Spire Global Inc (SPIR) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Spire Global first-quarter 2024 call. (Operator Instructions)

您好，歡迎致電 Spire Global 2024 年第一季。（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ben Hackman, Head of Investor Relations. Thank you, sir. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係主管 Ben Hackman。謝謝你，先生。你可以開始了。

Thank you. Hello, everyone, and thank you for joining us for our first-quarter 2024 earnings conference call. Our earnings press release and SEC filings can be found on our IR website at ir.spire.com. A replay of today's call will also be made available. With me on the call today is Peter Platzer, CEO; and Leo Basola, CFO.

謝謝。大家好，感謝您參加我們的 2024 年第一季財報電話會議。我們的收益新聞稿和 SEC 文件可以在我們的 IR 網站 ir.spire.com 上找到。也將提供今天電話會議的重播。今天與我一起參加電話會議的是執行長 Peter Platzer；和財務長 Leo Basola。

As a reminder, our commentary today will include non-GAAP items. Reconciliations between our GAAP and non-GAAP results as well as our guidance can be found in our earnings press release and in our investor presentation, both of which can be found on our IR website at ir.spire.com.

提醒一下，我們今天的評論將包括非公認會計準則項目。我們的 GAAP 和非 GAAP 業績之間的調節以及我們的指導可以在我們的收益新聞稿和投資者簡報中找到，這兩者都可以在我們的 IR 網站 ir.spire.com 上找到。

Some of our comments today contain forward-looking statements that are subject to risks, uncertainties, and assumptions. In particular, our expectations around our results of operations and financial conditions are uncertain and subject to change.

我們今天的一些評論包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響。特別是，我們對經營業績和財務狀況的預期是不確定的，並且可能會發生變化。

Should any of these expectations fail to materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results is included in our SEC filings.

如果這些預期未能實現，或我們的假設被證明是錯誤的，公司的實際業績可能與這些前瞻性陳述有重大差異。我們向 SEC 提交的文件中包含這些風險、不確定性和假設以及可能影響我們財務表現的其他因素的描述。

With that, let me hand the call over to Peter.

現在，讓我把電話轉給彼得。

Thank you, Ben. Good afternoon, everyone, and welcome to today's call. I want to start off by extending my deepest gratitude to our exceptional team dedicated to improving life on Earth with data from space. Their unwavering commitment and boundless innovations are propelling us forward, delivering industry-wide firsts on a regular basis.

謝謝你，本。大家下午好，歡迎參加今天的電話會議。首先，我想向我們致力於利用太空數據改善地球生活的傑出團隊致以最深切的謝意。他們堅定不移的承諾和無限的創新推動我們不斷前進，不斷創造產業第一。

We have grown at a compound annual growth rate of over 100% since achieving $1 million of revenue in 2017. At the end of last year, we delivered our first quarter of positive adjusted EBITDA ahead of plan. And today, we are at the doorstep of full profitability, starting with continued positive adjusted EBITDA in Q2 and positive free cash flow thereafter.

自 2017 年營收 100 萬美元以來，我們的年複合成長率超過 100%。去年年底，我們提前實現了第一季的正向調整 EBITDA。今天，我們正處於全面盈利的門口，首先是第二季度調整後的 EBITDA 持續為正值，此後自由現金流為正值。

We aim to set the standard in our industry by being a high-margin, profitable, high-growth space company, something that so far has not been demonstrated. We are inspired by leading SaaS companies that grew profitably by more than 20% for 20 years, increasing their market cap over 150 times.

我們的目標是成為一家高利潤、高利潤、高成長的航太公司，從而樹立行業標準，而這一點迄今為止尚未得到證實。我們受到領先 SaaS 公司的啟發，這些公司的利潤在 20 年內增長了 20% 以上，市值增加了 150 倍以上。

And we believe Spire's market and growth opportunity are at least as large, driven by our commitment to improving life on Earth with data from space and supported by massive generational trends including climate impact, security threats, and the power of AI and machine learning for the digital economy of the future. Our team at Spire is shaping the future of our industry, and I could not be more excited about that journey ahead.

我們相信，Spire 的市場和成長機會至少同樣巨大，這得益於我們致力於利用太空數據改善地球生活的承諾，並受到包括氣候影響、安全威脅以及人工智慧和機器學習的力量在內的大規模世代趨勢的支持。我們 Spire 的團隊正在塑造我們行業的未來，我對未來的旅程感到無比興奮。

For over a decade, Spire's trajectory has been shaped by two enduring exponential global megatrends: global security challenges and the escalating impacts of climate change. The ongoing conflict in Ukraine, the expanding geopolitical landscape in the Middle East, and the persistent tensions in the South China Sea underscore the ever-evolving complexities of our world.

十多年來，Spire 的發展軌跡受到兩個持久的指數級全球大趨勢的影響：全球安全挑戰和氣候變遷影響不斷升級。烏克蘭持續的衝突、中東不斷擴大的地緣政治格局以及南海持續的緊張局勢凸顯了世界不斷變化的複雜性。

Meanwhile, climate change-induced weather volatility continues to surprise the world. Just recently, Dubai experienced a deluge receiving more rain in a 24-hour period than it typically does in an entire year. This led to widespread flooding and disruptions including at one of the world's busiest airports. Furthermore, scientific records reveal that this past March was the warmest in 175 years of climate data.

與此同時，氣候變遷引發的天氣波動繼續讓世界感到驚訝。就在最近，杜拜經歷了一場洪水，24 小時內的降雨量比通常全年降雨量還要多。這導致了大範圍的洪水和破壞，包括世界上最繁忙的機場之一。此外，科學記錄顯示，今年 3 月是 175 年來氣候數據中最溫暖的月份。

With elevated sea surface temperatures, experts are bracing for an extremely active Atlantic hurricane season, projected to spawn up to 23 named storms. These stark realities highlight the enduring relevance and criticality of Spire's mission. Our impact will not be measured on a quarterly basis, but over the decades to come.

隨著海面溫度升高，專家們正在為極其活躍的大西洋颶風季做好準備，預計將產生多達 23 場命名風暴。這些嚴峻的現實凸顯了 Spire 使命的持久相關性和重要性。我們的影響不會按季度衡量，而是在未來幾十年內衡量。

In the first quarter, our revenue fell short of expectations, yet our commitment to achieving profitability never wavered. We successfully reached the midpoint of our adjusted EBITDA guidance, and we remain on track for positive free cash flow this summer. As we've done in the past, we optimized the business for profitability and maintained our steadfast drive towards sustained profitable growth.

一季度，我們的收入沒有達到預期，但我們實現盈利的決心從未動搖。我們成功達到了調整後 EBITDA 指導的中點，並且今年夏天我們仍有望實現正自由現金流。正如我們過去所做的那樣，我們優化了業務的獲利能力，並保持了對持續獲利成長的堅定推動。

We have established a strong business foundation, coupled with a highly efficient operationally leveraged business model. As we continue to scale, we anticipate achieving strong profitability allowing us to prudently reinvest in the business. Looking ahead to the second quarter and beyond, we expect further pivotal moments in our journey driven by high customer demand and improving bottom-line metrics.

我們已經建立了強大的業務基礎，以及高效的營運槓桿業務模式。隨著我們不斷擴大規模，我們預計將實現強勁的獲利能力，使我們能夠謹慎地對業務進行再投資。展望第二季及以後，我們預計在高客戶需求和不斷改善的底線指標的推動下，我們的旅程將出現更多關鍵時刻。

As Spire delivers innovative solutions that address the most formidable challenges in global security and climate change, we are also integrating cutting-edge advancements in artificial intelligence and machine learning. The speed of change associated with these technologies is astounding. We are at the beginning of a new industrial revolution with the emergence of artificial intelligence similar to the industrial revolution that took place with the emergence of computers and the Internet.

在 Spire 提供創新解決方案來應對全球安全和氣候變遷最嚴峻的挑戰的同時，我們也整合了人工智慧和機器學習領域的尖端技術。與這些技術相關的變化速度是驚人的。我們正處於一場新的工業革命的開端，人工智慧的出現類似於電腦和網路的出現所發生的工業革命。

AI and machine learning are quickly reshaping the boundaries of what can be achieved, propelling us towards new horizons of possibility. Spire early on recognized the potential for these technologies to drive demand for our proprietary data.

人工智慧和機器學習正在迅速重塑可實現目標的界限，推動我們邁向新的可能性視野。Spire 很早就意識到這些技術有潛力推動對我們專有數據的需求。

They facilitate a paradigm shift where power now lies with those possessing unique hard-to-acquire data rather than those with access to massive supercomputers. Our wealth of data that can only be collected from space affords us the opportunity to deliver to customers capabilities that surpass previous standards in accuracy, applicability, and value.

