Satellogic Inc. (SATL) 2026 Q2 法說會逐字稿

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

下午好，歡迎參加 Satellogic 2026 年第二季財務業績電話會議。（接線員指示）在今天的電話會議中，管理層可能會就未來營運目標與目的、財務與業務趨勢、業務前景、未來財務指標、客戶合約與銷售管線、營收產生以及對未來表現的預期等發表陳述；依據聯邦證券法，這些陳述構成前瞻性聲明。

Any such forward-looking statements reflect management expectations based upon currently available information and are not guarantees of future performance. They involve certain risks and uncertainties that are more fully described in Satellogic's SEC filings, including the Risk Factors section of our quarterly report on Form 10-Q for the quarter ended June 30, 2026, our annual report on Form 10-K for the fiscal year ended December 31, 2025, and other filings with the SEC. Actual results, performance or achievements may differ materially from those expressed in or implied by these forward-looking statements. Satellogic undertakes no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.

任何此類前瞻性聲明均反映管理層基於目前可得資訊的預期，並不保證未來表現。此等聲明涉及若干風險與不確定性，相關內容在 Satellogic 向美國證券交易委員會（SEC）提交的文件中有更完整的說明，包括截至 2026 年 6 月 30 日季度的 Form 10-Q 季度報告中的「風險因素」章節、截至 2025 年 12 月 31 日會計年度的 Form 10-K 年度報告，以及其他向 SEC 提交的文件。實際結果、表現或成就可能與這些前瞻性聲明所明示或暗示者存在重大差異。Satellogic 不承擔在本次電話會議日期之後，因事件或發展而更新或修訂任何前瞻性聲明的義務。

On this call, management will also discuss financial measures not determined in accordance with US GAAP, including EBITDA, adjusted EBITDA and adjusted operating cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are presented in the appendix to today's presentation and in the earnings materials posted on the Investor Relations section of the website. A press release detailing these results was issued this afternoon and is available at satellogic.com. Hosting today's call will be Satellogic's Founder and Chief Executive Officer, Emiliano Kargieman; and Chief Financial Officer, Rick Dunn.

在本次電話會議中，管理層亦將討論若干非依照美國公認會計原則（US GAAP）決定的財務衡量指標，包括 EBITDA、調整後 EBITDA 以及調整後營運現金流。這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表，載於今日簡報的附錄以及發布於本公司網站投資人關係（Investor Relations）專區的財報資料中。本日下午已發布新聞稿詳述本次業績，並可於 satellogic.com 查閱。主持今日電話會議的是 Satellogic 創辦人兼執行長 Emiliano Kargieman，以及財務長 Rick Dunn。

With that, I will now turn the call over to the CEO. Please go ahead, sir.

接下來，我將把電話會議交給執行長。先生，請開始。

Thank you, operator, and good afternoon, everyone. Welcome to Satellogic's Second Quarter 2026 Earnings Conference Call. Joining me today is Rick Dunn, our Chief Financial Officer. I'll start with the quarterly results and the commercial wins that drove them and then comment on where our contracted backlog stands for the balance of this year. Rick will then take you through the financials in detail.

謝謝接線員，大家下午好。歡迎參加 Satellogic 2026 年第二季財報電話會議。今天與我一同出席的是我們的財務長 Rick Dunn。我將先說明本季業績與推動業績的商業勝利，接著評論我們今年剩餘期間的已簽約訂單積壓（contracted backlog）狀況。之後 Rick 會帶各位詳細說明財務數據。

After that, I'll come back to where this market is going, why we think we're positioned to lead it and provide an update on Merlin on our infrastructure build-out. I'll then close with key takeaways before we open the line for questions.

接著我會回來談談市場走向、我們為何認為自己具備領先的定位，並就 Merlin 與我們的基礎設施擴建提供最新進展。最後我會以重點摘要作結，然後開放提問。

In the second quarter, we grew revenue 259% year-over-year to $15.9 million, generated positive operating income and positive adjusted EBITDA for the first time in the company's history. And while revenue grew 259%, operating expenses increased only 46%, demonstrating the real operating leverage of our vertically integrated model. This milestone represents a major step towards sustained profitability and validates the operating leverage we have discussed over the past few quarters.

第二季，我們的營收年增 259% 至 1,590 萬美元，並在公司歷史上首次實現正的營業利益與正的調整後 EBITDA。在營收成長 259% 的同時，營業費用僅增加 46%，展現我們垂直整合模式的真實營運槓桿。這一里程碑代表我們朝向可持續獲利邁出重要一步，也驗證了過去幾季我們所討論的營運槓桿。

We had four key sovereign and defense wins and milestones as follows: First, we successfully delivered the first satellite in Portugal's $18 million CEiiA program, converting nearly half the program to recognized revenue. Second, we secured and started delivery of an international Aleph Observer agreement with a defense customer valued at more than $18 million, moving from initial trial to full-scale deployment in under six months.

我們在主權與國防領域取得四項關鍵勝利與里程碑如下：第一，我們成功交付葡萄牙 1,800 萬美元 CEiiA 計畫的第一顆衛星，使該計畫近一半金額轉為已認列營收。第二，我們取得並開始交付一項與國防客戶簽訂、價值超過 1,800 萬美元的國際 Aleph Observer 合約，並在不到六個月內從初期試用推進至全面部署。

Third, in April, we closed a $12 million agreement for the in-orbit delivery and transfer of a commissioned NewSat satellite to a sovereign defense customer. This is the third sovereign transaction we have announced in the past two quarters. And fourth, we announced strategic collaborations with SynMax and SpaceKnow to build AI-powered geospatial intelligence products in our platform.

第三，在四月，我們簽署一項 1,200 萬美元協議，為某主權國防客戶提供在軌交付並移轉一顆受委託製造的 NewSat 衛星。這是我們在過去兩季宣布的第三筆主權交易。第四，我們宣布與 SynMax 與 SpaceKnow 展開策略合作，在我們的平台上打造 AI 驅動的地理空間情報產品。

We recognized $22 million in revenue in the first half of the year and ended the quarter with $80.7 million in contracted non-cancellable total remaining performance obligations. Significantly, $45.8 million of that RPO is contracted for realization within the next 12 months. This gives us strong top line visibility as we continue to convert our growing defense pipeline and lean into the strong global sovereign demand.

今年上半年我們認列 2,200 萬美元營收，並在季末擁有 8,070 萬美元已簽約且不可取消的剩餘履約義務（RPO）總額。其中值得注意的是，4,580 萬美元的 RPO 已簽約並預計在未來 12 個月內實現。這使我們在持續轉化不斷成長的國防銷售管線、並把握全球主權需求強勁之際，具備良好的營收能見度。

To ensure we capture this demand, we expanded our sales organization with three senior industry leaders and ramped up satellite production at our Montevideo facility to support our Merlin, NewSat and NextGen programs alongside sovereign deliveries. During the quarter, we also welcomed retired Lieutenant General, Michael E. Williamson, to our Board as an Independent Director. Now before sharing updates on Aleph Observer, the transition to Persistent Global Intelligence and the build-out of our Merlin constellation.

為確保我們能掌握這些需求，我們延攬三位資深產業領袖擴充銷售組織，並提升我們蒙特維多（Montevideo）廠區的衛星產能，以支援 Merlin、NewSat 與 NextGen 計畫，同時滿足主權交付需求。本季我們也歡迎退役中將 Michael E. Williamson 加入董事會，擔任獨立董事。接下來，在分享 Aleph Observer 的最新進展、向「持續性全球情報」（Persistent Global Intelligence）的轉型，以及 Merlin 星座建置進度之前。

I will hand the call over to Rick to walk you through the financial details. Rick?

