Spire Global Inc (SPIR) 2025 Q2 法說會逐字稿

Welcome to the Spire Global second-quarter 2025 business and financial update conference call. (Operator Instructions)

歡迎參加 Spire Global 2025 年第二季業務與財務更新電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Ben Hackman, Head of IR. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興介紹投資人關係主管 Ben Hackman。請繼續。

Thank you. Hello, everyone, and thank you for joining Spire's second-quarter 2025 business and financial update conference call. Our business and financial update press release is 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 年第二季業務和財務更新電話會議。我們的業務和財務更新新聞稿發佈在公司的 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 includes preliminary and unaudited values. Some of our today contain forward-looking statements that are subject to risks, uncertainties and assumptions. In particular, our expectations around our results of operations and financial condition are uncertain and subject to change. 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.

提醒一下，我們今天的評論包括初步和未經審計的價值。我們今天的一些聲明包含前瞻性陳述，這些陳述受風險、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。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, assumptions and other factors that could affect our financial results is included in our SEC filings.

這些風險、不確定性、假設和其他可能影響我們財務結果的因素的描述包含在我們向美國證券交易委員會提交的文件中。

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

說完這些，讓我把電話交給特蕾莎。

Thank you, Ben. Good afternoon, and thank you for joining us today. This quarter marked a transformative milestone in Spire's journey, the successful sale of our Maritime business. This strategic transaction has fundamentally strengthened our financial foundation, eliminating debt entirely and establishing a robust balance sheet.

謝謝你，本。下午好，感謝您今天加入我們。本季標誌著 Spire 發展歷程中的一個轉型里程碑，即成功出售我們的海事業務。這項策略交易從根本上加強了我們的財務基礎，徹底消除了債務並建立了穩健的資產負債表。

With this significant chapter now behind us, our team at Spire is channeling our collective energy towards what matters most, delivering exceptional operational performance, generating compelling financial results, and unlocking growth opportunities that will define our future.

隨著這一重要篇章的過去，Spire 團隊將把我們的集體能量投入到最重要的事情上，提供卓越的營運業績，創造令人信服的財務業績，並釋放決定我們未來的成長機會。

Spire's differentiated capabilities enable us to unlock insights powered by our versatile multipurpose satellite constellation. Our recurring revenue model provides meaningful operating leverage, fueling sustained growth while supporting a rich portfolio of products that address the challenges faced by our diverse customer base.

Spire 的差異化能力使我們能夠解鎖由多功能多用途衛星星座提供支援的見解。我們的經常性收入模式提供了有意義的經營槓桿，推動了持續成長，同時支持了豐富的產品組合，以應對我們多樣化客戶群所面臨的挑戰。

The European Space Agency recently procured historical weather data from Spire satellite constellation to support advanced scientific research and the development of operational applications. Additionally, NASA awarded Spire a task order extension modification under its commercial satellite data acquisition program for the provision of radio agitation, reflectometry and space weather data.

歐洲太空總署最近從Spire衛星星座採購了歷史氣象數據，以支援先進的科學研究和操作應用的開發。此外，美國太空總署還授予Spire一項商業衛星資料收集計畫下的任務訂單擴展修改，用於提供無線電擾動、反射測量和太空天氣資料。

We expect this extension to serve as a bridge contract to a potential annual data purchase, which we hope to announce in the near future. Both contracts contribute to improving global weather forecasting and atmospheric understanding. Spire recently submitted a proposal to deliver near real-time global navigation satellite system reflectometry data with a primary focus on measuring ocean surface wind speeds.

我們希望此次延期能夠成為潛在年度數據購買的過渡合同，我們希望在不久的將來宣布這一消息。這兩份合約都有助於改善全球天氣預報和大氣了解。Spire 最近提交了一項提案，旨在提供近乎即時的全球導航衛星系統反射數據，主要重點是測量海面風速。

This data would support the evaluation of the quality and applicability of commercial [GNSSR] observations across a range of domains, including enhanced weather forecasting models. The initiative directly addresses the growing need accurate global sea surface wind measurements, critical for marine weather forecasting, hurricane tracking, ocean current analysis and climate science.

這些數據將支持評估一系列領域的商業 [GNSSR] 觀測的品質和適用性，包括增強型天氣預報模式。該計劃直接滿足了日益增長的精確全球海面風測量的需求，這對於海洋天氣預報、颶風追蹤、洋流分析和氣候科學至關重要。

We are also actively engaged in our annual radio occultation weather data acquisition agreement with NOAA. As discussed during our last earnings call, there is the potential for NOAA to purchase up to 20,000 radio occultation profiles per day in the coming years. We're encouraged by NOAA's growing recognition of the importance of expanding data acquisition to enhance both the accuracy and timeliness of weather forecasts.

我們也積極參與與美國國家海洋暨大氣總署 (NOAA) 的年度無線電掩星氣象資料收集協議。正如我們上次收益電話會議上所討論的那樣，未來幾年 NOAA 有可能每天購買多達 20,000 個無線電掩星剖面。我們感到鼓舞的是，美國國家海洋暨大氣總署越來越認識到擴大資料收集對於提高天氣預報的準確性和及時性的重要性。

While we continue to deliver reliable solutions that support our recurring revenue model, Spire is also making thoughtful strategic investments to expand our capabilities and meet evolving market demands. Spire is making remarkable strides in developing its hyperspectral microwave founder technology. These advanced sounders play a vital role in weather forecasting models because they can peer through clouds to gather crucial atmospheric data, something other instruments cannot do as reliably.

