepared remarks, we will open the line for your questions.

早安，感謝各位今天收看我們的節目。與我一同出席的還有我們的執行長布萊恩·奧圖爾和財務長亨利·杜波依斯。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 2026 年的財務表現和展望。在我們發言結束後，我們將開放提問環節。

A replay of this conference call will be available later today. Information to access the replay can be found in today's press release. Additionally, a webcast of this earnings call will be available in the investor relations section of our website at www.blacksky.com. In conjunction with today's call, we have posted a quarterly earnings presentation on the investor relations website that you may use to follow along with our prepared remarks.

本次電話會議的錄音回放將於今日稍後提供。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 的投資者關係頁面提供。配合今天的電話會議，我們已在投資者關係網站上發布了季度財報演示文稿，您可以參考該演示文稿以了解我們事先準備好的發言內容。

Before we begin, let me remind you that we'll make forward-looking statements during today's conference call, including statements about our plans, objectives, and future outlook. 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.

在會議開始之前，請允許我提醒各位，我們將在今天的電話會議中發表一些前瞻性聲明，包括有關我們的計劃、目標和未來展望的聲明。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。

Black Sky assumes no obligation to update forward-looking statements except as may be required by applicable law. In addition, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITA and cash operating expenses. Definitions and reconciliations between our GAAP and non-GAAP results are included in our earnings press release and presentation, which are posted on our investor relations website. At this point, I'll turn the call over to Brian O'Toole. Brian.

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。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EBITA和現金營運支出。我們的GAAP和非GAAP結果的定義和調節表包含在我們的獲利新聞稿和簡報中，這些文件已發佈在我們的投資者關係網站上。接下來，我將把電話交給布萊恩·奧圖爾。布萊恩。

Thanks, Aly. Good morning, everyone. Thank you for joining us on today's call. Beginning with slide three, I'm pleased to report that we delivered a strong finish to 2025 with a near record performance in Q4. The momentum we are seeing in the business is driven by the successful deployment and demonstration of our Gen-3 satellites last year. Our Gen-3 satellites are highly differentiated in the market and are a fundamental step forward in our space capabilities, delivering proven on-orbit 35 centimetre imaging performance that is exceeding customer expectations. Now that these initial satellites are fully operational and validated by major customers around the world, we are seeing growing adoption and the ramping of revenues related to this new imaging capacity. Our progress on Gen-3 in 2025 was a significant operational milestone that is now a major catalyst for our future growth.

謝謝你，艾莉。各位早安。感謝您參加今天的電話會議。從第三張投影片開始，我很高興地報告，我們在 2025 年取得了強勁的收官，並在第四季度取得了接近歷史最高水平的業績。我們目前在業務方面看到的良好勢頭，得益於去年我們第三代衛星的成功部署和演示。我們的第三代衛星在市場上具有高度差異化優勢，是我們太空能力的重大進步，可提供經過驗證的在軌 35 公分成像性能，超越客戶的預期。現在，這些首批衛星已全面投入運行，並得到了世界各地主要客戶的驗證，我們看到這種新的成像能力正在得到更廣泛的應用，相關收入也不斷增長。我們在 2025 年取得的第三代進展是一個重要的營運里程碑，現在已成為我們未來成長的主要催化劑。

Turning to slide 4.

翻到第4張投影片。

Turning to slide four. In 2025, we successfully launched and commissioned three Gen-3 satellites, with each deployment demonstrating our ability to rapidly bring new capacity online. Most notably, our last Gen-3 satellite began delivering very high-resolution imagery within 12 hours of launch and entered commercial operations in just three weeks, setting a new industry benchmark for satellites of this class of imaging performance and accelerating access for our customers. Gen-3 satellites are consistently delivering 35 centimetre imaging performance on par with much larger, more expensive, and complex satellite systems. Enhanced image clarity dramatically advances our real-time AI-enabled analytics. This level of imaging and analytics performance is driving new customer adoption, converting early access pilots into long-term subscription contracts, and unlocking Gen-3-related revenues from existing contracts.

翻到第四張投影片。2025 年，我們成功發射並投入使用三顆第三代衛星，每次部署都證明了我們能夠快速地將新的容量上線。最值得一提的是，我們最後一顆 Gen-3 衛星在發射後 12 小時內開始提供非常高分辨率的圖像，並在短短三週內投入商業運營，為這類成像性能的衛星樹立了新的行業標桿，並加快了客戶獲取服務的速度。第三代衛星持續提供 35 公分成像性能，與更大、更昂貴、更複雜的衛星系統不相上下。影像清晰度的提升極大地促進了我們即時人工智慧分析的發展。這種成像和分析性能水平正在推動新客戶的採用，將早期試用試點項目轉化為長期訂閱合同，並從現有合同中釋放與第三代產品相關的收入。

We are on track to further expand the constellation throughout 2026 with a pipeline of Gen-3 satellites in production and our next satellite already at the launch site. Now, let's move on to slide five and some of our major highlights from last year. First, because of strong global demand and the performance of our advanced Gen-3 satellites, we secured $240 million in contract bookings, with the majority comprised of international multiyear contracts. This success contributed to our growing backlog to $345 million, providing strong revenue visibility. Second, we delivered near record revenue in Q4 of $35 million, representing a 16% year-over-year increase, which drove annual revenues to $107 million, with a significant step up in revenue contribution from international contracts.

我們正按計畫推進星座建設，計畫在 2026 年進一步擴大規模，目前第三代衛星正在生產中，下一顆衛星已在發射場。現在，讓我們來看看第五張幻燈片，回顧去年的一些主要亮點。首先，由於全球需求強勁以及我們先進的第三代衛星的性能，我們獲得了價值 2.4 億美元的合約預訂，其中大部分是國際多年期合約。這一成功使我們的訂單積壓額增加到 3.45 億美元，從而提供了強勁的收入前景。其次，我們在第四季度實現了接近歷史最高水準的收入，達到 3,500 萬美元，年增 16%，推動年度收入達到 1.07 億美元，其中國際合約的收入貢獻大幅成長。

Third, we achieved our second consecutive year of positive adjusted EBITDA. This performance demonstrates disciplined execution, scalability, and operating leverage of our business. Finally, we significantly strengthened our balance sheet and increased our liquidity position to over $225 million. These highlights underscore the momentum in our business and the growing visibility toward free cash flow operations and long-term profitable growth. Moving to slide six. Before we get to some of the operational highlights, I would like to take a moment to talk about how we are aligning the three key elements of our business to address a large and expanding market opportunity for space-based intelligence. These elements are not new to our strategy, but rather we are increasing the focus, visibility, and capture of these opportunities across three primary growth vectors.

第三，我們連續第二年實現了調整後 EBITDA 為正。這項業績體現了我們業務的嚴謹執行、可擴展性和營運槓桿作用。最後，我們大幅加強了資產負債表，並將流動資金增加到超過 2.25 億美元。這些亮點凸顯了我們業務的發展勢頭，以及自由現金流營運和長期獲利成長的日益明朗化。切換到第六張投影片。在介紹一些營運亮點之前，我想花點時間談談我們如何協調業務的三個關鍵要素，以應對太空情報領域不斷擴大的巨大市場機會。這些要素並非我們策略中的新要素，而是我們正在加大力度，在三大主要成長方向中，關注、重視並掌握這些機會。

With spending and demand expected to increase over the next decade, we are seeing growth opportunities in commercial, space-based intelligence and AI services, sovereign mission solutions, and advanced technology programs. Space-based intelligence and AI services is what we referred to in the past as our imagery and analytics business. This is our core high-margin subscription business that leverages our commercial satellite constellation and our Spectra AI platform to deliver real-time imagery, monitoring, and AI-enabled insights through subscription contracts. This name change better reflects the depth and breadth of the types of AI-enabled solutions we are bringing to market now and in the future. For the mission solutions element of our business, we have been winning new contracts for sovereign space-based intelligence solutions over the past several years, and for example, have successfully captured major programs with customers in India, Indonesia, and others for Gen-3 related solutions.