我先把電話交給 Rick，請他帶各位了解財務細節。Rick？

Thank you, Emiliano, and good afternoon, everyone. Today's geospatial data market is supply constrained with customers demanding significantly more data at lower costs. Because we operate one of the largest high-resolution constellations in the world, we benefit from considerable operating leverage. By utilizing our existing in-orbit fleet capacity and fully leveraging our cost leadership, we're well positioned to capture this demand. The second quarter and the first half of 2026 mark a structural and financial inflection point for Satellogic.

謝謝你，Emiliano，大家下午好。當前的地理空間資料市場供給受限，而客戶要求以更低成本取得顯著更多的資料。由於我們營運全球規模最大的高解析度星座之一，因此能受益於可觀的營運槓桿。透過運用我們既有在軌機隊的產能並充分發揮成本領先優勢，我們具備良好條件來掌握這股需求。2026 年第二季與上半年，標誌著 Satellogic 在結構面與財務面的轉折點。

Starting with revenue. Total revenue for the second quarter was $15.9 million, up 259% year-over-year. For the first six months of 2026, total revenue reached $22 million, representing an increase of 181% compared to $7.8 million in the first half of 2025. Looking at our Q2 business lines, Space Systems contributed $8.8 million or 55% of revenue, driven by sovereign satellite deliveries. Data and Analytics contributed $7.1 million or 45% of revenue as customer subscriptions for persistent monitoring expanded.

先從營收談起。第二季總營收為 1,590 萬美元，年增 259%。2026 年前六個月總營收達 2,200 萬美元，較 2025 年上半年 780 萬美元成長 181%。就第二季各業務線來看，太空系統（Space Systems）貢獻 880 萬美元，占營收 55%，主要由主權衛星交付帶動。資料與分析（Data and Analytics）貢獻 710 萬美元，占營收 45%，反映客戶對持續監測的訂閱擴大。

We also expanded our geographic reach across our sovereign and defense customer base. Europe led the second quarter at 58% of revenue or $9.2 million, driven by CEiiA delivery. The Middle East and North Africa contributed $3.6 million or 22% of revenue, while the Americas generated $2.3 million or 14% of revenue and Asia-Pacific represented $900,000 or 6% of revenue.

我們也擴大了主權與國防客戶基礎的地理覆蓋範圍。歐洲在第二季以 58% 的營收占比居首，約 920 萬美元，主要由 CEiiA 交付帶動。中東與北非貢獻 360 萬美元，占營收 22%；美洲貢獻 230 萬美元，占營收 14%；亞太地區為 90 萬美元，占營收 6%。

Turning to margins and cost structure. We delivered these results with an 82% gross margin in the second quarter, exclusive of depreciation. Total operating expenses were $15.7 million, up 46% in comparison to the 259% revenue growth, highlighting the operating leverage inherent in our vertically integrated model. This operating leverage drove profitability metrics for Satellogic as follows: First, we achieved positive quarterly operating income of just over $300,000 for the quarter. Second, we delivered positive adjusted EBITDA of $2.8 million for the quarter.

接著談毛利率與成本結構。第二季我們在不含折舊的情況下，實現 82% 的毛利率。總營業費用為 1,570 萬美元，年增 46%，相較於 259% 的營收成長，凸顯我們垂直整合模式所內含的營運槓桿。這項營運槓桿推動 Satellogic 的獲利指標如下：第一，本季我們達成正的季度營業利益，略高於 30 萬美元。第二，本季我們實現正的調整後 EBITDA，為 280 萬美元。

Both of these are first for the company. Lastly, adjusted EBITDA loss improved $8.7 million year-to-date coming in at $1.4 million compared to $10.1 million in the first half of 2025. Our GAAP net loss for the quarter was $20 million, which includes a $19.7 million noncash fair value charge resulting from the remeasurement of financial instruments tied to stock price movement.

這兩項對公司而言都是首次。最後，年初至今調整後 EBITDA 虧損改善了 870 萬美元，為 140 萬美元，相較於 2025 年上半年為 1,010 萬美元。本季我們的 GAAP 淨虧損為 2,000 萬美元，其中包含 1,970 萬美元的非現金公允價值費用，係因與股價變動連動之金融工具重新衡量所致。

Turning to cash flow. Net cash used in operating activities was $8.6 million in the second quarter compared to $4.3 million used in the prior year period. It is important to note that GAAP operating cash flow excludes $8.3 million in proceeds from the sale of an in-orbit satellite originally capitalized as part of our own fleet. These proceeds are presented within investing activities. From an adjusted operating cash flow basis, which includes the in-orbit satellite sale, our operating cash flow for the first half was essentially breakeven at $100,000.

接著談現金流。第二季營運活動使用之淨現金為 860 萬美元，較去年同期使用的 430 萬美元增加。需要特別注意的是，GAAP 營運現金流不包含出售一顆在軌衛星所取得的 830 萬美元款項；該衛星原先係作為我們自有機隊的一部分資本化。這些款項列示於投資活動。以調整後營運現金流口徑（包含在軌衛星出售）來看，我們上半年營運現金流基本上打平，為 10 萬美元。

Looking at the balance sheet, we closed the quarter in a strong liquidity position with $112.8 million in cash and cash equivalents. In terms of backlog, total non-cancelable remaining performance obligations stood at $80.7 million as of June 30, with $45.8 million expected to be recognized in the next 12 months. This is an increase of $15.9 million this quarter, reflecting $28.6 million of additions to backlog and $12.7 million recognized as revenue in the quarter. Additionally, we delevered by $12 million as a result of an equity conversion exercised by our secured convertible note holder during the quarter. Our secured convertible debt reduced from $30 million to $18 million during the quarter.

就資產負債表而言，我們在本季末以 1.128 億美元的現金及約當現金，維持強勁的流動性部位。就積壓訂單而言，截至 6 月 30 日，不可取消之剩餘履約義務總額為 8,070 萬美元，其中預計未來 12 個月內認列的金額為 4,580 萬美元。本季較前季增加 1,590 萬美元，反映本季新增積壓訂單 2,860 萬美元，並於本季認列收入 1,270 萬美元。此外，由於本季我們的有擔保可轉換票據持有人行使股權轉換，我們去槓桿 1,200 萬美元。本季我們的有擔保可轉換債務由 3,000 萬美元降至 1,800 萬美元。

With our operating leverage, growing recurring revenue and expanding defense pipeline, we expect 2026 to be a major step towards sustained profitability, crossing into positive free cash flow in 2027 as Merlin enters operational service.

憑藉我們的營運槓桿、持續成長的經常性收入以及擴大的國防管線，我們預期 2026 年將是邁向可持續獲利能力的重要一步，並在 Merlin 進入營運服務後，於 2027 年跨入正自由現金流。

With that, I will turn the call back over to Emiliano.

接下來我把電話交回給 Emiliano。

Thank you, Rick. We see the earth observation market undergoing a fundamental transformation. For years, the gaps in this market were not so much a technology problem, but a unit economics and business model problem. Legacy providers did not build the infrastructure required to capture information globally and persistently at a reasonable cost and could not deliver data at the scale required. Customers suffered the consequences.

謝謝你，Rick。我們看到地球觀測市場正在經歷根本性的轉型。多年來，這個市場的缺口與其說是技術問題，不如說是單位經濟與商業模式問題。傳統供應商未能建立以合理成本在全球、持續擷取資訊所需的基礎設施，也無法以所需規模交付資料。客戶因此承受後果。

Sparse, expensive and capacity limited systems were insufficient to serve the growing demand for geospatial awareness and force the legacy earth observation business model to be transactional, expensive and exclusive. A customer requests an image of a specific coordinate, receives a fragmented snapshot, experiences breaks and cadence and buys imagery scene-by-scene at a high cost, leaving them with an incomplete view and exposing them to decision risk.

