BlackSky Technology Inc. (BKSY) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the BlackSky Technology first quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 BlackSky Technology 2026 年第一季財報電話會議。（接線員指示）

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

現在我將把會議交給投資人關係副總裁 Aly Bonilla。Aly，請開始。

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.

各位早安，感謝各位加入我們。今天與我一同出席的有執行長 Brian O'Toole，以及財務長 Henry Dubois。

On today's call, Brian will provide some highlights on the quarter and give a strategic update on the business. Henry will then review the company's first quarter financial results and updated outlook for 2026.

在今天的電話會議中，Brian 將分享本季重點並提供公司策略更新。接著 Henry 將回顧公司第一季財務結果，以及 2026 年最新展望。

Following our prepared remarks, we will open the line for your questions. A replay of this conference call will be available later today. Information to access the replay can be found in today's press release.

在我們的準備稿說明結束後，我們將開放提問。本次電話會議的重播將於今日稍晚提供。取得重播的資訊可在今日新聞稿中查閱。

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.

此外，本次財報電話會議的網路直播將在我們網站 www.blacksky.com 的投資人關係專區提供。配合今日會議，我們已在投資人關係網站上發布季度財報簡報，您可用以搭配我們的準備稿內容一同觀看。

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 10-K. BlackSky assumes no obligation to update forward-looking statements, except as may be required by applicable law.

在開始之前，提醒各位：我們在今日電話會議中將作出前瞻性陳述，包括關於我們的計畫、目標與未來展望的陳述。由於這些陳述係基於我們截至今日的目前預期，且受風險與不確定性影響（包括我們 Form 10-K 中所述者），實際結果可能與前瞻性陳述有重大差異。除非適用法律另有要求，BlackSky 不承擔更新前瞻性陳述之義務。

In addition, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA 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.

另外，在今日電話會議中，我們將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA 與現金營運費用。我們 GAAP 與非 GAAP 結果之間的定義與調節表，已收錄於我們的財報新聞稿與簡報中，並已張貼於投資人關係網站。

At this point, I'll turn the call over to Brian O'Toole. Brian?

接下來我把電話會議交給 Brian O'Toole。Brian？

Thanks, Ali, and good morning, everyone. Thank you for joining us on today's call. Beginning with slide 3, I'm happy to report that we are off to a strong start to 2026. With up to $160 million in contract awards, we are rapidly growing backlog, accelerating revenues, and on track to deliver strong earnings growth. Driven by demand for our Gen. 3 solutions. This quarter, we achieved a clear inflection point in our business, as Gen. 3 capabilities are now fully operational and delivering mission-critical intelligence to customers worldwide.

謝謝你，Ali，各位早安。感謝各位參加今天的電話會議。從第 3 張投影片開始，我很高興報告我們在 2026 年有一個強勁的開局。憑藉最高達 1.6 億美元的合約授予，我們正快速擴大在手訂單（backlog）、加速營收成長，並有望實現強勁的獲利成長，這主要由對我們第 3 代（Gen. 3）解決方案的需求所帶動。本季我們的業務達到明顯的拐點：Gen. 3 能力現已全面投入運作，並正向全球客戶提供任務關鍵的情報。

Demand for our Gen. 3 capabilities has never been stronger. And as a result, we are growing our pipeline and transitioning new. And existing customers from early pilot programs into long-term seven and eight-figure subscription contracts.

市場對我們 Gen. 3 能力的需求從未如此強勁。因此，我們正在擴大銷售管線，並將新客戶與既有客戶從早期試點計畫轉換為長期、七位數與八位數金額的訂閱合約。

Based on the strong year-to-date sales performance, in-year revenue visibility, and accelerated pipeline growth, we are increasing our revenue and adjusted EBITDA forecasts and full-year guidance. As we move through the year, we expect this momentum to continue. Driving increased revenues, margin expansion, and improved profitability.

基於年初至今強勁的銷售表現、當年度營收能見度，以及加速成長的銷售管線，我們上調營收與調整後 EBITDA 的預測與全年指引。隨著年度推進，我們預期這股動能將持續，帶動營收增加、利潤率擴張與獲利能力提升。

Now let's move on to key highlights across the three major elements of our business. Moving on to slide 4 and our Space-Based Intelligence and AI Services. Gen. 3 continues to exceed expectations, delivering exceptional 35-centimeter imaging performance. At a time when real-time space-based intelligence has never been more important.

接下來我們來看公司業務三大要素的重點。請看第 4 張投影片：太空情報與 AI 服務。Gen. 3 持續超出預期，提供卓越的 35 公分影像表現；而在即時太空情報從未如此重要的此刻，這一點尤為關鍵。

With four Gen. 3 satellites in operation, we are now unlocking significant revenue growth from new and existing customers. We won over $60 million in new contract awards from major international and U.S. Government customers that will contribute to in-year revenue performance. Improve margins and drive out your backlog growth.

目前已有 4 顆 Gen. 3 衛星投入運作，我們正從新客戶與既有客戶解鎖顯著的營收成長。我們自主要國際客戶與美國政府客戶取得超過 6,000 萬美元的新合約授予，將貢獻當年度營收表現、改善利潤率，並推動在手訂單成長。

At the same time, we continue to onboard new customers and expand existing accounts as interest for Gen3 on-demand and assured subscription services grows. During the quarter, we secured the next wave of new Gen3 customers and expect these accounts to grow over time as part of our land and expand strategy.

同時，隨著市場對 Gen3 隨選（on-demand）與保證型（assured）訂閱服務的興趣升溫，我們持續導入新客戶並擴大既有客戶帳戶。本季我們取得下一波新的 Gen3 客戶，並預期這些帳戶將隨時間成長，符合我們「先落地、再擴張」（land and expand）的策略。

It is important to note that subscription-based contracts drive predictable revenue and strong visibility into future growth as these are highly sticky accounts with almost no churn. The major wins so far this year have us on track to grow this element of our business in 2026 by over 50%, achieving a projected annual run rate of over $100 million. This highly profitable subscription revenue is on track to deliver gross margins of around 80%, which is accelerating improving adjusted EBITDA margins.

需要強調的是，訂閱型合約可帶來可預測的營收，並對未來成長提供高度能見度，因為這些客戶黏著度極高、幾乎沒有流失。迄今為止今年的重大得標，使我們有望在 2026 年將此業務要素成長超過 50%，達成預估年化營收運行率（annual run rate）超過 1 億美元。這項高獲利的訂閱營收有望帶來約 80% 的毛利率，進而加速改善調整後 EBITDA 利潤率。

The operating leverage, capital efficiency, unit economics of our constellation and the scale of our business model is translating directly to bottom line performance. Looking forward, we expect to continue strong growth internationally and are starting to see momentum from the U.S. Government as funding from the fiscal year '26 budget is moving through the system, which is further improving our visibility this year.

我們星座的營運槓桿、資本效率與單位經濟性，以及商業模式的規模效益，正直接轉化為最終獲利表現。展望未來，我們預期國際市場將持續強勁成長；同時也開始看到美國政府端的動能，因為 2026 會計年度預算的資金正逐步到位，進一步提升我們今年的能見度。

Turning to slide 5, customers around the world are rapidly integrating our advanced 35-centimeter imaging and real-time AI analytics. Into their operations at a time when conflict and geopolitical tensions around the world are driving an increasing need for assured, responsive, and low-latency space-based intelligence, which is essential for critical national security missions.

請看第 5 張投影片。全球客戶正快速將我們先進的 35 公分影像與即時 AI 分析整合到其作業之中。在全球衝突與地緣政治緊張升溫的背景下，對「可保證、反應迅速、低延遲」的太空情報需求日益增加，而這對關鍵國家安全任務至關重要。

To give you a sense of how we are supporting typical customer operations today, users are tasking hundreds of images over the course of a few days within a specific area of operations. Our dynamic tasking services and Spectra support a rapid and responsive cadence as operators are reacting to changing conditions on the ground. Once collections are tasked by the user, we are achieving imagery delivery timelines consistently less than 40 minutes, including processing for AI-enabled analytics.