預計未來十年支出和需求將會增加，我們看到商業、天基情報和人工智慧服務、主權任務解決方案以及先進技術項目都存在成長機會。我們過去將圖像和分析業務稱為天基情報和人工智慧服務。這是我們核心的高利潤訂閱業務，它利用我們的商業衛星星座和 Spectra AI 平台，透過訂閱合約提供即時影像、監控和 AI 支援的洞察。此次更名更能體現了我們現在和將來推向市場的AI賦能解決方案的深度和廣度。就我們業務的任務解決方案部分而言，過去幾年我們一直在贏得新的主權天基情報解決方案合同，例如，我們已成功與印度、印尼和其他國家的客戶簽訂了第三代相關解決方案的重大項目。

We are now consolidating these types of programs into mission solutions that include the delivery of satellites, ground system hardware and software, as well as the integration of these capabilities into customer environments. We are seeing increased demand for sovereign space-based intelligence solutions as a TAM expansion opportunity and believe that this change will provide better visibility into this aspect of our business going forward. For the advanced technology programs part of our business, we have had a long-standing strategy to partner with key customers to develop and demonstrate advanced space and AI capabilities through funded R&D programs. Over the course of many years, these contracts have augmented our own internal R&D and capital investments and have been instrumental in driving innovation and advancing leading-edge capabilities, such as inter-satellite optical cross links, next-generation satellites and payloads, and advanced multispectral AI and analytics solutions.

我們現在正在將這些類型的專案整合到任務解決方案中，其中包括交付衛星、地面系統硬體和軟體，以及將這些功能整合到客戶環境中。我們看到對自主太空情報解決方案的需求不斷增長，這為我們拓展市場提供了機會，我們相信這項變革將使我們未來更了解業務的這一方面。對於我們業務中的先進技術專案部分，我們長期以來一直採取與主要客戶合作的策略，透過資助研發專案來開發和展示先進的太空和人工智慧能力。多年來，這些合約增強了我們自身的內部研發和資本投資，並在推動創新和推進前沿能力方面發揮了重要作用，例如星間光學交叉鏈路、下一代衛星和有效載荷以及先進的多光譜人工智慧和分析解決方案。

We expect this trend to continue as customers around the world are seeking new and innovative ways to accelerate next-generation space and AI capabilities. We believe that these three elements are well-aligned to capture opportunities in a growing and expanding market. Let me share some recent highlights from each of these major elements of our business. Let's move on to slide seven and some recent highlights under space-based intelligence and AI services. Throughout Q4 and carrying into this year, we are making good progress in closing new customers for early access Gen-3 pilot programs and quickly converting them into longer-term subscription contracts. One example is a new international customer that started with a small pilot and rapidly grew within a couple of months to what is now a seven-figure quarterly run rate to support their time-sensitive, mission-critical operations.

我們預計這一趨勢將會持續下去，因為世界各地的客戶都在尋求新的創新方法來加速下一代太空和人工智慧能力的發展。我們相信，這三個要素能夠很好地結合起來，抓住不斷成長和擴張的市場中的機會。讓我來和大家分享一下我們業務的各個主要方面最近的一些亮點。接下來我們來看第七張投影片，了解太空情報和人工智慧服務領域的一些最新亮點。在整個第四季度以及今年，我們在促成新客戶參與第三代試點計畫的早期訪問方面取得了良好進展，並迅速將他們轉化為長期訂閱合約。例如，一位新的國際客戶從小規模試點開始，並在幾個月內迅速發展，如今已達到七位數的季度運營額，以支持其對時間要求嚴格、任務關鍵的運營。

For existing customers, we are adding access to Gen-3 services and ramping revenues under those contracts. For example, in Q4, we moved into the next phase of a $100 million multi-year subscription contract we announced last year and have now added assured access to Gen-3 imaging services to support this major international customer. As part of a seven-figure contract we announced last year with the U.S. government, we are ramping up their use of Gen-3 in their operations. Our leading AI capabilities continue to deliver incremental revenue with the award of additional options under the NGA LUNO contract. We also continued to win new orders through the U.S. Space Force Global Data Marketplace. We expect to continue this momentum and unlock additional revenue growth while we expand the Gen-3 constellation throughout the year. Let's turn to slide eight in mission solutions.

對於現有客戶，我們將增加對第三代服務的存取權限，並提高這些合約下的收入。例如，在第四季度，我們進入了去年宣布的價值 1 億美元的多年訂閱合約的下一階段，現在我們增加了對 Gen-3 成像服務的可靠訪問權限，以支持這位重要的國際客戶。作為我們去年與美國政府宣布的一項七位數合約的一部分，我們正在加大力度，讓他們在行動中使用第三代技術。我們領先的人工智慧能力持續帶來增量收入，NGA LUNO 合約項下又授予了額外的選擇權。我們也繼續透過美國太空軍全球數據市場贏得新訂單。我們預計今年將繼續保持這一勢頭，並在擴大第三代星座的同時，釋放更多收入成長潛力。讓我們翻到任務解決方案的第八張幻燈片。

We are continuing to see increasing demand for Gen-3 sovereign solutions from governments around the world. Just recently, we announced an eight8-figure multi-year contract with a new international customer. This new contract includes the delivery of a Gen-3 satellite, ground station capabilities, and satellite operation support. In addition, it also includes assured access to our commercial imagery and analytics services that will be delivered through our space-based intelligence and AI services. Last year, we highlighted the capture of a new multi-year contract valued at over $30 million to integrate Gen-3 tactical ISR services into the operational environment of a major international customer. In Q4, we successfully delivered against some of the major milestones of that contract, which contributed to our strong Q4 performance.

我們持續看到世界各國政府對第三代主權解決方案的需求不斷增長。就在不久前，我們宣布與一位新的國際客戶簽訂了一份價值 88 億美元的多年合約。這份新合約包括交付一顆第三代衛星、地面站能力和衛星運行支援。此外，它還包括確保能夠使用我們的商業圖像和分析服務，這些服務將透過我們的天基情報和人工智慧服務提供。去年，我們重點介紹了獲得一份價值超過 3000 萬美元的多年期新合同，將第三代戰術 ISR 服務整合到一家主要國際客戶的營運環境中。第四季度，我們成功完成了該合約的一些主要里程碑，這為我們第四季度的強勁業績做出了貢獻。

Finally, we continued our strong execution on some of our other contracts that included major milestone deliveries that drove conversion and burn down of prior unbilled receivables. Moving to slide nine, and some updates on our advanced technology programs. In parallel to our primary business, we continue to advance our space and AI capabilities through several customer-funded R&D programs. We are making significant progress on a number of key technology initiatives that include optical inter-satellite cross links for next generation, low latency, space-based communications, the development of AROS, our future advanced large area mapping and change monitoring satellites, and advanced AI training, algorithm, and model development, including the deployment of real-time AI processing into space and edge environments. Throughout 2025, we continue to see increased interest from our customers to accelerate these and other future capabilities in support of long-term space-based intelligence imperatives.

最後，我們繼續有力地執行了其他一些合同，其中包括重要的里程碑交付，從而推動了轉化和之前未開票應收帳款的消耗。接下來是第九張投影片，介紹一下我們的先進技術專案的一些最新進展。在開展主要業務的同時，我們也透過多個客戶資助的研發項目，不斷提升我們在太空和人工智慧領域的能力。我們在多項關鍵技術計畫方面取得了重大進展，包括下一代低延遲天基通訊的星間光鏈路、AROS 的開發、我們未來先進的大面積測繪和變化監測衛星，以及先進的人工智慧訓練、演算法和模型開發，包括將即時人工智慧處理部署到太空和邊緣環境中。2025 年全年，我們持續看到客戶對這些以及其他未來能力的關注度不斷提高，以支援長期的太空情報需求。

As a result, we expect to expand our portfolio of these types of projects throughout 2026. The highlights in 2025 are a direct result of the successful deployment, demonstration, and introduction of Gen-3 performance and capacity into the market. With proven and reliable on-orbit performance, we are seeing strong momentum across all aspects of these three key elements of our business and are excited to carry that momentum into 2026. With that, I'll now turn it over to Henry to go through the financial results. Henry

因此，我們預計在 2026 年將擴大此類專案組合。2025 年的亮點是第三代性能和容量成功部署、演示和引入市場的直接結果。憑藉著在軌性能的驗證和可靠性，我們在業務的這三個關鍵要素的各個方面都看到了強勁的發展勢頭，並很高興能將這種勢頭延續到 2026 年。接下來，我將把發言權交給亨利，讓他來解讀財務表現。亨利

Thank you, Brian, and good morning, everyone. I'm pleased with the strong finish to 2025 and the strong momentum we're seeing in the business. We continue to focus on long-term profitable growth and have now delivered two consecutive years of positive adjusted EBITA. We strengthened our balance sheet as we ended the year with over $225 million in liquidity, and we have over $345 million of contracted backlog that is increasing our revenue visibility.

