Spire Global Inc (SPIR) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Spire Global third-quarter 2025 results call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Spire Global 2025 年第三季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the call over to your host, Ben Hackman, Head of Investor Relations. Thank you. You may begin.

現在我將把電話交給主持人，投資者關係主管本·哈克曼。謝謝。你可以開始了。

Thank you. Hello, everyone, and thank you for joining Spire's third-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，感謝各位參加 Spire 2025 年第三季財報電話會議。我們的獲利新聞稿和相關的美國證券交易委員會文件已發佈在公司投資者關係網站上。今天電話會議的錄音也將提供回放。今天和我一起參加電話會議的有執行長 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. Some of our comments today contain forward-looking statements that are subject to risks, uncertainties and assumptions. In particular, our expectations around our future 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.

再次提醒，我們今天的評論將包含非GAAP項目。有關我們 GAAP 和非 GAAP 結果的調整以及我們的業績指引，請參閱我們的獲利新聞稿，該新聞稿可在我們的投資者關係網站上找到。我們今天發表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。尤其值得注意的是，我們對未來經營業績和財務狀況的預期存在不確定性，並且可能會發生變化。如果這些預期未能實現，或者我們的假設被證明是錯誤的，則公司的實際業績可能與這些前瞻性聲明有重大差異。

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表現的因素的描述，已包含在我們提交給美國證券交易委員會的文件中。那麼，就讓我把電話交給特蕾莎吧。

For more than a decade, Spire has been a steadfast champion of safety and security. We protect businesses and people by delivering critical weather intelligence and aviation insights that spot potential navigation hazards before they become problems. We empower nations with radio frequency data, turning raw signals into actionable intelligence. Through our proven scalable space infrastructure, Spire provides global invisible intelligence from Orbit, capturing RF signals, atmospheric conditions and operational behavior data. This continuous space-based awareness provides hundreds of organizations and governments a real-time view of activity across Earth's environment, operations and infrastructure, enabling them to act faster, act safer and act with greater confidence.

十多年來，Spire 一直是安全保障的堅定擁護者。我們透過提供關鍵的天氣情報和航空資訊來保護企業和人民，在潛在的航行危險變成問題之前發現它們。我們利用射頻資料賦能各國，將原始訊號轉化為可操作的情報。Spire 利用我們成熟的可擴展空間基礎設施，從軌道上提供全球隱形情報，捕獲射頻信號、大氣條件和運行行為數據。這種持續的太空感知能力為數百個組織和政府提供了地球環境、營運和基礎設施活動的即時視圖，使他們能夠更快地採取行動，更安全地採取行動，並更有信心地採取行動。

Today, Spire operates a satellite constellation of over 100 payloads. Our antennas cover every spot on earth approximately every 12 minutes. We serve data and analytics applications to hundreds of customers across 45 countries and collect millions of RF signals and atmospheric measurements every day. Spire closed the third quarter on the back of sizable commercial and government contract wins with triple-digit growth on multiple repeat contract awards in our core areas of weather and security. These awards reflect demand translating into signed long-term programs.

如今，Spire 經營著一個擁有 100 多個有效載荷的衛星星座。我們的天線大約每 12 分鐘就能覆蓋地球上的每個角落。我們為遍佈 45 個國家的數百家客戶提供數據和分析應用服務，每天收集數百萬個射頻訊號和大氣測量數據。Spire 在第三季末取得了顯著的商業和政府合同成功，並在氣象和安全等核心領域獲得了多項重複合同，實現了三位數的增長。這些獎項反映了市場需求轉化為已簽署的長期項目。

We head into 2026 buoyed by unmistakable market opportunity even as we have navigated recent timing variability inherent in government procurement and delivery. Heightened security imperatives, larger budget allocations, accelerated procurement cycles, and clear expectations for commercial partnerships have created a fertile environment for a well-established company like Spire, one that can deliver operational capability today while iterating rapidly toward tomorrow's needs. Our 2025 satellite manufacturing ramp-up proved we can scale with confidence. Satellite manufacturing throughput doubled per year while remaining flat headcount. Our on-orbit data production is expected to increase tenfold for crucial RFGL products and threefold in our daily RO profiles.

儘管我們最近經歷了政府採購和交付過程中固有的時間波動，但我們仍然充滿信心地邁入 2026 年，因為市場機會顯而易見。日益嚴格的安全要求、更大的預算撥款、更快的採購週期以及對商業夥伴關係的明確期望，為像 Spire 這樣成熟的公司創造了肥沃的環境，該公司能夠提供當下的運營能力，同時快速迭代以滿足未來的需求。我們2025年的衛星製造產能提升計畫證明，我們有能力自信地擴大規模。衛星製造產能每年翻一番，員工人數則維持不變。預計我們關鍵的 RFGL 產品的在軌數據產量將增加十倍，而我們每日 RO 剖面的在軌數據產量將增加三倍。

This step change in capacity cement Spire's role as a true dual-use solution provider driven by European, especially German demand, we have cost effectively installed a world-class satellite manufacturing facility in Germany which will provide us with backup resilience and additional manufacturing capacity of up to 100 satellites per year once fully qualified and operational in Q1. We have selected KPMG as our new audit partner, and we are confident that Spire is positioned to operate as a regular reporting public company going forward.

此次產能的飛躍式提升鞏固了 Spire 作為真正的軍民兩用解決方案提供者的地位。受歐洲，尤其是德國的需求驅動，我們已在德國經濟高效地建立了一座世界一流的衛星製造工廠，一旦在第一季度完全獲得認證並投入運營，該工廠將為我們提供備份彈性，並增加每年多達 100 顆衛星的製造能力。我們已選擇畢馬威會計師事務所作為我們新的審計合作夥伴，我們相信 Spire 已做好準備，在未來作為一家定期發布報告的上市公司運作。

In September, Spire secured its largest radio application contract from NOAA, an award 3 times the size of last year's in annual founding volume and a greater than 40% improvement in price per sounding versus historical benchmarks. The agency also awarded Spire a contract for ocean surface winds derived from our GNSSR data, supporting operational forecasting missions. Across Europe, demand for our weather data suite remains robust.

9 月，Spire 從 NOAA 獲得了有史以來最大的無線電應用合同，該合約的年度創始量是去年的 3 倍，每次探測的價格比歷史基準提高了 40% 以上。該機構還授予 Spire 一份合同，利用我們的 GNSSR 數據推導出海洋表面風，以支持業務預報任務。在歐洲各地，對我們氣象資料套件的需求依然強勁。

We renewed our radio application agreement with EUMETSAT, sold GNSSR data to the European Space Agency and sold data to a leading European weather agency in support of improved forecast accuracy. As the region advances its process of catching up with the US in terms of commercial data use, Spire is uniquely positioned to continue as the key commercial partner based on its strong European operations.

我們與歐洲氣象衛星組織續簽了無線電應用協議，向歐洲太空總署出售了GNSSR數據，並向領先的歐洲氣象機構出售了數據，以支持提高預報準確性。隨著該地區在商業數據使用方面逐步趕上美國，Spire憑藉其強大的歐洲業務，擁有獨特的優勢，將繼續成為關鍵的商業合作夥伴。

Looking ahead to 2026 we anticipate an even deeper partnership with NOAA across our product categories, buoyed by the agency's ongoing dialogue with commercial providers about their expanding strategic role in satellite-based weather observations. This expectation is supported by the overarching directive of the current US administration towards more commercial partnerships and less government ownership. Spire's momentum is further supported by the upcoming launch of our microwave sounding satellite next month, which addresses a multibillion-dollar global atmospheric founding need.

