MDA Space Ltd. (MDA) 2026 Q1 法說會逐字稿

Good morning, and welcome to MDA Space conference call and webcast. This call is being recorded on May 7, 2026, at 8:30 AM Eastern Time. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at a time for you to queue up for questions. For those participating via webcast. Please note that the company has included a presentation that will follow along with today's discussion. (Operator Instructions)

早安，歡迎參加 MDA Space 電話會議與網路直播。本次電話會議將於 2026 年 5 月 7 日美東時間上午 8:30 錄音存檔。簡報結束後，我們將進行問答環節。屆時將提供指示，讓您排隊提問。對於透過網路直播參與的各位，請注意，公司已提供一份簡報，將配合今天的討論同步進行。(接線員指示)

I'd now like to turn the call over to Jim Floros, Vice President of Investor Relations at MDA Space. Please go ahead.

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

Thank you, Aubrey. Good morning, and welcome to the MDA Space first-quarter 2026 earnings call. Mike Greenley, our CEO; and Guillaume Lavoie, our CFO, will lead today's call by sharing some prepared remarks before taking your questions.

謝謝你，Aubrey。早安，歡迎參加 MDA Space 2026 年第一季財報電話會議。我們的執行長 Mike Greenley 與財務長 Guillaume Lavoie 將在回答各位問題之前，先分享一些事先準備的發言，帶領今天的會議。

Before we begin, I would like to remind you that today's call is accessible via webcast on our Investor Relations website. All our disclosures, including the press release, MD&A and financial statements are available on our Investor Relations website as well as SEDAR+ and EDGAR.

在開始之前，我想提醒各位，今天的電話會議可透過我們投資人關係網站的網路直播收看。我們所有揭露資訊，包括新聞稿、管理階層討論與分析（MD&A）以及財務報表，均可在我們的投資人關係網站以及 SEDAR+ 與 EDGAR 上取得。

I would also like to remind you that today's call will include estimates and other forward-looking information, which may differ from actual results. Please review the cautionary language in today's press release and public filings regarding various factors, assumptions and risks that could cause actual results to differ.

我也想提醒各位，今天的電話會議將包含估計及其他前瞻性資訊，實際結果可能與之不同。請查閱今日新聞稿與公開申報文件中的警示性用語，了解可能導致實際結果不同的各項因素、假設與風險。

In addition, during this call, we will refer to certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, these measures do not have any standardized meaning under IFRS. And our approach in calculating these measures may differ from that of other issuers and therefore, may not be directly comparable. Please see the company's quarterly report and other public filings for more information about these measures, including reconciliations to the nearest IFRS measures.

此外，在本次電話會議中，我們將提及若干非 IFRS 財務衡量指標。雖然我們相信這些指標可提供有用的補充資訊，以反映我們的財務表現，但在 IFRS 下這些指標並無標準化定義。且我們計算這些指標的方法可能與其他發行人不同，因此未必可直接比較。關於這些指標的更多資訊（包括與最接近的 IFRS 指標之調節表），請參閱公司季度報告及其他公開申報文件。

And with that, it's my pleasure to turn the call over to Mike.

那麼，我很高興把電話會議交給 Mike。

Thank you, Jim. Good morning and thank you to those joining us today to discuss our first quarter 2026 financial results. Our first-quarter results reflect a strong start to the year, supported by disciplined execution and continued operational momentum. The MDA Space team delivered quarterly year-over-year revenue growth of 32%, while also delivering solid adjusted EBITDA margin of 19.5%. Our Q1 performance reinforces our confidence in delivering the fiscal year 2026 guidance that we issued in March of this year.

謝謝你，Jim。早安，也感謝今天加入我們、一起討論 2026 年第一季財務結果的各位。我們第一季的結果反映出今年強勁的開局，得益於嚴謹的執行力與持續的營運動能。MDA Space 團隊實現季度營收年增 32%，同時也交出 19.5% 的穩健調整後 EBITDA 利潤率。我們第一季的表現進一步強化了我們對於達成今年 3 月發布之 2026 財年指引的信心。

Our ability to consistently generate profitable growth allows us to continue investing in our future and was a key factor in MDA Space achieving another significant milestone in the quarter as our stock began trading on the New York Stock Exchange, further strengthening our profile within the global investment community. The highly successful initial public offering bolstered our financial position, providing more flexibility to pursue our growth strategies.

我們持續創造獲利性成長的能力，使我們得以繼續投資未來；這也是 MDA Space 在本季達成另一項重要里程碑的關鍵因素——我們的股票開始在紐約證券交易所交易，進一步強化我們在全球投資社群中的能見度。這次非常成功的首次公開發行（IPO）強化了我們的財務狀況，並提供更大的彈性以推動我們的成長策略。

We also continue to build strong momentum in the business and in particular, with defense opportunities as evidenced by recent commercial successes. In the quarter, we announced that we have been selected as an approved supplier by the U.S. Missile Defense Agency, receiving an IDIQ contract related to the Shield program.

我們也持續在業務上建立強勁動能，特別是在國防機會方面，近期的商業成果即為明證。本季我們宣布已獲選為美國飛彈防禦署（U.S. Missile Defense Agency）的核准供應商，並取得與 Shield 計畫相關的 IDIQ 合約。

We established an MOU with Honeywell Systems to explore opportunities to collaborate in the development of Korea's sovereign low Earth orbit defense constellation. We launched 49North, a dedicated defense organization exclusively focused on delivering secure multi-domain C4ISR and mission-critical capabilities for Canada's national defense priorities outside the space domain. And we announced that we were contracted by Canada's Defense Investment Agency to deliver three ground-based optical observatories to the Department of National Defense as part of the Surveillance of Space II domain awareness program.

我們與 Honeywell Systems 簽署了一份合作備忘錄（MOU），以探索在韓國自主低地球軌道（LEO）國防星座開發方面的合作機會。我們成立了 49North——一個專責國防的組織，專注於在太空領域之外，為加拿大國防優先事項提供安全的多域 C4ISR 與任務關鍵能力。我們也宣布已與加拿大國防投資署（Defense Investment Agency）簽約，將為國防部（Department of National Defense）交付三座地面光學觀測站，作為「太空監視 II」（Surveillance of Space II）領域態勢感知計畫的一部分。

This is noteworthy as it is another contract to be awarded by the DIA, an agency established to speed up and modernize Canada's defense procurement, an integral to Canada's first defense industrial strategy. More recently, we were able to highlight that we've been selected by Airbus for a repeat order of over 1,300 replacement antennas for the OneWeb low Earth orbit constellation extension.

這點值得注意，因為這是 DIA 再次授予的另一份合約；DIA 是為加速並現代化加拿大國防採購而設立的機構，也是加拿大首個國防產業策略的重要一環。更近期，我們也強調，Airbus 已選擇我們，針對 OneWeb 低地球軌道星座延伸計畫，追加重複訂單，採購超過 1,300 具替換用天線。

This repeat order is meaningful as it follows an initial order given to MDA Space in 2016 to supply antennas to the second largest constellation in low Earth orbit, underscoring our ability to win repeat orders with existing customers and the ability of MDA Space to support the full satellite constellation life cycle from initiation to expansion to replacement.

這筆重複訂單意義重大，因其延續了 2016 年交付給 MDA Space 的首筆訂單——當時我們為低地球軌道第二大星座供應天線；這凸顯我們能夠在既有客戶中贏得重複訂單，也展現 MDA Space 支援完整衛星星座生命週期的能力，從啟動、擴張到汰換。

In Maritime Launch Services, where we have Board representation and have seconded a member of the MDA Space senior leadership team as the VP of Operations for MLS as part of our equity investment, announced a $200 million agreement with the Department of National Defense for a dedicated launch pad at Spaceport Nova Scotia, providing MLS with a 10-year anchor tenant. This is a significant milestone towards establishing sovereign launch capability in Canada and reinforces Canada's commitment to having a launch site as part of the NATO launch network.

在 Maritime Launch Services（MLS）方面，我們在其董事會中有代表席次，並基於我們的股權投資，借調一名 MDA Space 高階領導團隊成員擔任 MLS 營運副總裁；MLS 宣布與國防部達成一項 2 億美元協議，將在新斯科細亞太空港（Spaceport Nova Scotia）設置專用發射台，並為 MLS 提供一位期 10 年的主力承租戶（anchor tenant）。這是朝在加拿大建立自主發射能力邁出的重要里程碑，也強化了加拿大對於將發射場納入北約發射網路一部分的承諾。

Operationally, our teams continue to execute on a number of fronts. Within Satellite Systems, we previously communicated that we completed the critical design review of the Globalstar next-generation LEO constellation. And the team continued to build on that success through the achievement of a couple more important milestones. We have started to receive production-ready Prime 2 space-grade chips from our chip department, one of the key differentiating technologies behind MDA AURORA broadband and direct-to-device satellites.

在營運面上，我們的團隊持續在多個面向推進執行。在衛星系統（Satellite Systems）方面，我們先前已對外說明，已完成 Globalstar 下一代 LEO 星座的關鍵設計審查（critical design review）。團隊也在此成功基礎上，達成另外幾項重要里程碑。我們已開始從晶片部門收到可投入量產的 Prime 2 太空等級晶片，這是 MDA AURORA 寬頻與直連裝置（direct-to-device）衛星背後的關鍵差異化技術之一。

These ASIC chips are the most integrated digital beamforming chips on the market for space-based antenna arrays and introduced a number of benefits for satellite operators. This significant milestone demonstrates our ability to integrate newly acquired companies like SatixFy, unlocking value. In addition, the Satellite Systems team successfully delivered the first set of satellites under our initial 17 satellite constellation contract with Globalstar. This marks a defining moment in MDA Space history and validates our evolution of a satellite prime contractor.

這些 ASIC 晶片是目前市場上用於太空天線陣列、整合度最高的數位波束成形晶片，並為衛星營運商帶來多項效益。這項重大里程碑展現了我們整合新併購公司（如 SatixFy）並釋放價值的能力。此外，衛星系統團隊已成功交付我們與 Globalstar 初始 17 顆衛星星座合約下的第一批衛星。這標誌著 MDA Space 歷史上的關鍵時刻，並驗證了我們作為衛星主承包商（satellite prime contractor）的演進。

Our Geointelligence team continues to make strides towards preparing MDA CHORUS for its expected launch window in late 2026. In the quarter, the team successfully completed spacecraft thermal vacuum testing and shipped the spacecraft back to our integration and test facility, while in parallel readying the integration of the synthetic aperture radar antenna.

我們的地理空間情報（Geointelligence）團隊持續取得進展，為 MDA CHORUS 預計於 2026 年底的發射窗口做準備。本季，團隊成功完成太空器熱真空測試，並將太空器運回我們的整合與測試設施，同時並行準備合成孔徑雷達天線的整合工作。

And our Robotics & Space Operations team achieved a remarkable 25-year milestone with Canadarm2. For over two decades now, Canadarm2 has operated on the International Space Station, helping build and maintain the ISS, capturing and berthing visiting spacecraft, carrying astronauts for some of the most spectacular spacewalks. We are extremely proud of this heritage as Canadarm2 continues to operate and perform critical tasks on the ISS.

