Spire Global, Inc. (SPIR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Spire Global first quarter 2026 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Spire Global 2026 年第一季財報電話會議與網路直播。（接線員指示）提醒您，本次會議將被錄音。

(Operator Instructions) It's now my pleasure to turn the call over to Ben Hackman, Head of Investor Relations. Please go ahead.

（接線員指示）現在我很榮幸將電話交給投資人關係主管 Ben Hackman。請開始。

Thank you. Hello, everyone, and thank you for joining Spire's first-quarter 2026 earnings conference call. Our earnings press release and related SEC filings are posted on the company's Investor Relations website, and a replay of today's call will be made available. With me today are Theresa Condor, CEO; and Ali Engel, CFO.

謝謝。各位好，感謝您參加 Spire 2026 年第一季財報電話會議。我們的財報新聞稿及相關的 SEC 申報文件已發布於公司投資人關係網站，今日會議的重播也將提供收聽。今天與我一同出席的有執行長 Theresa Condor，以及財務長 Ali Engel。

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.

我們今天的說明將包含非 GAAP 項目。GAAP 與非 GAAP 結果以及我們的財測指引之間的調節表，可在我們的財報新聞稿中找到，該新聞稿亦可於投資人關係網站查閱。我們今天的部分評論包含前瞻性陳述，並受風險、不確定性與假設影響。特別是，我們對未來營運結果與財務狀況的預期具有不確定性，且可能改變。若任何預期未能實現或我們的假設證明不正確，公司的實際結果可能與這些前瞻性陳述存在重大差異。

A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings.

關於上述風險、不確定性與假設，以及其他可能影響我們財務結果的因素之說明，已包含於我們的 SEC 申報文件中。

With that, Theresa.

接下來交給 Theresa。

Thank you, and good afternoon, everyone. Q1 confirmed the shape of the year we described to you in March and added forward visibility on top of it. The print came in above the high end of our guidance on both revenue and adjusted EBITDA. Core revenue ex Maritime grew 13% year-over-year. Our 50% full year growth guidance is unchanged.

謝謝，各位下午好。第一季確認了我們在三月向各位描述的年度走勢輪廓，並在此基礎上增加了更前瞻的能見度。本季在營收與調整後 EBITDA 兩項指標上，皆高於我們指引區間的上緣。核心營收（不含 Maritime）年增 13%。我們全年 50% 成長指引維持不變。

We described 2026 as second half-weighted, sequentially building with the catalysts that bridge Q1 to the back half, a specific, named and actively in motion. The risks that remain are primarily delivery risks and delivery is what we do.

我們將 2026 年描述為下半年權重較高，並將在一系列催化因素帶動下逐季遞增，這些催化因素將把第一季銜接到下半年，且具體、明確並正在積極推進中。目前仍存在的風險主要是交付風險，而交付正是我們所擅長的。

Before I take you through Q1, there are two structural facts to highlight. We have launched more than 240 satellites across more than 40 campaigns, and we have reserved launch capacity through 2028. Across the satellite services peer group, growth is increasingly being throttled by access to launch. We are not in that constraint. Reserved launch capacity is not something a new entrant can replicate quickly.

在我帶各位回顧第一季之前，有兩個結構性事實需要強調。我們已在超過 40 次任務中發射超過 240 顆衛星，並已預留至 2028 年的發射運力。在衛星服務同業中，成長正日益受到發射資源取得的限制而被掐住。我們不受此限制。預留發射運力並非新進者能在短期內快速複製的。

It directly underwrites our ability to scale RFGL collection capacity, deploy additional weather payloads and meet commercial space services obligations on our own schedule rather than the industry. We have operational scaled transatlantic manufacturing with production facilities in the US, Europe and the UK.

這直接支撐了我們擴大 RFGL 蒐集能力、部署更多氣象載荷，並能依照我們自己的時程（而非產業的時程）履行商業太空服務義務的能力。我們已在美國、歐洲與英國設有生產設施，並完成跨大西洋製造的營運規模化。

Spire is one of very few companies anywhere with that footprint, and it is meaningful as sovereignty and local production requirements become more central to defense procurement. Our recent Munich opening was attended by local political and military leadership who toured the clean room and saw the scope of our local capabilities firsthand. Reserved launch through 2028 and dual continent manufacturing are the moats. Everything I describe in the next several minutes compounds against them. Across both the public market and private capital environments, we are observing increased recognition that pure-play scaled multi-domain RF intelligence is a strategic, scarce and durable category.

Spire 是少數擁有此一佈局的公司之一；隨著主權與在地生產要求在國防採購中愈發核心，這一點具有重大意義。我們近期在慕尼黑的開幕活動，當地政治與軍方領導出席並參觀無塵室，親眼見證我們在地能力的範圍。預留至 2028 年的發射運力與雙洲製造能力，構成我們的護城河。我接下來幾分鐘所描述的一切，都將在此基礎上持續疊加增強。在公開市場與私募資本環境中，我們觀察到市場對「純粹、已規模化、跨多領域的 RF 情報」作為一個具戰略性、稀缺且可長期維持的類別之認知正在提升。

That is consistent with what we hear from customers. They are no longer asking whether commercial RF makes sense. They are asking who can deliver at scale with verified on-orbit performance and with sovereign-ready manufacturing. That set of requirements narrows the field considerably.

這與我們從客戶端聽到的回饋一致。他們不再詢問商用 RF 是否合理。他們在問的是：誰能以規模交付、具備經驗證的在軌表現，並且擁有符合主權需求的製造能力。這一組要求大幅縮小了可選範圍。

The first quarter demonstrated that the platform we described on the Q4 call is now translating into measurable progress. We deployed 19 satellites across two launches, which expanded our RFGL collection capacity by 6 new satellite pairings. We demonstrated single satellite geolocation for S-band and X-band signals, frequencies critical for defense missions and a capability that has traditionally required multiple coordinated satellites. This expands what we can do at lower constellation cost and broadens our addressable defense market. We were awarded five new RFGL orders from US customers and signed three new international RFGL customers. RFGL is no longer a technical milestone. It is converting into revenue.

