Spire Global Inc (SPIR) 2025 Q1 法說會逐字稿

Greetings and welcome to Spire Global. First quarter 2025 earnings conference call.

您好，歡迎來到 Spire Global。2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

Please note this conference is being recorded.

請注意，本次會議正在錄製。

I will now turn the conference over to your host, Ben Hackman, Head of Investor Relations.

現在我將會議交給主持人、投資人關係主管 Ben Hackman。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you. Hello everyone and thank you for joining Spire's first quarter 2025 earnings conference call. Our earnings press release and related SEC filings are posted on the company's IR website. A replay of today's call will also be made available. With me on the call today is Theresa Condor, CEO, and Ali Engel, CFO.

謝謝。大家好，感謝您參加 Spire 2025 年第一季財報電話會議。我們的收益新聞稿和相關的 SEC 文件已發佈在公司的 IR 網站上。今天的電話會議重播也將提供。今天與我一起參加電話會議的還有執行長 Theresa Condor 和財務長 Ali Engel。

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, which can be found on our IR website.

提醒一下，我們今天的評論將包括非 GAAP 項目。我們的 GAAP 和非 GAAP 結果之間的對帳以及我們的指導意見可以在我們的收益新聞稿中找到，該新聞稿可以在我們的 IR 網站上找到。

Some of our comments today contain forward-looking statements that are subject to risks, uncertainties, and assumptions.

我們今天的一些評論包含前瞻性陳述，這些陳述受風險、不確定性和假設的影響。

In particular, our expectations around our results of operations and financial conditions are uncertain and subject to change.

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.

如果這些預期中的任何一個未能實現，或者我們的假設被證明是錯誤的，那麼實際的公司業績可能與這些前瞻性陳述有重大差異。

A description of these risks, uncertainties, and assumptions and other factors that could affect our financial results is included in our SEC filings. With that, let me hand the call over to Theresa.

這些風險、不確定性、假設以及其他可能影響我們財務結果的因素的描述都包含在我們向美國證券交易委員會提交的文件中。說完這些，讓我把電話交給 Theresa。

Thank you, Ben. Good afternoon and thank you for joining us today.

謝謝你，本。下午好，感謝您今天加入我們。

I want to start by discussing the powerful drivers for Spire's business and the transforming landscape for space and defense technologies.

首先，我想討論 Spire 業務的強大驅動力以及太空和國防技術的轉型格局。

On our last call, we highlighted a fundamental approach to the US Space Force procurement strategy buying what they can, only building what they must.

在我們上次的電話會議中，我們強調了美國太空部隊採購策略的基本方針：購買他們能購買的東西，只建造他們必須建造的東西。

This shift has not just continued. It has accelerated. In April, the US administration released an executive order designed to revolutionize and accelerate defense acquisitions. It established commercial solutions as the first choice, creating new opportunity for innovators like Spire.

這種轉變並未持續下去。它已經加速了。今年4月，美國政府發布了一項旨在改革和加速國防採購的行政命令。它將商業解決方案確立為首選，為 Spire 等創新者創造了新的機會。

To further this vision, the administration also included a 13% increase in defense spending in its proposed budget for fiscal year 2026.

為了實現這個願景，政府還在2026財年預算提案中將國防開支增加了13%。

In early March, we mentioned the Space Test experiments platform.

三月初，我們提到了空間測試實驗平台。

Spire was recently notified of its selection to participate in this initiative, where commercial innovation meets national security, potentially unlocking up to $237 million for participating companies over multiple years.

Spire 最近獲悉將參與這項計劃，該計劃將商業創新與國家安全相結合，有可能在未來幾年為參與公司釋放高達 2.37 億美元的資金。

This program serves as the Defense Department and other agencies proving ground for new space technologies, with over 300 successful program missions that have redefined what's possible in orbit.

該計畫是國防部和其他機構試驗新太空技術的試驗場，已成功完成 300 多次任務，重新定義了軌道飛行的可能性。

Our selection represents validation of Spire's capabilities and an opportunity to accelerate development of cutting-edge space technologies for the Joint Warfighter.

我們的選擇代表了對 Spire 能力的認可，也為聯合作戰部隊加速尖端空間技術的發展提供了機會。

Outside the United States, we continue to see opportunities in the UK, Europe, and Canada.

除美國以外，我們繼續在英國、歐洲和加拿大看到機會。

Britain's defense industrial strategy has highlighted the focus on local procurement partnerships and the expectation that defense capabilities also drive growth across the country.

英國的國防工業戰略強調了對本地採購夥伴關係的關注，並期望國防能力也能推動全國的成長。

With our long standing small satellite manufacturing and test facilities in Scotland and existing government contracts, Spire is a key player in the UK space ecosystem.

憑藉我們在蘇格蘭長期擁有的小型衛星製造和測試設施以及現有的政府合同，Spire 成為英國太空生態系統的重要參與者。

In Germany, the new government of Friedrich Merz is set to establish a ministry for space, and NATO has indicated its intention to be a leader in the integration of commercial capabilities, with its first commercial space strategy expected soon.

在德國，由弗里德里希·梅爾茨領導的新政府即將成立太空部，北約也已表示有意成為商業能力整合方面的領導者，其首個商業太空戰略預計很快就會出台。

Intelligence, surveillance and reconnaissance capabilities, which Spire offers today with orbit assets, is on the short list of critical infrastructure for sovereign advantage across many defense and intelligence agencies.

Spire 目前利用軌道資產提供的情報、監視和偵察能力，是許多國防和情報機構實現主權優勢的關鍵基礎設施之一。

As of 2025, the United States has over 200 operational surveillance satellites, whereas Europe has fewer than 20.

截至 2025 年，美國擁有超過 200 顆運作中的監視衛星，而歐洲則擁有不到 20 顆。

With a global base of customers and expanding capabilities to build satellites in the United States, Canada, the United Kingdom, and Germany, Spire is well equipped to be a long-term reliable partner and is strategically positioned to offer local solutions for sovereign space capabilities.

Spire 擁有全球客戶群，並在美國、加拿大、英國和德國不斷增強的衛星建造能力，完全有能力成為長期可靠的合作夥伴，並在戰略上處於提供主權太空能力的本地解決方案的地位。

The market's growing confidence in our capabilities is reflected in Spire's recent contract awards. During the first quarter, we secured our most significant contract to date, a CAD72 million contract from the Canadian Space Agency to design and develop a dedicated satellite constellation for comprehensive wildfire monitoring across Canada.

Spire 最近授予的合約反映出市場對我們能力的信心日益增強。在第一季度，我們獲得了迄今為止最重要的合同，即與加拿大航太局簽訂的一份價值 7200 萬加元的合同，用於設計和開發專用衛星星座，以全面監測加拿大各地的野火。

This achievement represents both technical recognition and a meaningful contribution to environmental protection efforts.

這項成果既代表了技術上的認可，也為環境保護做出了有意義的貢獻。

Spire also established a new relationship with a non-US government customer for daily radio frequency collections with signal geolocation.

Spire 也與一家非美國政府客戶建立了新的關係，進行每日無線電頻率收集和訊號地理定位。

These diverse partnerships underscored the expanding trust in our solutions across borders and disciplines, as we continue to address complex challenges through innovative space-based technologies.

隨著我們繼續透過創新的太空技術來應對複雜的挑戰，這些多樣化的合作夥伴關係凸顯了我們跨越國界和學科的解決方案日益增長的信任。

During our last call, we discussed the radio occultation modeling experiment, which revealed how forecast accuracy steadily improves as more radio occultation measurements are incorporated.

在我們上次通話中，我們討論了無線電掩星建模實驗，該實驗揭示了隨著更多無線電掩星測量的加入，預測準確性如何穩步提高。

In a significant development, NOAA has committed to the study's recommendation of 20,000 RO profiles per day, a meaningful increase from the 3,300 profiles currently sourced from the commercial space industry.