在我們繼續提供支援經常性收入模式的可靠解決方案的同時，Spire 也在進行深思熟慮的策略性投資，以擴展我們的能力並滿足不斷變化的市場需求。Spire 在開發高光譜微波創始技術方面取得了顯著進展。這些先進的探測器在天氣預報模型中發揮著至關重要的作用，因為它們可以透過雲層收集關鍵的大氣數據，這是其他儀器無法可靠​​地做到的。

Among all sources of weather data, microwave sounder observations consistently rank among the most impact for improving forecast accuracy. Spire's hyperscale microwave sounder enhances the vertical resolution of atmospheric profiles, enabling more precise measurements of temperature and water vapor from near the surface to the top of the atmosphere.

在所有氣象資料來源中，微波偵測器觀測對提高預報準確性的影響始終名列前茅。Spire 的超大規模微波探測器提高了大氣剖面的垂直分辨率，可以更精確地測量從地表附近到大氣頂部的溫度和水蒸氣。

We are pleased to share that our microwave sounder has successfully completed flight testing a board and aircraft test bed, reaching an important milestone in its development. We are targeting the first launch of this sensor in orbit for early 2026. There is significant interest technology from government whether, and Spire plans to use this data to enhance our own AI and physics-based modeling capabilities.

我們很高興地告訴大家，我們的微波探測器已經成功完成了電路板和飛機試驗台的飛行測試，達到了其發展過程中的一個重要里程碑。我們的目標是在 2026 年初首次將該感測器發射到軌道上。政府對該技術有濃厚的興趣，Spire 計劃利用這些數據來增強我們自己的人工智慧和基於物理的建模能力。

Spire's development of this capability strengthens our comprehensive portfolio of weather data offerings, ranging from radio occultation and polarimetric radio application to Rifatometry and soon hyperspectral microwave soundings.

Spire 對此功能的開發增強了我們全面的氣象資料產品組合，包括無線電掩星和偏振無線電應用、Rifatometry 以及即將推出的高光譜微波探測。

As severe weather events grow more frequent and intense, the need for diverse and high-quality observational data to improve forecasting models becomes increasingly urgent. Spire is well positioned to meet this demand with a unique and expanding set of satellite-based measurements. As we continue to advance weather forecasting capabilities, customers are also finding creative ways to leverage Spire's aviation data.

隨著惡劣天氣事件變得越來越頻繁和強烈，對多樣化和高品質觀測資料以改善預測模型的需求變得越來越迫切。Spire 憑藉其獨特且不斷擴展的衛星測量技術，完全有能力滿足這一需求。隨著我們不斷提高天氣預報能力，客戶也在尋找創意的方法來利用 Spire 的航空數據。

For example, researchers at Imperial College London purchased our ADS-B data to study Contrail and their impact on weather. This data has been instrumental in validating models that stimulate Contrail formation and behavior with findings incorporated into published scientific research, demonstrating yet another high-impact application of Spire's unique data sets.

例如，倫敦帝國學院的研究人員購買了我們的 ADS-B 資料來研究 Contrail 及其對天氣的影響。這些數據對於驗證刺激凝結尾跡形成和行為的模型起到了重要作用，其研究結果被納入已發表的科學研究中，展示了 Spire 獨特數據集的另一個高影響力應用。

In addition to cutting-edge research, our aviation data continues to support more traditional applications. Aircraft owners, for instance, use Spire data to track takeoff and landing times for each flight, enabling accurate logging of crew hours, calculation of airport charges and optimization of aircraft utilization.

除了尖端研究之外，我們的航空數據也繼續支持更傳統的應用。例如，飛機所有者使用 Spire 數據來追蹤每次航班的起飛和降落時間，從而能夠準確記錄機組人員的工作時間、電腦場費用並優化飛機利用率。

Within our aviation portfolio, we recently launched a new product, Spire Aircraft Exposure Analytics. This solution empowers users to quantify aircraft level exposure to hazardous weather by analyzing real flight trajectories alongside global weather alerts.

在我們的航空產品組合中，我們最近推出了一款新產品—Spire Aircraft Exposure Analytics。該解決方案使用戶能夠透過分析真實的飛行軌跡和全球天氣警報來量化飛機受到惡劣天氣的影響。

By integrating Flight Path with real-time and historical weather hazard data, aircraft exposure analytics, pinpoints, when and where individual aircraft have encountered conditions, such as turbulence, icing thunderstorms, volcanic ash, tropical cyclones and more.

透過將飛行路徑與即時和歷史天氣災害數據、飛機暴露分析相結合，可以精確定位單一飛機何時何地遇到湍流、結冰雷暴、火山灰、熱帶氣旋等情況。

This valuable insight helps airlines, maintenance teams, OEMs, lessors and aviation insurers gain a clear understanding of how environmental factors impact asset valuation, aircraft performance, safety and long-term ware. Geopolitical developments continue to fuel demand for robust base reconnaissance solutions. While we must maintain discretion regarding specific contracts, we are excited to highlight Spire's expanding capabilities.