為了讓各位了解我們目前如何支援典型客戶作業：使用者會在幾天內，針對特定作戰區域下達數百張影像的任務。我們的動態任務指派服務與 Spectra，可在操作人員因應地面情勢變化時，提供快速且具回應性的節奏。一旦使用者下達收集任務，我們可穩定達成少於 40 分鐘的影像交付時程，包含 AI 賦能分析的處理時間。

Over the course of several days of an operation, our AI analytics detected and classified over 5 million objects as part of customer workflows, providing vital real-time intelligence. Our automated Spectra platform is compressing timelines dramatically, enabling end users to make informed decisions while providing maximum tasking and operational flexibility to respond to developing situations. This combination of high-resolution imagery. AI-powered automated analytics and rapid delivery timelines is driving customer adoption and service expansion.

在一項行動的數天期間內，我們的 AI 分析在客戶工作流程中偵測並分類超過 500 萬個物體，提供關鍵的即時情報。我們自動化的 Spectra 平台大幅壓縮時程，使終端使用者能在保持最大任務指派與作業彈性的同時，做出更有依據的決策，以因應事態發展。高解析度影像、AI 驅動的自動化分析與快速交付時程的組合，正推動客戶採用並擴大服務。

Moving on to slide 6. Our AI capabilities are operational today and are delivering critical intelligence. Our proprietary AI capabilities are purpose-built for real-time geospatial intelligence. And have been validated by major defense and intelligence organizations as a trusted solution. What differentiates BlackSky is that we have moved AI into real-world deployment, where our capabilities are embedded directly into customer workflows and are driving daily decision-making. Our Spectra platform is continuously processing high-revisit Gen. 2 and very high-resolution Gen. 3 imagery.

請看第 6 張投影片。我們的 AI 能力目前已投入運作並提供關鍵情報。我們的專有 AI 能力是為即時地理空間情報量身打造，並已獲主要國防與情報機構驗證為可信賴的解決方案。BlackSky 的差異化在於：我們已將 AI 推進到真實世界的部署，將能力直接嵌入客戶工作流程，並驅動每日決策。我們的 Spectra 平台持續處理高重訪（high-revisit）的 Gen. 2 影像與超高解析度的 Gen. 3 影像。

Applying automated detection and classification, and delivering actionable insights in minutes. This allows customers to move from data collection to decision advantage faster than ever before, which is vital in today's dynamic geopolitical environments. At scale, we are processing millions of AI-enabled detections, monitoring large areas of interest simultaneously, and enabling persistent. Automated surveillance across critical global assets. This is not just improving efficiency, but fundamentally changing how intelligence is generated, reducing reliance on manual analysis while increasing speed, accuracy, and mission impact.

透過自動化偵測與分類，在數分鐘內交付可採取行動的洞見。這使客戶能以前所未有的速度從資料收集走向決策優勢，這在當今動態的地緣政治環境中至關重要。在規模化運作下，我們處理數以百萬計的 AI 偵測結果，同時監控大範圍的關注區域，並對全球關鍵資產提供持續性的自動化監視。這不僅提升效率，更從根本上改變情報生成方式：降低對人工分析的依賴，同時提升速度、準確性與任務影響力。

Turning to slide 7 and an update on our Gen. 3 constellation. In March. We successfully launched our fourth Gen. 3 satellite, which delivered first light imagery with hours of launch and was commissioned into operations in less than a week. By reducing the commissioning timeline to just days, we're providing customers with rapid access to new capacity while maximizing the operational lifespan and return on investment of our constellation.

請看第 7 張投影片，更新 Gen. 3 星座進展。3 月我們成功發射第 4 顆 Gen. 3 衛星，並在發射後數小時內取得首光影像（first light imagery），且在不到一週內完成入列並投入運作。將入列時程縮短至僅數天，使我們能讓客戶快速取得新增產能，同時最大化星座的運作壽命與投資報酬。

This ability to quickly and reliably move from launch. To mission operations is a distinct advantage for our customers. With four Gen. 3 satellites in operation, we achieved a major operational milestone with daily revisit rates for very high resolution 35 centimeter imaging services across key regions of interest worldwide. When combined with our Gen. 2 constellation, we have added very high resolution imaging.

這種能快速且可靠地從發射轉入任務運作的能力，對客戶而言是一項明顯優勢。隨著 4 顆 Gen. 3 衛星投入運作，我們在全球關鍵關注區域的超高解析度 35 公分影像服務上，達成每日重訪率的重要營運里程碑。若再結合我們的 Gen. 2 星座，我們已新增超高解析度影像能力。

To our dynamic hourly monitoring services. This is providing customers with assured and flexible collection operations. We are continuing to expand the Gen. 3 constellation with our next Gen. 3 satellite ready to be shipped and remain on track to meet our objectives of at least eight Gen. 3s on orbit this year.

並將其納入我們的動態每小時監測服務。這為客戶提供可保證且具彈性的收集作業。我們將持續擴充 Gen. 3 星座，下一顆 Gen. 3 衛星已準備出貨，且我們仍按計畫在今年達成至少 8 顆 Gen. 3 在軌的目標。

Now let's move on to mission solutions on slide 8. Our sales pipeline continues to grow due to the on-orbit success of Gen3 and our ability to deliver industry-leading 35-centimeter imaging performance at compelling economics and attractive delivery schedules.

接下來請看第 8 張投影片的任務解決方案（mission solutions）。由於 Gen3 在軌成功，以及我們能以具吸引力的經濟性與交付時程，提供業界領先的 35 公分影像表現，我們的銷售管線持續成長。

Having proven on-orbit performance is an important criteria for customers that are making important acquisition decisions now that will impact our roadmaps and long-term investment strategies. For their sovereign programs. We're seeing increasing interest from international customers in acquiring more expansive end-to-end solutions that not only include satellites and ground infrastructure, but now include enhanced secure operations and AI-enabled analytic capabilities.

已驗證的在軌表現，是客戶在做出重要採購決策時的一項關鍵評估標準；這些決策將影響其主權計畫的路線圖與長期投資策略。我們看到國際客戶對採購更完整的端到端解決方案之興趣日增，內容不僅包含衛星與地面基礎設施，現在也包含強化的安全作業與 AI 賦能的分析能力。

The combination of best-in-class Gen. 3 satellites and industry-leading software and AI capabilities operating in a proven real-time architecture. As us well-positioned to address this growing market opportunity.

結合同級最佳的第 3 代衛星與業界領先的軟體與 AI 能力，並在經驗證的即時架構中運作，使我們具備良好條件把握這項日益成長的市場機會。

Turning to slide 9 in our advanced technology programs. While we are making great progress scaling our core space-based intelligence and mission solutions business, we are also advancing our lead in space through the rapid evolution of the Gen3 platform, the development of AROS, our new wide area collection system. And the advancement of new leap-ahead payload technologies that can change the future of Earth and space domain observation.

接著看第 9 頁，我們的先進技術計畫。雖然我們在擴大核心的太空情資與任務解決方案業務方面取得了重大進展，但我們也透過第 3 代（Gen3）平台的快速演進、AROS（我們新的廣域蒐集系統）的開發，以及推進可改變地球與太空領域觀測未來的新一代躍進式載荷技術，持續鞏固我們在太空領域的領先地位。

We were pleased to announce this quarter a major new contract worth up to $99 million with the U.S. Air Force Research Lab for the development of an advanced large aperture optical payload. This is an advanced technology that we have been developing for the past several years. It is now at a point where the approach has been assessed and validated by industry-leading government experts.

我們很高興在本季宣布與美國空軍研究實驗室（U.S. Air Force Research Lab）簽訂一項重大新合約，金額最高可達 9,900 萬美元，用於開發先進的大口徑光學載荷。這是一項我們過去數年持續研發的先進技術，如今已進展到其方法已由業界領先的政府專家完成評估並加以驗證的階段。

As a result, we were awarded a multi-year sole-source contract to move ahead with the development and demonstration of the critical payload technologies. This program represents significant customer-funded investment that not only reinforces our technology strategy, but offsets internal R&D. And is in strong alignment with US government priorities to advance innovative commercial space-based capabilities.

因此，我們獲得一項為期多年的單一來源（sole-source）合約，以推進關鍵載荷技術的開發與示範。此計畫代表客戶出資的重大投資，不僅強化我們的技術策略，也可抵銷內部研發（R&D）支出，並與美國政府推動創新商業太空能力的優先事項高度一致。

Moving to slide 10.

接著看第 10 頁。

As we advance our technologies through customer-funded R&D, we are transitioning these innovations into our space portfolio. At the core of this portfolio is our Gen3 platform. As we iterate and enhance this architecture. We are incorporating next-generation capabilities, such as on-orbit processing and optical inter-satellite links, or OISL, which will enable low-latency space-based communications that is critical to reducing delivery timelines and increasing resiliency.

