Spire Global, Inc. (SPIR) 2026 Q2 法說會逐字稿

Thank you. Greetings and welcome to the Spire Global second quarter 2026 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

謝謝。各位好，歡迎參加 Spire Global 2026 年第二季業績電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Ben Hackman, Head of IR. Please go ahead.

現在我很榮幸介紹投資人關係主管 Ben Hackman。請開始。

Benjamin HackmanExecutive

Benjamin Hackman 主管

Thank you. Hello, everyone, and thank you for joining Spire's second quarter 2026 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。各位好，感謝各位參加 Spire 2026 年第二季財報電話會議。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。今天電話會議的重播也將提供。今天與我一同出席的有執行長 Theresa Condor，以及財務長 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.

提醒各位，我們今天的說明將包含非 GAAP 項目。GAAP 與非 GAAP 結果之間的調節表，以及我們的財測指引，可在我們的財報新聞稿中找到；該新聞稿可於我們的投資人關係網站取得。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。

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

若上述任何預期未能實現，或我們的假設被證明不正確，公司的實際結果可能與這些前瞻性陳述存在重大差異。關於這些風險、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, let me hand the call over to Theresa.

接下來，我把電話交給 Theresa。

Theresa CondorExecutive

Theresa Condor 主管

Thank you, Ben, and good afternoon, everyone. Revenue for the second quarter was $18 million. Excluding the maritime business we divested last year, core revenue expanded both year-over-year and sequentially, marking our strongest core revenue quarter since the divestiture. This is consistent with what we outlined in March when we described 2026 as a sequentially building second-half-weighted year. Two quarters in, that's exactly what we're seeing in the numbers.

謝謝你，Ben，各位下午好。第二季營收為 1,800 萬美元。排除我們去年已剝離的海事業務後，核心營收不論年增或季增皆有所擴張，並創下剝離以來最強的核心營收季度。這與我們在 3 月所說明的一致：2026 年將是下半年逐季走高、且下半年權重較高的一年。截至目前兩個季度，數字正好印證了這一點。

As a result, we're reaffirming our full-year revenue guidance, which at the midpoint represents 50% year-over-year core revenue growth. On our last call, I pointed to the specific milestones investors should watch this quarter: NOAA decisions on our in-year hyperspectral microwave sounding proposals, RFGL contract activity, and the continued expansion of our RFGL collection capacity. There was progress on each, so let me start there. On NOAA, the proposals we told you we were submitting in May have advanced to negotiation or closed. We are currently in the negotiation phase on an eight-figure contract opportunity tied to our Hyperspectral Microwave Sounder capability following the successful on-orbit validation of our HyMS payload.

因此，我們重申全年營收指引；以中位數計算，代表核心營收年增 50%。在上次電話會議中，我指出投資人本季應關注的具體里程碑：NOAA 對我們當年度高光譜微波探測提案的決策、RFGL 合約動態，以及我們 RFGL 蒐集能力的持續擴張。這三方面皆有進展，我先從這裡開始。就 NOAA 而言，我們告訴各位在 5 月提交的提案，已推進至談判階段或已結案。在我們 HyMS 載荷成功完成在軌驗證後，我們目前正就一項與高光譜微波探測儀（Hyperspectral Microwave Sounder）能力相關、金額達八位數的合約機會進行談判。

Combined with last week's NOAA Hyperspectral Microwave Sounder data contract extension, valued at up to $5 million in revenue over a nine-month term, we are encouraged by the growing interest in HyMS. These are two sizable opportunities that grew directly out of the flight-proven data we have been generating since the first quarter. On RFGL, we secured awards from four new international customers in the second quarter on top of the five new US awards and three new international customers we reported in the first quarter. On capacity, the 19 satellites we deployed in the first quarter are reaching full operational status on schedule, and in early July, we launched 10 more, bringing our total to 29 satellites launched in 2026.

再加上上週 NOAA 高光譜微波探測儀資料合約的延長案（九個月期間，營收最高可達 500 萬美元），我們對 HyMS 日益增加的關注度感到鼓舞。這是兩個相當可觀的機會，且都直接源自我們自第一季以來所產生、並已完成飛行驗證的資料。在 RFGL 方面，我們第二季新增獲得 4 家新的國際客戶授標；此外，我們在第一季已報告新增 5 項美國授標與 3 家新的國際客戶。在產能方面，我們第一季部署的 19 顆衛星正按計畫達到全面運作狀態；並於 7 月初再發射 10 顆，使我們 2026 年累計發射衛星總數達 29 顆。

Today, I want to go deeper on three things: where the US government weather opportunity stands, why demand for RF intelligence keeps building, and how our European position and manufacturing footprint turn that demand into long-term growth. Going back to NOAA, on our first quarter call, we told you we were actively bidding on more than $150 million of opportunities across the NOAA portfolio. Last week marked a key milestone as the first of these opportunities crossed the finish line with a signed contract worth up to $5 million. On top of that, the 8-figure microwave sounding opportunity is within that pipeline, and both advanced from proposal to negotiation or contract signature since our last call.