這項寶貴的見解有助於航空公司、維修團隊、原始設備製造商、出租人和航空保險公司清楚了解環境因素如何影響資產估值、飛機性能、安全性和長期損耗。地緣政治發展繼續推動對強大基地偵察解決方案的需求。雖然我們必須對具體合約保持謹慎，但我們很高興強調 Spire 不斷擴展的能力。

Our latest space reconnaissance offering merges advanced data collection with AI-powered processing to deliver differentiated insights, enabling persistent monitoring, real-time geolocation and multilayered situational awareness. Spire can now collect, extract and interpret publicly broadcast voice transmissions from space, applying AI to transcribe, translate and summarize these communications in near real time, supporting more effective assessment of intent and potential threats.

我們最新的太空偵察產品將先進的資料收集與人工智慧處理相結合，提供差異化的見解，實現持續監控、即時地理定位和多層次態勢感知。Spire 現在可以收集、提取和解釋來自太空的公開廣播語音傳輸，應用人工智慧近乎即時地轉錄、翻譯和總結這些通信，支援更有效地評估意圖和潛在威脅。

Today's security landscape demands faster, smarter insights, beginning with real-time awareness of activities on the ground. With our advanced RF detection and geolocation capabilities, we empower partners and agencies worldwide with the critical intelligence needed to make confident informed decisions, even in the most challenging and remote environments from Maritime zones and border regions, to conflict and disaster areas.

現今的安全情勢需要更快、更聰明的洞察力，首先要即時了解實地活動。憑藉我們先進的射頻檢測和地理定位功能，我們為全球的合作夥伴和機構提供做出明智決策所需的關鍵情報，即使在最具挑戰性和偏遠的環境中，從海上區域和邊境地區到衝突和災區。

Beyond these specific product enhancements, we are making broad-based investments to strategically position ourselves for larger long-term opportunities on a global scale. NATO recently introduced its inaugural commercial space strategy aimed at strengthening collaboration with the commercial space sector by streamlining engagement and expanding business opportunities. The strategy emphasizes leveraging commercial solutions to complement Allied space capabilities with the goal of ensuring uninterrupted access to space services during peace time and conflict and fostering more flexible, resilient partnerships with industry.

除了這些特定的產品改進之外，我們還在進行廣泛的投資，以便在全球範圍內為更大的長期機會做好戰略定位。北約最近推出了其首個商業太空策略，旨在透過簡化參與和擴大商業機會來加強與商業太空領域的合作。該策略強調利用商業解決方案來補充盟軍的太空能力，目標是確保在和平時期和衝突時期不間斷地獲得太空服務，並與工業界建立更靈活、更有彈性的夥伴關係。

Key initiatives include adaptable contracting models, deeper integration of commercial services into NATO operations and exercises and the establishment of a new space capabilities group to promote cooperation, standardization and interoperability among NATO members and commercial partners. This strategic shift reflects a growing demand for commercial innovation in the defense space market, opening significant opportunities for industry leaders.

主要措施包括適應性承包模式、商業服務與北約行動和演習的更深入整合以及建立新的太空能力小組，以促進北約成員國和商業夥伴之間的合作、標準化和互通性。這項戰略轉變反映了國防航太市場對商業創新日益增長的需求，為產業領導者帶來了重大機會。

NATO member countries have committed to increasing defense and security investments to 5% of GDP by 2035, a substantial rise from current levels, which bodes well for companies positioned to deliver sovereign capabilities.

北約成員國已承諾到 2035 年將國防和安全投資增加到 GDP 的 5%，比目前水準大幅提高，這對有能力提供主權能力的公司來說是個好兆頭。

In response to these trends and opportunities across the US, Canada, the UK and Europe, we have made the strategic decision to establish manufacturing facilities in each of these critical markets. Additionally, we continue to invest in top-tier talent to strengthen our regional presence and accelerate market penetration.

為了因應美國、加拿大、英國和歐洲的這些趨勢和機遇，我們做出了在每個關鍵市場建立製造工廠的策略決策。此外，我們繼續投資頂尖人才，以加強我們的區域影響力並加速市場滲透。

Earlier this year, we expanded our leadership team with seasoned experts bringing deep European defense experience. And most recently, we announced that Quintin Jones will be joining Spire, adding extensive expertise working with the US government and Allied Partners.

今年早些時候，我們擴大了領導團隊，聘請了經驗豐富的專家，為我們提供豐富的歐洲防務經驗。最近，我們宣布昆汀瓊斯 (Quintin Jones) 將加入 Spire，為與美國政府和盟軍夥伴合作帶來豐富的專業知識。

We will continue to prudently make investments in the sales and marketing team to drive growth for the company. And finally, just this afternoon, we announced an eight-figure, five-year space services contract from a repeat commercial customer, underscoring the value Spire delivers to those seeking reliable, proven technology on an accelerated time line.

我們將繼續審慎地對銷售和行銷團隊進行投資，以推動公司的成長。最後，就在今天下午，我們宣布了與一位回頭商業客戶簽訂的一份價值八位數、為期五年的太空服務合同，這凸顯了 Spire 為那些尋求可靠、成熟的技術並能快速獲得這些技術的人所提供的價值。

Spire has the right resources, team, technology and opportunities to drive success. We remain focused on execution, agile in adapting to the evolving landscape and committed to investing in the areas that fuel long-term growth.