稀疏、昂貴且容量受限的系統不足以滿足對地理空間態勢感知日益成長的需求，並迫使傳統地球觀測商業模式變得以交易為主、昂貴且排他。客戶要求某一特定座標的影像，收到的是零碎的快照，面臨中斷與拍攝頻率不足，並以高成本逐景購買影像，導致視角不完整，並使其暴露於決策風險之中。

With the technology stack that Satellogic has built over the last few years, that is no longer the case. Our satellite capacity, unit economics and scalability allow us to build the infrastructure required to deliver Persistent Global Intelligence. Persistent Global Intelligence is a different category.

憑藉 Satellogic 過去幾年打造的技術堆疊，情況已不再如此。我們的衛星產能、單位經濟與可擴展性，使我們能建構交付「持續性全球情報」（Persistent Global Intelligence）所需的基礎設施。持續性全球情報是一個不同的類別。

The requirement is to identify and monitor areas continuously, delivering an uninterrupted stream of situational awareness. As persistent monitoring becomes available in the market, customers are leaning into continued monitoring service to replace episodic imagery. We believe this shift is structural, supported by our unit economic breakthroughs and fueled by heightened geopolitical urgency, distributed threats and the coming of age of AI and analytics.

其需求在於持續辨識並監測區域，提供不中斷的態勢感知資訊流。隨著市場上可提供持續監測，客戶正轉向採用持續監測服務，以取代零星的影像採購。我們相信這一轉變具有結構性，受到我們在單位經濟上的突破所支撐，並由地緣政治緊迫性升高、分散式威脅，以及 AI 與分析技術的成熟所驅動。

Defense and intelligence customers are starting to prioritize persistent monitoring over transactional bots. That moves our business towards high-margin multi-quarter subscription programs. This quarter, we started to see the impact of this change in our numbers rather than only in customer conversations. Our Data and Analytics revenue, as Rick mentioned, was $7.1 million in the second quarter, up from $4.6 million in the first, a 54% sequential growth on the subscription side of business, even in a quarter where satellite deliveries were the headline.

國防與情報客戶開始將持續監測置於交易式採購之上。這使我們的業務轉向高毛利、跨多季的訂閱型專案。本季，我們開始在數字上看到這項變化的影響，而不僅僅是在與客戶的對話中。如 Rick 所提，我們第二季的資料與分析收入為 710 萬美元，高於第一季的 460 萬美元；在訂閱型業務方面，季增 54%，即便本季的焦點新聞是衛星交付。

Aleph Observer, the persistent monitoring platform we launched in February is converting one-off imagery buyers into multi-quarter monitoring subscriptions. Six months ago, Persistent Global Intelligence was a thesis we were describing to you. It is now becoming a core driver of the company's business. This brings me to why we are positioned to lead this category. Vertical integration and our payload innovations are what make persistent global scale coverage economically viable and poised for growth.

我們於 2 月推出的持續監測平台 Aleph Observer，正把一次性影像買家轉化為跨多季的監測訂閱。六個月前，持續性全球情報還是我們向各位描述的一個論點。如今它正逐步成為公司業務的核心驅動力。這也帶出我們為何具備領先此類別的定位。垂直整合與我們的載荷創新，使持續性的全球規模覆蓋在經濟上可行，並具備成長動能。

This comes down to physics and unit economics. Our patent-protected camera design lets us capture an exceptional volume of high-resolution imagery from a small set form factor and combined with a fully loaded NewSat cost of approximately $1.3 million per satellite, a small fraction of the industry standard, that collection efficiency sets our operating economics apart. That cost structure is why we can serve persistent monitoring at theater scale and still hold the gross margins that Rick just walked us through and why our margin profile improves rather than compresses as we scale collection. As the market shifts to always-on monitoring, Satellogic builds the infrastructure that produces the persistent intelligence.

這歸根結底是物理與單位經濟。我們受專利保護的相機設計，使我們能以小型化外形捕捉極大量的高解析度影像；再加上每顆 NewSat 的全成本約 130 萬美元，僅為產業標準的一小部分，這樣的蒐集效率使我們的營運經濟性顯著不同。正是這樣的成本結構，使我們能在戰區規模提供持續監測，同時仍能維持 Rick 剛才說明的毛利率；也使得我們的毛利率輪廓在擴大蒐集規模時是改善而非被壓縮。隨著市場轉向全天候監測，Satellogic 正在建構能產出持續性情報的基礎設施。

For sovereign defense customers, this infrastructure delivers strategic autonomy, intelligence continuity and decision advantage independent of third-party priorities and without key dependencies on foreign suppliers. Here is how this infrastructure is built across a series of integrated layers.

對主權國防客戶而言，這套基礎設施可在不受第三方優先順序影響、且不對外國供應商形成關鍵依賴的情況下，提供戰略自主、情報連續性與決策優勢。以下說明這套基礎設施如何透過一系列整合層來建構。

First, operational monitoring with NewSats. Our 50-centimeter class Mark V and Mark VI satellite constellation is operational today, powering persistent monitoring across thousands of priority sites daily and driving subscription revenue through Aleph Observer. Second, the global baseline detection layer we're building with Merlin. Our Merlin constellation is on track to start launching in October 2026. The first satellite is fully integrated and ready to ship to the launcher, having passed all environmental and functional tests.

第一層，以 NewSats 進行作業監測。我們 50 公分級的 Mark V 與 Mark VI 衛星星座目前已投入運作，每日對數千個優先站點提供持續監測，並透過 Aleph Observer 推動訂閱收入。第二層，是我們以 Merlin 建構的全球基準偵測層。我們的 Merlin 星座按計畫將於 2026 年 10 月開始發射。第一顆衛星已完成整合並準備出貨至發射端，且已通過所有環境與功能測試。

Merlin is our daily global remap constellation designed to create a dedicated global baseline detection layer. Building on the onboard computing, Edge AI and inter-satellite links we engineer for usage fleet, Merlin satellites incorporate a white swath , high-resolution imager and the ability to process data directly in-orbit and communicate across our entire constellation in real time. Rather than waiting for a ground station downlink, Merlin can detect changes at the edge and automatically tip and cue our high-resolution constellation in seconds, collapsing what used to be a multi-hour ground loop to minutes.

Merlin 是我們的每日全球重繪星座，旨在建立專用的全球基準偵測層。在我們為現役機隊所設計的機載運算、邊緣 AI 與星間鏈路基礎上，Merlin 衛星納入寬幅（white swath）高解析度成像儀，並具備直接在軌處理資料、以及在整個星座間即時通訊的能力。Merlin 無需等待地面站下行，即可在邊緣端偵測變化，並在數秒內自動引導與提示我們的高解析度星座，將過去需要數小時的地面迴路縮短至數分鐘。

The third layer is precision verification with NextGen, or 30-centimeter class system currently in development to confirm, characterize and verify activity. On top of these data collection layers sit power on our partners' AI and analytics and our customers' agentic platforms, implementing the automated workflows that deliver decisions at scale and on time. The true power is in the AI-first automated loop amongst these layers.

第三層，是以 NextGen 進行精準驗證；NextGen 為目前開發中的 30 公分級系統，用於確認、刻畫並驗證活動。在這些資料蒐集層之上，是由合作夥伴的 AI 與分析能力，以及客戶的代理式（agentic）平台所驅動，落實自動化工作流程，以規模化且及時地交付決策。真正的威力在於這些層之間以 AI 為先的自動化閉環。

The baseline detects, the monitoring layer sustains and the precision layer verifies, giving our customers an integrated always-on decision advantage. Our product offering across data and analytics and space systems, ranging from imagery archive all the way to local assembly and integration facilities and supply chain localization is built to support our customers in their journey towards operating a truly sovereign autonomous and independent infrastructure for Persistent Global Intelligence.

