Satellogic Inc. (SATL) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Satellogic first-quarter 2026 financial results conference call. (Operator Instructions) During today's call, we may make statements relating to our goals and objectives for future operations, financial and business trends, business prospects, future financial metrics, statements regarding customer contracts and pipeline, our ability to generate revenue and management's expectations for future performance that constitute forward-looking statements under federal securities laws.

早安，歡迎參加 Satellogic 2026 年第一季財務業績電話會議。（接線員指示）在今天的電話會議中，我們可能會就未來營運之目標與目的、財務與業務趨勢、業務前景、未來財務指標、關於客戶合約與商機管線的陳述、我們創造營收的能力，以及管理層對未來表現的預期等發表聲明；此等聲明依據聯邦證券法構成前瞻性陳述。

Any such forward-looking statements reflect management expectations based upon currently available information and are not guarantees of future performance and involve certain risks and uncertainties that are more fully described in our SEC filings, including the Risk Factors section of Satellogic's quarterly report on Form 10-Q, annual report on Form 10-K for the fiscal year ended December 31, 2025, and our filings with the SEC.

任何此類前瞻性陳述均反映管理層基於目前可得資訊所作之預期，並非對未來表現之保證，且涉及若干風險與不確定性；相關內容已在我們向美國證券交易委員會（SEC）提交的文件中更完整地說明，包括 Satellogic 的 Form 10-Q 季度報告之「風險因素」章節、截至 2025 年 12 月 31 日止會計年度的 Form 10-K 年度報告，以及我們向 SEC 提交的其他文件。

Our actual results, performance or achievements may differ materially from those expressed in or implied by such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements to reflect events, or developments after the date of this call. On this call, we will also discuss financial measures not determined in accordance with the US GAAP, including EBITDA, adjusted EBITDA and free cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are presented in the earnings materials posted on our website today. Our press release detailing these results was issued this morning and is available in the Investor Relations section of our company's website at satellogic.com.

我們的實際結果、表現或成就可能與此等前瞻性陳述所明示或暗示者存在重大差異。我們不承擔更新或修訂任何前瞻性陳述以反映本次電話會議日期之後事件或發展的義務。在本次電話會議中，我們亦將討論若干非依美國公認會計原則（US GAAP）決定之財務衡量指標，包括 EBITDA、調整後 EBITDA 與自由現金流。此等非 GAAP 指標與最直接可比之 GAAP 指標的調節表，已載於我們今日發布於公司網站的財報資料中。我們今晨已發布詳述本次業績之新聞稿，並可於 satellogic.com 公司網站的投資人關係（Investor Relations）專區取得。

Hosting today's call will be Satellogic's Founder and Chief Executive Officer, Emiliano Kargieman; Chief Financial Officer, Rick Dunn; and Vice Admiral, Frank Whitworth, US Navy retired. With that, I will turn the call over to Mr. Kargieman.

主持今天電話會議的有：Satellogic 創辦人兼執行長 Emiliano Kargieman；財務長 Rick Dunn；以及美國海軍退役副海軍上將 Frank Whitworth。接下來，我將把電話交給 Kargieman 先生。

Thank you, operator, and good morning, everyone. Welcome to Satellogic's first-quarter 2026 earnings conference call. Joining me on today's call are Rick Dunn, our Chief Financial Officer; and a special guest, Vice Admiral Frank Whitworth III, US Navy retired, who recently joined Satellogic as a Strategic Adviser. We're pleased to have him with us today.

謝謝接線員，各位早安。歡迎參加 Satellogic 2026 年第一季財報電話會議。今天與我一同出席的有我們的財務長 Rick Dunn；以及一位特別來賓——美國海軍退役副海軍上將 Frank Whitworth III，他近期以策略顧問身分加入 Satellogic。我們很高興今天能與他同台。

I'll begin with a brief company overview and the key themes of the quarter before introducing by Vice Admiral Whitworth, who will share his remarks on his role and our Defense & Intelligence engagement. Rick will then walk you through our Q1 2026 financial results in detail before I cover our commercial update and recent wins, walk through our 2026 product road map, including our Aleph Observer platform and Merlin Constellation and close with key takeaways before we open the line for questions.

我將先簡要介紹公司概況與本季重點主題，接著介紹 Whitworth 副海軍上將，由他分享其角色以及我們在國防與情資（Defense & Intelligence）領域的合作進展。之後 Rick 將帶各位詳細回顧 2026 年第一季財務結果；接著我會說明商業進展與近期得標，並介紹我們 2026 年產品路線圖，包括 Aleph Observer 平台與 Merlin 星座，最後在開放提問前做重點總結。

With that, let's begin. The first quarter of 2026 marked a clear inflection point for Satellogic. We grew revenue 80%, improved our adjusted EBITDA loss by 32%, generated positive net cash from operating activities for the first time in our history and exited the quarter with $121.9 million in cash. Just as importantly, the commercial momentum we built exiting 2025 is broadening across sovereign defense, recurrent intelligent subscriptions, and US government engagement.

那麼我們開始。2026 年第一季對 Satellogic 而言是一個明確的轉折點。我們營收成長 80%，調整後 EBITDA 虧損改善 32%，公司史上首次在本季產生正的營運活動淨現金流，並在季末持有 1.219 億美元現金。同樣重要的是，我們在 2025 年底建立的商業動能，正擴展至主權國防、可重複的智慧訂閱，以及與美國政府的合作。

Based on our current cost base, backlog, growing recurring revenue and current pipeline, we believe 2026 can be a year of substantial progress towards sustained profitability, and we expect Merlin to be an important driver of free cash flow as it enters service. This was one of the strongest starts to a year in our company's history, and our most ambitious product road map to date is now executing on schedule.

基於我們目前的成本結構、在手訂單（backlog）、持續成長的經常性收入與現有商機管線，我們相信 2026 年可望在邁向可持續獲利方面取得重大進展；且我們預期 Merlin 在投入服務後將成為自由現金流的重要驅動因素。這是公司史上最強勁的年度開局之一，而我們迄今最具企圖心的產品路線圖也正按計畫推進。

There are five things I want investors to take away from the quarter. First, on our unique sovereign and defense solutions, our non-ITAR design, vertical integration, and free trade on manufacturing in Montevideo allow us to deliver disruptively priced sovereign capabilities to align governments around the world with rapid technology transfer and in-country assembly integration and test.

本季我希望投資人帶走五點重點。第一，關於我們獨特的主權與國防解決方案：我們的非 ITAR 設計、垂直整合能力，以及在蒙特維多（Montevideo）製造的自由貿易優勢，使我們能以具顛覆性的價格提供主權能力，並透過快速技術移轉與在地組裝、整合與測試，協助全球各國政府對齊需求。

In the quarter, we deepened our US defense engagement through the expansion of our partnership with IDT Corporation and the US Office of Naval Research for Phases 2 and 3 of the Slingshot program, advancing in-orbit demonstration of our rapid testing and high-resolution capabilities in support of US Navy mission requirements. And just last week, we announced a $12 million agreement with a sovereign defense customer to deliver the commission in-orbit NewSat from our Aleph-1 Constellation, the second sovereign in-orbit transaction in two quarters. And I'll come back to why that matters.

本季，我們透過擴大與 IDT Corporation 及美國海軍研究辦公室（US Office of Naval Research）的合作，推進 Slingshot 計畫第 2 與第 3 階段，深化我們與美國國防部門的合作，並推動在軌示範（in-orbit demonstration），展現我們的快速測試與高解析能力，以支援美國海軍任務需求。就在上週，我們宣布與一位主權國防客戶達成 1,200 萬美元協議，將交付來自 Aleph-1 星座的委託在軌 NewSat，這是連續兩季中的第二筆主權在軌交易。我稍後會再說明其重要性。

Second, we have significant customer traction. We continue to diversify our customer base internationally with Asia Pacific revenue growing more than eightfold year over year to $3 million in Q1 2026. The growth was led by significant contributions from customers in Australia and Malaysia and reflects the global demand we're seeing for sovereign and high-frequency monitoring capabilities.

第二，我們在客戶端取得顯著進展。我們持續在國際上分散客戶結構，亞太地區營收年增超過八倍，於 2026 年第一季達到 300 萬美元。成長主要來自澳洲與馬來西亞客戶的顯著貢獻，反映出我們所見對主權與高頻監測能力的全球需求。

Third, we have unmatched capacity and scale. As of March 30, we continue to operate one of the largest high-resolution constellations in the world. Our capacity advantage is significant based not only on the number of satellites, but also on our patent-protected camera design that enables us to capture approximately 10 times more imagery per satellite than our peers at an all-in cost per satellite of approximately $1.3 million, a fraction of the industry standard.

第三，我們具備無可匹敵的產能與規模。截至 3 月 30 日，我們仍在營運全球規模最大的高解析度星座之一。我們的產能優勢不僅來自衛星數量，也來自受專利保護的相機設計，使我們每顆衛星可擷取的影像量約為同業的 10 倍，而每顆衛星的全成本約 130 萬美元，僅為產業標準的一小部分。

That cost and capacity advantage is what allows us to realize the unit economics to deliver persistent, daily monitoring at scale. The capacity of our constellation has enabled us to sell in-orbit satellites to Space Systems customers without impacting our ability to meet existing demand and expected future growth in our Data and Analytics business.

正是這項成本與產能優勢，使我們能實現單位經濟效益，進而以規模化方式提供持續、每日的監測。我們星座的產能也使我們能向太空系統（Space Systems）客戶出售在軌衛星，而不影響我們滿足既有需求及資料與分析（Data and Analytics）業務預期未來成長的能力。

Fourth, revenue growth with operating leverage in action. Revenue grew 80% year over year to $6.1 million, while our adjusted EBITDA loss improved 32% to $4.2 million. And for the first time in our history, we generated positive net cash from operating activities in the quarter. The recurring revenue shift we are beginning to see is being driven in part by Aleph Observer, our persistent monitoring product launched in February. That is the operating leverage of our vertically integrated model becoming visible, combined with $121.9 million of cash on hand, it materially strengthens our path to sustained profitability.