一個重大進展是，美國國家海洋暨大氣總署 (NOAA) 已承諾按照研究建議每天提供 20,000 個 RO 剖面圖，這比目前從商業航太業獲得的 3,300 個剖面圖有了顯著增加。

For Spire, this shift opens a promising path forward in 2025 in the coming years.

對 Spire 來說，這一轉變將為未來幾年 2025 年的發展開闢一條充滿希望​​的道路。

Despite NOAA's ongoing organizational changes that have drawn media attention, we expect commercial data procurements that enhance forecast capabilities will continue to receive priority funding and sustained focus even as resources tighten elsewhere within the agency.

儘管 NOAA 正在進行的組織變革引起了媒體的關注，但我們預計，即使該機構其他部門的資源緊張，增強預測能力的商業數據採購仍將繼續獲得優先資助和持續關注。

This cultivation of vital weather data from commercial partners represents both scientific progress and a thoughtful investment in our shared future.

從商業夥伴那裡獲取重要氣象數據既代表了科學進步，也代表了對我們共同未來的深思熟慮的投資。

Beyond our government partnerships, Spire continues to provide space services solutions for commercial entities seeking to establish and expand their presence in space.

除了與政府的合作之外，Spire 還繼續為尋求建立和擴大太空業務的商業實體提供太空服務解決方案。

These relationships often begin modestly, perhaps with initial design work or access on a single satellite, before evolving into deeper collaborations over time.

這些關係通常一開始比較簡單，可能只是最初的設計工作或對單顆衛星的使用權，然後隨著時間的推移逐漸發展為更深入的合作。

Our comprehensive technology platform and proven operational heritage positions us as a trusted long-term partner for these growing ventures.

我們全面的技術平台和成熟的營運經驗使我們成為這些成長型企業值得信賴的長期合作夥伴。

[Mariota's] recent agreement for 16 additional satellites illustrates this journey of mutual growth, bringing the total constellation we have deployed on their behalf to more than 40 satellites. This enduring partnership reflects not just transactional success, but the confidence clients place in our ability to support their ambitious vision from concept to orbital reality.

[Mariota] 最近達成的另外 16 顆衛星的協議體現了這一共同成長的歷程，使我們為他們部署的衛星總數達到 40 多顆。這種持久的合作關係不僅反映了交易的成功，也反映了客戶對我們支持其雄心勃勃的願景從概念到軌道現實的能力的信心。

Last month, Spire finalized the strategic sale of our maritime business, a decisive moment that has transformed our financial landscape.

上個月，Spire 完成了海運業務的策略性出售，這是一個改變我們財務狀況的決定性時刻。

This transaction enabled us to eliminate our entire debt burden and provided relief from substantial interest payments. It strengthened our balance sheet by over $100 million creating a clear path toward our fundamental goal of becoming adjusted EBITDA and free cash flow positive.

這筆交易使我們消除了全部債務負擔，並減輕了大量利息支付。它使我們的資產負債表增加了 1 億多美元，為我們實現調整後 EBITDA 和自由現金流為正的基本目標開闢了一條清晰的道路。

Our fortified financial position provides not just immediate stability, but the meaningful assurance that we can reach these critical financial milestones without requiring additional capital.

我們穩固的財務狀況不僅提供了即時的穩定性，而且還提供了有意義的保證，我們無需額外資本即可實現這些關鍵的財務里程碑。

The past nine months have tested Spire through a convergence of extraordinary challenges, navigating a protracted restatement process while managing the distracting timing considerations of our maritime transaction.

過去九個月，Spire 經歷了一系列非凡的挑戰，經歷了漫長的重述過程，同時也處理了海事交易中令人分心的時間考量。

Amid this complexity, leadership transitioned to an entirely new executive team.

在這種複雜情況下，領導階層轉變為一個全新的執行團隊。

These internal changes unfolded against a backdrop of mounting geopolitical tensions, policy shifts following the US government transition, and growing economic uncertainty.

這些內部變化是在地緣政治緊張局勢加劇、美國政府過渡後的政策轉變以及經濟不確定性增加的背景下發生的。

Yet through these compounding pressures, Spire's business model has demonstrated remarkable resilience.

然而，儘管面臨這些複合壓力，Spire 的商業模式仍表現出了非凡的韌性。

While we acknowledge the impact these challenges have had on our momentum, we remain steadfast in rebuilding our trajectory toward medium to long term 20% revenue growth targets and an unwavering focus on achieving profitability.

雖然我們承認這些挑戰對我們的發展勢頭產生了影響，但我們仍堅定不移地重建我們的軌跡，以實現中長期 20% 的收入增長目標，並堅定不移地專注於實現盈利。

This period of adversity has revealed Spire's capacity to emerge with renewed clarity and purpose.

這段逆境顯示了 Spire 有能力以新的清晰度和目標脫穎而出。

As we continue our journey toward greater efficiency and renewed market focus, the executive team has undertaken a comprehensive review of our organizational structure and cost base.

隨著我們繼續追求更高的效率和新的市場焦點，執行團隊對我們的組織結構和成本基礎進行了全面的審查。

As part of the maritime transaction, a number of employees transitioned to the acquiring organization.

作為海事交易的一部分，許多員工轉入了收購方組織。

Spire also made further adjustments to our headcount in the second quarter, and we now have approximately 380 employees.

Spire 也在第二季對我們的員工人數進行了進一步調整，目前我們擁有約 380 名員工。

This is down from approximately 450 employees at the end of 2024.

這一數字較 2024 年底的約 450 名員工有所下降。

We are also streamlining our office footprint to better support our evolving business needs. We will be closing our San Francisco office in the second quarter and our Singapore office by mid-2026.

我們也正在精簡辦公室佈局，以更好地支援我們不斷變化的業務需求。我們將在第二季關閉舊金山辦事處，並於 2026 年中期關閉新加坡辦事處。

Spire is expanding manufacturing capabilities at our Boulder and Munich locations to better support our US government and European customers.

Spire 正在擴大在博爾德和慕尼黑工廠的生產能力，以便更好地支持我們的美國政府和歐洲客戶。

The compact design of our satellites allows us to expand these sites efficiently and cost effectively, ensuring Spire can scale production while maintaining high standards of quality and innovation.

我們的衛星採用緊湊設計，使我們能夠有效率且經濟地擴展這些站點，確保 Spire 能夠擴大生產規模，同時保持高品質和創新標準。

These strategic investments underscore our commitment to delivering exceptional value and reliability to our customers across key markets.

這些策略投資凸顯了我們致力於為主要市場的客戶提供卓越價值和可靠性的承諾。

With these headcount and facility adjustments along with improvements in managing procurement and cost tracking, we expect to achieve break even to positive operating cash flow in the second half of the year and make meaningful progress towards profitability.

透過這些員工人數和設施調整以及採購管理和成本追蹤的改進，我們預計在下半年實現收支平衡，實現正經營現金流，並在盈利方面取得有意義的進展。

We expect to finish the year with over $100 million of cash, cash equivalents, and marketable securities on the balance sheet.

我們預計今年底資產負債表上的現金、現金等價物和有價證券將超過 1 億美元。

We are in a new moment for Spire, and we are steadfast in driving profitable growth, enhancing operational efficiency, and ensuring reliable execution.

Spire 正處於一個新時期，我們堅定不移地推動獲利成長、提高營運效率並確保可靠的執行。

With that, I will turn it over to Ali.

說完這些，我就把麥克風交給阿里。

Thank you, Theresa. I will be discussing non-gap financial measures unless otherwise stated. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release, which is available on our investor relations website and should be reviewed in conjunction with this earnings call. As a reminder, Spire's Q1 2025 results and prior quarters results include portions of the maritime business which was sold at the end of April.