基線層負責偵測，監測層負責持續追蹤，精準層負責驗證，為我們的客戶帶來整合式、全天候的決策優勢。我們橫跨資料與分析以及太空系統的產品組合，從影像資料庫一路延伸到在地組裝與整合設施以及供應鏈在地化，旨在支持客戶邁向營運真正具主權、自主且獨立的「持續全球情報」基礎設施。

As a quick aside, I mentioned that Merlin is on track for its October launch, and I want now to draw your attention to this image showing the first Merlin satellite, MELI 1, fully integrated in our clean room last month. This is our first flight model built end-to-end in-house based on our extensive bus heritage from the NewSat constellation after having successfully passed all environmental qualification and functional testing. The hardware is ready to ship to the launch site in time for a planned October launch window, and the team is now focused on the integration of the next set of satellites in the fleet. It is good to be able to share this picture and highlight that Merlin is progressing as planned, executing against the core fundamentals we committed to.

順帶一提，我先前提到 Merlin 正按計畫於 10 月發射；現在我想請各位注意這張影像，顯示第一顆 Merlin 衛星 MELI 1 於上個月在我們無塵室完成整合。這是我們首個端到端由內部打造的飛行型號，基於我們 NewSat 星座的深厚衛星平台（bus）傳承，並已成功通過所有環境資格認證與功能測試。硬體已準備就緒，可在規劃的 10 月發射窗口前運送至發射場，團隊目前也正專注於整合下一批衛星。很高興能分享這張照片，並強調 Merlin 正依計畫推進，落實我們所承諾的核心基本面。

Before summarizing our key takeaways, I want to share an important leadership update. As we previously disclosed, August 21 will be Rick Dunn's last day as Chief Financial Officer of Satellogic. Rick has been with us for 7.5 years. He built the financial infrastructure that carried this company to going public through operational scaling and through to the strong financial results that we reported today. Our search for a permanent successor is active.

在總結我們的關鍵重點之前，我想分享一項重要的領導層更新。如我們先前披露，8 月 21 日將是 Rick Dunn 擔任 Satellogic 財務長的最後一天。Rick 與我們共事 7.5 年。他建立了財務基礎設施，支撐公司上市、營運規模擴張，並一路推動至我們今天所報告的強勁財務成果。我們正在積極尋找永久接任者。

To ensure a seamless transition, Dustin Greer, our Senior Vice President and Corporate Controller, will assume the role of Interim CFO effective August 21, if a permanent successor has not yet been appointed. Dustin is supported by an exceptional finance team, and we have complete confidence in their continued execution.

為確保無縫交接，若永久接任者尚未到位，我們的資深副總裁暨公司財務控管長（Corporate Controller）Dustin Greer 將自 8 月 21 日起擔任代理財務長。Dustin 由一支卓越的財務團隊支持，我們對他們持續的執行力充滿信心。

I will hand the floor to Rick for a few brief comments.

接下來我把時間交給 Rick，請他做幾點簡短的說明。

Thanks, Emiliano. After 7.5 years, when I look at where we started against where we stand today, recording our first positive operating income and adjusted EBITDA this quarter, I'm immensely proud of what this team has built. We established a financial foundation for the first vertically integrated geospatial company and stood up the infrastructure for Persistent Global Intelligence. The company's financial footing is the strongest it has ever been, and we've built a resilient finance organization to support the business as it continues to scale. The trajectory is clear, and I look forward to watching Satellogic execute on its next phase of growth.

謝謝你，Emiliano。7.5 年後，回顧我們的起點與今天的成果——本季我們首次錄得正的營業利益與調整後 EBITDA——我對這個團隊所建立的一切感到無比自豪。我們為第一家垂直整合的地理空間公司奠定了財務基礎，並建置了「持續全球情報」所需的基礎設施。公司的財務體質達到歷來最強，我們也建立了一個具韌性的財務組織，以支持業務持續擴張。發展軌跡清晰可見，我期待看到 Satellogic 執行下一階段的成長。

Thank you, everyone.

謝謝大家。

Thank you, Rick. On behalf of our Board and the entire team, thank you for your leadership and your dedication. To wrap up, I want to leave you with five takeaways from the second quarter. First, financial inflection has been achieved. Our record Q2 revenue of $16.9 million and positive adjusted EBITDA of $2.8 million proved the operating leverage of our business model. Second, the Persistent Global Intelligence market shift is underway. The market is transitioning from transactional imager buys to always-on monitoring, and we build an infrastructure that powers the subscription preference.

謝謝你，Rick。我代表董事會與全體團隊，感謝你的領導與投入。最後，我想以第二季的五項重點作結。第一，財務拐點已達成。我們第二季創紀錄的營收 1,690 萬美元，以及 280 萬美元的正調整後 EBITDA，證明了我們商業模式的營運槓桿。第二，「持續全球情報」市場的轉變正在進行中。市場正從一次性影像採購轉向全天候監測，而我們正在打造能支撐訂閱偏好的基礎設施。

Third, vertical integration is our moat. In-house design and manufacturing and the differentiated cost structure and scalability it supports makes theater scale persistent monitoring economically viable and highly profitable.

第三，垂直整合是我們的護城河。內部設計與製造，以及其所支撐的差異化成本結構與可擴展性，使得戰區規模的持續監測在經濟上可行且具高度獲利性。

Fourth, we are fully funded to global awareness. Operating one of the world's largest commercial constellations today, our Merlin constellation remains on track for its first launch in October 2026 and fully funded to launch a global baseline detection layer equipped with Edge AI and intersatellite links with full service in the second half of 2027.

第四，我們已獲得資金支持以達成全球態勢感知。目前我們營運著全球最大的商用星座之一；Merlin 星座仍按計畫於 2026 年 10 月進行首次發射，且資金已完全到位，可發射具備邊緣 AI 與星間鏈路的全球基線偵測層，並於 2027 年下半年提供完整服務。

And fifth, Satellogic is well capitalized to respond to strong market demand. We are operating from a position of strength with $112.8 million in cash, debt principal reduced to $18 million and strong market traction with sovereign customers across all of our product lines.

第五，Satellogic 資本充足，足以回應強勁的市場需求。我們以 1.128 億美元現金、債務本金降至 1,800 萬美元的優勢地位營運，並在所有產品線上與主權客戶取得強勁的市場動能。

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）

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Congratulations on the quarter. Rick, wishing you all the best as well. It's been great working with you. And again, wishing you all the best. In terms of questions, first one is on Merlin. So you reaffirmed that Merlin is on track for the October launch window, which is very exciting. I guess a few quick questions here is, Emiliano, can you maybe remind us what are the key milestones left towards bringing it to the path that investors should be tracking? And more importantly, as we move towards operational capacity next year, my other question there is, how are you thinking about the cadence for future launches? And how quickly do you think you could potentially ramp up? Thank you.

恭喜本季表現。Rick，也祝你一切順利。與你合作非常愉快。再次祝你一切順利。關於問題，第一個是 Merlin。你們再次確認 Merlin 正按計畫趕上 10 月的發射窗口，這非常令人振奮。我想快速問幾點：Emiliano，你能否提醒我們，距離推進到投資人應該追蹤的路徑上，還剩下哪些關鍵里程碑？更重要的是，隨著我們明年邁向營運能力，我的另一個問題是：你們如何看待後續發射的節奏？以及你們認為可能多快能夠加速擴張？謝謝。

Excellent. Andres, thank you for the question. So yes, Merin is fully on track now for our first launch window, which is in October. The -- all of the functional tests, all of the environmental tests on the satellite have been performed. The satellite is essentially packaged at our manufacturing facility and ready for pickup.