Spire 擁有合適的資源、團隊、技術和機會來推動成功。我們始終專注於執行，靈活適應不斷變化的情況，並致力於投資能夠推動長期成長的領域。

I'm proud of the progress we've made this quarter and optimistic about the promising opportunities ahead. With that, I will turn it over to Ali.

我為本季所取得的進展感到自豪，並對未來的光明機會感到樂觀。說完這些，我就把麥克風交給阿里。

Thank you, Teresa. I'd like to begin with an update on our efforts to hire a new independent auditor. Over the past few weeks, we've made meaningful progress in this process. After initial exploratory discussions, we've moved into the request for proposal stage, and are now engaged in in-depth conversations with several firms.

謝謝你，特蕾莎。首先，我想介紹我們聘請新的獨立審計師的最新情況。在過去的幾周里，我們在這一進程中取得了有意義的進展。經過初步的探索性討論後，我們進入了徵求提案階段，目前正在與幾家公司進行深入對話。

Our goal is to identify the right long-term partner. We expect to receive proposals from all participating firms by mid to late August after which we will review the proposals and make a decision. We are currently in the final stages of closing our second quarter results. This process is taking slightly longer than usual due to additional complexities, particularly those related to the Maritime transaction.

我們的目標是找到合適的長期合作夥伴。我們預計將於 8 月中下旬收到所有參與公司的提案，之後我們將審查這些提案並做出決定。我們目前正處於第二季業績結算的最後階段。由於額外的複雜性，特別是與海事交易相關的複雜性，這個過程比平常花費的時間稍長。

While we finalized the full financials, we're providing preliminary unaudited revenue figures to keep you informed in the interim. As a reminder, Spire's Q2 2025 results and prior quarter's results include portions of the Maritime business, which was sold at the end of April.

在我們最終確定全部財務數據的同時，我們會提供初步的未經審計的收入數據，以便您在此期間了解情況。提醒一下，Spire 的 2025 年第二季業績和上一季的業績包括 4 月底出售的部分海事業務。

GAAP revenue for the second quarter is expected to be in the range of $18 million to $19 million, given the deployment of satellites this year we expect space services to be a continued driver of our revenue expansion in the second half of the year, along with revenue growth from our WildFireSat contract and NOAA RO data. We finished the quarter with cash and cash equivalents and marketable securities of $117.6 million. We have an active and robust pipeline and are diligently working to close more deals by the end of the year.

預計第二季的 GAAP 收入將在 1800 萬美元至 1900 萬美元之間，考慮到今年衛星的部署，我們預計太空服務將繼續成為我們下半年收入增長的驅動力，同時我們的 WildFireSat 合約和 NOAA RO 數據的收入也將增長。本季結束時，我們的現金、現金等價物和有價證券總額為 1.176 億美元。我們擁有活躍且強大的管道，並正在努力爭取在年底前完成更多交易。

At this time, we are only providing revenue guidance for the third quarter and full year in addition to reiterating our expectations to finish the year with over $100 million of cash, cash equivalents and marketable securities.

目前，我們僅提供第三季和全年的收入指導，同時重申我們的預期，即到年底我們將擁有超過 1 億美元的現金、現金等價物和有價證券。

We plan to provide additional guidance upon the filing of our second quarter 10-Q. As we shared last quarter, we anticipate continued momentum in the second half of the year. For the third quarter, we expect revenue to be in the range of $19.5 million to $21.5 million. For the full year, we reiterate our previous expectations for revenue to be between $85 million and $95 million.

我們計劃在提交第二季 10-Q 報告時提供更多指引。正如我們上個季度所分享的，我們預計今年下半年將繼續保持這一勢頭。我們預計第三季的營收將在 1,950 萬美元至 2,150 萬美元之間。對於全年，我們重申先前的預期，即收入在 8,500 萬美元至 9,500 萬美元之間。

Now I would like to open the call for questions.

現在我想開始提問。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Eric Rasmussen, Stifel.

艾瑞克·拉斯穆森（Eric Rasmussen），Stifel。

Yeah, thanks, and congrats on the newly figure Space services award. Maybe can you just offer any additional details on how big this could be for Spire? How many satellites this represents? And maybe what kind of markets it will serve and maybe when you expect to see the revenue impact.

是的，謝謝，並祝賀新人物獲得太空服務獎。您能否提供一些額外的細節來說明這對 Spire 來說有多大意義？這代表多少顆衛星？也許它會服務什麼樣的市場，也許你預期何時會看到它對收入的影響。

Yeah, so I mean, I think it's a really nice contract for us. We mentioned an eight-figure deal. And I think the other thing that we can share is this is a good example of our kind of land-and-expand strategy. So it's a customer that we've worked with previously, who has continued to build out their capabilities with us.

是的，所以我的意思是，我認為這對我們來說是一份非常好的合約。我們提到了一筆八位數的交易。我認為我們可以分享的另一件事是，這是我們的「登陸和擴張」策略的一個很好的例子。這是我們之前合作過的客戶，他們一直在與我們一起拓展自己的能力。

This is going to be a standard space services contract in that we will recognize revenue once the assets are in orbit and collecting data. So it's going to have that 12 to 18-month time lag given the new revenue recognition policies that we have in place.

這將是一份標準的空間服務合同，一旦資產進入軌道並收集數據，我們就會確認收入。因此，考慮到我們實施的新收入確認政策，將會有 12 到 18 個月的時間延遲。

Okay. But along the way, though, you'll get reimbursed manufacturing into building.