第一季顯示，我們在第四季電話會議中描述的平台，現在正轉化為可衡量的進展。我們透過兩次發射部署了 19 顆衛星，使我們的 RFGL 蒐集能力新增 6 組衛星配對。我們展示了以單顆衛星對 S 波段與 X 波段訊號進行地理定位的能力；這些頻段對國防任務至關重要，而此能力傳統上需要多顆協同衛星才能達成。這使我們能以更低的星座成本擴展能力，並擴大我們可觸及的國防市場。我們獲得來自美國客戶的 5 筆新 RFGL 訂單，並簽下 3 位新的國際 RFGL 客戶。RFGL 不再只是技術里程碑。它正在轉化為營收。

In weather, our new Hyperspectral Microwave Sounder achieved first light with the demonstrator and is now delivering data to our end-user customer. On-orbit observations are meeting and, in many cases, exceeding our technical targets. We are incorporating this data stream into ongoing discussions with NOAA and allied meteorological agencies.

在氣象方面，我們新的高光譜微波探空儀（Hyperspectral Microwave Sounder）已透過示範機取得首次成像（first light），並正向終端用戶客戶交付資料。在軌觀測結果符合，且在許多情況下超越我們的技術目標。我們正將此資料流納入與 NOAA 及盟國氣象機構的持續討論中。

In commercial, two patterns across our book are now consistent enough to call them structural. First, new commercial contract duration has lengthened with some wins moving into multiyear subscriptions. Second, the character of customer engagement is changing. Q1 saw existing commercial customers expanding their use of our data into new workflows and new business units rather than holding flat at their initial use case. The commercial base is becoming stickier and more compounding.

在商業業務方面，我們的訂單簿中有兩種趨勢已足夠一致，可稱之為結構性變化。第一，新簽商業合約的期限拉長，部分得標案已轉為多年期訂閱。第二，客戶互動的性質正在改變。第一季看到既有商業客戶將我們的資料擴展到新的工作流程與新的事業單位，而非僅維持在最初的使用情境不變。商業客群正變得更具黏著度，並更能形成複利式成長。

Our integration with Amadeus, supporting their service to more than 400 airlines globally is a Q1 example of that pattern.

我們與 Amadeus 的整合、支援其為全球超過 400 家航空公司提供服務，就是第一季此一模式的例子。

Our AI-S2S model demonstrated 14.2% outperformance of the leading global subseasonal weather benchmark at the critical three- to six-week range, measured using the standard skill score methodology against a multi-month verification window, giving energy trading desks a differentiated edge on hedging decisions. The post Q1 catalysts that should be on every investor's radar are concrete and dated. The first is NOAA. We have multiple in-year proposals being submitted this month for microwave sounding, supported by the verified high quality of HyMS on-orbit data.

我們的 AI-S2S 模型在關鍵的 3 至 6 週區間，相較於全球領先的次季節氣象基準表現提升 14.2%；此結果係以標準技能分數（skill score）方法，對照跨數月的驗證視窗進行衡量，為能源交易團隊在避險決策上提供差異化優勢。第一季之後、每位投資人都應關注的催化因素是具體且有明確時點的。第一個是 NOAA。我們本月將提交多份年度內的微波探空提案，並由 HyMS 在軌資料經驗證的高品質作為支撐。

Across the NOAA portfolio, we are actively bidding more than $150 million of 2026 opportunities with more than half in active proposal as of this month. The $8 billion NOAA IDIQ covers seven data types, four of which Spire can deliver with infrastructure already on orbit. That distinction matters. Most commercial weather data providers can deliver one or two. In Europe, Germany is moving forward procurement efforts around RF intelligence into the back half of the year.

在 NOAA 的整體組合中，我們正積極投標超過 1.5 億美元的 2026 年機會，其中截至本月已有超過一半處於提案進行中。規模 80 億美元的 NOAA IDIQ 涵蓋 7 種資料類型，其中有 4 種 Spire 可用已在軌的基礎設施交付。這項差異很重要。多數商用氣象資料供應商只能交付其中一到兩種。在歐洲，德國正推進 RF 情報相關的採購工作，並將延伸至今年下半年。

European defense budgets are rising at a pace not seen in decades, EUR381 billion spent in 2025 on a target of EUR800 billion annually within five years, a 16% CAGR. Germany alone budgeted EUR108 billion for 2026, more than double its level of five years ago.

歐洲國防預算正以數十年來未見的速度上升，2025 年支出達 3,810 億歐元，目標是在五年內將年度支出提高至 8,000 億歐元，年複合成長率（CAGR）為 16%。僅德國一國就為 2026 年編列 1,080 億歐元預算，較五年前水準增加逾一倍。

Our dual continent footprint is the differentiator in these conversations. The structure of these opportunities is consistent, pilot, then data subscription, then full constellation deployment. Additional RFGL collection capacity continues to come online from the Q1 launches with full operational status reached through Q2 and Q3. This is the path between Q1's revenue print and the back half acceleration.

我們橫跨兩大洲的布局，是這些對話中的差異化關鍵。這些機會的結構一致：先試點，接著資料訂閱，最後全面星座部署。隨著第一季發射任務帶來的額外 RFGL 蒐集能力持續上線，並將在第二季與第三季達到全面運作狀態。這就是從第一季營收表現到下半年加速成長之間的路徑。

Beyond the near-term catalyst, the substance of our 2026 guidance is in execution today. Our existing NOAA Radio Occultation contract, the $11.2 million one year award from last year is in full execution, and we expect uplift on that program at greater scope this year. Our European Radio Occultation contract, our space services contracts, our RFGL deals and our recently expanded commercial agreements are in delivery mode through the year. Initial revenue from microwave sounder data sales begins in 2026.