我們的機器人與太空營運（Robotics & Space Operations）團隊也以 Canadarm2 達成了令人矚目的 25 週年里程碑。二十多年來，Canadarm2 一直在國際太空站運作，協助建造與維護 ISS、捕捉並停靠來訪太空器，並搭載太空人執行一些最壯觀的太空漫步。我們對這項傳承深感自豪，Canadarm2 仍持續在 ISS 上運作並執行關鍵任務。

As the MDA Space team remains focused on executing program deliverables, we also remain confident in our future as the strategic importance of space continues to intensify. Our $40 billion pipeline is significant and includes $10 billion in opportunities with either government customers that have downselected MDA Space or follow-on opportunities with existing customers. It also includes meaningful opportunities over the next five years across each of our three business areas and is well distributed between government and defense and commercial opportunities.

隨著 MDA Space 團隊持續專注於執行各項計畫交付成果，鑑於太空的戰略重要性持續升高，我們也對公司的未來保持信心。我們 400 億美元的機會管線規模可觀，其中包括 100 億美元的機會，來自已將 MDA Space 列入最終入選名單（downselected）的政府客戶，或來自現有客戶的後續機會。此外，該管線亦涵蓋未來五年在我們三大業務領域的重大機會，並在政府與國防以及商業機會之間分布均衡。

Our Satellite Systems business represents the largest share of opportunities, underpinned by a significant market opportunity with 40,000 to 50,000 communication satellites expected to be launched between 2025 and 2034 in the market.

我們的衛星系統業務代表最大的機會占比，其背後有顯著的市場機會支撐：預計在 2025 年至 2034 年間，市場將發射 40,000 至 50,000 顆通訊衛星。

While a portion of this market will be defined by vertically integrated satellite operators or regions that are not acceptable, China and Russia, for example, we estimate our addressable market to be between 20% and 30%, providing significant opportunity for continued growth. 5% of this addressable market has progressed into active customer pursuits with elevated bidding activity translating into $30 billion of cumulative opportunities over the next five years for our Satellite Systems business, nicely distributed between commercial and government opportunities as well as Canada, United States and the rest of the world geographically.

儘管此市場的一部分將由垂直整合的衛星營運商或不可接受的地區所主導（例如中國與俄羅斯），我們估計可服務市場（addressable market）約為 20% 至 30%，為持續成長提供可觀機會。此可服務市場中已有 5% 進展為積極的客戶爭取案，投標活動升溫，轉化為未來五年我們衛星系統業務累計 300 億美元的機會，且在商業與政府機會之間，以及在加拿大、美國與世界其他地區的地理分布上均相當均衡。

We remain confident in our ability to win in this market, given technological leadership through our digital capabilities, high-volume manufacturing capacity that will soon be fully operational and a mix of space mission heritage with new space agility. We continue to expect a healthy market for our Robotics & Space Operations business as robotics and on-orbit infrastructure is fundamental to the expanding Earth to Moon economy and the space exploration becomes interplanetary.

憑藉我們在數位能力方面的技術領先、即將全面投產的高產量製造產能，以及兼具太空任務傳承與新太空敏捷性的組合，我們對在此市場取勝的能力仍充滿信心。隨著機器人技術與在軌基礎設施成為從地球延伸至月球經濟擴張的基礎，且太空探索走向行星際，我們仍預期機器人與太空運營（Robotics & Space Operations）業務將維持健康的市場需求。

Over the next decade, the number of space exploration missions is expected to increase by 185% to 855 missions as countries pursue crude lunar and martian missions and other deep space exploration. This is driving an opportunity pipeline of over $3 billion for our Robotics & Space Operations business within applications such as surface infrastructure and mobility, space exploration and commercial space stations and in-orbit servicing and logistics.

未來十年，隨著各國推進月球與火星任務以及其他深空探索，太空探索任務數量預計將增加 185% 至 855 次任務。這將在地表基礎設施與移動能力、太空探索與商業太空站，以及在軌維修與後勤等應用領域，為我們的機器人與太空運營業務帶來超過 30 億美元的機會管線。

Leveraging our technical leadership as a world leader in space-based robotics to develop products such as MDA SKYMAKER, our commercial robotics suite derived from Canadarm technology, further supported by life cycle operation services and mission control centers, we are strongly positioned to capitalize in this market. The recent changes to the Artemis mission are part of a renewed focus on accelerating a return to the lunar surface and driving increased momentum for our robotics capabilities. We continue discussions with the Canadian Space Agency on redefining the Canadarm3 robotic systems that will be required to support this new and exciting phase of moon exploration.

我們運用作為全球太空機器人領導者的技術優勢，開發如 MDA SKYMAKER 等產品——這是一套源自 Canadarm 技術的商用機器人產品組合，並由全生命週期運營服務與任務控制中心進一步支援，使我們具備強勢的市場切入與把握能力。近期 Artemis 任務的變更，反映出重新聚焦於加速重返月球表面，並為我們的機器人能力帶來更強動能。我們持續與加拿大太空總署（Canadian Space Agency）討論，重新定義在這一令人振奮的月球探索新階段所需的 Canadarm3 機器人系統。

The dual-use capabilities of MDA Space were on full display at the recently held National Space Symposium in Colorado, where we launched MDA MIDNIGHT, a space control platform for defense agencies to defend and protect the space domain. This new platform is equipped with a suite of hosted payloads to detect, identify, counter and deter threats to critical space assets and orbits in the increasingly contested domain.

MDA Space 的軍民兩用能力，近期在科羅拉多舉行的國家太空研討會（National Space Symposium）上充分展現；我們在會中推出 MDA MIDNIGHT——一個供國防機構用於防禦與保護太空領域的太空控制平台。此新平台配備一套搭載式載荷（hosted payloads），可在日益競爭的領域中，對關鍵太空資產與軌道面臨的威脅進行偵測、識別、反制與嚇阻。

Leveraging the advanced robotics and proximity operations of MDA SKYMAKER with the modular bus of MDA AURORA enables our team to rapidly configure, build and deploy this product to address emerging customer requirements.

結合 MDA SKYMAKER 的先進機器人與近距操作能力，以及 MDA AURORA 的模組化衛星平台（bus），使我們的團隊能快速配置、建造並部署此產品，以滿足客戶新興需求。

Within Geointelligence, defense and intelligence contracts and advanced earth operation observation products are critical drivers behind the expansion of data and services solutions. As demand for earth observation data grows, analytics services are becoming increasingly important for synthesizing data and producing actionable insights to support decision-making.

在地理情報（Geointelligence）領域，國防與情報合約以及先進的地球觀測產品，是推動資料與服務解決方案擴張的關鍵動能。隨著對地球觀測資料的需求成長，分析服務在整合資料並產出可行洞見以支援決策方面，正變得愈發重要。

This is expected to drive growth in data and services for synthetic aperture radar and optical applications from almost $6 billion in 2025 to $8 billion in 2033. The additional capacity and enhanced capabilities that will be made available through MDA CHORUS, including higher resolution data collection and near real-time cross-queuing, will position us well to grow within this market.

預期這將推動合成孔徑雷達（SAR）與光學應用的資料與服務市場，從 2025 年接近 60 億美元成長至 2033 年的 80 億美元。MDA CHORUS 將提供的額外產能與強化能力（包括更高解析度的資料蒐集與近即時的交叉排程/交叉指派（cross-queuing）），將使我們在此市場中具備良好的成長定位。

In fact, we are seeing early success with nine customer contracts that have already been finalized for CHORUS, along with 32 letters of interest from customers across Asia Pacific, Latin America, Europe, North America and the Middle East. We also expect to benefit from opportunities for secure multi-domain C4ISR systems and integration opportunities within 49North, driven by increasing demand for sovereign defense capability across land, air, maritime and joint domains. Combining observation and C4ISR opportunities, our Geointelligence business has established a robust pipeline exceeding $7 billion.

事實上，我們已在 CHORUS 上看到初步成果：已有 9 份客戶合約完成簽訂，並收到來自亞太、拉丁美洲、歐洲、北美與中東客戶的 32 份意向書（letters of interest）。我們亦預期將受惠於安全多域 C4ISR 系統的機會，以及 49North 內的整合機會；這些機會由各國對涵蓋陸、空、海及聯合作戰領域的主權防衛能力需求提升所驅動。綜合觀測與 C4ISR 機會，我們的地理情報業務已建立超過 70 億美元的強勁機會管線。

In summary, we are well positioned to capitalize on expanding addressable markets and leverage multiple growth drivers to continue delivering profitable growth.

總結而言，我們已做好充分準備，把握可服務市場的擴張，並運用多重成長動能，持續實現具獲利性的成長。

With that, I'll hand it over to Guillaume to talk about the financials.

接下來我把時間交給 Guillaume，請他說明財務表現。

Thank you, Mike, and good morning, everyone. For my update, I will walk you through our Q1 2026 financial results. Q1 was another successful quarter and a solid start to fiscal 2026 for MDA Space as we continue to execute on our backlog, delivering strong growth in both revenue and profitability. Total revenues for the first quarter were $464 million, representing an increase of $113 million or 32% over the same period last year. The year-over-year increase was driven by strong performance within all three of our business areas.

謝謝你，Mike，各位早安。在我的更新中，我將帶各位回顧我們 2026 會計年度第一季（Q1 2026）的財務結果。第一季再度是一個成功的季度，並為 MDA Space 2026 會計年度帶來穩健開局；我們持續執行在手訂單（backlog），在營收與獲利能力兩方面皆交出強勁成長。第一季總營收為 4.64 億美元，較去年同期增加 1.13 億美元，增幅 32%。年增主要由我們三大業務領域的強勁表現所帶動。

Revenues in Satellite Systems of $313 million in the first quarter of 2026 were $91 million or 41% higher compared to the same quarter in 2025. The strong showing was driven by the increased volume of work on the Telesat Lightspeed and Globalstar next-generation LEO constellation programs.

2026 年第一季衛星系統業務營收為 3.13 億美元，較 2025 年同季增加 9,100 萬美元，增幅 41%。此一亮眼表現主要來自 Telesat Lightspeed 與 Globalstar 下一代 LEO 星座計畫的工作量提升。

As Mike highlighted earlier, our team has delivered the initial batch of ASIC chips for the Telesat Lightspeed program. And the team in Montreal continues to integrate various stages of the production line. For the Globalstar next-generation LEO program, the team has passed the critical design review stage and continues to work on assembly and integration activities on the first satellites.

