MDA Space Ltd. (MDA) 2025 Q4 法說會逐字稿

(Operator Instructions)

(接線員指示)

Good morning and welcome to the NDA Space LTD conference call and webcast.

早安，歡迎收聽 NDA Space LTD 的電話會議與網路直播。

I would now like to turn the call over to Jim Flores, Vice President of investor relations at MDA Space.

現在我想把電話會議交給 MDA Space 投資人關係副總裁 Jim Flores。

Please go ahead.

請開始。

Thank you, Kelly, and good morning. Welcome to MDA Space’s Fourth Quarter and Full Year 2025 Earnings Call. Joining me today are Mike Greenley, our Chief Executive Officer, and Guillaume Lavoie, our Chief Financial Officer. Mike and Guillaume will deliver prepared remarks before we open the line for questions.

謝謝你，Kelly，早安。歡迎參加 MDA Space 2025 年第四季及全年財報電話會議。今天與我一同出席的有我們的執行長 Mike Greenley，以及財務長 Guillaume Lavoie。在開放提問之前，Mike 與 Guillaume 將先發表準備好的談話。

Before we begin, a few housekeeping items:

在開始之前，先說明幾項會議注意事項：

Today’s call is being broadcast via webcast on our Investor Relations website, where you can also find all related disclosures, including our press release, MD&A, and financial statements. These documents are also available on SEDAR.

今天的電話會議將透過我們投資人關係網站進行網路直播，您也可在該網站找到所有相關揭露資訊，包括新聞稿、管理階層討論與分析（MD&A）以及財務報表。這些文件亦可於 SEDAR 查閱。

I would like to remind listeners that today’s discussion will include forward‑looking information and estimates, which are subject to risks and uncertainties and may differ materially from actual results. Please refer to the cautionary statements in our press release and public filings for important information regarding assumptions, risk factors, and other considerations associated with such forward‑looking statements.

提醒各位，今天的討論將包含前瞻性資訊與估計，這些內容受風險與不確定性影響，實際結果可能與之有重大差異。關於與此類前瞻性陳述相關的假設、風險因素及其他考量的重要資訊，請參閱我們新聞稿與公開申報文件中的警示性聲明。

During the call, we will also reference certain non‑IFRS financial measures. While we believe these measures provide useful supplemental insight into our financial performance, they do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers. Please refer to our quarterly report and other public filings for additional details, including reconciliations to the nearest IFRS measures.

在本次電話會議中，我們也會提及若干非 IFRS 財務衡量指標。雖然我們相信這些指標可就本公司財務表現提供有用的補充洞見，但其在 IFRS 下並無標準化定義，且可能無法與其他發行人使用的類似指標相互比較。更多細節（包括與最接近之 IFRS 指標的調節表），請參閱我們的季度報告及其他公開申報文件。

With that, I’ll now turn the call over to Mike.

接下來，我把電話會議交給 Mike。

Thank you, Jim.

謝謝你，Jim。

Good morning and thank you to those joining us today to discuss our fourth quarter and full year 2025 financial results.

早安，感謝各位今天與我們一同討論 2025 年第四季及全年財務結果。

Before we get into our update, I want to start by acknowledging and thanking the MDA space team for delivering another exceptional year of performance, our best yet since the IPO.

在進入最新進展之前，我想先向 MDA Space 團隊致意並表達感謝，感謝大家再度交出卓越的一年表現，這也是我們自 IPO 以來最佳的一年。

The level of growth we achieved this past year would not have been possible without your hard work, innovation, and total mission focus. Our talented teams around the world are the reason we continue to be a trusted mission partner and leader in the expanding space and defence industry.

過去一年我們達成的成長幅度，若沒有各位的努力、創新與全心投入任務，是不可能做到的。我們遍布全球的優秀團隊，是我們能持續成為值得信賴的任務夥伴，並在快速擴張的太空與國防產業中保持領導地位的原因。

In 2025, we delivered record results for both revenue and adjusted EBITDA.

2025 年，我們在營收與調整後 EBITDA 兩方面都創下歷史新高。

We grew revenues to $1.6 billion, an increase of more than 50% year-over-year, and expanded our Adjusted EBITDA to $324 million, up almost 50% versus last year. In addition, we maintained solid Adjusted EBITDA margin of approximately 20% for the full year 2025. Our financial performance enables us to continue investing in our business as we deployed $242 million in CapEx to support our growth initiatives while also generating positive free cash flow of $165 million. Taking a step back, 2025 built on MDA Space's record of consistently delivering growth over the long term.

我們的營收成長至 16 億美元，年增超過 50%；調整後 EBITDA 擴大至 3.24 億美元，較去年增加近 50%。此外，我們在 2025 全年維持約 20% 的穩健調整後 EBITDA 利潤率。我們的財務表現使我們得以持續投資業務：我們投入 2.42 億美元資本支出（CapEx）以支持成長計畫，同時也產生 1.65 億美元的正自由現金流。從更宏觀的角度來看，2025 年延續了 MDA Space 長期穩定交付成長的紀錄。

Since 2020, our backlog has grown seven times to CAD 4 billion, underpinning a revenue growth CAGR of 32% over the past five years, exceeding our stated goal of 20%-30%. Importantly, this growth has been profitable with demonstrated Adjusted EBITDA margin of 20% yet again in 2025. A key driver of this profitable growth relates to the investments we have made to develop industry-leading products and capabilities. We have been deliberate in our focus on R&D as a differentiator for MDA Space. We were ranked 32nd within Canada's top 100 corporate R&D spenders this year. This is the 3rd year in a row where MDA Space has been included in this ranking.

自 2020 年以來，我們的在手訂單（backlog）成長了 7 倍至 40 億加幣，支撐過去五年 32% 的營收複合年成長率（CAGR），超越我們先前提出的 20% 至 30% 目標。更重要的是，這樣的成長具備獲利性，2025 年我們再次展現 20% 的調整後 EBITDA 利潤率。推動此一具獲利性的成長，其中一項關鍵因素是我們為打造業界領先產品與能力所進行的投資。我們一直有意識地將研發（R&D）作為 MDA Space 的差異化優勢。今年我們在加拿大前 100 大企業研發支出排行中名列第 32 名。這也是 MDA Space 連續第 3 年入榜。

In addition, MDA Space ranks within the top 20 Canadian companies when it comes to overall size of our portfolio of patent families and within the top 10 Canadian companies when it comes to the annual patent filings in Canada over the last five years. We leverage our R&D investments to deliver value to our customers globally, and we combine this with disciplined operational execution to convert top-line growth into profitable cash-generating operations, resulting in a robust balance sheet and a conservative leverage profile. This provides us with flexibility to continue investing in our business, to capitalize on growth in our industry, as evidenced by the investments we are making in developing commercial and dual use products and services, expanding our manufacturing capacity, and increasing our vertical integration, such as the acquisition of Satisfy. Looking ahead, I'm pleased to introduce our 2026 financial outlook.

此外，就專利家族組合的整體規模而言，MDA Space 名列加拿大前 20 大企業；就過去五年在加拿大的年度專利申請量而言，則名列前 10 大企業。我們運用研發投資為全球客戶創造價值，並結合嚴謹的營運執行，將營收成長轉化為具獲利且能產生現金的營運成果，進而形成強健的資產負債表與保守的槓桿結構。這使我們具備彈性，得以持續投資本業並把握產業成長機會；這可從我們在商用與軍民兩用產品與服務的開發投資、製造產能擴充，以及提升垂直整合（例如收購 Satisfy）等行動中看出。展望未來，我很高興提出我們 2026 年的財務展望。

Our backlog of $4 billion at the end of 2025 provides us with strong revenue visibility, and for the full year, we expect revenues to be $1.7 to $1.9 billion representing year over year growth of approximately 10% at the midpoint.

截至 2025 年底，我們 40 億美元的在手訂單為營收提供了強勁的可見度；就全年而言，我們預期營收將達 17 億至 19 億美元，以中位數計算約為年增 10%。

We expect full year adjusted EBITDA to be $320 to $370 million representing year over year growth of approximately 7% at the midpoint, with adjusted EBITDA margin of 18 to 20% in line with our original IPO guidance.

我們預期全年調整後 EBITDA 為 3.20 億至 3.70 億美元，以中位數計算約為年增 7%；調整後 EBITDA 利潤率為 18% 至 20%，與我們 IPO 時的原始指引一致。

We expect capital expenditures to be $225 to $275 million to continue to support our growth initiatives, and lastly, we expect free cash flow to be neutral to negative for the full year due to normal working capital fluctuation on our existing programs and continued investments in growth CapEx.

我們預期資本支出為 2.25 億至 2.75 億美元，以持續支持成長計畫；最後，由於既有專案的正常營運資金波動，以及持續投入成長型資本支出，我們預期全年自由現金流將介於持平至負值。

As we think beyond 2026, the team is energized by the strong momentum and positive trends we are seeing in our end markets, and NBA Space has the right technology portfolio to capitalize on the opportunities ahead of us.

當我們把視野放到 2026 年之後，團隊對於終端市場所呈現的強勁動能與正向趨勢感到振奮，而 NBA Space 擁有合適的技術組合，能把握我們面前的機會。

We continue to expect to deliver significant revenue growth on average over the next several years.

我們仍預期在未來數年平均可實現顯著的營收成長。

All over the world, governments, defence agencies, and corporations are finding new and valuable ways of using the capabilities of space with the benefits of space-based and dual-use solutions expected to grow significantly in the coming years. The space economy is estimated to have grown to $626 billion last year, according to Nova Space's Space Economy Report, and is forecasted to surpass $1.8 trillion by 2035, according to the World Economic Forum projections.

在全球各地，各國政府、國防機構與企業正以新的且具價值的方式運用太空能力；預期未來數年，太空基礎與軍民兩用解決方案所帶來的效益將大幅成長。根據 Nova Space 的《太空經濟報告》，去年太空經濟規模估計已成長至 6,260 億美元；依世界經濟論壇的預測，至 2035 年可望超過 1.8 兆美元。

A tenfold reduction in launch costs over the past 10 years combined with more powerful satellite technologies supported a record 329 launch attempts in 2025, and 98% of those were successful.

過去 10 年發射成本下降了 10 倍，再加上更強大的衛星技術，使 2025 年創下 329 次發射嘗試的紀錄，其中 98% 取得成功。

Demand for space-enabled global connectivity is expected to result in more than 43,000 satellites to be launched over a decade starting in 2025.

對於太空賦能的全球連結需求，預期將使自 2025 年起的 10 年內發射超過 43,000 顆衛星。

Renewed interest in space exploration is expected to increase the number of missions by 185% over the next decade to 855, with a significant emphasis on establishing a sustained presence on the moon.

對太空探索的再度關注，預期將在未來 10 年使任務數量增加 185% 至 855 次，並將顯著聚焦於在月球建立可持續的長期存在。

And space is increasingly emerging as a mission critical and essentially an essential military domain complementing the traditional fields of and of air, land and sea. Over the past year, we have observed defence spending on space by the world's leading powers surge to unprecedented levels as space has become critical to safeguarding national interests and evolving geopolitical environment.