謝謝你，布萊恩，大家早安。我對2025年的良好收官以及公司目前強勁的發展勢頭感到滿意。我們持續專注於長期獲利成長，目前已連續兩年實現調整後 EBITA 為正。我們加強了資產負債表，年底流動資金超過 2.25 億美元，並且有超過 3.45 億美元的合約積壓訂單，這提高了我們的收入可見度。

Now, let's begin with slide 11.

現在，讓我們從第 11 張投影片開始。

Total revenue for the fourth quarter of 2025 was $35.2 million up 16% year over year.

2025 年第四季總營收為 3,520 萬美元，年增 16%。

This growth was primarily driven by a few key factors.

這一增長主要受幾個關鍵因素驅動。

First, as Brian mentioned earlier, we want a new mission solutions contract with an international customer.

首先，正如布萊恩之前提到的，我們希望與國際客戶簽訂新的任務解決方案合約。

This contract agreement includes the sale of a Gen 3 satellite and other mission solution services of which we were able to recognize a significant amount of revenue within the quarter.

該合約協議包括出售第三代衛星和其他任務解決方案服務，我們在本季確認了相當可觀的收入。

Second, We achieved key program milestones against recently awarded Gen 3 contracts for tactical ISR service integration work that also contributed to increased revenues.

其次，我們實現了近期授予的第三代戰術 ISR 服務整合合約的關鍵專案里程碑，這也為收入成長做出了貢獻。

And 3, a number of our international customers ramped up use of their subscription access to our space-based intelligence and AI services, as well as additional orders received from NGA's Lunar program and from the US Space Force's Global Data Marketplace.

第三，我們的許多國際客戶增加了我們基於太空的情報和人工智慧服務的訂閱使用，此外，我們還收到了來自美國國家地理空間情報局 (NGA) 月球計劃和美國太空部隊全球數據市場的額外訂單。

The strong Q4 revenue performance demonstrates our ability to rapidly monetize Gen 3 capabilities.

第四季強勁的營收表現證明了我們能夠迅速將第三代技術轉化為實際收益。

For the full year, our total revenues increased to $106.6 million.

全年總收入增至 1.066 億美元。

This performance was attributable to the growth in our mission solutions business, the ramp up of our gen 3 capabilities, and continued expansion of our international customer base.

這項業績歸功於我們任務解決方案業務的成長、第三代能力的提升以及國際客戶群的持續擴大。

We are able to achieve this growth despite US government budget challenges.

儘管面臨美國政府預算的挑戰，我們仍然能夠實現這一成長。

In fact, revenues from international customers grew over 50% from the prior year and now represent more than half of our total revenues.

事實上，來自國際客戶的收入比前一年增長了 50% 以上，現在占我們總收入的一半以上。

Let's now turn to slide 12 and talk about cash operating expenses, which excludes stock-based compensation, depreciation, and amortization expenses.

現在讓我們翻到第 12 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 4th quarter of 2025.

2025年第四季。

Cash operating expenses were $17.7 million compared to $16.9 million in the prior year period.

現金營運支出為 1,770 萬美元，而去年同期為 1,690 萬美元。

For the full year, our cash operating expenses were $74.3 million up from $64.9 million in 2024.

全年現金營運支出為 7,430 萬美元，高於 2024 年的 6,490 萬美元。

This increase is primarily attributable to our Leo Stella acquisition in 2024.

這一成長主要歸功於我們在 2024 年收購了 Leo Stella。

Moving to slide 13.

切換到第13張投影片。

Our adjusted EBITA for the fourth quarter of 2025 was $8.8 million a 20% increase compared to an adjusted EBITDA of $7.4 million in the prior year quarter.

2025 年第四季調整後的 EBITA 為 880 萬美元，比去年同期調整後的 EBITDA 740 萬美元成長了 20%。

The year over year increase of $1.4 million was primarily driven by higher revenues, as I outlined a moment ago, and continued responsible cost management.

正如我剛才概述的那樣，年增 140 萬美元主要是由於收入增加以及持續負責任的成本管理。

The strong Q4 performance drove full year adjusted EBITDA to $900,000 delivering a second consecutive year of positive adjusted EBITDA.

第四季強勁的業績推動全年調整後 EBITDA 達到 90 萬美元，實現了連續第二年調整後 EBITDA 為正。

We continue to remain focused on scaling our revenue while maintaining operating discipline, which we believe will drive improving margins as we continue to sell more constellation capacity.

我們將繼續專注於擴大收入規模，同時保持營運紀律，我們相信隨著我們繼續銷售更多星座容量，這將推動利潤率的提高。

Let's move on to our cash and liquidity position as shown on slide 14.

接下來，我們來看第 14 頁投影片所示的現金和流動性狀況。

We ended the fourth quarter of 2025 with $125.6 million of cash, restricted cash, and short-term investments, which is more than double our cash balance of $53.8 million from a year ago.

截至 2025 年第四季末，我們擁有 1.256 億美元的現金、受限現金和短期投資，比一年前的 5,380 萬美元現金餘額增加了一倍多。

During the quarter we achieved major milestones across multiple contracts that triggered invoicing of prior unbilled receivables.

本季度，我們在多個合約中實現了重大里程碑，觸發了先前未開立應收帳款的開票。

As a result, we ended the year with $26.6 million of unbilled contract assets, a significant reduction from about $43 million at the end of the third quarter.

因此，到年底，我們未開票合約資產為 2,660 萬美元，較第三季末的約 4,300 萬美元大幅減少。

With the billing from these milestones and the additional contracts we won, our accounts receivable balance ended at $37.6 million which we expect to collect in the near term.

加上這些里程碑的款項以及我們贏得的其他合約的款項，我們的應收帳款餘額最終為 3760 萬美元，我們預計在近期內即可收回。

We also signed a new vendor financing agreement securing additional Gen 3 launches in 2026, which provides us with a total of $37.4 million in available launch financing.

我們還簽署了一項新的供應商融資協議，確保在 2026 年推出更多第三代產品，這將使我們總共獲得 3,740 萬美元的可用上市融資。

Taking all these items together brings our total liquidity position to over $225 million or an 84% increase over the position we ended with in 2024.

綜合以上各項，我們的總流動性部位超過 2.25 億美元，比 2024 年底的部位增加了 84%。

With this liquidity position and our continuing strong operating performance, we believe that we have sufficient liquidity to deploy our gen 3 constellation, grow our business, and continue on our path towards positive free cash flow.

憑藉目前的流動性狀況和持續強勁的經營業績，我們相信我們擁有足夠的流動性來部署我們的第三代星座，發展我們的業務，並繼續朝著正自由現金流的目標邁進。

Turning to the outlook on slide 15, we expect full year 2026 revenue to be between $120 million and $145 million representing a 24% growth over 2025 at the midpoint of this range.

翻到第 15 頁的展望，我們預計 2026 年全年營收將在 1.2 億美元至 1.45 億美元之間，按該範圍的中點計算，比 2025 年增長 24%。

This annual growth is driven by strong backlog visibility which we expect to convert into revenue throughout the year, continued Gen 3 satellite deployments delivering increased capacity to our customers, and a growing pipeline of sales opportunities.

這項年度成長得益於強勁的積壓訂單可見度（我們預計這些訂單將在全年轉化為收入）、持續的第三代衛星部署為我們的客戶帶來更大的容量，以及不斷增長的銷售機會。

Historically, our revenue performance in the second half of the year has always been stronger than in the 1st half, and we anticipate this year to be the same.

從歷史數據來看，我們下半年的營收表現總是比上半年好，我們預計今年也會如此。

We expect full year 2026 adjusted EBITDA to be between $6 million and $0.18 million dollars, reflecting our continued progress towards sustained profitability while maintaining investments in a number of growth initiatives.

我們預計 2026 年全年調整後 EBITDA 將在 600 萬美元至 18 萬美元之間，這反映了我們在保持對多項增長計劃的投資的同時，在實現持續盈利方面取得的持續進展。

Capital expenditures for the full year 2026 are projected to be between $50.60 million dollars and are primarily focused on building out our Gen 3 constellation and advancing our next generation satellite and AI technologies.

預計 2026 年全年資本支出將達到 5,060 萬美元，主要用於建造我們的第三代星座，並推進我們的下一代衛星和人工智慧技術。

In summary, we're pleased with our 4th quarter and full year financial performance, the momentum we're seeing across the business, and our expanding international customer portfolio.

總而言之，我們對第四季度和全年的財務業績、業務發展勢頭以及不斷擴大的國際客戶群感到滿意。

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

接下來，我將把發言權交還給布萊恩，請他作總結發言。

Thanks, Henry. We're pleased with the strong finish to 2025 and the momentum we're carrying into 2026.