它們促進了範式轉變，現在權力掌握在那些擁有獨特的難以獲取數據的人身上，而不是那些能夠訪問大型超級電腦的人身上。我們只能從太空收集的大量數據使我們有機會向客戶提供在準確性、適用性和價值方面超越以前標準的能力。

And the weather industry is one in which we are seeing AI and machine learning quickly upend traditional processes. For decades, the industry has relied on physics-based numerical weather prediction models, requiring supercomputing power and lengthy processing times to generate forecasts.

在天氣產業，我們看到人工智慧和機器學習迅速顛覆了傳統流程。幾十年來，該行業一直依賴基於物理的數值天氣預報模型，需要超級運算能力和漫長的處理時間來產生預報。

Just two years ago, weather experts expressed skepticism regarding the efficacy of AI-driven weather models. However, within a year, a prominent global weather agency began establishing an AI weather forecasting team and model.

就在兩年前，氣象專家對人工智慧驅動的天氣模式的有效性表示懷疑。然而，一年之內，一家著名的全球氣象機構開始建立人工智慧天氣預報團隊和模型。

Recent analysis reveal that their AI model surpasses the accuracy of their long-standing physics-based model. And this advancement was achieved in a remarkably short span of time. This aligns with the rapid changes we're seeing in the industry.

最近的分析表明，他們的人工智慧模型超越了長期存在的基於物理的模型的準確性。而這項進步是在非常短的時間內實現的。這與我們在行業中看到的快速變化是一致的。

Instead of running on a supercomputer that costs $80 million to $120 million, these weather models are run on a single GPU. Instead of requiring hours to process the data, Spire's AI models run a 10-day global forecast in less than one minute.

這些天氣模型不是在價值 8000 萬至 1.2 億美元的超級電腦上運行，而是在單一 GPU 上運行。Spire 的人工智慧模型不需要花費數小時來處理數據，而是可以在不到一分鐘的時間內運行 10 天的全球預測。

With these seismic changes in the industry, we are now seeing new AI weather models announced every few weeks. Most of these models have been trained on the same set of initial data, which means that having an additional set of unique data is a major differentiator. That's where Spire comes into this rapidly changing industry.

隨著行業的這些巨大變化，我們現在每隔幾週就會看到新的人工智慧天氣模型發布。大多數這些模型都是在同一組初始資料上進行訓練的，這意味著擁有一組額外的獨特資料是一個主要的區別因素。這就是 Spire 進入這個快速變化的行業的地方。

Spire has world-class data assimilation capabilities. Beyond aggregating conventional data sources, we capture our own proprietary space-based data. This rich data set encompasses a spectrum of information from pressure, temperature, humidity, and precipitation to soil moisture, ocean winds, and sea ice, among others.

Spire 擁有世界一流的資料同化能​​力。除了聚合傳統資料來源之外，我們還捕獲我們自己專有的天基資料。這個豐富的資料集包含從壓力、溫度、濕度、降水到土壤濕度、海風和海冰等一系列資訊。

This comprehensive data set allows us to generate data assimilation grids tailored for training and inference of this new class of AI weather models. Furthermore, the computational efficiency of AI models combined with our deep knowledge and experience in weather prediction allows us to generate massive ensembles comprised of hundreds of individual forecasts.

這個全面的資料集使我們能夠產生專門用於訓練和推理此類新型人工智慧天氣模式的資料同化網格。此外，人工智慧模型的計算效率與我們在天氣預報方面的深厚知識和經驗相結合，使我們能夠產生由數百個單獨的預測組成的大規模集合。

This augmentation empowers us to generate forecasts for low-probability but high-impact events such as rapidly intensifying hurricanes or severe flooding. Previously, the computational demand was too high for these types of forecasts, resulting in the omission of such events from forecast and probability assessments.

這種增強使我們能夠對低機率但影響大的事件（例如迅速增強的颶風或嚴重洪水）進行預測。此前，此類預測的計算需求過高，導致預測和機率評估中遺漏了此類事件。

Additionally, we are actively pursuing the development of our proprietary AI weather models. AI modeling is an area in which we are prudently investing in addition to collaborating with industry leaders such as NVIDIA.

此外，我們正在積極開發我們專有的人工智慧天氣模型。除了與 NVIDIA 等產業領導者合作之外，AI 建模也是我們審慎投資的一個領域。

Trusting our own model empowers us to meticulously tailor the neural network architecture, thereby effectively extracting information from Spire's proprietary data and ultimately, enhancing the accuracy and reliability of our AI weather predictions.

信任我們自己的模型使我們能夠精心定制神經網路架構，從而有效地從 Spire 的專有數據中提取信息，並最終提高人工智慧天氣預報的準確性和可靠性。

As we progress along each step of this journey, we are looking to monetize our data and capabilities. Beyond enriching the input side of our models, our AI and machine learning capabilities also extend to the post-processing phase, enabling us to introduce innovative solutions to the market.

隨著我們在這趟旅程的每一步中取得進展，我們都希望將我們的數據和能力貨幣化。除了豐富模型的輸入端之外，我們的人工智慧和機器學習能力還擴展到後處理階段，使我們能夠向市場推出創新的解決方案。

A recent example is the introduction of Spire's advanced Soil Moisture Insights solution. By leveraging exclusive soil moisture measurements obtained by our satellite constellation and integrated sophisticated AI and ML algorithms, we can offer an unparalleled view of soil moisture around the globe.

最近的一個例子是 Spire 先進的土壤濕度洞察解決方案的推出。透過利用我們的衛星星座獲得的獨家土壤濕度測量結果以及整合複雜的人工智慧和機器學習演算法，我們可以提供全球土壤濕度的無與倫比的視圖。

We are seeing early success of our solutions in the marketplace. We recently announced that we secured a multimillion-dollar deal with a financial firm for our six-day high-resolution weather forecast and to develop an AI-powered model for long-range forecasting.

我們看到我們的解決方案在市場上取得了早期成功。我們最近宣布與一家金融公司達成了一項價值數百萬美元的協議，用於提供為期六天的高解析度天氣預報，並開發人工智慧驅動的長期預測模型。

This is just the beginning of a long list of opportunities. Weather impacts almost every aspect of the human experience. We expect interest from governmental organization, logistics companies, energy and commodity firms, insurance companies, and companies with infrastructure that can be impacted by adverse weather.

這只是一長串機會的開始。天氣幾乎影響人類經驗的各個層面。我們預計政府組織、物流公司、能源和大宗商品公司、保險公司以及基礎設施可能受到惡劣天氣影響的公司都會對此感興趣。

It is estimated that weather impacts $30 trillion of GDP, and 10% of that or $3 trillion is mitigatable. This is an absolutely massive market, and Spire is in a prime position to capture a portion of it. Our distinctive space-based data positions us as a significant contributor to the revolution being driven by AI and machine learning.

據估計，天氣影響了 30 兆美元的 CGD，其中 10%（即 3 兆美元）是可以緩解的。這是一個絕對龐大​​的市場，而 Spire 處於佔據其中一部分的有利位置。我們獨特的天基數據使我們成為人工智慧和機器學習推動的革命的重要貢獻者。

Our announced award is the first of what is anticipated to be many opportunities as the marketplace rapidly adopts these new capabilities. Since our founding, we have focused on leveraging space to improve life on earth. As technologies have advanced, so too have the capabilities that Spire can bring to combat climate change and global security.

隨著市場迅速採用這些新功能，我們宣布的獎項是預計將出現的眾多機會中的第一個。自成立以來，我們一直致力於利用太空來改善地球上的生活。隨著技術的進步，Spire 應對氣候變遷和全球安全的能力也在不斷進步。

We have the opportunity and fortitude to provide previously unattainable knowledge and insight about Earth from the ultimate vantage point of space to help people make smarter, better, faster decisions about what to do next in a rapidly changing world.

我們有機會和毅力從太空的終極有利位置提供以前無法獲得的關於地球的知識和見解，幫助人們在快速變化的世界中就下一步該做什麼做出更明智、更好、更快的決策。

As humans look up to the vastness of space for a glimpse of hope or a sign of the future, space stares back compelling us to act. At Spire, we are progressing every day with the hope and belief of an even brighter future.

當人類仰望浩瀚的太空尋找希望或未來的徵兆時，太空的回眼迫使我們採取行動。在Spire，我們每天都在進步，並懷著對更光明未來的希望和信念。

And with that, I'll turn it over to Leo.

有了這個，我會把它交給利奧。

Thank you, Peter. During my section, I will be discussing non-GAAP financial measures unless otherwise stated. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release and investor presentation, both of which are available on our Investor Relations website and should be reviewed in conjunction with this earnings call.