第四，營收成長與營運槓桿正在發揮作用。營收年增 80% 至 610 萬美元，同時調整後 EBITDA 虧損改善 32% 至 420 萬美元。此外，公司史上首次在本季產生正的營運活動淨現金流。我們開始看到的經常性收入轉型，部分由 2 月推出的持續監測產品 Aleph Observer 所帶動。這顯示我們垂直整合模式的營運槓桿正逐步顯現；再加上手上 1.219 億美元現金，將大幅強化我們邁向可持續獲利的路徑。

And fifth, a strengthened leadership team. Our Board and management team bring deep public company finance, defense and policy experience. Over the last two quarters, we have built up our sales leadership with the incorporation of Jeff Kerridge and a seasoned team of sales executives. Today, I'm pleased to introduce a new addition who we believe will be meaningfully -- meaningful to accelerate our trajectory in defense and intelligence.

第五，領導團隊更加健全。我們的董事會與管理團隊具備深厚的上市公司財務、國防與政策經驗。過去兩季，我們透過延攬 Jeff Kerridge 及一支資深的銷售主管團隊，強化了銷售領導力。今天，我很高興介紹一位新加入的成員；我們相信他將在加速我們於國防與情資領域的發展軌跡方面，發揮實質且重要的作用。

In late March, we welcomed Vice Admiral Frank D. Whitworth III, US Navy retired, as a Strategic Adviser. Vice Admiral Whitworth most recently served as the 8th Director of the National Geospatial-Intelligence Agency, the NGA, where he led the delivery of geospatial intelligence supporting US national security operations worldwide. His decades of experience operationalizing geospatial intelligence at the highest levels of the US defense and intelligence communities position him uniquely to advise our team as we deepen our engagement with that customer base. It's an honor to have him with us today.

在 3 月下旬，我們迎來美國海軍退役副海軍上將 Frank D. Whitworth III 擔任策略顧問。Whitworth 副海軍上將最近的職務是擔任國家地理空間情報局（National Geospatial-Intelligence Agency，NGA）第 8 任局長，領導提供地理空間情報，以支援全球美國國家安全行動。他在美國國防與情資社群最高層級推動地理空間情報落地運用的數十年經驗，使他能以獨特優勢為我們團隊提供建議，協助我們深化與該客群的合作。今天能與他同台是我們的榮幸。

Vice Admiral, the floor is yours.

副海軍上將，請。

Thank you, Emiliano, and good morning, everyone. It's a privilege to be with you today. Let me start with a few words on why I joined Satellogic. Most recently, I had the honor of serving as the 8th Director of the National Geospatial-Intelligence Agency, or NGA for short, from June 2022 until my retirement just last December. In that role, I was responsible for the delivery of geospatial intelligence support of US national security operations worldwide.

謝謝你，Emiliano，各位早安。今天能與各位同在，我深感榮幸。我先談談我為何加入 Satellogic。最近，我有幸自 2022 年 6 月起擔任國家地理空間情報局（NGA）第 8 任局長，直到去年 12 月退休。在該職務中，我負責提供地理空間情報支援，以支援全球美國國家安全行動。

One of the priorities during my tenure was the maturation of NGA Maven, the Department of War's primary initiative for operationalizing artificial intelligence and machine learning. We transitioned that program from an experimental framework into an operational capability that meaningfully increased the speed and scale of intelligence analysis integrated with mission command across the department.

我任內的優先事項之一，是推動 NGA Maven 的成熟化；這是國防部（Department of War）的主要倡議，旨在將人工智慧與機器學習落地於作戰運用。我們將該計畫從實驗性架構轉型為可作業的能力，實質提升了情資分析的速度與規模，並與全體部門的任務指揮整合。

That experience reflected my view of where geospatial intelligence needs to go. What attracts me to Satellogic is that this company is purpose-built to address the same imperative. The combination of scale, frequency, and resolution that the Satellogic Constellation is designed to deliver, coupled with low latency analytics and near real-time tipping and queuing and alerts, this is precisely what we need to enable the shift from periodic observation to continuous awareness.

那段經驗反映了我對地理空間情報未來走向的看法。吸引我加入 Satellogic 的原因在於，這家公司正是為了回應同樣的迫切需求而打造。Satellogic 星座所設計提供的規模、頻率與解析度，再結合低延遲分析、近即時的提示與排程（tipping and queuing）以及警示功能，正是我們推動從週期性觀測轉向持續態勢感知所需要的能力。

In my role as Strategic Adviser and always adherent to my ethics restrictions against communicating with NGA in the Navy, I have been and will continue to be working with the team across three areas: strategic engagement with global defense and intelligence customers; the development of the company's product and technology road map, including the Merlin Constellation and Emiliano will discuss shortly; and the integration of high-frequency earth observation into modern intelligence architectures. I am impressed by what this team has built.

在我擔任策略顧問的角色中，並且始終遵守我在海軍任職期間對於不得與NGA溝通的倫理限制，我一直並將持續與團隊在三個領域合作：與全球國防與情報客戶的策略性互動；公司產品與技術路線圖的制定（包括Merlin星座，Emiliano稍後將會說明）；以及將高頻地球觀測整合進現代情報架構。我對這個團隊所打造的成果印象深刻。

The US defense and intelligence communities are actively rethinking how they source persistent geospatial intelligence. And Satellogic's combination of sovereign grade capability with commercial economics is uniquely matched to that demand. I look forward to helping the team serve that mission and to translate that demand into long-term programs of record.

美國國防與情報社群正積極重新思考其如何取得持續性的地理空間情報。而Satellogic將主權等級能力與商業化經濟性結合的方案，與該需求高度契合。我期待協助團隊服務這項使命，並將這股需求轉化為長期的正式計畫（programs of record）。

With that, I'll turn it over to Rick to walk you through the financial results. Rick?

接下來，我把時間交給Rick，請他帶各位回顧財務結果。Rick？

Thank you, Admiral, and good morning, everyone. Our first quarter results reflect the commercial momentum and financial discipline we built exiting 2025, and they mark several important inflection points in our business. The headlines are revenue up 80%, adjusted EBITDA loss improved 32%, the first quarter of positive net cash from operating activities in our history and $121.9 million of cash on the balance sheet, our strongest position to date. Let me walk you through each.

謝謝您，將軍，各位早安。我們第一季的結果反映了我們在2025年結束時所建立的商業動能與財務紀律，也標誌著我們業務的幾個重要拐點。重點包括：營收成長80%；調整後EBITDA虧損改善32%；公司史上首次在單一季度實現營運活動淨現金流為正；以及資產負債表上現金達1.219億美元，為迄今最強的部位。讓我逐一說明。

Revenue. Total revenue for the quarter was $6.1 million, up 80% year over year from $3.4 million in Q1 2025. The increase was driven primarily by a $1.6 million increase in imagery ordered by new and existing Data & Analytics customers. By business line, our Data & Analytics line of business, which includes our Constellation as a Service offering, generated $4.6 million of revenue, up $3 million in the prior year compared to the prior year period. Space Systems contributed $1.5 million of revenue.

營收方面。本季總營收為610萬美元，較2025年第一季的340萬美元年增80%。成長主要來自新舊Data & Analytics（資料與分析）客戶所下單影像增加160萬美元。按業務線來看，包含「星座即服務（Constellation as a Service）」在內的Data & Analytics業務線貢獻460萬美元營收，較去年同期增加300萬美元。Space Systems（太空系統）貢獻150萬美元營收。

Geographically, the quarter reflected a meaningful diversification of our customer mix. Asia Pacific generated $3 million in revenue, up more than eightfold from $0.4 million in the prior period, with Australia and Malaysia as the primary contributors. Europe contributed $1.1 million, up from $0.5 million. Americas contributed $2 million, primarily reflecting timing rather than any change in customer demand.

以地區來看，本季反映出我們客戶組合的顯著多元化。亞太地區貢獻300萬美元營收，較前期的40萬美元成長逾八倍，主要貢獻來自澳洲與馬來西亞。歐洲貢獻110萬美元，高於前期的50萬美元。美洲貢獻200萬美元，主要反映時點因素，而非客戶需求的任何變化。

Our US pipeline continues to be very strong, and we look forward to executing on that pipeline in the remainder of the year. South America contributed $0.1 million. Taken together, this geographic diversification is an important indicator of the increasingly global demand for our services and of the durability of our international customer base.

我們在美國的商機管線（pipeline）仍然非常強勁，我們期待在今年剩餘期間落實該管線。南美洲貢獻10萬美元。綜合而言，這種地理多元化是我們服務需求日益全球化、以及國際客戶基礎具備持久性的關鍵指標。

Total costs and expenses for the quarter declined 3% year over year to $12.5 million. Within that, cost of revenues, which is exclusive of depreciation, was $1.5 million, up 17% on higher ground station costs at scale with our growing operations. Engineering expense was $3.1 million, up 24%, reflecting investment in software, professional services and stock-based comp tied to the broader employee population.

本季總成本與費用年減3%至1,250萬美元。其中，營收成本（不含折舊）為150萬美元，因營運規模擴大帶動地面站成本上升而年增17%。工程費用為310萬美元，年增24%，反映我們在軟體、專業服務，以及與更廣泛員工群相關的股票基礎薪酬（stock-based comp）上的投資。

SG&A expense was approximately flat at $6.5 million with an increase in salaries and benefits associated with workforce expansion in anticipation of 2026 growth, offset by a $0.8 million decrease in legal and professional fees that were elevated in Q1 of last year due to our US domestication. Depreciation expense decreased 48% to $1.4 million, reflecting a reduction in the number of satellites with remaining depreciable useful lives, although we continue to utilize these fully depreciated assets so long as they're capable of capturing commercially viable imagery.