展望 2026 年，我們預計與 NOAA 在各個產品類別中建立更深入的合作關係，這得益於該機構與商業供應商就其在基於衛星的天氣觀測中不斷擴大的戰略作用進行的持續對話。這項預期得到了美國現任政府總體方針的支持，即加強商業合作，減少政府所有權。Spire 的發展勢頭將進一步得到下個月微波探測衛星發射的支持，該衛星滿足了價值數十億美元的全球大氣探測需求。

Microwave founders are among the most impactful satellite observations for forecasting models worldwide, especially because they can see inside clouds and provide temperature and moisture profiles crucial for accurate forecasting. Microwave soundings currently provide up to 40% of forecast accuracy benefit and are used by all global forecasting agencies around the world. However, the combination of the legacy government instrument retirements, administrative changes in data sharing, and delays in new instruments have sparked global concerns about the consistency and completeness of microwave data sets, particularly for critical applications such as hurricane intensity monitoring.

微波源是全球對預測模型影響最大的衛星觀測之一，特別是因為它們能夠觀測到雲層內部，並提供對準確預測至關重要的溫度和濕度剖面。目前，微波探測技術可提高預報準確率高達 40%，並被世界各地的所有預報機構所採用。然而，由於政府傳統儀器的退役、數據共享的行政變更以及新儀器的延遲，引發了全球對微波數據集的一致性和完整性的擔憂，特別是對於颶風強度監測等關鍵應用而言。

This further opens the door to efficient and effective private sector participation in the multibillion dollar global observing system. As geopolitical dynamics evolve, weather intelligence is also gaining heightened relevance for defense. Germany's recently published space security strategy underscores the strategic value of weather observations alongside traditional intelligence, surveillance, and reconnaissance domains. Demonstrating this trend, Spire recently won a contract award for high-resolution weather insights to support military applications.

這進一步為私營部門高效、有效地參與價值數十億美元的全球觀測系統打開了大門。隨著地緣政治格局的演變，氣象情報對國防的重要性也日益突出。德國最近發布的太空安全戰略強調了氣象觀測與傳統情報、監視和偵察領域同等重要的戰略價值。為了證明這一趨勢，Spire 最近贏得了一份合同，為軍事應用提供高解析度天氣資訊。

Further illustrating the link between global security and citizen safety, Spire signed a contract to deliver soil moisture data across Ethiopia Somali region, covering hundreds of thousands of square kilometers in partnership with the international organization for migration. We have also won a coveted contract for high-resolution soil moisture insights from a brand named commercial smart ag customer in the US. Spire's expanding partnership with Deloitte and the accompanying contract to fill multiple satellite clusters equipped with Deloitte's silent shield cyber defense suite, underscores the strategic relevance of our space services platform.

為了進一步說明全球安全與公民安全之間的聯繫，Spire 與國際移民組織簽署了一份合同，提供埃塞俄比亞索馬利亞地區的土壤濕度數據，覆蓋數十萬平方公里。我們還贏得了美國一家名為“商業智慧農業”的品牌客戶的一份令人垂涎的合同，為其提供高分辨率土壤濕度信息。Spire 與德勤不斷擴大的合作關係，以及隨之而來的為多個衛星集群配備德勤「靜默盾牌」網路防禦套件的合同，凸顯了我們太空服務平台的戰略意義。

While revenue recognition extends beyond 2025, a satellite manufacturing, operational deployment and backlog conversion are proceeding exactly as planned. The program contributes to the company's total deferred revenue backlog of over $200 million, representing multiple years of contracted activity and reinforcing the long-term financial strength of the business. It is also another demonstration of our ability to secure high-profile awards that amplify our go-to-market reach within the US federal ecosystem.

雖然收入確認期延至 2025 年以後，但衛星製造、營運部署和積壓訂單轉換正按計畫進行。該計劃使公司累計遞延收入超過 2 億美元，代表了多年的合約活動，並鞏固了公司的長期財務實力。這也再次證明了我們有能力獲得高知名度的獎項，從而擴大我們在美國聯邦生態系統中的市場影響力。

Spire was recently selected as an awardee on the US government Missile Defense Agency's multi-award Shield IDIQ contract with a shared ceiling of $151 billion. This award positions us to compete for task orders under the Golden Dome initiative, a US missile defense effort expected to award over tens of billions of dollars per year over the next decade.

Spire 最近被選中成為美國政府飛彈防禦局多項授予的 Shield IDIQ 合約的中標方，該合約的總金額上限為 1510 億美元。這項獎項使我們有資格參與「金色穹頂」計劃下的任務訂單競爭。 「金色穹頂」計畫是美國的飛彈防禦計劃，預計在未來十年內每年將投入數百億美元。

Winning in this highly contested selection process confirms our role as an industrial-based partner capable of delivering defense-grade space-based data, RF intelligence, and digital engineering expertise for today and tomorrow's national security requirements. The Secretary of Wars rapid procurement guidelines explicitly reward innovative firms that can meet capability needs today.

在競爭激烈的遴選過程中勝出，證實了我們作為工業合作夥伴的地位，能夠為當今和未來的國家安全需求提供國防級天基資料、射頻情報和數位工程專業知識。陸軍部長的快速採購指南明確獎勵那些能夠滿足當前能力需求的創新公司。

Our boulder-based manufacturing facility and all US workforce provide the domestic footprint and security posture required to respond quickly. While the US government shutdown shifted a portion of anticipated revenue from 2025 into 2026, the underlying program funding and delivery commitments remain fully intact, and recent awards demonstrate that the US defense market continues to expand.

我們位於巨石上的製造工廠和全部美國員工提供了快速反應所需的國內佈局和安全態勢。雖然美國政府停擺導致部分預期收入從 2025 年推遲到 2026 年，但基本的專案資金和交付承諾仍然完全保持不變，最近的授標表明美國國防市場仍在繼續擴張。

In Europe, urgency for commercial partnerships in defense has increased meaningfully compared to a year ago. Germany has announced a EUR7 billion per year space defense budget over the next five years, totaling approximately $40 billion. Our ISO ready clean room and fully vertically integrated facilities in Munich, may expire one of the very few companies local to Germany with end-to-end small satellite capabilities with German nationals as well as German-speaking executives. We are also the only one with deep in-space radio frequency expertise.

在歐洲，與一年前相比，國防領域商業合作的迫切性顯著增加。德國宣布未來五年每年太空國防預算為70億歐元，總計約400億美元。我們在慕尼黑擁有符合 ISO 標準的無塵室和完全垂直整合的設施，可能是德國為數不多的幾家擁有端到端小型衛星生產能力、擁有德國國民和德語管理人員的本地公司之一。我們也是唯一一家擁有深厚的太空射頻技術專長的公司。

The German Space Agency DLR, a current Spire partner and customer, will play a key role in procurement, accelerating engagement with commercial suppliers. This relationship will support our ongoing direct engagement with the military on their short-term requirements, capability needs, and procurement asks. The European Space Agency Ministerial Council concluded in November with the largest financial commitment in their history. Member states pledged EUR22 billion in new subscriptions for the next three years, with Germany contributing EUR5 billion, an increase of almost 50%.

德國航空航天中心 (DLR) 是 Spire 目前的合作夥伴和客戶，將在採購方面發揮關鍵作用，並加速與商業供應商的合作。這種關係將支持我們繼續與軍方直接溝通，並了解他們的短期需求、能力需求和採購要求。歐洲航天局部長級理事會於11月閉幕，並做出了該機構歷史上最大的財政承諾。成員國承諾在未來三年內新增 220 億歐元的認購額，其中德國認購 50 億歐元，增幅近 50%。

Under the European Space Agency's geo return policy, German contributions are reserved for contracts with German companies such as Spire, reinforcing our strategic positioning within Europe's growing space defense ecosystem and European Space Agency's largest contributor. The European Union's Space Shield initiative slated to begin in 2026 and increasing urgency among NATO members further underscore demand for sovereign and commercial space capabilities. Across national security strategies, core requirements such as intelligence, surveillance, and reconnaissance are consistently highlighted, reinforcing the relevance of Spire's dual-use satellite data services.