謝謝你，彼得。在本節中，除非另有說明，我將討論非公認會計準則財務指標。我們在收益發布和投資者介紹中提供了 GAAP 與非 GAAP 財務數據的調整表，這兩者都可以在我們的投資者關係網站上找到，並應與本次收益電話會議一起審查。

GAAP revenue for our first quarter was $25.7 million, 6% year-over-year growth. This was below our expectations. There were three main drivers for our revenue performance.

第一季 GAAP 營收為 2,570 萬美元，較去年同期成長 6%。這低於我們的預期。我們的收入表現有三個主要驅動因素。

First, the data production from our LEMUR constellation was impacted by the increased solar cycle activity. Some early deorbiting, coupled with a delay in the implementation of countermeasures, resulted in lower than anticipated sales from delivery of clean data to some customers.

首先，狐猴星座的資料生產受到太陽週期活動增加的影響。一些早期的脫軌，加上反措施實施的延遲，導致向一些客戶提供乾淨資料的銷售額低於預期。

Second, the continuing resolution in the US Federal Government was not resolved until very late in Q1 2024, resulting in delay of new and follow-on orders from government agencies. This was particularly evident in radio frequency geolocation or RFGL. The short-cycle high-volume nature of this business impacted both orders and revenues in the quarter.

其次，美國聯邦政府的持續決議直到 2024 年第一季末才解決，導致政府機構的新訂單和後續訂單延遲。這在射頻地理定位或 RFGL 中尤其明顯。該業務的短週期大批量性質影響了本季的訂單和收入。

Finally, a third-party propulsion unit integrated into a set of space services assets underperformed to their stated design capabilities, resulting in a longer than anticipated lapse between launch and full operation and consequent revenue production for that mission.

最後，整合到一組太空服務資產中的第三方推進裝置未達到其規定的設計能力，導致發射和全面運作以及隨後的任務收入之間的間隔比預期更長。

Nonetheless, and consistent with our commitment to our number one near-term priority of achieving profitability, we kept our costs under tight control and landed at the midpoint of our first-quarter non-GAAP operating loss and adjusted EBITDA guidance.

儘管如此，為了履行我們對實現盈利這一近期首要任務的承諾，我們嚴格控製成本，並將第一季非公認會計原則營運虧損和調整後的 EBITDA 指導值降至中點。

For the first quarter, non-GAAP operating loss was a negative $7 million, aligned with our expectations. This reflects a 28% improvement year over year. Adjusted EBITDA for the first quarter was negative $1.1 million, also aligned with our expectations and reflects an 84% improvement over the prior year.

第一季度，非 GAAP 營運虧損為負 700 萬美元，與我們的預期一致。這反映了同比 28% 的改善。第一季調整後 EBITDA 為負 110 萬美元，也符合我們的預期，比前一年提高了 84%。

The first quarter marks another quarter of strong execution since early 2022 in meeting or beating our non-GAAP operating loss and adjusted EBITDA guidance. Over the last two years, we have been navigating through a period marked by challenges from geopolitical tensions to economic uncertainties. However, our strategy has been unwavering, delivering a sustainable stream of positive adjusted EBITDA and free cash flow from 2024 onwards.

第一季標誌著自 2022 年初以來又一個強勁執行的季度，達到或超過了我們的非 GAAP 營運虧損和調整後 EBITDA 指引。過去兩年，我們經歷了一個充滿地緣政治緊張局勢和經濟不確定性等挑戰的時期。然而，我們的策略始終堅定不移，從 2024 年起提供可持續的正向調整 EBITDA 和自由現金流。

Although growth is paramount to value generation, I believe that a self-sustaining profitable company that also grows is regarded much more positively in the markets from both an equity investor and debt provider perspective. Generating our own cash flow opens up additional opportunities for Spire, given the significant long-term growth opportunities within our addressable markets.

儘管成長對於價值創造至關重要，但我相信，從股權投資者和債務提供者的角度來看，一家能夠自我維持、獲利且不斷成長的公司在市場上會受到更正面的評價。鑑於我們的目標市場中存在重大的長期成長機會，產生我們自己的現金流為 Spire 帶來了更多機會。

Turning quickly to a few additional metrics. Reported ARR at quarter-end was over $120 million, reflecting a 15% year-over-year growth. Spire's ARR net retention rate exceeded 100% at 102%. Our remaining performance obligations remained robust at approximately $196 million. We expect a little over 40% of this revenue to be recognized in the next 12 months.

快速轉向一些額外的指標。季度末報告的 ARR 超過 1.2 億美元，年增 15%。Spire 的 ARR 淨保留率超過 100%，達到 102%。我們的剩餘履約義務仍然強勁，約為 1.96 億美元。我們預計超過 40% 的收入將在未來 12 個月內得到確認。

Let's now move to the balance sheet and specifically, our cash position. We ended our quarter with cash, cash equivalents, and short-term marketable securities of approximately $64 million. During the first quarter, we raised gross proceeds of $40 million at an average price of $13.44 per share, and have used $10 million to prepay a portion of our outstanding debt and reduce our financial costs.

現在讓我們來看看資產負債表，特別是我們的現金狀況。本季結束時，我們擁有約 6,400 萬美元的現金、現金等價物和短期有價證券。第一季度，我們以每股 13.44 美元的平均價格籌集了 4,000 萬美元的總收益，並使用了 1,000 萬美元來預付部分未償債務並降低財務成本。

We expect positive adjusted EBITDA in Q2 '24 and remain on track for positive free cash flow this summer. We believe these accomplishments put us in an even stronger position to refinance our existing Blue Torch Capital loan to lower our cost of funding.

我們預計 24 年第二季調整後的 EBITDA 將為正值，並且今年夏天仍有望實現正自由現金流。我們相信，這些成就使我們處於更有利的地位，可以為我們現有的 Blue Torch Capital 貸款再融資，以降低我們的融資成本。

We have continued to make progress on this front, having spent time with numerous financial institutions to better understand the current market landscape. Given market conditions prevalent as of today, we're targeting to have the refinance completed by the end of 2024.

我們在這方面不斷取得進展，與眾多金融機構合作，以便更好地了解當前的市場格局。鑑於目前的市場狀況，我們的目標是在 2024 年底前完成再融資。

Now turning to our outlook for the second quarter and the full year. We expect a strong rebound in revenue in the second quarter to a record amount in the range of $29 million to $33 million. Given the operationally leveraged nature of our business, we expect this strong revenue growth to largely flow through to the bottom line.

現在轉向我們對第二季和全年的展望。我們預計第二季營收將強勁反彈，達到創紀錄的 2,900 萬美元至 3,300 萬美元。考慮到我們業務的營運槓桿性質，我們預計這種強勁的收入成長將很大程度上轉化為利潤。

We anticipate Q2 non-GAAP operating loss or income to range between negative $3 million and positive $1 million, with a midpoint of negative $1 million. The midpoint represents a $5 million improvement year over year and would also represent Spire's best-ever non-GAAP operating loss performance.

我們預計第二季非 GAAP 營運虧損或營收將在負 300 萬美元到正 100 萬美元之間，中點為負 100 萬美元。中點代表年增 500 萬美元，也代表 Spire 有史以來最好的非 GAAP 營運虧損表現。

We expect adjusted EBITDA to once again turn positive and be in the range of positive $2 million to positive $5 million. We expect adjusted EBITDA to remain positive from Q2 '24 onwards. For non-GAAP loss per share, we expect a range from negative $0.31 to negative $0.15 for the second quarter, which assumes a basic weighted average share count of approximately 24.7 million shares.

我們預計調整後的 EBITDA 將再次轉正，並在 200 萬美元至 500 萬美元之間。我們預計從 2024 年第二季起，調整後 EBITDA 將保持正值。對於非 GAAP 每股虧損，我們預期第二季每股虧損為負 0.31 美元至負 0.15 美元，假設基本加權平均股數約為 2,470 萬股。

I would like to turn now to the full-year outlook. Some of the events that impacted revenue in the first quarter also impact our full-year revenue expectations. We expect full-year revenue to range from $122 million to $132 million. This represents 20% year-over-year growth at the midpoint of our guide.

我現在想談談全年展望。影響第一季營收的一些事件也會影響我們的全年營收預期。我們預計全年收入將在 1.22 億美元至 1.32 億美元之間。這相當於我們指南中位數的年增 20%。

In line with our focus on profitability, we expect to maintain tight cost controls. We anticipate non-GAAP operating loss between negative $11 million and negative $1 million, which at the midpoint represents a nearly $20 million improvement year over year.