SG&A（銷售、一般及管理）費用約持平於650萬美元；其中，為因應2026年成長而擴編人力所帶來的薪資與福利增加，被法律與專業費用減少80萬美元所抵銷。去年第一季因我們在美國完成公司本土化（domestication）而使法律與專業費用偏高。折舊費用年減48%至140萬美元，反映仍有可折舊剩餘使用年限的衛星數量下降；不過，只要這些已完全折舊的資產仍具備擷取具商業可行性影像的能力，我們仍會持續使用。

The result is an operating loss of $6.4 million for the quarter, an improvement of $3.2 million or 33% compared to the prior period. Below the operating line, we recorded a $113 million change in fair value of financial instruments. I want to be unambiguous about what this is. It is a noncash, non-operational charge, and it reflects the increase in our Class A common stock during the quarter, driven by the standard remeasurement of our secured convertible notes, warrants and earn-out liabilities. A higher share price drives a larger accounting charge against earnings and net income. It has no bearing on the cash generation of the business.

因此，本季營業虧損為640萬美元，較前期改善320萬美元或33%。在營業利益線以下，我們認列金融工具公允價值變動1.13億美元。我想明確說明這是什麼：這是一項非現金、非營運性的費用，反映本季我們A類普通股股價上漲，並依標準程序對我們的擔保可轉換票據、認股權證及或有對價（earn-out）負債進行重新衡量。股價越高，對損益與淨利的會計費用就越大。這與公司現金創造能力無關。

Net loss for the quarter, including this $113 million noncash expense was $118.3 million. This is not indicative of underlying operating performance, and we report adjusted EBITDA to give investors a clearer view of the operating business.

本季淨損（包含這1.13億美元的非現金費用）為1.183億美元。這並不代表基礎營運表現，因此我們提供調整後EBITDA，以讓投資人更清楚看見營運業務的狀況。

Adjusted EBITDA and operating cash flow. On a non-GAAP basis, adjusted EBITDA loss for the quarter was $4.2 million, an improvement of $2 million or 32% compared to the prior period. This is a function of both top line growth and continued expense discipline, and it underscores the operating leverage inherent in our vertically integrated model as revenue scales.

調整後EBITDA與營運現金流。在非GAAP基礎下，本季調整後EBITDA虧損為420萬美元，較前期改善200萬美元或32%。這同時來自營收成長與持續的費用紀律，也凸顯在營收規模擴大時，我們垂直整合模式所固有的營運槓桿。

Just as importantly, we generated positive net cash from operating activities of $0.2 million in the quarter, an improvement of $4.9 million from the $4.7 million of cash used in operating activities in Q1 2025. This is the first time in Satellogic's public history that we have generated positive operating cash flow in a quarter, and it is a tangible early indicator of the financial trajectory I'll come back to in a moment.

同樣重要的是，本季我們的營運活動淨現金流為正，達20萬美元，較2025年第一季營運活動使用現金470萬美元改善490萬美元。這是Satellogic上市以來首次在單一季度產生正向營運現金流，也是我稍後將回到的財務走勢的一個具體早期指標。

Balance sheet. We ended the quarter with $121.9 million in cash and cash equivalents, up from $94.4 million at the end of the year 2025. The increase reflects the $35 million registered direct offering we completed at $4.73 per share in late January, partially offset by capital expenditures of $5.6 million to support the construction of our Merlin Constellation.

資產負債表方面。我們在本季末的現金及約當現金為1.219億美元，高於2025年年底的9,440萬美元。增加主要反映我們在1月下旬以每股4.73美元完成的3,500萬美元註冊直接發行（registered direct offering），部分被為支持Merlin星座建造而投入的560萬美元資本支出所抵銷。

Backlog and remaining performance obligations. Our noncancelable remaining performance obligations stood at $64.8 million as of March 31, with $29.2 million expected to be recognized within one year, $7.9 million in years one to two, $7.5 million in years two to three and $20.2 million thereafter.

在手訂單與剩餘履約義務方面。截至3月31日，我們不可取消的剩餘履約義務為6,480萬美元；其中預計一年內認列2,920萬美元，一至二年認列790萬美元，二至三年認列750萬美元，其後認列2,020萬美元。

Capital structure update. Subsequent to quarter end in early April, the holder of our secured convertible notes initiated a partial conversion of approximately $6 million of principal into 5 million shares of common stock, reducing outstanding principal to $24 million and further simplifying our capital structure. Our liquidity position is strong, extends our operating runway, derisks our Merlin development timeline, and provides the flexibility to invest in the growth initiatives Emiliano will discuss in a moment.

資本結構更新。於季後4月上旬，我們擔保可轉換票據的持有人啟動部分轉換，將約600萬美元本金轉換為500萬股普通股，使未償還本金降至2,400萬美元，並進一步簡化我們的資本結構。我們的流動性部位強勁，延長了營運資金跑道，降低Merlin開發時程的風險，並提供彈性以投資於Emiliano稍後將談到的成長計畫。

Looking forward, we are seeing the operating leverage inherent in our vertically integrated model take hold. With our current cost base, growing recurring revenue from Aleph Observer and a strengthening pipeline of multimillion dollar opportunities across defense, sovereign, and commercial customers, we expect 2026 to be a meaningful step forward on our path to sustained profitability.

展望未來，我們正看到垂直整合模式所固有的營運槓桿開始發揮作用。以我們目前的成本基礎、來自Aleph Observer的經常性收入持續成長，以及在國防、主權與商業客戶間逐步強化、金額達數百萬美元的機會管線，我們預期2026年將是我們邁向持續獲利道路上的重要一步。

With that, I'll turn it back to Emiliano.

接下來，我把時間交回給Emiliano。

Thank you, Rick. The first quarter delivered a sustained cadence of commercial, operational and strategic milestones. And the through line is that we look like -- what looked like isolated wins six months ago is now basically becoming a repeatable commercial engine. Let me walk you through the highlights in three categories.

謝謝你，Rick。第一季在商業、營運與策略里程碑上都交出持續的節奏。其主軸是：六個月前看似零星的勝利，如今基本上正轉變為可重複的商業引擎。讓我用三個類別帶各位看重點。

First, on our sovereign defense demand. Demand is real and it is repeatable. In January, we signed an $18 million agreement with CEiiA, the Center of Engineering and Product Development in Portugal, for the supply and in-orbit delivery of two NewSat Mark V 50-centimeter class satellites. Ownership and operational control are expected to transfer to CEiiA in the second and third quarters of this year.

第一，關於我們的主權國防需求。需求是真實的，而且可重複。在1月，我們與葡萄牙工程與產品開發中心CEiiA簽署一份1,800萬美元協議，供應並在軌交付兩顆NewSat Mark V 50公分級衛星。預期在今年第二與第三季將所有權與營運控制權移轉給CEiiA。

Also, in January, we sold NewSat-34 to Australia, establishing the country's first sovereign submeter earth observation capability. And just last week, on April 30, we announced a $12 million agreement with a sovereign defense customer for the in-orbit delivery of a commissioned new set satellite from our Aleph-1 Constellation with full transfer of ownership and operations expected in early 2027.

同樣在1月，我們將NewSat-34出售給澳洲，建立該國首個主權次米級地球觀測能力。而就在上週4月30日，我們宣布與一位主權國防客戶達成1,200萬美元協議，將從我們的Aleph-1星座在軌交付一顆已委託建造的新衛星，並預計於2027年初完成所有權與營運的全面移轉。

I want to underscore why this transaction matters beyond its dollar value. It is the second sovereign in-orbit transaction we have closed in two quarters, and it demonstrates a differentiated value proposition in the market. The ability to deliver a fully commissioned flight proven satellite to a sovereign customer with speed and cost efficiency that traditional procurement programs simply cannot match.

我想強調，這筆交易的重要性不僅在於金額。這是我們在兩個季度內完成的第二筆主權在軌交易，並展現我們在市場上的差異化價值主張：能以傳統採購計畫根本無法匹敵的速度與成本效率，向主權客戶交付一顆已完成整備、具飛行驗證（flight proven）的衛星。

Importantly, we are approaching this model selectively. Our priority is to monetize in-orbit assets where the economics are compelling by continuing to manage constellation capacity to support our Data & Analytics customers and broader mission requirements. Moreover, we may have the ability to buy back capacity at attractive prices from certain Space Systems customers. With our $1.3 million all-in new set cost and frequent contracted launch cadence, we believe sales of in-orbit satellites can potentially play a larger role in our Space Systems strategy as we scale the constellation over time.

重要的是，我們正以審慎且選擇性的方式推進此模式。我們的首要任務是，在經濟效益具吸引力的情況下，將在軌資產變現；同時持續管理星座容量，以支援我們的資料與分析（Data & Analytics）客戶及更廣泛的任務需求。此外，我們也可能有能力以具吸引力的價格，向部分太空系統（Space Systems）客戶回購容量。憑藉我們每組衛星全包成本130萬美元，以及頻繁且已簽約的發射節奏，我們相信，隨著星座規模隨時間擴大，在軌衛星銷售有望在我們的太空系統策略中扮演更重要的角色。

Second, our commercial engine is broadening and shifting to recurring revenue to recurring subscription revenue. Beyond the eightfold expansion of our Asia Pacific revenue Rick already highlighted, the underlying mix of our commercial business is changing in a way that meaningfully improves revenue quality. In January, we signed a seven-figure monitoring agreement with Strategic customer, providing daily revisit and high-resolution coverage over a large portfolio of priority sites, exactly the kind of recurring engagement that compounds over time.

第二，我們的商業引擎正在擴大，並從經常性收入進一步轉向經常性訂閱收入。除了Rick已強調的亞太地區收入成長八倍之外，我們商業業務的內在組合也正在改變，並以實質方式提升收入品質。今年1月，我們與一位戰略客戶簽署了一份七位數的監測協議，針對一大批優先站點組合提供每日重訪與高解析度覆蓋，這正是那種會隨時間累積效益的經常性合作。

We also extended our countrywide monitoring agreement with the government of Albania, continuing the Persistent National Earth Intelligence we have been delivering with our NewSat Constellation. And in February, we launched Aleph Observer, our persistent geospatial intelligence platform, which is now in market. I'll spend more time talking about it in a moment, but the commercial impact is already visible. We're converting one-off imagery customers into multiyear subscription customers. Together, the shift from project revenue to platform revenue is what underpins the durability of our growth trajectory.