而太空也日益成為任務關鍵、且本質上屬於必要的軍事領域，與傳統的空、陸、海領域相互補充。在過去一年中，隨著太空對於維護國家利益與因應變動中的地緣政治環境變得至關重要，我們觀察到全球主要強權在太空領域的國防支出飆升至前所未見的水準。

In particular, the US dedicated $175 billion to its Golden Dome space defence architecture. Germany pledged €35 billion for next generation satellite and space situational awareness capabilities, and here at home, Canada confirmed that space will be a core element of its current 2% of GDP NATO Défense spending commitment, with plans to increase its budget to 5% of GDP by fiscal year 3,536.

尤其是，美國為其「金色穹頂」（Golden Dome）太空防禦架構投入1,750億美元。德國承諾投入350億歐元，用於下一代衛星與太空態勢感知能力；而在國內，加拿大確認太空將成為其目前占GDP 2%的北約國防（NATO Défense）支出承諾之核心要素，並計畫在第3,536個財政年度前將預算提高至GDP的5%。

At 5% of GDP, this would translate to approximately $155 billion in annual spend for Canada, an increase of $90 billion compared to fiscal year 25-26, and we expected a meaningful amount to be allocated to Défense-related programs for which MDA space is well positioned to deliver, given our long-standing heritage of being a trusted contractor for both space and Défense opportunities with the Canadian government for decades.

若達到GDP的5%，加拿大每年的支出約相當於1,550億美元，較25-26財政年度增加900億美元；我們預期其中相當可觀的金額將分配至與國防（Défense）相關的計畫，而MDA Space憑藉長期優勢具備良好交付能力，因為數十年來我們一直是加拿大政府在太空與國防（Défense）機會上的可信賴承包商。

And recently we have demonstrated that MDA Space is in a strong position to participate in Défense opportunities through recent announcements such as the strategic partnership with the government of Canada's Department of National Défense and TESA to develop and deliver military satellite communication capabilities in the Arctic, a $5 billion plus program of record.

近期我們也透過多項公告證明MDA Space具備參與國防（Défense）機會的強勁定位，例如與加拿大政府國防部（Department of National Défense）及TESA建立策略夥伴關係，開發並交付北極地區軍用衛星通訊能力，這是一項超過50億美元的既定計畫（program of record）。

In addition, we were awarded a contract on behalf of the Canadian Space Agency to procure long lead parts for the Radarsat Constellation mission replenishment satellite, part of the government's $1 billion Radarsat Plus initiative.

此外，我們亦代表加拿大太空總署獲得合約，採購Radarsat星座任務補充衛星所需的長交期零組件，該項目屬於政府10億美元的Radarsat Plus計畫之一部分。

We have also been selected as an approved supplier by the U.S. Missile Défense Agency, receiving an IDIQ contract related to the SHIELD program and established an MoU with Hanwha Systems to explore opportunities to collaborate on the development of South Korea's sovereign K-LEO Défense constellation. Supplementing this will be opportunities to participate as a key supplier of satellite subsystems like contracts we were previously awarded to support U.S. Space Development Agency missions. Beyond space, we are also in a strong position to be Canada's national Défense champion. Leveraging our deep mission experience and complex Défense capability that has supported Canadian and Allied operations for decades, we recently launched 49th North, a dedicated Défense organization exclusively focused on delivering secure multi-domain C5ISR and mission-critical capabilities for Canada's national Défense priorities outside the space domain.

我們也獲美國飛彈防禦局（U.S. Missile Défense Agency）選為核准供應商，取得與SHIELD計畫相關的IDIQ合約，並與Hanwha Systems簽署MoU，以探索合作開發南韓自主K-LEO國防（Défense）星座的機會。作為補充，亦將有機會以衛星子系統關鍵供應商身分參與，例如我們先前獲授合約以支援美國太空發展局（U.S. Space Development Agency）任務。除太空之外，我們也具備成為加拿大國家國防（Défense）領軍者的有利位置。憑藉深厚任務經驗與複雜國防（Défense）能力，數十年來支援加拿大及盟軍行動，我們近期推出49th North——一個專注國防（Défense）的專責組織，專門在太空領域之外，為加拿大國家國防優先事項提供安全的多域C5ISR與關鍵任務能力。

This launch reflects increasing demand for sovereign Défense capability across land, air, maritime, and joint domains.

此項成立反映出各界對於在陸、空、海及聯合作戰等領域建立自主國防（Défense）能力的需求日益增加。

By bringing together proven Défense and mission critical systems expertise under a dedicated organization, we enhance focus, accountability, and discipline program execution.

透過在專責組織之下整合經驗證的國防（Défense）與關鍵任務系統專業，我們得以提升專注度、問責性與計畫執行紀律。

49 North will be focused on building a strong pipeline in non-space Défense, actively partnering with domestic and global industry, and investing in the capabilities required to support Canada's national Défense priorities.

49th North將聚焦於建立非太空國防（Défense）的強勁商機管線，積極與國內及全球產業夥伴合作，並投資於支援加拿大國家國防優先事項所需的能力。

All this activity bodes well for the continued growth of MDA space, as we are pleased to announce today that as a result of our annual pipeline review and strong market and customer demand, our pipeline contains $40 billion in cumulative opportunities over the next 5 years.

上述各項進展皆有利於MDA Space持續成長；我們很高興今天宣布，基於年度商機管線審查以及強勁的市場與客戶需求，我們的管線在未來5年累計包含400億美元的機會。

Within this pipeline, $10 billion includes either opportunities with government customers that have down selected MDA space or follow-on opportunities with existing customers.

在此管線中，100億美元包含：政府客戶已將MDA Space列入入選名單（down selected）的機會，或與既有客戶的後續延伸機會。

For opportunities where we have been down selected, this means we are now part of a narrow list of candidates who have moved on to the next stage within the contract award process. In addition, our pipeline is well-distributed between government and Défense and commercial opportunities. The geographic distribution is balanced between significant opportunities here at home in Canada and the United States, with growing opportunities within Europe and other parts of the world, including Southeast Asia. This pipeline should allow us to continue to diversify our customer base and international footprint, and combined with our backlog, provides us with confidence to continue to drive profitable and stable revenue growth for years to come. I will now spend a few minutes on each of our business areas.

對於我們已被列入入選名單（down selected）的機會，這表示我們已進入候選名單的精簡範圍，並已推進至合約授予流程的下一階段。此外，我們的管線在政府與國防（Défense）以及商業機會之間分布均衡。地理分布亦相對平衡：加拿大與美國本土擁有重大機會，同時歐洲及世界其他地區（包括東南亞）的機會也在成長。此一管線將使我們得以持續分散客戶基礎並擴大國際布局；結合我們的在手訂單（backlog），讓我們有信心在未來多年持續推動具獲利性且穩健的營收成長。接下來我將用幾分鐘分別說明我們各個業務領域。

In satellite systems, we continue to see good momentum in the market with our teams working to advance multiple requests for communication satellite solutions and a growing number of constellation projects, both for commercial and government applications. We are also seeing strong activity levels from customers, and our opportunity pipeline remains robust. Over the past year, our satellite systems business delivered year-over-year growth of 85%, a remarkable achievement. On Telesat Lightspeed program, we continue preparations for the program's engineering and manufacturing development and continue to make progress on completing the final Critical Design Review. We expect to begin delivering a small number of satellites in 2026, with deliveries ramping up in 2027. The team continues work on the Globalstar next generation LEO constellation. We achieved a significant milestone with completion of the Critical Design Review.

在衛星系統方面，我們持續看到市場良好動能；團隊正推進多項通訊衛星解決方案需求案，以及日益增加的星座計畫（同時涵蓋商業與政府應用）。我們也看到客戶活動水準強勁，商機管線仍然穩健。過去一年，我們的衛星系統業務年增85%，是一項卓越的成就。在Telesat Lightspeed計畫方面，我們持續為該計畫的工程與製造開發（engineering and manufacturing development）做準備，並持續推進完成最終關鍵設計審查（Critical Design Review）。我們預期將於2026年開始交付少量衛星，並於2027年加速提升交付量。團隊亦持續推進Globalstar下一代LEO星座的工作。我們完成關鍵設計審查（Critical Design Review），達成一項重要里程碑。

Work is being carried out through development activities on life testing of equipment and procurement activities are advancing with equipment deliveries taking place. We have also begun assembly and integration activities of the first satellites. We also continue to advance work on the initial Globalstar program, where MDA Space is the prime contractor to enhance Globalstar's LEO constellation through the addition of seventeen satellites, which support SOS features and direct-to-device communication on certain Apple products. In Q4, the team continued to progress flight hardware production and advanced satellite integration and test work with fifteen satellites currently on the shop floor in our facility, with eight satellites successfully completing functional acceptance testing. After experiencing some delays last year, we are tracking towards the revised timeline established in Q4 for deliveries this year.

目前正透過設備壽命測試等開發活動推進相關工作，採購活動亦在前進，並已開始交付設備。我們也已開始首批衛星的組裝與整合活動。同時，我們也持續推進Globalstar初始計畫；MDA Space作為主承包商，透過新增17顆衛星來強化Globalstar的LEO星座，該等衛星支援SOS功能，並在部分Apple產品上支援直連裝置通訊（direct-to-device communication）。在第四季，團隊持續推進飛行硬體生產，並推進衛星整合與測試工作；目前我們廠內產線上有15顆衛星，其中8顆已成功完成功能驗收測試。在去年經歷一些延遲後，我們正依第四季所建立的修訂時程推進，目標於今年完成交付。

We're also making great progress with our Montreal facility expansion, which will add 185,000 square feet to our existing satellite production facility. The manufacturing and engineering group that will support the new production lines have moved into new office space, and the new facility now contains printed circuit board production lines and can produce flight hardware. Once complete, this facility will be one of the world's largest high-volume manufacturing facilities in its satellite class. We have entered into a termination agreement with EchoStar following the cancellation of the contract they awarded us last year, and we are turning our focus to the other opportunities we are pursuing within our pipeline. Moving to our robotics and space operations business, we continue to see good tractions and activity levels on both the government and commercial fronts.

我們在蒙特婁廠房擴建方面也取得重大進展，將在既有衛星生產設施上新增185,000平方英尺。支援新產線的製造與工程團隊已搬入新的辦公空間；新設施現已具備印刷電路板（PCB）生產線，並可生產飛行硬體。完工後，該設施將成為全球同級衛星中產量最高、規模最大的製造設施之一。在EchoStar取消其去年授予我們的合約後，我們已與其簽訂終止協議，並將重心轉向我們在管線中追求的其他機會。轉到我們的機器人與太空運營業務，在政府與商業兩端，我們持續看到良好的進展與活動水準。

As the world leader in on-orbit space robotic operations and decades of experience in building and maintaining the current International Space Station, we continue to engage with commercial LEO destination companies to provide inputs to their design concepts for Sky Maker robotics compatibility. MDA Sky Maker is our commercial suite of robotics products specifically designed to be configured to suit a variety of mission applications, including space station assembly and servicing. While the International Space Station is currently slated to be retired by 2030, NASA is supporting the development of commercially owned and operated space stations in low Earth orbit, which the agency, along with other customers, can purchase services and stimulate the growth of commercial activities in microgravity.