隨著我們透過客戶出資的研發推進技術，我們正將這些創新導入我們的太空產品組合。該組合的核心是我們的 Gen3 平台。當我們持續迭代並強化此架構時，我們正納入下一代能力，例如在軌處理（on-orbit processing）與光學星間鏈路（optical inter-satellite links，OISL），這將實現低延遲的太空通訊，對於縮短交付時程並提升韌性至關重要。

Looking ahead, we are advancing AROS, our Next Generation Wide Area Search and Mapping System. This new constellation, when combined with real-time AI processing. Will overcome the limitation of traditional mapping systems through transformative always-on intelligence and information services.

展望未來，我們正推進 AROS，也就是我們的下一代廣域搜尋與測繪系統。這個新的星座系統若結合即時 AI 處理，將透過具變革性的「永遠在線」情資與資訊服務，克服傳統測繪系統的限制。

This is an expanded market opportunity that will address a wide range of applications, including broad area monitoring and change detection, maritime surveillance, and the delivery of 3D digital twins in support of rapidly growing opportunity. For AI-enabled autonomous systems.

這是一項擴大的市場機會，將涵蓋廣泛應用，包括大範圍監測與變化偵測、海事監控，以及提供 3D 數位孿生，以支援 AI 賦能的自主系統所帶來的快速成長機會。

As we move forward into the details of the Auros design, we see strong interest from a number of key customers and partners for this capability. We will have additional details to share on our progress as we move forward throughout the year. In summary, we are excited with the strong start to the year and the progress we are seeing across all aspects of our business.

隨著我們進一步深入 Auros 設計細節，我們看到多家關鍵客戶與合作夥伴對此能力展現強烈興趣。我們將在今年推進過程中，分享更多進展細節。總結而言，我們對今年強勁的開局以及在業務各方面所看到的進展感到振奮。

As the need for space-based intelligence has never been more important. The progress we've made so far this year reflects a major inflection point for the business and is a clear indication of the traction we are gaining in the market.

在太空情資需求從未如此重要之際，我們今年迄今取得的進展反映出業務的一個重大拐點，也清楚顯示我們在市場上正獲得更強的牽引力。

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

接下來我把時間交給 Henry，請他說明財務結果。Henry。

Thank you, Brian, and good morning, everyone. I'm pleased with the strong start to the year. With the recent winds and our market momentum. We're excited for 2026. Now let's begin with slide 12. Our first quarter revenue was $20.8 million. With Gen. 3 coming into commercial operations, we started to see a return to growth in our space-based intelligence and AI services revenue, which was up 14% over the prior quarter. When comparing this quarter's total revenue to Q1 of 2025.

謝謝你，Brian，各位早安。我對今年強勁的開局感到滿意。隨著近期的利多與市場動能，我們對 2026 年感到興奮。現在先從第 12 頁開始。我們第一季營收為 2,080 萬美元。隨著第 3 代（Gen. 3）進入商業營運，我們開始看到太空情資與 AI 服務營收恢復成長，較前一季成長 14%。將本季總營收與 2025 年第一季相比時，

Keep in mind, Q1 of 2025 benefited from a $9 million revenue milestone for our Mission Solutions program. With strong year-to-date sales, we are expecting to further increase space-based intelligence and AI services revenue by over 50% this year, achieving a $100 million annual run rate. With the momentum we are seeing for Gen. 3 services. We are increasing our revenue guidance for the year from our previous range of $120 million to $145 million to an updated range of $130 million to $150 million, representing an overall growth rate of over 30% at the midpoint as compared to 2025.

請記得，2025 年第一季受惠於我們任務解決方案（Mission Solutions）計畫 900 萬美元的營收里程碑。在今年迄今銷售強勁的帶動下，我們預期今年太空情資與 AI 服務營收將進一步成長超過 50%，達到年化 1 億美元的 run rate。基於我們在 Gen. 3 服務上看到的動能，我們將全年營收指引由先前的 1.2 億至 1.45 億美元，上調至 1.3 億至 1.5 億美元；以中位數計，較 2025 年的整體成長率超過 30%。

Turning to slide 13, you can see that our cash operating expenses. Which excludes stock-based compensation, depreciation, and amortization expenses, remained flat as compared to our prior first-year quarter operating expenses.

接著看第 13 頁，你可以看到我們的現金營運費用（不含以股票為基礎的薪酬、折舊與攤銷費用）相較於前一年度第一季的營運費用維持持平。

On slide 14, our first quarter adjusted EBITDA was a loss of $5.1 million in line with our internal expectations. Given our growing revenue streams, which we believe will translate into strong adjusted EBITDA performance. We are increasing our guidance for adjusted EBITDA for the year from a previous range of $6 million to $18 million to an updated range of $12 million to $24 million, yielding a 13% adjusted EBITDA margin at the midpoint.

在第 14 頁，我們第一季調整後 EBITDA 虧損 510 萬美元，符合我們的內部預期。鑑於我們持續成長的營收來源，我們相信這將轉化為強勁的調整後 EBITDA 表現。我們將全年調整後 EBITDA 指引由先前的 600 萬至 1,800 萬美元，上調至 1,200 萬至 2,400 萬美元；以中位數計，調整後 EBITDA 利潤率為 13%。

Let's move on to our cash and liquidity position as shown on slide 15. With cash CapEx for the quarter of $15.8 million. We ended the quarter with $117.5 million in cash, restricted cash, and short-term investments, and total liquidity of over $195 million. This liquidity gives us substantial flexibility to fund strategic growth initiatives, continue Gen. 3 investments, and provide for the operational infrastructure investments needed to support our rapidly growing customer base.

接著看第 15 頁所示的現金與流動性狀況。本季現金資本支出（CapEx）為 1,580 萬美元。我們在季末持有現金、受限制現金與短期投資合計 1.175 億美元，總流動性超過 1.95 億美元。這樣的流動性讓我們有相當大的彈性，可用於資助策略性成長計畫、持續投入 Gen. 3 投資，以及支應為支持快速成長客戶基礎所需的營運基礎設施投資。

Even though we are increasing our revenue and adjusted EBITDA guidance. We are not increasing our capital expenditure targets, demonstrating the leverage we are achieving in our capital deploy to develop our Gen. 3 constellation.

儘管我們上調了營收與調整後 EBITDA 指引，我們並未上調資本支出目標，這顯示我們在資本配置以開發 Gen. 3 星座系統方面正達成更高的槓桿效益。

In summary, I'm pleased with the strong year-to-date sales momentum, which is continuing to grow our backlog, strengthen our financial position, and further validate the operating leverage in our business model. I mentioned earlier, and as is shown on slide 16. We are raising revenue guidance to be between $130 million and $150 million, adjusted EBITDA guidance to be between $12 million and $24 million, and reaffirming our capital expenditure guidance of $50 million and $60 million.

總結而言，我對今年迄今強勁的銷售動能感到滿意，這股動能持續推升我們的在手訂單（backlog）、強化財務狀況，並進一步驗證我們商業模式中的營運槓桿。如我先前提到、且第 16 頁所示，我們將營收指引上調至 1.3 億至 1.5 億美元，調整後 EBITDA 指引上調至 1,200 萬至 2,400 萬美元，並重申資本支出指引為 5,000 萬至 6,000 萬美元。

With that, back to you, Brian.

接下來交還給你，Brian。

Thanks, Henry. In closing, we have clearly reached an inflection point in our business with the success of Gen3. Which is now delivering mission-critical intelligence to major customers around the world. We are proud to be a trusted mission partner and support the day-to-day operations of important national security missions, both now and in the future.

謝謝，Henry。最後總結，隨著 Gen3 的成功，我們的業務顯然已到達一個拐點；Gen3 現在正為全球主要客戶提供任務關鍵的情資。我們很自豪能成為值得信賴的任務夥伴，支援重要國家安全任務在當下與未來的日常運作。

The proven operational performance of our real-time space-based intelligence services is leading to strong sales performance and rapid customer adoption. Which, in turn, is accelerating revenue and margin growth. We are pleased with the momentum in the business and that our year-to-date sales are ahead of plan, which is driving the raise of our full-year guidance.