謝謝你，特蕾莎。除非另有說明，我將討論非差距財務措施。我們在收益報告中提供了 GAAP 與非 GAAP 財務狀況的對帳表，該對帳表可在我們的投資者關係網站上查閱，並應與本次收益電話會議一起審查。提醒一下，Spire 的 2025 年第一季業績和前幾季的業績包括 4 月底出售的部分海運業務。

GAAP revenue for the first quarter was $23.9 million reflecting $2.2 million or 10% sequential growth from the fourth quarter of 2024.

第一季的 GAAP 營收為 2,390 萬美元，比 2024 年第四季增加 220 萬美元，季增 10%。

The first quarter 2025 revenue compares to revenue of $34.8 million in the first quarter of 2024.

2025 年第一季的營收與 2024 年第一季的 3,480 萬美元收入相比。

As a reminder, Q1 2024 revenue included approximately $9.6 million of revenue associated with a single performance obligation for a space services customer.

提醒一下，2024 年第一季的收入包括與太空服務客戶的單項履約義務相關的約 960 萬美元的收入。

Revenue in the first quarter associated with the portion of the maritime business sold was a little over $10 million.

第一季出售部分海運業務的收入略高於 1,000 萬美元。

Non-GAAP operating loss was negative $11.5 million for the first quarter of 2025 as compared to negative $7.1 million in the first quarter of 2024.

非公認會計準則2025 年第一季的營業虧損為負 1,150 萬美元，而 2024 年第一季的營業虧損為負 710 萬美元。

Adjusted EBITDA was negative $7.9 million for the first quarter of 2025 compared to negative $1.2 million for the first quarter of 2024.

2025 年第一季調整後 EBITDA 為負 790 萬美元，而 2024 年第一季調整後 EBITDA 為負 120 萬美元。

First quarter costs remained elevated but improved as compared to Q4 2024.

第一季的成本仍然較高，但與 2024 年第四季相比有所改善。

Moving now to the balance sheet. In the first quarter of 2025, we utilized $17.3 million of free cash flow and ended the quarter with $35.9 million of cash and cash equivalents.

現在轉到資產負債表。2025 年第一季度，我們利用了 1,730 萬美元的自由現金流，本季末的現金和現金等價物為 3,590 萬美元。

The cash balance was at the top end of actions for the quarter.

現金餘額處於本季行動的最高水準。

As of the end of April, we had cash and cash equivalents of approximately $136 million and zero debt.

截至 4 月底，我們的現金和現金等價物約為 1.36 億美元，且無債務。

As we now discuss our outlook for the rest of the year, I want to take a moment to provide some insights into our business and how new awards lead to revenue recognition.

現在我們正在討論今年剩餘時間的展望，我想花點時間對我們的業務以及新獎項如何帶來收入確認提供一些見解。

For our space services contracts, we typically recognize revenue during the data delivery phase of our contract. While the type of mission can impact the time frame, typically it will take between 12 months to 18 months to deploy a satellite from contract signature.

對於我們的空間服務合同，我們通常在合約的資料交付階段確認收入。雖然任務類型會影響時間框架，但通常從簽訂合約到部署衛星需要 12 個月到 18 個月的時間。

When we can, we try to announce our larger contracts. This can be helpful for our investors to determine the start of the 12 months to 18 months period.

只要有可能，我們就會嘗試宣布更大的合約。這有助於我們的投資者確定 12 個月至 18 個月期間的開始時間。

We also try to share the launch of satellites when we can. The launch of a satellite indicates we are nearing the data delivery phase.

我們也盡可能地分享衛星的發射資訊。衛星的發射標誌著我們即將進入資料傳輸階段。

Between launch and the data delivery phase, there is a period of time in which we are commissioning and completing on orbit verification of the satellite.

在發射和資料傳輸階段之間，有一段時間我們正在調試並完成衛星的在軌驗證。

Once data delivery starts, we typically begin to recognize revenue.

一旦開始資料傳輸，我們通常就會開始確認收入。

While we typically wait to recognize revenue until the data delivery phase, it's important to remember we receive payments during the pre-space phase of the contracts to fund satellite development and construction.

雖然我們通常要等到資料交付階段才確認收入，但重要的是要記住，我們會在合約的前太空階段收到付款，以資助衛星的開發和建造。

As a quick reminder, we had approximately 20 satellites launched in the first quarter. Roughly half of those satellites contained payloads for space services customers, which gives us clarity into the revenue ramp up in the second half of the year.

簡單提醒一下，我們在第一季發射了大約 20 顆衛星。其中約有一半衛星為太空服務客戶搭載了有效載荷，這讓我們清楚地了解了下半年的收入成長。

The other half contain payloads to support our data and analytics business, including weather data.

另一半則包含支援我們的數據和分析業務的有效載荷，包括天氣數據。

These deployments enhance the quality and types of weather data available to support current and future opportunities.

這些部署提高了可用的氣象資料的品質和類型，以支援當前和未來的機會。

I also want to touch briefly on the potential impacts of tariffs on our business which we have been analyzing.

我還想簡單談談我們一直在分析的關稅對我們業務的潛在影響。

Given the relatively low cost of our satellites, we do not foresee a material impact to our business based on current tariff levels. Any impact is largely due to US launch activities, and we are working to minimize the impact.

鑑於我們的衛星成本相對較低，我們預計目前的關稅水準不會對我們的業務產生重大影響。任何影響很大程度上是由於美國的發射活動造成的，我們正在努力將影響降至最低。

For the second quarter, we expect revenue to range between $18 million to $20 million. This includes approximately $3 million of revenue in April for the portion of the maritime business that we sold.

對於第二季度，我們預計營收將在 1800 萬美元至 2000 萬美元之間。其中包括 4 月我們出售的海運業務部分所獲得的約 300 萬美元收入。

For the full year, we expect revenue to range between $85 million and $95 million dollars, which includes approximately $14 million of revenue for the portion of the maritime business we sold.

我們預計全年收入將在 8,500 萬美元至 9,500 萬美元之間，其中包括我們出售的海運業務部分的收入約 1,400 萬美元。

This range is consistent with the expectations we provided on the last earnings call. We continue to expect revenue from our remaining business to accelerate in the second half of the year upon the on-orbit verification and data delivery of recently launched satellites. As we look to 2026, we continue to expect approximately 20% revenue growth over 2025 for our remaining business.

這個範圍與我們在上次收益電話會議上提供的預期一致。我們繼續預計，隨著最近發射的衛星在軌驗證和數據傳輸，我們剩餘業務的收入將在下半年加速成長。展望 2026 年，我們仍預期剩餘業務的營收將比 2025 年成長約 20%。

We anticipate second quarter non-GAAP operating loss to range between $13 million and negative $11 million and second quarter adjusted EBITDA to be in the range of negative $8.5 million and negative $6.5 million.

我們預計第二季非 GAAP 營業虧損將在 1,300 萬美元至負 1,100 萬美元之間，第二季調整後 EBITDA 將在負 850 萬美元至負 650 萬美元之間。

Given the adjustments we are making to headcount and offices, we expect both non-GAAP operating loss and adjusted EBITDA loss to continue to reduce in the second half of the year.

鑑於我們對員工人數和辦公室所做的調整，我們預計非公認會計準則營業虧損和調整後的 EBITDA 虧損將在下半年繼續減少。

We anticipate full year non-GAAP operating loss to range between $43 million and negative $35 million and full year adjusted EBITDA to range between $24 million and negative $16 million.

我們預計全年非 GAAP 營業虧損將在 4,300 萬美元至負 3,500 萬美元之間，全年調整後 EBITDA 將在 2,400 萬美元至負 1,600 萬美元之間。

Over the past couple of years we have spent at the low end of the range for Spire funded CapEx.