如 Mike 先前所強調，我們團隊已交付 Telesat Lightspeed 計畫的首批 ASIC 晶片。蒙特婁團隊也持續整合生產線的各個階段。就 Globalstar 下一代 LEO 計畫而言，團隊已通過關鍵設計審查（critical design review）階段，並持續進行首批衛星的組裝與整合工作。

In Robotics & Space Operations, revenues of $92 million in the first quarter represented a $14 million or 18% increase over Q1 2025, driven by higher volume of work on the Canadarm3 program as the team continues to work on building and testing engineering models for the flight design.

在機器人與太空運營方面，第一季營收為 9,200 萬美元，較 2025 年第一季增加 1,400 萬美元，增幅 18%；主要由 Canadarm3 計畫工作量提升所帶動，團隊持續為飛行設計建置並測試工程模型。

Revenues in our Geointelligence business were $59 million in the first quarter, representing an increase of $8 million or 15% year over year due to higher volume of work on various programs, including the iStar program for the Royal Canadian Navy. Comparing total revenue to Q4 2025, we saw a sequential decline of 7%, primarily driven by timing of revenue recognition on our programs within our Satellite Systems business. Overall, our first quarter revenue was in line with our expectations.

我們地理情報業務第一季營收為 5,900 萬美元，年增 800 萬美元，增幅 15%，主要因多項計畫工作量提升所致，其中包括為加拿大皇家海軍（Royal Canadian Navy）執行的 iStar 計畫。與 2025 年第四季相比，總營收季減 7%，主要由於衛星系統業務各計畫的收入認列時點所致。整體而言，我們第一季營收符合預期。

Moving to gross profit. For Q1 2026, gross profit was $115 million, representing a $36 million or 45% increase over the same period last year. Gross profit in the first quarter was 24.8%, which was up from 22.7% for the same period in 2025. Adjusted EBITDA in the quarter was $91 million compared to $69 million in Q1 2025, representing an increase of 32%. This was driven by higher work volumes as we continue to convert our backlog. Adjusted EBITDA margin of 19.5% in Q1 '26 was in line with adjusted EBITDA margin for the same period last year.

接著看毛利。2026 年第一季毛利為 1.15 億美元，較去年同期增加 3,600 萬美元，增幅 45%。第一季毛利率為 24.8%，高於 2025 年同期的 22.7%。本季調整後 EBITDA 為 9,100 萬美元，較 2025 年第一季的 6,900 萬美元增加 32%。此表現主要由工作量提升所帶動，因我們持續將在手訂單轉化為營收。2026 年第一季調整後 EBITDA 利潤率為 19.5%，與去年同期的調整後 EBITDA 利潤率一致。

Adjusted net income in the quarter was $51 million compared to $38 million in Q1 2025. The year-over-year increase of $12 million or 32% was primarily driven by higher operating income. Adjusted diluted earnings per share of $0.38 in Q1 '26 was up 27% versus Q1 2025 because of the higher adjusted net income, which was partially offset by higher average diluted shares outstanding due to the recent equity issuance related to the US IPO we completed in March.

本季調整後淨利為5,100萬美元，較2025年第一季的3,800萬美元增加。年增1,200萬美元（或32%）主要由較高的營業利益所帶動。2026年第一季調整後稀釋每股盈餘為0.38美元，較2025年第一季成長27%，原因在於調整後淨利較高，但部分被平均稀釋流通股數增加所抵銷；該股數增加係因我們於3月完成的美國IPO相關之近期股權發行所致。

Moving to backlog. We ended the quarter with a solid backlog of $3.7 billion, representing a small decline of $300 million compared to December 31, 2025. This was driven by continued execution of our backlog into revenue and a lower volume of orders in the quarter, which came in as expected. With our $40 billion opportunity pipeline, which includes $10 billion of downselected opportunities with government customers or follow-on opportunities with existing customers, further supported by a growing addressable market, as Mike detailed earlier. We are confident in our ability to book new orders in the future and to continue to fuel revenue growth.

接著談積壓訂單（backlog）。本季末我們的積壓訂單穩健，為37億美元，較2025年12月31日小幅下降3億美元。這主要是因為我們持續將積壓訂單執行並轉化為營收，以及本季接單量較低（符合預期）。此外，我們擁有400億美元的機會管線，其中包含100億美元已篩選（downselected）的政府客戶機會或既有客戶的後續機會，並在可服務市場持續擴大的支持下（如Mike先前所述）。我們對未來取得新訂單、並持續推動營收成長的能力充滿信心。

Moving to CapEx. In Q1 2026, we spent $88 million on capital expenditures, up from $62 million in the same period last year, driven by investments to add high-volume production capacity at our Montreal facility. This level of CapEx is higher relative to the recent quarterly trend as a result of new equipment being installed in Montreal. However, this is progressing ahead of schedule, which is very positive. With a run rate that is expected to decline as we progress through 2026, we are positioned to meet our full year guidance of $225 million to $275 million.

接著談資本支出（CapEx）。2026年第一季，我們的資本支出為8,800萬美元，高於去年同期的6,200萬美元，主要由於投資以在蒙特婁廠區增加高產量製造產能。由於在蒙特婁安裝新設備，本季CapEx相較近期季度趨勢偏高。不過，進度超前於原定時程，這是非常正面的。隨著我們在2026年推進、預期資本支出運行率將下降，我們有望達成全年指引2.25億至2.75億美元。

Cash from operations during the quarter generated $61 million compared to $267 million in Q1 2025. The year-over-year decrease was primarily driven by lower working capital contributions in the latest quarter as planned. Lower cash from operations, combined with higher CapEx drove negative free cash flow of $28 million in Q1 of 2026, which compares to positive free cash flow of $205 million in the same period last year. Moving to our balance sheet. We ended the quarter in a strong financial position with cash on hand of $544 million, driven primarily by our highly successful US IPO.

本季營運活動現金流入為6,100萬美元，較2025年第一季的2.67億美元下降。年減主要是因為本季如計畫般，營運資金貢獻較低。較低的營運現金流，加上較高的CapEx，使2026年第一季自由現金流為負2,800萬美元；相較之下，去年同期自由現金流為正2.05億美元。接著看資產負債表。本季末我們的財務狀況強勁，手上現金為5.44億美元，主要受惠於我們非常成功的美國IPO。

An overwhelmingly positive response resulted in a significantly oversubscribed offering, allowing us to raise gross proceeds of USD341 million. Along with available liquidity of $699 million under our credit facility, we ended the quarter with total available liquidity of $1.2 billion, putting us in a strong position to continue to invest in our growth initiatives.

市場反應極為正面，使本次發行出現大幅超額認購，讓我們得以募集總額3.41億美元（USD）的毛募集款。加上我們在授信額度下可動用的6.99億美元流動性，本季末可用總流動性達12億美元，使我們具備強健的條件，得以持續投資於成長計畫。

Now turning to our 2026 outlook. We are extremely pleased with the strong start to the year and the momentum that we see across our business, and that provides us with the confidence to reiterate our full year guidance for 2026.

接著談我們對2026年的展望。我們對今年強勁的開局以及在各項業務中看到的動能感到非常滿意，這也讓我們有信心重申2026年全年指引。

For the full year, we continue to expect revenues to be between $1.7 billion and $1.9 billion, representing a year-over-year growth of approximately 10% at the midpoint of our guidance. Adjusted EBITDA to be between $320 million and $370 million, representing a year-over-year growth of approximately 7% at the midpoint of guidance and adjusted EBITDA margin of 18% to 20%.

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

As I previously stated, we also continue to expect capital expenditures to be between $225 million and $275 million in 2026 to support another year of investments related to expanding production at our Montreal facility as well as investments to support space-grade chip development and commercial growth initiatives. Lastly, we reaffirm our expectation for 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.

如我先前所述，我們也仍預期2026年資本支出介於2.25億至2.75億美元，以支持另一年的投資，包括擴增蒙特婁廠區產能，以及支持太空等級晶片開發與商業成長計畫的投資。最後，我們重申全年自由現金流預期為持平至負值，主要受正常專案營運資金波動影響，並加上支持未來成長所需的CapEx。

In summary, this was a strong start to fiscal 2026. And we continue to be encouraged by the positive momentum we are seeing across our businesses. The MDA Space team continues to deliver strong financial results and I want to recognize the hard work, dedication and passion from all our employees across the business.

總結來說，2026會計年度開局強勁。我們也持續受到各項業務所展現的正向動能所鼓舞。MDA Space團隊持續交出強勁的財務成果，我也要肯定全體員工在各業務上的辛勤付出、投入與熱情。

With that, operator, we are ready for questions.

接下來，接線員，我們準備開始提問。

(Operator Instructions) Justin Lang, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Justin Lang。

Mike, I wanted to ask one on direct-to-device. You've been out talking about a sort of neutral host model for MDA. I was hoping you could talk a little bit more about the traction you're seeing for this sort of offering and if there's any way to sort of size the opportunity there?

Mike，我想就直連裝置（direct-to-device）問一個問題。你們一直在談MDA的一種「中立主機」（neutral host）模式。我希望你能再多談一些你們在這類產品/服務上看到的進展（traction），以及是否有任何方式可以大致估算那裡的機會規模？

Yes, I don't think there'd be a size in the opportunity yet. Right now, it's a series of discussions that we've been pulled into looking at the neutral host model and the technical achievability of it, which we're very positive about.

是的，我認為目前還無法對機會規模做出量化。現階段，我們被拉進一系列討論，聚焦在中立主機模式以及其技術可行性，而我們對此非常正面。

The basic notion here is the ability to have a space-based network that works directly with mobile network operators and/or cellphone tower service providers around the world to be able to have a space-based network extension that can operate using the MNO's existing spectrum to be able to fill in holes in their coverage areas and/or extend their coverage areas without them having to relinquish control of the customer, without the customer having to roam off of the mobile phone network onto a space-based network, and then back on to their network again, giving up customer information and the like that can happen when you roam on to a space network.

這裡的基本概念，是建立一個以太空為基礎的網路，能直接與全球的行動網路營運商（MNO）和/或基地台服務供應商合作，形成一個太空網路延伸，並可使用MNO既有的頻譜來填補其覆蓋範圍的缺口和/或擴大覆蓋範圍；同時不需要他們放棄對客戶的控制，也不需要客戶從行動電話網路漫遊到太空網路、再切回原本網路，從而避免在漫遊到太空網路時可能發生的客戶資訊等資料的交出。

So folks are interested in this for sure and talking to us actively about that around the world. So these are active kind of conversations, while we also continue to develop and demonstrate the technical solutions that would enable it for customers at their request. So it's very active and a positive encouragement.

因此，全球各地確實有人對此感興趣，並且正積極與我們洽談。所以這些都是進行中的對話；同時我們也持續開發並展示可在客戶要求下啟用的技術解決方案。因此進展非常活躍，也令人正向鼓舞。

Got it. And then maybe just as a follow-up. It sounds like from at least what Amazon put out after it announced the Globalstar acquisition that it intends to move forward with your constellation build-out. But it seems like they also have kind of grander visions for a bigger D2D constellation.