我們也與阿爾巴尼亞政府延長了全國範圍的監測協議，持續提供我們透過NewSat星座所交付的「持續性國家級地球情報」（Persistent National Earth Intelligence）。此外在2月，我們推出了Aleph Observer——我們的持續性地理空間情報平台——目前已正式上市。我稍後會花更多時間談它，但其商業影響已經可見。我們正把一次性影像客戶轉化為多年期訂閱客戶。整體而言，從專案收入轉向平台收入的轉變，正是支撐我們成長軌跡韌性的關鍵。

Third, strategic and platform milestones supporting the next leg of growth. On the operational side, on March 30, we successfully launched NewSat 53 and NewSat 54 on the SpaceX mission from Vandenberg Space Force Base, expanding our in-orbit capacity and flight heritage.

第三，支撐下一階段成長的戰略與平台里程碑。在營運面，3月30日，我們在范登堡太空軍基地（Vandenberg Space Force Base）透過SpaceX任務成功發射NewSat 53與NewSat 54，擴增我們的在軌容量與飛行履歷。

On the capital side, in January, we closed a $35 million registered direct offering at $4.73 per share, materially strengthening the balance sheet and derisking the Merlin development pipeline.

在資本面，1月我們以每股4.73美元完成3,500萬美元的註冊直接發行（registered direct offering），實質強化資產負債表，並降低Merlin開發管線的風險。

On the US defense engagement side, we expanded our Slingshot partnership with IDT Corporation and the US Office of Naval Research into Phases 2 and 3, and we welcomed Vice Admiral Whitworth as Strategic Adviser.

在美國國防合作方面，我們與IDT Corporation及美國海軍研究辦公室（US Office of Naval Research）的Slingshot合作夥伴關係已擴展至第2與第3階段（Phases 2 and 3），並歡迎Whitworth海軍中將擔任戰略顧問（Strategic Adviser）。

And on the commercial leadership side, we have continued to build out our global sales organization with senior defense and intelligence industry veterans, extending the work that began with the appointment of our SVP of Global Sales last year.

在商業領導力方面，我們持續擴建全球銷售組織，延攬資深國防與情報產業老將，延續去年任命全球銷售資深副總裁（SVP of Global Sales）以來所展開的工作。

The commercial muscle of this company today is materially stronger than it was 12 months ago. The takeaway is straightforward. The breadth and quality of commercial, operational and strategic activity in the first quarter and in the four weeks since speaks to a commercial engine that has matured. We're no longer a constellation looking for customers. We're a vertically integrated platform serving a growing multi-hundred million dollar pipeline of qualified opportunities across defense, intelligence, sovereign, and commercial markets with the unit economics to win on price and the capability to deliver immediately.

如今本公司的商業戰力，較12個月前已顯著提升。重點很清楚：第一季以及此後四週在商業、營運與戰略活動的廣度與品質，顯示我們的商業引擎已趨成熟。我們不再是一個尋找客戶的星座。我們是一個垂直整合的平台，服務於涵蓋國防、情報、主權與商業市場、規模達數億美元且已篩選合格的機會管線；同時具備可在價格上取勝的單位經濟性，以及可立即交付的能力。

I want to take a moment to ground the conversation in what we believe is an important strategic shift happening in the commercial earth observation today. For two decades, the dominant model of commercial earth conservation has been transactional. Customers tested individual images, visibility was episodic, and tasking capacity constrained by a limited number of satellites built at high cost. The result was reactive, event-driven intelligence and an industry that, frankly, struggled to scale.

我想花一點時間，將討論聚焦在我們認為當今商業地球觀測領域正在發生的一項重要戰略轉變。過去二十年，商業地球觀測的主流模式是交易型。客戶測試單張影像、能見度呈間歇性，而任務指派（tasking）能力又受限於數量有限且造價高昂的衛星。結果是反應式、事件驅動的情報，以及一個坦白說難以規模化的產業。

Persistent global intelligence is fundamentally a different category. It is continuous and always on. The foundation is a daily planetary baseline. With our constellation today, it already enables the simultaneous monitoring of thousands of sites and move customers from reactive observation to proactive awareness.

「持續性全球情報」（Persistent global intelligence）本質上是完全不同的類別：它是連續的、永遠在線的。其基礎是一個每日的行星級基線（daily planetary baseline）。以我們目前的星座而言，它已能同時監測數千個站點，並讓客戶從被動觀測轉向主動掌握態勢。

With the future launch of our Merlin Constellation, the foundation layer becomes ubiquitous, going from thousands to an unlimited number of sites. With Persistent Global Intelligence, the commercial model shifts from per-scene transactions to recurring subscription revenue, and it materially improves the predictability and lifetime value of every customer relationship.

隨著未來Merlin星座的發射，這一基礎層將變得無所不在，從數千個站點擴展到無上限的站點數量。在持續性全球情報模式下，商業模式將從按景（per-scene）的交易轉為經常性訂閱收入，並顯著提升每一段客戶關係的可預測性與終身價值（lifetime value）。

The reason we believe Satellogic is uniquely positioned to lead this category transformation is rooted in physics and unit economics. Our patent-protected stabilized Pushbroom camera design reaches approximately 10 times more imagery throughput per satellite than our competitors. Combined with a $1.3 million all-in satellite cost and the vertical integration that allows us to scale our constellation at a fast pace, that throughput is what enables persistent monitoring at unit economics that no one else in the industry can match.

我們之所以相信Satellogic具備獨特優勢引領此類別轉型，根源在於物理限制與單位經濟性。我們受專利保護的穩定化推掃式（Pushbroom）相機設計，使每顆衛星的影像吞吐量約為競爭對手的10倍。再結合每顆衛星全包成本130萬美元，以及使我們能以快速節奏擴張星座的垂直整合能力，正是這種吞吐量讓我們能以業界無人可匹敵的單位經濟性實現持續性監測。

We believe the market is still early in this transition from episodic to persistent global intelligence, but the customer demand signals are clear. Aleph Observer is a new product that allows customers to subscribe to persistent monitoring of portfolios of strategic sites with reliable revisit cadence, image delivery within hours and analytics layered on top. It allows our customers to go from monitoring a handful to hundreds of sites on a daily basis. And as of February, it is in the market and commercially available.

我們認為市場仍處於從間歇式情報轉向持續性全球情報的早期階段，但客戶需求訊號已相當明確。Aleph Observer是一項新產品，讓客戶能以訂閱方式，對一組戰略站點組合進行持續性監測，具備可靠的重訪節奏、數小時內的影像交付，以及疊加其上的分析能力。它讓客戶能從每天監測少數站點，提升到每天監測數百個站點。自2月起，它已進入市場並可商業化取得。

It was built on three pillars. One, the scale. Aleph is able to persistently monitor hundreds of sites simultaneously at a frequency and cost structure that no traditional tasking-based service can match.

它建立在三大支柱之上。第一，規模（scale）。Aleph能以傳統任務指派式服務無法匹敵的頻率與成本結構，同時對數百個站點進行持續性監測。

Second, assurance. Aleph has capacity to scale and a reliable cadence over priority regions, meaning customers can plan around the data and not the other way around.

第二，保障（assurance）。Aleph具備可擴充的容量，並在優先區域提供可靠的節奏，意味著客戶可以依據資料來規劃，而不是反過來被資料牽著走。

And third, built-in analytics. Aleph delivers images roughly within three hours of capture with automated object detection layered in at no additional cost. The analytics enable fast triage and prioritization of intelligence analyst workflows, a requirement at this scale.

第三，內建分析（built-in analytics）。Aleph可在約三小時內交付拍攝影像，並在不額外收費的情況下疊加自動化物件偵測。這些分析能力可加速情報分析師工作流程的分流與優先排序，在此規模下屬於必要條件。

The example coverage map you see on the slide illustrates the kind of persistent monitoring footprint Aleph Observer enables. In this case, the regional intelligence picture across Iran. Customer adoption to date includes sovereign government users, defense customers, and commercial monitoring buyers across multiple regions. This is what we believe is the future direction of the market, and we believe Satellogic is the company in the industry best positioned to deliver it today.

投影片上的示例覆蓋地圖，展示了Aleph Observer所能實現的持續性監測足跡。本例為伊朗全區的區域情報圖景。迄今的客戶採用者包括主權政府用戶、國防客戶，以及跨多個地區的商業監測買方。我們相信這就是市場未來的方向，也相信Satellogic是業界目前最有能力交付此能力的公司。

Now if Aleph Observer is a product in market today, Merlin is the infrastructure layer that expands that product from high-value targeted monitoring into planetary scale persistent intelligence. Merlin is our AI-first defense-oriented constellation, purpose-built for daily 1-meter global coverage and real-time intelligence.

如果說Aleph Observer是當前已上市的產品，那麼Merlin就是將該產品從高價值的定向監測，擴展到行星尺度持續性情報的基礎設施層。Merlin是我們以AI優先（AI-first）、面向國防的星座，專為每日1公尺全球覆蓋與即時情報而打造。

A few things to highlight. First, Merlin is fully funded. Its development is anchored by a $30 million customer contract from a strategic defense and intelligence customer, which means we're not asking shareholders to underwrite this build-out or customers.

有幾點值得強調。第一，Merlin已獲得全額資金支持（fully funded）。其開發以一份來自戰略國防與情報客戶的3,000萬美元客戶合約為基礎，這表示我們並非要求股東或其他客戶為此建置買單。

Second, Merlin decided for planetary scale. The constellation when fully deployed, is intended to remove the entire planet daily at 1 meter resolution. The architecture combines 10 spectral bands aligned with Sentinel-2, AI-first onboard processing and intersatellite links to enable real-time alerting. This is a step change in what commercial earth observation can deliver.