謝謝你，亨利。我們對 2025 年的良好結束以及我們延續到 2026 年的良好勢頭感到滿意。

Building on the success, proven on-orbit performance, and customer validation of Gen 3.

在第三代產品的成功、在軌性能驗證和客戶認可的基礎上，我們繼續成長。

We are off to a strong start to the year.

今年開局強勁。

The growing market opportunity for space-based intelligence is accelerating.

太空情報市場機會日益增長，且成長速度正在加速。

And Black Sky is well positioned to meet this demand through an industry leading space, ground, and AI technology stack that we are successfully leveraging across multiple lines of business.

Black Sky 擁有業界領先的空間、地面和人工智慧技術堆疊，我們已成功地將其應用於多個業務領域，因此完全有能力滿足這一需求。

To capitalize on a number of growth factors.

利用多種成長因素。

We enter 2026 with a strong balance sheet, a growing backlog of high visibility revenue for our space-based intelligence and AI services and mission solutions.

進入 2026 年，我們擁有強勁的資產負債表，以及不斷增長的、基於太空的情報和人工智慧服務及任務解決方案的高可見性收入積壓。

And a clear and strong execution strategy for growth.

以及清晰有力的成長執行策略。

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。

(Operation Instructions)

（操作說明）

We will now begin the question-and-answer session.

現在開始問答環節。

Your first question comes from the line of Edison you with Deutsche Bank. Your line is now open. Please go ahead.

你的第一個問題來自愛迪生與德意志銀行的合作。您的線路已開通。請繼續。

Good morning, everyone and thank you for taking your questions. First, I want to ask about the new eight-figure sovereign deal.

各位早安，感謝各位回答問題。首先，我想問一下關於那筆數額龐大的主權債務交易。

I guess it's falling under ion Solutions now. Can you give us a little bit more detail both in terms of the customer, the pacing of how that revenue gets recognized and more generally the pipeline of similar opportunities going forward about deals like this or structures like this.

我猜它現在歸離子解決方案公司所有了。您能否就客戶、收入確認的速度以及未來類似交易或類似結構的潛在機會等方面，提供更多細節？

Sure. Good morning, Edison. Thanks for the question. Yeah, as we outlined in our remarks, this is a, we'll call it an initial contract for a Gen 3 satellite. It includes some ground capability and software as well as multi-year support services. It is bundled with a commercial contract for subscription-based access to our commercial constellation and AI services, so.

當然。早上好，愛迪生。謝謝你的提問。是的，正如我們在演講中概述的那樣，這是一份，我們稱之為第三代衛星的初始合約。它包括一些地面能力和軟體，以及多年的支援服務。它與商業合約捆綁在一起，該合約規定了用戶可以透過訂閱方式存取我們的商業星座和人工智慧服務。

That means that these types of contracts support both of those elements of our business.

這意味著這類合約能夠支持我們業務的這兩個面向。

This is a, this in this in this case.

這是，在這種情況下。

We were able to, as Henry mentioned, recognize a good portion of revenue of that in the 4th quarter.

正如亨利所提到的那樣，我們在第四季度確認了其中很大一部分收入。

As we're able to make immediate deliveries, the strength of this is that we were able to pull a satellite off the production line and accelerate the customer's schedule.

由於我們能夠立即交付，其優勢在於我們可以從生產線上取下一顆衛星，加快客戶的進度。

So we will move forward on their schedule to launch the satellite as quickly as we can.

因此，我們將按照他們的計劃盡快發射衛星。

Either later this year or early next year, so, We are seeing a general trend where a number of these types of customers will start with a few satellites with ambitions to expand much further beyond that and grow those over time.

因此，我們看到一種普遍趨勢，即許多這類客戶會從幾顆衛星開始，並雄心勃勃地計劃進一步擴展，隨著時間的推移而不斷發展壯大。

Yeah, just to follow-up, do you have a sense of how many of these type of programs or deals are in your pipeline? Is it something that's, could be multiple countries, dozens of countries? I just want to think about that?

是的，我再跟進一下，您大概知道目前有多少這類項目或交易正在進行中嗎？它是否涉及多個國家，甚至數十個國家？我只是想好好想想這件事？

Yeah, I think we're building a very strong pipeline. We're seeing this type of trend, across a number of, regions in the world and with a number of customers in each region.

是的，我認為我們正在建立一個非常強大的人才儲備庫。我們在世界許多地區都看到了這種趨勢，而且每個地區都有許多客戶出現了這種趨勢。

I think Edison, the way we think about this as a TAM expansion opportunity maybe to maybe to put this in some numbers about.

我認為愛迪生，我們看待這件事的方式，是將其視為TAM（總市場規模）擴張的機會，或許可以用一些數字來衡量一下。

Maybe less than 5 years ago they were under.

或許不到5年前，他們還處於劣勢。

12 or 15 countries that had sovereign space capability. Now there's over 60.

12 或 15 個擁有自主太空能力的國家。現在已經超過60個了。

And so, and many of them are in the early phases of building out their capability. So, this is a large and expanding market and there's several customers that are coming into this with.

因此，他們中的許多人仍處於能力建構的早期階段。所以，這是一個龐大且不斷擴大的市場，有許多客戶正在進入這個市場。

Very little initial capability that we're able to help accelerate them.

我們目前幾乎沒有能力幫助他們加速發展。

Their long-term plans.

他們的長期計劃。

Got you. If I could just speak one more in, would you expect to announce another similar type of deal this year?

抓到你了。如果我還能再說一句，您預計今年還會宣布另一筆類似的交易嗎？

Well, as I said, we have a very strong pipeline. We have a few deals moving through the pipeline.

正如我所說，我們擁有非常強大的人才儲備。我們有一些交易正在洽談中。

Timing of international deals has always been.

國際交易的時機一直都很重要。

Then.

然後。

Challenging to predict exactly and just also keep in mind these tend to be lumpy. So, those, these deals will come in and then you'll see these spikes in revenue as we recognize.

很難準確預測，而且也要記住，這些數據往往是不均勻的。所以，這些交易將會達成，然後你會看到收入出現我們所預期的這些激增。

Revenue, depending on the nature of the contract.

收入取決於合約的性質。

Great, thank you.

太好了，謝謝。

Thanks, Edison.

謝謝你，愛迪生。

Great, thank you. (Operator Instructions)

太好了，謝謝。（操作說明）

Your next question comes from the line of Jeff Van Ree with Craig Hallam Capital Group. Your line is open. Please go ahead.

你的下一個問題來自 Craig Hallam Capital Group 的 Jeff Van Ree。您的線路已開通。請繼續。

Great, thanks for taking the questions. Maybe to start with you, Henry, in terms of the guide, if I look at the low end of the guide, what must happen here to hit that in terms of new bookings versus already having that in backlog?

太好了，謝謝你回答這些問題。亨利，或許我們可以先從你開始談，就這份指南而言，如果我看一下指南的低端部分，要達到這個新預訂量（而不是已經積壓的預訂量），需要發生什麼情況？

We've got a strong, Jeff, thanks for the question. This is Henry. We've got strong visibility. We do have a backlog, as we've said, maybe about $345 million. We've got nearly $75 million of that coming through in 2026.

傑夫，謝謝你的提問，我們這邊情況比較樂觀。這是亨利。我們擁有很高的知名度。正如我們所說，我們確實有積壓訂單，大概有 3.45 億美元。2026年，我們將獲得近7,500萬美元的資金。

We also have renewals that are not yet in there, so that's kind of our standard modus operandi. So we, we've got strong visibility to get into that, into the low end and actually into all the way into the full range there.

我們還有一些續約尚未處理，所以這算是我們的標準作業模式。所以，我們有很強的洞察力進入這個領域，進入低階市場，實際上也進入了整個全系列市場。

Yeah, is the, just to be clear, is the low end, I assuming, I mean, can you give a ballpark of how, what kind of new bookings you need to make that, or is it already in the bag?

是的，說清楚點，我猜這是最低限度，我的意思是，你能大概估算一下需要多少新訂單才能達到這個目標嗎？還是說已經穩操勝券了？

Well, as I said, we've got a fair bit of renewals in there, so we feel pretty comfortable at the, obviously we wouldn't put a low end out that we didn't feel that we could hit.

正如我所說，我們有很多續約項目，所以我們感覺很有信心，顯然我們不會設定一個我們認為無法達到的最低價格。

Okay, got it. And then Henry, you mentioned, on the guide in terms of linearity, assume its back end loaded. You expand a little bit. You had this large eight figure customer. It sounds like a lot, maybe most of that revenue fell in Q4. So how much of that, it does not recur in Q1? Just trying to get a sense of the step down and then how to build the ramp through the year.