除了短期催化劑之外，我們 2026 年指引的實質內容，正在今天的執行中體現。我們現有的 NOAA 無線電掩星（Radio Occultation）合約——去年 1,120 萬美元的一年期授標——正在全面執行中，且我們預期今年該計畫將在更大範圍上獲得上調。我們的歐洲無線電掩星合約、太空服務合約、RFGL 交易以及近期擴大的商業協議，全年都處於交付模式。微波探測儀資料銷售的初始營收將於 2026 年開始。

On the contracted base specifically, approximately 76% of our 2026 revenue guidance is under contract today. Beyond that hard contracted layer, we have additional visibility from sole-source procurements where Spire is the expected awardee, programs where the procurement structure, the customer relationship and the technical fit make us the named provider. The sole-source visibility is a meaningful additional layer of confidence in our range on top of the contracted base.

就已簽約基礎而言，我們 2026 年營收指引中約 76% 目前已在合約之下。在這一層硬性合約之外，我們還能從單一來源採購（sole-source procurements）獲得額外能見度；在這些案子中，Spire 預期將成為得標者——採購架構、客戶關係與技術契合度使我們成為指定供應商。單一來源的能見度是在已簽約基礎之上，提供一層重要且額外的信心來源，支撐我們的區間判斷。

I have three observations on the multiyear setup. The microwave sounder market opportunity is significant. NOAA itself has stated that more than 90% of national weather service model accuracy depends on satellite data, with microwave sounders being a foundational input. The legacy government microwave sounding satellites cost billions of dollars per generation to procure. NOAA has been explicit about its intent to buy more commercial data rather than build another generation of bespoke government systems.

我對多年期布局有三點觀察。微波探測儀市場機會相當可觀。NOAA 本身已表示，國家氣象局模型準確度有超過 90% 依賴衛星資料，而微波探測儀是其中的基礎輸入。傳統政府微波探測衛星每一代的採購成本高達數十億美元。NOAA 已明確表達其意圖：將購買更多商業資料，而不是再打造下一代量身訂製的政府系統。

Apply commercial radio occultation pricing precedents to that demand picture and a multibillion-dollar TAM over the next decade is not aggressive. Our HyMS instrument captures more frequency bands than traditional sounders and offers atmospheric depth that government systems do not currently provide.

若將商業無線電掩星的定價先例套用到這樣的需求圖景，未來十年形成數十億美元的總可服務市場（TAM）並不誇張。我們的 HyMS 儀器可涵蓋比傳統探測儀更多的頻段，並提供目前政府系統尚未具備的大氣垂直深度資訊。

The international defense pipeline structure is multistep and multiyear, pilots converting to data subscriptions converting to constellation deployments. The pilots we have signed in 2025 and 2026 are the leading indicator for the data programs that follow them in 2027 and 2028. The commercial book compounds as customers embed our data directly into operational workflows, whether decision-making, risk management, aviation, energy trading, our services become core to their business. And every new use case adds revenue on top of an installed base that doesn't easily go away.

國際國防管線的結構是多步驟、跨多年：試點轉為資料訂閱，再轉為星座部署。我們在 2025 年與 2026 年簽下的試點，是 2027 年與 2028 年後續資料計畫的領先指標。隨著客戶將我們的資料直接嵌入營運工作流程——無論是決策、風險管理、航空或能源交易——我們的服務會成為其業務核心，商業訂單也會隨之複利成長。而每一個新的使用情境，都會在既有裝機基礎之上增加營收，而這些基礎並不容易流失。

We continue to make targeted technology investments. We signed an agreement with the European Space Agency with contributions from the UK Space Agency and the Italian Space Agency to develop and validate an AI-based system for real-time satellite health monitoring, anomaly detection and predictive failure analysis. As constellations scale across the industry, autonomous fleet management becomes an increasingly valuable capability and one we are positioned to provide.

我們持續進行有針對性的技術投資。我們與歐洲太空總署（ESA）簽署協議，並獲英國太空總署與義大利太空總署共同出資，用於開發與驗證一套以 AI 為基礎的系統，以進行即時衛星健康監測、異常偵測與預測性故障分析。隨著全產業星座規模擴大，自主化機隊管理將成為愈來愈有價值的能力，而我們具備提供該能力的定位。

There are 3 things to take from this call. First, the year's revenue base is now substantially in execution, not in pipeline. The majority of our 2026 guidance is under contract today with additional visibility from sole-source procurements layered on top. The work between here and the high end of our $75 million to $85 million range is execution. Second, the catalysts that decide the back half are not abstract.

這通電話有三點重點。第一，今年的營收基礎如今已大幅進入執行階段，而非仍停留在管線中。我們 2026 年指引的大部分目前已在合約之下，並在其上叠加了來自單一來源採購的額外能見度。從現在到我們 7,500 萬至 8,500 萬美元區間上緣之間的工作，就是執行。第二，決定下半年表現的催化劑並非抽象概念。

They are specific, named and in motion. NOAA in-year proposals on microwave sounding now being submitted, European RF intelligence procurement progressing into the back half and RFGL collection capacity reaching full operational status through Q2 and Q3.

它們是具體的、點名的，且正在推進中。NOAA 當年度微波探測提案正在提交；歐洲 RF 情報採購正推進至下半年；以及 RFGL 蒐集能力將在第二季與第三季達到全面運作狀態。

Third, the operating leverage you have been hearing about for several quarters is about to become visible in the gross margin line. It will accelerate from there. Between now and our next call, the milestones investors should watch are concrete. NOAA proposal decisions on the in-year submissions, RFGL contract conversions and continued capacity expansion across our RFGL collection footprint. We will keep you updated as those events occur.