我們即時太空情資服務經驗證的營運表現，正帶動強勁的銷售表現與快速的客戶採用，進而加速營收與利潤率成長。我們對業務動能感到滿意，且今年迄今的銷售超出計畫，推動我們上調全年指引。

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

以上為我們本次電話會議的說明，接下來我們將回答各位的提問。

(Operator Instructions) Jeff Van Rhee, Craig Hallam.

（接線員指示）Jeff Van Rhee，Craig Hallam。

Great. Thanks for taking the questions, guys. Congrats. Numbers look good. So just a couple questions. Brian, as it relates to the pipeline, can you talk to, you've talked about these pilots coming in and then obviously customers are getting a sense of Gen. 3 and converting.

很好。謝謝你們回答問題，各位。恭喜，數字看起來不錯。我有幾個問題。Brian，關於銷售管線（pipeline），你提到這些試點（pilot）案進來，然後顯然客戶正在感受 Gen. 3 並轉換成正式合約。

Can you put a little finer point on the quantity of pilots coming in the top of the funnel? Give us a sense of the magnitude of the pipeline, how many have converted, how many are there, how many you've added in this last quarter, any quantification about funnel and particularly pilots?

你能否更精準地說明一下漏斗頂端進來的試點案數量？讓我們了解一下管線的規模量級：有多少已轉換、有多少仍在、上季新增了多少？能否對漏斗，特別是試點案，提供任何量化資訊？

Yeah, good morning, Jeff. Yeah, you may have seen this week, we had a release on securing our next wave of customers. This was in the scale of a couple dozen. And we're seeing that momentum really pick up.

好的，Jeff，早安。是的，你可能看到我們本週發布的新聞稿，提到我們拿下下一波客戶，規模大約是數十家。我們也看到這股動能確實在加速。

So they all start with six-figure type pilots and you're seeing as a result that moving into seven and eight-figure subscription contracts. They're all in different points in the pipeline. So it's difficult to kind of quantify timing and all of that, but we're just seeing strong momentum and the pipeline is looking good.

所以它們一開始都是六位數金額的試點案，而你也看到接著轉為七位數與八位數的訂閱合約。它們都處於管線中的不同階段，因此很難量化時點與相關細節，但我們確實看到強勁動能，管線看起來也很不錯。

Is there, if I could follow-up on that, is there anything you could share with respect to what I'd call the mega deals? Obviously, you've got a lot of sovereign momentum out there.

如果我可以追問一下，關於我所稱的超大型交易（mega deals），你是否能分享一些資訊？顯然你們在主權客戶方面的動能很強。

A number of players in the space are talking about nine-figure deals working through their pipe. Can you give us any sense of the frequency in which you're seeing those and seeing those work through your pipeline?

有不少同業都在談他們的管線中正在推進九位數金額的交易。你能否讓我們了解一下，你們看到這類交易的頻率，以及它們在你們管線中推進的情況？

Yeah, I think we announced a $30 million one-year subscription contract that started with a six-figure pilot. About six months ago. And we are seeing a lot of that type of activity, particularly as customers now have had an opportunity to evaluate Gen. 3 performance tied to the operational flexibility, the timeliness, and the quality of the imagery, and how that can integrate into their operations. And so these are major customers.

是的，我想我們宣布過一筆 3,000 萬美元的一年期訂閱合約，它是從大約六個月前的一個六位數試點案開始的。而我們確實看到很多這類活動，特別是當客戶現在有機會評估 Gen. 3 的表現，並將其與營運彈性、時效性、影像品質，以及如何整合進其作業流程連結起來之後。因此，這些都是重要的大型客戶。

And we're seeing a pretty strong pipeline of those worldwide. It's hard to, again, quantify the timing of some of these deals, but you can see we also announced another large deal as well. So a lot of momentum with these larger contracts.

而且我們看到這類交易在全球範圍內有相當強勁的案源管線。再次強調，這些交易的時點很難量化，但你也可以看到我們也宣布了另一筆大型交易。因此，這些較大型合約帶來了很大的動能。

Yes, real nice traction on the signings. Just two other quick ones, if I could. Spectra and Analytics, what are you seeing in terms of new customer attach rates on the Analytics side? What do you anticipate based on pipeline?

是的，簽約進展非常不錯。如果可以的話，我還有兩個很快的問題。關於 Spectra 和 Analytics，在 Analytics 這一端，你們看到新客戶的附加採用率（attach rates）如何？根據管線，你們預期會怎麼走？

Well, Jeff, that's why our pipeline and the conversion rate is going so well. It's not just the attachment rate, it's the fact that all of these things are integrated into the service. So it's highly flexible access to dynamic monitoring and tasking with the AI integrated as part of the service and then the short delivery timelines. Which are really critical to what, as you can imagine, that things are happening around the world today. So it's the combination of those three things that has us differentiated in the market and what customers are responding to. And as I mentioned in our remarks, our AI is operational, and it is embedded in our customer workflows. And so it's not just a tech demo.

嗯，Jeff，這正是我們的管線與轉換率表現得這麼好的原因。不只是附加率，而是因為這些功能都整合在服務之中。因此，客戶可以以高度彈性的方式存取動態監測與任務指派，且 AI 作為服務的一部分被整合進來，再加上短交付時程。這些對於——如你所想像——當今全球正在發生的事情而言，確實非常關鍵。所以，這三者的組合讓我們在市場上形成差異化，也是客戶所回應的重點。正如我在發言中提到的，我們的 AI 已經投入實際運作，並且嵌入在客戶的工作流程中，所以它不只是技術展示。

Or some offline processing capability. It's happening in real time and it's delivering real information intelligence.

也不是某種離線處理能力。它是即時發生的，並且正在交付真正的資訊情報。

Yes, got it. That's helpful. And then just lastly, then on Gen. 3. I know maybe sometime last year you were thinking 8 Gen. 3s early-ish in the year. It looks like you're now thinking that later this year, if I caught your comment in the script. Just curious to what extent that influences your ability to book customers, influences your ability to assign incremental revenue if you're capacity constrained in any way, assuming it doesn't present any gating factors, but we're just kind of trying to figure out how I should think about that. That capacity and its potential influence on your ability to sign your business.

是的，了解，這很有幫助。最後一個問題，關於第三代（Gen. 3）。我知道也許在去年某個時候，你們原本想在年初較早的時間部署 8 顆 Gen. 3。看起來你們現在的想法是今年稍晚一些（如果我沒聽錯你在講稿裡的評論）。我想了解這在多大程度上會影響你們簽客戶的能力、在任何產能受限的情況下影響你們配置增量營收的能力——假設它不會造成任何關卡因素，但我們只是想釐清我應該如何看待這件事：產能以及它對你們簽約能力的潛在影響。

Jeff, as I said, we're on track to get eight up this year. The real inflection point, as I'll say, in customer adoption was the performance of Gen. 3. I've always said once we have a few up there and get to a daily service, it provides customers a very good experience. So that's now happened. And the growth in what you're seeing in that line of business is not limited by. Our capacity, and we're in good shape this year with what we have, and we'll just continue to grow the constellation.

Jeff，如我所說，我們仍按計畫在今年部署 8 顆。我要說，客戶採用的真正拐點在於 Gen. 3 的性能。我一直說，一旦我們有幾顆在軌並達到每日服務，就能為客戶提供非常好的體驗。現在這已經發生了。而你在這條業務線看到的成長並不受我們產能所限制；以今年我們現有的配置來看狀況良好，我們也會持續擴充星座。

Great. Sounds good. Thanks so much.

很好。聽起來不錯。非常感謝。

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

下一個問題來自 Oppenheimer 的 Timothy Horan。請發問，您的線路已開通。

I compared to what you've done historically and. How do you think that's going to ramp and are there any kind of new areas or new customers that are there surprising you or new use cases and any color would be helpful.

我把它和你們過去的表現做了比較。你們認為這會如何爬坡？是否有任何新的領域或新客戶讓你們感到意外，或是新的使用情境？任何補充說明都會很有幫助。

Good morning, Tim. Yeah, I mean, the customer sales and adoption cycle is not surprising. We've had very good visibility in our pipeline and there has been. A lot of interest by a lot of major customers in our Gen. 3 capabilities.