好的，明白了。然後亨利，你提到，就線性而言，指南假設其後端加載。你稍微擴張了一下。你曾經有過一位金額高達八位數的客戶。聽起來很多，也許大部分收入都下降在了第四季。那麼，其中有多少不會在第一季再次出現呢？我只是想了解一下下降的難度，以及如何在這一年中逐步提升。

Well, I guess the way I would look at it, if you look at us historically over the last number of years, we've usually been in kind of like the 45, 40, 45, less than 50% in the first half of the year and 55% to as much as 60% in the second half of the year, and that's kind of the way I would be looking at it.

嗯，我想，從我的角度來看，如果你回顧我們過去幾年的歷史，我們通常在上半年處於 45%、40%、45% 左右，低於 50%，下半年則達到 55% 到 60%，這就是我的看法。

Got it. Okay. And then just last on the gen 3s, obviously I think compared to your initial hopes, expectations, the timeline of getting those in the sky has been slower than expected. Just curious, as you're looking back on kind of what's playing out there, is there anything that needs to change? Do you satisfied with the timelines it looks like in terms of how those are going to roll and where do you think you're going to end 2026 in terms of the number of Gen 3's up?

知道了。好的。最後說說第三代產品，顯然，與你最初的希望和預期相比，讓它們升空的進度比預期的要慢。我只是好奇，回顧目前的狀況，你覺得有什麼需要改變的地方嗎？您對目前的進度安排是否滿意？您認為到 2026 年底，第三代產品的數量會達到多少？

Yeah, Jeff, the way that we're looking at it right now is, we, we've got these 1st 3 up. And they're meeting and exceeding expectations, performing exceptionally well.

是的，傑夫，我們現在看待這個問題的方式是，我們已經完成了前 3 個。他們不僅達到預期，而且表現超乎預期，發揮得非常出色。

And that performance is driven.

而這種表現是被驅動的。

The revenue ramp that we're experiencing in the 4th quarter and taking into the into this year.

我們在第四季度以及今年年初都經歷了收入成長。

We have the next one already at the launch site. Our goal will be to have 8 to 9 Gen 3s in orbit by the end of this year.

下一個目標已經運抵發射現場。我們的目標是在今年年底前將 8 到 9 顆第三代衛星送入軌道。

The We're in very good shape as we mentioned, we had, we found an issue in testing on the prior satellite.

正如我們之前提到的，我們目前狀況非常好，只是在先前的衛星測試中發現了一個問題。

But We, this is very typical with your first few satellites.

但是，這對你們最初的幾顆衛星來說非常典型。

I'll remind you with our Gen 2 constellation.

我會用我們的第二代星座圖來提醒你。

We started with a similar cadence and then we quickly got to the point where At one point we launched 6 satellites within 20 days, so we are.

我們一開始也採用了類似的節奏，然後很快就達到了這樣的程度：我們一度在 20 天內發射了 6 顆衛星，所以我們現在就是這樣。

We are on track and the satellites are performing well and our production operations are ramping.

一切進展順利，衛星運作良好，生產營運正逐步擴大規模。

Yeah, and congrats. I mean that first light performance is exceptional and the imagery just looks outstanding, so best of luck.

是的，恭喜你。我的意思是，首照表現非常出色，成像效果也十分驚艷，祝你好運。

Thanks, Jeff.

謝謝你，傑夫。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Timothy Hon with Oppenheimer. Your line is open. Please go ahead.

你的下一個問題源自於提摩西·洪與奧本海默的對話。您的線路已開通。請繼續。

Thanks guys. Any updated thoughts on, is there an inflection point for where you get some scale, when you hit like 678 satellites when maybe more general availability and you see a little bit more operating leverage, just thoughts on what the critical number is there.

謝謝各位。關於衛星數量達到 678 顆左右，是否會出現一個轉折點，從而帶來一定的規模效應，例如更普遍的可用性和更大的營運槓桿效應？大家有什麼最新的想法嗎？這個關鍵數字是多少？

Yeah, good morning, Tim. I guess we don't think of it that way. .

早安，提姆。我想我們不會那樣想。。

I think the way we are seeing it is the 3 we have up there have been sufficient.

我認為我們目前看到的是，我們上面這三個人已經足夠了。

To put in front of customers so they can validate the performance and how they integrate this capability into their operations.

向客戶展示，以便他們驗證性能以及如何將此功能整合到他們的營運中。

And our sales cycle reflects that along with Unlocking revenues from existing contracts, so The thing that maybe keep in mind is the number of satellites does not, is not indicative of revenue. There's some companies with hundreds of satellites that have a certain revenue profile and others that have 6 to 8 that have a completely different revenue profile.

我們的銷售週期也反映了這一點，同時也釋放了現有合約的收入，所以需要記住的是，衛星的數量並不能代表收入。有些公司擁有數百顆衛星，其收入模式與某些公司不同；而有些公司只有 6 到 8 顆衛星，其收入模式則完全不同。

So we view it more as customer adoption rate and unlocking performance, and we scale that capacity commensurate with the level of service that we need to deliver, whether it's imaging.

因此，我們更將其視為客戶採用率和效能釋放，並根據我們需要提供的服務等級（無論是成像）來擴展容量。

Performance of quality revisit or low latency delivered with AI enabled intelligence, so it's a customer ramping.

借助人工智慧實現高品質的回訪或低延遲效能，客戶正在逐步增加服務量。

And capacity ramping trend that we're working toward.

以及我們正在努力實現的產能提升趨勢。

Got it. It does sound like you are a little bit capacity constrained on the manufacturing line, but I think you're implying that that's going to accelerate your ability to, yeah, accelerate your manufacture of these satellites. Is that pretty accurate?

知道了。聽起來你們的生產線產能似乎有點不足，但我認為你們的意思是，這將加快你們製造這些衛星的速度。這個說法準確嗎？

Yeah, I wouldn't call it capacity constrained. I would call it being very measured with the first several satellites.

是的，我不會稱之為產能受限。我認為，對於前幾顆衛星的發射，他們的策略非常謹慎。

To ensure that the ones that are going up there are meeting our quality standards and we are in parallel optimizing supply chain and our production processes to hit an operating cadence out of production. So, as I said, this is typical, and we are feeling very good about where we are.

為了確保上架的產品符合我們的品質標準，我們正在同步優化供應鏈和生產流程，以達到生產營運節奏。所以，正如我所說，這是很正常的，我們對目前的狀況感到非常滿意。

Got it. And then lastly, just that, any thoughts on US spend, at this point from the government? What are you kind of expecting this year? Are you seeing improvements there?

知道了。最後，就這一點而言，您對目前美國政府的支出有什麼看法？今年有什麼期待？你那邊情況有改善嗎？

Yeah, I think, let me just say that, we're happy that Congress approved the 26th budget, which includes funding for EOCL and other commercial imagery and analytics initiatives, both that NGA and Space Force.

是的，我想說的是，我們很高興國會批准了第 26 份預算，其中包括為 EOCL 和其他商業圖像和分析計劃提供的資金，這些計劃既包括 NGA 的，也包括太空部隊的。

So, for EOCL we've taken a conservative approach in our forecast this year and we expect That'll take some time into Q2 across all of these programs before we get better visibility and how this funding is going to be appropriated to specific programs and contracts, but.

因此，對於 EOCL，我們今年的預測採取了保守的做法，我們預計，在所有這些項目上，我們需要一些時間（到第二季度）才能更好地了解這些資金將如何分配給具體的項目和合同，但是。

We're seeing increased interest across the government in expanding use of commercial imagery and analytics.

我們看到政府各部門對擴大商業圖像和分析的使用越來越感興趣。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Jason Schmidt with Lake Street. Your line is open. Please go ahead.

你的下一個問題來自傑森·施密特在湖街的線路。您的線路已開通。請繼續。

Hey guys, thanks for checking my questions. Just following up on the new eight-figure contract. Just curious how long you were in discussions with that customer before inking that contract and I guess relatedly what you're seeing from sort of a sales cycle timeline when it comes to some of these gen 3 contracts.

各位，謝謝你們查看我的問題。跟進一下那份新的八位數合約。我只是好奇在簽約之前，你和那位客戶討論了多久，以及你從第三代合約的銷售週期時間軸中觀察到的情況。

Yeah, I think it, I think the way we think about it, Jason, it's These are 12 to 18 month type sales cycles and in this particular case, this was at the faster end of that.