在過去的幾年裡，我們花費的 Spire 資助的資本支出處於較低水準。

We expect to have modest growth in Spire funded CapEx for this year to a range of $8 million to $10 million as we complete some ground station maintenance and deploy Lemur satellites to support revenue growth.

隨著我們完成一些地面站維護並部署 Lemur 衛星以支持收入成長，我們預計今年 Spire 資助的資本支出將小幅增長至 800 萬至 1000 萬美元。

During the second quarter, we will have elevated operating cash usage associated with transaction costs. However, we expect to achieve break even to positive operating cash flow in the second half of the year and end the year with over $100 million on our balance sheet.

在第二季度，我們將增加與交易成本相關的營運現金使用量。然而，我們預計今年下半年將達到收支平衡，達到正的營運現金流，並在年底實現超過 1 億美元的資產負債表。

For non-GAAP loss per share, we expect a range from negative $0.49 to negative $0.42 for the second quarter, which assumes a basic weighted average share count of approximately 31.2 million shares. For the full year, we expect a range from negative $1.80 to negative $1.51 which assumes a basic weighted average share count of approximately 30.4 million shares. Now I would like to open the call for questions.

對於非公認會計準則每股虧損，我們預計第二季每股虧損將在負 0.49 美元至負 0.42 美元之間，假設基本加權平均股數約為 3,120 萬股。對於全年而言，我們預期收益範圍在-1.80美元至-1.51美元之間，假設基本加權平均股數約為3040萬股。現在我想開始提問。

Thank you.

謝謝。

And at this time we will conduct our question-and-answer session. (Operator Instructions)

此時我們將進行問答環節。（操作員指示）

Erik Rasmussen, Stifel. Please state your question.

埃里克·拉斯穆森（Erik Rasmussen），Stifel。請陳述您的問題。

Yeah thanks for all the details on the quarter glad to see a lot of the issues behind the company we can actually start looking at the business on a go forward basis.

是的，感謝您提供有關本季度的所有詳細信息，很高興看到公司背後的許多問題，我們實際上可以開始從前進的角度審視業務。

Maybe just in your guidance, for the year, [90 million] at the midpoint suggests a second half pick up and ramp. How should we think about the sequential growth rates, in the back half of the year?

也許只是按照您的指導，對於今年而言，中間點的 [9000 萬] 表明下半年將會回升並增長。我們該如何看待下半年的連續成長率？

Yeah, hi, Erik. Thanks for the for the nice words about the go forward process. We're super excited to have some of these things behind us and really look forward.

是的，你好，艾瑞克。感謝您對前進進程的讚美。我們非常高興這些事情已經完成，並且非常期待。

We really feel good about the growth that is going to come in the second half of the year, and I'm going to let Ali answer and talk to specific patterns of sequential growth, but I really I want to just make a few comments on demand and how good we feel about what that's going to look like in the second half of the year.

我們確實對下半年的成長感到樂觀，我將讓阿里來回答並談論連續成長的具體模式，但我真的想就需求以及我們對下半年需求前景的樂觀感覺發表一些評論。

We talked about it a little bit on the other call and all of those things around government demand, increasing defense budgets, Spire's ability to achieve growth and offer customer solutions both in Europe and the rest of the world as well as the United States. The expectation of commercial partnerships coming out of the US government, all of that is going to contribute to what we see in outer quarters and going into 2026, as well as all of the revenue recognition we'll get from satellites that have launched in the early part of this year and that are yet to come.

我們在另一次電話會議上稍微討論了這個問題，包括政府需求、增加國防預算、Spire 實現成長的能力以及為歐洲、世界其他地區和美國客戶提供解決方案的能力。對美國政府的商業夥伴關係的期望，所有這些都將有助於我們在外部季度和 2026 年看到的情況，以及我們將從今年年初發射的衛星和尚未發射的衛星中獲得的所有收入確認。

Ali, do you have anything you want to add to?

阿里，您還有什麼要補充的嗎？

Yeah. Hey Erik, good to talk to you today. I mean, I think in the back half of the year we're seeing growth rates that are in the midpoint of our 12% to 17% range, the mid to high point of that, so 15% to 17%, and thinking about really focused on sequential quarter over quarter growth, which happened this quarter when we compare to the fourth quarter of 2024 and continuing to ramp up in that manner.

是的。嘿，艾瑞克，很高興今天和你聊天。我的意思是，我認為在今年下半年，我們看到的增長率處於 12% 至 17% 區間的中點，也就是 15% 至 17% 的中點到高點，並且真正關注的是環比增長，與 2024 年第四季度相比，本季度的環比增長持續以這種方式上升。

Great, and it sounds like you're going to, potentially hit break even or a positive operating cash flow, sometime in the second half of the year, but I think you're right now at an adjusted EBITDA with your guidance in Q2 what you did in Q1 of about $15.5 million and you're looking. At about $20 million for the year of a negative adjusted EBITDA, could you actually hit positive adjusted EBITDA by the end of the year, or is that more of an exit the year run rate and obviously then, it depends on the top line and some of the efficiencies you talked about, but just want to get a sense of how you're thinking about how we should be modeling maybe adjusted EBITDA.

太好了，聽起來你有可能在今年下半年的某個時候實現收支平衡或正的經營現金流，但我認為你目前的調整後 EBITDA 是根據你在第二季度的指導而製定的，而你在第一季度的調整後 EBITDA 約為 1550 萬美元，你期待著。如果年度調整後 EBITDA 為負值，約為 2000 萬美元，那麼您到年底能否真正實現調整後 EBITDA 為正值呢？或者這更像是年度退出運行率，顯然，這取決於營收和您談到的一些效率，但我只是想了解一下您是如何考慮我們應該如何對調整後的 EBITDA 進行建模的。

Yeah, thanks for that. I think we're looking at break-even kind of going into 2026 right now.

是的，謝謝。我認為我們現在正在考慮在 2026 年實現收支平衡。

So again, sequential improvement quarter over quarter for adjusted EBITDA and then going into 2026 hopefully we'll be in a positive adjusted EBITDA position and definitely in the back half of the year, cash from operating activities we're hoping to be in a positive position in the back half of the year.

因此，調整後的 EBITDA 將逐季改善，進入 2026 年，我們希望調整後的 EBITDA 能夠處於正值，而下半年的經營活動現金流也有望處於正值。

Right, maybe just a couple on the business, you talked about NOAA, I think we're all aware of the some of the cuts that, to the to the funding there, that are being contemplated, but, for any upcoming award so what's your confidence level that you can maybe achieve a higher award value, and maybe regain some of that performance requirements and reestablish yourselves with that customer.

好的，也許只是關於業務的幾個問題，您談到了 NOAA，我想我們都知道正在考慮削減那裡的資金，但是，對於任何即將到來的獎項，您的信心水平如何，您可能能夠獲得更高的獎項價值，也許可以重新獲得一些性能要求並與該客戶重新建立聯繫。

Yeah, I feel quite confident of that.

是的，我對此很有信心。

Our expectation is that despite a lot of these high profile cuts that have been happening, The focus on getting data in to improve forecasting number one is something that has continued to be reiterated as important for NOAA and for the administration as a whole, the continued focus on partnering and working with commercial companies.

我們的預期是，儘管已經發生了許多引人注目的削減，但重點是獲取數據以改進預測，這一點對於 NOAA 和整個政府來說一直被強調為重要，並繼續關注與商業公司的合作。

So, my expectation is that the budget will continue to. Increase at NOAA and my expectation is that the move from, I think it's currently 3,300 profiles per day of radio occultation that NOAA is purchasing from the two available suppliers, they are expecting to grow that and have stated that 20,000 per day is the, kind of the minimum right number and all of the studies we referenced last time have shown that. So, I feel very good that this administration understands the importance of purchasing this type of data as well as working with all of the available commercial companies that can provide something of value.