好的。但在此過程中，您將獲得製造建築的補償。

That's right. We'll have billings all along the way.

這是正確的。我們一路上都會有帳單。

Okay. And then maybe just on sort of the revenue results. Q2 looks like you lowered the midpoint by about $500,000. Can you just maybe provide a little bit of color on that, what drove that? And then on the outlook for the year, you're still targeting $85 million to $95 million assumes a pretty steep second ramp.

好的。然後也許只是某種收入結果。Q2 看起來你將中點降低了約 50 萬美元。您能否稍微解釋一下這其中的原因？然後就今年的前景而言，您仍然以 8500 萬至 9500 萬美元為目標，假設第二個增長幅度相當大。

Maybe just what gives you the confidence of hitting that.

也許正是它給了你實現這目標的信心。

Yeah, thanks Eric. So we provided $1 million range because we're really still in the process of completing our clothes, particularly around a couple of our larger contracts and with our auditor transition and other things, it's just taking a little bit longer than we anticipated.

是的，謝謝艾瑞克。因此，我們提供了 100 萬美元的範圍，因為我們實際上仍在完成我們的服裝，特別是圍繞我們的幾個較大的合約以及我們的審計師過渡和其他事情，這只是比我們預期的時間要長一點。

So we want to be -- we want to give a range, but also give ourselves wiggle room in case we it, so we don't surprise anyone. Our confidence in the second half really comes from a lot of the satellites that were deployed in the first half.

因此，我們希望給出一個範圍，但同時也為自己留出迴旋餘地，這樣就不會讓任何人感到驚訝。我們對下半年的信心其實來自於上半年部署的大量衛星。

We deployed 27 satellites in the first half and a lot of those were launched for our space services customers. So it gives us clearing the revenue ramp-up for the next half of the year. We are also starting to recognize revenue on our WildFireSat contract. And so that's an execution story for us that as we execute, we drive revenue, and we expect to step up in revenue from our NOAA RO weather data effort that Teresa has talked a lot about over the past few months, and this would start in late September and give us a full quarter of higher revenue. So we -- that's what's driving the confidence in that ramp.

我們在上半年部署了 27 顆衛星，其中許多都是為我們的太空服務客戶發射的。因此，這為我們下半年的營收成長提供了一個清晰的思路。我們也開始確認 WildFireSat 合約的收入。因此，這對我們來說是一個執行故事，隨著我們的執行，我們將推動收入，並且我們預計我們的 NOAA RO 氣象數據工作的收入將會增加，Teresa 在過去幾個月中多次談到過這一點，這將在 9 月底開始，並為我們帶來整整一個季​​度更高的收入。所以我們——這就是推動這成長信心的因素。

Great. Maybe just my last one. Would you still be targeting 20%-plus for next year when factoring the sale of the Maritime business on equals of comparison.

偉大的。也許只是我的最後一個。如果將海運業務的銷售與同類業務進行比較，您是否仍將明年的目標定為 20% 以上？

Absolutely, we're kicking off our 2026 planning process, and that is the stated objective. So that is where we are targeting for, if not even maybe better, we'll see.

當然，我們正在啟動 2026 年規劃流程，這就是既定目標。這就是我們的目標，甚至可能更好，我們拭目以待。

Great. And still positive operating cash flow maybe in the second half of this year, still on track?

偉大的。今年下半年仍可能出現正的經營現金流，情況是否仍處於正軌？

We're working through that. We're committed to ending the year at still over $100 million in cash and cash equivalents. We are experiencing increased costs due to certain things with respect to the accounting transition and a few other matters. So I'm a little bit hesitant -- but that is where we are focused on managing our cash and hoping to get to that objective, if not in the back half of this year and early next year.

我們正在努力解決這個問題。我們致力於在今年年底前仍保持超過 1 億美元的現金和現金等價物。由於會計轉換和其他一些事項，我們的成本有所增加。所以我有點猶豫——但這就是我們專注於管理現金的地方，並希望實現這一目標，即使不是在今年下半年和明年年初。

Great. Thanks, good luck.

偉大的。謝謝，祝你好運。

Thanks Eric.

謝謝埃里克。

Jeff Van Rhee, Craig Hallum Capital Group.

傑夫‧範‧李 (Jeff Van Rhee)，克雷格‧哈勒姆資本集團。

Great, thanks for taking my questions. I had a question along the lines of the pipeline and maybe specifically around space services. But obviously, there's a lot of disruption with the Kepper sale Maritime sale and the situation with the balance sheet.

太好了，謝謝你回答我的問題。我有一個關於管道的問題，也許具體是關於太空服務的問題。但顯然，Kepper 出售、Maritime 出售以及資產負債表的情況造成了很多混亂。

But now that that's behind you and the balance sheet is in good shape for debt-free. Just -- I realize it's somewhat early, but how has that resonated in terms of unlocking maybe some frozen sales cycles and impacting those that were already in flight.

但現在這一切都已成為過去，資產負債表狀況良好，無債務。只是——我意識到現在有點早，但這對於解鎖一些凍結的銷售週期和影響那些已經在飛行中的銷售週期有何影響？

What I can say, Jeff, is I feel very good about the pipeline that we have ahead of us. There's a lot of them that we have some visibility in coming up that we already talked a lot about now. We talked about NASA and a lot of the names that we can't talk about a lot on the radio frequency geolocation side.