第二，Merlin的設計目標是行星尺度（planetary scale）。星座在全面部署後，目標是以1公尺解析度每日覆蓋整個地球。其架構結合與Sentinel-2對齊的10個光譜波段、AI優先的星上處理，以及星間鏈路（intersatellite links），以實現即時告警。這將是商業地球觀測交付能力的一次躍升。

And third, we're happy to mention Merlin is on track. We have made strong progress against production milestones in Q1, and we remain confident in our October 2026 first launch window, now roughly five months away, with the initial constellation rollout expected to be complete in the first half of 2027.

第三，我們很高興提到Merlin進度如期。我們在第一季於生產里程碑方面取得強勁進展，並仍對2026年10月的首次發射窗口充滿信心——目前約在五個月後——而初始星座的部署預計將於2027年上半年完成。

I'd like to leave you with four takeaways from the quarter. First, our commercial momentum continues to strengthen. We completed two sovereign in Orbit transactions in two quarters, including Portugal CEiiA and the $12 million agreement we announced last week, with no impact to the needs of existing and expected data and analytics customers. We also expanded Slingshot Phases 2 and 3 with the US Navy. We're seeing growing demand across both our Data and Space Systems businesses with customers increasingly moving from pilot programs to our larger operational deployments and longer-term engagements.

最後，我想以本季四項重點結語作結。第一，我們的商業動能持續增強。我們在兩個季度內完成兩筆主權在軌（in Orbit）交易，包括葡萄牙CEiiA以及我們上週宣布的1,200萬美元協議，且不影響現有與預期的資料與分析客戶需求。我們也與美國海軍擴展Slingshot第2與第3階段。我們看到資料業務與太空系統業務兩端需求同步成長，客戶也愈來愈多從試點計畫轉向更大規模的營運部署與更長期的合作。

Second, the business model is beginning to demonstrate meaningful operating leverage. Revenue grew 80%. Our adjusted EBITDA loss improved 32%. We generated positive net cash from operating activities for the first time in our history, and we exited the quarter with $121.9 million in cash. We believe these results reflect the benefits of our vertically integrated architecture and increasing scale.

第二，商業模式開始展現顯著的營運槓桿。營收成長80%。調整後EBITDA虧損改善32%。我們在公司歷史上首次從營運活動產生正向淨現金流，並在季度末持有1.219億美元現金。我們相信，這些成果反映了我們垂直整合架構與規模擴張所帶來的效益。

Third, Aleph Observer established its Satellogic position in persistent geospatial intelligence. Customers are increasingly moving from buying individual images to subscribing to continuous monitoring and actionable awareness over the strategic areas of interest. We believe this transition represents a major evolution in the earth observation market. Earth observation is evolving from a data business into an intelligence infrastructure business, and Q1 showed meaningful progress in our positioning for that transition.

第三，Aleph Observer確立了Satellogic在持續性地理空間情報領域的定位。客戶正日益從購買單張影像，轉向訂閱式的連續監測，並在戰略關注區域獲得可採取行動的態勢感知。我們相信，這一轉變代表地球觀測市場的一次重大演進。地球觀測正從資料生意演變為情報基礎設施生意，而第一季顯示我們在為此轉型定位方面取得了實質進展。

Fourth, the technology road map is fully funded and on schedule. Aleph Observer is live and in market. Merlin's first launch is on track for October 2026, and the initial constellation rollout is expected to be complete in the first half of '27. Our Q1 launches of NewSat 53 and 54 expanded our in-orbit capacity and slight heritage. We're executing on time, on budget, and at scale. Taken together, these highlights signal we're on the right path for our continued growth and constitute the basis for our confidence going forward.

第四，技術路線圖已獲得充分資金支持，且進度如期。Aleph Observer 已上線並投入市場。Merlin 的首次發射仍按計畫於 2026 年 10 月進行，初始星座部署預計將於 2027 年上半年完成。我們在第一季發射的 NewSat 53 與 54 擴增了我們的在軌容量與既有飛行經驗。我們正按時、按預算、並以規模化方式執行。綜合而言，這些亮點顯示我們正走在持續成長的正確道路上，也構成我們對未來保持信心的基礎。

I want to take a moment to thank our customers, our partners, our employees and our shareholders for their continued support. And a special thanks to Vice Admiral Whitworth for joining us today.

我想花點時間感謝我們的客戶、合作夥伴、員工以及股東持續的支持。也特別感謝 Whitworth 海軍中將今天與會。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Michael Latimore, Northland Capital Markets.

Michael Latimore，Northland Capital Markets。

Congrats on the excellent results here. I guess first, I wanted to touch on Aleph Observer. Can you give us a little more detail there? Maybe how many customers have signed up for that? What are sales cycles like? What kind of incremental revenue do you see when a customer does sign up for it?

恭喜你們交出非常出色的成績。我想先談談 Aleph Observer。能否提供更多細節？例如目前有多少客戶已經註冊？銷售週期大概如何？以及當客戶採用後，你們預期可帶來多少增量營收？

So yeah, we're still early commercially in Aleph Observer, right? It was launched in February, but we are very encouraged by the engagement we're seeing. Customers are already using the platform operationally across portfolios and there are areas of interest that range from dozens of sites for some customers to hundreds of monitored sites for others, right, depending on the use case.

是的，我們在 Aleph Observer 的商業化方面仍處於早期階段。它在 2 月推出，但我們對目前看到的使用互動非常受到鼓舞。客戶已經在其投資組合層級以營運方式使用該平台；其關注範圍依使用情境而異，有些客戶是數十個站點，有些則是數百個受監測站點。

What is especially important for us is that the conversations we're having are increasingly centered around ongoing monitoring workflows rather than isolated imagery request. And that's kind of the behavioral transition we are looking for. Our expectation is to sign a number of initial pilots in 2026 for Aleph Observer and as customers factor in this new procurement method for recurring services into their budget, expand and scale into 2027.

對我們特別重要的是，我們正在進行的對話愈來愈聚焦於持續監測的工作流程，而不是零散的影像請求。這正是我們希望看到的行為轉變。我們預期在 2026 年為 Aleph Observer 簽下若干初期試點專案，並在客戶將這種針對經常性服務的新採購方式納入預算後，於 2027 年擴大與規模化。

Yeah. That makes sense. Great. And then maybe just a little more color on the pipeline. How many nations, sovereign nations do you see in the pipeline potentially wanting Space Systems deal or the portfolio? And maybe a little breakup between larger Tier 1 countries and smaller ones.

了解，這很合理。很好。接著想請你們再多談一些關於商機管線。你們在管線中看到有多少國家、主權國家可能想要 Space Systems 的交易或整體組合？另外能否大致拆分一下較大型的第一級（Tier 1）國家與較小型國家的比例？

Yeah. That's a good question. So I don't have the breakup numbers here in front of me. But anecdotally, what I can share is the pipeline we're seeing is growing very strong in Asia, Asia Pacific, in the Middle East, in Europe. Those are the areas where we're seeing most of the progress. Currently, our Space Systems pipeline sits just under $1 billion on opportunities that we're pursuing, and this is mostly obviously sovereign customers.

是的，這是個好問題。我手邊沒有具體的拆分數字。不過就觀察而言，我可以分享的是：我們看到的管線在亞洲、亞太、中東與歐洲成長非常強勁，這些是我們看到進展最多的區域。目前我們的 Space Systems 商機管線接近 10 億美元，主要當然是主權客戶的機會案。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Congratulations from the quarter and thank you so much for taking our questions. Congrats on all the great progress. Again, I wanted to touch on maybe Merlin. So it looks like we are reaffirming the time line for later this year and operational capacity next year.

恭喜本季表現，也非常感謝你們回答問題。再次恭喜取得許多進展。我想談談 Merlin。看起來你們重申了今年稍晚的時程，以及明年達到營運產能。

Rick, just curious if you can maybe give us maybe a high-level view on how we should expect those revenues from Merlin to ramp up, how we should think about those? And maybe what will that do to the cost structure?

Rick，我想請教你能否從高層次談談，我們應如何預期 Merlin 的營收爬坡、該如何看待？以及這會對成本結構帶來什麼影響？

Thanks, Andres. Yeah. No, I think as you guys know, we have a $30 million contract for the Merlin services. And we've collected a decent amount of cash of that upfront -- cash from that upfront. But in terms of rev rec, that won't begin really until we get to the point where we're fully operational in the first half of 2027. So that revenue will start getting recognized annually and in chunks as we deliver those services.

謝謝你，Andres。是的，如各位所知，我們有一份 3,000 萬美元的 Merlin 服務合約，我們也已預先收取了其中相當一部分現金。但就收入認列而言，要到我們在 2027 年上半年達到全面營運時才會真正開始。因此，該收入將在我們交付服務時，以年度並分批的方式開始認列。

And as far as the pipeline, we're working on a number of opportunities that would also leverage the Merlin constellation. And those also would not start to get recognized until we're fully operational in 2027.

至於商機管線方面，我們正在推進多個同樣會運用 Merlin 星座的機會案；而這些也要等到 2027 年全面營運後才會開始認列。

Got it. Okay. That's super helpful. I appreciate it. And maybe just a quick follow-up, a bit of a housekeeping one.

了解。這非常有幫助，謝謝。再追問一個簡短的後續問題，算是例行性問題。

So there was a high concentration of revenue from Asia and Asia Pacific this quarter. Just curious if we should see that more as a trend or more as an outlier going forward? Any color there would be helpful.

本季來自亞洲與亞太的營收占比很高。想請教這應該被視為未來的趨勢，還是較偏向一次性的異常值？若能提供一些說明會很有幫助。

Yeah, sure. And just a follow-up on your last question. That $30 million contract is also a five-year deal. So -- and it mirrors the life of -- the expected life of the Merlin satellites themselves.

好的，當然。也補充一下你上一個問題：那份 3,000 萬美元合約也是一份為期五年的合約，並且與 Merlin 衛星本身的預期壽命相一致。

With respect to Asia and Asia Pacific this quarter. Yeah, I think that, that will continue. It was buoyed by customers in Australia, specifically AGO that we announced publicly, where they purchased an in-orbit satellite earlier this year and then also a customer in Malaysia. But we're seeing demand for our products and services globally increase. And so I think that this isn't a one-off, and I think you'll see continued growth across all geographic regions going forward.