因此，我預計預算將會持續下去。美國國家海洋暨大氣總署 (NOAA) 的數量將會增加，我預計，目前 NOAA 從兩個可用供應商處購買的無線電掩星剖面數量是每天 3,300 個，他們預計這一數字還會增加，並表示每天 20,000 個是最低正確數字，我們上次提到的所有研究都證明了這一點。因此，我很高興看到本屆政府認識到購買此類數據的重要性，並與所有能夠提供有價值數據的商業公司合作。

Right, maybe just my last one, any updates on the [TALUS] opportunity that you closed the deal with Kepler and I think importantly avoided an extended legal battle, which I think you've mentioned drew some hesitancy there.

好的，也許這只是我的最後一個問題，關於[TALUS]機會的任何最新消息，您與開普勒達成了交易，我認為重要的是避免了一場曠日持久的法律糾紛，我認為您提到過這引起了一些猶豫。

Yeah, so I'll say across the board having the restatement completed, having all of the sales, the maritime business and the litigation behind us and having all of the cash on the balance sheet, it just, it puts us in such a different position with all of our customers across the board. Everyone is just ready to look at and go forward, so we have a good relationship with TALUS. We are continuing. Continuing to work through all of the next steps, we also continue to partner with them on the EURIALO project that is kind of interrelated with the TALUS opportunity, and we continue to put out news on progress that we're making there on LinkedIn. And so, this is moving forward, but I don't have further details that that I can share at the moment.

是的，所以我要說的是，全面完成重述，完成所有銷售、海運業務和訴訟，並在資產負債表上擁有所有現金，這讓我們與所有客戶處於截然不同的地位。每個人都準備好觀察並繼續前進，因此我們與 TALUS 的關係良好。我們仍在繼續。在繼續完成所有後續步驟的同時，我們也將繼續與他們合作與 TALUS 機會相互關聯的 EURIALO 項目，並且我們將繼續在 LinkedIn 上發布我們在該項目中取得的進展。所以，事情正在向前推進，但目前我還沒有可以分享的更多細節。

Great, appreciate all.

太好了，感謝大家。

The all the info.

所有資訊。

Good luck.

祝你好運。

Thank you, thanks.

謝謝，謝謝。

Jeff Meuler, Baird. Please state your question.

傑夫·穆勒，貝爾德。請陳述您的問題。

Thank you, appreciate the geographic breakdown, but can you give us any sort of go forward revenue mix, even approximate for like space services, aviation, weather, not sure if wildfire is separate from that, but just any sort of like use case or and market type of breakdown.

謝謝，感謝您提供地理分佈情況，但您能否給我們任何未來的收入組合，甚至是太空服務、航空、天氣等的近似值，不確定野火是否與此分開，但只是任何類似用例或市場類型的細分。

So, we're generally not giving the breakdown across each one of those businesses. We're giving it in aggregate and across the geographical area.

因此，我們通常不會對每項業務進行細分。我們以總體和跨地理區域的方式提供這些資訊。

So, I think what I can say is that all of those areas between space services, between what we do in space reconnaissance, what we're doing in weather and climate, and what we're doing in aviation are all important areas for us and are all growth areas.

所以，我想我可以說的是，太空服務之間的所有領域、我們在太空偵察方面所做的工作、我們在天氣和氣候方面所做的工作以及我們在航空方面所做的工作對我們來說都是重要的領域，都是成長領域。

We've given the breakdown between Europe and US and Asia Pacific, I think you have those numbers with, strong representation with customers in the United States and, next coming in Europe where we have a strong presence.

我們已經給出了歐洲、美國和亞太地區的細分數據，我想你已經從這些數據中看出，我們在美國客戶中佔有重要地位，其次是我們在歐洲也有很強的影響力。

Okay, and then maybe to just put a finer point on Erik's first question.

好的，然後也許只是想更詳細地解釋一下 Erik 的第一個問題。

I think the Q2 guidance at the midpoint ex maritime contribution is something like $16 million of revenue. And the back half on average at the midpoint implies a step up from $16 million to like $23.5 million. That looks like a pretty sizable underlying step up normalized for the April maritime contribution, I guess how much of that is those 20 space services satellites that have launched and are starting to deliver data in the near term? I don't know how much contribution there is from the Canadian wildfire contract in the back half or just anything else you can say to increase confidence from the outside and the magnitude of the step up.

我認為第二季的中點（不包括海事貢獻）收入指引約為 1,600 萬美元。而後半部平均中點意味著從 1600 萬美元增加到 2350 萬美元。這看起來像是 4 月份海事貢獻標準化後的一個相當大的潛在增長，我猜其中有多少是來自已經發射並在近期開始傳輸數據的 20 顆太空服務衛星？我不知道後半部加拿大野火合約的貢獻有多大，或者您還能說些什麼來增加外界信心和提升的幅度。

Yeah, so I think we do have confidence because of satellites that we've launched that will start to generate revenue. We have quite a few other launches for Space Services customers also coming up throughout the year. We do have the wildfire sack contract that is in implementation and will contribute to revenue, so that's just a matter of the execution.

是的，所以我認為我們確實有信心，因為我們發射的衛星將開始產生收入。我們全年也將為太空服務客戶進行多次發射。我們確實有正在實施的野火袋合同，並且會帶來收入，所以這只是一個執行的問題。

And then as we also mentioned, we've been replenishing the satellite fleet and that allows us to continue to serve customers with the space reconnaissance solutions and you know the weather and climate. We just talked about NOAA and our expectation that there will be increasing numbers of RO procurement and so all of those satellites also contribute to our ability to deliver on those type of customer expectations.

正如我們所提到的，我們一直在補充衛星群，這使我們能夠繼續為客戶提供太空偵察解決方案以及天氣和氣候服務。我們剛剛談到了 NOAA，我們預計 RO 採購數量將會不斷增加，因此所有這些衛星也有助於我們滿足這類客戶的期望。

Okay, and then it sounds like you're going to be in a pretty good position from a cash flow and just need the top perspective kind of getting into 2026. Is there any sort of framework you can give us for how to think about like incremental margins or annualized margin expansion?

好的，那麼聽起來從現金流來看你會處於相當不錯的位置，只需要以最佳視角進入 2026 年。您能否為我們提供某種框架來幫助我們思考增量利潤率或年度利潤率擴張？

Over an intermediate term, horizon, and then I guess the second part of the question would be just as you think about pursuing some of these larger opportunities.

從中期來看，我想問題的第二部分就是你正在考慮追求一些更大的機會。

Like what could that entail in terms of investment? Is there the potential for kind of a step back and even to pursue one of those larger opportunities before we get back to margin expansion.

就投資而言，這意味著什麼？在我們恢復利潤率擴張之前，是否有可能退一步，甚至去追求更大的機會之一？

Thank you.

謝謝。

Yes, I mean, we're definitely looking at, expansion of the non-GAAP operating margin in the back half of the year, and it's coming from increase in the top line and reduction in cost. We're, obviously focused on both.

是的，我的意思是，我們肯定會考慮下半年非公認會計準則營業利潤率的擴大，這是來自於營業收入的增加和成本的降低。顯然，我們對兩者都很關注。

I think Theresa's talked about quite a bit about the revenue growth, but on the cost side we've, taken some steps in terms of reducing our headcount, reducing our office space.

我認為 Theresa 已經談論了很多有關收入成長的問題，但在成本方面，我們已經採取了一些措施，例如減少員工人數和辦公空間。

We have another office we're closing by mid-2026, so it's there is improvement in the margin, and it's coming from both the top line and the cost side as well.