根據歐洲太空總署的地理回報政策，德國的捐款將用於與 Spire 等德國公司簽訂合同，從而鞏固我們在歐洲不斷發展的太空防禦生態系統中的戰略地位，並使我們成為歐洲太空總署最大的捐助者。歐盟的「太空盾牌」計畫將於 2026 年啟動，北約成員國日益增長的緊迫感進一步凸顯了對主權和商業太空能力的需求。在各國安全戰略中，情報、監視和偵察等核心需求始終被強調，這凸顯了 Spire 的雙用途衛星資料服務的相關性。

NATO countries have pledged to increase their defense budgets to 5% of GDP. And assuming 5% of that amount for space would unlock $17 billion to $32 billion per year in additional contracts. Spire's space reconnaissance portfolio is seeing heightened demand as agencies move beyond traditional telecom and imaging approaches to exploit the radio-frequency domain. Our pipeline includes multiyear sovereign programs with recurring data demand as well as request for immediate data delivery using installed capacity. With government backing, we have begun collecting S-Band and X-Band maritime radar signals and expanding geolocation capabilities to serve our non-US customer base.

北約國家承諾將國防預算提高到國內生產毛額的5%。假設將其中 5% 用於太空領域，每年將釋放 170 億至 320 億美元的額外合約。隨著各機構不再局限於傳統的電信和成像方法，而是轉向利用射頻領域，Spire 的空間偵察產品組合的需求日益增長。我們的項目包括多年期主權項目，這些項目有持續的數據需求，以及利用已安裝容量立即交付數據的請求。在政府的支持下，我們已經開始收集 S 波段和 X 波段海上雷達訊號，並擴展地理定位能力，以服務我們的非美國客戶群。

Spire is advancing technology by utilizing a single satellite and our small form factor LEMUR platform to gain insights that would traditionally take a larger platform or multiple satellites. Even as Spire emerges as a national security technology partner, our commercial business remains an important growth engine. Under new leadership, our weather and aviation businesses are increasingly integrated with commercial revenue growing at a double-digit rate year over year and strong customer retention. Spire continues to see interest from our energy and commodity focused clients that are using our short-term high-resolution forecasts and our long-term subseasonal to seasonal forecasts.

Spire 利用單顆衛星和我們的小型 LEMUR 平台推動技術發展，取得以往需要更大平台或多顆衛星才能獲得的資訊。即使 Spire 已成為國家安全技術合作夥伴，我們的商業業務仍然是重要的成長引擎。在新領導階層的帶領下，我們的氣象和航空業務日益融合，商業收入逐年以兩位數的速度成長，客戶留存率也很高。Spire 持續受到專注於能源和大宗商品領域的客戶的關注，他們正在使用我們的短期高解析度預測和長期次季節到季節預測。

We are hearing consistent feedback from these customers that Spire's forecasts are ahead of other models, capturing critical weather signs earlier and translating them into real operational and financial impact. During the quarter, we were also awarded a commercial aviation contract in which the customer is utilizing Spire's ADS-B data to track aircraft movements and detect potential discrepancies, which may point to suspicious activities, including route divergence or aircraft operating with ADS-B switched off. Our engineering transformation efforts continue to deliver results, proving that we can deliver operational capabilities at scale. We process nearly twice as many satellites through the clean room this year while maintaining flat head count and stricter quality controls by implementing design for manufacturability and lean manufacturing principles. We are meeting heightened government cybersecurity and sovereign requirements and delivering the accompanying documentation while continuing to invest in this area.

我們從這些客戶那裡不斷聽到回饋，Spire 的預測領先於其他模型，能夠更早捕捉關鍵的天氣訊號，並將其轉化為實際的營運和財務影響。本季度，我們還獲得了一份商業航空合同，客戶利用 Spire 的 ADS-B 數據來追蹤飛機的移動並檢測潛在的差異，這些差異可能指向可疑活動，包括航線偏離或飛機在關閉 ADS-B 的情況下運行。我們的工程轉型工作持續取得成果，證明我們能夠大規模地提供營運能力。今年，我們在無塵室處理的衛星數量幾乎是往年的兩倍，同時保持了人員數量不變，並透過實施可製造性設計和精益生產原則，實現了更嚴格的品質控制。我們正在滿足政府日益提高的網路安全和主權要求，並提供相應的文檔，同時繼續在該領域進行投資。

On-orbit checkout time has been reduced by roughly 50%, compressing the time between capital investment and revenue realization. We expect this to further improve and positively impact our results as we launch further satellites for our customers in 2026 at an expected cadence of every three months on average. While we encountered unexpected timing impacts from the US government shutdown and in actions in the back half of the year, I remain confident in Spire's technology advantage, our expanding capacity, and the clear demand for both government and commercial capabilities. I reiterate our commitment to long-term double-digit sustainable revenue growth.

在軌測試時間縮短了約 50%，從而縮短了資本投資和收入實現之間的時間。我們預計，隨著我們在 2026 年以平均每三個月的預期頻率為客戶發射更多衛星，這將進一步改善並對我們的業績產生積極影響。儘管我們遇到了美國政府停擺和下半年行動帶來的意想不到的時間影響，但我仍然對 Spire 的技術優勢、不斷擴大的產能以及政府和商業能力的明確需求充滿信心。我重申我們對實現長期兩位數永續營收成長的承諾。

2025 starts as a year of revenue timing normalization, not a change of growth trajectory, setting up 2026 nicely to reflect the full benefit of capacity, backlog and demand already in place. I am excited about what lies ahead and the value we will continue to build for shareholders.

2025 年是營收時間正常化的一年，而不是成長軌跡改變的一年，這為 2026 年充分反映現有產能、積壓訂單和需求帶來的好處奠定了良好的基礎。我對未來充滿期待，也對我們將繼續為股東創造的價值感到興奮。

I will now turn it over to Ali, who will share our financial results, reflecting some of the mentioned revenue timing and accounting effects and our strong backlog and remaining performance obligations which drive our confident growth outlook for 2026.

現在我將把發言權交給阿里，他將分享我們的財務業績，其中反映了一些提到的收入時間表和會計影響，以及我們強勁的積壓訂單和剩餘履約義務，這些因素推動了我們對 2026 年增長前景的信心。

Thank you, Theresa. Before walking through the financials, I want to anchor them to the operating momentum Theresa just described. The third quarter reflected strong bookings, growing backlog, and expanding on-orbit capacity, offset by revenue timing impacts related to government delays. Importantly, these results do not reflect any change we see in underlying demand, customer commitments or program execution. I will be discussing non-GAAP financial measures unless otherwise stated.

謝謝你，特蕾莎。在詳細介紹財務數據之前，我想先將它們與特蕾莎剛才描述的營運勢頭聯繫起來。第三季業績反映出強勁的預訂量、不斷增長的積壓訂單和不斷擴大的在軌產能，但被與政府延誤相關的收入時間影響所抵消。重要的是，這些結果並未反映出我們在潛在需求、客戶承諾或專案執行方面看到的任何變化。除非另有說明，否則我將討論非GAAP財務指標。

A reconciliation of GAAP to non-GAAP results is included in our earnings release available on our Investor Relations website. As a reminder, Spire's third quarter 2024 results include our Maritime business which was sold at the end of April 2025 and had contributed about $40 million of revenue in the prior 12 months. All year-over-year comparisons should be viewed in that context.