早安，Tim。是的，我的意思是，客戶銷售與採用週期並不令人意外。我們對管線的能見度一直非常好，而且有很多大型客戶對我們的 Gen. 3 能力表現出高度興趣。

So now that we're getting over the hump on that and they're getting firsthand experience with it, we're just seeing a natural growth in that business. As we mentioned in our remarks, we announced several large contracts, but we now are expecting the space-based intelligence and AI services, which is our primary subscription business, to grow over 50% this year.

所以現在我們跨過那個門檻、他們也獲得第一手使用體驗後，我們就看到這項業務自然成長。正如我們在發言中提到的，我們宣布了數筆大型合約；而我們現在預期，以太空為基礎的情報與 AI 服務（也就是我們主要的訂閱業務）今年將成長超過 50%。

This is our high-margin business. So you're also seeing how that is translating directly into improving EBITDA margins and performance, particularly because that part of our business is delivering about 80% type gross margin. So no surprises in the sales pipeline.

這是我們的高毛利業務。因此你也看到這如何直接轉化為 EBITDA 利潤率與表現的改善，特別是因為這部分業務的毛利率大約可達 80% 左右。所以銷售管線沒有什麼意外。

If anything, current events are accelerating opportunities as the demand for this. Type of capability has never been stronger. And we're in a good position where we're now just converting the pipeline into new contracts. And can you talk about the sovereign satellite capability?

如果說有什麼不同，那就是當前事件正在加速機會，因為對這類能力的需求從未如此強勁。我們現在處於很好的位置，正把管線轉換成新合約。你能談談主權衛星能力嗎？

Are you seeing more interest there?

你們看到那方面的興趣增加了嗎？

Yeah, as I mentioned, we are seeing demand increase. There is major investments happening worldwide in space programs by. Governments around the world. We're seeing both opportunities for large constellations and opportunities related to countries that are just getting started.

是的，如我提到的，我們確實看到需求上升。全球各國政府正在對太空計畫進行重大投資。我們同時看到大型星座的機會，以及一些剛起步國家的相關機會。

We have seen a pickup in interest around Gen. 3 because it's proven on-orbit performance at this 35-centimeter capability is. Is a really important factor as they're looking at other options in the market. And our ability to manufacture Gen3 at scale and also deliver that under a very competitive timelines is an attractive offering. So we have a lot in the pipeline. We're pursuing a number of opportunities and moving them through.

我們看到對 Gen. 3 的興趣有所升溫，因為它在軌道上的實證性能、具備 35 公分解析度能力，是他們在評估市場上其他選項時非常重要的因素。而我們能夠規模化製造 Gen3，並在非常具競爭力的時程內交付，這是一個很有吸引力的方案。因此我們的管線裡有很多案子；我們正在追蹤多個機會並推進進度。

And we expect this to be picking up as we go out through the year and into next year.

我們預期這會在今年接下來的時間以及明年持續升溫。

Lastly, Henry, can you give us a sense of the revenue, quarterly revenue or maybe exit run rate at the end of the year? How should things pace? Is it linear? Is it hockey stick? Any color there would be helpful.

最後，Henry，你能否讓我們了解一下營收的節奏，例如季度營收或年末的退出（exit）運行率？整體應該如何推進？是線性成長？還是曲棍球棒型（hockey stick）？任何補充說明都會很有幫助。

Sure, Tim. We'll be following the queue this afternoon. In there, you'll see how we've got our backlog. Our backlog, full backlog is about $351 million as of March 31, but that does not include some of the large contracts that we signed. In early April. So that would be a total backlog, including those, about $380 million. Of that $380 million, we would expect about $90 million to be already booked for 2026.

當然可以，Tim。我們今天下午會發布 Q（指財務/季度更新）。在那裡你會看到我們的積壓訂單（backlog）情況。截至 3 月 31 日，我們的完整積壓訂單約為 3.51 億美元，但這不包含我們在 4 月初簽下的一些大型合約。所以若把那些也算進去，總積壓訂單大約是 3.80 億美元。在這 3.80 億美元之中，我們預期約 9,000 萬美元已經是為 2026 年所預訂（booked）。

There will be some step functions in there, and we've got a lot more pipelines coming in as well. So we do expect the second-half of the year to be a much stronger than the first half. And as we go, we do expect to get to that $100 million run rate by the end of the year.

其中會有一些階梯式（step function）的變化，而且我們也還有更多管線正在進來。因此我們確實預期下半年會明顯強於上半年。隨著推進，我們也預期在年底達到 1 億美元的運行率（run rate）。

Thank you.

謝謝。

Your next question comes from the line of Edison Yu with Deutsche Bank. Please go ahead. Your line is open.

下一個問題來自德意志銀行（Deutsche Bank）的 Edison Yu。請發問，您的線路已開通。

Hey, this is Laura on for Edison. Thanks for taking my questions. So firstly, I want to ask about how the Middle East conflicts impacting your growth. Has that led to like large increase in usage year-to-date and how we see that trend continue?

嗨，我是代 Edison 提問的 Laura。謝謝回答我的問題。首先我想問，中東衝突如何影響你們的成長？今年迄今是否導致使用量大幅增加？以及我們如何看待這個趨勢的延續？

I would say. If anything, we already had a very strong sales pipeline for Gen3 capability, and you're seeing that we're converting that into long-term subscription contracts. I think, if anything, the conflict in the Middle East is amplifying for other customers the need to lock in long-term contracts for capacity in the event these types of crisis events occur.

我會說，如果有什麼影響的話，我們原本就已經有非常強勁的 Gen3 能力銷售管線，而你也看到我們正把它轉換成長期訂閱合約。我認為，如果說有什麼不同，中東衝突反而讓其他客戶更強烈意識到：為了在這類危機事件發生時確保產能，有必要鎖定長期合約。

And that's been traditionally how the market operates is because we serve the national community, national security community, the business is not driven by singular events. It's driven by day-to-day needs for a range of national security missions. So, we don't see ebbs and flows around these events, but if anything, they amplify the importance of entering into these long-term contracts.

而市場傳統上就是這樣運作的：因為我們服務的是國家社群、國家安全社群，業務並不是由單一事件所驅動，而是由日常對各種國安任務的需求所驅動。因此，我們不會看到因這些事件而出現明顯的起伏，但如果有的話，這些事件會放大簽訂長期合約的重要性。

But also, I will say, the capabilities that we have are -- do shine in these type of events when you're really trying to -- you can see the importance of really rapid and flexible intelligence that these operations need to monitor what's going on.

不過我也要說，我們所具備的能力在這類事件中確實——會特別凸顯其價值，因為當你真的需要——你可以看到，對於這些行動要監控正在發生的事情而言，快速且彈性的情報是多麼重要。

Okay, got it. Appreciate it. I also want to follow-up on this, your AI efforts. So how should we think about the AI roadmap over the next 12 to like 24 months? And what are the priorities there? And would you try to bring some AI partners on either the model side or some cloud platform, et cetera?

好的，了解，謝謝。我也想追問你們的 AI 推進。那麼在未來 12 到 24 個月，我們應該如何看待 AI 的路線圖（roadmap）？優先事項是什麼？你們是否會在模型端或雲端平台等方面引入一些 AI 夥伴？

Yeah, I think the first major point is. Our AI is a proprietary capability. It was purpose-built for real-time space-based intelligence. So it was really designed to operate in customer workflows at scale and at speed. So we will continue to expand over time our ability to not only detect and classify important. Objects and things of that nature, but then how we start to see patterns and changes that are important to customers.

是的，我認為第一個重點是：我們的 AI 是專有能力（proprietary capability）。它是為即時的太空情報而量身打造（purpose-built）的。因此它的設計目標就是能以規模與速度在客戶工作流程中運作。隨著時間推進，我們會持續擴展能力，不僅能偵測與分類重要的物體與此類事物，還包括我們如何開始看出對客戶重要的模式與變化。

That's really the bottom line. AI is really just an enabler, but it's really all about providing that actionable intelligence to decision makers at rapid timeline. So we do incorporate a lot of third-party technology, but at the core, it's our proprietary capabilities. Around this mission set that that has us leading in the market.

這才是真正的核心。AI 本質上只是促成者（enabler），重點在於以快速時程向決策者提供可採取行動的情報（actionable intelligence）。我們確實會整合許多第三方技術，但在核心上，仍是我們圍繞這個任務集合所打造的專有能力，這也是我們能在市場上領先的原因。

Okay, got it. That's helpful.