根據我們對獲利能力的關注，我們預計將保持嚴格的成本控制。我們預期非 GAAP 營運虧損在負 1,100 萬美元到負 100 萬美元之間，中間值意味著年增近 2,000 萬美元。

We expect adjusted EBITDA to range from positive $7 million to positive $15 million, which at the midpoint represents a $22 million improvement year over year. For the full year, we expect our non-GAAP loss per share to range from negative $1.11 to negative $0.70, which assumes a basic weighted average share count of approximately 24.2 million shares.

我們預計調整後的 EBITDA 範圍為正 700 萬美元到正 1500 萬美元，中間值代表同比增加 2200 萬美元。對於全年，我們預計非 GAAP 每股虧損將在負 1.11 美元至負 0.70 美元之間，假設基本加權平均股數約為 2,420 萬股。

Before we jump into Q&A, if you allow me, I would like to share my perspective on our company's strength and future. I joined Spire in pursuit of a personal dream to align myself with a company that mattered, a company that would allow me to look back and proudly tell my grandchildren that the work I did contributed to resolving the most challenging problems we face on Earth. And those are certainly issues related to climate change and the ever-increasing geopolitical tensions that are escalating daily.

在我們開始問答之前，如果您允許的話，我想分享我對我們公司的實力和未來的看法。我加入Spire 是為了追求個人夢想，讓自己與一家重要的公司結盟，這家公司能讓我回顧過去並自豪地告訴我的孫子們，我所做的工作為解決我們在地球上面臨的最具挑戰性的問題做出了貢獻。這些肯定是與氣候變遷和日益加劇的地緣政治緊張局勢有關的問題。

Spire has demonstrated since its inception a strong capability to offer valuable solutions for those challenges through superior and original innovation. In only a decade, Spire moved from manufacturing a nanosatellite to managing a full-deployed constellation of satellites, a skill that we are now offering as a service to our customers.

Spire 自成立以來就展現出強大的能力，能夠透過卓越的原創創新為這些挑戰提供有價值的解決方案。僅花了十年時間，Spire 就從製造奈米衛星轉變為管理完整部署的衛星星座，我們現在將這項技能作為服務提供給客戶。

We improved the quality and increased the type of data we capture from space, starting with AIS, ADS-B, and radio occultation for maritime, aviation, and weather applications. Now we are widening our frontiers, pushing the boundaries of our capabilities with new assets, detecting GPS jamming and spoofing, capturing greenhouse gas emissions data, space awareness images, and data for wildfire tracking and prevention.

我們提高了從太空捕獲的資料品質並增加了資料類型，首先是海事、航空和天氣應用的 AIS、ADS-B 和無線電掩星。現在，我們正在拓寬我們的領域，利用新資產突破我們能力的界限，檢測 GPS 幹擾和欺騙，捕獲溫室氣體排放數據、空間感知圖像以及野火追蹤和預防數據。

Wow. The journey had and will have challenges along the way. It's the unwavering and relentless commitment of my colleagues at Spire that makes all the difference. This is just the beginning. And I see a significant step change ahead of us, as we turn free cash flow positive in the summer and then deliver sustainable profitability. Just imagine what this team will be able to achieve when that happens.

哇。一路上曾經並將面臨挑戰。正是 Spire 同事堅定不移、堅持不懈的承諾才讓一切變得不同。這只是個開始。我看到我們面前將發生重大的變化，因為我們將在夏季將自由現金流轉為正數，然後實現可持續的獲利能力。想像一下當這種情況發生時，這個團隊將能夠實現什麼目標。

And now, I would like to open the call for questions.

現在，我想開始提問。

(Operator Instructions) Austin Moeller, Canaccord Genuity.

（操作員說明）Austin Moeller，Canaccord Genuity。

Hi. Good afternoon. Just my first question here, if you have to accelerate LEMUR depreciation, do you expect CapEx to materially change this year or next year to maintain the constellation?

你好。午安.我的第一個問題是，如果必須加速 LEMUR 貶值，您是否預計今年或明年的資本支出會發生重大變化以維持該星座？

Hey, thanks for the question. And no, really not. I mean, we basically have a fully deployed constellation. And it's basically a replenishment what we're planning.

嘿，謝謝你的提問。不，真的不。我的意思是，我們基本上擁有一個完全部署的星座。這基本上是我們計劃的補充。

And as I've mentioned last call, the solar cycle is clearly impacting some of our assets -- the orbiting timing. A lot of those assets were fully depreciated, and we anticipated that, eventually, they would also deorbit soon.

正如我在上次電話會議中提到的，太陽週期顯然正在影響我們的一些資產——軌道時間。其中許多資產已完全折舊，我們預計它們最終也會很快脫離軌道。

Some of the assets that we're seeing deorbit, we will replace and replenish. And no, we still believe that it's between $5 million and $7 million, as we mentioned, what we will need for our internal -- for our own needs from a data generation standpoint. So most of our CapEx, I'd say a ratio of 80% to 20%; 80% is really space services, and 20% is our own constellation needs.

我們看到一些脫離軌道的資產，我們將進行更換和補充。不，我們仍然相信，正如我們所提到的，我們內部所需的資金在 500 萬到 700 萬美元之間——從數據生成的角度來看，我們自己的需求。所以我們大部分的資本支出，我想說的比例是 80% 到 20%； 80%是真正的空間服務，20%是我們自己的星座需求。

Okay. That's helpful. And then could you go into particular for the space services customer about the propulsion system failure and if you fall, treat that from happening again? And also did you have an insurance policy on that particular customer satellite?

好的。這很有幫助。然後，您能否為太空服務客戶特別介紹推進系統故障，如果您跌倒，請處理這種情況，以免再次發生？您是否為該特定客戶衛星購買了保險？

Sure, Austin. Happy to do that. So as you know better than many, the supply chain in the smaller satellite space is still not the most robust one. We had gone through a very, very stringent selection process looking at over a dozen vendors, whittling them down, seeing factories, talking with people, before we selected one.

當然，奧斯汀。很高興這樣做。因此，正如您比許多人更了解的那樣，較小的衛星空間中的供應鏈仍然不是最強大的。在我們選擇供應商之前，我們經歷了非常非常嚴格的選擇過程，考察了十幾家供應商，對他們進行了篩選，參觀了工廠，與人們交談。

And unfortunately, the deployed and delivered units once in space came up short with a sub-nominal performance from the fact sheet. That has been run to the ground. And we have taken the corrective measures, so that it's not going to happen again in the future with this vendor. And so we do not expect there to be repeat issues with that.

不幸的是，一旦進入太空，部署和交付的部隊就沒有達到情況說明書中的次標稱性能。那已經跑到地上了。我們已經採取了糾正措施，以便該供應商今後不會再次發生這種情況。因此，我們預計不會再出現此類問題。

And then you had a last question that I forgot Austin. What was the last item of your question?

然後你問了最後一個問題，我忘了奧斯汀。您問題的最後一項是什麼？

Oh, I just asked if you had an insurance policy on that customer satellite.

哦，我只是問你們那顆客戶衛星是否有保險。

Right, right. So we do not have insurance policies for on-orbit spacecraft. The insurance market so far is available for most launch vehicles, especially the ones that we are currently using. But once these types of spacecraft are deployed on orbit, there is not yet an insurance market available for it.

是的是的。所以我們沒有針對在軌太空船的保險。到目前為止，保險市場適用於大多數運載火箭，尤其是我們目前使用的運載火箭。但一旦這些類型的太空船部署在軌道上，目前還沒有可用的保險市場。

I do expect that in the future, as it becomes more and more normal to deploy spacecraft, that the insurance market will embrace that as a revenue opportunity. But at this point in time, there is not an insurance market available unfortunately.

我確實預計，在未來，隨著部署太空船變得越來越正常，保險市場將把它視為收入機會。但不幸的是，目前還沒有保險市場。

Okay. That's very helpful. I'll pass it back. Thank you.

好的。這非常有幫助。我會把它傳回來。謝謝。

Thanks so much, Austin.

非常感謝，奧斯汀。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Yes. Thank you. So I think you said that some of the Q1 events impact the full-year revenue expectations, but the magnitude of the full-year revenue guidance reduction is quite a bit more material.

是的。謝謝。因此，我認為您說過，第一季的一些事件會影響全年收入預期，但全年收入指引下調的幅度要大得多。

So if you could just kind of bridge what from Q1 kind of carries on to a greater order of magnitude than any other factors that go into the full-year guidance? And then just maybe talk about demand more broadly and if there's any sort of like change in demand drivers.

那麼，您是否可以將第一季的影響比全年指導中的任何其他因素更大的數量級聯繫起來？然後也許可以更廣泛地討論需求，以及需求驅動因素是否有任何類似的變化。

Yeah. Jeff, first of all, let me tell you that our secular demand drivers have not changed, right? So the issues that we see with climate change and the global security challenges have, if anything, intensified. I mean, they haven't really decreased in any meaningful way.