我們已在投資者關係網站上發布了獲利報告，其中包含了 GAAP 與非 GAAP 結果的調整表。提醒一下，Spire 2024 年第三季的業績包括我們的海事業務，該業務已於 2025 年 4 月底出售，並在之前的 12 個月中貢獻了約 4000 萬美元的收入。所有同比數據都應放在這個背景下看待。

GAAP revenue for the third quarter of 2025 was $12.7 million. Year over year, revenue declined primarily due to the absence of approximately $11.5 million of maritime revenue that was present in the third quarter of 2024 and is no longer part of the business. In addition, approximately $6 million to $8 million of revenue shifted out of the quarter due to the timing of milestone-based revenue recognition on an existing multiyear contract and the uncertainty of award for an Earth Observation data contract.

2025 年第三季 GAAP 營收為 1,270 萬美元。與去年同期相比，營收下降的主要原因是 2024 年第三季約 1,150 萬美元的海運收入已不再屬於公司業務。此外，由於現有多年合約中基於里程碑的收入確認時間以及地球觀測資料合約授予的不確定性，約有 600 萬至 800 萬美元的收入從本季度轉移出去。

First, revenue recognition timing on a multiyear contract reduced third quarter revenue by approximately $4 million to $5 million. This revenue remains fully contracted and is expected to be recognized in 2026 as we continue to execute and deliver program milestones. Second, we saw a third quarter impact from the uncertainty of the NASA Earth Observation data contract renewal with additional smaller short-duration opportunities also deferred. The NASA contract is a contract that Spire has successfully delivered for several years with very high customer satisfaction. Taken together, these timing effects shifted a meaningful portion of revenue out of the third quarter but did not reduce the overall value of contracted programs.

首先，多年合約的收入確認時間導致第三季收入減少了約 400 萬至 500 萬美元。該收入仍已完全簽訂合同，預計將於 2026 年確認，屆時我們將繼續執行並交付專案里程碑。其次，由於 NASA 地球觀測資料合約續約的不確定性，第三季出現了一些影響，一些較小的短期機會也被推遲。Spire公司多年來一直成功履行NASA合同，客戶滿意度非常高。綜合來看，這些時間因素導致相當一部分收入從第三季轉移出去，但並未降低合約項目的總價值。

Non-GAAP operating loss for the third quarter of 2025 was negative $13.9 million compared to negative $6.1 million in the third quarter of 2024. Adjusted EBITDA was negative $11.8 million compared to negative $3.1 million a year ago. These changes were primarily driven by lower revenue recognized in the quarter, as just mentioned, rather than an increasing cost structure of the business. Excluding the Maritime business and certain onetime expenses, operating expenses in the third quarter were down year over year and sequentially, reflecting continued cost management. As revenue recognition normalizes, we expect improved absorption of fixed costs and a corresponding improvement in margins.

2025 年第三季非 GAAP 營業虧損為負 1,390 萬美元，而 2024 年第三季為負 610 萬美元。調整後的 EBITDA 為負 1,180 萬美元，去年同期為負 310 萬美元。如剛才所提到的，這些變化主要是由於本季確認的收入下降，而不是由於業務成本結構增加。剔除海事業務和某些一次性支出後，第三季的營運支出年比和季比均有所下降，反映出持續的成本控制。隨著收入確認的正常化，我們預期固定成本的吸收情況將會改善，利潤率也會隨之提高。

Turning to the balance sheet. Spire utilized $20.4 million of free cash flow in the third quarter and ended the period with $96.8 million of cash, cash equivalents and marketable securities. Cash usage in the quarter reflected revenue timing effects, working capital dynamics related to satellite manufacturing and elevated legal and professional fees. As of the end of the third quarter, our remaining performance obligations are over $200 million which is over 3 times trailing 12 months revenue. Of this amount, we expect approximately $70 million to be recognized as revenue in 2026. This backlog reflects multiyear contracted programs, primarily with government and institutional customers and provide substantial revenue visibility as we move into 2026.

接下來看一下資產負債表。Spire 在第三季使用了 2,040 萬美元的自由現金流，並在該季末持有 9,680 萬美元的現金、現金等價物和有價證券。本季現金使用反映了收入時間效應、與衛星製造相關的營運資金動態以及較高的法律和專業費用。截至第三季末，我們剩餘的履約義務超過 2 億美元，是過去 12 個月營收的 3 倍以上。其中，我們預計約有 7,000 萬美元將在 2026 年確認為收入。這份積壓訂單反映了多年合約項目，主要客戶是政府和機構客戶，並為我們進入 2026 年提供了可觀的收入前景。

For the full year 2025, we now expect revenue in the range of $70.5 million to $72.5 million, implying fourth quarter revenue of approximately $14.8 million to $16.8 million. Through November 30, 2025, we have already recognized approximately $10.5 million to $11.5 million of fourth quarter revenue. We anticipate full year non-GAAP operating loss of negative $54.7 million to negative $53.8 million and adjusted EBITDA of negative $42.2 million to negative $41.3 million.

我們現在預計 2025 年全年收入將在 7,050 萬美元至 7,250 萬美元之間，這意味著第四季度收入約為 1,480 萬美元至 1,680 萬美元。截至 2025 年 11 月 30 日，我們已確認第四季營收約為 1,050 萬美元至 1,150 萬美元。我們預計全年非GAAP營業虧損為負5,470萬美元至負5,380萬美元，調整後EBITDA為負4,220萬美元至負4,130萬美元。

For non-GAAP loss per share, we expect a range of negative $1.98 to negative $1.95, assuming a basic weighted average share count of approximately 30.9 million shares. The company is in the process of completing its 2026 budget with a focus on becoming adjusted EBITDA and operating cash flow breakeven to positive by no later than Q4 2026. We are taking a comprehensive look at our cost base to align to our revenue expectations and the sale of the Maritime business. More than $10 million of revenue has moved into 2026 due to government delays like the shutdown. This amount relates to programs that remain funded, contracted, and operationally underway.

對於非GAAP每股虧損，我們預期虧損範圍為-1.98美元至-1.95美元，假設基本加權平均股數約為3,090萬股。該公司正在製定 2026 年預算，目標是在 2026 年第四季之前實現調整後 EBITDA 和經營現金流收支平衡轉為盈利。我們正在全面審視我們的成本基礎，以使其與我們的收入預期和海事業務的出售相匹配。由於政府停擺等原因造成的延誤，超過 1,000 萬美元的收入被推遲到 2026 年。該金額與仍已獲得資金、簽訂合約且正在運營的項目有關。

With approximately $70 million of this revenue already sitting in remaining performance obligations to be recognized in 2026, our 2026 growth is supported by contracts already secured, expanding backlog and an increase in on-orbit capacity that is already deployed or scheduled to be deployed in the first quarter. Given revenue movement out of 2025, we now expect greater than 30% revenue growth in 2026 for the business, remaining after the maritime divestiture. As in prior years, we plan to provide more comprehensive guidance for 2026 during our earnings call in March.

2026 年，約有 7,000 萬美元的收入將作為剩餘履約義務確認。 2026 年的成長得益於已簽訂的合約、不斷擴大的積壓訂單以及已部署或計劃在第一季度部署的在軌產能的增加。鑑於 2025 年的收入變化，我們現在預計，在剝離海運業務後，該業務在 2026 年的收入成長將超過 30%。與往年一樣，我們計劃在 3 月的財報電話會議上提供更全面的 2026 年業績指引。

With that, I will turn the call back to the operator for questions.