關於本季亞洲與亞太的情況，是的，我認為這種態勢會持續。本季的表現受到澳洲客戶的帶動，特別是我們已公開宣布的 AGO，他們在今年稍早購買了一顆在軌衛星；另外也有一位馬來西亞客戶。不過我們看到全球對我們產品與服務的需求都在增加，所以我不認為這是一次性的，我認為未來你會看到各地理區域都持續成長。

(multiple speakers) No, I was just adding something there to Rick, Andres, this is Emiliano. We see several -- if you want, several structural drivers at work in the defense intelligence procurement. And particularly, there's a driver around modernization of defense and heightened focus on sovereign earth observation capabilities. That's playing out in Asia Pacific, in particular, with many governments in the region looking to reduce dependency on third-party imagery providers.

（多位講者）不，我只是想補充 Rick 的說法。Andres，我是 Emiliano。我們看到國防情報採購中有幾個——如果你願意，可以說是幾個結構性驅動因素正在發揮作用。特別是有一個驅動因素與國防現代化，以及對主權地球觀測能力的高度重視有關。這在亞太地區尤其明顯，該區許多政府希望降低對第三方影像供應商的依賴。

And that's obviously driving part of our pipeline there. So yeah, we expect to see continued growth there, as Rick was saying.

這顯然也推動了我們在當地的部分商機管線。所以是的，我們預期那裡會持續成長，正如 Rick 所說。

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Great. I'll add my congrats, guys. A couple for me. Emiliano, on Aleph Observer, you talked about the ability to monitor unmatched costs, unmatched value overall. Can you just expand a bit more on that, how it stacks up versus the competitive landscape, competitive offerings?

很好。我也要恭喜各位。我有幾個問題。Emiliano，關於 Aleph Observer，你提到能以無可匹敵的成本提供無可匹敵的整體價值。能否再多展開說明一下，與競爭環境、競品相比，它的優勢體現在哪裡？

Sure. I think the biggest differentiator of Aleph Observer starts, if you want, with the underlying economics and capacity for constellation itself, right? As we mentioned before, our satellites at a fully loaded cost or new satellites at a fully loaded cost around $1.3 million and with 10 times the data collection capacity, those of our peers mean that basically the unit economics per site that we're monitoring and installs are very differentiated.

當然。我認為 Aleph Observer 最大的差異化，首先來自星座本身的底層經濟性與產能。如我們先前提到，我們的新衛星在完全成本（fully loaded cost）下約為 130 萬美元，且資料蒐集能力是同業的 10 倍，這意味著我們在監測站點與部署上的單位經濟性具有非常明顯的差異化。

And the other factor is obviously because we're currently operating one of the largest or the largest commercial constellation of high-resolution imaging, the number of sites that we can monitor compared to those of our peers is significantly larger, right? We don't have any encumbered capacity -- in the areas of the world, the areas of interest of higher demand, and that also helps, right? So that's really, I think, what makes Aleph Observer different from everything else is just the number of sites that you can monitor on a daily basis at a cost that's still affordable.

另一個因素也很明顯：由於我們目前營運的是最大、或至少是最大的商用高解析度成像星座，我們能監測的站點數量相較同業顯著更多。我們在全球高需求的重點區域也沒有受限的產能，這同樣有幫助。因此，我認為 Aleph Observer 與其他方案最大的不同，就在於你能以仍可負擔的成本，每日監測大量站點。

On top of that, we're layering analytics, right, and allowing our customers to use those analytics to triage and to prioritize the time that human analysts spend on the sites. But the reality is a lot of the industry can generate analytics on top of imagery.

此外，我們也疊加了分析能力，讓客戶能用這些分析來分流（triage）並優先排序人類分析師在站點上投入的時間。但現實是，產業中很多公司都能在影像之上產生分析。

The harder problem is really being able to deliver persistent monitoring at scale with a reliable cadence and with economics that support operational use cases. So our focus really has been on building a system that is capable of monitoring large portfolios of sites continuously and affordably. And Aleph Observer, you can think of as a software and workflow layer that is built on top of large operational capability, right? That's really the important part.

更難的問題其實是：如何以可擴展的方式提供持續監測，具備可靠的更新頻率，並且在經濟性上足以支撐營運型使用情境。因此，我們的重點一直是打造一個能夠以連續且可負擔的方式，持續監測大型站點組合的系統。你可以把 Aleph Observer 視為建立在大型營運能力之上的軟體與工作流程層；這才是關鍵。

Yeah. Very helpful. And Rick, a couple for you. The sovereign defense customer signed in April $12 million. Can you just talk to how that likely lands in terms of revenue and if there's a follow-on opportunity to that additional -- in addition to that $12 million?

非常有幫助。Rick，我也有幾個問題。你們在 4 月簽下的主權國防客戶 1,200 萬美元合約，能否談談這筆收入大概會如何落在認列上？以及除了這 1,200 萬美元之外，是否還有後續追加的機會？

Sure. With respect to Space Systems, in general, we will be delivering three satellites this year to customers and recognizing revenue associated with those. The sovereign defense customer is one of those. And that particular one should occur -- it may straddle second and third quarter. So it's going to be in that zone. It will be likely June, July.

當然。就 Space Systems 而言，我們今年將向客戶交付三顆衛星，並認列與之相關的收入。該主權國防客戶就是其中之一。那一筆交付應該會發生在第二季與第三季之間，可能會跨季，大概落在那個區間；很可能是 6 月或 7 月。

With respect to the other two deliveries we have, those are for our Portuguese customer that we announced in January, and we expect to deliver one of those in June time frame and likely the second late in the fourth quarter.

至於另外兩筆交付，則是我們在 1 月宣布的葡萄牙客戶。我們預期其中一顆會在 6 月左右交付，第二顆則可能在第四季末交付。

And just the second part of the question there, the opportunity to sell additional imagery down the road or additional follow-on data sales?

另外就問題的第二部分，未來是否有機會再銷售更多影像，或是更多後續資料銷售？

Yeah. Sorry, Jeff. I was just remembering that. Yeah, absolutely. The sovereign defense customer is a large customer. They -- we expect them -- we expect to have follow-on opportunities with them with respect to both data and analytics sales as well as space system sales. So we're pretty excited about that one.

是的。抱歉，Jeff。我剛剛才想起來。對，絕對有。這個主權國防客戶是個大客戶。他們——我們預期他們——我們預期在資料與分析銷售以及太空系統銷售方面，都會有後續機會。所以我們對這個案子非常興奮。

And then maybe on the O&R, on the Slingshot deal, I wanted just to clarify, was that in RPOs? And does it show up in RPOs? And I know it's in, I believe, three stages, but just trying to get a sense of the scope of the opportunity from that program. Maybe -- I don't know if that's Emiliano, maybe or Rick, but just walk through kind of what the opportunity is there.

那再談一下 O&R、Slingshot 這筆交易，我想確認一下：那是在 RPO 裡嗎？而且會反映在 RPO 裡嗎？我知道我相信它分三個階段，但我想了解一下這個計畫的機會規模。也許——我不知道是不是 Emiliano，或是 Rick，但請帶我們走一遍那邊的機會到底是什麼。

Yeah, I can start and then Emiliano can add some color. It is in the RPOs. It's not a particularly large contract. I think what's more important is what we're doing with IDT and O&R on that project and how that could translate for other customers going forward. But I'll let Emiliano comment on that.

好，我可以先開始，然後 Emiliano 可以補充一些細節。它有包含在 RPO 裡。這不是一份特別大的合約。我認為更重要的是我們與 IDT 和 O&R 在這個專案上正在做的事情，以及這如何在未來轉化為其他客戶的機會。不過我讓 Emiliano 來評論。

Yeah. I think why we see this program as being particularly interesting is because it is allowing us to operationalize for the first time, inter-satellite links for tipping and cleaning between different satellites in our fleet. And there is scalability in the program we're doing with O&R that in itself might be interesting.

是的。我認為我們之所以覺得這個計畫特別有趣，是因為它讓我們第一次把星間鏈路（inter-satellite links）用於在我們機隊中不同衛星之間的提示（tipping）與清理（cleaning）作業流程落地運行。而且我們與 O&R 正在做的這個計畫本身具有可擴展性，這點可能就很有吸引力。

But I think what's more interesting is as these capabilities that we are developing along with the O&R become part of our standard product offering, right? And that's, I think, where the impact of this program is going to be realized.

但我認為更有趣的是，當我們與 O&R 一起開發的這些能力成為我們標準產品供應的一部分時，對吧？我想這就是這個計畫影響力將被實現的地方。

Yep. Helpful. Maybe if I could sneak one last one in. I don't know if I worth just taking questions. This is obviously right in his wheelhouse, but maybe for you, Emiliano. The US government purchasing, and purchasing of commercial data looked like it had a lot of momentum a couple of years ago. Obviously, CEiiA put up some very big numbers and then there was a pause, and it seems a lot of entities within the US government sort of rethought that commercial imagery discussion.

對，很有幫助。也許我可以再塞最後一個問題。我不知道他是否值得專門回答問題。這顯然正是他的專長，但也許問你，Emiliano。美國政府採購、以及採購商業資料，幾年前看起來動能很強。顯然，CEiiA 報出了非常大的數字，然後出現了一段停頓，似乎美國政府內部很多單位重新思考了商業影像這件事。

And then there's been a discussion for many, many years of buying more commercial. Just curious if the conviction is there, a, that we see a ramp in US commercial buys? And then b, just to the extent that you're engaged with the right buyers, how you see the sales track in North America, particularly US government going forward?

而且多年來一直在討論要買更多商業產品。想請教一下：a，你是否仍然有信心我們會看到美國商業採購的爬坡成長？b，另外在你們接觸到合適採購方的前提下，你怎麼看北美、特別是美國政府未來的銷售軌跡？

Yeah. Happy to take this one. Yes, I mean, what we're seeing is the environment currently in the US procurement is kind of forcing different avenues for procurement and different procurement for a wider set of commercial supply that obviously includes us. We are seeing significant opportunity growth for our own engagement with the US government in general. And yeah, definitely one of the areas that we expect to contribute to future growth.