作為在軌太空機器人運營的全球領導者，並擁有數十年建造與維護現有國際太空站的經驗，我們持續與商業LEO目的地公司合作，為其設計概念提供意見，以確保與Sky Maker機器人系統的相容性。MDA Sky Maker是我們的商用機器人產品套件，專為可依多種任務應用進行配置而設計，包括太空站組裝與維修服務。雖然國際太空站目前預計於2030年退役，NASA正支持在近地軌道開發由商業擁有並營運的太空站；該機構以及其他客戶可購買其服務，並促進微重力環境下商業活動的成長。

We expect NASA to release the procurement call for the next phase of CLD development in the coming months. We look forward to continuing to support the CLD candidates in their system development and bids to NASA. This past December, we successfully demonstrated our autonomous lunar logistics capabilities through a prototype vehicle developed for the CSA's Lunar Utility Rover. Using the CSA's analogy terrain in Saint-Hubert, Quebec, the demonstration showed our capability to autonomously transport large cargo elements from a landing site to a habitat, robotically manipulate smaller payloads, and have multiple autonomous vehicles coordinate motion and work together on tasks. These are key logistics capabilities pivotal to humanity's return to the Moon. We are proving that we can deliver.

我們預期 NASA 將在未來幾個月發布 CLD 開發下一階段的採購徵求。我們期待持續支持 CLD 候選方案進行系統開發並向 NASA 投標。去年 12 月，我們透過為加拿大太空總署（CSA）的月球多用途漫遊車（Lunar Utility Rover）所開發的原型車，成功展示了我們的自主月球物流能力。在魁北克省聖於貝爾（Saint-Hubert）的 CSA 類比地形上，該示範展示了我們能夠自主將大型貨物元件從著陸點運送至棲居地、以機器人方式操作較小的載荷，並讓多台自主車輛協同移動、共同完成任務。這些是人類重返月球所不可或缺的關鍵物流能力。我們正在證明我們做得到交付。

Lastly, our team continued to make progress on executing phase C of the Cand Arm 3 program while ramping down on phase B activities, conducting close-out activities throughout Q4. The team is focused on building and testing engineering models of the system elements while working towards critical design review.

最後，我們的團隊在逐步收尾 B 階段活動並於第四季進行結案作業的同時，持續推進 Cand Arm 3 計畫的 C 階段執行。團隊專注於建置並測試系統各要素的工程模型，同時朝向關鍵設計審查（CDR）邁進。

Moving to our Geo intelligence business in Q4, we were pleased to have been awarded a $45 million authorization to proceed contract by the Canadian Space Agency for critical long lead parts that are required to build a replenishment satellite for the Radarsat Constellation mission as part of the government's $1 billion Radarsat Plus initiative.

談到我們第四季的地理情報（Geo intelligence）業務，我們很高興獲加拿大太空總署授予 4,500 萬美元的「授權開始（authorization to proceed）」合約，用於採購建造 Radarsat 星座任務補充衛星所需的關鍵長交期零組件；該補充衛星屬於政府 10 億美元的 Radarsat Plus 計畫的一部分。

Alongside this AT&T contract, the CSA also announced its intention to further contract NDA Space to build, test, and launch this replenishment satellite.

除這份 AT&T 合約外，CSA 也宣布其意向將進一步與 NDA Space 簽約，以建造、測試並發射這顆補充衛星。

In addition, we were selected to deliver a concept study to support the development of Radarsat next generation mission to eventually succeed the current Radarsat constellation mission.

此外，我們也獲選交付一份概念研究，以支援 Radarsat 下一代任務的開發，最終接替現行的 Radarsat 星座任務。

In Q4, the team also continued to progress work on Corus. Our spacecraft, electrical integration and testing activities progressed well through the end of the year and made solid progress in testing the full SAR antenna, which was well characterized on our near field test range.

在第四季，團隊也持續推進 Corus 的相關工作。我們的航天器電氣整合與測試活動在年底前進展順利，並在完整 SAR 天線測試方面取得扎實進展；該天線已在我們的近場測試場域完成良好特性化。

We started to validate some of our flight control procedures related to the ground segment, and construction work continued for the new Mission Control centre, and we continued to track to our launch window in late 2026.

我們開始驗證部分與地面段相關的飛行控制程序；新的任務控制中心建設工程也持續進行，我們仍按計畫朝 2026 年底的發射窗口推進。

Before I hand it to Guillaume, I want to mention that Alison Alfos has resigned from the board of directors due to unexpected family circumstances effective March 3, 2026. Ms. Alfos has been a valued member of the board since 2022, supporting MDA space during this exceptional period of growth. We are grateful for her contributions and extend our sincere thanks and best wishes to her and her family.

在交給 Guillaume 之前，我想提到 Alison Alfos 因突發家庭因素，已於 2026 年 3 月 3 日起辭任董事會職務。Alfos 女士自 2022 年起一直是董事會的重要成員，在 MDA Space 這段非凡成長期間提供支持。我們感謝她的貢獻，並向她及其家人致上誠摯謝意與最美好的祝福。

With that, I will hand it over to Guillaume.

接下來我把時間交給 Guillaume。

Thank you, Mike, and good morning, everyone. Overall, both Q4 and full year 2025 delivered record results with solid growth in revenue and profitability combined with strong free cash flow generation and a solid backlog to end the year, positioning us well for 2026 and beyond.

謝謝你，Mike，各位早安。整體而言，第四季與 2025 全年都交出創紀錄的成果：營收與獲利穩健成長、自由現金流強勁，且年底在手訂單（backlog）穩固，使我們在 2026 年及更長遠的未來具備良好定位。

Total revenues for the fourth quarter were a record $499 million. This represents a $153 million or 44% increase over the same period last year.

第四季總營收創新高，達 4.99 億美元。較去年同期增加 1.53 億美元，增幅 44%。

The year over year increase is driven by higher revenues from our satellite systems business, including the impact of the ECOSTAR termination agreement.

年增主要來自我們衛星系統業務的營收提升，其中包含 ECOSTAR 終止協議的影響。

On a full year basis, total revenues were also a record, coming in at $1.63 billion an increase of 51% over 2024. The year over year increase in revenues was primarily driven by higher volumes of work performed, again primarily in our satellite systems business.

以全年來看，總營收同樣創新高，達 16.3 億美元，較 2024 年增加 51%。營收年增主要由已完成工作量提升所帶動，且同樣主要來自我們的衛星系統業務。

By business area, revenues and satellite systems of $371 million in the fourth quarter of 2025 were $137 million, or 58% higher compared to the same quarter in 2024. The strong showing was driven by the increase in volume of work on the Telesat Lightspeed program, the Global Star Next Generation Leo Constellation program, and the impact of the closure of the ECO Star Agreement.

按業務領域來看，2025 年第四季衛星系統營收為 3.71 億美元，較 2024 年同季增加 1.37 億美元，增幅 58%。亮眼表現主要由 Telesat Lightspeed 計畫、Globalstar 下一代 LEO 星座計畫的工作量增加，以及 ECO Star 協議結案的影響所帶動。

On a full year basis, revenues for satellite systems increased to $1.1 billion, which represents an increase of more than $500 million or 85%, which is remarkable.

以全年來看，衛星系統營收增至 11 億美元，較前一年增加超過 5 億美元，增幅 85%，相當亮眼。

From the same period in 2024.

相較於 2024 年同期。

And then again, this was driven by volume of work on the Telesat lightspeed and the Global Star Next Generation Rio constellation programs.

同樣地，這主要由 Telesat Lightspeed 與 Globalstar 下一代 LEO 星座計畫的工作量所帶動。

In robotics and space operations, revenue of $66 million in the latest quarter were in line with the levels seen in Q4 2024.

在機器人與太空作業方面，最新一季營收為 6,600 萬美元，與 2024 年第四季水準相當。

And in line also with our expectations for this quarter due to timing of revenue recognition on non-labour costs.

也符合我們對本季的預期，主要因非人力成本的收入認列時點所致。

For the full year 2025, revenues were $309 million translating into a year over year increase of $29 million or 11%.

2025 全年營收為 3.09 億美元，年增 2,900 萬美元，增幅 11%。

This increase is primarily driven by the higher volume of work performed on Canada on 3 program, as volume of work on phase C activity increased throughout the year.

此增長主要由 Canadarm3 計畫已完成工作量提升所帶動，因 C 階段活動的工作量在全年持續增加。

Revenues in our geo intelligence business of 62 million in the latest quarter represents an increase of 150 million or 31% year over year due to volume of work on programs.

我們地理情報業務最新一季營收為 6,200 萬美元，年增 1,500 萬美元，增幅 31%，主要因各項計畫的工作量增加。

For the full year 2025, revenues for geo intelligence were 214 million, representing a 12 million or 6% increase compared to 2024.

2025 全年地理情報營收為 2.14 億美元，較 2024 年增加 1,200 萬美元，增幅 6%。

Moving to gross profit for Q4 2025, gross profit was 127 million, representing a 45 million or 55% increase over the same period last year.

談到 2025 年第四季毛利，毛利為 1.27 億美元，較去年同期增加 4,500 萬美元，增幅 55%。

Gross margin in the latest quarter was 25.5% and compares to 23.6% for the same period in 2024.

最新一季毛利率為 25.5%，相較 2024 年同期的 23.6%。

For the year, gross profit was 410 million, representing a 128 million or 45% increase over 2024. Gross margin for the year was 25.1%, which compares to gross margin of 26.1% in 2024. The year over year change in gross margin is driven by evolving program mix.

全年毛利為 4.10 億美元，較 2024 年增加 1.28 億美元，增幅 45%。全年毛利率為 25.1%，相較 2024 年的 26.1%。毛利率的年對年變動主要由計畫組合（program mix）的演變所致。

Adjusted EBITDA in the quarter was a record ninety-six million compared to 71 million in Q4 2024, driven by higher volumes of work as we continue to convert our backlog. Adjusted EBITDA margin was 19.3% in Q4, and the slight decline in margins compared to Q4 of last year is attributable to our evolving program mix.

本季調整後 EBITDA 創新高，達 9,600 萬美元，較 2024 年第四季的 7,100 萬美元增加，主要受惠於工作量提升，因我們持續將在手訂單轉化為營收。第四季調整後 EBITDA 利潤率為 19.3%；相較去年第四季利潤率略為下滑，原因同樣在於計畫組合的演變。

On a full year basis, adjusted EBITDA was also a record, coming in at 324 million, up from 2024 levels of 217 million, representing a 107 million or 49% year over year increase.

以全年來看，調整後 EBITDA 亦創新高，達 3.24 億美元，高於 2024 年的 2.17 億美元，年增 1.07 億美元，增幅 49%。

Adjusted EBITDA margin of 19.8% for the full year 2025 compares to 20.1% for 2024 and is driven by, again, an evolving program mix.

2025 全年調整後 EBITDA 利潤率為 19.8%，相較 2024 年的 20.1%；同樣主要由計畫組合的演變所驅動。

Adjusted net income in the quarter was $59 million compared with 35 million in Q4 2024, and the year over year increase of $23 million or 67% was primarily driven by higher operating income.

本季調整後淨利為 5,900 萬美元，較 2024 年第四季的 3,500 萬美元增加；年增 2,300 萬美元、增幅 67%，主要由營業利益提高所帶動。

Full year adjusted net income of $190 million was up 71% year over year, also largely driven by higher operating income. And finally, adjusted diluted earnings per share of $0.45 in Q4 and $1.46 for the year were up 61% and 66% respectively versus the same periods last year.