了解。接著可能再追問一下。從Amazon在宣布收購Globalstar後所發布的內容來看，聽起來他們打算推進你們的星座建置（constellation build-out）。但看起來他們對於更大型的D2D星座也有更宏大的願景。

Curious if that might also be addressable to you and if any of that is in your $40 billion pipeline? And then maybe just more generally, how are you thinking about prospects with Amazon after this Globalstar purchase?

想請教這是否也可能是你們可服務的範圍（addressable），以及這是否有納入你們400億美元的機會管線？另外更一般性地，在這次Globalstar收購之後，你們如何看待與Amazon合作的前景？

Yes. So it's early days, obviously, with the Amazon announcement to purchase Globalstar. We've seen a couple of things there. Like one is the expected close of that acquisition wouldn't be until a year from now, early 2027. So as a result, Globalstar continues to execute on its business and Amazon continues to go through all of its procedures to be able to work through the close of the acquisition itself.

是的。顯然，針對Amazon宣布收購Globalstar，目前仍是早期階段。我們看到幾件事。例如，其中一點是，該收購案預期要到一年後才會完成交割，也就是2027年初。因此，Globalstar仍持續執行其業務，而Amazon也持續依其所有程序推進，以完成該收購案的交割。

So as a result of that, you don't immediately engage in conversations with someone that's buying a company. You have to wait a while until they actually own it. And so it's been nice to see that no change to our current business. And that was as expected that we need to get our work done, get our Thunder satellites delivered. We've recently announced that we conducted the first shipment of the first 17 satellites and are completing the next shipment of those, while we continue to get our Globalstar next-generation constellation completed.

因此，基於這個原因，你不會立刻就和正在收購一家公司的那一方展開對話。你必須等一段時間，直到他們實際上擁有它。所以很高興看到我們目前的業務沒有任何變化。而這也符合預期：我們需要把工作完成，把我們的 Thunder 衛星交付。我們最近宣布已完成首批 17 顆衛星的第一次出貨，並正在完成下一批出貨，同時我們也持續推進 Globalstar 下一代星座的建置完成。

And so we will remain focused on that. Everyone wants us to. It's extremely important. So that's great. And then I'm sure that as we start getting these constellations launched and the like, then we can start talking about how our things is going to work going forward into the future.

因此我們會持續專注於此。大家都希望我們這麼做。這極其重要。所以這很好。接著我也相信，當我們開始把這些星座發射上去等等之後，我們就可以開始討論未來我們的事情將如何運作。

And we'll see if any opportunities emerge there. Certainly, we have the skillsets and the capabilities and the technology road maps to be able to contribute. But we haven't had an opportunity to have those conversations yet.

我們也會看看是否會出現任何機會。當然，我們具備相關的技能組合、能力以及技術路線圖，能夠做出貢獻。但我們目前還沒有機會進行那些對話。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO Capital Markets。

Maybe just starting off on the full year guide. If I take the strong Q1 results and annualize them, I would end up above the midpoint of your guidance range. So in terms of maintaining rather than raising your guide, is that conservatism on your part? Or are there other considerations you have to think about as we go through the year?

也許先從全年指引開始。如果我把第一季強勁的結果年化，我會得到高於你們指引區間中點的數字。所以就維持而不是上調指引而言，這是你們的保守作風嗎？或者在今年接下來的進程中，還有其他你們需要考量的因素？

Really, we're sticking to our guidance like $1.7 billion to $1.9 billion. The midpoint is $1.8 billion. We delivered a strong quarter in Q1, $464 million. We're very happy with that. But we expect consistent execution throughout the year, right?

基本上，我們會維持我們的指引，也就是 17 億到 19 億美元。中點是 18 億美元。我們在第一季交出了一個強勁的季度，4.64 億美元。我們對此非常滿意。但我們預期全年都能保持一致的執行表現，對吧？

This is not a year of ramp-up really for us. It's really a year of execution on Telesat, on the Globalstar next-gen legal program on Canadarm3. So you can expect sort of consistent quarterly delivery. And it's going to vary a little bit. It's not going to be always $460 million, could be a bit lower in some quarters.

對我們來說，這並不是一個真正的爬坡年。這更像是一個執行之年：在 Telesat、Globalstar 下一代法律專案，以及 Canadarm3 上的執行。所以你可以預期季度交付會相對一致。當然會有一些小幅波動。不會每一季都一定是 4.6 億美元，有些季度可能會低一些。

But overall, $1.8 billion at the midpoint is a good way to think about our business. And we need a bit of wiggle room to -- yes, just like be able to deal with execution. And so $1.7 billion to $1.9 billion remains the best estimate right now for us.

但整體而言，以 18 億美元的中點來看，是理解我們業務的一個好方式。而我們也需要一些緩衝空間——是的，就是為了能夠應對執行上的變動。因此，17 億到 19 億美元目前仍是我們最好的估計。

Great. And then, Mike, on Canadarm3, any further color you can provide on the discussions you're having with your customer following the Lunar Gateway cancellation and how the program has evolved? And then maybe just the timing of when you might see some decisions or announcements in terms of contract modifications there?

很好。接著，Mike，關於 Canadarm3，在 Lunar Gateway 取消之後，你們與客戶的討論以及該計畫如何演變，能否提供更多細節？另外，關於合約修改方面，你們可能何時會看到一些決策或公告的時間點？

Yes. The key thing for us is that full steam ahead on Canadarm3. The project team continues to execute as planned towards final designs of space-based robotics. There are a series of conversations that are occurring in parallel about the opportunity to potentially pivot that capability towards the LUNAR surface and the LUNAR program. And so that's just ongoing activity.

是的。對我們而言，關鍵是 Canadarm3 全速前進。專案團隊持續依計畫執行，朝向太空機器人最終設計推進。同時也有一系列並行的對話在進行，討論是否有機會把這項能力轉向月球表面以及月球計畫。所以這些都是正在進行中的工作。

I can't really predict when that might -- those activities might be completed, but they need to happen soon. So to ensure that the full steam ahead posture on the program is driving towards the right outcome and the most desirable outcomes. And so that's good. We get to do both at the moment. Based on where we are in the design process, we have a lot of work to do.

我無法真正預測那些工作何時會——何時會完成，但它們需要很快發生。以確保該計畫「全速前進」的立場，能推動到正確的結果以及最理想的結果。所以這是好的。目前我們兩邊都能同時進行。就我們在設計流程中的進度而言，我們還有很多工作要做。

And so everyone agrees. We just need to keep getting our work done, while in parallel, a small group of executives and agencies continue to talk about how can we be the most value on the lunar surface. So all those things continue at the moment with positive intent.

因此大家都同意。我們只需要持續把工作完成；同時，一小群高階主管與機構也會繼續討論：我們如何在月球表面創造最大的價值。所以目前這些事情都在持續推進，且帶著正向的意圖。

Greg Conrad, Jefferies.

Greg Conrad，Jefferies。

This is Eegan McDermott on for Greg. Maybe on backlog, it's come down a little bit on some burn off, but you've maintained the $40 billion pipeline. Is there an expected turning point given some of your near-term pursuits? And how are you thinking about book-to-bill for the year given that pipeline?

我是代 Greg 提問的 Eegan McDermott。關於在手訂單（backlog），因為部分消化而略有下降，但你們仍維持 400 億美元的商機管線（pipeline）。考量你們一些近期的追案，是否有預期的轉折點？另外，基於這個管線，你們如何看待今年的接單出貨比（book-to-bill）？

Yes. I think we'll definitely obviously keep working the pipeline. There's a number of opportunities that are at a quoting level of maturity that, as we go through the remainder of the year, customers would be in a position to make contracting decisions. In some cases, there's government customers out there that have to get through government processes. In other cases, there's industrial commercial customers that need to get through their business planning and organization activities before they're going to be ready to move out.

是的。我想我們顯然會持續推進這個管線。有不少機會在報價成熟度上已經到了一個層級；隨著今年剩餘時間推進，客戶將有條件做出簽約決策。在某些情況下，有些政府客戶需要走完政府流程。在其他情況下，有些工業與商業客戶需要完成其商業規劃與組織作業，才會準備好往前推進。

But there's definitely solid mature quotes that are there that could be turned into contracts. So we'll keep working that. We expect to be able to obviously book more business throughout the year. And we always try to strive to have at least a 1:1 book-to-bill ratio. We'll see how it plays out as we go through the year, but there's opportunity for that.

但確實有一些成熟且扎實的報價，有機會轉成合約。所以我們會持續推進。我們預期全年顯然能持續取得更多訂單。而我們一向努力至少維持 1:1 的接單出貨比。今年會如何發展還要看實際情況，但確實有機會達成。

But we'll continue to work these things. You don't always control your customers' behavior. But we are certainly doing everything possible to support their decision-making and have a lot of strong opportunity. And a lot of new things come along as well. So it's been exciting in terms of not official additions to the pipeline yet, but some really exciting new conversations that have come up with people dropping by and wanting to talk about future business. So it's been really good.

但我們會持續推進這些事情。你不一定能控制客戶的行為。但我們確實會盡一切可能支持他們的決策，並且有很多強勁的機會。同時也會有很多新案子出現。所以這很令人振奮：雖然還不是正式新增到管線裡的項目，但確實出現了一些非常令人興奮的新對話，有人來拜訪並希望談未來的業務。所以整體來說非常好。

Okay. Cool. And maybe just as a follow-up on that. Given the Airbus announcement, curious how you guys are thinking about the satellite component opportunity within the pipeline today and just the magnitude of full satellite systems versus components in relation to the Satellite Systems segment going forward?

好的。了解。再追問一下。考量 Airbus 的公告，我很好奇你們目前如何看待管線中衛星零組件的機會，以及未來在衛星系統事業部（Satellite Systems segment）中，完整衛星系統相對於零組件的規模占比會是如何？

Yes. Over the last five or six years, we've certainly emerged as we've really grown and expanded. We've maintained during all of that growth. We've maintained a strong, what we call, our merchant supplier business where we're selling satellite components and subsystems to other satellite manufacturers or for our role on a team of multiple companies that are going to put together a solution. So that's definitely been steady and solid.

是的。在過去五到六年裡，隨著我們確實成長並擴張，我們也逐步建立起我們的定位。在這段成長期間，我們一直維持——我們一直維持一個強勁的、我們所稱的「商用供應商（merchant supplier）」業務，也就是把衛星零組件與子系統銷售給其他衛星製造商，或是在多家公司組成的團隊中，扮演我們的角色共同提供解決方案。所以這部分一直相當穩定且扎實。

With us now, we have a lot of expansion in the full satellite level. But with the high-volume manufacturing, it means that we're able to both on the bus or platform side of satellites and the digital payload or the digital guts of the satellite, that's all coming into high-volume production. So it also means that from a subsystem perspective, if someone just wanted to use our bus or someone just wanted to use our digital payload or a component of it.