好的，了解，這很有幫助。

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

下一個問題來自 Canaccord Genuity 的 Austin Muller。請發問。

Hi, good morning, Brian and Henry. So just my first question here, is there a critical mass of Gen. 3s that need to be launched in order to get access to more contract dollars from either EOCL or Luno? Or is it just a matter of the '26 budget being in place and task orders going out now from the program executive offices?

嗨，早安，Brian 和 Henry。我這邊第一個問題是：是否需要發射到一定數量的第三代（Gen. 3）衛星，才能從 EOCL 或 Luno 取得更多合約金額？還是說只要 2026 財年預算到位，並且各計畫執行辦公室（PEO）現在開始釋出任務訂單（task orders）就可以了？

Yeah, good morning, Austin. Yeah, I would say our growth in that line of business is not. Dependent on a rate of launching satellites. We've got a core amount of capacity on orbit. And you have to remember, when combined with Gen. 2, we have over 15 satellites up there that are providing, dynamic hourly monitoring capabilities. So, now that Gen. 3 is proven, we're just seeing a ramp in those contracts. More satellites mean more capacity and. Improve frequency in the very high-resolution capability, but we don't have anything right now that will be triggered by more satellites. We'll just continue to grow.

是的，早安，Austin。是的，我會說我們在那條業務線的成長並不取決於衛星發射的速度。我們在軌道上已經有一個核心的容量。而且你要記得，若把第二代（Gen. 2）一起算進來，我們在上面有超過 15 顆衛星，提供動態的每小時監測能力。所以，現在第三代已經被證明可行，我們只是看到那些合約在加速放量。更多衛星代表更多容量，並且能提升超高解析度能力的重訪頻率，但我們目前沒有任何事情是會因為更多衛星而被觸發的。我們只會持續成長。

Okay. And can you comment on how Spectra's AI object classification capabilities compare with some of your peers that have expertise in mapping and geodata analytics?

好的。那你能否評論一下，Spectra 的 AI 物件分類能力，與一些在製圖與地理空間資料分析方面具專長的同業相比如何？

I'll just say that. As I said in my remarks, we are delivering this operationally today. They've been validated by major defense and intelligence customers, so they trust the results that we're delivering, and we're constantly improving and refining the training of those algorithms. The models are operational real-time, so that's a major differentiator, it's not an offline process.

我只能說，正如我在發言中提到的，我們今天就已經在營運上交付這項能力。它們已經被主要的國防與情報客戶驗證過，因此他們信任我們所交付的結果，而我們也在持續改進並精煉這些演算法的訓練。這些模型是可即時、可營運的，所以這是一個主要的差異化點，並不是離線流程。

But all I can say is you've seen our performance on Luno in the past in winning contracts because of the performance of our AI, and now you're seeing it working operationally. And I think that should give you a sense of why that capability is winning in the market right now.

但我能說的是，你過去已經在 Luno 上看到我們因為 AI 的表現而贏得合約的績效，而現在你也看到它在營運中實際運作。我認為這應該能讓你理解，為什麼這項能力目前正在市場上勝出。

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

下一個問題來自 Sidoti 的 Greg Burns。請說。

Just to follow-up on the last question around EOCL, does the updated guidance still contemplate revenue levels at their current level where they exited last year, or are you expecting that to build back up to where they were prior to. When they were haircut last year.

就剛才關於 EOCL 的問題追問一下：更新後的指引是否仍假設營收維持在去年年底退出時的目前水準？還是你們預期會回升到去年被削減（haircut）之前的水準？

Yeah, I think the assumption we have now is they remain at the current levels we exited last year. There are multiple funding lines that were in the fiscal year '26 budget for commercial imagery that are in the process of being allocated to specific programs and contracts, and we're actively following the process. We'll see better visibility. Throughout the quarter, but for now, we've been conservative assuming the levels we exited the year at.

是的，我想我們目前的假設是，它們維持在我們去年年底退出時的現有水準。2026 財年預算中有多條用於商業影像的資金線，正在分配到特定計畫與合約的流程中，我們也在積極追蹤這個流程。我們在本季期間會有更好的能見度，但就目前而言，我們保守地假設維持在年底退出時的水準。

It's also important to note that as we talked about, we're seeing the increase now on that business line and these large contracts we're winning have significantly diversified our customer base. And, the international is now a much larger percentage of our revenues. So, we've minimized the impacts of some of the annual budget effects of the U.S. Government. Okay.

另外也很重要的一點是，正如我們談到的，我們現在看到那條業務線正在增加，而我們贏得的這些大型合約已大幅分散了客戶基礎。而且國際業務現在占我們營收的比重更高。因此，我們已將美國政府年度預算影響所帶來的衝擊降到最低。好的。

Sheila Kahyaoglu, Jefferies.

Jefferies 的 Sheila Kahyaoglu。

This is Billy on for Sheila, and thanks for taking the questions. Just to continue on the international side, there's a lot of momentum there. And how do you think about the pipeline and untapped opportunity going forward? And how do we think about progression of current customers expanding versus new customers?

我是 Billy，代 Sheila 提問，謝謝讓我提問。延續國際業務這一塊，目前動能很強。你們如何看待未來的管線與尚未開發的機會？另外，對於現有客戶擴張與新客戶導入，你們如何看待其進展？

Yeah, I think we're seeing growth from a couple of dimensions. We are expanding. The revenues with customers we've had for a long time as they start transitioning and scaling the use of Gen3. So we're seeing that. And then in parallel, we're adding new customers, and I talked about that earlier. And then we're continuing to grow the pipeline to continue bringing a wave of those new customers.

是的，我認為我們從幾個面向看到成長。我們正在擴大與長期合作客戶的營收，因為他們開始轉換並擴大使用第三代（Gen3）。所以我們看到這點。同時，我們也在新增新客戶，我之前也提到過。並且我們持續擴大管線，讓新客戶能一波一波地導入。

Into service. So, the other thing I'll mention is the quality of Gen. 3 is demanding a higher premium than Gen. 2 because of the 35-centimeter capability. So, the dollars per sold capacity are increasing. You're seeing an expansion of existing contracts. We're seeing new customers coming online and then the translation of those new customers in small initial pilots transitioning into seven and eight-figure type subscription. So there's multiple growth factors as we bring new and existing customers into higher levels of service.

進入服務。所以，我還要提的是，第三代的品質因為具備 35 公分能力，相較第二代需要更高的溢價。因此，每單位售出容量的美元金額正在上升。你會看到既有合約的擴張。我們也看到新客戶上線，並且這些新客戶從小型初期試點，轉換成七位數與八位數等級的訂閱。因此，當我們把新舊客戶帶到更高等級的服務時，會有多重成長因素。

Great, thanks. And then just like following up on that. In terms of international mix, like it's higher now, how do we think about that going forward? And how do we think about domestic versus international contributing to the 50% plus growth for the rest of the year?

很好，謝謝。再追問一下：就國際占比而言，現在更高了，未來你們怎麼看？另外，對於今年剩餘期間 50% 以上的成長，國內與國際各自會如何貢獻？

Yes, as I mentioned earlier, we've assumed the US government, EOCL, kind of maintains its current level. The majority of the growth is coming internationally. Although we did announce a new subscription contract this quarter from another U.S. Government agency that's leveraging the capacity of our Gen. 2 constellation. So we are seeing new opportunities emerging with the U.S. Government as well. So, but the revenue mix will be growing significantly internationally as compared to the U.S. Government.

是的，如我先前提到的，我們假設美國政府、EOCL 大致維持目前水準。大部分的成長來自國際。雖然我們本季也宣布，來自另一個美國政府機構的一份新的訂閱合約，該合約正在利用我們第二代星座的容量。所以我們也看到美國政府端出現新的機會。不過，與美國政府相比，營收組合將顯著朝國際方向成長。

Chris Quilty, Quilty Space.

Quilty Space 的 Chris Quilty。

Thanks. I want to follow-up on something that was already discussed just regarding a typical customer journey. Is that, accelerating, slowing down, staying the same? Are there any reasons that you're seeing a change in how quickly they're converting?

謝謝。我想追問一個先前已討論過的點，關於典型客戶旅程：它是在加速、放慢，還是維持不變？你們是否看到客戶轉換速度改變的任何原因？

Good morning, Chris. Yes, we're seeing an acceleration. As I mentioned, I think getting Gen. 3 operational at a daily service level and putting that in the hands of customers to experience that firsthand is driving an increase in the pipeline, and it's increasing the rate at which things are moving through the pipeline. So and it's all it's really.