全年調整後淨利為1.90億美元，年增71%，亦主要受較高的營業利益所帶動。最後，第四季調整後稀釋每股盈餘為0.45美元、全年為1.46美元，分別較去年同期成長61%與66%。

Moving to our backlog, we ended the quarter with a solid $4 billion backlog, which is slightly below December 31, 2024, driven by continued conversion of our backlog into revenue. This is normal and is to be expected due to the order level in 2025, which will vary from one year to the other. We continue to expect that MDA Space will be a growing company supported by our pipeline containing $40 billion in cumulative opportunities over the next 5 years. As mentioned by Mike, within this pipeline, ten billion includes either opportunities with government customers that have down selected MDA space or follow-on opportunities with existing customers.

接著談我們的在手訂單（backlog），本季末我們的在手訂單穩健達40億美元，較2024年12月31日略低，主要因在手訂單持續轉換為營收。這屬正常情況，且可預期，因為2025年的接單水準會因年度不同而有所波動。我們仍預期MDA Space將持續成長，並由未來5年累計400億美元機會的案源管線（pipeline）所支撐。如Mike所提，在此管線中，有100億美元包含政府客戶已將MDA Space列為入選（down selected）的機會，或與既有客戶的後續延伸機會。

Moving to CapEx.

接著談資本支出（CapEx）。

We remain focused on making the right investments in the business to support our strategic growth initiatives. In Q4 2025, we spent $70 million on capital expenditures. Up sixty-one million from last year, we continue to be on track with setting up production lines to ramp up high volume satellite production, and we have virtually completed our investment in MDA chorus. In addition, we have started to capitalize work related to our space grade chip.

我們仍專注於對業務進行正確的投資，以支持我們的策略性成長計畫。在2025年第四季，我們的資本支出為7,000萬美元。較去年增加6,100萬美元；我們持續按計畫建置生產線，以提升高產量衛星製造的產能，且我們幾乎已完成對MDA Chorus的投資。此外，我們也已開始將與太空級晶片相關的工作資本化。

Following the acquisition of Satisfy.

在完成對Satisfy的收購之後。

On a full year basis, our capital expenditure was $242 million compared to $198 million in 2024. We demonstrated once again this year that we can execute our investment plan to deliver sustainable and profitable growth in the future.

以全年計，我們的資本支出為2.42億美元，較2024年的1.98億美元增加。我們今年再次證明，我們能夠執行投資計畫，為未來帶來可持續且具獲利性的成長。

Cash from operations during the quarter generated $51 million compared to $376 million in Q4 2024. The year over year decrease is primarily driven by normal program-related working capital fluctuations in the quarter.

本季營運活動產生的現金流為5,100萬美元，較2024年第四季的3.76億美元下降。年對年下降主要是由於本季與專案相關的營運資金正常波動所致。

Free cash flow was slightly negative at $20 million in the quarter versus $3,150 million in the prior year.

本季自由現金流略為負值，為-2,000萬美元，對比前一年為31.50億美元。

For the full year, cash from operations generated $407 million compared to a cash generation of $813 million in 2024. The year over year decrease in operating cash flow again was driven by normal program-related working capital fluctuations, including higher advanced payments received in 2024.

全年營運活動產生的現金流為4.07億美元，較2024年的8.13億美元下降。年對年營運現金流下降同樣是由於與專案相關的營運資金正常波動所致，其中包括2024年收到較高的預收款。

Free cash flow was a healthy $165 million in 2025, in line with our guidance of neutral to positive free cash flow for the full year and compares to a prior year free cash flow of $6,150 million.

2025年自由現金流為健康的1.65億美元，符合我們對全年自由現金流「持平至正值」的指引，並對比前一年自由現金流為61.50億美元。

Moving to our balance sheet, we ended the quarter with a strong financial position with net cash of $152 million. Available liquidity of $669 million under our credit facility, and a total available liquidity of $821 million. Our net debt to trailing twelve-month adjusted EBITDA ratio was a healthy 0.4 times.

接著談資產負債表，本季末我們的財務狀況強勁，淨現金為1.52億美元。在我們的信貸額度下可用流動性為6.69億美元，總可用流動性為8.21億美元。我們的淨負債對過去十二個月調整後EBITDA比率為健康的0.4倍。

In the quarter, we strategically evolved our capital structure through the issuance of $250 million in senior unsecured notes June 2030.

本季我們透過發行2.50億美元、2030年6月到期的優先無擔保票據，策略性地優化了資本結構。

And with an amendment of our senior revolving credit facility of $700 million extending the maturity to 2030 and also allowing for a $150 million accordion feature. Our strong balance sheet position provides flexibility and liquidity, allowing us to deploy capital on the right strategic opportunities to support our strong growth profile.

同時，我們修訂了7.00億美元的優先循環信用額度，將到期日延長至2030年，並允許增加1.50億美元的擴額（accordion）機制。我們強健的資產負債表提供彈性與流動性，使我們能在正確的策略性機會上部署資本，以支持我們強勁的成長輪廓。

In summary, this was a strong quarter to wrap up fiscal 2025, and we continue to be encouraged by the positive momentum we are seeing across our businesses.

總結而言，這是為2025財年畫下句點的強勁一季，我們也持續受到各項業務所展現的正向動能所鼓舞。

I also want to take the time here to recognize the work, dedication, and passion of the NDA space team. Without each employee's contribution, these outstanding results would not have been possible.

我也想藉此時間肯定NDA space團隊的努力、投入與熱情。若沒有每位員工的貢獻，這些傑出成果不可能達成。

Now let me turn to our 2026 outlook. As Mike noted, we are introducing our 2026 financial outlook, and we are well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology, including our product offerings.

接下來我談我們對2026年的展望。如Mike所提，我們將提出2026年的財務展望；憑藉我們多元且經驗證的技術（包含產品組合），在強勁客戶需求與活絡市場活動下，我們已具備良好條件把握機會。

For the full year, we expect revenues to be between $1.7 to 1.9 billion, representing a year over year growth of approximately 10% at the midpoint of the guidance.

就全年而言，我們預期營收介於17億至19億美元，按指引中位數計算，年增約10%。

This is off the back of extraordinary growth in 2025.

這是建立在2025年非凡成長的基礎之上。

When comparing the revenue growth between 2020.

當比較2020年的營收成長。

And the midpoint of our guidance for 2026. This represents a CAGR of close to 30%, which approaches the high end of our stated goal of 20 to 30% CAGR for the business.

以及我們2026年指引的中位數。這代表接近30%的年複合成長率（CAGR），接近我們所述20%至30% CAGR目標的高端。

We expect full year adjusted EBITDA to be between $320 and $370 million, representing a year over year growth of approximately 7% at the midpoint of the guidance. An adjusted EBITDA margin of 18 to 20%.

我們預期全年調整後EBITDA介於3.20億至3.70億美元，按指引中位數計算，年增約7%。調整後EBITDA利潤率為18%至20%。

The adjusted EBITDA range is to provide flexibility for us to strategically scale up the business for future growth, particularly in R&D and in SG&A, and aligns with our historical goals since the IPO and continues to represent very solid profitability.

調整後EBITDA區間的設定，是為了讓我們在策略上具備彈性，以擴大業務規模、支撐未來成長，特別是在研發（R&D）與銷售、一般及行政費用（SG&A）方面；同時也與我們自IPO以來的歷史目標一致，並持續展現非常穩健的獲利能力。

We expect capital expenditures to be between $225 and $275 million in 2026 to support another year of investments related to expanding production at our Montreal facility, investments in chip development, and investments to support commercial growth initiatives. Although we continue to invest in our future, our capital intensity as a percentage of revenues is reducing from an average of over 20% between 2021 and 2024.

我們預期2026年的資本支出介於2.25億至2.75億美元，以支持另一年的投資，包括擴充蒙特婁廠區產能、晶片開發投資，以及支持商業成長計畫的投資。儘管我們持續投資未來，但以營收百分比衡量的資本密集度，正從2021至2024年平均超過20%下降。

To now less than 15% in 2025 and in 2026 at the midpoint of our guidance.

在2025年已降至15%以下，且在2026年按指引中位數亦將低於15%。

Finally, we expect full year free cash flow to be neutral to negative, driven by normal program working capital fluctuations combined with the CapEx required to support future growth. With this outlook, MDA Space is positioned to once again deliver a strong year of profitable growth, with the vast majority of revenue for 2026 contained within our solid backlog.

最後，我們預期全年自由現金流將持平至負值，主要受與專案相關的營運資金正常波動，以及支持未來成長所需的資本支出所影響。在此展望下，MDA Space有望再次交出強勁且具獲利性的成長年度，而2026年絕大多數營收已包含在我們穩健的在手訂單之中。

Looking beyond 2026, we are excited about the opportunities ahead supported by our $40 billion pipeline.

展望2026年之後，在400億美元案源管線的支持下，我們對未來機會感到振奮。

On our mission to grow the business, the team is focused on executing customer commitments and leveraging our capabilities and technology to win new business pursuits while remaining disciplined in delivering sustainable, profitable growth.

在推動業務成長的使命下，團隊專注於履行對客戶的承諾，並運用我們的能力與技術來贏得新的業務機會，同時保持紀律，交付可持續且具獲利性的成長。

With that operator, we are ready for questions.

接下來，接線員，我們準備開始提問。

(Operator Instructions)

（接線員指示）

Your first question comes from Doug Taylor from Canaccord Genuity. Please go ahead.

第一個問題來自Canaccord Genuity的Doug Taylor。請發問。

Yeah, thanks, good morning and congrats on a great close to 2025 and the outlook for twenty-six. You've given more colour to the pipeline, 40 billion, that's a staggering number and a big expansion from the last number you provided.

好的，謝謝，早安，也恭喜你們在2025年收官表現出色，以及對2026年的展望。你們對案源管線提供了更多細節，400億美元，這是個驚人的數字，也比你們上次提供的數字大幅擴張。

Is it fair to characterize the expansion here as being more Défense and intelligence related versus commercial communications? Would you provide some further colours to where you are seeing the most growth and opportunity?

是否可以說，這次擴張主要更多來自國防與情報相關，而非商業通訊？能否再多提供一些細節，說明你們在哪些領域看到最多的成長與機會？

Yes, for sure we can do that. This is like our annual update to pipeline. We are going to TRY to make sure that we gave the numbers last year and carried it through the year and we're up, we've scrubbed all the numbers at the start of every year and updated the pipeline expectations, so that's what we're doing here now. The growth in terms of the size of the pipeline has certainly been based on opportunities we've collected through the year.

是的，當然我們可以這麼做。這有點像我們對管線的年度更新。我們會盡力確保：把去年提供的數字一路延續到今年；並且在每年年初把所有數字重新檢視（scrub）一遍，更新對管線的預期，所以這就是我們現在在做的事。就管線規模的成長而言，確實是基於我們在一年當中累積蒐集到的各項機會。

There are a number of them, yes, that are Défense and intelligence related, Défense related.

是的，其中有不少是與國防與情報相關的，屬於國防相關。

Both in the space sector, in addition to the non-space sector with the announcement of 49 North and the focus there, the 49 North also creates opportunities for us to through to 49 North take on some new non-space things. And so, yeah, both domestically and internationally, the Défense side has some of the chunkier growth in the pipeline.