目前我們在完整衛星層級有大量的擴張。但隨著高產量製造，這代表我們不僅能在衛星的衛星平台／衛星本體（bus）或平台端，也能在數位酬載或衛星的數位核心部分，將這些都導入高產量生產。因此，從子系統的角度來看，如果有人只想使用我們的衛星本體，或只想使用我們的數位酬載或其中某個元件。

We're in a strong position to be able to supply that and supply it at speed and good value because of the high volume that comes from the full satellite production. And so there are a number of opportunities out there that have potential for us to either team with others to be able to take on a certain program or capability and/or just supply folks subsystems to be able to support their efforts. So that remains a strong part of the business. And it's good business for us. And it really helps us keep the volumes up as well.

我們具備很強的能力來供應這些，並且因為完整衛星生產帶來的高產量，我們能以速度快、性價比高的方式供應。因此，外部有許多機會，讓我們可以選擇與他人合作以承接特定專案或能力，和／或僅供應客戶子系統以支援他們的工作。所以這仍然是業務中很強的一部分。而且對我們來說是很好的生意。同時也確實有助於我們維持產量。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

Maybe, Mike, yes, I just wanted to maybe start on MDA MIDNIGHT. Can you talk about initial customer reception there and maybe how we think about sort of the launch of that and when we could expect some more announcements around customers and potential opportunity there?

Mike，也許我想先從 MDA MIDNIGHT 談起。你能談談初期客戶的反應嗎？以及我們如何看待它的推出節奏，何時可能會看到更多關於客戶與潛在機會的公告？

Yes. It's been a key moment, this MDA MIDNIGHT announcement. The market in general, as defense continues to be a recognized and important factor of the activities in space, we sort of transitioned where things that were sort of historically talked about behind closed doors are increasingly being recognized as important more out in public. And that's our leadership really, which we've demonstrated here by announcing a product into the market to do space control is a key part of this transition or emergence of the true defense opportunity. So certainly, there's a number of companies.

是的。這次 MDA MIDNIGHT 的發布是一個關鍵時刻。整體市場方面，隨著國防持續被視為太空活動中一個被認可且重要的因素，我們正處於一個轉變：過去多在閉門會議中討論的事情，正越來越多被公開視為重要議題。而這也體現了我們的領導力——我們透過向市場發布一項用於太空控制（space control）的產品，成為這個轉變或真正國防機會浮現的重要一環。因此，確實有不少公司。

A recent market study has identified 13 countries that are talking about space control or space control guard satellites is another word that's often used for their country. And so there's definitely an emerging market there. For us to come out in public and say, we've spent some time. We've got a product. We're going to build this and fly it and that we're out there seeking any discussions people want to have on two fronts.

近期一份市場研究指出，有 13 個國家正在討論太空控制，或以「太空控制／守衛衛星」等詞彙來稱呼其國家的相關衛星。因此那裡確實是一個正在形成的市場。對我們而言，能公開表示我們已投入一段時間，我們有一項產品，我們將建造並發射它，而且我們也在尋求任何人願意就兩個面向展開討論。

One would be defense customers in terms of their interest in acquiring this capability and then the others would be in payload providers. So folks that are building sensors, electronic warfare capability and the like that could be placed on a space control spacecraft. So let it be known that we have a product here and that customers are going to want different variants of it. And so we're really open for discussions on what can we do.

其一是國防客戶，針對他們取得這項能力的興趣；其二是酬載供應商。也就是建造感測器、電子戰能力等的廠商，這些都可以搭載在太空控制航天器上。因此我們希望讓市場知道我們有這項產品，而客戶會想要不同的變體版本。所以我們非常開放討論：我們能做些什麼。

As a result of those announcements that we made in April, there's been great pick up in conversations. So the important thing from a pipeline building perspective was to lead commercial industry first, indicate clearly we have a product, say that loud and proud to the world and then start engaging in conversations with both -- the two groups I mentioned, the defense customer and the potential payload partners. And both of those areas have been steady and have picked up since the announcement. So we're strongly encouraged.

因為我們在 4 月做出的那些公告，對話量有很好的提升。因此，從建立商機管線（pipeline）的角度來看，重要的是先由商業產業端帶頭，清楚表明我們有產品，向全世界大聲且自信地說出來，接著開始與我提到的兩個群體——國防客戶與潛在酬載合作夥伴——展開交流。而這兩個領域自公告以來都持續穩定並且有所增加。所以我們非常受到鼓舞。

In terms of when that might convert into like additional order or things like that, we'll see. That will take some time because it's -- we're in government procurement here. In this conversation, we're trying to sell -- protect the spacecraft to militaries. And so certainly, governments are more interested in sovereign capability and taking care of themselves. They're interested in doing defense procurement faster around the world, but still government procurement. So we'll be working through this over the next year or two and see what we can sign up.

至於何時會轉化為新增訂單或類似成果，我們再觀察。這需要一些時間，因為這屬於政府採購。在這個對話中，我們嘗試向各國軍方銷售——保護航天器的能力。因此政府當然更關注主權能力與自我防護。他們也有興趣在全球加快國防採購，但終究仍是政府採購。所以我們會在未來一到兩年持續推進，看看能簽下哪些案子。

That's great. And if I could, just you've obviously called out now the new chips arriving under the Lightspeed line or the AURORA line. Can you just maybe level set us on where you stand with progress there on AURORA. But I guess, more importantly, any change or any update in terms of the assumptions around sort of where you are on the learning curve from a cost standpoint and the sort of the financial implications with this progress or major milestone on either Lightspeed or obviously the Aurora program more broadly?

很好。如果可以的話，你們顯然已提到 Lightspeed 產品線或 AURORA 產品線下的新晶片已到貨。你能否先幫我們校準一下（level set）目前 AURORA 的進展到哪裡？但我想更重要的是：在成本端的學習曲線假設方面，或在 Lightspeed 以及更廣泛的 Aurora 計畫上，這些進展或重大里程碑對財務影響的假設，有沒有任何變動或更新？

Yes. I think it's really exciting that we've now got chips in production and deliveries are occurring. And we're able to really move forward with these digital satellite assemblies, which is excellent. The other good thing I just want to mention on that whole chip thing is that as teams have completed their designs and they're in production now of this first version of technology that we've had following our SatixFy acquisition. It frees up the team to also look at the road maps for like version two and version three with consistently enhanced levels of capability moving forward into the future.

是的。我們現在已經有晶片進入量產並開始交付，我覺得這非常令人振奮。而且我們能真正推進這些數位衛星組件的整合，這非常好。關於整個晶片的部分，我還想補充一點：隨著團隊完成設計、並開始量產這個在我們收購 SatixFy 後的第一版技術，這也讓團隊能騰出手來規劃第二版、第三版的路線圖，未來能力會持續提升。

So this was another extremely important strategic aspect of that acquisition that we get our hands on this technology. We'll be able to control our road maps for both the chips and then therefore, the digital satellite itself. It's the overall satellite road map and be able to ensure that production can scale with the size of our pipeline. And so all those things are working out extremely well and we're excited about that. In terms of moving into production more on these digital satellites and what is that?

因此，這也是那次收購另一個極其重要的策略面向：我們取得並掌握這項技術。我們將能掌控晶片的路線圖，進而掌控數位衛星本身的路線圖。也就是整體衛星的路線圖，並確保產能能隨著我們的商機管線規模而擴張。所以這些都進展得非常順利，我們也對此感到興奮。至於更進一步把這些數位衛星導入量產，以及那會是什麼樣子？

What are we seeing about cost? We're not anywhere near the volumes yet. That would allow us to have that learning. So we've always said that's a 2027 thing is to say, okay, what are we seeing in terms of costs? Is there scaling benefits here? Can we see the opportunities for margin expansion? That will be at the end of '27. During '27, we'll build a couple of hundred satellites at least. And that will really give us the chance to say, okay, we can really see what we can do here.

我們在成本方面看到了什麼？我們目前的量還遠遠不夠，不足以讓我們產生那樣的學習效應。所以我們一直說，要到 2027 年才會開始回答：好，我們在成本上看到了什麼？是否有規模化效益？是否能看到毛利率擴張的機會？那會在 2027 年底。在 2027 年期間，我們至少會建造數百顆衛星。那將真正給我們機會去說：好，我們在這裡到底能做到什麼。

David McFadgen, ATB Cormark Securities.

David McFadgen，ATB Cormark Securities。

I was wondering if you guys could give us an update on the ESCAPE program and when we might hear some news on that for you.

我想請問你們能否提供一下 ESCAPE 計畫的最新進度，以及我們何時可能會聽到你們在這方面的一些消息？

Yes. So ESCAPE is the acronym that's used for what we announced in November of 2025, which was a strategic agreement with the Department of National Defense and with Telesat. And so with that strategic agreement and doing this under the new Defense Investment Agency, it allows the teams to move much quicker than historical. But you still have to go through the same sort of largely the same governance process within government. But it allows us to work really closely with the Department of National Defense to work through the process.

是的。ESCAPE 是我們在 2025 年 11 月宣布事項所使用的縮寫，當時我們與國防部（Department of National Defense）以及 Telesat 達成一項策略協議。因此，在該策略協議之下，並且透過新的國防投資機構（Defense Investment Agency）來推動，讓團隊能比以往更快地推進。但你仍然必須在政府內部走過大致相同的治理流程。不過這讓我們能與國防部非常緊密合作，一起把流程走完。

And so you start off with working through the various options that you have there to be able to do a program like that, get down to recommended options and then need to go and get those approved. So that you can then get really moving forward on the option that you know you're going to implement. So that work has progressed amazingly fast, amazingly well. It's been excellent through the fall and the winter.

因此，你會先從梳理你手上可用的各種選項開始，看看要如何推動這樣的計畫，收斂到建議選項，然後就需要去取得這些選項的核准。這樣你才能在你知道自己將要落地實施的選項上，真正開始往前推進。所以這項工作進展得驚人地快、也驚人地順利。整個秋季到冬季的表現都非常出色。

And yes, as we go through '26, we would expect to have those decisions made and approved and allow us to move on to the next phases of that, which would hopefully allow us to then, of course, to talk out loud about where we're going with that. But the program is solid. It's been budgeted as a $5 billion-plus size program historically and talked about that publicly. We're in there working away on it and get it through its approval processes to formally move into the next phase or the next step, which we would expect to happen in '26.

是的，隨著我們走過 2026 年，我們預期那些決策會完成並獲得核准，讓我們得以進入下一階段；而那也希望能讓我們當然可以公開談論我們要往哪裡走。但這個計畫本身很扎實。歷來它被編列為一個規模超過 50 億美元的計畫，也曾對外公開談過。我們正在其中持續推進，並讓它走完核准流程，以正式進入下一階段或下一步；我們預期這會在 2026 年發生。

So do you expect that you might have some news, I'll say, within the coming months, that's what Telesat has said that there should be news on this program in the coming months. I was just wondering what the timing might be for you.