早安，Chris。是的，我們看到加速。正如我提到的，我認為讓第三代在每日服務水準下投入營運，並把它交到客戶手上讓他們親身體驗，正在推動管線增加，也提高了事項在管線中推進的速度。所以，而且這一切其實——

It's fundamentally based on the level of service that's available to these customers when combining 35-centimeter imaging with low latency flexible tasking operations with integrated analytics. So that's a first of its kind capability in the market that's giving customers operational.

它根本上是基於這些客戶可取得的服務水準：把 35 公分成像、低延遲且具彈性的任務指派作業，以及整合式分析結合在一起。因此，這是市場上首創的能力，讓客戶能更具營運性地——

Intelligence faster than ever and a lot of flexibility and how to leverage that capability across a lot of different mission sets. So it's not just about the pixels, it's about the level of service and how that's being integrated and used in a dynamic environment.

比以往更快取得情報，並且在如何運用該能力於各種不同任務集合上擁有很大的彈性。所以不只是像素而已，而是服務水準，以及它如何在動態環境中被整合與使用。

Gotcha. So for Henry, I mean, you did $16.5 million in the space-based Intel and AI in the first quarter, which is the average of what you did all last year. So obviously, to ramp to $100 million, you're going to see a significant quarterly step-up. Is that due simply to the contracts you have in backlog and those just falling in, or is there a higher level of book and ship type business that you expect this year?

了解。那給 Henry：你們第一季在太空情資與 AI 這塊做了 1,650 萬美元，差不多等於你們去年全年的平均水準。所以顯然要爬升到 1 億美元，你們每季會有顯著的跳升。這只是因為你們在手訂單（backlog）裡的合約、收入自然落地？還是你們預期今年會有更高比例的接單即出貨（book-and-ship）型業務？

We've got a couple of things that are going to help that step up. You recall we just announced that roughly $30 million one-year subscription contract. If you take that and divide that by four, you've got a pretty big step up on that one contract alone. That contract we signed in early April, so that should be kicking in here in the second quarter. So then when you take a look at our total backlog, we've got a lot of that already booked, and we've got some additional renewals coming on board. As well in the near term. So we feel pretty comfortable on it. We're going to get a step-up here in the second quarter, but bigger step-ups as we go into the third and fourth.

有幾件事會幫助那個跳升。你會記得我們剛宣布大約 3,000 萬美元的一年期訂閱合約。如果把它除以四，那光是這一份合約就會帶來相當大的季度跳升。那份合約我們在四月初簽署，所以應該會在第二季開始貢獻。再來看我們的總在手訂單，我們其中很多已經入帳，且短期內還會有一些續約加入。所以我們對此相當有信心。第二季會先有一個跳升，但第三、第四季會有更大的跳升。

And remind me, the backlog in terms of the breakdown, I think you said $90 million to ship this year and which business segments that falls across?

再提醒我一下：在手訂單的拆分方面，我記得你說今年有 9,000 萬美元會出貨，這分別落在哪些業務區塊？

We don't break it down between the different business segments. And business elements, but for the most part, a lot of that is Gen. 3 subscriptions. Most of it's Gen. 3 subscription.

我們不會在不同業務區塊與業務要素之間做拆分披露，但大致上，其中很多是第三代訂閱。大部分是第三代訂閱。

Gotcha. Brian, also, a follow-up on the EOCL. Back when that was awarded, like, three years ago, I was always under the impression that the uptake in the revenue because it didn't have a material impact at the time, but that the upside to the contract was based on Gen. 3. Capability being added into the contract. Is that not correct? Are they simply paying on the number of satellites and volume and not on resolution improvement?

了解。Brian，我也想就 EOCL 追問一下。當初那份合約大概三年前授予時，我一直以為營收的提升——因為當時沒有造成實質影響——但合約的上行空間是建立在把第三代能力加入合約之上。這樣理解不對嗎？他們只是依衛星數量與量（volume）付費，而不是依解析度提升付費嗎？

Now, Chris, if you remember when it was originally awarded, 10-year contract heavily back-end loaded around Gen. 3 services that grew over time. So, the initial service levels were primarily around Gen. 2 capacity. And that was really the subscriptions we've been operating under the last couple of years. But Gen3 is -- they are looking at integrating Gen3 into that subscription this year. There's a lot of interest in that.

Chris，不是這樣。如果你記得它最初授予時，那是一份 10 年期合約，服務主要是隨著時間推進、在後段大幅加重，圍繞第三代服務逐步成長。所以，初期的服務水準主要是第二代容量。那其實就是我們過去幾年一直在運作的訂閱。但第三代——他們今年正在評估把第三代整合進那個訂閱裡，對此有很高的興趣。

And as I said, we're watching how this -- the funding from the fiscal year '26 budget is going to flow through. But we are at a point with Gen3 that's an attractive offering to the U.S. Government. And. We'll have better visibility in that, I think, by the time we get through the second quarter. But there's a lot of interest in Gen3, and the contract is primarily back-end loaded for that capability.

如同我所說，我們正在觀察——來自 2026 財政年度預算的資金將如何逐步到位並反映在執行上。但就 Gen3 而言，我們目前已處於一個對美國政府而言具吸引力的產品/服務供給階段。而且，我認為等我們走完第二季時，對此會有更好的能見度。不過，市場對 Gen3 的興趣非常高，而針對該能力的合約在付款/工作量配置上主要是後段集中（back-end loaded）。

Okay, great. And Brian, you mentioned earlier the latency of the content delivery and goals to improve it. Can you talk about like what would be your. Sort of mid to long-term goals for where you think latency should get? And does that drive higher revenue as you drive the latency down or is that just becoming the table stakes of being in this business?

好的，很好。Brian，你先前提到內容傳遞的延遲以及改善目標。你能談談你對延遲應該降到什麼程度的中長期目標嗎？另外，當你把延遲降低時，是否會帶動更高營收，還是說這只是做這門生意的基本門檻（table stakes）？

I think there's two ways to think about it. I think low latency is a requirement these days. You were responding to dynamic events on the ground. And, Chris, as we built a, this is a purpose-built capability around responsive tactical operations. So, to us, it is a required part of the service, and it's what customers are asking for. We, in addition to the commercial, the basic commercial service, we've also have the ability to directly downlink.

我認為可以從兩個角度來看。我覺得低延遲在現在已經是一項必要條件。你是在回應地面上的動態事件。而且，Chris，當我們打造這套能力時，這是一個為「快速回應的戰術作戰」而量身打造的能力。所以對我們而言，這是服務中必須具備的一部分，也是客戶正在要求的。除了商用、基本的商業服務之外，我們也具備直接下行鏈路（directly downlink）的能力。

Into customers' environments, and that brings that down into minutes as well. And so what you'll see from us continuing is just a constant improvement in that latency, not only in the imagery tasking and delivery timelines, but, as we're processing more and more in AI, we're doing that in real time. So, imagine we're interrogating this imagery and looking for objects and activities. Across a lot of things in parallel. So, but we see it as really a core part of our offering and it's what customers are really looking for.

直接進入客戶的環境，而這也能把時間縮短到以分鐘計。你會看到我們持續做的，就是不斷改善延遲，不僅是在影像任務指派與交付時程上；同時，隨著我們在 AI 端處理的內容越來越多，我們也在即時（real time）完成這些處理。想像一下，我們在解析這些影像、尋找物體與活動，而且是同時並行地在很多項目上進行。因此，我們把它視為產品/服務供給的核心部分，也是客戶真正重視的。

Got it. And maybe if I can, a final question. I know you don't do backlog breakdown, but I'm going to ask you a question on pipeline breakdown. Can you just give us a general sense when you talk about your business pipeline, either where you're currently seeing the largest area of pipeline or alternatively, where you're seeing the greatest growth in pipeline opportunity?

了解。也許我可以問最後一個問題。我知道你們不做積壓訂單（backlog）拆分，但我想問一個關於商機管線（pipeline）拆分的問題。你能否大致說明一下，當你談到你們的業務管線時，目前你們看到管線最大的領域在哪裡？或者，哪一塊的管線機會成長最快？

I think proportionally, we're seeing growth in all three aspects of our business. We're seeing growth in. The pipeline around our space-based intelligence and AI services, as you're seeing that translate into new contract wins. I already talked about the mission solutions pipeline as the demand for sovereign is increasing, and we're seeing an acceleration of those types of programs. And we're also seeing a lot of interest in the advanced technology programs.