不僅在太空領域，另外在非太空領域，隨著 49 North 的宣布以及我們在那邊的聚焦，49 North 也為我們創造了機會，讓我們可以透過 49 North 承接一些新的非太空項目。所以，是的，無論在國內或國際上，國防端在管線中有一些較為「大塊頭」的成長。

Would you quantify just because you mentioned the 49 North pipeline as being, material within the context of this larger number?

你能否量化一下？因為你提到 49 North 的管線在這個更大數字的脈絡下是具重要性的（material）。

I don't know what the materiality number would be, but there's, it's early days with 49 North, but, with the initiation of it as we started the year, it is immediately, picked up some media opportunities as a Défense prime in Canada.

我不確定所謂「具重要性」的門檻數字會是多少，但 49 North 還在早期階段；不過，隨著我們在年初啟動它，它立刻以加拿大的國防主承包商（Defence prime）的身分，帶來了一些媒體相關的機會。

Okay, and then you know I'll just ask one more question on, the pipeline, as it relates to your guidance here and you get this question every year at this time. So I guess what I'm asking here is the degree of coverage of the guidance you're providing for 26 so you're taking out a backlog and I guess you know I'd assume it's relatively high and you know the flip side of that question was the amount of pipeline conversion that you know is baked into that that guidance versus you know supporting 27 and beyond.

好的，然後我再問一個關於管線的問題，這也跟你們這裡提供的指引有關，而且你們每年這個時候都會被問到。所以我想問的是：你們對 26 年提供的指引，其覆蓋程度（coverage）有多高？因為你們有一部分是從在手訂單（backlog）中拿出來的，我想覆蓋度應該相對高；反過來說，這份指引中「已經內含」多少管線轉換（pipeline conversion），相對於用來支撐 27 年及以後的部分？

Yeah, like, certainly 26 is, I said, is a year of, very high visibility on revenue from backlog, so we're executing a lot of backlog as we go through 26. We do expect some orders in the guidance that has been given. The pipeline is a 5 year pipeline, so it's, from now through the next 5 years of specific, named opportunities that we're pursuing.

是的，像我說的，26 年確實是一個從在手訂單帶來營收、能見度非常高的一年，所以我們在 26 年會執行大量的在手訂單。我們也預期在已給出的指引中會有一些新訂單。管線是一個 5 年期的管線，也就是從現在起往後 5 年，我們正在追逐的、具體且已命名的機會。

The pace at which those can come in, is often based on customer activity, and some of that customer activity is in areas that are newly emergent, such as the Canadian government's new Défense industrial strategy, the creation of the new defence Investment Agency. So we have a lot of new policy and new processes around an expanding defence budget which assures opportunities in the pipeline, which are great, but there's a little less insight in terms of exactly how fast those things can move and so we are definitely seeing procurements moving faster, especially strategic procurements in the sovereign Défense capability areas identified in the Canadian Défense industrial strategy. And so that's great to see, but in terms of exactly how those will play out, we have to be a little bit cautious until we actually, see some more examples of how these things are going to flow through the modified procurement processes. So, they are there. Things can happen both government and commercially as we go through the year, but the pace of those will be based on, outside forces.

這些機會能以多快的速度落地，往往取決於客戶端的活動，而其中一些客戶活動是在新近浮現的領域，例如加拿大政府新的國防產業策略，以及新成立的國防投資署（defence Investment Agency）。因此，隨著國防預算擴張，我們看到很多新的政策與新流程，這些都能確保管線中有機會，這很好；但就這些事情究竟能以多快速度推進而言，我們的洞見會少一些。因此我們確實看到採購在加速，尤其是在加拿大國防產業策略所界定的主權國防能力領域中的策略性採購。這點很令人振奮；但就其具體如何發展，我們仍需稍微謹慎，直到我們實際看到更多案例，了解這些事情會如何透過調整後的採購流程推進。所以，機會都在那裡。在一年當中，政府端與商業端都可能發生一些事情，但其推進速度將取決於外部因素。

All right, I appreciate the added colour. I will pass the Line.

好的，感謝你補充更多細節。我把線路讓給下一位。

Sure, thanks.

好的，謝謝。

(Operator Instructions)

(接線員指示)

Thank you. And your next question comes from Justin Lang from Morgan Stanley. Please go ahead.

謝謝。下一個問題來自摩根士丹利（Morgan Stanley）的 Justin Lang。請開始。

Yeah, hi, good morning, thanks for taking the questions. Mike, you are quite bullish towards the end of last year that we could see potentially another sizable commercial constellation order announced here in twenty-six. Curious if you are still hopeful that we could see a large order like that this year. Any colour that would be great.

是的，嗨，早安，謝謝讓我提問。Mike，你在去年年底時相當看多，認為我們在 26 年這裡可能會看到另一筆相當可觀的商業星座訂單宣布。想請問你現在是否仍然希望今年能看到那樣的大單？如果能提供一些補充說明就太好了。

Yeah, it is still possible for sure. Like I say, that is all based on, commercial customer activity as well, and, when and how they decide to move out on different opportunities. So, we are still actively engaged, actively quoting people in the pipeline on the commercial side of things, so there is potential that that can, that could happen. But we will wait and see how it rolls, but we still are behaving in a way that we are, feeding customer with inputs on to assure that they are comfortable to move forward.

是的，當然仍然有可能。如我所說，這也完全取決於商業客戶端的活動，以及他們何時、如何決定推進不同的機會。所以我們仍在商業端積極參與，對管線中的客戶積極報價，因此確實存在發生的可能性。但我們會再觀察它如何發展；不過我們的作法仍是持續向客戶提供各種輸入，確保他們能夠放心往前推進。

Okay, great. And then, maybe just on the CapEx guide for the year we could just maybe put a finer point on where the investment's going in terms of what exactly is left to build out in Montreal and how much you'll be spending on this chip development effort, and then should we think about CapEx sort of stepping down materially from here into 27 or is it more of a smoother downward glide path from here? Thanks.

好的，很好。接著，關於今年的資本支出（CapEx）指引，能否更精準說明一下投資會用在哪裡：蒙特婁那邊到底還有哪些需要建置完成？晶片開發這項投入大概會花多少？另外，我們是否應該預期 CapEx 從現在到 27 年會明顯下滑，還是會呈現較平滑的下行趨勢？謝謝。

Thank you, Justin. I will take, that one.

謝謝你，Justin。這題我來回答。

So really the focus, this year will be on the, Lightspeed and Global Star production line, equipment. That is really the focus for us. We also must continue to invest in office space and things like parking. I mean, we have been growing a lot. Our factory there in Montreal is virtually completed, like the building is completed, but we need a bit more, investments to make sure that everybody can come to work comfortably. The facility has been, expanding quite a bit. In terms of chip development for sure now we started to capitalize the work that we are doing there, it is intangible assets for the most part and that's, important within the midpoint of 250 million. But it's ramping up, essentially in, 2026, aandfinally we have some commercial, sort of opportunities where we see that we need to invest a little bit ahead of getting the business and so those are really the areas of focus for us. I think, if we look beyond 2026.

所以今年的重點，主要會放在 Lightspeed 和 Global Star 的生產線設備上。這對我們來說是最主要的焦點。我們也必須持續投資辦公空間以及像停車這類設施。畢竟我們成長很快。我們在蒙特婁的工廠基本上已經完工，也就是建築本體已完成，但我們還需要再投入一些資本，確保每個人都能更舒適地來上班。該設施一直在相當幅度地擴張。至於晶片開發，確實我們現在已開始把那邊進行的工作資本化，主要會列為無形資產，而這在 2.5 億的中位數指引中是重要的一部分。但它基本上會在 2026 年加速爬坡；最後，我們也看到一些商業面的機會，我們需要在拿到業務之前就稍微提前投資，所以這些就是我們的重點領域。我想，如果我們看 2026 年之後。

I feel like we are going to still have a good year of spending in 2027. Too early to say if it will be lower than the midpoint, we are guiding to, this year in 2026. But beyond that, and, when looking at the business, for the future, I feel like a number of 150 to 200 million would be a reasonable, long-term number, to assume, now, we have been indicating. And indicating in the past a bit lower than that, but really the big driver here is that now we have, chip capabilities and so we're going to have to continue to invest on that front, but that's obviously strategic and it has a lot of value for us.

我覺得 2027 年我們仍會是資本支出不錯的一年。現在要說它是否會低於我們在 2026 年給出的中位數指引，還太早。但再往後看，從業務的長期角度，我認為 1.5 億到 2 億會是合理的長期假設數字，這也是我們目前一直在傳達的。過去我們給的指引略低一些，但現在最大的驅動因素是我們具備了晶片能力，因此我們必須在這方面持續投資；不過這顯然是策略性的，對我們也有很高的價值。

Perfect I'll pass the line thanks.

太好了，我會把話筒讓出去，謝謝。

(Operator Instructions)

（接線員指示）

Thank you. And your next question comes from Anar Gupta from Scotiabank. Please go ahead.

謝謝。下一個問題來自豐業銀行（Scotiabank）的 Anar Gupta。請開始。

Thanks. Morning, Mike, Guillaume, and team. Just on the pipeline maybe, the $40 billion dollar, obviously it's an outstanding pair. Have you like figured out what is the incremental you said different. So obviously driving some of that, but in terms of segments I'm thinking, is it more on the satellite side that you're seeing these incremental opportunities, making satellites, or is it more from the services side, whether it's geo intelligence or something else?

謝謝。早安，Mike、Guillaume，以及團隊。想請教一下關於管線，40 億美元那個，顯然是個很突出的組合。你們是否已經釐清你剛才提到的增量、也就是不同之處是什麼？所以顯然有些因素在推動，但就分部來看，我在想：你們看到的這些增量機會，更多是在衛星端（製造衛星）？還是更多來自服務端，不論是地理空間情報（geo intelligence）或其他？

I would say more on the certainly there's really solid expansion on the satellite side, definitely in two types of satellites in communication satellites and Earth observation satellites, so there's definitely, solid growth in contracting for and delivering satellites. There is some new capability.

我會說更多是在——當然，衛星端確實有非常扎實的擴張，尤其是在兩類衛星：通訊衛星與地球觀測衛星，所以在衛星的承攬與交付方面，確實有穩健的成長。也有一些新的能力。

Offering type stuff in space that is being introduced as the space market continues to expand that can affect robotics and space operations, so that has really been good to see.

在太空領域有一些新的「供應／提供」類型的內容正在導入，隨著太空市場持續擴張，這也可能影響到機器人與太空作業，因此看到這點確實很不錯。

And those remain the primary drivers of growth. As I mentioned earlier, we are also seeing a modest uplift in our nonspace defense business following the launch of 49 North, which enhances our ability to pursue and execute defense prime contracts more effectively

而這些仍然是成長的主要驅動因素。如我先前提到的，隨著 49 North 的推出，我們也看到非太空的國防業務有溫和的提升，這強化了我們更有效追求並執行國防主承包合約的能力。

Okay, thanks, and on the $10 billion dollar liked the pipeline seems like it's maybe up the pipe, the opportunities and because you know you've been shortlisted by the governments and you're expecting some follow owns in terms of timeline then do you see, like government orders can be lumpy obviously, but did you expect some of these $10 billion dollar worth of opportunities might be converting into contracts this year and next year, or these are more sort of back end loaded.