所以你是否預期在接下來幾個月內可能會有一些消息？我這麼說是因為 Telesat 表示，這個計畫在未來幾個月應該會有消息。我只是想知道你們這邊的時間點大概會是什麼時候。

Yes. No, like we're all in the same mix. Yes, it just depends on how you speak. You can say in the coming months or in '26, that's the same thing to me. But yes, it is something that's coming up as we go through the next two quarters here for sure.

是的。不，我們其實都在同一個節奏裡。是的，這就取決於你怎麼表述。你可以說在接下來幾個月，或說在 2026 年，對我來說是一樣的。但沒錯，這確實是接下來兩個季度肯定會浮上檯面的事情。

And then just one additional one, if I may. So if the government wants SATCOM and S and UHF, clearly have put up new satellites, new constellation, who do you think would own this new constellation if it goes up?

然後如果可以的話，我再補問一個。所以如果政府想要 SATCOM，以及 S 波段和 UHF，顯然就得發射新衛星、建立新星座；你認為如果真的發射了，這個新星座會由誰擁有？

I don't know. Like that's all part of the options and stuff. Historically, if you look at historically, governments have owned and operated their military satellites. But there is increasing opportunities commercially that governments are starting to leverage. And so both of these types of options are available.

我不知道。這些都屬於選項評估的一部分。從歷史來看，如果你看過去，政府通常會擁有並運營其軍用衛星。但商業面也出現越來越多的機會，政府開始加以利用。因此，這兩類選項都存在。

And obviously, on the Ka-band side, you got Lightspeed there as a strong service in Canada. You just asked about the other frequencies where satellites would have to be built. And historically, the Department of National Defense would own and operate that kind of a capability.

而且很明顯，在 Ka 波段這邊，你們有 Lightspeed，作為加拿大的一項強勢服務。你剛才問的是其他頻段，那些就需要建造衛星。而從歷史上看，國防部會擁有並運營那類能力。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

I wanted to ask about the Geo business. And we've seen some nice growth there over the past two quarters. Would you think about where we are now as kind of a run rate level for the business? And then as I think about the CHORUS launch, how do we think about the potential for further growth in that business beyond this year and the potential margin implications of that?

我想問一下 GEO 業務。我們看到過去兩個季度那邊有不錯的成長。你會把我們現在的位置視為這項業務的一個「常態化運行水準」（run rate）嗎？另外，當我想到 CHORUS 的發射時，我們該如何看待今年以後該業務進一步成長的潛力，以及對利潤率可能帶來的影響？

I think that it's been nice to see that business kind of being steady or even having some small single-digit growth. It's been nice to see RADARSAT-2 sales just very, very slightly, but increasing. You've got a satellite that's been up there operational for 15 years and you've got increasing sales on it. That's awesome. And that's because CHORUS is coming. So customers know they can build a relationship with us and have continuity well into the future and expanded services well into the future as CHORUS gets launched and operational.

我認為很高興看到那項業務保持穩定，甚至有一些個位數的小幅成長。也很高興看到 RADARSAT-2 的銷售非常、非常小幅地，但確實在增加。你有一顆已經在軌運行 15 年的衛星，卻還能看到它的銷售增加。這很棒。而這是因為 CHORUS 即將到來。所以客戶知道他們可以與我們建立關係，並在未來很長一段時間內保持服務連續性；隨著 CHORUS 發射並投入運行，未來也會有擴展的服務。

So with the positivity that we've seen around CHORUS, I mentioned in my remarks that we've got 41 different conversations that are going on right now and nine of them signed contracts. The remainder as letters of intent that as we approach launch and get past launch, will then convert into signed services contracts. And so that's all very, very exciting. And so with that and the expanded services that will come from higher capability satellites and the tipping and queuing relationship between a broad area surveillance satellite and a zoomed-in follower, that's going to be -- it's an exciting new, like world-first commercial service in this area.

因此，伴隨我們在 CHORUS 上看到的正向動能，我在發言中提到，我們目前正在進行 41 個不同的洽談，其中 9 個已簽署合約。其餘的是意向書（LOI），隨著我們接近發射並在發射之後，將會轉換為已簽署的服務合約。所以這一切都非常令人振奮。再加上更高能力衛星所帶來的擴展服務，以及「廣域監視衛星」與「放大追蹤衛星」之間的提示與引導（tipping and queuing）關係，這將會是——在這個領域一項令人興奮、全球首創的商業服務。

And so people are excited about that. And we would expect to get -- we need to use a bunch of '27 to get this all up and operational and working. But then as we go through '27 and people get experience with these new capabilities within their signed contract frameworks, then we would expect to start to see growth as we go through the latter half of '27 and into '28. We should see some pick up there.

所以大家對此很興奮。我們預期——我們需要用掉 2027 年相當一部分時間把這些都部署上去、投入運行並讓它順利運作。但接著當我們走過 2027 年，大家在已簽署合約的框架內累積這些新能力的使用經驗後，我們預期在 2027 年下半年到 2028 年會開始看到成長。那時應該會有一些回升。

It's our intent as well. We do a lot of work looking at our analytics capability, exploring the opportunities for artificial intelligence to be used in doing analytics going forward into the future in addition to our relationships with other sensor providers and other analytics companies. And so looking at partnerships globally in terms of how can we make the most out of this capability. So there's a number of opportunity vectors that we're going to have to be able to expand our leadership position there in Geointelligence.

這也是我們的意圖。我們在分析能力上做了大量工作，探索未來在分析中運用人工智慧的機會，同時也深化我們與其他感測器供應商及其他分析公司之間的合作關係。因此，我們也在全球範圍內尋找合作夥伴，思考如何把這項能力的價值最大化。所以我們有多條機會路徑，可以用來擴大我們在地理空間情報（Geointelligence）領域的領導地位。

Excellent. And then I guess, anything to note or anything you'd say about the M&A environment and the opportunities that are out there now?

很好。那我想再問一下，關於併購（M&A）環境，以及目前有哪些機會，你有沒有什麼要補充或特別想說的？

Yes. It's a solid M&A opportunity environment. There are opportunities around the world. There's definitely books to be reviewed that are in play around the world. And we engage in that always to see what's what towards our goals.

有。目前的併購機會環境很扎實。全球各地都有機會。確實有一些正在市場上流轉、值得審閱的標的資料（books）。我們也一直都會參與其中，看看哪些符合我們的目標。

We've always had the same two M&A goals. One would be opportunities for smaller things typically that would add to vertical integration that would allow us to, just like we did with SatixFy, have more control over our road maps and/or influence over our ability to scale. And so we'll continue to always track those types of things. And then geographic opportunities in Europe or the United States that could allow us to become more present in those markets. And so we continue on that same pattern. And there are definitely things to talk about. So that's good.

我們一直都有同樣的兩個併購目標。第一類通常是較小型的機會，用來強化垂直整合；這能讓我們——就像我們與 SatixFy 所做的一樣——對我們的產品路線圖有更高的掌控度，並／或提升我們擴張規模的能力與影響力。因此我們會持續追蹤這類機會。第二類是歐洲或美國的地理性機會，能讓我們在那些市場更具存在感。所以我們會沿著同樣的模式持續推進。而且確實有一些事情可以談。所以這是好事。

Greg MacDonald, Stifel.

Greg MacDonald，Stifel。

Mike, I wanted to ask a follow-on question on MDA MIDNIGHT. And I'm thinking of it this way. You have a lot of expertise in robotics, obviously. Can you talk a little bit about the technical expertise in that product? And what I'm really trying to get at is how difficult or easy is it for a competitor to replicate this product? Where do you stand kind of globally when it comes to this product?

Mike，我想就 MDA MIDNIGHT 追問一個問題。我這樣想：你們在機器人技術方面顯然有很多專長。你能否談談這個產品的技術專長體現在哪些方面？我真正想了解的是，競爭對手要複製這個產品有多難或多容易？就這個產品而言，你們在全球大概處於什麼位置？

Yes. I think if you look at, I guess, space control type of a capability, there's a few things that are there. You need a solid platform that's got good maneuverability in addition to you want to pay attention to the kind of protection on that platform to make sure that it can be slightly protected, be a bit jam proof, that type of thing. And so we've got capability there. Then you need to have good sensor capabilities to be able to sense and monitor and track other assets in space, other activity in space.

是的。我想如果你看的是，我猜，太空控制類型的能力，裡面有幾個要素。你需要一個堅實的平台，除了要有良好的機動性之外，也要注意該平台上的防護類型，確保它能有一定程度的防護、具備一定的抗干擾（抗阻塞）能力之類的。因此我們在這方面具備能力。接著你需要良好的感測器能力，能夠感知、監測並追蹤太空中的其他資產、太空中的其他活動。

We have a strong sensor capability there. Then, you need the ability from a kind of electronic warfare perspective to actively or passively or actively deter another spacecraft. And then if necessary, get involved in proximity operations where you're getting very close to or engaging with another spacecraft. And so those categories of capability exist in the market. So people can definitely and people are obviously assembling guard spacecraft and space control spacecraft around the world.

我們在那方面有很強的感測器能力。然後，從某種電子戰的角度，你需要具備主動或被動地威懾另一艘太空器的能力。再來如有必要，還要能進行近距離操作（proximity operations），也就是非常接近或與另一艘太空器接觸互動。所以這些能力類別在市場上是存在的。因此人們當然可以，而且顯然世界各地的人們正在組建護衛太空器與太空控制太空器。

In terms of some of our unique capability, one of the things that's unique about us starts from our high-volume production of MDA AURORA. And so a number of folks will may say like I'm going to build a space control spacecraft and they'll kind of work away on it and build one. Our ability to grab an AURORA bus do some mods in terms of maneuverability and protection of that AURORA bus. But grabbing AURORA bus off a high-volume assembly line and then convert that into a space control spacecraft is unique around the world. Others don't have that high-volume base.

就我們一些獨特的能力而言，我們的獨特之處之一，起點在於我們對 MDA AURORA 的高產量製造。因此有些人可能會說，我要打造一艘太空控制太空器，然後他們就慢慢做、做出一艘。而我們能夠直接取用一個 AURORA 匯流排（bus），並在該 AURORA 匯流排的機動性與防護方面做一些改裝。但從高產量的組裝產線上直接取下一個 AURORA 匯流排，然後把它轉換成太空控制太空器，這在全球是獨一無二的。其他人沒有那樣的高產量基礎。

And so for military capability, that creates a fair amount of interest in terms of our high-volume production satellites and getting into a phase now with MDA SKYMAKER of having standard robotics. So that aspect of it is attractive to folks in the market. Then in terms of RPO, rendezvous and proximity operations, the level of experience that we have over the decades of being involved in this is extremely high. And so we've got really good solutions there. And then, of course, in robotics itself, our Robotics & Space Operations team has, literally within our team, millions of hours of experience developing the procedures for and supporting the grabbing of things in space.