第三，你們過去幾季一直聽到的營運槓桿，將很快在毛利率項目上變得可見。之後將進一步加速。在我們下一次電話會議之前，投資人應關注的里程碑是具體且明確的。包括：NOAA 對當年度提交提案的決策、RFGL 合約轉換，以及我們 RFGL 蒐集版圖的持續擴容。隨著這些事件發生，我們會持續向各位更新。

Ali, over to you.

Ali，交給你。

Thank you, Theresa. Theresa gave us a clear view of the demand environment. Now let's discuss the numbers. As a reminder, unless otherwise noted, I'll be discussing non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures are included in our press release.

謝謝你，Theresa。Theresa 讓我們清楚看見需求環境。現在我們來談數字。提醒一下，除非另有說明，我將討論非 GAAP 財務衡量指標。我們 GAAP 與非 GAAP 財務衡量指標之間的調節表已包含在新聞稿中。

GAAP revenue for the first quarter was $15.8 million, which came in above the high end of our guidance range. Without the $1.9 million of maritime revenue, core revenue grew 13% year-over-year, and the primary driver was civil government weather data purchases.

第一季 GAAP 營收為 1,580 萬美元，高於我們指引區間的上緣。若不含 190 萬美元的海事營收，核心營收年增 13%，主要驅動因素為民用政府氣象資料採購。

Non-GAAP gross margin was 44%, an improvement of 5 points over the prior year quarter. We expect our gross margin to keep expanding as revenue grows and we maintain what is a largely fixed cost base. Our 60% to 70% long-term gross margin target is unchanged. Adjusted EBITDA was negative $10.2 million, also above the high end of our guidance range, driven by stronger revenue and disciplined cost management. We used $26.2 million in operating cash flow in the first quarter.

非 GAAP 毛利率為 44%，較去年同期提升 5 個百分點。我們預期隨著營收成長，且我們維持以固定成本為主的成本結構，毛利率將持續擴張。我們 60% 至 70% 的長期毛利率目標維持不變。調整後 EBITDA 為負 1,020 萬美元，同樣優於我們指引區間的上緣，主要受更強勁的營收與嚴謹的成本管理所帶動。第一季我們在營運現金流方面使用了 2,620 萬美元。

Two things drove this decline. First, planned working capital timing; and second, elevated legal and professional fees. These fees are expected to decline throughout 2026.

這一下降由兩個因素造成。第一，計畫性的營運資金時點影響；第二，較高的法律與專業服務費用。這些費用預期將在 2026 年期間逐步下降。

Spire remains debt-free. We exited the first quarter with approximately $50 million in cash and marketable securities. On April 10, we closed a private placement, which added $65.5 million in net proceeds to our balance sheet. Our cash balance gives us ample runway to execute against our growth plans. We expect our current cash position to fund us through adjusted EBITDA breakeven and beyond.

Spire 仍維持零負債。我們在第一季結束時持有約 5,000 萬美元的現金及有價證券。4 月 10 日，我們完成一筆私募，為資產負債表增加 6,550 萬美元的淨募資款。我們的現金餘額為執行成長計畫提供充足的資金跑道。我們預期目前的現金部位可支應我們達到調整後 EBITDA 損益兩平並持續往後推進。

The capital raise was in response in part to a discrete window of strong inbound demand from institutional investors. It allows us to accelerate growth into 2027 and beyond as demand continues to build, particularly across defense and intelligence and weather data procurement.

此次募資部分是為了回應來自機構投資人的一段明確且強勁的主動需求窗口。隨著需求持續攀升，特別是在國防與情報以及氣象資料採購方面，這使我們得以加速成長至 2027 年及更遠。

We are maintaining our full year 2026 guidance for revenue, non-GAAP operating loss and adjusted EBITDA. Revenue remains expected in the range of $75 million to $85 million, representing over 50% year-over-year growth on an ex maritime basis at the midpoint. Full year adjusted EBITDA guidance is unchanged at negative $26 million to negative $20.7 million, and full year non-GAAP operating loss guidance is unchanged at negative $37.8 million to negative $32.6 million. Full year non-GAAP loss per share is expected between negative $0.93 and negative $0.79 per share on approximately 37.9 million shares.

我們維持 2026 全年營收、非 GAAP 營業虧損與調整後 EBITDA 的全年指引不變。營收仍預期落在 7,500 萬至 8,500 萬美元區間；以中位數計算，在排除海事業務基礎上，年增幅超過 50%。全年調整後 EBITDA 指引維持不變，為負 2,600 萬至負 2,070 萬美元；全年非 GAAP 營業虧損指引亦維持不變，為負 3,780 萬至負 3,260 萬美元。全年非 GAAP 每股虧損預期介於每股負 0.93 至負 0.79 美元，股數約 3,790 萬股。

Spire is changing how we communicate guidance going forward. Starting this quarter, we're going to give annual guidance rather than quarterly guidance. This change is driven by the current nature of our business. Large government and enterprise contracts close on customer time lines, not on 90-day calendar quarters. Quarterly estimates imply a precision we can't reliably deliver in any given quarter, and they create noise that really isn't a signal.

Spire 正在改變我們未來溝通指引的方式。從本季開始，我們將提供年度指引，而非季度指引。此變更是由我們目前業務的特性所驅動。大型政府與企業合約的結案取決於客戶時程，而非 90 天的曆年季度。季度預估暗示了一種我們在任何單一季度都無法可靠交付的精準度，並且會製造其實不是訊號的雜訊。

Our internal forecasting and visibility into the year are the same as they've always been. What's changing is the format.

我們內部的預測以及對全年能見度，與以往一樣。改變的是呈現格式。

On the path to profitability, three things are no longer variables. Our cost base is increasingly fixed, satellites are on orbit, the ground infrastructure is built, transatlantic manufacturing is operational and engineering teams are in place. Within reasonable bounds, our operating expenses over the next several quarters are reasonably predictable. Reserved launch capacity through 2028 means deployment risk on growth investments is largely contained. Current customer contracts underpin the majority of 2026 and a meaningful portion of 2027 revenues.