好的，謝謝。再問一下 10 億美元那個——看起來管線可能更往後，機會也在增加；而且因為你們已被政府列入短名單，並預期後續進展。就時程而言，你怎麼看：政府訂單當然可能很不平均，但你是否預期這 10 億美元的機會中，有一部分會在今年或明年轉成合約？還是比較偏向後段才會大量落地？

No, I would think there's a lot of the shorter list ones would have, there's a number of them that would have a chance within that bucket over the next 24 months. Like I said, the some of that is government related and therefore it is going to be linked with the behaviour of government under new defense procurement initiatives, but they are not all in that. Some other government ones are only normal procurement processes, so there's some that could come this year and then definitely some that could come next year.

不，我認為短名單中的很多案子，在未來 24 個月內都有機會落在那個籃子裡；其中有不少案子是有機會的。如我所說，其中一部分與政府相關，因此會與政府在新的國防採購倡議下的行為連動，但並非全部都屬於那一類。另外一些政府案子只是一般的採購流程，所以有些可能今年就會發生，明年也肯定會有一些。

Thanks. And last one for me before I turn over, in terms of RFPs, I mean your business has grown a lot. Your opportunity pipeline is expanding. Are you expecting to fill a lot of RFPs this year? Like, and can you provide some context historically? Like how many RFPs typically you fill in a year?

謝謝。我最後一題，然後我就交棒。就 RFP 而言，你們的業務成長很多，機會管線也在擴張。你們預期今年會回覆很多 RFP 嗎？另外能否提供一些歷史背景？例如你們通常一年會回覆多少份 RFP？

Oh, I do not have that number in my head. That is a new good one for me to get in my head. How many bids do we write a year? So, I will have to go and work on that,it is, it is steady. Let me just say that as far as for sure. Our new business teams are highly active.

喔，我腦中沒有那個數字。這是個新的好問題，我得把它記在腦中。我們一年寫多少份投標書？所以我得回去整理一下；但它——它是穩定的。我先這麼說，這點是確定的。我們的新業務團隊非常活躍。

Constantly responding to requests for quotations and requests for proposals, so RFQs and RFPs, in the system. It is a constant activity, so we will definitely be responding to a number of those as we go through the year for sure.

持續回覆報價請求與提案請求，也就是 RFQ 和 RFP，在系統裡。這是一項持續性的活動，所以我們今年在推進過程中，肯定會回覆其中相當數量的案子。

Okay, thanks for that and all the best for the year.

好的，謝謝你的說明，也祝你們今年一切順利。

Thank you.

謝謝。

Okay, thanks a lot.

好的，非常感謝。

(Operator Instructions)

（接線員指示）

Thank you. And your next question comes from Ken Herbert from RBC Capital Markets. Please go ahead.

謝謝。下一個問題來自 RBC Capital Markets 的 Ken Herbert。請開始。

Yeah, hi, good morning, Mike and Guillaume, maybe Guillaume, I wanted to see on the adjusted EBITDA guide for the year a bit of a wider range than we would typically see, and I can appreciate some of your comments around, the higher R&D spend, but can you give any more detail on maybe some of the puts and takes between the upper end or the lower end of the adjusted EBITDA Outlook and maybe any more specifics on, the areas of focus for R&D and other investments.

是的，嗨，早安，Mike 和 Guillaume。也許 Guillaume，我想請教一下：你們今年調整後 EBITDA 的指引區間比我們通常看到的更寬；我理解你們提到研發支出較高等因素，但你能否再多提供一些細節，說明在調整後 EBITDA 展望的上緣與下緣之間，可能有哪些拉抬與拖累？以及在研發與其他投資方面，更具體的重點領域是哪些？

Yeah, thank you, Ken and, good morning to you. So, at the end of the day, we wanted to give ourselves some wiggle room here, and depending on, the timing of, the investments that we are contemplating. To support our strategic growth, we, will see, potentially, an impact on the, EBITDA margin again, we've maintained a range of, 18 to 20%, so, we're going to be strategic about, those investments, and, it's going to also, The, sort of part of how we see, the timing of revenue recognition, it's top-line comes in very strong. Then you know we might invest a little bit more and, in an alternative scenario, then we might be a bit more prudent with our different investments but at the end of the day, I think what's to be sort of highlighted here is that we're coming off a very strong year of growth again. We are now, guiding to. Be a 1.8 billion company and we were a four hundred million company not so long ago. And so, Mike and I were thinking about that a lot because, we have been investing in our facilities and all of that, but we need to maintain, our technological leadership. So that is why, we feel like we have some investments to do, in R&D, and, also, we need to scale the rest of the business. Rather, if it is us working on, making sure we are, using AI, or, making sure that we have, enhanced capabilities within, finance, legal, HR, and IT, and so. So, I think we will manage it prudently, but, and we will always do that. We're very disciplined, as but we felt like we needed, the proper wiggle room to execute and deliver another good year here in 2026.

好的，謝謝你，Ken，也早安。歸根結底，我們希望在這裡給自己一些彈性，取決於我們所考量投資的時點。為了支持我們的策略性成長，我們可能會看到 EBITDA 利潤率再次受到一些影響；我們維持 18% 到 20% 的區間，因此我們會以策略性的方式進行這些投資；同時，這也部分取決於我們對營收認列時點的看法——如果營收端（top-line）進來得非常強勁，那麼你知道，我們可能會多投資一些；在另一種情境下，我們可能會對不同投資更為審慎。但我認為需要強調的是：我們剛結束又一個非常強勁的成長年度。我們現在指引，要成為一家 18 億美元營收規模的公司，而不久之前我們還是一家 4 億美元規模的公司。因此，Mike 和我一直在思考這件事，因為我們已經在廠房設施等方面投入，但我們需要維持技術領先。所以這就是為什麼我們覺得在研發方面還需要做一些投資；同時，我們也需要擴大公司其他部分的規模。不論是確保我們在使用 AI，或確保我們在財務、法務、人資與 IT 等方面具備更強的能力，等等。我想我們會審慎管理，而且我們一向如此。我們非常自律，但我們覺得需要適當的彈性空間，才能在 2026 年執行並交出另一個好年度。

Great, I appreciate all the detail and then maybe Mike, we think about your defense exposure today as, maybe mid 10s of the business. If you are successful on some of these pipeline opportunityou have you have leaned into this opportunity on the defense and national security side, what could defense broadly represent maybe of the revenue mix twenty-sixiting 26 or into 2027? I mean, can you just frame that opportunity for us?

很好，謝謝你提供這麼多細節。接著也許問 Mike：我們看你們目前的國防曝險，大概是業務的 10% 多一些（mid-teens）。如果你們在這些管線機會上取得成功——你們也確實更積極切入國防與國安領域——那麼到 2026 年底或進入 2027 年，國防業務廣義上可能會占營收組合多少？你能幫我們框定一下這個機會嗎？

Yeah, I think exiting twenty-six, I would not expect a big sudden change. I think 27, yes, if some things start to get, contracted in these various forms of pipeline, as we go through 26, then in 27 we could start to see some additional revenue lift from the defense side and then certainly in 2028, so these, a number of these programs tend to be larger and so they'll take time and then they'll have to ramp up. But the relative contribution in terms of your mid-teen estimate and how that might change, of course, will be dependent on what else has happened on the commercial side as well, which is still a significant part of the pipeline. And so, but the defense portion will go up as we go through the next 24 months. That is our expectation.

是的，我認為到 2026 年底，我不預期會有很突然的大幅變化。我認為 2027 年會是的：如果在 2026 年期間，這些不同形式的管線中有一些開始簽約，那麼在 2027 年我們可能會開始看到國防端帶來額外的營收提升，到了 2028 年更是如此。因為其中不少計畫通常規模較大，所以需要時間，之後也必須逐步爬坡。但就你提到的 mid-teens 估計以及它可能如何變動，當然也取決於商業端還發生了什麼——商業端仍是管線中相當重要的一部分。不過，隨著未來 24 個月的推進，國防占比會上升。這是我們的預期。

Great thanks Mike. I will pass it back there.

非常感謝，Mike。我會把這個回覆轉達回去。

Okay, thanks, Ken.

好的，謝謝你，Ken。

(Operator Instructions)

(接線員指示)

Thank you. And your next question comes from Russell Stanley from Beacon Company. Please go ahead.

謝謝。下一個問題來自 Beacon Company 的 Russell Stanley。請發問。

Good morning and thanks for the, question. Congrats on the quarter. A follow-up on that last question around your revenue mix expectations. How should we think about, the gross margins, on a mid-term basis? I think people might assume that. Defense related work must come at lower margins. Is that, are you seeing that or do you expect that or are you more or less, kind of expecting gross margins to be unchanged relative to, the work you see on the commercial front?

早安，謝謝你的提問。恭喜本季表現。我想就剛才那個關於營收組合預期的問題追問一下。我們應該如何看待中期的毛利率？我想大家可能會假設，國防相關工作必然帶來較低的利潤率。你們是否正在看到這種情況、或預期會如此？還是你們大致上預期毛利率相較於商業端的工作會維持不變？

Thanks.

謝謝。

And maybe I think that one, Russ, and, give you some insights here. So, 2026, 18 to 20%, we are confident about that, range for the business. We do not expect that to change, in the near term, so I would expect that, we could continue to deliver within that range for 2027, and then. What is going to happen is two things. First, as we increase our production, in Montreal, we might see some margin opportunities, in terms of margin expansion, in the future. Now with that said, when we look at defense contracts, they do typically come with lower EBITDA margin. It is too early to tell like what will our mix be. Today it is about, 70% commercial, 30% government and defense, and so, we'll see how that evolves, but, one thing to keep in mind is that we are seeing very large opportunities coming, for us, given everything that, we've been saying, this morning. And so at the end of the day if we would be in a position in a number of years where we would see, a lot of big defense opportunity coming to us, we might see a bit of compression on the EBITDA margin, but at the end of the day we don't take margin to the bank, right? And from my perspective this. Be still very good for our business because we would, increase our earnings per share, and, absolute EBITDA number, but you know that's all the colour that I guess we can give at this stage and, we'll continue to, provide updates as, things evolve over the next, few years here.

Russ，我來回答這題，並提供一些看法。就 2026 年而言，18% 到 20% 的區間，我們對這個業務的目標區間很有信心。我們不預期短期內會改變，所以我預期 2027 年我們也能持續交付在這個區間內，然後……接下來會發生兩件事。第一，隨著我們在蒙特婁提升產能，未來在利潤率擴張方面可能會看到一些機會。不過話說回來，當我們看國防合約時，它們通常確實會帶來較低的 EBITDA 利潤率。目前還太早判斷我們的組合會是什麼樣子。今天大約是 70% 商業、30% 政府與國防；我們會看它如何演變。但要記住的一點是，基於我們今天早上所說的一切，我們正看到非常大的機會正在到來。因此，若在幾年後我們處於一個有大量大型國防機會湧向我們的位置，我們可能會看到 EBITDA 利潤率有些許壓縮；但歸根結底，我們也不能把利潤率拿去銀行存，對吧？以我的角度來看，這對我們的業務仍會非常好，因為我們會提高每股盈餘，以及 EBITDA 的絕對金額。不過我想在這個階段我們能提供的大概就是這些補充說明；未來幾年隨著情況演進，我們也會持續提供更新。

That's great colour and maybe if, my follow-up just around the backlog and give them the pipeline, the huge growth you've seen there, this is a bit of a Hollywood problem question, but how do you think about managing the backlog as a multiple of revenue, balancing, wanting to keep the backlog as healthy as possible while managing delivery timelines and expectations for customers on. With a $40 billion dollar pipeline at some point that might be, a nice problem to have, but I would love to hear how you're thinking about it right now.