很好。Andres，謝謝你的提問。是的，Merin 目前完全按計畫推進我們的首次發射窗口，也就是 10 月。衛星的所有功能測試、所有環境測試都已完成。衛星基本上已在我們的製造設施完成包裝，隨時可供提貨。

So next phase is it will go to the launcher and be integrated into a launch vehicle, in this case, SpaceX transporter mission in time for the launch window in October. So on the Satellogic side, I would say, is the shipping and receiving the satellite in the other side and the launch campaign, so putting satellite in the rocket, which we've done already 50 -- more than 50 times in the past. So it's something that we're quite familiar with. And then the satellite will go up in October. There's a commissioning phase for the first satellite.

所以下一階段是把它交給發射服務方，並整合進運載火箭；在這個案例中，是 SpaceX 的 Transporter 任務，以趕上 10 月的發射窗口。因此就 Satellogic 這邊而言，我會說接下來是衛星的運輸與接收，以及發射作業，也就是把衛星裝進火箭——這件事我們過去已做過 50 次——其實超過 50 次。所以這是我們相當熟悉的流程。然後衛星會在 10 月升空。第一顆衛星會有一段在軌驗證（commissioning）階段。

While, we continue to produce the next Merlin satellite that will be launched in two launches in 2027. And we expect both launches in the first half of the year. So the full constellation for -- to provide complete service will be up if all goes according to plan in the first half of the year. And then we will start delivering full service in the second half of the year.

同時，我們會持續生產下一顆 Merlin 衛星，並將於 2027 年透過兩次發射送上太空。我們預期兩次發射都在上半年完成。因此，若一切按計畫進行，提供完整服務所需的全星座將在上半年部署完成。接著我們將在下半年開始交付完整服務。

We might -- and we are expecting to work with some of our anchor customers and initial customers as soon as we launch the first satellite in October to familiarize them with the data and to build the processing pipelines that they will need to operate at scale. So there will be a phase there of development -- software development with our initial customers. But yes, full service will be second half of 2027, we expect.

我們可能——而且我們也預期——在 10 月第一顆衛星發射後，就會與部分錨定客戶與初期客戶合作，讓他們熟悉資料，並建立其在規模化營運時所需的處理管線。因此那裡會有一段與初期客戶共同開發的階段——軟體開發。不過是的，我們預期完整服務會在 2027 年下半年提供。

Excellent. Thank you very much. That was very, very helpful. I appreciate all that color. And maybe just a quick follow-up. So your backlog increased materially quarter-over-quarter, and you provided a great slide with great granularity, which we appreciate. My question here is, you also talked about a lot of the macro landscape and things that are unfolding. So I guess my question is, what other opportunities are you currently potentially working on that are not included in the backlog that you might be able to maybe share with us? And how are you thinking about continuing to increase the pipeline going forward?

太好了。非常感謝。這非常、非常有幫助。我很感謝你提供的所有補充說明。也許再快速追問一下。所以你們的在手訂單（backlog）季對季有顯著增加，而且你們提供了一張非常棒、細節很到位的投影片，我們很感謝。我這裡的問題是，你們也談到很多宏觀環境以及正在發生的事情。所以我想問的是，目前你們還在推進哪些可能的其他機會，但尚未納入在手訂單中，且你們或許可以跟我們分享一些？以及你們如何看待未來持續擴大商機管線（pipeline）？

Yes. So we are experiencing, I think, good tailwinds from the market in the sense of growing demand internationally and in the US. Obviously, geopolitical tensions tend to increase the need for persistent intelligence. And so all customers and some of the customer conversations that we've been having over, I would say, the last few years are accelerating because of this. On top of that, there's an increase in defense budgets across the board from US allies around the world, which is also helpful to build up these pipelines.

是的。所以我們正在感受到，我認為，市場帶來的不錯順風，體現在國際與美國需求的成長。顯然，地緣政治緊張局勢往往會提高對持續性情報的需求。因此，所有客戶以及我們在過去幾年（我會這麼說）所進行的一些客戶對話，都因為這些因素而加速推進。此外，美國盟友在全球各地的國防預算普遍增加，這也有助於建立這些商機管線。

And we also see a structural factor contributing here in the wide adoption of AI and analytics and integrating AI analytics into processing pipelines to deliver decision-grade intelligence in the defense and intelligence side. And analytics and AI are essentially allowing our customers to basically consume a lot more data at a faster pace and still derive the right signals that they need for intelligence. So I think all of these factors, we see contributing to increased demand.

我們也看到一個結構性因素在此發揮作用：AI 與分析的廣泛採用，以及將 AI 分析整合進處理管線，以在國防與情報領域交付可用於決策等級的情報。分析與 AI 本質上讓我們的客戶能以更快速度消化更多資料，同時仍能萃取出他們在情報上所需的正確訊號。所以我認為，這些因素都在推動需求增加。

To respond to that demand, we have brought in some fantastic new members to our sales team that have the relationships and the international experience to help us bring what we're doing to customers at a faster pace, right? So we are responding to that demand. I think our pipeline is, I think, is very strong. So we continue to see traction in the market. We continue to see increased interest. And we expect that pipeline to continue to convert in the second half of the year into 2027 at a fast pace.

為了回應這些需求，我們為銷售團隊延攬了一些非常出色的新成員，他們具備人脈與國際經驗，能幫助我們更快把我們正在做的事情帶給客戶，對吧？所以我們正在回應這些需求。我認為我們的商機管線非常強勁。因此我們持續看到市場動能。我們持續看到興趣提升。而且我們預期這條商機管線在今年下半年到 2027 年將以很快的速度持續轉換為訂單。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

Rick, it's certainly been a pleasure working with you. Wish you all the best. Emiliano, just a few things. I guess, Emiliano, on Aleph Observer, February 26 launch, I think you mentioned this was the year of pilots. Can you dive a little deeper there, maybe even quantify how many pilots, how are they progressing? What's the feedback, all of that relative to expectations? Any other color you'd share would be great.

Rick，能與你合作確實很愉快。祝你一切順利。Emiliano，我有幾點想問。我想，Emiliano，關於 Aleph Observer，2 月 26 日的發射，你提到今年是試點的一年。你能再深入一點說明嗎，甚至量化一下有多少個試點、進展如何？回饋如何、相對於預期如何？任何你願意補充的細節都很棒。

Sure. Jeff. Thanks for the question. So yes, I mean, in reality, I would say we expected 2026, as we mentioned before, to be a year of pilots because typically, a new product like this requires customers to get familiar with it. And for them, particularly government customers on the defense side, it requires that they find the budgets to pay for distinct subscriptions and so on.

當然。Jeff。謝謝你的問題。所以是的，實際上，我會說我們如先前提到的，預期 2026 年會是試點的一年，因為通常像這樣的新產品需要客戶先熟悉它。而對他們而言，特別是國防端的政府客戶，還需要找到預算來支付獨立的訂閱費用等等。

So we expect that 2026 to be able to tap into a portion of their discretionary budgets or pilots and then those convert into full range services at a kind of the cadence that we expect or the number of sites that we expect them to monitor just going to 2027, right? I think we've been pleasantly surprised by the speed at which we are converting some of these pilots into full programs. I think the $80 million contract we announced a few months ago is a very good example. I think we went from the initial pilot to a full-scale program that's at $80 million per year in less than six months, I think. And so that's been a really good surprise.