我認為就比例而言，我們在業務的三個面向都看到成長。我們看到以太空為基礎的情報與 AI 服務相關管線在成長，而你也看到這正轉化為新的合約得標。我已經談過任務解決方案（Mission Solutions）的管線，因為主權（sovereign）需求正在增加，我們也看到這類型計畫正在加速。同時，我們也看到先進技術計畫（advanced technology programs）有很高的興趣。

As Chris, as well as anybody, space is a long game. And so customers are understanding that it's not only about what you have now, but where this is going to be in the future in the next three to five years. So we're seeing a step up in that part of it as well. And we see that as a key part of our strategy is leveraging those investments and then translating that into the innovation and a leadership position in our space portfolio. So. We're seeing growth across all three aspects of the sales pipeline.

Chris，和大家一樣，太空是一場長期賽局。因此客戶也理解，重點不只是你現在擁有什麼，而是未來三到五年會走向哪裡。所以我們也看到這一塊有明顯提升。我們也把它視為策略的關鍵部分：運用這些投資，並將其轉化為創新，以及在我們太空產品組合中的領導地位。所以，我們在銷售管線的三個面向都看到成長。

Scott Buck, Titan Partners.

Scott Buck，Titan Partners。

I think most of my questions have been answered, but just one, Brian, as demand for sovereign increases, are you seeing more?

我想我大多數問題都已經被回答了，但還有一個，Brian，隨著主權需求增加，你們是否看到更多……？

I'm sorry, Scott, can you repeat that?

抱歉，Scott，你可以再重複一次嗎？

Yeah, sure. As demand for sovereign increases, are you seeing more competition for these opportunities?

好的，當然。隨著主權需求增加，你們是否看到在這些機會上出現更多競爭？

I think, yeah, there are a lot of -- there is increasing competition, but they're from a number of companies that have really not demonstrated proven operational performance. And as I mentioned in my remarks.

我想，是的，競爭確實在增加，但競爭者來自多家公司，而其中不少其實尚未展現經過驗證的營運表現。正如我在發言中提到的。

Having a capability like Gen. 3 that is delivering the quality of 35-centimeter imaging at the level of performance that we're seeing, and then having that on-orbit and proven and operational at the economics of that spacecraft is a really compelling proposition for customers. As these types of customers aren't going to risk their long-term roadmaps on unproven. Space capability. And so we feel like we have a very good advantage there.

擁有像 Gen. 3 這樣的能力，能以我們目前看到的效能水準提供 35 公分解析度影像的品質，並且該能力已在軌（on-orbit）驗證、可運作且在該衛星的經濟性（economics）下成立，對客戶而言是非常有吸引力的主張。因為這類客戶不會把他們的長期路線圖押在未經驗證的太空能力上。因此我們覺得自己在這裡有非常好的優勢。

Gen. 3 worked right out-of-the-box and it has been exceeding expectations, and that is giving customers a lot of confidence in our ability to support their long-term programs. So we feel we're really well positioned. There are not. Gen. 3 is a best-in-class capability, and we're seeing that in the opportunities that are coming at us.

Gen. 3 開箱即用（worked right out-of-the-box），而且表現超出預期，這讓客戶對我們支援其長期計畫的能力非常有信心。所以我們認為我們的定位非常好。市場上並沒有……Gen. 3 是同級最佳（best-in-class）的能力，我們也從不斷湧入的機會中看到了這一點。

Preston Graham, Stonegate.

Preston Graham，Stonegate。

Preston sitting in for Dave. You touched in the prepared remarks on land and expand. And so I guess for customers and pilot programs for Gen. 3, are most using the broader full analytics suite from the beginning or do they typically start with imagery and then expand into analytics over time?

我是 Preston，代替 Dave 出席。你在準備好的發言中提到「先切入再擴張（land and expand）」。所以我想問，對於 Gen. 3 的客戶與試點計畫（pilot programs），多數客戶是否一開始就使用更廣泛、完整的分析套件（full analytics suite），還是通常先從影像開始，之後再隨時間擴展到分析？

Yeah, good morning, Preston. Yeah, I think the way you have to think about it is they have access to a platform and. That platform has a lot of different capability that they can tap into. And so they can task imagery from Gen. 2 and Gen. 3 satellites. They can also, as part of that tasking operation, request different types of AI-enabled analytics as part of the natural workflows. So what we typically see is customers start with the basic operations, which is a dynamic tasking, and then.

是的，早安，Preston。是的，我認為你需要這樣理解：他們取得的是一個平台，而那個平台有很多不同的能力可以使用。因此他們可以向 Gen. 2 與 Gen. 3 衛星下達影像任務。他們也可以在該任務指派作業中，依照自然工作流程的一部分，要求不同類型的 AI 賦能分析（AI-enabled analytics）。所以我們通常看到的是，客戶先從基本作業開始，也就是動態任務指派（dynamic tasking），然後。

As they integrate that, then they start adding the AI analytics as part of the service. So, I think it's an important comment in that it's a full-service offering that we have through the platform. And again, that's not typical in the market. So, that's another factor that's driving the increase in our demand and the customer traction.

當他們把這些整合進去之後，就會開始把 AI 分析作為服務的一部分加入。所以，我認為這是一個重要的觀點：我們透過平台提供的是全方位服務（full-service offering）。而且再次強調，這在市場上並不常見。因此，這也是推動我們需求增加與客戶採用度提升的另一個因素。

Got it. So you wouldn't even say it's not like 35cm. The quality of the imagery is the main driver. It's the platform. It's the whole suite. It's all of it.

了解。所以你甚至不會說主要驅動因素是 35 公分（35cm）——影像品質本身；而是平台、整套方案、全部加總起來。

It's all of it. 35cm is an important aspect because very high resolution matters. The more resolution you have, the better insights you get from the imagery, but also the level of analytics you can extract with AI goes up as well. But I'll also say timeliness matters and time-diverse collection throughout the day matters as well. So it's a combination of all those things.

是全部。35 公分是一個重要面向，因為超高解析度很重要。解析度越高，你從影像得到的洞見就越好；同時，你能用 AI 萃取的分析層級也會提高。但我也要說，時效性（timeliness）很重要，而一天之中多時段、多樣化的蒐集（time-diverse collection）也同樣重要。所以這是多種因素的組合。

And keep in mind, just a few years ago, this went from really commercial being mapping capabilities to now we're in dynamic monitoring with real-time intelligence from space. So it's a major paradigm shift around our purpose-built capability.

另外請記住，就在幾年前，商業應用還主要是測繪（mapping）能力；而現在我們已進入動態監測（dynamic monitoring），從太空取得即時情報（real-time intelligence）。這是圍繞我們量身打造能力的一次重大典範轉移。

Understood. And then maybe just one final one you've talked about in the past, kind of vertical integration gives you better visibility into production and deployment. Are there any kind of current supply chain constraints that could impact Gen. 3 production or launch timing or still feeling good about the roadmap?

明白。那最後再問一個：你過去談到垂直整合能讓你對生產與部署有更好的能見度。目前是否有任何供應鏈限制，可能影響 Gen. 3 的生產或發射時程？還是你們仍對路線圖感到樂觀？

As I said, we're on track. We did bring Leah Stella into. Into the company over a year ago now to improve our visibility in the supply chain and streamline production operations. That's going very well. We have ordered long lead supply components so that we can maintain a regular cadence of production of Gen3. And through that cadence of production, we can use those satellites to expand our commercial constellation or. Accelerate deliveries on Mission Solutions contracts, which is a competitive advantage in the market. So the vertical integration we've achieved is paying off, and you're going to see that scale as we move throughout the year and into next year.

如我所說，我們進度如期。我們在一年多前把 Leah Stella 延攬進公司，以提升我們對供應鏈的能見度並精簡生產營運。進展非常順利。我們已訂購長交期（long lead）的供應零組件，以便維持 Gen3 規律的生產節奏。透過這個生產節奏，我們可以用這些衛星來擴大我們的商業星座，或加速任務解決方案（Mission Solutions）合約的交付，這在市場上是一項競爭優勢。所以我們達成的垂直整合正在發揮效益，而你會看到隨著我們今年以及明年推進，這個規模效益會持續擴大。

There are no further questions at this time. This concludes today's call. Thank you all for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。