我們將在 2026 年中期關閉另一個辦事處，因此利潤率會有所提高，而且這既來自營業收入方面，也來自成本方面。

Yeah, I was wondering if you can give any sort of like intermediate term margin expansion framework or address if the larger opportunities that you're pursuing could.

是的，我想知道您是否可以提供任何類似中期利潤擴張框架或解決您所追求的更大機會的問題。

Cause any headwinds to kind of that view.

導致任何不利因素影響到這種觀點。

I don't think we're prepared right now to provide that detail. I know that we talked about that. We've talked about that in the past, and so we'll take that under advisement, but I don't have that detail to provide today.

我認為我們現在還沒有準備好提供這些細節。我知道我們討論過這個。我們過去曾討論過這個問題，因此我們會考慮這個問題，但我今天無法提供詳細資訊。

Okay.

好的。

Thank you.

謝謝。

The only other comment I can give you because you asked again about larger opportunities is that we've talked about the manufacturing capabilities that are in the process of being built out in Germany and in Boulder that allow us in fact to take advantage of these opportunities and we already mentioned the Canadian wildfire [sat] one and the facilities we're building out there. All of that is built into our numbers on our expectations. And so I think the biggest thing in allowing us to pursue these larger opportunities is putting ourselves in a stable footing with a solid balance sheet, having these difficulties behind us and going in and you know showing that we can execute, that we can maintain, careful cost control, and we're really seeing customers respond to that and to our long heritage of being able to innovate and put stuff in orbit and, generate real value for customers.

由於您再次詢問更大的機會，我唯一能給您的評論是，我們已經討論了正在德國和博爾德建設的製造能力，這實際上使我們能夠利用這些機會，並且我們已經提到了加拿大野火和我們正在那裡建設的設施。所有這些都已融入我們預期的數字之中。因此，我認為，讓我們抓住這些更大機會的最重要的事情是讓我們自己處於穩定的基礎之下，擁有穩健的資產負債表，克服這些困難，然後進入市場，你知道，我們能夠執行，能夠保持，謹慎的成本控制，我們真的看到客戶對此做出反應，也看到我們長期以來能夠創新、將物體創造真正價值的傳統。

Got it thank you.

明白了，謝謝。

Thanks.

謝謝。

Jeff Van Rhee, Craig-Hallum. Please state your question.

傑夫·範·裡、克雷格·哈勒姆。請陳述您的問題。

Hey guys, thanks for taking the questions. Yeah, and congrats on getting the maritime sale completed, just a fantastic outcome. Teresa, a number of questions, but Theresa, as you step into the CEO role, what are the critical things that you've got top of list that you have to accomplish this year?

嘿夥計們，感謝你們回答問題。是的，恭喜海上銷售完成，這是一個非常棒的結果。特蕾莎，我有幾個問題。但是，特蕾莎，當您擔任執行長一職時，您今年最需要完成的關鍵任務是什麼？

Yeah, so I think, the first critical thing was closing that maritime transaction. So that is a huge thing, and you know I want to keep coming back to that because it just puts us in such a different position. The second thing was getting my executive team in place and now we've got Ali here for the first. Earnings call, and I think we’ve made great progress in getting great people in the door. Celia and Gabriel are doing a really good job. They've been really part of the work that we've been doing around efficiency and managing our costs.

是的，所以我認為，第一件關鍵的事情是完成海上交易。所以這是一件大事，你知道我想繼續談論這一點，因為它讓我們處於一個完全不同的位置。第二件事是讓我的管理團隊到位，現在第一件事就是讓阿里來到這裡。收益電話會議，我認為我們在吸引優秀人才方面已經取得了很大進展。Celia 和 Gabriel 做得非常好。他們確實參與了我們為提高效率和管理成本所做工作。

It's also top of mind to make sure that we are setting ourselves up to appropriately take advantage of the demand that we see. And so, I think we are doing some of that with the manufacturing facilities that we've set up. I think we need to look at further investment in our sales and marketing and make sure that we've got the right people in the right places to really push forward and take advantage of that demand.

我們還要考慮的是確保我們能夠充分地利用我們所看到的需求。因此，我認為我們正在利用我們已建立的製造設施來實現其中的一些目標。我認為我們需要考慮在銷售和行銷方面進一步投資，並確保我們在合適的位置上配備合適的人才，以真正推動並利用這種需求。

And what you see with all of the satellites that are being launched this year is that I also want to make sure that we are maintaining the satellite network and our infrastructure and, best in class capabilities there. So, that we can also execute on all the demand that we're seeing and of course the pathway to profitability, I shouldn't neglect to mention that, that's something that we talked about all the time for the last two years and that is still very much top of mind.

從今年發射的所有衛星來看，我還想確保我們能夠維護衛星網路和基礎設施，並擁有一流的能力。因此，我們也可以滿足我們看到的所有需求，當然還有盈利的途徑，我不應該忽視這一點，這是我們過去兩年一直在談論的事情，而且仍然是我們最關心的問題。

Very helpful and on the revenue guide, what has to happen to be at the low end versus the high end? Just talk to the variability [10 million] gap between the two. What are the primary things that we should be keeping an eye on?

非常有幫助，在收入指南中，低端和高端分別需要發生什麼？只討論兩者之間的差異[1000萬]。我們應該關注的主要事項是什麼？

Yeah, I think there's some variability in there, number one, just because the world is so uncertain and we're coming out of a restatement with very new accounting policies. How we do revenue recognition with those space services contracts and so you know I think we want to make sure we're very careful in understanding how that how that works and how that plays out given that this is a new way of doing things.

是的，我認為其中存在一些變化，首先，是因為世界太不確定，而且我們剛剛制定了新的會計政策。我們如何透過這些太空服務合約進行收入確認，所以你知道，我想我們要確保我們非常仔細地了解它是如何運作的，以及考慮到這是一種新的做事方式，它是如何發揮作用的。

I think the RFGL, demand we're seeing is very strong, and our ability to go close those contracts and deliver on that data, has a powerful difference in our ability to generate the revenue and I think the difference is also potentially on ultimately how much NOAA does decide to procure this year in terms of the radio occultation numbers.

我認為，我們看到的 RFGL 需求非常強勁，我們完成這些合約和交付數據的能力對我們創造收入的能力有很大影響，我認為這種差異也可能最終取決於 NOAA 今年最終決定採購多少無線電掩星數據。

Okay. That's helpful. And then I guess just lastly on the space services, I mean obviously those can be serious needle moving deals, I think. Earlier somebody touched on the TALUS, and you referenced your EURIALO. Maybe you can just briefly revisit if it's out there you can catch it on LinkedIn, what the latest update is on your EURIALO.

好的。這很有幫助。最後我想說的是，關於太空服務，我認為這些顯然是具有重大影響的交易。之前有人談到了 TALUS，而您也提到了您的 EURIALO。也許您可以簡單地重新回顧一下，如果它在那裡，您可以在 LinkedIn 上找到它，您的 EURIALO 上的最新更新是什麼。

And then also in that context just any glimpses into Space Services pipeline, I realize things probably paused during the restatement and the sale and a lot of complications, but just a sense even broadly of how possible it is or how frequent it is to get deals in that pipe that are eight or nine figures. You've certainly announce some you did the Canadian wildfire deal here EURIALO, etc. So maybe just comment on EURIALO and then just the strength and depth of the pipeline and space services.

然後，同樣在這種背景下，只要對太空服務管道進行一些了解，我就會意識到事情可能在重述和銷售期間暫停，並且有很多複雜情況，但只是大致了解了在該管道中達成八位數或九位數交易的可能性或頻率。您肯定已經宣布了一些與加拿大野火相關的交易，例如 EURIALO 等。因此，也許只是對 EURIALO 進行評論，然後只評論管道和空間服務的實力和深度。

Yeah, the EURIALO one is moving along, and I we just recently completed, I don't know, a critical design review phase. Now I'm going to mess up the exact wording on this, Jeff, but we're moving through certain phases of it that we announced, which is basically, checking off stuff is moving along. So that that program is progressing.