在邁向獲利的路徑上，有三件事不再是變數。我們的成本基礎愈來愈固定，衛星已在軌運行，地面基礎設施已建置完成，跨大西洋製造已投入運作，工程團隊也已就位。在合理範圍內，未來幾個季度的營運費用相當可預測。已預留至 2028 年的發射產能，意味著成長投資的部署風險大致受到控制。現有客戶合約支撐了 2026 年的大部分營收，以及 2027 年相當可觀的一部分營收。

Every incremental dollar of revenue against our current cost base converts at higher margins.

在我們目前的成本基礎之上，每增加 1 美元營收，都能以更高的毛利率轉化。

We continue to target adjusted EBITDA breakeven in the fourth quarter of 2026 to the first quarter of 2027 time frame, followed by positive operating cash flow sometime in 2027. Every pipeline conversion accelerates our cash flow goals. The platform we described on our fourth quarter call is now visibly producing. The trajectory we described has continued and the financial model is performing as expected.

我們仍以 2026 年第四季至 2027 年第一季期間達成調整後 EBITDA 損益兩平為目標，並在 2027 年某個時間點實現正向營運現金流。每一次銷售管線的轉換都會加速我們的現金流目標。我們在第四季電話會議中描述的平台，如今已明顯開始產生成果。我們所描述的發展軌跡持續延伸，財務模型也如預期運作。

With that, let's open it up for questions.

接下來，我們開放提問。

(Operator Instructions) Erik Rasmussen from Stifel.

(接線員指示) 來自 Stifel 的 Erik Rasmussen。

So maybe just on the RFGL, that sounds like you made a lot of progress. You had five new in US and three international customers orders. It sounds like are you generating revenue today? And maybe just how big of an opportunity are you tracking, whether it's this year or in the coming years?

那我可能先問 RFGL 的部分，聽起來你們取得了很大進展。你們在美國新增了五筆、國際新增三筆客戶訂單。聽起來你們現在就已經在產生營收了嗎？另外，你們正在追蹤的機會規模大概有多大，不論是今年或未來幾年？

Yes. So I'll say, yes, we are generating RFGL revenue today, and we continue to build out the pipeline of that. I think, as you know, we don't give exact pipeline numbers. What I can say is that we've been increasing what we do both in the US and in Europe.

是的。我會說，是的，我們目前已在產生 RFGL 營收，並且持續擴充相關的銷售管線。我想如你所知，我們不會提供精確的管線數字。但我可以說的是，我們在美國與歐洲兩邊都在增加我們所做的事情。

The NRO has continued to add to the contract that we have with them. And we continue to go through the process of pilot into data subscription into talking about sovereign constellations, particularly on the European side of things.

NRO 持續在我們與他們的合約上追加內容。我們也持續推進從試點到資料訂閱，再到討論主權星座的流程，特別是在歐洲這一端。

So I'm super excited about what is happening on the RFGL side right now. And with the geopolitical situation just continues to reinforce that both in the US and around the world, there's a great demand for this type of capability and very few companies that can actually meet that demand, both on the US side and on the non-US side.

所以我對 RFGL 目前的進展感到非常振奮。而地緣政治情勢也持續強化這一點：無論在美國或全球各地，對這類能力的需求都非常強勁，而真正能滿足這種需求的公司非常少，不論是在美國端或非美國端皆然。

Great. And maybe just, Ali, for you, just the shift, should we think about the changes to annual guidance is primarily driven by deal timing becoming less linear across the quarters and rather any change in underlying visibility of demand? And then as you make that shift, what metrics should we focus on throughout the year to track the progress against that?

很好。另外，Ali 想請教你，這次改為年度指引，我們是否應該理解為主要是因為交易時點在各季度之間變得不那麼線性，而不是因為對需求的基本能見度有任何改變？以及在你們做出這個轉變後，我們在一年當中應該關注哪些指標，來追蹤相對於年度目標的進展？

Erik, good to talk to you. Yes, I think the change in the guidance is really just based on what we're seeing in the business and where we want to spend our time, which is focusing on meeting our year. We have a lot of great things that we're working on right now with -- that involve longer sales cycles and the quarterly ups and downs are more of a distraction. So I'd focus on our annual guidance, which we are reaffirming from our last call and how we are performing against those expectations during the year.

Erik，很高興和你交流。是的，我認為指引的變更主要是基於我們在業務中看到的情況，以及我們希望把時間花在哪裡——也就是專注於達成全年目標。我們目前正在推進很多很棒的事情——涉及較長的銷售週期，而季度間的起伏更像是一種干擾。因此我會把重點放在我們的年度指引上；我們也重申與上次電話會議相同的年度指引，並關注我們在一年當中相對於這些預期的執行情況。

Great. And maybe just my last one. You opened up the satellite manufacturing facility in Munich. It sounds like you're able to produce 100 satellites. Are you at that point yet?

很好。那最後一個問題。你們在慕尼黑啟用了衛星製造設施。聽起來你們能夠生產 100 顆衛星。你們現在已經達到那個階段了嗎？

Or when will you be at that capacity? And then maybe was this intentional in relation to the EURIALO project? Maybe just comment on how that maybe positions yourselves to potentially win and execute if you do go on to the next phase.

或者你們何時會達到那個產能？另外，這是否是與 EURIALO 專案相關而刻意為之？也請談談這如何讓你們在若進入下一階段時，能更有利於得標並執行。

Yes, yes. So the manufacturing facility is open in Munich. I think you probably saw some of the announcements about it. We had a really successful kind of opening and visitor session that happened earlier today in the European time zone. We have really 300 to 400 satellite capacity across those facilities when we talk about Boulder, talk about Munich and we talk about, of course, what we can still continue to do in Glasgow.