傑夫，我可以說的是，我對我們面前的管道感到非常滿意。其中有很多是我們對即將推出的計劃有一定了解的，我們現在已經討論了很多。我們討論了美國國家航空暨太空總署 (NASA) 以及許多在射頻地理定位方面我們不能談論太多的名字。

So I want to highlight that not just talking about space services, but what we're doing on the base reconnaissance side. And what I would say is that it's kind of interesting in the current environment, we're having probably more inbound interest than I've seen in a long time at a company.

因此我想強調的是，我們不僅談論太空服務，還談論我們在基地偵察方面所做的工作。我想說的是，在當前環境下，這很有趣，我們所獲得的入站興趣可能比我在一家公司很長時間以來所見過的要多。

Normally, you have your sales teams out there pushing hard, and we're in a current situation, particularly with RFGL, where we actually have people coming to us because we have a good product. We have something that can be used with customers worldwide, and we're in a very particular moment in time. So I feel very positive about the pipeline that we have and that we felt strongly that we can keep the revenue range and really feel optimistic about 2026.

通常情況下，你的銷售團隊都會竭盡全力推銷產品，而我們目前的情況是，尤其是對於 RFGL 來說，實際上有一些人來找我們，因為我們有好的產品。我們擁有可供全球客戶使用的產品，而且我們正處於一個非常特別的時刻。因此，我對我們現有的產品線感到非常樂觀，我們強烈感覺到我們可以保持收入範圍，並對 2026 年充滿樂觀。

Okay. And then, Ali, maybe a few for you. The -- I didn't hear on the 10-Q. What is the estimate in terms of filing time one. Two, where is head count right now? And then maybe just lastly, the range, $85 million to $95 million a lot of space in there with just a couple of quarters here to go. So just simply put, what gets you the low end, what gets you to the high end, what drives that variability?

好的。然後，阿里，也許你可以得到一些。我沒有聽到 10-Q。就申請時間而言，預計是多少？二、現在的人數是多少？最後，也許只是最後，8500 萬美元到 9500 萬美元的範圍還有很大空間，只剩下幾個季度了。所以簡單地說，什麼讓你處於低端，什麼讓你處於高端，什麼驅動了這種變化？

Yeah, so I don't -- look, I don't have a -- I can't give a solid date on the 10-Q. I can assure you that we are all working assiduously here towards it. everyone wants to get it filed. I'm hopeful in the next few weeks, we will be able to do that, but I'm really hesitant to put a firm date on that as there's just still a few open items that we're working through.

是的，所以我沒有——看，我沒有——我無法給出 10-Q 的具體日期。我可以向你們保證，我們都在為此而努力。每個人都希望將其歸檔。我希望在接下來的幾週內我們能夠做到這一點，但我真的不願意確定一個確切的日期，因為還有一些未解決的問題需要我們處理。

The Maritime transaction came with about 20 contracts that was extremely a lot of work for the company. This is the first quarter we've really recognized anything on wildfire sat that is a big contract for us to work through. So there are issues that we are working through. But we're confident right now in our top line, and we are going to file this as soon as humanly possible. We're right around where we were in head count. We were at about 380. We're down from that. We're in the more like 365 range from what I saw last week.

海事交易涉及大約 20 份合同，這對公司來說是一項極其繁重的工作。這是我們第一次真正認識到 Wildfire Sat 上的任何內容對我們來說都是一份大合約。所以我們正在努力解決這些問題。但我們現在對我們的營收很有信心，我們將盡快提交這份文件。我們的人數與之前的差不多。我們當時大約有 380 人。我們已不再那麼優秀了。從我上週看到的情況來看，我們的範圍更像是 365。

So we're managing head count we're making very selective hires as you've seen, and Teresa can talk about some of that. But we're trying to hold steady if we're not being down from last time we talked. And again, I'd just say on the range for the full year, I think the confidence comes from what we have launched for space services revenue that we can start recognizing wildfire sat contract and the NOAA RO deal that gives us confidence that we can be in that range without a lot of hesitation.

因此，正如您所見，我們正在管理員工人數，我們正在進行非常有選擇性的招聘，特蕾莎可以談論一些這方面的內容。但如果我們沒有像上次談話時那樣情緒低落，我們就會努力保持穩定。再說一次，關於全年的範圍，我想說的是，我認為信心來自於我們已經推出的太空服務收入，我們可以開始確認野火衛星合約和 NOAA RO 交易，這讓我們有信心我們可以毫不猶豫地進入這個範圍。

Okay, great. Thanks for taking the questions. I'll leave it there.

好的，太好了。感謝您回答這些問題。我就把它留在那裡。

Thanks Jeff.

謝謝傑夫。

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Great, thanks so much for taking my questions. You launched 27 new satellites in the first half. I believe that was the number. Is there a way to quantify what the annual run rate of revenue is from the data services that will be delivered on those 27 satellites?

太好了，非常感謝您回答我的問題。你們上半年發射了27顆新衛星。我相信就是這個數字。有沒有辦法量化這 27 顆衛星提供的數據服務的年運行收入是多少？

Yes, there is a way not. Yes, exactly. I think, look, I would say, and I think I've said this before, like Ben and I are spending a lot of time post Maritime thinking about how to reposition how we talk about revenue. We're not there yet, but that is something that we're working on for 2026. I think the main thing to know is that it's the space services revenue is growing. It's increasing.