是的，EURIALO 正在推進，我們最近剛完成，我不知道，一個關鍵的設計審查階段。傑夫，現在我要把這個確切的措辭弄亂了，但我們正在經歷我們宣布的某些階段，基本上就是檢查事情是否進展順利。因此該計劃正在取得進展。

There continues to be work done on what a next phase of EURIALO would look like. Which is something that goes through the European Space Agency and work that happens later this year. So those are all things that we continue to do in partnership with TALUS and I expect that we keep having news coming out of that from the space services demand side.

目前，EURIALO 下一階段的工作仍在繼續。這是歐洲太空總署將要進行的工作，將於今年稍後完成。這些都是我們與 TALUS 繼續合作進行的工作，我希望我們能持續從太空服務需求中獲得相關消息。

We have a nice pipeline of that. This is a pipeline that is working with commercial entities it's a pipeline that is also working with government entities and quite often they like we mentioned with the Mariota one in the comments earlier, they will start smaller as someone starts to work with us and then as you saw with Mariota, they start to get bigger and bigger as those organizations start to want to deploy, further assets after they start working with us. So, I think you'll continue to see growth in space services as we go through the year.

我們擁有良好的管道。這是一條與商業實體合作的管道，也是一條與政府實體合作的管道，而且通常就像我們之前在評論中提到的 Mariota 那樣，當有人開始與我們合作時，它們會從小規模開始，然後正如您在 Mariota 身上看到的那樣，隨著這些組織在開始與我們合作後開始想要部署更多資產，它們會變得越來越大。因此，我認為，隨著時間的推移，您將繼續看到太空服務的成長。

Great, that's helpful and congrats, real defining window for you guys. Great to see you coming out from under the debt and able to go execute, so appreciate it.

太好了，這很有幫助，恭喜，這對你們來說是一個真正的決定性窗口。很高興看到你擺脫了債務並能夠去執行，非常感謝。

Thanks. Brian Kingslinger, Alliance Global Partners. Please state your question.

謝謝。布萊恩‧金斯林格 (Brian Kingslinger)，Alliance Global Partners 總裁。請陳述您的問題。

Hey, great, thanks so much. I'm curious if there's any way to quantify the pipeline, maybe TCV of bids you're looking at in the next year or two and how this compares to a year ago. And if you can't give numbers, which you haven't traditionally given, maybe just speak to the level of growth in the pipeline or overall trends in the pipeline.

嘿，太好了，非常感謝。我很好奇是否有任何方法可以量化渠道，也許是您在未來一兩年內考慮的投標的 TCV，以及與一年前相比如何。如果您無法給出數字（您通常不會給出），那麼也許只能談談管道的增長水平或管道的整體趨勢。

Yeah, we don't give straight, we don't give pipeline numbers, as you said, we haven't historically done that. I don't think that we will give specific numbers on that. So, I think all that I can tell you is to again share how good we feel about the demand that we're seeing right now, and I can say. It's across all of the products and solutions that we have and in particular we're seeing growth in demand on the government side and that's on the government side, both US government side and rest of world, and we're seeing that across all of our products and services.

是的，我們不會直接給出，我們不會給出管道數字，正如你所說，我們過去沒有這樣做過。我認為我們不會給出具體的數字。所以，我想我能告訴你們的是再次分享我們對目前看到的需求的良好感受，我可以說。這種趨勢體現在我們所有的產品和解決方案中，特別是我們看到政府的需求在成長，包括美國政府和世界其他地區，我們看到這種趨勢體現在我們所有的產品和服務中。

So it's not just going to be space or space reconnaissance that we see it, it's really across all products and services so I really do feel good about the demand that we have.

因此，我們看到的不僅僅是太空或太空偵察，它實際上遍及所有產品和服務，所以我對我們的需求感到非常滿意。

I do want to have further investment in our sales and marketing and I think that that just grows the pipeline even further as we get more people in the door who are out there talking to customers.

我確實希望在我們的銷售和行銷方面進行進一步的投資，而且我認為這只會進一步擴大管道，因為我們將有更多的人出去與客戶交談。

Great, follow up would be on the NOAA contract. Is there a one to one relationship with ROs, requested versus revenue, or is it fixed price just remind us, the way that plays out.

太好了，後續將討論 NOAA 合約。與 RO 之間是否存在一對一的關係，請求與收入，還是固定價格只是提醒我們，這是發揮作用的方式。

So the way that it is priced is usually a price per radio occultation sounding, and then NOAA will determine how many soundings they want to buy, and then that is the price of the contract. And then we or any other commercial company has to then go and deliver that number of soundings.

因此，定價方式通常是按每次無線電掩星探測計算價格，然後 NOAA 將確定他們想要購買多少次探測，這就是合約的價格。然後我們或任何其他商業公司必須去提供該數量的探測資料。

So, this is why as you have NOAA going from their current 3,300 RO soundings that they purchase and indicating that they want to increase that number and you know this is why it was so important that we talked about that study that happened the last time and that everyone agrees the impact. The fact that radio occultation has on forecast accuracy and that procurement of larger numbers of RO is the strategy and the expectation, then you just immediately have higher amount of revenue coming from RO. Of course we have to we have to, sell it with NOAA and then we have to deliver the RO, which, is important and part of all of the deployment of satellites that we do this year.

因此，這就是為什麼 NOAA 決定從他們目前購買的 3,300 個 RO 探測數據中增加這一數量，並且表示他們希望增加這一數量，您知道，這就是為什麼我們討論上次進行的研究以及每個人都同意其影響如此重要。事實上，無線電掩星對預報準確性有影響，採購大量 RO 是一種策略和期望，這樣你就能立即從 RO 獲得更高的收入。當然，我們必須將其出售給 NOAA，然後我們必須交付 RO，這很重要，也是我們今年所有衛星部署的一部分。

Okay, thank you.

好的，謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Austin Moeller, Cannacord. Please state your question.

奧斯汀·莫勒（Austin Moeller），Cannacord。請陳述您的問題。

Hi, good afternoon, Theresa and Ali. So just my first question here, your $3.8 million NOAA contract expires in September 2025. Does that get automatically renewed at prior contract value because of the one year continuing resolution for 2025, or does it get renegotiated on price?

嗨，下午好，Theresa 和 Ali。所以我的第一個問題是，您與 NOAA 簽訂的價值 380 萬美元的合約將於 2025 年 9 月到期。由於 2025 年的一年持續決議，是否會按照先前的合約價值自動續約，還是會重新協商價格？

It's going to get redone and that that means price and it means number of soundings that are requested to purchase. So, this is not something where you just expect an automatic amount at the same number that it currently is. We expect this to be different.

它將被重新做，這意味著價格，也意味著需要購買的探測數量。因此，這並不是您所期望的自動金額與當前金額相同的情況。我們預計情況會有所不同。

Okay, and just on the high definition weather forecast using NVIDIA Earth–2 data, do you have any additional information you can share on customer demand or uptake for that product?

好的，關於使用 NVIDIA Earth-2 資料的高清天氣預報，您是否還有其他有關客戶對該產品的需求或接受度的信息可以分享？

So, I don't have something specific that I can tell you other than, we announced it at the last one, which was a month ago. We had a lot of these earnings posts recently and so the team is out there now building out the demand for it and I think what I can share is that there is demand both on the commercial side and there is demand on the government side as well.