是的。傑夫，首先讓我告訴你，我們的長期需求驅動因素沒有改變，對嗎？因此，我們所看到的氣候變遷和全球安全挑戰問題已經加劇。我的意思是，它們並沒有以任何有意義的方式真正減少。

When you think of some of the drivers that I mentioned in my commentary, for example, the continuing resolution, right, so this was resolved late in March. A lot of the orders that we expected and anticipated from the agencies did not happen in Q1.

當你想到我在評論中提到的一些驅動因素時，例如，持續的解決方案，對吧，所以這個問題在三月底就得到了解決。我們預期和預計來自各機構的許多訂單在第一季並未發生。

And some of those orders are trickling through slowly in Q2 also. So the impact is not going to be only a Q1 item, but everything kind of shifts to the right when you think about when we're expecting these orders to come through from some of the government agencies, particularly here in the US.

其中一些訂單在第二季也正在緩慢成長。因此，影響不僅僅是第一季的項目，當你想到我們預計這些訂單何時來自一些政府機構時，尤其是在美國，一切都會向右移動。

When you think about the issues that we have with the solar cycle, for example, we have counter measured timely now in the latter part of Q1 and Q2, the latency issues that we had, because of the deorbiting of a few of our assets, created not necessarily a volume issue with the data provision, but mostly a latency and quality issue. But that solar cycle will not finish until the end of the year.

例如，當你考慮到我們在太陽週期方面遇到的問題時，我們在第一季和第二季的後半段及時進行了反測量，由於我們的一些資產脫離軌道，我們遇到了延遲問題，造成的不一定是數據提供的數量問題，而主要是延遲和品質問題。但這個太陽週期要到今年年底才會結束。

I think we believe NASA and NOAA, basically, peaked this in midway through 2024. So things will improve in that regard after 2024. And what we can see is that these things will continue to become a problem that we cannot necessarily overcome fully and timely during the year.

我認為我們相信 NASA 和 NOAA 基本上在 2024 年中期達到了頂峰。因此，2024 年之後，這方面的情況將會有所改善。而我們可以看到的是，這些事情將繼續成為我們年內不一定能完全及時克服的問題。

Our replenishment strategy and so on puts us in a good path to recover some of the latency issues that we've had with some provision of data. And this is why we have rightsized our growth expectation to where we basically are showing it at 20% in the midpoint.

我們的補貨策略等使我們能夠很好地恢復在提供某些資料時遇到的一些延遲問題。這就是為什麼我們將成長預期調整為中點 20%。

And if I add to that, often you asked about the demand picture, nothing has changed. If anything, it has gotten more stronger. And you start to see that coming through in some of our numbers. The ARR per customer has grown almost 30% year over year as we focus continually on larger contracts, on customers with substantially more growth potential.

如果我補充一點，你經常詢問需求狀況，但什麼都沒有改變。如果有什麼不同的話，那就是它變得更強大了。你開始在我們的一些數據中看到這一點。由於我們不斷關注更大的合約以及具有更大成長潛力的客戶，每位客戶的 ARR 同比增長了近 30%。

And that is true in every single segment. In every single segment, we see contracts showing up that are 10 times the size that those contracts used to be. Six-figure contracts become seven-figure contracts. Seven-figure contracts become eight-figure contracts. And we do see further demand in this kind of regard as well.

每個細分市場都是如此。在每個細分市場中，我們都看到合約規模是以前的 10 倍。六位數的合約變成了七位數的合約。七位數的合約變成了八位數的合約。我們確實也看到了這方面的進一步需求。

Just as we leave today, one of our customers that delivered this connectivity of Bluetooth to spacecraft, deciding to use Spire for that, still quite magical feat of having a Bluetooth device to connect to a spacecraft, announced that their constellation has a target size of 96 spacecraft. And there's a number of other similar stories that I expect we will be talking about here in the coming weeks and months.

就在我們今天離開時，我們的一位客戶向太空船提供了這種藍牙連接，並決定使用Spire 來實現這一點，這仍然是讓藍牙設備連接到航天器的神奇壯舉，他宣布他們的星座的目標大小為96號飛船。我預計我們將在未來幾週和幾個月內在這裡討論許多其他類似的故事。

So the demand picture has not changed one iota. And I think Leo indicated early on, Spire's impact on those generational challenges, climate change impact, global security, as those continue to rise exponentially, is not going to be measured in impact of a month or a quarter or a few of them. It's going to be measured in years and decades, as we have the platform, the business model, and the underlying technology to make a massive impact here for years and decades to come.

所以需求情況沒有絲毫改變。我認為利奧很早就指出，隨著這些挑戰、氣候變遷、全球安全的持續呈指數級增長，Spire 對這些世代挑戰的影響不會以一個月、一個季度或其中幾個季度的影響來衡量。它將以幾年和幾十年來衡量，因為我們擁有平台、商業模式和基礎技術，可以在未來幾年和幾十年內產生巨大影響。

Got it. And then with respect to ongoing profitability progress and reiterating the free cash flow positive inflection, just given the magnitude of the revenue adjustment, can you just help us understand what you're doing differently in terms of what expenses you're maybe reducing in the model, just given, it was my understanding, you were already running pretty lean?

知道了。然後，就持續的盈利能力進步和重申自由現金流的積極變化而言，考慮到收入調整的幅度，您能否幫助我們了解您在可能減少的支出方面所做的不同做法？剛剛給出，這是我的理解，你已經運行得很精益了？

No. We basically are making decisions around expenses every day, right? So we are basically slowing down on the discretionary spend and basically, prioritizing the things where we see the biggest growth potential, particularly on the marketing and sales opportunities that we have.

不。我們基本上每天都在圍繞開支做出決定，對吧？因此，我們基本上正在放慢可自由支配支出，並優先考慮我們認為最大成長潛力的事情，特別是我們擁有的行銷和銷售機會。

I don't think that we're doing anything that is outrageous when it comes to expense management, just diligent expense control. And you can see our run rates that we see from Q4 to Q1 to Q2, I mean, we're basically guiding to a similar run rate without a significant amount of expansion on expenses. But nothing at the moment that should lead you to believe that we're doing anything extraordinary.

我認為在費用管理方面我們並沒有做任何離譜的事情，只是勤勉的費用控制。你可以看到我們從第四季度到第一季再到第二季的運行率，我的意思是，我們基本上是在指導類似的運行率，而無需大幅增加費用。但目前沒有什麼能讓你相信我們正在做任何非凡的事情。

No, quite the opposite. I mean, generally, you do have to spend money to grow. And if that growth is a little bit shifted out, then you shift out the money that you would spend to grow.

不，恰恰相反。我的意思是，一般來說，你必須花錢才能成長。如果這種成長有一點轉移，那麼你就會將用於成長的資金轉移出去。

So there's nothing actually particularly magical here. It's just like money that we would have spent for something that is happening now, we are not going to spend later. And so you see that flowing through in like the profitability numbers.

所以這裡其實沒有什麼特別神奇的地方。這就像我們本來會花在現在正在發生的事情上的錢，但我們以後不會再花。所以你會看到它像獲利能力數據一樣流動。

Okay. Thank you.

好的。謝謝。

Great, of course.

太好了，當然。

Erik Rasmussen, Stifel.

艾瑞克·拉斯穆森，斯蒂菲爾。

Yeah. Thanks for taking the questions. I guess, I'm trying to understand -- I mean, we had earnings in March 7, so two full months in a week.

是的。感謝您提出問題。我想，我試著去理解——我的意思是，我們在 3 月 7 日就獲得了收益，所以一周內有整整兩個月。

And at that time, I'm assuming you still knew about the solar activity. The customer resolution seem like that was something out of your control because I think everyone was in the same camp that that would be resolved a little bit sooner and then can appreciate things getting slower kind of coming out of that.

那時，我假設你仍然了解太陽活動。客戶解決方案似乎是你無法控制的事情，因為我認為每個人都在同一個陣營，這個問題會早點解決，然後可以欣賞事情變得越來越慢。

And then you knew about the third-party propulsion. I'm just trying to wonder, like, what else changed, or what didn't materialize? Because I mean, you were coming from -- this is part of what Jeff was trying to ask earlier is that, we were at 35% year-over-year growth at the midpoint, and now we're lowered by 20%. And just trying to understand, like, what else sort of accelerated that decrease?