是的，我認為，傑森，我們這樣想，銷售週期通常是 12 到 18 個月，而在這個案例中，週期算是比較短的。

So, I think we're seeing a very consistent trend around that length of sales cycle.

所以，我認為我們看到銷售週期長度呈現出非常一致的趨勢。

Okay, that's helpful. And then just as a follow-up, not looking for some specifics, but just curious at a high level if the pricing of the gen 3 capacity is in line with your prior expectations.

好的，這很有幫助。然後，作為後續問題，我不是想了解具體細節，只是好奇第三代容量的定價是否符合您先前的預期。

Oh, it's exactly in line with our expectations and what we have modelled in our business plan, the thing that.

哦，這完全符合我們的預期，也符合我們在商業計劃中設定的模式。

The thing that you need to.

你需要的東西。

Keep in mind as we have increased the pricing commensurate with the from gen 2 to gen 3 with the improved 35 centimetre.

請注意，由於從第二代到第三代產品改進了 35 厘米，價格也相應提高了。

Capability Also keep in mind that these Gen 3 satellites are producing imagery.

能力方面，也要記住這些第三代衛星正在產生影像。

At a level of performance of much larger and more expensive satellites that in some cases can be 10 times more expensive.

其性能水準與體積更大、價格更昂貴的衛星相當，而有些衛星的價格可能是其 10 倍。

So these types of these compelling economics are really enabling us to provide our customers with exceptional value at competitive prices while delivering strong margin performance to the business.

因此，這些極具吸引力的經濟因素確實使我們能夠以具有競爭力的價格為客戶提供卓越的價值，同時為企業帶來強勁的利潤率。

All right perfect thanks guys.

好的，太好了，謝謝各位。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Chris uilty with Quilty space. Your line is open. Please go ahead.

你的下一個問題來自 Chris utilty 與 Quilty space 的對話。您的線路已開通。請繼續。

Morning, gentlemen. Looking out to 26 and thank you for providing the new, segment, reporting that's helpful. Can you give us a sense of what sort of a breakdown you expect revenue wise between the segments? I'm. I'm thinking it's probably like a 70/30 is on the imagery and analytics and the second part of the question for Henry, can you just talk to us about the accounting methodology for the sale of satellites to customers.

早安，先生們。期待 26 屆畢業生，感謝你們提供新的、分段式的、有用的報告。您能否大致說明一下您預期各業務板塊的收入構成情況？我是。我認為圖像和分析可能佔 70/30 的比例，至於問題的第二部分，亨利，你能跟我們談談向客戶銷售衛星的會計方法嗎？

Is it done more at a percentage completion, or at final sale?

是在完成一定比例後進行，還是在最終銷售時進行？

Yeah, good morning, Chris. Thanks for the question. Let me take the first question before I hand it over to Henry. .

早上好，克里斯。謝謝你的提問。在把問題交給亨利之前，先回答第一個問題。。

Yeah, I think the mix is consistent with where we've been in the past. This is just providing some visibility across those three elements. We Expect that the space-based intelligence and AI services to contribute.

是的，我認為這種組合與我們過去的做法是一致的。這只是為了讓大家更清楚地了解這三個要素。我們期望天基情報和人工智慧服務能夠做出貢獻。

Somewhere in that 60 to 70% of our revenues, which is that's our higher margin subscription.

我們收入的 60% 到 70% 中，就是利潤率較高的訂閱服務。

Element of our business.

我們業務的一個組成部分。

The mission solutions. Think of that being in this kind of 25% range at this point, but we expect that to grow.

任務解決方案。目前這個比例大概在 25​​% 左右，但我們預期它會成長。

We expect them all to grow. That may grow a little bit more disproportionately as those are larger deals.

我們期望它們都能成長。由於這些交易規模較大，這種不成比例的成長可能會更加明顯。

And then finally, the technology development programs.

最後是技術開發項目。

As I said, we've had a long history of those.

正如我所說，我們在這方面有著悠久的歷史。

And we expect to kind of sustain that and grow it, think roughly.

我們希望能夠維持並發展這種勢頭，大概就是這樣。

15% or so of our of our total revenue. So not really much change in the blend but just providing better visibility.

約占我們總收入的15%。所以混合物本身並沒有太大變化，只是提高了可見度。

Hey, Chris, of Henry. Yeah, looking at kind of the mission solutions line, given the fact that these satellites do have some customization associated for each individual client because of the way they need to operate them a little bit, we are able to look at it from kind of an ETC basis or kind of a percent complete as you're calling it, so that we do expect to be able to get some revenue recognition as we march through, and that's what we were able to do with this eight-figure contract in the 4th quarter.

嘿，克里斯，亨利。是的，就任務解決方案線而言，考慮到這些衛星由於每個客戶的具體操作方式不同，都需要進行一些定制，我們可以從ETC（預計完成時間）或您所說的完成百分比的角度來看待這個問題，因此我們預計隨著項目的推進，我們將能夠獲得一些收入確認，而這正是我們在第四季度通過八位數合同所實現的這份。

Great. And when you look at the international sales model, I mean we've certainly seen kind of two different models. One where transfers the satellite, to the customer, another where you operate the satellite, as a bespoke element of that customer's, customer ownership, you're operating it and you monetize in different regions.

偉大的。當你審視國際銷售模式時，我的意思是，我們確實看到了兩種不同的模式。一種模式是將衛星移交給客戶，另一種模式是作為客戶的客製化元素來運作衛星，客戶擁有衛星所有權，你經營衛星並在不同地區獲利。

Do you prefer either of those margins? What direction do you see that that trend line going? And are there significant, modelling, considerations we should think about, depending upon which model you use?

你比較喜歡這兩種邊距中的哪一種？你認為這條趨勢線會朝哪個方向發展？那麼，根據所使用的模型，我們是否應該考慮一些重要的建模因素呢？

Yeah Chris, I, I'm not sure we would say we prefer one model versus the other. I think what we're doing now is being responsive to how our customers want to structure these contracts.

是的，克里斯，我不太確定我們會說我們更喜歡哪一種型號。我認為我們現在所做的，是對客戶希望如何建立這些合約做出積極回應。

The, as I mentioned before.

正如我之前提到的。

And the mission solutions it's essentially giving them sovereign capability and control that may include operational support, leveraging our commercial infrastructure.

而任務解決方案本質上是賦予他們自主能力和控制權，其中可能包括利用我們的商業基礎設施提供營運支援。

But, and then bundling that with our commercial, services, that are giving them higher performing revisit and real-time AI enabled intelligence that augment that, so.

但是，然後將其與我們的商業服務捆綁在一起，為他們提供更高性能的回訪和實時人工智能賦能的智能，從而增強其性能。

There's a number of different business models.

商業模式有很多種。

Whether it's a constellation as a service or, a turnkey system.

無論是星座即服務，或是交鑰匙系統。

We've developed a strategy where we're flexible to meet the customer where they are and be on that journey for them in the long haul of how they want to expand this over time.

我們制定了一項策略，即靈活地滿足客戶的需求，並在他們希望隨著時間的推移不斷擴展業務的過程中，長期陪伴他們。

Great, and Henry, are you going to give a quarterly breakdown of the new segment reporting in the key?

太好了，亨利，你會按季度提供新業務板塊報告的關鍵數據嗎？

For a historical, yes, we will. Historically there will be.

從歷史角度來看，是的，我們會。歷史上一定會有這種情況。

Right.

正確的。

Thanks, gentlemen.

謝謝各位先生。

Thank you, Chris.

謝謝你，克里斯。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Austin Mueller with Canaccord Genuity. Your line is open. Please go ahead.

你的下一個問題來自 Canaccord Genuity 的 Austin Mueller。您的線路已開通。請繼續。

Hi, good morning, Brian Henry. So just my first question, can you comment on the NRO having 200 of its own satellites in orbit now? Do you know what modality they are? Are they like EO, infrared, SAR, and would you consider that to be complementary or competitive to, Gen 3?

你好，早安，布萊恩亨利。我的第一個問題是，您能否就美國國家偵察局目前擁有 200 顆在軌衛星發表一些看法？你知道它們是什麼模態嗎？它們是否類似光電、紅外線、合成孔徑雷達？您認為它們與第三代技術是互補關係還是競爭關係？

Well, I think the US government and other major governments have always had their own sovereign.

我認為美國政府和其他主要國家政府一直有自己的主權國家。

Capability for critical national security needs that that's been The case for a long time. I think what's important to understand.

滿足關鍵國家安全需求的能力，這種情況已經持續很久了。我認為重要的是要理解這一點。

In the US government is that there's several unique missions that The US government has moved to commercial capabilities and That those set of requirements.