這些補充說明很有幫助。我的追問可能是關於在手訂單（backlog）以及你們提到的管線（pipeline）——你們看到那裡有很大的成長。這有點像「好萊塢式的煩惱」：你們如何思考把在手訂單維持在營收的某個倍數，同時在希望 backlog 盡可能健康與管理交付時程、以及客戶預期之間取得平衡？當管線達到 400 億美元時，某種程度上那會是個不錯的問題，但我很想聽聽你們現在是怎麼想的。

Thanks.

謝謝。

Yethat is that's a great question.

是的——這是個很好的問題。

Go ahead. Yes.

請說。是的。

Yeah, II willstart. Mike and, yes, sorry, Mike and I, we are not in the same location today. He is in Europe and we are here in Toronto. So that is a great question, Russ. Like from our perspective, like we have a good thing going on for us here because we have invested in a brand new sense. Centre of Excellence right here in Brampton, Ontario, so we can take on a lot more work. And, as I commented earlier, we are now close to having a world-class, high volume satellite manufacturing facility in in Montreal that can deliver up to 400 satellites per year. So I mean we have made all those investments and now we're ready to convert more opportunities for our from our pipeline into our backlog and then continue to execute and generate revenue growth. Now, we are obviously targeting a book to bill ratio above one. Compared to our revenue, every year, this year we were a bit below that, but, if you look at the past, two years, then we were above, so it is just going to be a matter of timing here. In our business it takes a bit of time to convert, pipeline opportunities into orders, but I think we are very well positioned here from, an infrastructure and footprint standpoint to take on a lot more business. Mike, if you want to add anything.

對，我先開始。Mike——抱歉，Mike 和我今天不在同一個地點。他在歐洲，我們在多倫多。所以這是個很好的問題，Russ。從我們的角度來看，我們目前有個很好的態勢，因為我們投資建立了一個全新的卓越中心（Centre of Excellence），就在安大略省布蘭普頓，因此我們可以承接更多工作。而且如我先前提到的，我們現在也接近擁有一座世界級、高產量的衛星製造設施，位於蒙特婁，每年可交付多達 400 顆衛星。所以我們已經做了所有這些投資，現在也準備好把管線中的更多機會轉化為在手訂單，並持續執行、帶動營收成長。當然，我們的目標是接單出貨比（book-to-bill）高於 1。相較於我們每年的營收，今年我們略低於 1；但如果你看過去兩年，我們是高於 1 的，所以這只是時間點的問題。在我們的業務中，把管線機會轉換成訂單需要一些時間，但我認為就基礎設施與據點布局而言，我們非常有利於承接更多業務。Mike，如果你想補充什麼。

Nope, I think that's great, thanks.

沒有，我覺得說得很好，謝謝。

That's a great colour. I will get.

這些補充說明很有幫助。我會……

Back in the queue.

回到提問隊列。

Thank you.

謝謝。

Thanks Ross.

謝謝你，Ross。

(Operator Instructions)

(接線員指示)

Thank you. And your next question comes from David McFadden from Aftermarket. Please go ahead.

謝謝。下一個問題來自 Aftermarket 的 David McFadden。請發問。

Great, thank you. Couple questions, I’ll ask one on the pipeline as well. So we have seen it double since Q3, and you now disclostenthat 10 billion of the 40 is for follow-on orders or defense, or I guess a combination of both. Can you confirm that, Apple Global Star follow-on order would be in that 10 billion pipeline?

很好，謝謝你。我有幾個問題，我也會問一個關於管線的問題。我們看到自第三季以來管線規模翻倍，而你們現在揭露 400 億中的 100 億是用於後續訂單或國防，或我想可能是兩者的組合。你能否確認 Apple/Globalstar 的後續訂單會包含在這 100 億的管線中？

But we're not going to, no, we don't talk about specific opportunities in our pipeline, but the other thing is that, it hasn't like been like a, it's been a jump over the next year. Like we are trying to make sure we update the pipeline annually and make sure that we give as part of guidance for the year, we give an update on pipelines. So we will carry this pipeline number as we go through the year. We are not going to. We are not going to talk on a quarter by quarter basis about adjustments to the pipeline. This is, our order development and order cycle is such that, we should not be thinking about quarterly stuff. We should be thinking about annually stuff. So we will be working this pipeline as we go through this year and give an update to it the same time next year. And so like there has not been like some huge swing just in the three month period. It has been building awe haveve been goingtwenty-fivehrough 25 and with all the changes that have occurred in the market and our changes to our position that have contributed to that. So, but I do not want to comment on specific opportunities like that.

但我們不會——不，我們不會談管線中的特定機會；另外一點是，它並不是在接下來一年突然跳增。我們希望確保每年更新一次管線，並且在年度指引中提供管線更新。因此，我們會在今年持續沿用這個管線數字。我們不會。我們不會按季度去談管線的調整。我們的訂單開發與訂單週期特性，使得不應該用季度的角度來思考。我們應該用年度的角度來思考。所以我們會在今年持續推進這個管線，並在明年同一時間點再更新一次。因此，在這三個月期間並沒有出現什麼巨大的波動。它是逐步累積起來的——我們一路推進到 2025 年，市場發生的各種變化，以及我們自身定位的調整，都促成了這個結果。所以，我不想就那樣的特定機會發表評論。

Okay.

好的。

Do you know when NASA is going to announce this, the award for this like over $4 billion US Artemis contract for the manned lunar train utility vehicle? Like it's just been over a year now delayed.

你知道 NASA 什麼時候會宣布這件事嗎？就是那個超過 40 億美元的美國 Artemis 載人月球列車多用途車輛合約的得標結果？感覺已經延後一年多了。

Yeah, it's been like people have been looking for that to be announced, every month for many months, and so I think that it probably got slowed down as in the fall, which the expectation was there as the new NASA administrator Jared Isaacman came into his job. And everybody must confirm, what all the priorities are. So that slowed them down a little bit. And then you will have seen like a strong burst in the last little while about ensuring the return to the lunar surface and ensuring in the in the sort of mini space race that's going on here, and maybe it's not too much of a mini space race, the space race that's going on here between The United States and the United States and China to be able to, get humans back on the moon and start having habitats there and all that kind of stuff. There is a significant focus on that. So I think that probably in the architecture of their programs and which sequence of things need to be Decided and announced in what order it's probably been reshuffled a bit as the new administrator has come into to his job, but in the background, people continually expect that as being one of the programs that could be announced, at any time kind of a thing because it's been, we agree that you know the community's been waiting for a while for that announcement.

是的，大家好像已經連續好幾個月、每個月都在等它宣布，所以我認為它可能在秋季時放慢了進度；當時的預期是新的 NASA 署長 Jared Isaacman 上任。而且大家都必須確認所有的優先事項是什麼。所以這讓他們稍微慢了一點。然後你也會看到，最近一段時間出現一波很強的聲量，聚焦在確保重返月球表面，並確保在目前正在進行的這場小型太空競賽——也許其實不算太小——也就是美國與中國之間的太空競賽中，能夠把人類帶回月球，並開始在那裡建立棲地等等。這方面有相當顯著的關注。所以我認為，隨著新署長上任，在他們的計畫架構以及哪些事項需要決策、以及以什麼順序決策與宣布方面，可能做了一些重新排序；但在背景上，大家一直都預期這會是隨時可能宣布的計畫之一，因為我們也同意，你知道，社群已經等這個宣布等了一段時間了。

Okay, and then just on Lightspeed, can you, confirm that the critical design review is complete and you started construction of those satellites?

好的，那再問一下 Lightspeed，你能否確認關鍵設計審查已完成，並且你們已開始建造那些衛星？

The critical design review, I think there's a few actions that are still being worked like the continual the critical design review process.

關鍵設計審查，我想還有幾項行動事項仍在處理中，因為關鍵設計審查流程會持續推進。

Absolutely, was conducted and then there's a few odds and sides of things that people are, following up on that always happens in the CVRs in terms of being able to talking about, moving forward with the construction of satellites.

確實已經完成了審查，然後還有一些零星事項大家在跟進；在 CDR 裡這種情況總是會發生，因為要能夠討論接下來如何推進衛星的建造。

Certainly that's all progressing because we owe a couple of satellites this year. And to tell us that, so, we are leaning into that.

當然，這一切都在推進，因為我們今年要交付幾顆衛星。所以，我們正在全力投入。

Okay, and then, was the Eco Star payment, was that anything material in the quarter?

好的，那 EcoStar 的付款，這在本季有任何重大影響嗎？

So I wille I'll take that one and good morning David. So you know that contract termination process with the eco star is now completed. We have received payments for all termination amounts that we were entitled to receive under the terms of the original contract. And the terms of that, agreement with Eco Star, the termination agreement, are confidential, and we are precluded from sharing details of the agreement, including the dollar amount that we were compensated for, but this is behind us. We are moving forward.

那題我來回答，David，早安。如你所知，與 EcoStar 的合約終止流程現在已經完成。我們已收到依原合約條款我們有權取得的所有終止款項。而與 EcoStar 的終止協議條款屬於機密，我們被禁止分享協議細節，包括我們獲得補償的金額；但這件事已經告一段落。我們會繼續向前。

We have a strong pipeline, andwe aree glad that, this was completed fourththe 4th quarter.

我們有很強的案源管線，也很高興這件事在第四季完成。

Okay, all right, thanks guys.

好的，行，謝謝各位。

I think they.

我想他們。

(Operator Instructions)

(接線員指示)

Thank you. Your next question comes from Thanos Moschopoulos from BMO Capital Markets. Please go ahead.

謝謝。下一個問題來自 BMO Capital Markets 的 Thanos Moschopoulos。請發問。

Hi. Good morning. With respect to, Telesat and Globalstar, can you remind us when the first deliveries happen? Is that kind of Q3 timeframe, or when would that be?

嗨。早安。關於 Telesat 和 Globalstar，你能提醒我們第一批交付會在什麼時候發生嗎？大概是第三季的時間點，還是會在什麼時候？

With Globalstar, from that first contract for seventeen satellites, there will be deliveries through the first half of the year. With Telesat, with Lightspeed, there will be some deliveries near the end of the year.

Globalstar 方面，第一份 17 顆衛星的合約，交付會在上半年進行。Telesat 的 Lightspeed 方面，年底附近會有一些交付。

Okay. For the second Globalstar contract, would there also be deliveries towards the end of the year?

好的。那第二份 Globalstar 合約，也會在年底左右交付嗎？

I think, I'd have to check on that in terms of the latest status for that, in terms of, whether it's late in the year or early in the next, I'd have to check on that. There is lots of moving parts still in, on, that program.