然後你就知道了第三方推進力。我只是想知道，還有什麼改變了，或是什麼沒有實現？因為我的意思是，你來自——這是傑夫早些時候試圖問的一部分，我們的中點同比增長率為 35%，現在下降了 20%。只是想了解一下，還有什麼加速了這種下降？

Yeah. So I think, again, looking at a number that is a few months out from a growth perspective, it is not what the Spire market demand is showing us. What we are seeing is still the same long-term demand for our products and if anything, that it is increasing. So our long-term growth prospects way above 20% have not changed one iota.

是的。因此，我再次認為，從成長的角度來看幾個月後的數字，這並不是 Spire 市場需求向我們展示的情況。我們看到對我們產品的長期需求仍然相同，如果有的話，那就是這種需求正在增加。因此，我們遠高於 20% 的長期成長前景沒有絲毫改變。

And I wish -- I'm a physicist as you know, Erik. But even the best physicist cannot really perfectly predict how the solar activity is doing things from a week-to-week and month-to-month basis. So it's a highly dynamic process where things can move from you have an asset for another six months to you have an asset for another six weeks can actually happen reasonably quickly, right?

我希望——正如你所知，我是一名物理學家，埃里克。但即使是最好的物理學家也無法真正完美地預測太陽活動每周和每月的變化。因此，這是一個高度動態的過程，事情可以從您擁有一項資產再六個月轉變為您再擁有一項資產六週，這實際上可以相當快地發生，對嗎？

The same thing from a continuing resolution perspective, we certainly thought it's going to be just about done, and then it was not done for the full quarter. And the full extent at that early stage after the launch from some of those assets on the propulsion side, it was also not clear how much the underperformance it is actually going to be. And then you have to run all the dynamics by figuring out how much underperformance you have to then figure out how much delay there is going to be.

從持續解決的角度來看，同樣的事情，我們當然認為它即將完成，但整個季度都沒有完成。在推進方面的一些資產推出後的早期階段，也不清楚它實際上會表現不佳多少。然後你必須透過計算你必須表現不佳的程度來運行所有的動態，然後計算出將會有多少延遲。

So they are reasonably dynamic and not straightforward processes. And so we gave it like the best of our abilities to make assessments at every given point in time. But sometimes, those estimates turn out to be not 100% accurate, and that is I think what you're seeing right now.

因此它們是相當動態的而不是簡單的過程。因此，我們盡最大努力在每個給定時間點進行評估。但有時，這些估計結果並不是 100% 準確，我想這就是你現在看到的情況。

Appreciate that. It makes sense. And then maybe just on that then, so you talked about the long-term growth prospects still has not really changed. I mean, I think at the last call, can we still see 30%-plus growth for revenue in top line then as we sort of come out of this -- sort of these episodic issues that you've had?

感謝。這說得通。然後也許就在那時，所以你談到的長期成長前景仍然沒有真正改變。我的意思是，我認為在最後一次電話會議上，當我們擺脫這種偶發性問題時，我們還能看到營收成長 30% 以上嗎？

We still believe that this is a very, very achievable and sustainable long-term growth rate, where we can be both profitable and producing cash while growing at this rate given the demand drivers. I mean, we talked about that many, many years ago. There are those two massive generational trends that are supported by three further trends that we consider not quite as generational, but no less transformative.

我們仍然相信，這是一個非常非常可實現且可持續的長期增長率，在考慮到需求驅動因素的情況下，我們可以在以這種速度增長的同時實現盈利和產生現金。我的意思是，我們很多很多年前就討論過這個問題。這兩個巨大的世代趨勢得到了另外三個趨勢的支持，我們認為這三個趨勢雖然不完全是世代趨勢，但變革性卻絲毫不減。

And the generational ones are, of course, the impact of weather and climate change and the heightening global security situation that is happening. And the supportive trends are the digitalization of the global economy, making data the new oil and more and more valuable, again, heightening the power of those that can generate unique and separated data.

當然，對一代人的影響是天氣和氣候變遷的影響以及正在發生的全球安全局勢的加劇。支持趨勢是全球經濟的數位化，使數據成為新的石油，變得越來越有價值，再次增強了那些能夠產生獨特且獨立數據的人的力量。

AI and machine learning, which further tilts that power towards those that have the data because it removes the power of those that have access to supercomputers or reduces it substantially, and the increasing investment in space race that is happening as nations and corporations drive into this space. Every single country wants to have their space capabilities. And according to McKinsey, every single company needs to have a space strategy.

人工智慧和機器學習，進一步將這種力量向那些擁有數據的人傾斜，因為它消除了那些有權使用超級電腦的人的力量或大大減少了這種力量，並且隨著國家和企業的推動，太空競賽的投資不斷增加空間。每個國家都希望擁有自己的太空能力。麥肯錫認為，每家公司都需要製定空間策略。

Nothing has changed in those trends. And Spire is exceptionally well positioned to serve some of those demands itself with our own data and then be the picks and shovels for all these ideas that come up, just the one that I mentioned earlier to Jeff with Bluetooth to space.

這些趨勢沒有任何改變。Spire 處於非常有利的位置，可以利用我們自己的數據來滿足其中一些需求，然後成為所有這些出現的想法的鎬和鏟子，就像我之前向 Jeff 提到的通過藍牙連接太空的想法。

If you think about, if you allow me for a second, an analogy, Amazon was selling books and CDs and other kind of things, and that was its use of the Internet for its business model. And then it created Amazon Web Services to fuel hundreds and thousands of other ideas of leveraging the Internet, providing the picks and shovels for others to drive their business.

如果你想一想，如果你允許我打個比方，亞馬遜正在銷售書籍、CD 和其他類似的東西，這就是它利用互聯網作為其商業模式的原因。然後，它創建了亞馬遜網路服務，以推動數百上千個利用網路的其他想法，為其他人提供鎬和鏟子來推動他們的業務。

Spire has built a business on selling weather data and maritime data and aviation data. But the infrastructure that is now available through Spire space services is a picks and shovels that allows hundreds and potentially thousands of other companies drive their business model using our technology to deliver to their customers new products and services.

Spire 建立了銷售天氣資料、海事資料和航空資料的業務。但現在透過 Spire 太空服務提供的基礎設施是一把鎬和鏟子，它允許數百甚至可能數千家其他公司使用我們的技術推動其業務模式，向其客戶提供新產品和服務。

Nothing has changed. And I believe the strength of those trends are more than sufficient for us to have an exceptionally high growth rate in the numbers you just mentioned.

什麼也沒有變。我相信這些趨勢的力量足以讓我們在您剛才提到的數字上實現異常高的成長率。

And Erik, we have scratched the surface when it comes to space services and aviation, right? So we talk to you about the follow-on orders, right, from our customers that start with a small number of satellites and really want to deploy a constellation.

艾瑞克，我們在太空服務和航空方面已經觸及了表面，對吧？因此，我們與您討論了我們的客戶的後續訂單，對吧，這些訂單從少量衛星開始，並且確實想要部署一個星座。

And all of our customers seem to have that inclination because they really want to have coverage that is global. And we have, as I said, scratched the surface with maybe the first three or four customers that have done this with space services. But way more is to come on those and shortly.

我們所有的客戶似乎都有這種傾向，因為他們確實希望獲得全球覆蓋。正如我所說，我們可能已經透過太空服務完成了前三到四個客戶的表面工作。但不久之後還會有更多的事情發生。

And then on aviation, similarly, you that we are working on a bunch of new technology that will allow us to provide potentially additional -- with the EURIALO project that we mentioned, right -- so a secondary air traffic control infrastructure for ESA. And there is a lot coming in terms of growth as we deploy that technology and are able to sign commercial applications of that technology. So significant growth drivers and very, very large infrastructure plays there also.

然後在航空方面，同樣，我們正在研究一系列新技術，這些技術將使我們能夠為歐空局提供潛在的額外服務——我們提到的EURIALO 項目，對吧——因此是歐洲航天局的輔助空中交通管制基礎建設。隨著我們部署該技術並能夠簽署該技術的商業應用程序，將會出現大量成長。如此重要的成長動力和非常非常龐大的基礎設施也在那裡發揮作用。

Got it. And maybe just if I get to the margins, obviously, a step down here. It's understandable with the revenue. But as we think of the longer-term or your more near-term guide, you talked about 70%. Is that still achievable this year?

知道了。也許只是如果我到達了邊緣，顯然，這裡就下降了一步。有了收入就可以理解了。但當我們考慮長期或更近期的指南時，您談到了 70%。今年還能實現嗎？

And then, if we think about the longer-term model, as you gain additional scale and I guess, drive further efficiencies, where can margins go, and what's the path to get there?

然後，如果我們考慮長期模型，當你獲得額外的規模時，我想，會進一步提高效率，利潤會去向哪裡，實現這一目標的路徑是什麼？

Yeah. So we price effectively most of what we sell above 70%. And we're seeing effectively a short-term impact of the accelerated depreciation of the assets, given the last time that we're now assigning to the assets for our solar cycle impacts.