這樣，我就把電話轉回給接線生，以便他們回答問題。

(Operator Instructions) Erik Rasmussen, Stifel.

（操作說明）Erik Rasmussen，Stifel。

Theresa, in your prepared remarks, it sounded like there's a lot of opportunities and a lot of development that's happened since our last update. But so far, it just doesn't seem like it's translating into the revenue opportunities. I mean, you're looking at, obviously, this year's challenge with some of the timing issues and then government shutdown. But what gives you the confidence that 30% is the right number for next year for growth?

特蕾莎，從你事先準備好的發言來看，似乎自我們上次更新以來，出現了許多機會和發展。但到目前為止，這一切似乎還沒有轉化為收入機會。我的意思是，很顯然，今年的挑戰在於一些時間安排問題以及政府停擺。但是是什麼讓你確信 30% 是明年成長的合適數字呢？

And what are some of the puts and takes that get you there? I mean obviously, you have $70 million of RPO covered for next year, but what gets you to even higher than that 30% growth rate?

那麼，有哪些投入和採取的策略可以幫助你達成目標呢？我的意思是，很顯然，你們明年有 7000 萬美元的 RPO 資金，但是怎樣才能實現超過 30% 的增長率呢？

Yes, Erik, thanks for that question. And thanks for recognizing that there's over $10 million that really shifted across the calendar year. And that the number that we're giving is in excess of 30%. We did have government shutdown stuff, but at the same time, the US continues to push on things like the Shield IDIQ that came out in the US, there is great urgency to move fast and move forward with commercial companies.

是的，艾瑞克，謝謝你的提問。感謝您注意到，這一年裡有超過 1000 萬美元的資金發生了實際變化。而我們給的數字超過了 30%。我們確實遇到了政府停擺的問題，但與此同時，美國仍在推動諸如在美國推出的 Shield IDIQ 等項目，因此迫切需要快速行動，與商業公司合作推進。

And of course, we talked quite a lot about Europe. As you know, I'm based in Europe, I'm involved directly myself in a lot of these conversations. You heard in the prepared remarks about the very large budgets that are coming out of Germany, both from the national side as well as the contributions to ISA, 2025 was really a resetting year for Spire. And I would say in Europe as well, it was the year that they started to get their budgets in order, understand their priorities, start to look at some of the more obvious ways that they spend their money and 2026 is really where they start to make movement. Everyone we talk to over here has huge urgency and recognizes the importance of partnering with commercial entities.

當然，我們也聊了很多關於歐洲的話題。如您所知，我常駐歐洲，我自己也直接參與了許多此類對話。你們在事先準備好的發言稿中聽到了德國方面非常龐大的預算，無論是國家層面還是對 ISA 的貢獻，2025 年對 Spire 來說確實是一個重置之年。而且我認為在歐洲也是如此，那一年他們開始整理預算，了解優先事項，開始審視一些更明顯的花錢方式，而2026年才是他們真正開始採取行動的一年。我們在這裡遇到的每個人都非常緊迫，並且認識到與商業實體合作的重要性。

So I feel very good that we have a lot of momentum going into 2026 and that we're well positioned. You mentioned the remaining performance obligations. These are things that are contracted. These are things that are high manufacturing throughput and the really big increase in in-orbit capacity that we have mean that we can meet both all the existing demand as well as the new ones that we're expecting to come from that pipeline backlog that we have.

因此，我對我們進入 2026 年充滿信心，並且我們已經做好了充分準備感到非常滿意。您提到了剩餘的履約義務。這些都是合約約定的內容。這些產品生產效率很高，而且我們在軌產能的大幅提升意味著我們既可以滿足所有現有需求，也可以滿足我們預期從現有訂單儲備中產生的新需求。

Great. And then maybe just staying with one of the two items with NASA, the Earth Observation contract that was around $7 million. I think last year, you signed it in August timeframe an extension, do you expect that to actually happen? Was it just because of the government shutdown? Or is there something else that's going on that maybe could put that at jeopardy of not being renewed?

偉大的。然後或許就只保留與 NASA 的兩個項目中的一個，也就是價值約 700 萬美元的地球觀測合約。我認為去年8月份你簽署了一份延期合同，你認為這件事真的會發生嗎？只是因為政府停擺嗎？或者還有其他因素可能導致續約失敗？

Yes. And I think there's a lot of stuff going on at NASA right now in addition to everything that happened with the US government shutdown. And as you saw from the short-term extensions, that there is a great desire to have access to those data sets with everything that happened in the US, it is true that, that did not sign. It doesn't mean that it's not signing it means that there is a delay while all of this process happens at NASA.

是的。我認為，除了美國政府停擺帶來的所有事情之外，NASA目前還有很多其他事情正在發生。正如你從短期延期中看到的那樣，人們非常渴望獲得這些數據集，考慮到美國發生的一切，確實如此，但那份文件並沒有簽署。這並不意味著不會簽署，而是指在NASA完成所有流程期間會有所延遲。

And that's really, I think, the only thing that we can say right now. We don't believe that it's lost, it is not yet signed.

我想，這真的是我們現在唯一能說的了。我們認為它還沒有丟失，它還沒有簽署。

Okay. And then maybe just your cash balance. I remember our last update, you were targeting around $100 million exiting this year. Now you follow that through Q3, how should we think about cash going forward? Is it really just tied to now the revenue and revenue growth, and you passed a lot of the impacts of professional fees and everything else that was driving up a lot of more near-term spending?

好的。然後可能就只有你的現金餘額了。我記得我們上次更新的時候，你們的目標是今年退出籌集約 1 億美元。現在，假設我們按照這個趨勢進入第三季度，那麼我們未來的現金流該如何考慮呢？現在真的只與收入和收入成長有關嗎？你是否已經忽略了專業費用以及其他導致近期支出大幅增加的因素的影響？

Maybe I'll start and then Ali, if you need to jump in. So I'm going to start by saying, I think we will finish the year with a lot of cash on the balance sheet. We have -- a lot of this has to do with billings coming in the door and having some mismatch in the timing of how all this plays out. The other thing I would mention is that we have still had a number of these kind of onetime legal and accounting fees that have been happening throughout the year.

或許我可以先開始，然後阿里，如果你需要的話，再加入。所以首先我想說的是，我認為我們今年年底的資產負債表上會有很多現金。許多問題都與帳單的到來以及所有這些事情發生的時間上的不匹配有關。我還要提一下，今年我們還是產生了一些這類一次性的法律和會計費用。

So maybe, Ali, I'll pass it to you to answer more comprehensively.

所以，阿里，或許我應該把這個問題轉交給你，讓你更全面地回答。

Sure. Thanks, Theresa. Erik, yes, I mean, we definitely finished the balance sheet strong with just under $100 million in cash. We remain debt-free, so we feel very good about our balance sheet. And so I do think we'll end the year with a strong cash balance and take that into 2026.

當然。謝謝你，特蕾莎。艾瑞克，是的，我的意思是，我們的資產負債表最終非常穩健，現金餘額接近 1 億美元。我們目前沒有負債，因此對我們的資產負債表非常滿意。因此，我認為我們今年年底將擁有強勁的現金餘額，並將這種狀況延續到 2026 年。

We do have, as Theresa mentioned, timing issues on payment collections in contracts versus when we execute the work as well as some continued need for spending around particularly legal fees.

正如特蕾莎所提到的那樣，我們在合約付款的收取時間上確實存在問題，與我們執行工作的時間存在差異，而且我們還需要持續支出一些費用，特別是法律費用。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

Several apologies if I repeat here, I got bumped off the call briefly. But if I take a look at the previous guide to the current guide midpoints, we're taking roughly $19 million out of the second half. How does that -- if you had to put some crude sort of numbers to that reduction, just break that down for me?