是的，是的。所以慕尼黑的製造設施已經啟用。我想你可能也看到了一些相關公告。我們今天稍早在歐洲時區舉辦了一場非常成功的開幕與參訪活動。當我們談到博爾德、談到慕尼黑，以及當然我們在格拉斯哥仍可持續進行的產能時，這些設施合計的衛星產能其實可達 300 到 400 顆。

The EURIALO satellites are the first ones that are being integrated out of that Munich facility. So certainly, those are the ones that get it kicked off and started and then give us the ability to continue to do European-specific sovereign capabilities. And it's -- I think it's pretty exciting that we have those capabilities on both sides of the Atlantic and is really a competitive differentiator for us.

EURIALO 衛星是第一批在慕尼黑設施進行整合的衛星。因此，這些衛星確實是啟動並帶動整體運作的第一步，並讓我們有能力持續提供歐洲特定的主權能力。而且——我認為我們在大西洋兩岸都具備這些能力相當令人振奮，這也確實是我們的競爭差異化優勢。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

A couple for me, Theresa. On the RFGL side, I mean, obviously, a ton of interest there now HawkEye is out and you've got a public comp. And I think the space is starting to get a lot more attention. Can you just help scope back to the prior question, can you help scope a deal, kind of what you're seeing in terms of maybe the time line of a deal in the pipeline, when it shows up, how long you think it takes between sort of showing up and getting into pilot and subscription, you mentioned constellation. And maybe just what a midsized deal might look like in terms of dollars?

Theresa，我這邊有幾個問題。在 RFGL 這一塊，我的意思是，顯然現在 HawkEye 出來了，而且你們也有了公開可比公司，市場對這塊的興趣非常高。我覺得這個領域也開始受到更多關注。能否回到前一個問題的脈絡，幫我們界定一下交易的樣貌：就你們看到的情況而言，管線中的交易時程大概是怎麼走的——交易何時會浮現、從浮現到進入試點（pilot）與訂閱（subscription）你們認為大概需要多久？你提到了星座（constellation）。另外，中型規模的交易以金額來看大概會是什麼樣子？

Yes. And every single deal is different, right? So it's really hard to talk about what is going to be the average. I will say things do move faster in the United States. And on the RFGL side, those can move very quickly within a matter of weeks.

是的。而且每一筆交易都不一樣，對吧？所以很難去談所謂的平均值會是多少。我會說在美國事情推進得更快。在 RFGL 這邊，確實可能在幾週內就非常快速地推進。

And this is what is so exciting about RFGL capability because a lot of it is driven about real operational capabilities that are needed given events that are happening around the world.

而這正是 RFGL 能力令人興奮之處，因為其中很大一部分是由真實且必要的營運能力所驅動，尤其是在全球各地正在發生的事件背景下。

On the European side, it is slower. There's no doubt. And the time line from going to pilot into data subscription is really very much dependent on the country, their procurement mechanisms and their time lines of things. So it's hard to give you just in average. When it comes to deal sizes, I think we've mentioned before, you look at a month-long pilot and you're talking mid-6-figure range maybe.

在歐洲這邊，速度比較慢。這點毫無疑問。從進入試點到轉為資料訂閱的時程，確實非常取決於各國、其採購機制以及他們的作業時程。所以很難只給你一個平均值。至於交易規模，我想我們之前提過，如果是一個月的試點，金額可能大概在中等六位數美元的區間。

There's definitely a lot in the pipeline that gets to seven figure range. And then, of course, it moves up as you start talking about sovereign constellations, multiyear capabilities, et cetera. I think that gives you the range.

管線裡也確實有不少可以到七位數美元的案子。然後當然，當你開始談到主權星座、多年期能力等等，金額就會再往上走。我想這大概就是範圍。

Yes. That's helpful. And on the NOAA front, I mean, obviously, IDIQ and the budget intentions there look to just be absolutely massive. Congrats on the quick early light on the Hyperspectral Microwave Sounder. Just curious, you commented a bit on the data.

是的。這很有幫助。另外在 NOAA 方面，我的意思是，顯然那邊的 IDIQ 以及預算意向看起來規模非常龐大。恭喜你們在高光譜微波探測儀（Hyperspectral Microwave Sounder）上很快就取得早期成果。我想請教一下，你剛才對資料稍微有提到一些。

Could you just expand a little bit more on that in terms of are you far enough into that? Have you got a broad enough data set to give you the conviction that the data quality relative to NOAA needs is there or better at this point?

能否再多展開一點：你們目前在那個專案上進展到足夠深入了嗎？你們是否已經累積了足夠廣泛的資料集，讓你們有信心目前的資料品質相對於 NOAA 的需求已經達標，甚至在此刻更好？

The short answer is yes. We're delivering that data right now. I believe, in fact, we are getting paid for that data. And we expect to continue to have procurement around that data set from that satellite that is in orbit today. And I think I will add the opportunities with NOAA, we talked about some of that pipeline.

簡短回答是：是的。我們現在就正在交付那些資料。我相信，事實上，我們也正在因為那些資料而收款。而且我們預期會持續針對目前在軌道上的那顆衛星所產生的資料集，進行採購。另外我想補充一下，與 NOAA 的機會，我們也談過其中一部分的管線。

We mentioned over $150 million of stuff that is in year between the various data types, RO as well as multiple related to microwave sounding. I can't underemphasize enough how different this is from where NOAA was in prior years. Like it's really pretty exciting, all the stuff that is being worked on right now. And the team is pretty hectic, I have to say, responding to these.

我們提到過，跨不同資料類型（RO 以及多項與微波探測相關的項目），一年期的機會合計超過 1.5 億美元。我再怎麼強調都不為過，這和 NOAA 過去幾年的狀況有多麼不同。現在正在推進的各種工作真的相當令人振奮。而且我得說，團隊為了回應這些需求確實非常忙碌。

Yes, it's great to see the move to commercial actually really playing out in scale. Maybe one last. Just curious if you could comment on the broader space services pipeline. You had a nice signing a little while back with Deloitte 8-figure deal. You were just commenting on the Munich capacity coming online.