是的。因此，我們對大部分銷售的產品進行了有效定價，價格高於 70%。考慮到我們上次為太陽週期影響分配給資產，我們實際上看到了資產加速折舊的短期影響。

This is a short-lived impact. We saw it in Q4, Q1. We're guiding the same thing for Q2. But as you go for the full year -- and we have taken most of those assets basically into consideration -- things are going to improve radically. Because -- you can see it in the P&L -- it's really driven by depreciation and amortization at the moment.

這是一個短暫的影響。我們在第四季、第一季看到了這一點。我們為第二季度指導同樣的事情。但隨著全年的發展——我們基本上已經考慮了大部分資產——情況將會發生根本性的改善。因為——你可以在損益表中看到——目前它實際上是由折舊和攤提所驅動的。

The replenishment -- and we talked about this several times, right? So we built a constellation of over 100 satellites, and these satellites last for four years. And we are -- we love that that happens. Because when we replenish, the capabilities of the satellites are a factor of 5 to 10 times what the early versions can do.

補貨——我們已經討論過好幾次了，對吧？所以我們建立了一個由100多顆衛星組成的星座，這些衛星的使用壽命為四年。我們喜歡這樣的事情發生。因為當我們補給時，衛星的能力是早期版本的5到10倍。

So we're not going to replenish one for one from a satellite standpoint. So my CapEx tab has reduced significantly. You can see it in my P&L for my own needs. Because I can replace these assets, first of all, with higher-performing assets and second of all, with less numbers.

因此，從衛星的角度來看，我們不會一對一地進行補充。所以我的資本支出標籤顯著減少。你可以在我的損益表中看到它以滿足我自己的需求。因為我可以先用性能更高的資產來取代這些資產，其次是用更少的數量來取代這些資產。

So when you do the math on that, yes, you should expect my gross profit to continue to improve and remain in the 65% to 70% GAAP gross profit level, which is kind of where we see our business for the long run. And again, we do the same thing with space services.

因此，當您對此進行計算時，是的，您應該預期我的毛利將繼續改善並保持在 65% 至 70% GAAP 毛利水平，這就是我們對業務的長期看法。我們在太空服務方面也做了同樣的事情。

Space services has a very significant data provision component after we launch. And those cash items are very significant. But also, the depreciation that we will account for from those assets gets us to roughly that 70% margin for the long run also.

在我們發射之後，太空服務有一個非常重要的數據提供部分。這些現金項目非常重要。而且，從長遠來看，我們將從這些資產中計入的折舊也能讓我們獲得約 70% 的利潤。

Great. Thanks for taking the questions.

偉大的。感謝您提出問題。

Of course.

當然。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Hi. Great. Thanks for taking my questions. While you certainly commented the demand environment hasn't changed, can you speak to the near-term pipeline? Do you see stronger awards in the second half of the year? I guess, what's the impact in the second half of the year given the solar activity, and might this lead to some short-term delays?

你好。偉大的。感謝您回答我的問題。雖然您確實評論說需求環境沒有改變，但您能談談近期的管道嗎？您認為下半年的獎項會更強嗎？我猜想，下半年太陽活動會帶來什麼影響，是否會導致一些短期的延誤？

Yeah. So we clearly have a significant pipeline that supports our estimates for growth in the second half. This pipeline comes from both new accounts. And we have our strategy of land and expand, right? So it's combination of new accounts and expanding the share of wallet of the existing customers.

是的。因此，我們顯然有一個重要的管道來支持我們對下半年成長的預測。該管道來自兩個新帳戶。我們有土地和擴張策略，對吧？所以它是新帳戶和擴大現有客戶錢包份額的結合。

We have good line of sight to follow-on order from critical space services customers. Some of them, potentially will be announced in Q2 and in Q3, that are very, very significant. We have also launched campaigns that support basically our expansion of data assets during the second half.

我們對關鍵太空服務客戶的後續訂單有良好的視野。其中一些可能會在第二季和第三季宣布，這是非常非常重要的。我們也發起了一些活動，基本上支持我們下半年數據資產的擴展。

I would say that as we are able to counter measure some of those -- and again, remember, we are the largest RO producer commercially, right? And what we're facing is not necessarily a volume, but mostly, a quality of the data that we provide and the latency that we have attached to those things. And we have plans to solve some of those things.

我想說的是，因為我們能夠應對其中一些問題 - 再次記住，我們是最大的逆滲透商業生產商，對嗎？我們面臨的不一定是數量，而主要是我們提供的數據的品質以及我們附加到這些東西的延遲。我們計劃解決其中一些問題。

And some of the contracts are really not extremely long contracts for the data provision that we're talking about. And as they come out for renewal, they reset quantities and pricing and so on, and so forth. So all of that is put into consideration in how we're thinking about our second-half growth potential and the targets that we're sharing with you.

對於我們正在討論的數據提供而言，有些合約實際上並不是非常長的合約。當他們出來更新時，他們會重新設定數量和定價等等。因此，我們在如何考慮下半年的成長潛力以及我們與您分享的目標時考慮了所有這些因素。

And if you translate a little bit the global trends into like the pipeline, you started to see some of that already. The power of AI generating far more accurate and valuable forecasts was recently translated in a multimillion-dollar contract there for an industry which has, as I'm sure you're aware, many, many, many customers that actually are operating under the same kind of like constraints and with interest in the same kind of data.

如果你將全球趨勢轉化為管道，你已經開始看到其中的一些了。人工智慧產生更準確和更有價值的預測的力量最近被轉化為一份價值數百萬美元的合同，該行業擁有，我相信你知道，許多、許多、許多客戶實際上在相同的環境下運營類似的約束並對同一類型的資料感興趣。

So you start to see that, and you start to see that translating into larger contracts. Whenever Spire puts the assets of like a first launch of one of those space services customers into orbit, very soon thereafter, they are keen to deploy them into constellations. And again, I mentioned earlier the 96-satellite constellation from Hubble, a Spire customer, which now has assets on orbit in operation.

所以你開始看到這一點，並且開始看到它轉化為更大的合約。每當 Spire 將其中一個太空服務客戶的資產（例如首次發射）送入軌道時，他們很快就會熱衷於將其部署到星座中。我之前再次提到 Spire 客戶哈伯望遠鏡 (Hubble) 的 96 顆衛星星座，該星座現在在軌道上擁有正在運行的資產。

And so you start to see how every single time we do a new customer on one side, it translates into opportunities at a larger scale for more customers of the same type or on the space services side that customer growing many, many 100% because they go into a constellation. And that is what we see happening. And that is what is driving the confidence we have in the midterm, the long term, but also on the short term for the guidance that we have given.

因此，你開始看到，每次我們在一側做一個新客戶時，它都會轉化為更多同類型客戶的更大規模的機會，或者在空間服務方面，客戶增長了很多很多100%，因為他們進入一個星座。這就是我們所看到的情況。這就是推動我們對中期、長期以及短期我們所給予的指導充滿信心的原因。

Great. That leads me to my follow-up, which takes a little bit away of all the questions asked about some of the challenges right now. In terms of space services, when you have a customer like Hancom, using Spire to build and operate satellites you announced, too, that are you contracted for, how easy is it for them to use another space services provider for their launch of satellites?

偉大的。這引出了我的後續行動，其中消除了有關目前一些挑戰的所有問題。在太空服務方面，當你有像 Hancom 這樣的客戶，使用 Spire 來建造和運營你宣布的、你簽約的衛星時，他們使用其他太空服務提供商來發射衛星有多容易？

You mentioned they have this large constellation they plan long term. What's the competitive advantage for you? Can they use multiple vendors? Maybe take me through that.

你提到他們有一個長期計劃的龐大星座。您的競爭優勢是什麼？他們可以使用多個供應商嗎？也許帶我經歷一下。

So the simple answer is yes, of course. Like, if you are buying -- I don't know -- a BMWs as your cars for your company, you could then change that relationship and say, I'm going to buy other cars as well. There are costs for that. When it gets to space and you need the stuff to work, your switching costs become like a knot in your stomach because the technology is actually not that simple and straightforward.

所以簡單的答案當然是肯定的。就像，如果你購買——我不知道——一輛寶馬作為你公司的汽車，你可以改變這種關係並說，我也會購買其他汽車。這是有成本的。當它到達太空並且你需要這些東西來工作時，你的轉換成本就像你胃裡的結一樣，因為這項技術實際上並不那麼簡單和直接。

So yes, theoretically, but there is no one in the world that can talk to a customer and say, I am building my business on exactly the same technology as the one that you are using. If my stuff doesn't work, your stuff doesn't work. And if your stuff doesn't work, my stuff doesn't work.