好的，我很樂意回答。是的，我的意思是，我們看到目前美國採購環境正在迫使採購走向不同的途徑，並且以不同方式採購更廣泛的商業供應，當然也包括我們。我們看到我們與美國政府整體互動所帶來的機會正在顯著成長。而且沒錯，這絕對是我們預期將對未來成長做出貢獻的領域之一。

Suji Desilva, Roth Capital Partners.

Suji Desilva，Roth Capital Partners。

Congratulations on the progress. I’ll add mine as well. On the Data Analytics revenue and the transition to more recurring visible revenue from, I guess, per image, where are we in that transition? And what's a realistic expectation of how that mix can shift in the next year or two? Just to understand the pace of that transition.

恭喜你們的進展。我也補充我的問題。關於資料分析（Data Analytics）營收，以及從我猜是按張影像計價，轉向更具經常性、可見度更高的營收，我們目前在這個轉型的哪個階段？以及未來一到兩年，這個組合（mix）合理的變化幅度會是什麼？想了解這個轉型的速度。

Yeah. I think we're early in the transition. As you know, in 2025, we did $18 million of revenue. We've got a tremendous amount of momentum, both on the Data & Analytics side as well as Space Systems for 2026, and you're starting to see that as we make announcements on contract wins.

是的。我認為我們還在轉型的早期。如你所知，2025 年我們做了 1,800 萬美元的營收。我們在 2026 年無論是資料與分析端，還是太空系統端，都有非常強的動能；而且你也開始看到，隨著我們宣布合約得標，這些動能正在體現出來。

In terms of the mix, it's a tough one because the Space Systems deals tend to be rather large and episodic. When they hit the period in which they hit, they have an outsized impact typically. And so that Space Systems by definition, is going to be a little bit lumpy. But I do think that with the Aleph Observer and Merlin then coming online in 2027, our Data & Analytics revenue will also grow substantially.

就組合而言，這題比較難，因為太空系統的案子通常金額很大、而且具有事件性（episodic）。當它們落在某個期間時，通常會帶來不成比例的影響。因此太空系統本質上會比較不平滑（lumpy）。但我確實認為，隨著 Aleph Observer 和 Merlin 在 2027 年上線，我們的資料與分析營收也會大幅成長。

We've got the largest high-resolution commercially available in the world, a lot of capacity on it and a world-class sales team that's out there selling that data right now. So we expect that will scale up more linearly going forward.

我們擁有全球商用可取得的最大高解析度能力，具備很大的產能，並且有一支世界級的銷售團隊正在把這些資料賣出去。所以我們預期未來會更線性地擴張。

If I can add there, Suji. Thanks for the question. In particular, if you're talking about kind of the transition that we're seeing towards persistent intelligence and recurring monitoring, as Rich said, we are still very early in the transition. So most of our revenue today is still not recurring in the traditional SaaS sense, if you want. But what we're increasingly seeing is customers that are moving from one-off tasking towards this ongoing monitoring relationship with us.

Suji，我補充一下。謝謝你的問題。特別是如果你談的是我們正看到的、朝向持續情報（persistent intelligence）與經常性監測的轉型，如 Rich 所說，我們仍然處於非常早期的階段。所以我們今天的大部分營收，若用傳統 SaaS 的定義來看，仍然不是經常性收入。但我們越來越看到客戶正從一次性任務委託（one-off tasking），轉向與我們建立這種持續監測的合作關係。

And that's the important shift, right? Like customers are asking us to monitor portfolios of sites continuously over time and rather than purchasing isolated images. So that's what Aleph Observer was designed to do. That's the exact use case that it was designed to fulfill. And so while in the accounting side, the accounting profile, if you want, is still evolving, the customer behavior is already changing in that direction. I think that's the leading signal that we're excited about.

而這就是關鍵的轉變，對吧？客戶要求我們長期、持續地監測一整個站點組合（portfolios of sites），而不是購買零散的單張影像。這正是 Aleph Observer 的設計目的——它就是為了滿足這個使用情境而設計的。因此，雖然在會計端、如果你要說收入認列型態（accounting profile）仍在演進，但客戶行為已經在朝那個方向改變。我認為這是我們感到興奮的領先指標。

That's great. That's helpful, Emiliano. And then a second question maybe for Emiliano. For the product -- not the product, but the road map really of the satellite capabilities, increasing AI compute on the satellite. Can you talk about that road map and what that would look like as it flows forward the next few years in terms of increased opportunity or revenue or products, services? Any concept there would be helpful as we think about the road map of the satellite capabilities.

很好，這很有幫助，Emiliano。第二個問題也許還是問 Emiliano。關於產品——不是產品，而是衛星能力的路線圖：在衛星上增加 AI 運算能力。你能談談這個路線圖嗎？以及未來幾年它會如何推進，並在機會、營收或產品與服務上帶來什麼提升？任何概念都會有幫助，讓我們思考衛星能力的路線圖。

Yeah. No, for sure. And without speculating too much, I think you see us evolving our road map in a few different directions in parallel, right? On one side, we are evolving the resolution of our high-resolution satellite fleet, right? So we are currently -- our new sets are 50 centimeters of resolution. We're moving towards our next-generation satellites that will be able to do 35-centimeter resolution imagery, right? So higher resolution is one direction.

是的，當然可以。在不做過多推測的前提下，我想你會看到我們的路線圖在幾個不同方向上並行演進，對吧？一方面，我們在提升高解析度衛星機隊的解析度。也就是說，我們目前——我們的新一批是 50 公分解析度。我們正朝向下一代衛星邁進，將能提供 35 公分解析度影像。也就是更高解析度是一個方向。

We also are including real-time inter-satellite links and onboard processing with capabilities, not capabilities and processing power to run multi-headed AI pipelines on top of all of the data that our satellites are collecting. -- and that's also part of the road map. That's another avenue, right? So one is increased resolution.

我們也在納入即時星間鏈路，以及具備機載處理能力——也就是具備運算能力與處理效能，能在我們衛星所收集的所有資料之上，運行多頭（multi-headed）的 AI 流水線。——這也是路線圖的一部分。這是另一條路徑，對吧？所以一個是提升解析度。

Second one is real-time analytics and real-time alerting and inter-satellite links. And the third one is Merlin. So layering in this broad area monitoring, global daily remaps at one year of resolution on top of all of this, right?

第二個是即時分析、即時告警，以及星間鏈路。第三個是 Merlin。也就是在這一切之上，再疊加廣域監測、以 1 公尺解析度進行全球每日重繪（global daily remaps），對吧？

Those three things put together speak of the future where we will be going very closely to what has been our vision since the very early days of the company of having persistent global geospatial intelligence and the ability to basically start asking the planet questions, start asking the earth questions about what's going on and getting daily signals, getting daily intelligence updated in pretty much real time, right?

這三件事結合在一起，描繪了我們未來的方向：非常接近公司從創立早期就有的願景——擁有持續性的全球地理空間情報，並且基本上能開始向地球提問、向這個星球提問：正在發生什麼，並且每天獲得訊號、每天獲得情報更新，而且幾乎是即時更新，對吧？

We're very excited about the way the three different growth areas in our technology and in our -- the existing road map that we're executing come together to realize this vision of kind of a searchable planet or if you want a digital twin of the earth that everybody can use to make more informed decisions. I think another part that's very interesting from where we are in terms of our road map is that all of the big capabilities that we are building into our road map are actually being funded by our customers, right? So that's also very exciting for us.

我們對這三個不同的成長領域——在我們的技術上、以及我們正在執行的既有路線圖上——如何匯聚在一起以實現這個願景感到非常興奮：某種「可搜尋的地球」，或者如果你願意，也可以說是人人都能使用的地球數位孿生（digital twin），用來做出更有資訊基礎的決策。我認為從路線圖角度還有一點很有趣：我們納入路線圖的所有重大能力，其實都是由我們的客戶出資支持的，對吧？這也讓我們非常振奮。

Scott Buck, Titan Partners.

Scott Buck，Titan Partners。

Rick, I'm curious, is positive operating cash flow sustainable in Q2 and beyond? Or was the first quarter aided by timing of certain contract collections that may not repeat?

Rick，我想了解一下：第二季以及之後，正向的營運現金流是否可持續？還是第一季受惠於某些合約收款時點的影響，而這種情況可能不會重複？

Yeah. I mean we were marginally positive on operating cash flow. So I think it's going to be a little touch and go for a couple of two or three quarters as revenue ramps up. What aided our cash flow positivity this quarter was really some advanced collections from customers. I think going forward, we're going to be making investments in terms of scaling the business, and that's going to require some working capital.

是的。我們的營運現金流只是勉強為正。所以我認為在營收爬坡的過程中，接下來兩到三個季度可能會有點忽上忽下。本季能夠轉正，主要是因為我們從客戶那邊提前收了一些款項。往後我們會為了擴大業務規模而進行投資，而這將需要一些營運資金（working capital）。

So we are still at an adjusted EBITDA loss, as you know. And with continued growth and scaling, working capital will bounce around a little bit. We'll be drawing down on that as we make investments in inventory and so forth.

如各位所知，我們目前仍處於調整後 EBITDA 虧損狀態。隨著持續成長與規模擴張，營運資金會有些波動。我們將在投資存貨等項目時動用這部分資金。

Great. That's helpful. And then my second one, given the current level of geopolitical turbulence, are you seeing an acceleration of sales cycles or seeing interest from maybe new commercial customers?

很好，這很有幫助。那第二個問題是，鑑於目前地緣政治動盪的程度，你們是否看到銷售週期加速，或是看到可能來自新商業客戶的興趣？

Yeah, I can take that one. Obviously, I think periods of geopolitical instability do tend to increase awareness of the value of persistent intelligence. So we are seeing conversations accelerating across the board.