是的，很高興看到商業化的轉向真的開始以規模落地。也許最後一個問題。想請你評論一下更廣泛的太空服務（space services）管線。你們前陣子和 Deloitte 簽了一筆不錯的合約，是八位數美元的交易。你剛才也提到慕尼黑的產能即將上線。

So obviously, you've got capacity proven ability to launch. Just curious what that's doing to your space services pipeline and how it's evolving.

所以顯然你們已經證明了產能與發射能力。想請教這對你們的太空服務管線帶來什麼影響，以及它目前如何演進？

Yes. I think a lot of the space services pipeline is really focused on what we're able to do on the government side. And that's going to be government, that's also going to be, I would say, commercial companies that ultimately are serving the government market, right? Because that's where all the budgets are. And what everyone cares about is the ability to rapidly deploy things and rapidly deploy new things as we go forward and the geopolitical situation continues to change.

是的。我認為太空服務管線很大一部分其實聚焦在我們在政府端能做什麼。這會是政府，也會是——我會說——最終服務政府市場的商業公司，對吧？因為預算都在那裡。而大家在意的是能否快速部署各種東西，以及在未來隨著地緣政治情勢持續變化，能否快速部署新的東西。

And that's exactly where Spire shines and why it's important that we have that manufacturing capacity already deployed. We already know how to build those satellites at scale. And so I'm pretty excited about the space services pipeline there as well and what the team has done as work over the past year in getting us ready for scaling.

而這正是 Spire 的強項，也就是為什麼我們已經部署好製造產能這件事很重要。我們已經知道如何以規模化方式建造這些衛星。所以我對太空服務管線也非常期待，也很肯定團隊在過去一年所做的工作，讓我們為擴大規模做好準備。

Yes. Great. I'll add maybe one last, if I could. Ali, on the $5.8 million of legal accounting professional, it sounds like that's going to come out over the year. Can you just give us maybe any sense of how quickly those costs can come out and get down to a more manageable baseline?

是的。很好。如果可以的話，我再補最後一個問題。Ali，關於 580 萬美元的法律、會計與專業費用，聽起來這會在一年內逐步消化。你能否讓我們大概了解一下，這些成本大概能多快下降，回到一個比較可控的基準水準？

I think it's kind of probably back half of the year should decline more significantly than the first half of the year, Jeff. That's probably the most I can say about that.

Jeff，我認為大概在下半年下降幅度會比上半年更明顯。這大概是我對此能說的最多了。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

So my first question, on the $8 billion NOAA ProTech IDIQ, what modalities of data are being sought? I think there's eight mentioned. And how are the funds from that $8 billion dispersed between the different modalities like microwave, reflectometry, occultation, sea height, ice, et cetera?

我的第一個問題，關於 NOAA ProTech 80 億美元的 IDIQ，他們正在尋求哪些資料型態（modalities）？我記得提到了八種。另外，這 80 億美元的資金會如何在不同型態之間分配，例如微波、反射測量（reflectometry）、掩星（occultation）、海面高度、海冰等等？

Yes. So it's actually seven data types. I think I've misspoken in a few places and said eight, right, when it first came out. So it's seven, four of which we are able to do. The IDIQ is being responded to right now by industry, right?

是的。其實是七種資料型態。我想我在幾個地方口誤，剛公布時我說成八種，對吧？所以是七種，其中有四種是我們能做的。目前產業界正在回應這個 IDIQ，對吧？

So it's going to be something where multiple companies are tied into it. And then NOAA will issue task orders over the next, I think, it's five years related to that IDIQ. So multiple companies are going to get orders under that. NOAA likes to have at least two parties getting data orders in all the different types that they do. So you can't really give a number, and it's not really a zero-sum game around that IDIQ.

所以這會是一個多家公司都會納入其中的案子。接著 NOAA 會在未來——我想是五年——針對該 IDIQ 發出任務單（task orders）。因此會有多家公司在該合約之下取得訂單。NOAA 喜歡在他們所做的各種資料類型上，至少有兩家供應方取得資料訂單。所以你很難給出一個數字，而且就那個 IDIQ 而言，也不太是零和遊戲。

I mean, I think $8 billion is a huge number and just gives you a sense of how serious NOAA is about this.

我的意思是，我認為 80 億美元是一個龐大的數字，這讓你感受到 NOAA 對這件事有多麼重視。

What I can tell you is that NOAA is very focused on radio-occultation and microwave being the two most important ones that they want to get going from a procurement perspective. And they continue to talk to us about the reflectometry and the ocean surface winds as also the next one that they have as a priority. And so of course, this will continue to evolve over the years, but I think gives you a good indication of some of their top priorities are areas where we have a very strong offering to give.

我可以告訴你的是，從採購的角度來看，NOAA 非常聚焦於無線電掩星（radio-occultation）和微波，認為這兩項是他們最重要、希望推動啟動的項目。他們也持續與我們討論反射測量（reflectometry）以及海洋表面風（ocean surface winds），作為他們下一個優先事項。因此，當然，這些在未來幾年會持續演進，但我認為這很好地表明了他們的一些最高優先領域，正是我們能提供非常強大方案的地方。

Okay. And are you able to give an update on where we're at on EURIALO satellite production? And I guess, what the European Space Agency and the European Union's current thinking is now that the ministerial budget is in place?

好的。那你能否更新一下我們在 EURIALO 衛星生產方面的進度？另外，既然部長級預算已經到位，歐洲太空總署與歐盟目前的想法是什麼？

Yes. So the team has been working and building stuff on those satellites, and they start doing integration in the Munich facility, I think it's later this month, in fact. So I mean, their work is happening on that and ongoing. The EURIALO program was given additional budget coming out of the ministerial. And so how this continues to evolve is an ongoing discussion between all the various parties.