所以，理論上是的，但是世界上沒有人可以與客戶交談並說，我正在使用與您正在使用的技術完全相同的技術來建立我的業務。如果我的東西不起作用，你的東西也不起作用。如果你的東西不起作用，我的東西也不起作用。

So my commitment at Spire to make the technology work is unparalleled. Because for everyone else, they just say, shrug, I'm going to try to fix it. Because they are not using it. No one is putting their technology as much through the paces as Spire.

因此，我在 Spire 致力於讓技術發揮作用是無與倫比的。因為對於其他人來說，他們只是說，聳聳肩，我會嘗試解決它。因為他們沒有使用它。沒有人能像 Spire 那樣充分運用自己的技術。

It's 600 years of space heritage. It's 75,000 contacts a month on multi-purpose spacecraft, on 70 dishes across the planet. There is no one doing that. So yes, you can theoretically always switch. But it is a pretty high risk, and no one can prove to you the same resilience and proven reliability as Spire.

這是 600 年的太空遺產。每月在多用途太空船上、遍佈全球的 70 個天線上進行 75,000 次聯繫。沒有人這樣做。所以是的，理論上你總是可以切換。但這是一個相當高的風險，沒有人可以向您證明與 Spire 一樣的彈性和經過驗證的可靠性。

Great. Thank you so much.

偉大的。太感謝了。

Of course.

當然。

Caleb Henry, Quilty Space.

凱萊布·亨利，奎爾蒂空間。

Hi. Thank you. Question about the NVIDIA partnership that Spire announced a little bit ago. Can you share any more details about that and let us know if there's any near-term economic benefit associated with that deal?

你好。謝謝。關於 Spire 不久前宣布的 NVIDIA 合作夥伴關係的問題。您能否分享更多相關細節，並讓我們知道該交易是否有任何近期經濟效益？

Sure, Caleb. It's my pleasure. So NVIDIA -- and this is my understanding, maybe you have a similar one -- is in the business of selling GPUs. And the best way to sell GPUs is like you make it easier for people to use the GPUs for something that is useful for them, which, in this case, means they need to have access to data. And they need to be seeded with ideas of what kind of problems they can solve running on the GPUs consuming data.

當然，凱萊布。這是我的榮幸。所以 NVIDIA——這是我的理解，也許你也有類似的理解——從事 GPU 銷售業務。銷售 GPU 的最佳方式是讓人們更容易使用 GPU 來完成對他們有用的事情，在這種情況下，這意味著他們需要存取資料。他們需要灌輸這樣的想法：在使用資料的 GPU 上運行時可以解決什麼樣的問題。

For Spire, it is getting access to GPU infrastructure and especially for the training of models, massive GPU infrastructure. That's a hurdle. And so the trait here is that Spire provides data to NVIDIA so that they can train their models as a sales material for selling GPUs. And Spire gets access to the GPUs to get the models and then run our models on it.

對於 Spire 來說，它正在存取 GPU 基礎設施，特別是用於模型訓練的大規模 GPU 基礎設施。這是一個障礙。所以這裡的特點是 Spire 向 NVIDIA 提供數據，以便他們可以訓練他們的模型作為銷售 GPU 的銷售材料。Spire 可以存取 GPU 來取得模型，然後在上面運行我們的模型。

What this does for NVIDIA is that it enlarges the universe of use cases, meaning more customers. It does the same thing for Spire. Because while in the past, it was a very, very esoteric and difficult task to do weather forecasting, now you can take some of those models, you can buy some NVIDIA GPUs, and then you would buy some data to run your weather model.

這對 NVIDIA 來說意味著擴大了用例的範圍，這意味著更多的客戶。它對 Spire 也有同樣的作用。因為在過去，天氣預報是一項非常非常深奧且困難的任務，現在你可以使用其中一些模型，你可以購買一些 NVIDIA GPU，然後你會購買一些資料來運行你的天氣模型。

Guess who has the largest fleet of spacecraft producing the largest variety and amount and veracity of space-based weather data. It's Spire. So that's a very, very powerful combination. But it also allows us to build at a higher cost efficiency models that we can then sell and make available to our customers. And some of that then translate into potentially multimillion-dollar contracts as something we have recently announced.

猜猜誰擁有最大的太空船艦隊，產生最多種類、數量和準確性的天基天氣資料。這是斯派爾。所以這是一個非常非常強大的組合。但它也使我們能夠以更高的成本效率建立模型，然後將其出售並提供給客戶。正如我們最近宣布的那樣，其中一些可能轉化為價值數百萬美元的合約。

Okay, thank you. On the space services division, you talked about Hubble, and I have seen some other commercial deals announced. Are you seeing any traction from government customers?

好的謝謝。在太空服務部門，您談到了哈伯，我還看到了其他一些宣布的商業交易。您看到政府客戶有任何吸引力嗎？

There are some constellations where we have, basically, some interest from particularly agencies in countries that want to resolve some big issues, for example, wildfire tracking, right? And if you live close to Canada, you understand what I'm talking about.

基本上，我們對某些國家的特別機構有一些興趣，這些機構希望解決一些重大問題，例如野火追踪，對嗎？如果你住在加拿大附近，你就會明白我在說什麼。

And yes, we have a significant amount of interest when it comes to that for space services, right? I mean, we also sell data and other intelligence data sets. I think for space services, what we're seeing right now, it's really around some of the wildfire protection assets that we have, potentially some greenhouse emissions, and then some intelligence applications.

是的，我們對太空服務非常感興趣，對吧？我的意思是，我們還出售數據和其他情報數據集。我認為對於太空服務，我們現在所看到的，實際上是圍繞我們擁有的一些野火防護資產，可能是一些溫室氣體排放，然後是一些情報應用。

Yeah.

是的。

Okay, thanks. And then just the last question, you talked about the propulsion issues. Has Spire given any thought to or planning to vertically integrate that, seeing how a lot of the other spacecraft systems or something that Spire already has in-house?

好的謝謝。最後一個問題，您談到了推進問題。Spire 是否考慮或計劃將其垂直整合，看看有多少其他太空船系統或 Spire 內部已經擁有的東西？

We have a history of not necessarily vertically integrating, but basically going into manufacturing our own components when we have issues. And yes, I think at some point, we may consider propulsion also. It's not an immediate, I'd say, priority.

我們有不一定進行垂直整合的歷史，但基本上當我們遇到問題時就開始製造我們自己的組件。是的，我認為在某些時候，我們也可能會考慮推進力。我想說，這不是當務之急。

We have not only this vendor, but other vendors that we're working with. And we don't anticipate to have these issues. By the way, I mean, these issues that we have had, it's not like we couldn't fix the issues. It took us a bit longer, right? That's what I said in my remarks.

我們不僅有這個供應商，還有與我們合作的其他供應商。我們預計不會有這些問題。順便說一句，我的意思是，我們遇到的這些問題並不是我們無法解決。我們花了更長的時間，對嗎？我在發言中就是這麼說的。

But we will consider to in-source some of these critical items when we see that there is not only a capability issue, but also a demand issue or a cost issue. We have, I will call it, a lot of stupid parts, right, where the cost of the material is way more than what the unit should be costing. So yeah, we have those on the docket for R&D for sure.

但是，當我們看到不僅存在能力問題，而且還存在需求問題或成本問題時，我們會考慮將其中一些關鍵項目內源化。我們有，我稱之為，很多愚蠢的部件，對吧，材料的成本遠高於單位應有的成本。所以，是的，我們肯定有這些在研發計畫中。

100%. As Leo said, we have done this very successfully on just about every single component on the spacecraft, and we continue to do so. If and when we find reliable suppliers, we love working with them. And I think that experience is mutual because Spire is a very reliable high-volume buyer.

100%。正如利奧所說，我們在太空船上的幾乎每個組件上都非常成功地做到了這一點，並且我們將繼續這樣做。如果我們找到可靠的供應商，我們會喜歡與他們合作。我認為這種體驗是相互的，因為 Spire 是一個非常可靠的大量買家。

But very, very often we find issues like the one which we just talked. And then in the short term or the medium term, at some point, the discussion becomes that we're just going to in-source it because the supply chain is not reliable. And Spire has a very, very successful track record in doing that.

但我們經常會發現像我們剛才談到的那樣的問題。然後，在短期或中期，在某個時刻，討論變成我們將內源化它，因為供應鏈不可靠。Spire 在這方面有著非常非常成功的紀錄。

All right. Thank you. No further questions.

好的。謝謝。沒有其他問題了。

Thank you. We have reached the end of our question-and-answer session. And with that, this will conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。我們的問答環節已經結束。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。