是的，有辦法不這麼做。是的，確實如此。我想，看，我想說，我想我以前說過，就像本和我花了很多時間在海事之後思考如何重新定位我們談論收入的方式。我們還沒有達到這個目標，但我們正在為 2026 年的目標而努力。我認為主要需要知道的是太空服務收入正在成長。它正在增加。

The new deal continues to add to the remaining performance obligation that we can recognize over time. So that's all positive. But I think this is to come in terms of a little bit more detail on those numbers.

新交易將繼續增加我們可以隨時間推移確認的剩餘履約義務。這一切都是正面的。但我認為這需要對這些數字進行更詳細的說明。

And the only other thing I think I would add there is just to remind you that we really operate this constellation as a network. All these satellites are doing multipurpose things, and we're operating it altogether as a network.

我想我唯一要補充的是，我們實際上是將這個星座作為一個網路來運作的。所有這些衛星都具有多種用途，我們將其作為一個網路進行操作。

So you also should not think about this as something that is like revenue per satellite, right? We've never talked about it that way, and I don't think that's the right way to think about it. The better way to think about it is really looking what is the replenishment CapEx that we have per year as that baseline and then all the revenue that we can grow on top of that leverage model that we continue to talk about.

所以你也不應該把它看作是每顆衛星的收入之類的東西，對嗎？我們從來沒有這樣談論過這個問題，而且我認為這不是正確的思考方式。更好的思考方式是真正看看我們每年的補貨資本支出是多少作為基準，然後看看我們可以在我們繼續談論的槓桿模型的基礎上增長的所有收入。

Could you answer my next question without even have to ask a good job. The -- I'm curious for the eight-figure contract you highlighted this was already a customer. Can you share because we don't know who that customer is, what that rough revenue run rate of that customer is before this contract? Just trying to gauge that were very big, very small and -- so anything you can share?

您能否回答我的下一個問題，而不必問一份好工作。我很好奇，您強調的八位數合約已經是一個客戶了。因為我們不知道該客戶是誰，您能否分享一下，在簽訂此合約之前該客戶的大致收入運行率是多少？只是想判斷它們有多大、多小——有什麼可以分享的嗎？

Yeah, I don't think that's something that we're publicly sharing other than we're continuing to look at the, I would say, the quality and the long-term relationship of the type of customers that we work with on a space services side. So we're being -- I would say we're being particular about who we work with and the type of deals that we do. And this is the type of customer that we feel good about as a long-term partner that we want.

是的，我不認為這是我們會公開分享的事情，除了我們會繼續關注我們在太空服務方面合作的客戶類型的品質和長期關係。所以，我想說，我們對合作夥伴以及交易類型非常講究。我們對這類客戶感到滿意，並希望與他們建立長期的合作關係。

Okay. Last question I have. I was One of the questions was about cash. I think I heard you have about $100 million -- just below $118 million of cash and you expect to end the year at $100 million. Does that approximate your EBITDA loss in the second half of the year? Otherwise, what does that $18 million earned come from?

好的。我的最後一個問題。我的一個問題是關於現金的。我聽說您大約有 1 億美元——略低於 1.18 億美元的現金，並且您預計今年年底的現金餘額將達到 1 億美元。這是否相當於您今年下半年的 EBITDA 損失？否則，這1800萬美元是從哪裡賺來的？

Hang on, I'm just I'm thinking through that. I mean I think, look, I think that there are -- I'm just trying to think through how I want to answer this. There are some pressures on cash that may or may not be reflected in adjusted EBITDA. So there are certain items that we adjust out that are cash flow uses of cash. So I'm not sure that it's the best estimate because we do have things that we are adjusting out. So I just want to make sure I clarify that

等等，我正在思考這個問題。我的意思是，看，我認為有——我只是在想如何回答這個問題。現金存在一些壓力，這些壓力可能會或可能不會反映在調整後的 EBITDA 中。因此，我們調整了某些項目，這些項目是現金流的用途。所以我不確定這是否是最佳估計，因為我們確實有一些需要調整的東西。所以我只是想確保澄清一下

Okay, all right, thank you.

好的，好的，謝謝。

Austin Moeller, Canaccord Genuity.

奧斯汀·莫勒（Austin Moeller），Canaccord Genuity。

Hi, good afternoon, Teresa and Ali. So just my first question on the microwave sounder. When placed in orbit -- would that particular instrument strengthen your competitive positioning versus companies like tomorrow IO by putting that into your toolbox and ultimately then to deploy several of those and added to the broader LEMUR constellation?

嗨，Teresa 和 Ali，下午好。這是我關於微波探測器的第一個問題。當放置在軌道上時 - 將該特定儀器放入您的工具箱中並最終部署其中幾個並添加到更廣泛的 LEMUR 星座中，是否會增強您與諸如 tomorrow IO 之類的公司的競爭地位？

I would say the short answer is yes. I mean we're not doing direct competitive things with them necessarily at the moment, but it's absolutely something that we work with customers today who are looking at that data and testing that data, including from the test flight that we did. And we do have an expectation that this is something that we start selling the data set that goes into our own forecasting models and become part of our product portfolio.