美國政府有一些獨特的任務，這些任務已轉移到商業能力領域，而這些能力也滿足了這些要求。

Have long been allocated to what is now EOCL, but prior to that, enhanced view and the predecessor contract, so I think the way we look at it is we're not competing with those systems, we're augmenting them.

長期以來，這些資源一直分配給現在的 EOCL，但在此之前，它們屬於增強視圖和前身合同，所以我認為我們看待這個問題的方式是，我們不是在與這些系統競爭，而是在增強它們。

We can move much quicker in the innovation cycles. We can provide a resilient augmentation capability and then also.

我們可以在創新週期中更快地前進。我們可以提供強大的增強能力，而且還可以。

Which is extremely important is everything we do is unclassified, which is shareable with our allies. So, it's not a competition, it's an augmentation, and it's serving a very specific missions that have been allocated to the commercial industry.

非常重要的一點是，我們所做的一切都是非機密的，可以與我們的盟友分享。所以，這不是一場競爭，而是一種增強，它服務於分配給商業領域的非常具體的任務。

Okay.

好的。

And are you able to comment on what the size of the commercial imagery budget was in 2026 now that the budget was passed? I know it's usually classified, but I don't know if that's been divulged yet.

既然預算已經通過，能否透露2026年商業圖像預算的規模？我知道這通常是機密信息，但我不知道是否已經洩露了。

It's still, it's a classified budget line.

這仍然是一項機密預算項目。

Okay, great, I'll pass it back there.

好的，太好了，我這就把它遞回去。

Thank you.

謝謝。

Thanks, Austin.

謝謝你，奧斯汀。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Scott Buck with HC Wainwright and Co. Your line is open. Please go ahead.

您的下一個問題來自 HC Wainwright and Co. 的 Scott Buck 的線路。您的線路已接通。請繼續。

Hi, good morning, guys. Thanks for the time. Brian, I'm curious, you guys talked about the significant international demand. Can we get a little more granular there? Is that Asia? Is that Europe? Or what can you tell us about where that's coming from? And then second, what do you think was left on the table in the US, in terms of revenue from the shutdown during the end of 25?

大家好，早安。謝謝你抽出時間。布萊恩，我很好奇，你們之前討論過巨大的國際需求。我們能再細化一些嗎？那是亞洲嗎？那是歐洲嗎？或者，您能告訴我們這是從哪裡來的嗎？其次，你認為美國在2025年底的停擺期間損失了多少收入？

Yeah, I think, Scott, I think we're seeing on the mission solution side internationally pretty much demand.

是的，斯科特，我認為我們在國際上對任務解決方案的需求相當大。

Almost in every major region across the world, Europe, Middle East.

世界各大地區，包括歐洲和中東，幾乎都存在這種情況。

Asia Pacific, Southeast Asia, etc. So, like I said, the number of countries that are Putting significant dollars into building a sovereign space capability both for national security and Economic development purposes is growing very rapidly.

亞太地區、東南亞等地。所以，正如我所說，投入大量資金建立自主太空能力（既是為了國家安全，也是為了經濟發展）的國家數量正在迅速增長。

And so we do have a pretty strong pipeline worldwide.

因此，我們在全球範圍內擁有相當強大的產品供應管道。

I think.

我認為。

On the what was left on the table question, we talked about the impact.

關於「桌上還剩下什麼」這個問題，我們討論了其影響。

Of some of those government budget.

其中一些是政府預算。

Changes that we that we addressed in August.

我們在八月提出的變更。

I don't know, Henry, if you want to maybe comment on that again, but I think we shared those numbers.

亨利，我不知道你是否想再次就此發表評論，但我認為我們已經分享過這些數字了。

Yeah, we have shared, Scott, I mean back in some of our prior earnings calls, we did talk about how with the budget cuts and the impact that we had, that was in the neighbour of about $2 million per month, starting in August, so about a $10 million hit for the year.

是的，史考特，我們之前在一些財報電話會議上討論過，由於預算削減及其影響，從 8 月開始，每月損失約 200 萬美元，全年損失約 1000 萬美元。

So that that's what the That's what we've stated.

這就是我們所說的。

Great, I appreciate that.

太好了，非常感謝。

And then as we move closer to 27, could you give us a little more colour on how the roll out of arrows would work, and maybe some colour on what the opportunity, the revenue opportunity looks like versus, the imagery business.

然後，隨著我們越來越接近 27 日，您能否更詳細地介紹一下箭頭的推出方式，以及與圖像業務相比，收入機會的情況如何？

Yeah, the areas satellite is a TAM expansion opportunity for us. Our Gen 3 capability is.

是的，該地區的衛星業務對我們來說是一個拓展TAM市場的機會。我們的第三代能力是。

This high frequency dynamic monitoring of strategic sites.

對戰略要地進行高頻動態監控。

Of interest, Arrows is being designed as a large area map mapping, digital mapping capability.

值得注意的是，Arrows 被設計成一個大面積地圖繪製、數位地圖繪製平台。

For large area change monitoring, think of the large imagery.

對於大面積變化監測，請考慮使用大尺寸影像。

Demands and collection required for things like Google Maps and other digital platforms, including in support of next generation AI capabilities, the development of digital twins.

谷歌地圖和其他數位平台等應用的需求和收集，包括支援下一代人工智慧能力和數位孿生的開發。

And so Eos is being designed specifically for those set of requirements and The Gen 3 and the Aero satellites will work cooperatively to deliver a high value service to our customers that need both of those.

因此，Eos 是專門為滿足這些要求而設計的，第三代衛星和 Aero 衛星將協同工作，為需要這兩種服務的客戶提供高價值服務。

Capabilities, and then also it's a commercial expansion opportunity, particularly in the area of digital mapping and other civil and other civil type markets that require that type of mapping, so.

能力，以及商業擴張的機會，尤其是在數位地圖繪製以及其他需要此類地圖繪製的土木工程和民用市場領域。

It's a purpose-built satellite for a new market opportunity.

這是一顆為抓住新的市場機會而特別打造的衛星。

Great, I appreciate the call there, guys. That's all I have.

太好了，謝謝你們的來電。這就是我全部的資料了。

Thanks, Scott.

謝謝你，斯科特。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Sheila Kyaalu with Jeffrey. Your line is open. Please go ahead.

你的下一個問題來自 Sheila Kyaalu 和 Jeffrey 的對話。您的線路已開通。請繼續。

Good morning everyone. This is Billy on for Sheila. Thanks for taking our questions.

大家早安。這裡是比利替希拉報道。謝謝您回答我們的問題。

Just on the cash operating expenses you've held them relatively flat while growing revenue, which is great. What are some of the drivers of the cost management and as Gen 3 continues to scale, how are you thinking about OpEx and operating leverage?

僅就現金營運費用而言，你們在保持收入成長的同時，將其控制在相對穩定的水平，這非常棒。成本管理的驅動因素有哪些？隨著第三代產品規模的不斷擴大，您如何看待營運支出和營運槓桿？

Yeah, I think I'll start. I can hand it over to Henry. We have a, we have from day one been building a platform that gives us significant operating leverage, as we.

嗯，我想我會先開始。我可以把它交給亨利。我們從一開始就一直在建立一個平台，該平台為我們提供了顯著的營運槓桿。

As we get the business over the fixed price/cost of running that and maintaining it, that's where you see significant margin performance that goes to the bottom line for every incremental.

當業務營運成本超過其固定價格/維護成本時，你會看到利潤率顯著提高，每一筆增量都會直接轉化為利潤。

Amount of capacity that we sell. So you can see that in our EBITDA margin performance over the last couple of years as we've been monetizing that capacity off a fixed, off a fixed operating.

我們出售的產能數量。所以你可以從過去幾年我們的 EBITDA 利潤率表現中看到這一點，因為我們一直在將固定營運成本下的產能貨幣化。

Generally fixed operating base.

一般情況下，經營基地固定。

I don't know, Henry, if you want to add anything. I.

亨利，我不知道你是否還有什麼要補充的。我。

Henry Duboiss think you covered it there, Brian. I mean, we're disciplined in kind of cost management. We do make investments in sales, marketing, and other R&D type stuff so that we are always making sure that we're growing, but we're also quite disciplined to make sure that we provide the leverage so that as we grow our top-line, it will drop to the bottom.