如果我在這裡重複了，請多多包涵，我剛才短暫地被打斷了通話。但如果我看一下之前的指南和當前指南的中點，我們會發現下半年大約減少了 1900 萬美元。如果要用一些粗略的數字來描述這種減少，請給我詳細解釋一下？

You want me to take it, Theresa?

你想讓我拿走嗎，特蕾莎？

Go ahead.

前進。

Yes. I mean I'd say there's about somewhere, I think we said $6 million to $8 million related to a percent complete contract there's several million related to the Earth Observation contract. And I'd say we probably lost another $6 million to $8 million just due to potential or loss of contracts getting signed due to the government shutdown that was kind of an unprecedented length of time at sort of the critical end of the year timeframe for us.

是的。我的意思是，我估計大概有 600 萬到 800 萬美元與已完成百分比的合約有關，還有幾百萬美元與地球觀測合約有關。而且我認為，由於政府停擺導致一些合約無法簽署，我們可能又損失了 600 萬到 800 萬美元。政府停擺的時間之長前所未有，而這恰好發生在對我們來說至關重要的年底時期。

And the only thing I can add, if I can, Jeff, just to think about it, is that more than $10 million of this was stuff that has gotten pushed from a timing perspective into 2026. That takes us a bit below the low end of the guidance, just to set the context there.

傑夫，如果可以的話，我唯一能補充的是，這其中超過 1000 萬美元的項目，從時間安排上來說，已經被推遲到 2026 年了。這樣一來，我們的數值就略低於指導值的下限了，這裡只是為了說明一下背景狀況。

Yes. The -- on the -- can you say on the percent completion, I think you said just now $7 million of it is due to that. Just explain that, what happened there?

是的。關於——你能說說完成百分比嗎？我想你剛才說過，其中700萬美元是因為這個原因造成的。請解釋一下，那裡到底發生了什麼事？

And I can take that, Ali. So I think, Jeff, as you know, we work across quite a number of these large programs with government that are on these new accounting rules with the percent completion. And a lot of that requires interaction with our government customers and partners through that process. And of course, we are impacted by the timing of those interactions with those government partners, especially under the way that we do the accounting here. So this is something that it shifted in time across the calendar year.

我可以接受，阿里。所以，傑夫，正如你所知，我們與政府合作開展了許多大型項目，這些項目都採用了新的會計準則，即按完成百分比計算。其中許多工作都需要透過這個過程與我們的政府客戶和合作夥伴互動。當然，我們也會受到與這些政府合作夥伴互動時間的影響，尤其是在我們這裡的會計計算方式下。所以，這是它在一年中隨著時間而改變的情況。

So again, the contracts are in implementation. It's just the timing of it that has moved around.

所以，這些合約正在執行中。只是時間安排有所變動。

Okay. You had the substantial WildFireSat award, and I believe that got a smidge of that maybe in Q2, but that should be ramping in Q3. And then you had the substantial NOAA upsell. Can -- are both of those still tracking as to your expectations 90 days ago?

好的。你們獲得了數額可觀的 WildFireSat 獎金，我相信第二季度可能已經獲得了一小部分，但第三季度應該會大幅增長。然後還有美國國家海洋暨大氣總署（NOAA）的大筆追加銷售。90天前，這兩個指標是否仍符合您的預期？

They're both still tracking and the team is deeply involved in delivering on both of them. The WildFireSat one, of course, we've talked about it contributing significantly to revenue in 2026 and in 2027 as we complete implementation.

這兩個專案目前都在按計劃進行，團隊也正全力以赴地推進這兩個專案的完成。當然，我們已經討論過 WildFireSat 項目，隨著我們完成實施，它將在 2026 年和 2027 年為公司帶來顯著的收入。

Okay. And then I know at least my memory was you had put up on the numbers '27, if I remember right. But you had a lot of satellites going up on the transport emissions 12, 13, 14 earlier this year. And a lot of that, by my understanding was mechanical in terms of rev rec, namely once they're up and accepted and live, the revenue turns on. Any issues with the satellites put up in those transporter emissions from a functionality performance or client acceptance standpoint?

好的。然後我知道，至少我的記憶是，你掛了「27」這個數字，如果我沒記錯的話。但今年早些時候，有許多衛星升空用於監測交通運輸排放 12、13、14。據我了解，其中許多都是收入確認的機械操作，也就是說，一旦它們上線、被接受並運行，收入就會開始產生。從功能性能或客戶接受度角度來看，這些運輸機發射的衛星是否有任何問題？

Functions are -- satellites are functioning. We're collecting data. Customers are getting the data. We just had another launch that went up when was the last transporter -- one was like at the end of November, I believe. Our satellite bus and technology is all checked out rapidly.

功能正常——衛星正在運作。我們正在收集數據。客戶正在獲取數據。我們剛剛又進行了一次發射，那是上一次運輸任務——我記得好像是在 11 月底。我們的衛星平台和技術都已迅速通過測試。

I mentioned in the comment -- the prepared comments, that we have in the second half of the year even quite dramatically improved the speed at which we are able to check out and pass things on once they go on orbit. So I have to say, I'm very pleased at how that process has gone this year. I think we've done a fantastic job.

我在評論中提到過——我們準備的評論，在今年下半年，我們甚至大幅提高了檢查和傳遞訊息的速度，一旦訊息進入軌道，速度就更快了。所以我必須說，我對今年的進展非常滿意。我認為我們做得非常出色。

But I would add on to that, Theresa, that T15 was postponed by, I want to say, eight weeks. Part of that was also the government shutdown in terms of their ability to be able to launch. And so there was -- that went up later than we had anticipated.

但我還要補充一點，特蕾莎，T15 被推遲了，我想說，推遲了八週。部分原因也是由於政府停擺，導致他們無法順利啟動計畫。所以，這件事發生的時間比我們預期的還要晚。

Yes. I was -- okay, I got it. Yes. Okay. And then -- and then just two other brief ones, if I could, Ali, on the costs. In terms of the expenses that are implied in the Q4 outlook, what exactly would you call unusual in there? I know you've got some lingering issues, congrats. It seems like a light at the end of the tunnel here in terms of being able to just operate the company and not have sort of lingering restate or just delayed financial issues. But can you talk to just the unusual expenses that are still sitting in that Q4 outlook that we should be aware of?

是的。我當時——好吧，我明白了。是的。好的。然後──然後，如果可以的話，阿里，再簡單問兩句關於成本的問題。就第四季展望中隱含的支出而言，您認為其中哪些面向屬於異常情況？我知道你還有一些遺留問題，恭喜你。看來，公司終於看到了曙光，可以正常運營，而不用再為財務問題而煩惱，或者說，財務問題終於可以得到解決。但是，您能否談談第四季度展望中仍然存在的、我們應該注意的非常規支出？

Yes. It's primarily legal fees related to kind of nonoperating matters. Some professional services fees around continuing to utilize EY as a support partner on some of our technical matters and sub severance as we continue to work through certain business realignment post maritime. So those are kind of the categories, Jeff, that we consider for these unusual items.

是的。主要涉及非經營性事務的法律費用。一些專業服務費包括繼續聘用安永會計師事務所作為我們一些技術問題的支援合作夥伴，以及在我們繼續進行海事後某些業務調整的過程中產生的分包費用。傑夫，以上就是我們對這些特殊物品的分類。

And are you able to put a number around that basket?