因此我們預期 2026 年能夠切入他們一部分的可支配預算，用於試點，然後這些試點會以我們預期的節奏，或以我們預期他們要監測的站點數量，在 2027 年轉換為全範圍服務，對吧？我認為我們對於部分試點轉換為完整計畫的速度感到驚喜。我想我們幾個月前宣布的 8,000 萬美元合約就是很好的例子。我認為我們從最初的試點到全面規模的計畫、且規模達每年 8,000 萬美元，用時不到六個月。所以這確實是個很好的驚喜。

We obviously do not expect all of the pilots that we're doing to progress at the same speed, but that was a really good -- I think that is a really good indication of the traction that we're getting in the market. And the team is working -- actively working with customers across all of the geographies that we serve now on the initial pilot program. So we really expect to have more news to share in the second half of the year.

我們當然不預期所有正在進行的試點都會以同樣速度推進，但那是一個非常好的——我認為那是我們在市場上獲得動能的一個很好的指標。而團隊正在——積極地與我們目前服務的所有地理區域的客戶合作，推進初始試點計畫。所以我們確實預期在今年下半年會有更多消息可以分享。

Got it. And more broadly then, just as I look at the pipeline or as you look at the pipeline, cycle times, deal sizes, deal types, competition, geography, I mean, any aspects that are notable in your mind that have changed maybe in the last 180, maybe even last 90 days?

了解。那更廣泛來看，當我看商機管線，或你們看商機管線時，週期時間、交易規模、交易類型、競爭、地理分布，我是說，有沒有任何面向在你看來有明顯變化，可能在過去 180 天，甚至過去 90 天？

Nothing out of what we have already commented on, which is we are seeing some of the conversations that we're having on accelerated time lines, let's say. We expect that typically, we would expect sovereign spaces and deals because they are large deals, they -- we expect typically longer sales cycles over a year or so. And we are seeing some cases in which we are seeing deals progress through the pipeline at a faster pace. This is also due to, I think, the factors that we mentioned before. So we're seeing some of the sales cycles on the Space Systems in particularly being compressed, which is good news.

沒有超出我們先前已評論的內容，也就是我們看到一些對話的時程在加速，姑且這麼說。我們通常會預期主權太空（sovereign space）相關的案子與交易，因為是大型交易——我們通常預期銷售週期會更長，約一年左右。而我們也看到一些案例，交易在管線中推進得更快。我認為這也與我們先前提到的因素有關。因此我們看到特別是在太空系統（Space Systems）方面，一些銷售週期正在被壓縮，這是好消息。

But in general, I would say the -- both business lines, Data and Analytics and Space Systems still follow the same patterns that we are expecting, right, with Space Systems being lumpier deals with longer sales cycles and Data and Analytics deals being smaller ticket sizes, faster sales cycles, but also subscription-based recurring revenue that helps us build a predictable base, right? So I think those business lines are behaving pretty much to expectation, I would say.

但整體而言，我會說——兩條業務線，資料與分析（Data and Analytics）以及太空系統（Space Systems），仍然遵循我們所預期的相同模式，對吧：太空系統的交易更不均勻、且銷售週期更長；而資料與分析的交易單筆金額較小、銷售週期更快，但同時是以訂閱為基礎的經常性收入，能幫助我們建立可預測的基礎，對吧？所以我認為這兩條業務線的表現大致符合預期。

Yes. That's great. Maybe one last. I mean, I think certainly, you commented Warfare is driving almost infinite need. AI wants all the sensor data it can provide. So I think with Merlin and a lot of things you're talking about, you're playing directly to that. But I'm curious on the AI front. Has your perspective on the AI impact on your business changed in any material ways last kind of 90, 180 days?

是的。很好。也許最後一個問題。我的意思是，我想你們確實提到戰爭正在驅動幾乎無限的需求。AI 想要所有它能取得的感測器資料。所以我想，透過 Merlin 以及你們談到的很多事情，你們正好切中這點。但我對 AI 這一塊很好奇。在過去大約 90、180 天，你們對 AI 對你們業務影響的看法，有沒有任何重大改變？

We believe that AI is here -- basically as a structural parts in our market is here to stay, right? Like we believe there is a huge impact in terms of the ability of our customers to consume more data at a faster pace and it creates more demand for the data that we produce and for constellations we produce in the future, right? So we think this is a structural change. We don't think this is a fad. So I think that supports our outlook into the future.

我們相信 AI 已經在這裡——基本上作為我們市場中的結構性組成部分，會長期存在，對吧？我們相信它在讓客戶以更快速度消化更多資料方面有巨大影響，並且會為我們所產出的資料，以及我們未來要打造的星座（constellations）創造更多需求，對吧？所以我們認為這是一個結構性變化。我們不認為這只是短暫風潮。因此我認為這支持我們對未來的展望。

I think it supports also this year being such a transformational year for the company and kind of a breakout year as we start to -- as Rick was saying, as we start to show the impact of our operating leverage by increasing our top line. But yes, nothing has fundamentally changed in our mind yet. I think we're seeing a lot of confirmation from the market of the trends.

我認為這也支持今年對公司而言是非常具轉型意義的一年，某種程度上也是一個突破之年，因為我們開始——如 Rick 所說，當我們提升營收規模時，開始展現我們營運槓桿的影響。但對我們而言，是的，目前在根本上還沒有任何改變。我認為我們從市場端看到了許多對這些趨勢的確認。

Yes. Well, nice numbers. Love the incremental margins, a lot here to like. So congrats to you and the team.

是的。嗯，數字很漂亮。我很喜歡增量毛利率，這裡有很多值得肯定的地方。所以恭喜你和團隊。

Suji Desilva, ROTH Capital Partners.

Suji Desilva，ROTH Capital Partners。

Best of luck in the transition, Rick. So on the data analytics revenue, it was very strong sequentially. I know you mentioned that customers upgrading to persistent monitoring. Can you talk about maybe the metrics that could show that kind of Q-over-Q strength is happening and maybe whether it will persist, things like ARPU or customer utilization, maybe anything that will help us understand the transition from imagery to persistent monitoring?

祝你轉換過程一切順利，Rick。關於資料分析營收，季對季表現非常強勁。我知道你提到客戶正在升級到持續監測。你能否談談有哪些指標可以顯示這種季對季的強勁正在發生，以及它是否會持續？例如 ARPU 或客戶使用率等，任何能幫助我們理解從影像到持續監測轉換的資訊？

Yes. No, that's a super good question. And we're not sharing those metrics yet, but we're definitely collecting them. And we've had two quarters, almost -- less than two quarters since the launch of Aleph Observer. So we would like to observe the performance for a couple of more quarters before we start sharing metrics like ARPU or MRR or long-term customer value and so on, right?

是的。不，這是個非常好的問題。我們目前還不分享那些指標，但我們確實在收集。而且自 Aleph Observer 上線以來，我們只有兩個季度，幾乎——不到兩個季度。因此，在開始分享像 ARPU、MRR 或長期客戶價值等指標之前，我們希望再觀察幾個季度的表現，對吧？

Like we think those are valuable as longer-term trends. But we're definitely looking at them, and we believe the subscription business that we're building on the data analytics side is really -- should have metrics compatible with Data-as-a-Service or Software-as-a-Service business models in general. So I think those are the benchmarks that we are using internally to measure performance.

我們認為這些作為長期趨勢更有價值。但我們確實在看這些指標，而且我們相信我們在資料分析端所建立的訂閱式業務，確實——應該會具備與 Data-as-a-Service 或 Software-as-a-Service 商業模式一般相容的指標特性。所以我認為這些就是我們內部用來衡量表現的基準。

Okay. Great. I look forward to those and they should probably tell a positive story when you do put them out. And then my other question is on the SynMax and SpaceKnow applications. It sounds like you're building a platform where more apps can be layered on. Is that sort of a virtuous circle that the apps bring customers to the platform? Or is there an actual business model financial contribution from these apps to you above and beyond the value-add of the network?