亨利·杜波依斯認為你已經解釋清楚了，布萊恩。我的意思是，我們在成本管理方面很有紀律性。我們確實會在銷售、行銷和其他研發方面進行投資，以確保我們始終保持成長，但我們也相當自律，以確保我們提供槓桿作用，這樣隨著我們營收的成長，成本就會下降。

Great, thanks. Helpful. And then just one more on free cash flow for 2026, what do you see as the major moving pieces as you progress you know towards positive free cash flow and for 2026, like what are the working capital needs and for the, 55 million in CapEx, how do you think about the mix between, Gen 3 investments and AI technologies?

太好了，謝謝。很有幫助。再問一個關於 2026 年自由現金流的問題，您認為在實現正自由現金流的過程中，主要的變動因素是什麼？例如，2026 年的營運資金需求是什麼？對於 5500 萬美元的資本支出，您如何看待第三代投資和人工智慧技術之間的組合？

But we don't break CapEx down between those two in our guidance, but as you can look historically, I mean, we typically have the neighbourhood of about 12 to $15 million of kind of general corporate development, CapEx, AI, CapEx, etc. But the big thing there is, as we, we're guiding, we're growing the adjustment of VA, which is a surrogate for operating cash flow, and we believe that we'll be able to hit the target ranges that we're putting out there.

但我們的業績指引中並沒有將資本支出細分為這兩項，但從歷史數據來看，我們通常會有大約 1,200 萬到 1,500 萬美元用於一般公司發展、資本支出、人工智慧等。但關鍵在於，正如我們在績效指引中所述，我們正在增加可變資產調整額（VA）的調整，VA 是營運現金流的替代指標，我們相信我們能夠達到我們設定的目標範圍。

Great, thanks, that's all I have.

太好了，謝謝，這就是我全部的資料了。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Greg Burns with Sidoti. Your line is open. Please go ahead.

你的下一個問題來自 Greg Burns 與 Sidoti 的對話。您的線路已開通。請繼續。

Morning, just to follow-up on the EOCL funding, and I know it's the budget's classified, so maybe you don't have an exact number, but do you have any sense of whether or not.

早上好，我想跟進EOCL的資金情況，我知道這是預算機密，所以您可能沒有確切的數字，但您是否知道大概情況？

The cuts, the proposed cuts were enacted or if funding was restored to historic levels.

削減措施、擬議的削減措施是否已實施，或資金是否已恢復到歷史水準。

As I, yeah, as I mentioned earlier, it is classified, but What we are seeing is There's multiple budget lines. There's been a couple that have been added.

是的，正如我之前提到的，這是機密文件，但我們看到的是有多條預算線。已經新增了幾位。

And we're sorting through.

我們正在整理。

How that's going to play out in actual implementation. So, we're seeing some positive trends, out of that, but we have to see how this shakes out over the next quarter.

實際執行會如何表現？所以，我們看到了一些正面的趨勢，但我們還得看看下個季度情況會如何發展。

Okay, and I guess the is any part of your guidance range does that include?

好的，我想問的是，你們的指導範圍是否包括任何部分？

That That the level of revenue from ESL C EOCL stepping back up or is that not.

ESL C EOCL 的營收水準是否正在回升？

Not anywhere in your guidance and that potential kind of upside.

你的指導和潛在的收益中都沒有體現出來。

I'll just say we've taken a very conservative, yeah, we've taken a very conservative approach.

我只想說，我們採取了非常保守的做法，是的，我們採取了非常保守的做法。

To our forecast this year relative to EOCL and we'll see where this lands, by later in the second quarter.

我們今年對EOCL的預測將取決於實際情況，我們將在第二季稍後看看結果如何。

Okay, all right, great, thanks.

好的，太好了，謝謝。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Greg Pendy with Clear street. Your line is open. Please go ahead.

你的下一個問題來自格雷格·彭迪和克利爾街的線路。您的線路已開通。請繼續。

Hey guys, thanks for taking my question. Just one quick one. Under the old reporting, your K's and Qs would break down imagery versus data software and analytics, and I think at the beginning of the call you mentioned sort of that flywheel effect of getting the better imagery feeding into the AI capabilities. Thus far the data software and analytics growth have been stagnant, so you can you kind of give us a little bit of colour on how the improved imagery kind of feeds into, that area and how it would play out in 2026 with the better imagery? Thanks.

各位好，感謝你們回答我的問題。就一個問題。根據舊的報告方式，您的 K 和 Q 會區分影像與數據軟體和分析，我認為在通話開始時您提到了某種飛輪效應，即獲得更好的影像來增強人工智慧能力。到目前為止，資料軟體和分析技術的發展一直停滯不前，您能否簡要介紹一下改進後的影像將如何應用於該領域，以及在 2026 年，隨著影像技術的進步，情況會如何發展？謝謝。

Yeah, I think just first off, last year, because of the government budget issues that had an impact on the growth of that line.

是的，我認為首先，去年由於政府預算問題影響了該生產線的成長。

But now the, that is being offset by the strong demand we're seeing in the international markets, particularly around Gen 3.

但現在，國際市場，特別是第三代產品市場，強勁的需求正在抵銷這一影響。

So, and then the expansion of the improved AI capability that Gen 3 brings as well. So, and then the pricing and.

因此，第三代產品帶來的改良人工智慧能力也將擴大。所以，接下來就是定價了。

Ate, your line is open. Please go ahead.

餵，您的線路已接通。請繼續。

We are very, we have very good visibility on how that line is going to be growing going forward.

我們非常清楚這條產品線未來的發展方向。

Got it, thanks.

明白了，謝謝。

Thanks Greg.

謝謝你，格雷格。

(Operator Instructions)

（操作說明）

Your next question comes from the line of Dame Storms, Dave Storms with Stone.

你的下一個問題來自 Dame Storms、Dave Storms 和 Stone 的行列。

Good morning and thanks for taking my questions. I want to, circle back to cash management. Henry, I believe in your prepared remarks you mentioned that we should see an accounts receivable burn throughout the year. Just curious if you could give us any more colour there, maybe some of the books and takes on working capital management, that we should expect that, AR balance maybe to get back down to 2024 levels or not

早上好，感謝您回答我的問題。我想再談談現金管理。亨利，我相信你在事先準備好的演講稿中提到過，我們應該會看到全年應收帳款持續減少。我很好奇您能否提供更多信息，例如一些關於營運資本管理的書籍和觀點，以及我們是否應該預期應收帳款餘額會回落到2024年的水平。

Yeah, I mean, when you take a look in the press release and the balance sheet there, our accounts receivable about that $37.5 million dollar mark. A lot of that, as you might imagine, when we sign a contract late in the year and there's a fair bit of revenue, we build for it, but you haven't lapsed through that typical 30, 45 day receipt cycle, so you'd expect to kind of be able to bring that stuff back down.

是的，我的意思是，當你查看新聞稿和資產負債表時，你會發現我們的應收帳款大約在 3750 萬美元左右。很多時候，正如你可能想像的那樣，當我們在年底簽訂合約並且有相當多的收入時，我們會為此進行建設，但你還沒有度過典型的 30、45 天的收款週期，所以你會期望能夠把這些東西降下來。

With the mission solutions we may get some lumpiness on that, but we've never had a problem with collecting receivables.

任務解決方案方面可能會出現一些波動，但我們從未遇到過應收帳款回收的問題。

Understood. Very helpful.

明白了。很有幫助。

Thank you. And if I could just ask one, clarifying question, I think you mentioned earlier in the call that sales cycle is typically 12 to 18 months, and I think that was specific to those eight-figure contracts. Are you seeing a similar sales cycle or call it the 45 additional sovereign nations that have kind of come online in the last 5 years, or do they tend to have a little bit of a longer sales cycle?

謝謝。如果我可以問一個澄清問題，我想您在之前的通話中提到過，銷售週期通常是 12 到 18 個月，我認為這是指那些八位數的合約。您是否觀察到類似的銷售週期，或者說，過去 5 年新增的 45 個主權國家是否也存在類似的銷售週期，還是它們的銷售週期往往稍長一些？

I think they're all a little different, Dave. It's hard to especially when you have, customers that are doing this for the first time and implementing new acquisition programs, so, my range in sales cycle is really a general number.

我覺得他們都有些不同，戴夫。尤其當客戶是第一次這樣做並實施新的客戶獲取計劃時，就很難做到這一點，因此，我的銷售週期範圍實際上只是一個大致的數字。

We will see some go faster, we will see some take longer.

有些速度會更快，有些則需要更長。

Understood.

明白了。

Thank you very much. Thanks, Dave.

非常感謝。謝謝你，戴夫。

There are no further questions currently. This concludes today's call.

目前沒有其他問題。今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。