你能給那個籃子標個數字嗎？

For the fourth quarter? I don't think it's significantly different than the third quarter.

第四季呢？我認為這和第三季沒有顯著區別。

Well, I guess what I'm wondering is, I'm just trying to -- obviously, I got to do a '26 model. I'm just wondering what of those are going to recur into the forward year, like into Q1 and beyond versus what you think goes to last?

嗯，我想知道的是，我只是想——顯然，我得做一個 '26 型號。我只是想知道，哪些因素會延續到未來一年，例如第一季及以後，而哪些因素會持續到最後？

Definitely -- they should definitely decrease in 2026.

絕對的——到2026年，它們肯定會減少。

Okay. All right. And then just lastly then on the pipeline. We've seen, especially in some of these space services contracts from some of the sort of the new space names, an incredible flow of massive eight, nine-figure deals that are out there, sovereigns, et cetera. I think you referenced you've got good relations in Germany. I know you've got them elsewhere.

好的。好的。最後，還有管道部分。我們看到，尤其是在一些新興航太公司簽訂的航太服務合約中，出現了大量數額龐大的八位數、九位數的交易，主權國家等等。我想你之前提到過你和德國的關係很好。我知道你還有別的存貨。

Would you maybe take a second and just talk about what I would call sort of some of the mega deals in the pipeline. Are they there? How many? How late stage? Any qualification quantification would be great when you start thinking about like eight and nine-figure deals and what you're seeing out there?

您能否花一點時間談談我所說的正在籌備中的一些重大交易？他們在那裡嗎？多少？到了什麼程度？當你開始考慮像八位數和九位數這樣的交易以及你目前所看到的市場情況時，任何資格量化都將非常有用？

Yes. I think the first comment that I want to make is that you have started to see some of these come out, and they generally focus on the first areas where everyone is familiar when it comes to either talking about telecom or talking about imaging, and that's the first place everyone knows when they start looking at satellites and sovereign capabilities. And then we see all of the RF come next. And we've really seen a big uptick even over the past six months in all of these types of government customers being interested in and appreciating the role that RF also has to play.

是的。我想說的第一點是，你們已經開始看到一些這樣的報告出現，它們通常集中在大家在談論電信或成像時最熟悉的領域，這也是大家在開始關注衛星和自主能力時首先想到的領域。接下來我們看到所有射頻訊號都出現了。而且在過去的六個月裡，我們確實看到所有這些類型的政府客戶對射頻技術所發揮的作用表現出了濃厚的興趣，並對此表示讚賞。

I mean, it's all the things that we've talked about in the other calls and other conversations. So what we are seeing, and I mentioned it briefly in the comments as well, is that there is a lot of interest in those types of sovereign capabilities specifically for RF. And there is interest in direct data acquisition of installed capacity, and they often piggyback on each other. And I expect that we see movement on all of these conversations happening in 2026. They're all gearing up to start making movements and putting money down.

我的意思是，這都是我們在其他通話和談話中談到過的事情。所以我們看到的情況是（我在評論中也簡單提到過），人們對這類主權能力，特別是射頻能力，非常感興趣。人們對直接取得已安裝容量資料很感興趣，而且它們經常相互配合。我預計所有這些對話將在 2026 年取得進展。他們都在積極準備，即將開始採取行動並投入資金。

Andrew Steinhardt, Canaccord Genuity.

Andrew Steinhardt，Canaccord Genuity。

Great. This is Andrew on for Austin. Just my first question here on the MDA Shield program selection. Of the 19 work areas mentioned in the RFP, which specifically was Spire selected as a potential provider for? And I guess since the MDA cut over 1,400 companies from the proposal list, can you detail what the selection process was like?

偉大的。這裡是安德魯，為您報道奧斯汀。我的第一個問題是關於MDA Shield專案選擇。在招標書中提到的19個工作領域中，Spire具體被選中作為哪些領域的潛在供應商？既然MDA從提案名單中剔除了1400多家公司，您能否詳細介紹一下遴選過程？

I have to admit that I am not the expert deep in the details of that IDIQ Shield contract win that we have. We have a federal team that is focused on that. And I feel very good that we're in all the right conversations there. But I cannot directly myself detail in which all of the work areas.

我必須承認，我並不是精通我們贏得的那份 IDIQ Shield 合約細節的專家。我們有一個聯邦團隊專門負責這項工作。我感覺很好，我們在這方面進行的對話都非常正確。但我無法親自詳細說明所有工作領域。

Ali, do you know that? But I think you would have to come back to you with that type of detail after checking with our federal team.

阿里，你知道嗎？但我認為，這類細節需要在我們與聯邦團隊核實後才能告知您。

Yes. Ben and I were just caucusing -- we don't have the detail in front of us. Apologies for that, Andrew.

是的。本和我剛才只是在進行內部討論——我們手頭上還沒有詳細資料。安德魯，對此我深表歉意。

No, worries. I guess would you -- would you be able to speak to the Shield program at all? I mean like maybe quantifying what portion of the $151 billion total contracting vehicle could be applicable to Spire?

不用擔心。我想問一下，您是否能夠就“盾牌計劃”發表一些看法？我的意思是，或許可以量化一下，在總額為 1510 億美元的合約工具中，有多少部分可以適用於 Spire 公司？

Honestly, I don't think I'm prepared to do that yet, and I'm not totally sure that anyone fully knows. I think the only thing that I can tell you is that we've already been having conversations with the right people post the award of that IDIQ contract. And I think it is just a testament to our strength and ability to really be a key partner in how this plays out. What we're doing with our Boulder manufacturing facility is really important. I think the investments we're making on the kind of cybersecurity and infrastructure resilience side, are important.

說實話，我覺得我還沒準備好做這件事，而且我也不確定是否有人完全了解。我唯一能告訴你們的是，在授予那份無限期交付/無限期數量合約之後，我們已經與相關人士進行了對話。我認為這正好證明了我們的實力和能力，讓我們能夠真正成為這件事發展過程中的關鍵合作夥伴。我們在博爾德的生產設施所做的一切都非常重要。我認為我們在網路安全和基礎設施彈性方面所做的投資非常重要。

And I think it can also be some signaling as you start to see the European Space Shield effort that we're going to start to hear about next year as well.

我認為這也可以算是一種信號，因為我們開始看到歐洲太空盾計劃，明年我們也會開始聽到有關該計劃的消息。

Got you. I appreciate that. And I guess just a follow-up here. Could you provide an update on the SEC subpoena and how the response is going there?

抓到你了。我很感激。我想這裡再補充一點。能否提供美國證券交易委員會傳票的最新進展以及應對情況？

There's really not much anything much to share other than we're just continuing to work through the process, Andrew.

安德魯，除了我們正在繼續推進這個過程之外，其實沒什麼好分享的。

Chris Quilty, Quilty space.

克里斯·奎爾蒂，奎爾蒂空間。

Just wanted to get a clarification. I think you mentioned the impact of the government shutdown and sort of revenue shifting in '25 to '26, can you give us a sense of what the mix, the contribution mix of (technical difficulty) and probably at the end of '26 since a good portion of the growth next year of the 30% growth that's coming from government on a pro forma basis?

我只是想確認一下。我想您提到了政府停擺的影響以及 2025 年到 2026 年的收入轉移，您能否大致介紹一下（技術上難以理解）2026 年底的收入構成和貢獻構成，因為明年 30% 的增長中很大一部分（按備考基準）來自政府？

Ali, maybe you can take that one while I answer in generality. First for you, Chris, is that -- we talked about the Earth Observation contract that is not yet signed and is in a delayed period. And that, as someone already mentioned, is delivery of data, really quick direct revenue as we deliver every month. So that had an impact on us. Normally, that is a $7 million contract for us.