好的。太好了。我很期待看到那些指標；等你們公布時，它們應該會講出一個正面的故事。我另一個問題是關於 SynMax 和 SpaceKnow 的應用。聽起來你們正在打造一個平台，讓更多應用可以疊加在上面。這是否是一種良性循環，也就是應用把客戶帶到平台上？或者這些應用本身是否有一個實際的商業模式，能在網路增值之外，為你們帶來額外的財務貢獻？

Yes. Well, there's the first -- I think the first thing that you guys mentioned with SpaceKnow and with SynMax is that we are bringing to our customers models trained for their specific use cases, best-of-breed models trying for the specific use cases. And this adds value to our customers directly. And it also, as mentioned before, allowed us to deliver more data that has a real impact, right? So I think it's a win for every party here.

是的。嗯，關於你們提到的 SpaceKnow 和 SynMax，我認為第一點是：我們為客戶帶來針對其特定使用情境訓練的模型，也就是針對特定使用情境的最佳同級模型。這會直接為客戶創造價值。而且如先前所提，這也讓我們能交付更多真正能產生影響的資料，對吧？所以我認為這對各方都是雙贏。

It's a lot of added value to customers. It's obviously a good business over time for partners, building the applications on top of our data. And to the extent that it allows us to deliver more data to more customers, it's a great win for Satellogic too, right? So we think it's super synergistic. You can expect to see more partners and more applications signed on top of our data feeds, particularly obviously, for Aleph Observer today, but also particularly as Merlin starts to become operational next year, this is going to be one of the ways in which we deliver value to the end customers, right?

這為客戶帶來大量附加價值。隨著時間推進，對合作夥伴而言，在我們的資料之上建構應用，顯然也是一門好生意。而在它能讓我們把更多資料交付給更多客戶的程度上，對 Satellogic 來說也同樣是很大的勝利，對吧？所以我們認為這具有高度協同效應。你可以預期會看到更多合作夥伴與更多應用簽約接入我們的資料串流；特別是就目前的 Aleph Observer 而言，當然也特別是當 Merlin 明年開始投入營運時，這將成為我們向終端客戶交付價值的方式之一，對吧？

Alex Latimore, Northland Capital Markets.

Alex Latimore，Northland Capital Markets。

Best of luck, Rick, in the journey. I just have one question on Palantir. I was wondering if there are any insights into potential contract renewal later this year or early '27?

祝你旅程順利，Rick。我只有一個關於 Palantir 的問題。我想知道，對於今年稍晚或 27 年初可能的合約續約，你們是否有任何洞見？

Yes. Thanks for the question, Michael. So we are -- we continue to work with Palantir as a great partner today, delivering data mostly to the US government. We're not in a position today to confirm or any follow-on contracts with them, but they are -- have been a strong partner for us over the last 4.5 years, and the end customers are receiving a lot of value from this collaboration. So we have -- are working with them in discussing how these relationships with the end customer continue after the end of the current contract.

是的。謝謝你的問題，Michael。我們——目前仍持續與 Palantir 合作，作為一個很棒的合作夥伴，主要向美國政府交付資料。我們目前無法確認是否會有任何後續合約，但他們——在過去 4.5 年一直是我們強而有力的合作夥伴，而終端客戶也從這項合作中獲得了很大的價值。因此，我們一直在與他們討論：在現有合約結束後，與終端客戶的這些關係要如何延續。

Yes. I'll just jump in and add that -- just add real quick, Alex, and thanks for the question, that as you're aware, this relationship with Palantir has been structured -- historically has been structured as a barter transaction. So the net cash to us is zero. And I think we did that at a time where bringing them on board as a partner and establishing a relationship with them and getting them to use our data was super important. It continues to be super important, and we're optimistic about our ability to hopefully continue providing them with our data and analytics.

是的。我補充一下——Alex，我很快補充一下，也謝謝你的問題：如你所知，我們與 Palantir 的關係在架構上——歷來是以易貨交易的方式來安排。因此對我們而言，淨現金流入為零。我認為我們當時這麼做，是因為把他們納入成為合作夥伴、建立合作關係並讓他們使用我們的資料非常重要。這件事現在仍然非常重要，我們也對未來能夠持續向他們提供我們的資料與分析抱持樂觀。

But we're also at a different point in the business where we don't necessarily feel like we need to barter out our data and analytics at this point. So I think that that they have -- they've used our data, they like our data. And hopefully, they'll continue to use our data, and we'll actually get cash for it.

但我們也處在業務的不同階段，我們不一定覺得此時還需要用易貨方式提供我們的資料與分析。所以我認為他們——他們已經使用過我們的資料，也喜歡我們的資料。希望他們能繼續使用我們的資料，而我們也能實際收到現金。

Great. Another one. So it sounds like there are many pilots in the work here. I was wondering if you had insights into the future here, if you can look into your crystal ball to see what the average deal size with sovereign nations might be going forward?

很好。再一個問題。聽起來目前有很多試點在進行中。我想請問你們對未來是否有一些洞見：如果你能用水晶球看一下，未來與主權國家的平均交易規模大概會是多少？

Yes. I mean it's -- Emiliano, you can feel free to jump in, too, but it will continue to vary. It depends really deal to deal. And it's hard to put parameters around deal size. I think that we're certainly looking at seven and eight figure deals, that much I can say, but that's obviously a pretty wide range. It's just going to depend on the customer, their needs and how quickly they're able and willing to move on either data acquisition or a space systems deal.

是的。我的意思是——Emiliano，你也可以隨時補充——但它仍會持續有很大差異。這真的取決於每一筆交易。而且很難為交易規模設定參數。我想我可以說的是，我們確實在看七位數與八位數的交易，但那顯然是一個很寬的範圍。這將取決於客戶、他們的需求，以及他們在資料採購或太空系統交易上能夠、也願意推進的速度。

All right. Great. One final quick one. I was just wondering how much open capacity you currently have on your constellation? And then also, is it correct to think about full capacity, data subscription capacity on NewSat about $65 million?

好的。很好。最後一個很快的問題。我想請問你們目前在星座上還有多少可用的閒置產能？另外，把 NewSat 的滿載產能、資料訂閱產能視為約 6,500 萬美元，這樣理解是否正確？

Yes. It's -- Emiliano will elaborate on this. But no, it's -- I wouldn't make that assumption on $65 million. I think that capacity is much less relevant from our perspective as we enter into persistent global monitoring and intelligence, and Emiliano can expand a bit on that. But I think we talked about capacity at a time where we had a lot of it and a lot of data to sell, and we had a slightly different business model. With Persistent Global Intelligence, it's just much less relevant.

是的。這個——Emiliano 會再詳細說明。但不，我不會做出 6,500 萬美元這樣的假設。我認為當我們進入「持續全球監測與情報」時，從我們的角度來看，產能的重要性就小得多了，Emiliano 可以再多談一些。但我想我們談產能，是在我們當時有很多產能、也有很多資料要賣，而且商業模式略有不同的時候。在「持續全球情報」之下，這就變得沒那麼相關了。

Yes. No, look, I think there's the potential for significantly more than $65 million of revenue with our existing constellation on the data delivered through Aleph Observer and subscription programs. So no, I don't think that's a reasonable cap. There are several factors there. On one side, I would say we continue to have the largest unencumbered capacity in the market today. And we are adding customers and increasing revenue, but we don't -- that doesn't put a huge stand into the capacity in terms of what we can deliver in the future, not so far.