因此就軍事能力而言，這在我們的高產量製造衛星方面引發了相當多的興趣；而且現在透過 MDA SKYMAKER，我們正進入具備標準化機器人的階段。所以這一部分對市場上的客戶很有吸引力。再來就 RPO（會合與近距離操作，rendezvous and proximity operations）而言，我們在過去數十年參與其中所累積的經驗水準極高。因此我們在那方面有非常好的解決方案。當然，在機器人本身方面，我們的 Robotics & Space Operations 團隊在團隊內部就累積了數百萬小時的經驗，用於制定程序並支援在太空中抓取物體的作業。

And so outside of NASA, we would be the most experienced company in the world in this area. And so that's another really strong capability in our favor. Another part of space control is also being able to provide the military with the ability to maneuver, which can involve refueling. And we've been working on refueling for decades. As far back as 2007, we flew our first demonstration of fluid transfer between two satellites back in 2007 on a mission with NASA.

因此在 NASA 之外，我們會是全球在這個領域經驗最豐富的公司。所以這也是對我們非常有利的另一項強大能力。太空控制的另一部分，也包括能為軍方提供機動能力，而這可能涉及補給燃料。而我們在燃料補給方面已經投入了數十年。早在 2007 年，我們就在與 NASA 的一項任務中，完成了兩顆衛星之間流體轉移的首次示範飛行。

And so we have had tens of millions of dollars of funded research and development on refueling and refueling interfaces of prepared and unprepared satellites. And so there's some strong capabilities that we have there from high-volume production, rendezvous and proximity operations, refueling capabilities and robotics and maneuver capabilities, including the operation of those robotics and orbit. That will be able to provide us with a distinct advantage in this market.

因此我們在燃料補給，以及針對已準備與未準備衛星的補給介面方面，已獲得數千萬美元的研發資金支持。因此我們在高產量製造、會合與近距離操作、補給能力、機器人與機動能力（包括在軌操作這些機器人）等方面，都具備一些強勢能力。這將使我們在這個市場中具備明顯的競爭優勢。

Great. That bus integration was going to be my second question. The second question I have for you is, is this just for military customers? Or one might assume that that mega constellations might be looking to protect their satellites as well? Do you see an opportunity in the commercial side?

很好。那個匯流排整合本來會是我的第二個問題。我第二個想問的是：這是否只針對軍方客戶？或者有人可能會認為，超大型星座（mega constellations）也可能想要保護他們的衛星？你是否看到商業端的機會？

Yes. We haven't had that yet. Like you're right, it's a logical thing people could think about. It is a dual-use technology set, though as well. Like so if you have a vehicle that can sense other vehicles and approach them and interact with them and do things.

是的。我們目前還沒有遇到那樣的需求。就像你說的，那確實是人們可能會想到的合理方向。不過這也是一套軍民兩用（dual-use）的技術組合。例如，如果你有一個載具能夠感知其他載具、接近它們、與它們互動並執行一些動作。

There is a civilian market for on-orbit servicing that exists. There's also a thing we call ISAM, which is for in-orbit service assembly and manufacturing. So there's definitely a commercial value in this configuration. We're taking it to market as a product targeted at the military and MDA MIDNIGHT as a space control platform. But it is a dual-use technology set and it definitely has application. As commercial infrastructure activities continue to expand in orbit. This capability will have a commercial application as well.

確實存在一個在軌服務（on-orbit servicing）的民用市場。另外還有我們稱為 ISAM 的領域，也就是在軌服務、組裝與製造（in-orbit service assembly and manufacturing）。所以這種配置肯定具有商業價值。我們把它作為一項產品推向市場，目標客戶是軍方，並將 MDA MIDNIGHT 定位為太空控制平台。但它是一套軍民兩用的技術組合，確實有其應用。隨著商業基礎設施活動在軌道上持續擴張。這項能力也將具有商業應用。

And last, Mike, anything in the pipeline for MIDNIGHT yet?

最後一個問題，Mike，MIDNIGHT 目前有任何在研管線（pipeline）上的進展嗎？

I would say not really. Like there's activities that we're driving. We always had, I think, at least one opportunity in there. But yes, so there's maybe at least one or two. But I was thinking more is there like new stuff that suddenly come in since the announcement in April. And I would say I don't think we've added anything since April, but we've had one or two there previously.

我會說其實沒有。我們確實在推動一些活動。我想我們一直至少有一個機會在那裡。但對，是的，可能至少有一到兩個。不過我想問的是，自從四月公告之後，是否突然有新的案子進來。我會說我不認為四月以來我們新增了任何東西，但之前就已經有一兩個在那裡。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

I wanted to ask you about a broader topic that has, I think, become very hot in the industry, space data centers. And I'm curious what do you think about kind of viability? And also, let's assume for a second that it is viable. What kind of role you would play in that ecosystem?

我想問一個更廣泛的主題，我認為這在產業裡已經變得非常熱門：太空資料中心。我很好奇你怎麼看它的可行性？另外，假設它確實可行。你們會在那個生態系中扮演什麼樣的角色？

Yes. I think that we're definitely seeing an increased focus in just -- if we don't want to just say the word data center yet. But if we say space compute, so the ability to have increased levels of computing power in orbit to be able to do things, that's definitely an increasing theme in the market. For us, now that we're vertically integrated down to the chip level, we've got -- we're developing and including our own onboard processors on satellites. Everything is becoming more digital.

是的。我認為我們確實看到市場對於——如果我們還不想直接用「資料中心」這個詞的話——但如果我們說「太空運算」（space compute），也就是在軌道上具備更高等級的運算能力來執行各種事情，市場對此的關注確實在提升。對我們而言，現在我們已經垂直整合到晶片層級，我們正在開發並在衛星上導入自家的機載處理器。一切都正在變得更加數位化。

There's more levels of processing. Our road maps are including increasing levels of processing at the edge, we would call it, so out there on the satellite. And that's going to be applicable to all areas of our business in terms of having increasing levels of processing for earth observation satellites in the future, for communication satellites and network traffic management in the future and for intelligent robotics that we were just talking about that can do servicing and other activities in orbit. And so this notion of more onboard compute and more intelligent AI-based onboard compute, for sure, that's going to increase. There are folks that engage with us.

處理的層級越來越多。我們的產品路線圖包含在邊緣端（我們會這麼稱呼），也就是在衛星上，提升處理能力的層級。而這將適用於我們業務的所有領域：未來的地球觀測衛星需要更高等級的處理能力；未來的通訊衛星與網路流量管理也需要；以及我們剛才談到的智慧機器人，需要能在軌執行維修與其他活動。因此，更多的機載運算，以及更智慧、以 AI 為基礎的機載運算，毫無疑問會持續增加。也有人與我們接洽。

And we talk to people about having onboard computing that can support earth observation, communication and other networks in space. So that instead of just transmitting things to the ground like you do today and having ground-based processing environments, that you could do more processing in orbit and then just send the answer down to the ground. And so that's an increasing trend and is causing increasing opportunities for us to look at delivering more powerful computers in orbit to support people. So those conversations are ongoing.

我們也會與各方討論，配置可支援地球觀測、通訊以及其他太空網路的星載運算能力。如此一來，就不必像目前一樣只把資料傳回地面、再由地面端的處理環境進行運算；而是可以在軌道上完成更多處理，然後只把答案下傳到地面。因此，這是一個日益增長的趨勢，也帶來越來越多機會，讓我們評估在軌交付更強大的電腦來支援客戶。所以這些對話仍在持續進行。

When you say data centers, like that, I imagine that's like there's pictures in the media and stuff like that, the football field size objects that are like big computing parks in orbit of some kind. I have not had enough experience to really get through the viability of all of that yet. So some of the rationale that people say it makes sense to have those may or may not really make sense.

你提到資料中心這類概念時，我腦中會浮現媒體上的圖片之類的：像足球場大小的物體，彷彿是在軌道上的大型運算園區。我目前還沒有足夠的經驗，能真正判斷這整體的可行性。因此，人們提出的一些理由，認為設置這些東西有其合理性，可能合理、也可能其實不太合理。

And then some of the technical challenges, I don't think have been fully solved, even some of the largest proponents of space-based data centers say they think that that's a possible idea, but they're not quite sure if that can all be done. So there's a lot to work out there going forward. If it ever catches, we would have the opportunity to contribute.

另外，一些技術挑戰我認為也尚未完全解決；即便是一些最主要的太空資料中心倡議者也表示，他們覺得這是個可能的想法，但還不太確定是否能把所有事情都做到位。所以未來還有很多需要釐清與推進的工作。如果這個概念真的成形並被採用，我們也會有機會做出貢獻。

Certainly, any space infrastructure like that, that's large and has to be assembled. Our conversations about on-orbit servicing and assembly and the application of robotics, that's going to be a strong play there in terms of our ability to work remotely in orbit and assemble and maintain any piece of large infrastructure, whatever it is, whether it's a data center or a power station or what have you. We would have opportunities to be engaged in that.

當然，任何那種大型、需要組裝的太空基礎設施。我們在「在軌維修與組裝」以及機器人應用方面的對話，將會在那裡成為一個強項，因為我們具備在軌遠端作業、組裝並維護任何大型基礎設施的能力；不論是資料中心、發電站或其他任何設施。我們都有機會參與其中。

And then in terms of the actual data centers themselves, those satellite structures and processing. I think we have to see how that goes to be able to answer that question in terms of like if people find architectures that are going to work, then what do those look like. We'll just hold judgment on that for the moment until it matures a bit more.

至於資料中心本體，也就是那些衛星結構與運算處理。我認為我們得先觀察其發展，才能回答這個問題：如果人們找到了可行的架構，那些架構會長什麼樣子。在它更成熟一些之前，我們暫時保留判斷。

Understood. I appreciate the color. A follow-up question on just some of the activity you're seeing in Asia and APAC. Obviously, you announced the Hanwha MOU. And I think this week, there was some news about Reliance on to build big LEO. Any sense on like maybe timing when we could get some awards coming out of Asia, just more generally speaking and kind of the magnitude of those awards?

了解。謝謝你提供這些補充說明。我想追問一下你們在亞洲與亞太地區（APAC）看到的一些動態。你們顯然已宣布與韓華（Hanwha）的合作備忘錄（MOU）。而且我想本週也有一些新聞提到 Reliance 正在著手建置大型 LEO（低地球軌道）項目。你是否能分享一下：更一般而言，我們大概何時可能看到一些來自亞洲的得標/授標（awards），以及這些案子的規模大概會是多大？

Yes. I think certainly, over the next couple of years, that's possible. And some things could move quicker than others in those markets. In some cases, there are opportunities to just support some smaller scale things with key satellite technology to help some folks out. In other cases, as you've indicated, like you used some examples there, but there are others in terms of like larger constellation projects in the market.