我想簡短地回答是肯定的。我的意思是，我們目前不一定會與他們進行直接競爭，但我們今天肯定會與客戶合作，他們正在查看和測試這些數據，包括我們進行的試飛數據。我們確實期望這是我們開始出售進入我們自己的預測模型的資料集並成為我們產品組合的一部分。

Okay. And just a follow-up. Do you have any update on the development of the four oral satellites?

好的。這只是後續行動。能介紹一下這四顆口腔衛星的研發進度嗎？

They are being worked on and in process right now. So that contract continues to be executed nicely and on track.

目前，他們正在進行工作並處於進行中。因此該合約將繼續順利執行。

Very exciting. I'll pass it back there. Thank you.

非常令人興奮。我會把它傳回去。謝謝。

Thank you.

謝謝。

Chris Quilty, Quilty Space.

克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。

Thanks. Theresa, you mentioned you're seeing more inbound interest than you've seen in a long time. Is that specific to the space services side of the business? Or is it the new RF mapping service or is it just broad-based?

謝謝。特蕾莎，您提到您看到的入境興趣比長期以來看到的要多。這是專門針對太空服務業務的嗎？或者它是新的 RF 映射服務，或者它只是廣泛的？

I would say it's broad-based, but probably more broad-based on the government side. So it's going to include space services. A lot of it is related to inbound looking at sovereign capabilities -- this is a theme that we've talked about quite a lot. I think the space sector overall is talking about quite a lot. And then it also is going to be related to the space or connaissance -- which I really see as an important growth area for Spire. And again, where we have assets in orbit, and we have good competitive differentiation.

我想說，它具有廣泛的基礎，但政府的基礎可能更為廣泛。因此它將包括太空服務。其中許多內容與對主權能力的內向審視有關——這是我們經常討論的主題。我認為整個航太領域都在談論很多事情。然後它也將與空間或知識相關——我確實認為這是 Spire 的一個重要成長領域。再說一次，我們在軌道上擁有資產，並且具有良好的競爭差異化。

Got you. And on that service, that's something you've sort of developed and launched was their customer pull for that? And do you have specific customers you're targeting for that service?

明白了。就該項服務而言，您開發並推出了一項服務，其客戶是否因此而受到青睞？您是否有針對該項服務的特定客戶？

We developed the service certainly because there's customer demand for it. I mean we generally like for that to be the case when we develop something and take it out into the market. It's very difficult, unfortunately, to talk about customer base for that product, and all I can say is that we can have customers in the United States, and we can have customers outside of the United States.

我們開發這項服務肯定是因為客戶有需求。我的意思是，當我們開發某種產品並將其推向市場時，我們通常會希望出現這種情況。不幸的是，談論該產品的客戶群非常困難，我只能說，我們可以在美國擁有客戶，也可以在美國以外擁有客戶。

Understand. And how would that service differentiate from what the Hawkeye 360, Unseen Labs her space are doing?

理解。那麼這項服務與 Hawkeye 360​​、Unseen Labs 及其空間所做的事情有何不同？

Yeah, so I think everyone is doing slightly different things and picking up slightly different spectrum. I think we've got assets in orbit. We have quality geo location that we're able to deliver. I think we have a really nice automated pipeline where we can get good latency out to the customers. And I think we have the ability to work with a diverse set of customers, which is something that's unique.

是的，所以我認為每個人做的事情都略有不同，並且選擇的範圍也略有不同。我認為我們已經在軌道上擁有資產。我們擁有能夠提供的高品質地理位置資訊。我認為我們有一個非常好的自動化管道，可以為客戶提供良好的延遲。我認為我們有能力與不同類型的客戶合作，這是獨一無二的。

Got you. A follow-up on the Canadian Space Agency, the WildFire sat program. Does that one follow the same sort of 12 to 18 month build cycle Or I think you're doing an AIT facility up in Montreal. Does this one have a much longer lead to get to the service revenue.

明白了。作為加拿大航太局的後續行動，WildFire 衛星計畫。這個是否遵循同樣的 12 到 18 個月的建造週期？或者我認為您正在蒙特利爾建造一個 AIT 設施。這個是否有更長的時間來獲得服務收入？

So this is a percent completion. So we're actually taking revenue along the way. That's why we talk a lot about that contract being relevant for the revenue recognition in 2025. I don't know, Ali, if you need to add to that.

這是完成百分比。所以我們實際上是在這過程中獲得收入。這就是為什麼我們多次討論該合約與 2025 年收入確認的相關性。阿里，我不知道你是否需要補充這一點。

Absolutely correct.

絕對正確。

Got you. And a question on the sounder program. What size satellite will you use to host that sounder? Is that standard 3U, 6U, 12U.

明白了。還有一個關於測深儀程序的問題。您將使用多大的衛星來承載該探測器？那是標準的 3U、6U、12U 嗎？

So it's on the larger end because this is a more complicated payload. I think has more power requirements. But it fits within the form factors that Spire already does.

因此它的尺寸較大，因為這是一個更複雜的有效載荷。我認為對電力的要求更高。但它符合 Spire 已經具備的外形尺寸。

Got you. Very good, appreciate the feedback.

明白了。非常好，感謝您的回饋。

Thank you so much.

太感謝了。

Thanks, Chris.

謝謝，克里斯。

Thank you. There are no further questions at this time. This does conclude today's conference call. We thank you for your participation. You may now disconnect your lines.

謝謝。目前沒有其他問題。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。