是的。不，你看，我認為透過 Aleph Observer 與訂閱方案所交付的資料，以我們現有星座來看，營收潛力顯著高於 6,500 萬美元。所以不，我不認為那是合理的上限。這裡有幾個因素。一方面，我會說我們目前仍擁有市場上最大、未受限制的產能。而且我們正在增加客戶並提升營收，但我們——那並不會在產能上造成很大的壓力，就我們未來可交付的能力而言，目前還不至於。

The other thing I would say is -- you can expect that in many areas of the world where customers tend to cluster in terms of needs to monitor, we can deliver the same monitored sites to more than one customer. So there's not a one-to-one relationship between the number of sites that we capture and the number of customers that we can serve, right, with the same number of sites that we're capturing, we can serve more than a single customer. So basically, I would say the potential is significant.

我還想說另一點是——你可以預期，在世界上許多客戶需求（監測需求）往往集中的地區，我們可以把同一批被監測的站點交付給不只一位客戶。因此，我們所拍攝的站點數量與我們能服務的客戶數量之間，並不是一對一的關係；也就是說，以同樣的站點數量，我們可以服務不只一位客戶。所以基本上，我會說潛力相當可觀。

[Adar, Freedom Capital Markets].

[Adar，Freedom Capital Markets]。

I have a couple. First, you previously described about Space Systems' pipeline of nearly $1 billion. And how much of it has a defined budget, may be some procurement time line or technical scope rather than still being early stage?

我有兩個問題。第一，你先前提到 Space Systems 的管線接近 10 億美元。其中有多少是已具備明確預算、可能有一些採購時程或技術範疇，而不是仍處於早期階段？

Well, yes, our pipeline continues to be in that order of magnitude. And in order to make our pipeline, it all has a defined budget. So there's a customer with an identified need and a budget to move forward. So they're all qualified opportunities from our perspective. And -- I'm sorry, I lost the second part of your question.

嗯，是的，我們的管線規模仍大致在那個量級。而要納入我們的管線，全部都必須有明確預算。也就是說，有客戶有已識別的需求，並且有預算可以推進。所以從我們的角度來看，這些都是合格的機會。然後——抱歉，我漏掉了你問題的第二部分。

Is the budget is still being in early stage or --

這些預算仍是在早期階段，還是--

I mean -- I think you're asking -- I'm not sure what you're asking, but I'll try and answer it. Anyway, the pipeline -- each deal in the pipeline is at a different stage depending on the customer and the length of time we've been talking to them and their ability to move and desire to move more quickly than more slowly. So each one of these sovereign deals is very unique. The buyer is very unique. Their process is unique and how long they take to convert is sort of all over the map.

我的意思是——我想你在問——我不太確定你在問什麼，但我會試著回答。總之，管線——管線中的每筆交易都處於不同階段，取決於客戶、我們與他們洽談的時間長短，以及他們推進的能力與希望加快或放慢的意願。所以這些主權交易每一筆都非常獨特。買方非常獨特。他們的流程也很獨特，而轉換所需時間可說是差異很大。

We can -- on a Space Systems deal, we've done them as quickly as -- we've converted them as quickly as four to six months and as long as three years. With Data and Analytics, those tend to convert much quicker, and they don't really linger on the pipeline that long because there's typically a process and the customer either makes a data buy from us or they don't, and then they cycle off the pipeline. Hopefully, that answers your question.

我們可以——就 Space Systems 的案子而言，我們最快曾在四到六個月內完成轉換，也曾長達三年。至於 Data and Analytics，那些通常轉換得更快，而且不會在管線中停留太久，因為一般會有一個流程，客戶要嘛向我們購買資料、要嘛不買，然後就會從管線中移除。希望這回答了你的問題。

Okay. That's really helpful. So -- and the second one is related to defense missions. So for which defense missions does one meter resolution coverage remains sufficient and where customers is increasingly requiring better resolution imagery for qualify for procurement?

好的。這非常有幫助。那——第二個問題與國防任務相關。哪些國防任務中，一公尺解析度的覆蓋仍然足夠？又在哪些情況下，客戶愈來愈要求更高解析度影像，才能符合採購資格？

Yes, I can take that. Thank you. So our current constellation delivering 50-centimeter resolution imagery is really at the sweet spot of the requirements for most defense customers. And if you ask customers, they will always want the highest possible resolution. If you can deliver 30 centimeters, they will want 30 centimeters, you can deliver 15 centimeters, they will probably want them too.

是的，我可以回答。謝謝。我們目前的星座可提供 50 公分解析度影像，對多數國防客戶的需求而言，正好落在甜蜜點。而如果你問客戶，他們永遠都會想要最高可能的解析度。如果你能提供 30 公分，他們就會想要 30 公分；如果你能提供 15 公分，他們可能也會想要。

The real point here is you need to be able to deliver the imagery over the sites that are interested in monitoring. So 30-centimeter resolution imagery is fantastic. But if you can only deliver one image every three days to the customer, then it doesn't really fit in operational demand. I think what we're doing with Aleph Observer and Persistent Global Intelligence infrastructure in general, by being able to deliver consistent imagery on a daily basis over thousands of sites to our customers, we are giving them the ability to look at things that they've never been able to see before, right?

這裡真正的重點是，你必須能在他們有興趣監測的站點上交付影像。所以 30 公分解析度影像很棒。但如果你只能每三天交付一張影像給客戶，那就不太符合實務作業需求。我認為我們透過 Aleph Observer 以及整體的 Persistent Global Intelligence 基礎設施所做的事情，是能夠在數千個站點上每天穩定地向客戶交付一致的影像，讓他們有能力看到以前從未能看到的事物，對吧？

So more than resolution, I think what is important here is that actionability. What can you see in the images, -- it's not a number. It's what can you see there? Is the equipment there? Is the aircraft carrier where it was before? Is the submarine where it was before? Have things moved? This kind of situational awareness on a daily basis that Aleph Observer empowers our customers to do is something very new. And I think that's where the value lies more than in any specific number in terms of resolution or anything else.

所以比起解析度，我認為更重要的是可採取行動性（actionability）。你能在影像中看到什麼——那不是一個數字。而是你能看到什麼？設備在那裡嗎？航空母艦是否仍在原來的位置？潛艦是否仍在原來的位置？有沒有移動？Aleph Observer 讓我們的客戶能夠每天進行這種態勢感知，這是非常新的能力。我認為價值更多在於此，而不是解析度或其他任何特定數字。

At this stage, there seems to be no further questions. I will now hand the call over to Emiliano for closing remarks. Please go ahead.

目前看來似乎沒有進一步的問題。我現在把電話交給 Emiliano 作結語。請開始。

Thank you, operator, and thank you all for joining us today. The second quarter was the quarter that Satellogic crossed over. We are building the infrastructure for Persistent Global Intelligence, continuous proactive awareness of the places, assets and activities that matter. We intend to lead this category as it forms, and we look forward to updating all of you on our progress next quarter. If we were unable to address any of your questions today, please reach out to our Investor Relations team at ir@satellogic.com. Thank you, and have a good afternoon.

謝謝接線員，也謝謝各位今天加入我們。第二季是 Satellogic 跨越門檻的一季。我們正在建構 Persistent Global Intelligence 的基礎設施——對重要地點、資產與活動的持續、主動式、連續性掌握。我們打算在這個類別形成之際成為領導者，並期待在下個季度向各位更新我們的進展。如果我們今天未能回答各位的任何問題，請聯繫我們的投資人關係團隊：ir@satellogic.com。謝謝，祝各位下午愉快。

Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話線。