是的。我認為在接下來一兩年內，確實有可能發生。而且在那些市場中，有些事情可能比其他事情推進得更快。在某些情況下，會有機會先以關鍵衛星技術支援一些較小規模的專案，協助部分客戶。在其他情況下，正如你所提到的，你舉了一些例子，但市場上還有其他案子，屬於更大型的星座計畫。

And so there, you get into the multibillion-dollar size opportunities that are larger constellations. Certainly, as you go around the world, the notion of sovereign capability is one of the single largest driving factors in the current market and the current pipeline evolutions over the last six months and certainly the next couple of years moving forward.

而在那種情況下，就會進入數十億美元規模的機會，也就是更大型的星座。當你放眼全球，「主權能力」（sovereign capability）的概念，是當前市場與管線在過去六個月的演變、以及未來一兩年持續演進中，最主要的驅動因素之一。

The number of nations that want to have or want to consider potentially their own constellations for earth observation or communication and generally want to see to what extent can I just take care of myself in space and not rely on deals with other nations. That's such an increasing theme that it's definitely causing a number of new conversations around the world. And they grow, like every month or two. Right now, there's like new ones that are coming out.

越來越多國家希望擁有、或至少評估擁有自己的地球觀測或通訊星座；更廣泛地說，他們想了解在太空領域能在多大程度上自給自足，而不必依賴與其他國家的協議。這個主題的增長非常明顯，確實正在全球引發許多新的對話。而且這些對話會持續增加，幾乎每一兩個月就會成長。目前就有新的案子不斷出現。

And so that's going to create solid opportunity in all parts of the world, but including the region that you're talking about over the next couple of years. And then it really just depends on, in a number of cases, government-linked procurement and how fast people can actually move to get it in place.

因此，這將在全球各地創造穩健的機會，當然也包括你所提到的那個區域，在未來一兩年內。接下來就取決於多種因素；在不少情況下，與政府相關的採購流程，以及各方實際能多快推動落地，會是關鍵。

Konark Gupta, Scotiabank.

Konark Gupta，豐業銀行（Scotiabank）。

Maybe just following up on the C3, the Canadarm3 program. I mean, Artemis has been relatively stable, I would say, regardless of what's been questioned about NASA's budget over the last couple of years. And obviously, every time the news on the NASA, the Artemis came out, I mean, obviously, investors have reacted to that. So I'm just curious like what are you hearing about Artemis going forward?

我想再追問一下 C3，也就是 Canadarm3 計畫。我的意思是，Artemis 計畫相對而言一直算穩定，我會這麼說，儘管過去幾年外界對 NASA 預算有一些質疑。而且顯然每次有關 NASA、Artemis 的新聞出來，投資人都會對此做出反應。所以我想了解的是，你們聽到的 Artemis 後續發展是什麼？

I mean I understand your contract is with Canadian Space Agency, not with NASA directly. But at the end of the day, if Artemis has any implications from NASA budgets, that might feed into your Canadarm3 program as well potentially. So any thoughts into how sustainable you think the Canadarm3 program is regardless of the news that we hear every day and what's the opportunity remaining there?

我知道你們的合約對象是加拿大太空總署（Canadian Space Agency），而不是直接與 NASA 簽約。但歸根結底，如果 Artemis 因 NASA 預算而有任何影響，可能也會回傳並影響你們的 Canadarm3 計畫。所以你對 Canadarm3 計畫的可持續性有何看法？不論我們每天聽到的新聞如何；以及那裡還剩下多少機會？

Yes, there's a couple of things in what you're saying. So in the first one on the Artemis program, it remains an extremely high focus and high priority activity. I think I saw the NASA administrator, Jared, announced two new countries in the last quarter, joining the Artemis Accords. So new countries are still coming in to the Artemis Accords to be part of the group of people that want to work together to live and work on the moon. And so that focus continues to dramatically increase in the United States public focus to want to get to the moon and start living and working there.

是的，你提到的內容裡有幾個面向。首先就 Artemis 計畫而言，它仍然是極高關注、極高優先順序的工作。我想我看到 NASA 署長 Jared 在上一季宣布又有兩個新國家加入《Artemis 協議》（Artemis Accords）。因此，仍有新國家持續加入《Artemis 協議》，成為希望共同合作、在月球生活與工作的夥伴群體之一。所以這個焦點持續存在，而且在美國的公共關注度上，想要登月並開始在那裡生活與工作的意願也在顯著提升。

In a bit of a timing race against a China-led consortium is an important driver in all this. And so there's like a sort of no holding back focus on getting to the moon. And where you've seen NASA trim budgets in other places, it's been or take -- stop doing certain things. It's been to massively increase their focus on living and working on the moon. So I think it's very clear that that's a dominant focus in this game.

在某種程度上，與一個由中國主導的聯盟之間的時間競賽，是推動這一切的重要因素。因此，整體上呈現出一種「不容退讓」的登月聚焦。而你看到 NASA 在其他領域縮減預算，或是停止做某些事情，其目的在於大幅提升他們對於在月球生活與工作的投入與聚焦。所以我認為很清楚，這是這場競賽中的主導焦點。

And so in addition to the notion that was stated by administrator Isaacman in his ignition event that occurred in March. The focus on speed, so the focus on don't polish a rock, don't make some perfect space objects here. I think his phrase was that a 70% solution delivered quickly is good enough at this phase. It's important to get up there and get working and get experience and has announced a rapid pace of multiple missions to get to and land on the moon and get going and try things out. So that's a tremendous opportunity that comes from that for other nations to contribute technologies and solutions to that and to be a part of that through the Artemis Accords.

此外，正如署長 Isaacman 在三月的點火活動（ignition event）中所提到的概念。對速度的重視，也就是不要把一塊石頭打磨得完美、不要在這裡打造某些完美無缺的太空物件。我記得他的說法是：在這個階段，快速交付一個 70% 的解決方案就已足夠。重要的是要先上去、開始運作、累積經驗；並且宣布將以快速節奏執行多次任務，前往並登陸月球、啟動運作並嘗試各種方案。這也為其他國家透過《Artemis 協議》貢獻技術與解決方案、並參與其中，帶來了巨大的機會。

Then you come to Canadarm3. So then Canadian Space Agency, therefore, is going to want to have technologies and capabilities that are part of that return to the moon. Canada has always been a leader in space collaboration since the beginning as the third country in the space with satellites after the United States and the USSR. Canada is going to want to lean into that. And so to make sure that they're a part of it.

接著談到 Canadarm3。因此，加拿大太空總署將希望擁有屬於重返月球計畫一部分的技術與能力。自一開始以來，加拿大一直是太空合作的領導者，作為繼美國與蘇聯之後第三個以衛星進入太空的國家。加拿大會希望在這方面加大投入。因此要確保他們是其中的一部分。

So we see strong opportunity for Canadarm3 technology. And the commercial derivatives of that, which is the MDA SKYMAKER line that MDA Space takes to market commercially on the moon for the lunar surface. And then again, in other commercial applications for space stations and debris removal and assembly and manufacturing. A number of the things we talked about today in other orbits such as low earth orbit. So we're very positive about the opportunity here.

因此我們看到 Canadarm3 技術有很強的機會。以及其商業衍生產品，也就是 MDA Space 將 MDA SKYMAKER 產品線以商業方式推向月球、用於月面。此外，也可再次應用於其他商業用途，例如太空站、太空碎片移除，以及組裝與製造。我們今天談到的許多事項，也適用於其他軌道，例如近地軌道。所以我們對這裡的機會非常正面。

The good thing for us is we're full steam ahead, keep the project team working on Canadarm3 and keep getting this work done while we do a little bit of activity to reconfigure the final outcomes in terms of what are the exact applications that we're going to tailor this for as we complete the project. So it's a good moment. We just got to work through a couple of things.

對我們而言好的一點是，我們正全速前進，讓專案團隊持續投入 Canadarm3，並在我們進行一些活動、重新配置最終成果的同時，持續把工作完成；也就是在專案完成之際，釐清我們要為哪些精確的應用情境量身打造。所以這是個好時機。我們只需要把幾件事處理好。

That is very reassuring. And if I can follow-up on the backlog comments you made early on in the call. It seems like you're having some new discussions and you talked about some exciting opportunities in those discussions. Any concrete examples, even if it's early stage, what kind of exciting opportunities are these? Are these out of your core or within the core and they are more like ancillary or more sort of tangential to what you do? So any examples?

這讓人非常安心。如果我可以追問一下您在電話會議一開始提到的在手訂單（backlog）評論。看起來你們正在進行一些新的討論，而且你們提到在那些討論中有一些令人興奮的機會。有沒有任何具體例子，即使還在早期階段，這些令人興奮的機會大概是什麼類型？這些是你們核心業務之外的，還是在核心之內、比較像是附帶或較為旁支、與你們所做的事情較為間接相關？所以有任何例子嗎？

Yes. I think the bigger exciting things are going to be like new conversations around low earth orbit constellations, around the application of the MDA AURORA and high-volume manufacturing to these opportunities. I think that it's just great to see like the number of those that's increasing. People want to talk about is -- continues to grow, which is great. And so we will fully engage in all of those and in conversations.

有。我認為更大、更令人興奮的事情，會是圍繞近地軌道星座的新對話，以及將 MDA AURORA 與高產量製造應用到這些機會上。看到這類機會的數量在增加，真的很棒。大家想要討論的事情——持續在成長，這很好。因此我們會全面投入所有這些機會與相關對話。

Well, certainly the ones that we think have a chance of success. We do a bit of screening in our pipeline, but it's positive right now. There's a lot of bidding activity. Bid activity is very intense. And we will continue to be fully engaged in that and make announcements of contracts when they come.

當然，是那些我們認為有成功機會的案子。我們會在管線中做一些篩選，但目前是正面的。投標活動很多。投標非常激烈。我們會持續全面參與，並在合約到位時發布簽約公告。

Please be advised that we are at the end of our conference time. And this is all the time we have for questions today. I would now like to turn the call back over to Mike for his closing remarks. Please go ahead.

請注意，我們的會議時間已到。今天的提問時間就到這裡。現在我想把電話交回給 Mike，請他做結語。請開始。

Okay. Thanks a lot. Well, thanks for your time, everyone, this morning. It sounds like we had to cut it off there because of time. Maybe there were some questions that didn't get asked.

好的。非常感謝。各位今天早上撥冗參與，謝謝大家。聽起來我們因為時間關係必須在這裡結束。也許有些問題還來不及提。

Sorry about that. It's excellent, though that the amount of folks tracking us and wanting to talk to us and ask questions of us is increasing. We really appreciate that. And we'll always take more there. We look forward to updating you on our progress in our next earnings call in August, of course.

很抱歉。不過，追蹤我們、想和我們交流並向我們提問的人數在增加，這點非常好。我們真的很感謝。我們也一向樂於接受更多交流。當然，我們期待在8月的下一次財報電話會議中向各位更新我們的進展。

We will keep at it here and come back with the latest news of the day in the next quarter. Thanks again.

我們會持續努力，並在下一季帶回當期的最新消息。再次感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。