阿里，或許你可以先回答這個問題，我來泛泛地回答一下。克里斯，首先你要說的是——我們之前討論過尚未簽署且目前處於延期狀態的地球觀測合約。正如有人已經提到的，這就是數據交付，我們每個月交付數據，就能帶來快速的直接收入。所以這件事對我們產生了影響。通常情況下，這對我們來說是一份價值 700 萬美元的合約。

We also, as Ali mentioned, did have the delay of that transporter launch which as those go up and things get out and operational, there is a certain portion of that as we start delivering data that translates into revenue.

正如阿里所提到的，我們的運輸機發射也出現了延誤，隨著運輸機的升空和投入運營，我們開始提供數據，而這些數據最終會轉化為收入。

And then there are other things that just didn't get signed in the quarter during the government shutdown piece. We, overall, talked about more than $10 million that is shifted from 2025 into 2026. And we're not giving direct guidance for 2026 right now that will come in the March period, other than to say that we feel very comfortable saying in excess of 30% year-on-year revenue growth. And yes, government will continue to be an important portion of that. Ali, I don't know if you have anything that you want to add that is more detailed than that.

此外，還有一些事情因為政府停擺而未能在本季簽署。總的來說，我們討論了超過 1000 萬美元從 2025 年轉移到 2026 年的事宜。目前我們還沒有給出 2026 年的直接業績指引，相關指引將在 3 月公佈，但我們非常有信心預測，2026 年的年收入成長率將超過 30%。是的，政府仍將是其中的重要組成部分。阿里，我不知道你是否還有什麼更詳細的補充。

No, I think you covered the highlights, Theresa.

不，我覺得你已經涵蓋了重點，特蕾莎。

Okay. And maybe if I could reframe it in a different way. When you think about what types of applications. Which applications are going to be the biggest driver for '26? Is it more on weather programs?

好的。也許我可以換個角度重新表達。當你思考哪些類型的應用程式。哪些應用將成為 2026 年最大的驅動力？是不是更多見於天氣節目？

Is it on space services business? Is it radio frequency mapping or do some of the aircraft tracking you start to pick up just in terms of either revenue or EBITDA contribution?

它是從事太空服務業務的嗎？是無線電頻率測繪，還是說你開始關注的某些飛機追蹤數據僅與收入或 EBITDA 貢獻有關？

Yes. So what I can tell you is all of those areas, I consider incredibly important and contributing to our revenue growth. We talked about the $70 million already that is kind of contracted and then we just deliver on it while we -- and then start to recognize the revenue. Aviation has generally been our smallest business, but it continues to be important. It continues to be important as we deliver on the EURIALO program, which generates revenue for us.

是的。因此，我可以告訴大家的是，我認為所有這些領域都極為重要，並且對我們的收入成長做出了貢獻。我們已經談過了那筆已經簽訂了合約的 7000 萬美元，然後我們就會履行合同，同時開始確認收入。航空業一直是我們規模最小的業務，但它仍然非常重要。在我們推進 EURIALO 專案的過程中，這一點仍然非常重要，因為該專案能為我們帶來收入。

And on the weather side with NOAA, we continue to build out that relationship and see NOAA leaning in towards commercial partnerships across a variety of areas. So I do think that, that NOAA relationship will continue to be important.

在與美國國家海洋暨大氣總署 (NOAA) 的天氣方面，我們繼續加強合作關係，並看到 NOAA 在各個領域傾向於建立商業夥伴關係。所以我認為，NOAA與我們的關係將繼續保持重要性。

So on the civil side of things, I do think that radio frequency geo location is going to be an important part of that growth. And that can be either delivery of data sets directly from the capacity that we have on orbit. And then when you start to talk about areas where we have a presence, we have the local manufacturing capability, then you start to talk about sovereign capabilities, which might fit more in the space services category.

所以從民用領域來看，我認為射頻地理定位將是這項發展的重要組成部分。這可以是直接從我們在軌道上的容量中交付資料集。然後，當你開始談論我們擁有業務的領域，我們擁有本地製造能力時，你就開始談論自主能力，這可能更適合歸類在太空服務類別中。

Got you. Also, a question statement you had earlier in the script, you mentioned that you basically double the production on the same headcount. Just generically, was that -- what were the factors driving the efficiency, outsourcing (technical difficulty) vertical integration? Was it AI? (inaudible).

抓到你了。另外，你在劇本前面提到的一個問題中，你提到在人員數量不變的情況下，產量基本上翻了一番。總的來說，推動效率提升、外包（技術難度）和垂直整合的因素是什麼？是人工智慧嗎？（聽不清楚）

Yes. I mean it was -- we mentioned these phrases design for manufacturability and lean principles. So a lot of it was things like looking at the flow of how we did things, looking at how we did the testing, what was the timing of testing, how did we use the time. Otherwise, when we had some satellites in certain testing facilities, how did we do the timing then inside the clean room, how did the actual engineers who design things interact with the people doing the manufacturing. So it's a lot about how they better manage and led the whole flow inside the clean room.

是的。我的意思是——我們提到了「面向製造的設計」和「精益原則」這些詞組。所以很多時候，我們需要檢視我們做事的流程，檢視我們進行測試的方式，測驗的時間安排，以及我們如何運用時間。否則，當我們在特定的測試設施中有一些衛星時，我們是如何進行潔淨室內的計時工作的？實際設計產品的工程師是如何與進行製造的人員互動的？所以關鍵在於他們如何更好地管理和領導潔淨室內的整個流程。

And I think when we start -- this is a process that has begun, and we had talked about a lot even at the beginning of the year around the scaling and efficiency aspects. And I'm really proud of the team of having done this without adding cost to it. But I don't think we're done in pooling efficiency out of that system. And there are a lot of these other things like you mentioned, that can help us keep doing that in the future. But what we did this year, I would say, is basic lean manufacturing and closer integration between the design teams and the manufacturers.

我認為當我們開始的時候——這是一個已經開始的過程，早在年初我們就討論了很多關於規模化和效率方面的問題。我為團隊感到非常自豪，因為他們在不增加成本的情況下完成了這項工作。但我認為我們還沒有完成從該系統中提高效率的工作。正如你所提到的，還有很多其他因素可以幫助我們將來繼續做到這一點。但我認為，我們今年所做的，是基本的精實生產以及設計團隊和製造商之間更緊密的整合。

Got you. And when you say operating cash flow positive exiting '26, do you see any change in the CapEx profile of the business? And when should we look at free cash flow?

抓到你了。當您說 2026 年底經營現金流為正時，您認為公司的資本支出狀況會有任何變化嗎？那麼，我們該何時關注自由現金流呢？

Definitely, we see lower CapEx needs right now in our preliminary 2026 planning, and that's both Spire funded CapEx as well as customer funded. And so we are obviously very focused on becoming operating and free cash flow positive. I think we've got to get over the operating cash flow first and then go from there. But we are seeing a lower level of projected spend right now where we're at in the 2026 planning process.

可以肯定的是，根據我們 2026 年的初步規劃，目前的資本支出需求有所下降，這包括 Spire 出資的資本支出以及客戶出資的資本支出。因此，我們顯然非常專注於實現營運現金流和自由現金流為正的目標。我認為我們必須先解決營運現金流問題，然後再從那裡開始。但就我們目前所處的 2026 年規劃階段而言，我們看到預計支出水準較低。

Thank you. Ladies and gentlemen, this concludes our Q&A session, and we'll conclude our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。女士們、先生們，問答環節到此結束，今天的通話也將結束。感謝您的關注與參與。現在您可以斷開線路了。