可以。團隊一直在這些衛星上進行工作並製造相關設備，而且我認為他們會在本月稍晚於慕尼黑的設施開始進行整合，事實上就是這個月稍後。所以，他們的工作正在進行且持續推進。EURIALO 計畫在部長級會議後獲得了額外預算。因此，接下來如何持續演進，仍是各方之間持續討論的議題。

European Space Agency is involved, the DLR, the German Space Agency is involved, right? All of our different consortium partners are involved and of course, continued interest and priority through the European Union. So it's an ongoing process, I would say.

歐洲太空總署有參與，DLR（德國太空總署）也有參與，對吧？我們所有不同的聯盟夥伴也都參與，當然，歐盟方面也持續保持興趣並列為優先事項。所以我會說，這是一個持續進行的流程。

Chris Quilty, Quilty Space.

Chris Quilty，Quilty Space。

Theresa, I just want to follow up on the NOAA opportunities and an exciting pipeline there. How should we think about that in terms of capital contribution? In other words, as you branch out into different sensors, does that require different classes of satellites or different orbital inclinations? Are there any of these where there might be a large contribution? And with the contracting, are you seeing opportunities for government NRE?

Theresa，我想就 NOAA 的機會與那條令人振奮的案源再追問一下。就資本投入而言，我們應該如何看待這件事？換句話說，當你們拓展到不同的感測器時，是否需要不同等級的衛星或不同的軌道傾角？這些當中是否有任何一項可能需要很大的投入？另外在合約方面，你們是否看到政府提供 NRE（非經常性工程費用）的機會？

Yes. So in terms of capacity, we have a lot of capacity on orbit, and I would say enough capacity on orbit for radio-occultation for what we would do with reflectometry. And of course, we just mentioned already the first satellite even has relevant capacity from a microwave perspective. So as we would go forward, more microwave sounding satellites is where this would become relevant as part of our ongoing replenishment and deployment across the constellation. The HyMS satellite, you may be aware, is already fitting within the normal form factor that we do.

是的。就容量而言，我們在軌道上有很大的容量；我會說，就無線電掩星以及我們會用於反射測量的部分而言，在軌容量已經足夠。當然，我們也剛提到，第一顆衛星甚至在微波方面也具備相關容量。因此，往後推進時，更多的微波探測（microwave sounding）衛星，將會在我們持續補充與於整個星座部署的過程中變得更相關。你可能知道，HyMS 衛星已經符合我們一貫採用的標準外形規格（form factor）。

You may also recall that the development of that HyMS payload and satellite was actually something that was supported through a customer contract in the first place. So that's actually a great example of some government-funded NRE that turns into then capacity and capability that we can then deploy and sell as a data service. So I think it's a fantastic example of that.

你可能也記得，HyMS 載荷與衛星的開發，其實一開始就是透過客戶合約所支持的。所以這正是一個很好的例子：部分由政府資助的 NRE，最終轉化為我們可以部署的容量與能力，並進一步以資料服務的形式部署與銷售。因此我認為這是一個非常棒的例子。

Got you. I guess my question was, as you add capabilities, whether it's different phenomenologies on the weather side or RFGL and do you get to the point where you have to build individual fleets of satellites? Or do you think the form factor you're working from, you still have bandwidth to be able to add multiple technologies onto the same platform?

了解。我想問的是，當你們增加能力時，不論是氣象端不同的現象學（phenomenologies），或是 RFGL，你們是否會走到必須建立各自獨立的衛星機隊的程度？或者你認為以你們目前的外形規格為基礎，仍有足夠的餘裕，能把多種技術整合到同一個平台上？

Yes. I mean our platform already supports the TEC, the RO, the R, now the microwave sounding. And so I don't want this to be something where we're going and building brand-new big things, spending tons of NRE that is outside of our wheelhouse. I think we have a great technology platform base that we've shown we can deploy in a cost-effective way. And we have tons of opportunity with NOAA and more broadly from that to be able to use the platform that we have.

是的。我的意思是，我們的平台已經支援 TEC、RO、R，現在也支援微波探測。因此我不希望變成我們要去打造全新的大型系統、投入大量不在我們專長範圍內的 NRE。我認為我們有一個很好的技術平台基礎，也已經證明我們能以具成本效益的方式部署。而且我們在 NOAA 以及更廣泛的領域都有大量機會，可以運用我們現有的平台。

And of course, we continue to deploy new technology. We talked about the anomaly detection in the comments that we shared earlier. So we continue to do R&D on that. But this is like scalable business rather than trying to do NRE all over the place.

當然，我們也持續部署新技術。我們在先前分享的評論中談到了異常偵測（anomaly detection）。因此我們也持續在這方面進行研發。但這更像是一個可擴展的業務，而不是到處重新做一堆 NRE。

Great. And speaking of new technologies, congrats on the success with the mini crosslinks. Is that a product that you expect to both proliferate across your constellation as a standard? And is it something that you would sell on a merchant basis?

很好。說到新技術，恭喜你們迷你交叉鏈路（mini crosslinks）取得成功。這會是你們預期在整個星座中普及、作為標準配置的產品嗎？另外，這是否會以商售（merchant）方式對外銷售？

So it's definitely something that we look at as enabling technology that just makes our constellation and our platform better. And I suppose that's an open question, whether it's something that we would also make available more broadly in the industry. Right now, I'm focused on making sure we take it from the final demonstration R&D phases into something that is deployed across our network.

所以這絕對是我們視為關鍵使能技術的一項，能讓我們的星座與平台變得更好。至於我們是否也會更廣泛地在產業中提供它，我想這仍是一個開放性的問題。目前，我的重點是確保我們能把它從最終示範的研發階段，推進到能在我們網路中全面部署的狀態。

We reached the end of our question-and-answer session. And ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

我們的問答環節到此結束。各位女士、先生，今天的電話會議與網路直播也到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝各位今天的參與。