是的，我可以回答這題。顯然，我認為地緣政治不穩定的時期確實往往會提高市場對「持續性情報」價值的認知。因此，我們看到各方面的對話都在加速。

That said, we believe the broader shift we're seeing in the market is structural, not really event-driven. Governments and enterprises alike increasingly want continuous awareness of infrastructure, supply chains, maritime activity, borders, their strategic assets. And this is regardless of any single conflict. So while the geopolitical environment can accelerate the procurement cycles here, we do view the demand transition as much broader and longer term.

不過，我們認為目前在市場上看到的更廣泛轉變是結構性的，而非真正由事件驅動。政府與企業都愈來愈希望能持續掌握基礎設施、供應鏈、海事活動、邊境以及其戰略資產的態勢感知，而這不取決於任何單一衝突。因此，雖然地緣政治環境可能加速此處的採購週期，但我們確實將需求轉變視為更廣泛且更長期的趨勢。

Chris Quilty, Quilty Analytics.

Chris Quilty，Quilty Analytics。

I had a somewhat technical and business question, I guess, around the sale of the in-orbit NewSat. If I recall, this is the first time I can think of an operational satellite being sold to a customer. I don't count HEO because that's for a different application. Is that -- first of all, is that true? And do you think that is an expandable business model?

我有一個偏技術與商業面的問題，關於在軌 NewSat 的出售。如果我沒記錯，這是我能想到第一次把一顆正在運作的衛星賣給客戶。我不把 HEO 算在內，因為那是不同的應用。那——首先，這樣說對嗎？另外你們認為這是一個可擴展的商業模式嗎？

Yeah. Chris, yes, we do see this as an expandable business model. This is -- depending on how you count, this is the first or the second one because the first satellite that we sold to CEiiA in Portugal, I think it was a few days after the satellite was launched. So that could count as an in-orbit transfer.

是的。Chris，是的，我們確實認為這是一個可擴展的商業模式。這個——視你如何計算，這可能是第一筆或第二筆，因為我們第一顆賣給葡萄牙 CEiiA 的衛星，我記得是在衛星發射後幾天就完成出售。所以那也可以算是在軌移轉。

But yes, we do see this as a possibility that might expand in the future as we have this cadence of launch and manufacturing of satellites already contracted, already in place. We're putting satellites in orbit essentially every quarter. We are seeing obviously increased demand on the customer and for adding very rapid capabilities.

但沒錯，我們確實認為未來這種模式可能擴大，因為我們已經簽約、已經到位的衛星發射與製造節奏持續進行。我們基本上每一季都會把衛星送入軌道。我們也明顯看到客戶端需求增加，並希望快速增補能力。

And in the past, going from contract signed to satellite delivery within four months as we can -- or six months as we can normally do with our launch cadence was extremely competitive compared to the years that it takes normally to get a functioning satellite in orbit. Obviously, we see customers willing to engage and willing to pay a premium also for getting capacity delivered quicker. And because we have this capacity in orbit and we can do these transfers without affecting our ability to deliver on our data and services business, right? So yes, I think we can selectively continue to see this model going forward as we continue to grow our constellation, right?

過去，從合約簽署到在四個月內交付衛星（或依我們通常的發射節奏在六個月內完成）——相較於一般需要數年才能讓一顆可運作的衛星進入軌道——是極具競爭力的。顯然，我們看到客戶願意合作，也願意為更快交付的能力支付溢價。而且因為我們已有在軌容量，我們可以進行這些移轉而不影響我們交付資料與服務業務的能力，對吧？所以是的，我認為隨著我們持續擴大星座規模，我們可以有選擇地延續這種模式。

So I mean you have lots of excess capacity now, but as the revenue per satellite grows, the technical part of the question is, is this an SSO orbit or was it inclined? Because obviously, that's going to have a huge difference in the amount of revisit. And would you, maybe for Rick, think about changing the inclinations or launching capacity to inclinations where you think customers might purchase them?

了解。所以我的意思是，你們現在有很多多餘容量，但隨著每顆衛星的營收成長，技術面的問題是：這是 SSO 軌道，還是傾斜軌道？因為這顯然會對重訪頻率造成巨大差異。以及你們是否會——也許給 Rick——考慮改變傾角，或把發射容量配置到你們認為客戶可能會購買的傾角上？

Yep, it's a good question. So in this case, it was a satellite in (inaudible), we have built and launched satellites in many inclination orbits in the past. Including one that we did with Tata in India. And we have the ability to do that.

是的，這是個好問題。就這個案例而言，這是一顆在（聽不清）軌道上的衛星；我們過去也在多種不同傾角的軌道上建造並發射過衛星，包括我們與印度 Tata 合作的那一顆。我們具備這樣做的能力。

The satellite design supports that and operation -- console of operation supports that. And I agree with you, in the case of customers that want to ramp up their capabilities, in some cases, it makes sense to consider m inclination launches.

衛星設計支援這點，營運——營運控制台也支援。我同意你的看法：對於希望快速提升能力的客戶，在某些情況下，考慮傾角發射是有意義的。

Now if you're only operating a small handful of satellites, one, two, three satellites, I would argue that mill inclination is probably not a great solution technically because you have persistent blackouts and customers are typically looking at building predictable capabilities that they can count on for intelligence, right? And mill inclinations are not particularly well positioned for that if you have a small -- relatively small constellation. But we do have the flexibility, and we do engage with customers if they want that, we see it as complementary to our SSO offering, right?

不過，如果你只運作少數幾顆衛星——一顆、兩顆、三顆——我會主張從技術上看，傾角軌道可能不是很好的解決方案，因為會出現持續性的覆蓋空窗，而客戶通常希望建立可預期、可依賴的能力來支援情報需求，對吧？如果星座規模相對較小，傾角軌道在這方面並不是特別理想。但我們確實具備彈性；若客戶有此需求，我們也會與其合作，我們將其視為對我們 SSO 方案的互補，對吧？

Got you. And for Rick, how does this get booked? And I guess the other question is, we've seen some transactions like this where the customer obviously has a much smaller need for the satellite than its total coverage and you see capacity sellbacks. Are those sort of arrangements part of this agreement or something you would look to do of reselling unused capacity?

了解。那給 Rick：這在會計上怎麼入帳？另外一個問題是，我們看過一些類似交易，客戶對衛星的需求其實遠小於其總覆蓋能力，於是會出現容量回售（sellback）。這類安排是否包含在這份協議中，或是你們會考慮轉售未使用容量？

Yeah. When we -- in terms of how we book space systems deals, it's based upon our performance obligations under each contract. And at the moment, each of those contracts continue to be fairly bespoke deals. Maybe over time, they become more consistent and predictable in terms of the specific performance obligations. But the largest value that we're delivering to the customer is the in-orbit satellite.

是的。關於我們如何入帳太空系統（space systems）交易，是依據各合約下我們的履約義務（performance obligations）來處理。目前每一份合約仍然相當客製化。也許隨著時間推進，特定履約義務會變得更一致、更可預測。但我們交付給客戶的最大價值是那顆在軌衛星。

We're also, in many cases, transferring some knowledge and some light transfer technology as well as providing support from a mission ops perspective. But that's not where the value is for the customer and revenue recognition will follow those specific performance obligations.

此外，在許多情況下，我們也會移轉部分知識與一些輕量的移轉技術，並從任務營運（mission ops）的角度提供支援。但對客戶而言，價值不在這些部分；收入認列將依照那些特定履約義務進行。

In terms of the possibility of buying back capacity, yes, that's absolutely a possibility. We're not doing that. We don't have the right to do that currently with any of our existing deals. But that may likely be a possibility going forward. And it may be something that we look to negotiate as part of our discussions with those customers as we enter the contract.

至於回購容量的可能性，是的，那絕對有可能。我們目前沒有這麼做；在任何既有交易中，我們目前也沒有這樣做的權利。但未來很可能會有這種可能性，也可能成為我們與客戶討論並在簽約時納入談判的項目。

Got you. And just to clarify, Rick, I mean, this is a sale of an asset. So does it show up as a onetime gain? Or are there elements that are continue to be operational and providing support?

了解。再確認一下，Rick，我的意思是，這是一項資產出售。所以它會以一次性收益呈現嗎？還是有一些要素會持續營運並提供支援？

Yeah. The performance obligation associated with the transfer of the satellite is booked when that transfer occurs. So that's a onetime recognition event per satellite. With respect to services like transfer of knowledge, transfer of tech, and mission and ops, that will be recognized over the period of time that we're delivering those services.

是的。與衛星移轉相關的履約義務會在移轉發生時入帳，因此每顆衛星會有一次性的認列事件。至於像知識移轉、技術移轉，以及任務與營運（ops）等服務，則會在我們提供這些服務的期間內分期認列。

I would like to turn the floor over to Emiliano for closing remarks.

我想把時間交給 Emiliano 作結語。

Well, thank you, Stacy, and thank you all for joining us. Q1 was a meaningful step on the path we have been describing for the past few years a leaner, better capitalized commercially active Satellogic now demonstrating the operating leverage of our vertically integrated model. With our existing constellation Aleph Observer in the market, Merlin on track for October, and the deepening of our Defense & Intelligence engagement, we are positioned to lead the transformation of commercial earth observation into persistent global intelligence at a planetary scale and to do it on a path to sustained profitability and free cash flow. If we were unable to address any of your questions today, please reach out to our IR team directly at ir@satellogic.com. Thank you.

好的，謝謝你，Stacy，也謝謝各位加入我們。第一季是我們過去幾年所描述路徑上的重要一步：更精實、資本結構更健全、商業活動更活躍的 Satellogic，如今正展現我們垂直整合模式的營運槓桿。隨著我們既有星座 Aleph Observer 已在市場上運作、Merlin 預計於 10 月如期推進，以及我們在國防與情報（Defense & Intelligence）領域的合作持續深化，我們已具備條件引領商業地球觀測轉型為行星尺度的持續性全球情報，並以邁向可持續獲利與自由現金流的路徑來達成。如果今天未能回答各位的任何問題，請直接透過 ir@satellogic.com 聯繫我們的投資人關係（IR）團隊。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線，感謝各位的參與。