因此，除了我們在上一次會議上（也就是一個月前）宣布了這一消息之外，我沒有其他具體的事情可以告訴你。我們最近發布了很多這樣的收益帖子，所以團隊現在正在努力建立對它的需求，我認為我可以分享的是，商業方面和政府方面都有需求。

Okay, and then just if we think about 2026, does your view of 20% top line growth, is that still a reasonable assumption?

好的，那麼如果我們考慮 2026 年，您認為 20% 的營收成長率仍然是合理的假設嗎？

Yes.

是的。

Yeah, Austin, did you hear that answer? It was absolutely.

是的，奧斯汀，你聽到這個答案了嗎？絕對是。

Yes, great, thank you.

是的，太好了，謝謝。

Sorry, you didn't hear us the first time. We answered too quickly.

抱歉，您第一次沒有聽到我們說話。我們回答得太快了。

Thank you. Chris Quilty, Quilty Space. Please get your question.

謝謝。克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。請回答你的問題。

Can I get a 30%?

我可以得到 30% 嗎？

Can.

能。

You get a 30%? We will try.

你得到 30% 嗎？我們會盡力。

Alright, I did want to clarify, I mean, I think you were saying that on the soundings with NOAA, you pay per soundings. I'm not expecting that, as the number of soundings go up [7X], the revenues are going [7X].

好吧，我確實想澄清一下，我的意思是，我認為您說的是，對於 NOAA 的探測，您需要按探測次數付費。我並不認為，隨著探測次數增加（7 倍），收入會下降[7倍]。

But should we think about the contracting opportunity is maybe the revenues, under this new regime or the revenue contribution, does it double or does it go up 20%, when you, or have you seen anything in the budget documents that would indicate what they're indicating to pay for the stepped up soundings?

但是，我們是否應該考慮承包機會，也許是收入，在這種新制度下或收入貢獻，它會翻倍還是增加 20%，當你，或者你在預算文件中看到任何表明他們打算為加強探測支付什麼費用的內容時？

Yeah, so there's a few things. There is indication and expectation that the budgets that are put specifically against radio occultation will be increasing and moved around within NOAA, right, but with radio occultation and commercial procurement, a very key part of this. So, when it comes to the pricing of radio occultation soundings, this has been a bit all over the place in the past, which is where you've seen changing number of sounding. And the changing price per soundings, and I expect that to be something that is different in how NOAA's procurement of radio occultation going into the future, that this will start to get a little bit more consistent and a little bit more expected. And this is also because like in the last procurement that happened.

是的，有幾件事。有跡象表明和預期，專門用於無線電掩星的預算將會增加，並且在 NOAA 內部進行調整，對，但無線電掩星和商業採購是其中非常關鍵的部分。因此，當涉及無線電掩星探測的定價時，過去的情況有點混亂，這就是您所看到的探測數量的變化。每次探空的價格都在變化，我預計 NOAA 未來購買無線電掩星的方式會有所不同，這將開始變得更加一致，也更加符合預期。這也是因為像上次採購那樣。

There is an expectation to work with all of industry in doing this, so as you have higher number of soundings, you will have higher revenue, and I do expect the government to pay a reasonable price for radio occultation data. This is not a kind of price to the bottom, this is like we want long term partnerships that are going to give us valuable data that impact forecast accuracy and is for the good of the you know the nation and the world.

我們期望與整個行業合作完成這項工作，這樣，隨著探測次數的增加，您將獲得更高的收入，而且我確實希望政府為無線電掩星數據支付合理的價格。這不是一種底價，而是我們想要長期的合作關係，為我們提供有價值的數據，影響預測的準確性，並造福國家和世界。

Great, a macro question if we're looking for 20% growth this year and next year, now that I think about the maritime business and sort of take that out and TRY to understand which pieces are moving at which rates, where would you expect the biggest growth drivers are or driver, let's say if we'll just pick one. This year versus next year, or is it consistent? Is it all coming from, weather is the driver? Is it more on the space services business, or is it something else in air traffic?

太好了，如果我們期望今年和明年的增長率為 20%，那麼這是一個宏觀問題，現在我考慮一下海運業務，並將其拿出來，嘗試了解哪些部分以何種速度發展，您認為最大的增長動力在哪裡，或者說，如果我們只選擇一個，最大的增長動力在哪裡。今年與明年相比，還是一致？這一切都是因為天氣原因嗎？它更多的是涉及太空服務業務，還是涉及空中交通的其他業務？

So, maritime was a good business for us.

所以，海運對我們來說是個很好的業務。

Maritime was also our slowest growing business, so I do expect that we're going to have growth coming from all areas of our business, and I would say at different periods of time.

海運也是我們成長最慢的業務，因此我確實預期我們業務的所有領域都會實現成長，而且我想說的是，成長會出現在不同的時期。

Historically we've seen different parts of the business growing differently, right? So, when we are in the middle of COVID and everyone stopped flying, right, that was impacting the aviation business a little bit, but in other areas it was then compensated for.

從歷史上看，我們看到業務的不同部分有不同的成長方式，對嗎？因此，當我們處於新冠疫情期間，每個人都停止飛行時，這對航空業務產生了一點影響，但在其他領域，它得到了補償。

What I can say is that I think Across the product areas, growth in sales to government customers, US and rest of world is where you're going to see a lot of the growth drivers coming from in the second half of this year and into 2026. I do expect that the space reconnaissance piece or the radio frequency geolocation is also going to be a strong area for us.

我可以說的是，我認為在所有產品領域中，對政府客戶、美國和世界其他地區的銷售額成長是今年下半年和 2026 年成長動力的主要來源。我確實預計太空偵察或射頻地理定位也將成為我們的強項。

Great, one final question, which is the space services business, which is now, about 50% of revenues, when you look at the business and the prospects for growing it, do you consider at this point. Either, vertically integrating, forward or backward, more into the components business to increase your strength fitting programs or forward integrating into things like, an orbital transfer vehicle or something so you can take more of an end to end delivery of the system or do you expect that most of the capital investment will be directed towards the analytic side of the business?

太好了，最後一個問題，即太空服務業務，目前約佔總收入的 50%，當您考慮這項業務及其成長前景時，您現在考慮什麼？無論是向前還是向後垂直整合，更多地融入零件業務以增強您的實力，還是向前整合到軌道轉移飛行器之類的事物中，以便您可以進行更多的端到端系統交付，或者您是否預計大部分資本投資將用於業務的分析方面？

Yeah, so I am very focused on our organic growth and meeting what I consider quite strong demand in space services and across our other areas. And so, I don't necessarily want to go into, vertically integrating on the component side or otherwise right now, we just came out of a difficult nine-month period. We want to focus, and we really want to pay attention to our efficiency and our profitability and really get down to that nice steady growth that everyone wants to see. So, I think we have enough on our plate to have the growth that we want and the focus that we want without worrying about, going in different directions right now.

是的，所以我非常關注我們的有機成長以及滿足我認為的太空服務和其他領域的強勁需求。因此，我現在不一定想深入研究組件方面的垂直整合或其他方面，我們剛剛度過了艱難的九個月時期。我們希望集中精力，真正專注於我們的效率和獲利能力，真正實現每個人都希望看到的穩定成長。所以，我認為我們已經有足夠的任務來實現我們想要的成長和我們想要的重點，而不必擔心現在朝著不同的方向發展。

Very good, thank you and congrats on the new clean slate going forward.

非常好，謝謝你，並祝賀你從新開始。

Yeah, thank you, thanks very much.

是的，謝謝，非常感謝。

Thank you. And ladies and gentlemen, there are no further questions at this time.

謝謝。女士們、先生們，現在沒有其他問題了。

This concludes Spire Global's first quarter 2025 earnings conference call. You may disconnect your lives at this time.

Spire Global 2025 年第一季財報電話會議到此結束。此時，你們可以斷開你們的生活。

Thank you all for your participation.

謝謝大家的參與。