我想我得查一下最新狀態，看看是年底還是明年初；這部分我需要確認。那個專案目前還有很多變動因素。

Yeah. I think that is an effective way to put it, Mike. We are, you know, very advanced with that contract. You know, we started the construction. As Mike said, we completed the CDR. It is just a matter of working with the customer here. We have always said that, you know, we would have, you know, some ramp-ups, mostly in 2026, with a more significant year of production and delivery in 2027. But, you know, as Mike said, you know, there is a lot of moving parts with the second contract here. So, we expect that, you know, we will start delivering either at the end of 2026 or, you know, in 2027.

是的。我覺得這樣形容很貼切，Mike。我們在那份合約上已經進展得非常深入。你知道，我們已經開始建造。如 Mike 所說，我們已完成 CDR。接下來就是與客戶協作的問題。我們一直都說，你知道，主要的產能爬坡會在 2026 年，並在 2027 年進入更顯著的生產與交付年度。但是，如 Mike 所說，第二份合約這邊仍有很多變動因素。因此我們預期，你知道，我們會在 2026 年底或 2027 年開始交付。

Great. Mike, with respect to 49th North, what would be some of the, I guess, more meaningful areas of opportunity that you would call out? Clearly you have a broad range of capabilities. You are already getting a lot of non-space work with the service combatants. What would be some of the near term or larger opportunities, or buckets of, within non-space that you would hope for within the defense sector in Canada?

很好。Mike，關於 49th North，你會點出哪些比較有意義的機會領域？顯然你們具備很廣泛的能力。你們已經從各軍種（作戰單位）拿到不少非太空業務。在加拿大國防領域的非太空業務中，你們希望爭取的近期或更大型的機會、或機會類別會是哪些？

Yeah. In terms of areas where we have got a strong history of past performance, one of the key areas would be on autonomous systems. We are, you know, a leader with the Canadian Forces in the delivery and/or operation of autonomous air systems like drones for the military. That is an area of strength for us. Another area of strength would be in sensors. You mentioned the Canadian Surface Combatant or the River-class destroyer, where we are responsible for the integration of the electronic warfare suite and the sensors around that. You know, those are example areas where we, you know, we are historically strong. We have strengths in things like submarine command training, for example.

是的。就我們過往績效與經驗很強的領域而言，其中一個關鍵領域會是自主系統。我們在為加拿大軍方交付及／或操作自主空中系統（例如軍用無人機）方面，是領先者。這是我們的強項之一。另一個強項領域是感測器。你提到加拿大水面作戰艦或 River 級驅逐艦，我們負責整合電子戰套件以及周邊的感測器。你知道，這些都是我們歷來很強的例子領域。例如，我們在潛艦指揮訓練等方面也有優勢。

That'll be a hot topic as we move forward into the future as Canada goes and buys new submarines. We are responsible for that today. There will be some large programs coming forward in, you know, in integrated command and control communications, you know, with sensors and the like, where we have strong, secure, systems integration expertise that can lead programs in that area. That will apply to a number of different programs that could come along.

隨著加拿大未來採購新潛艦，這會成為一個熱門議題。我們目前就負責這一塊。未來還會有一些大型專案推出，例如整合式指揮與管制通訊，結合感測器等；在這些領域，我們具備強大的安全系統整合專業能力，能夠主導相關專案。這也會適用於多個可能陸續出現的不同專案。

That's great. I will pass the fine, thanks.

很好。我就先到這裡，謝謝。

(Operator Instructions)

(接線員指示)

Thank you. And your next question comes from Greg McDonald from Stifle. Please go ahead.

謝謝。下一個問題來自 Stifle 的 Greg McDonald。請發問。

For fitting me at the end, guys, Mike, I know you don't want to talk about specifics on the pipeline, but the golden dome, I think most of us would consider a different risk profile than some of your other opportunities. Can you say, are you willing to say whether there is anything in the golden dome inside the pipeline?

各位把我排在最後，謝謝。Mike，我知道你不想談管線的具體細節，但「Golden Dome」我想多數人會認為它的風險輪廓與你們其他一些機會不同。你能否說明，是否願意透露管線裡是否有任何與 Golden Dome 相關的項目？

I think there could be opportunities related to that. Like you would have seen us get a, we announced an IDIQ contract signature there with the shield program with the US Missile Defense Agency which is.

我認為可能會有相關的機會。例如你們應該看到我們拿到一個——我們宣布與美國飛彈防禦署（US Missile Defense Agency）的 Shield 計畫簽署了一份 IDIQ 合約，這是……

Really an opportunity to be able to be sort of inside the tent and able to bid on things and so that that creates some opportunity and then some of the opportunities for Canada that are related to Arctic defense, whether that's Arctic defense communication or Arctic defense surveillance, those types of programs that are Canadian programs, would be eligible to be part of. Golden Dome scope and so, I think that I'd have to H1stly say that you know those things could absolutely be related to a Golden Dome scope, but they would be Canadian programs in the US, on the US side of things, we would continue to have conversations with folks that could benefit from our space capabilities as they continue to advance their solutions for Golden Dome on the US side.

這其實是一個機會，讓我們能夠算是「進到圈內」，並能對相關項目投標，因此會創造一些機會。另外，加拿大方面與北極防禦相關的一些機會，不論是北極防禦通訊或北極防禦監視，這類屬於加拿大的計畫，都有資格納入Golden Dome 的範疇。所以，我首先必須說，你知道，這些事情絕對可能與 Golden Dome 的範疇相關，但它們會是加拿大的計畫；而在美國方面，我們會持續與可能受益於我們太空能力的相關人士對話，因為他們在美國端持續推進其 Golden Dome 解決方案。

You would have seen us in the last number of years be providing satellite technology to all the all the satellite primes in the SDA Leo constellations, and so you know we've got a strong history of performance there delivering into US primes when their when their programs ramp up.

你們也看到過，過去幾年我們一直向 SDA LEO 星座的所有衛星主承包商提供衛星技術；因此你知道，我們在向美國主承包商交付方面有很強的履約歷史，當他們的計畫加速推進時亦是如此。

Great, thanks, that's helpful, and then second quick question on, 49 North to what extent you talked a lot about hardware and we know that Canada does and you do sensors well, systems integrations well when you talk about systems integration, should we assume that includes software and in particular kind of, the command and control integration stuff and the AI prediction stuff, or is that beyond the scope of what you guys are looking at?

很好，謝謝，這很有幫助。第二個快問：關於 49 North，你談了很多硬體，我們也知道加拿大以及你們在感測器方面做得很好、系統整合也很強。當你談到系統整合時，我們是否應該假設這包含軟體，特別是指揮與控制整合，以及 AI 預測之類的內容？還是那已超出你們正在看的範圍？

It could definitely include those types of things. You know, we are strong in systems integration. That can include hardware and software integration to deliver a system for sure. We have past performances of that in the 49th North team. We, you know, we have strong capability there. Yep, that can be part of that. In terms of AI, that's gonna depend on the systems. These days, when you have sensors that are, you know, delivering data into an integrated system that you then need to determine what the current situation is and evaluate alternative courses of action from that information you're receiving, of course, our artificial intelligence related system elements can be logically part of that.

當然可能包含這些類型的內容。你知道，我們在系統整合方面很強。這當然可以包含硬體與軟體的整合，以交付一套系統。我們在 49th North 團隊過去也有這方面的履約實績。我們，你知道，我們在那方面能力很強。是的，那可以是其中一部分。至於 AI，則要視系統而定。如今，當你有感測器把資料輸入到一個整合系統，而你需要據此判斷當前態勢，並從收到的資訊評估替代行動方案時，當然，我們與人工智慧相關的系統要素在邏輯上可以成為其中一部分。

We see that on all of our programs, including our space programs these days. As you look at the roadmaps for the evolution of these technologies, AI has more of an opportunity all the time. That can definitely come up as part of a systems integration solution.

我們在所有專案上都看到這點，包括我們現在的太空專案。當你看這些技術演進的路線圖時，AI 的機會會一直增加。這絕對可能成為系統整合解決方案的一部分。

Great, and congrats on the quarter.

很好，恭喜這一季的表現。

Thanks.

謝謝。

Thanks Greg.

謝謝你，Greg。

(Operator Instructions)

（接線員指示）

Thank you and your next question comes from Michael Caprius from Dejardin Securities. Please go ahead.

謝謝，下一個問題來自 Dejardin Securities 的 Michael Caprius。請發問。

Good morning, and thanks for squeezing me in. I will be quick here. Just any updates on capital allocation and how the M&A pipeline is these days?

早安，謝謝讓我插進來。我會很快。想請問資本配置方面有沒有任何更新？以及目前併購（M&A）管線的情況如何？

The pipeline's good. Yep, I was just gonna say from the pipeline perspective, the pipeline's good. We keep an eye on all the same areas we ever talked about M&A, where we talk about vertical integration, we talk about geographic expansion to open bigger pipelines for ourselves around the world. Those types of thought processes absolutely continue, and we continue to look at and focus on targets. I will let Guillaume talk to capital allocation.

管線狀況很好。是的，我正要說，就管線而言，管線很好。我們持續關注我們一直談到的那些併購領域：垂直整合、地理擴張，以便在全球為自己打開更大的管線。這些思考方向絕對都在持續，我們也持續尋找並聚焦目標。我讓 Guillaume 來談資本配置。

Thank you, Mike. And Michael, good morning. Yeah, I mean, focus for us is to continue to, you know, look for targets so we can expand geographically. Obviously the second priority is to execute our growth, you know, organic plan. Again, you saw the guidance this morning for this year. We are gonna spend the midpoint CAD 250 million into CapEx. Those are really the two priorities. Potentially, you know, doing some acquisitions, then, you know, focus on delivering on our investments that we need to support our growth. We are not thinking of, you know, introducing any dividends at this point or share buybacks or things like that. We are very focused on continuing to grow the company.

謝謝你，Mike。Michael，早安。是的，我的意思是，我們的重點是持續尋找目標，以便在地理上擴張。顯然第二優先是執行我們的成長——也就是有機成長計畫。同樣地，你今天早上也看到今年的指引。我們將在資本支出（CapEx）投入中位數約 2.5 億加幣。這就是兩大優先事項。可能會做一些收購，然後，你知道，重點是把我們為支持成長所需的投資交付到位。我們目前不考慮引入任何股利、庫藏股回購或類似措施。我們非常專注於持續成長公司。

Appreciate it guys.

了解，謝謝各位。

Thank you, Michael.

謝謝你，Michael。

(Operator Instructions)

（接線員指示）

Thank you. Then all other questions at this time, Mr. Mike Greenley, you may proceed with the call.

謝謝。目前沒有其他問題，Mike Greenley 先生，您可以繼續進行本次電話會議。

Okay. Well, thanks everybody. I appreciate all the questions and the discussion, we will get back at it and look forward to talking to you again in the next quarter. Thanks a lot.

好的。那麼，謝謝大家。感謝所有問題與討論，我們會回去繼續努力，也期待在下一季再與各位交流。非常感謝。

(Operator Instructions)

（接線員指示）

This does conclude your conference call for today.

今天的電話會議到此結束。

Thank you very much for your participation. You may now disconnect. Have a wonderful day.

非常感謝各位的參與。您現在可以掛線。祝您有美好的一天。

Thanks.

謝謝。