今天我想更深入談三件事：美國政府氣象機會目前的進展、為何射頻情報（RF intelligence）的需求持續攀升，以及我們在歐洲的布局與製造足跡如何把這些需求轉化為長期成長。回到 NOAA，在第一季電話會議中，我們告訴各位，我們正積極競標 NOAA 產品組合中超過 1.5 億美元的機會。上週是一個關鍵里程碑，因為其中第一個機會已完成簽約，合約價值最高可達 500 萬美元。此外，金額達八位數的微波探測機會也在該管線之中，且自上次電話會議以來，兩者皆已從提案階段推進至談判或合約簽署。

Each is built on the flight-proven data our HyMS payload has been generating since first light in March. As before, our existing NOAA Radio Occultation contract, which has been a cornerstone of our government weather business. Last year's one-year RO award was $11.2 million. That contract is in full execution today, and we expect the follow-on award to begin in September. As a reminder, NOAA is working to establish a multi-year $8 billion IDIQ contract under which efforts like RO can be awarded.

每一項機會都建立在我們 HyMS 載荷自 3 月首次取得資料（first light）以來所產生、並已完成飛行驗證的資料之上。如同以往，我們既有的 NOAA 無線電掩星（Radio Occultation，RO）合約一直是我們政府氣象業務的基石。去年為期一年的 RO 授標金額為 1,120 萬美元。該合約目前正在全面執行中，我們預期後續授標將於 9 月開始。提醒各位，NOAA 正在建立一項為期多年、總額 80 億美元的 IDIQ 合約，在該架構下可授予如 RO 等工作。

Because that IDIQ vehicle is still being finalized, we expect the RO renewal to come in two phases. First, a shorter bridge award we expect to be finalized very soon, followed by a longer-term award once the IDIQ is in place. Taken together, we expect these contracts for RO data to be larger on an annual basis than the $11.2 million contract awarded last year. Beyond these three opportunities, a number of other opportunities within the NOAA portfolio continue to move through the pipeline. We are seeing similar weather demand internationally and in the commercial market as well.

由於該 IDIQ 合約載具仍在定案中，我們預期 RO 的續約將分兩個階段進行。首先是一項較短期的過渡（bridge）授標，我們預期很快就會定案；接著在 IDIQ 就位後，將有一項較長期的授標。綜合而言，我們預期這些 RO 資料合約按年度計算的規模，將大於去年授予的 1,120 萬美元合約。除這三項機會之外，NOAA 產品組合中的其他多項機會也持續在管線中推進。我們也在國際市場與商業市場看到類似的氣象需求。

Recently, we were awarded a contract from EUMETSAT for RO data. This has been an annual contract for Spire, but this year we were able to expand this contract with a total annual value now over EUR 4 million. On the commercial weather front, we started off July by signing two six-figure awards for global weather forecasts along with historical weather data. Let me turn to RF intelligence because demand for this business is being shaped by something larger than any single program or procurement. Around the world, the radio frequency environment has become contested, and it is staying that way.

近期，我們獲得 EUMETSAT 的 RO 資料合約。這一直是 Spire 的年度合約，但今年我們得以擴大合約規模，使年度總價值現已超過 400 萬歐元。在商業氣象方面，我們於 7 月初簽下兩項六位數金額的授標，內容涵蓋全球氣象預報以及歷史氣象資料。接著我談射頻情報，因為此業務的需求正受到比任何單一計畫或採購更宏觀因素的塑造。在全球範圍內，無線電頻譜環境已變得充滿對抗性，且將持續如此。

GNSS jamming and spoofing now affect thousands of commercial ships and aircraft from Eastern Europe and the Baltic to the Middle East and Asia Pacific. Vessels broadcast positions that place them on land or go dark entirely. Aircraft reroute around interference corridors that persist for months. In a growing number of regions, operators simply cannot trust the navigation and identification signals the global economy was built on. When those signals are denied or falsified, governments and operators need an independent way to reestablish ground truth, where an emitter actually sits, which vessels have gone dark and where they went, which corridors are unsafe for aircraft.

GNSS 干擾（jamming）與欺騙（spoofing）如今影響了數以千計的商用船舶與飛機，範圍從東歐與波羅的海延伸至中東與亞太地區。船舶廣播的位置顯示其在陸地上，或乾脆完全消失訊號。飛機為避開干擾走廊而改道，而這些走廊可能持續數月。在愈來愈多地區，營運方根本無法信任全球經濟所依賴的導航與識別訊號。當這些訊號被拒止或遭到偽造時，政府與營運方需要一種獨立的方法來重新建立「地面真相」（ground truth）：發射源實際位於何處、哪些船舶已關閉訊號以及它們去了哪裡、哪些航線走廊對飛機而言不安全。

Our constellation delivers that intelligence today, drawing on more than a decade of investment in radio frequency geolocation, in jamming and spoofing detection through our ADS-B quality indicators, and in a constellation that revisits every point on Earth more than 100 times a day. We believe this demand is durable. Interference outlasts the conflicts that put it in the news, and governments have started budgeting for space-based RF awareness the way they budget for other core infrastructure. That spending pattern has years left to run. We see it in our own bookings.

我們的星座如今即可提供這些情報，得益於我們在射頻地理定位、透過我們的 ADS-B 品質指標進行干擾與欺騙偵測，以及一個每天對地球上每一個點重訪超過 100 次的星座方面，十多年來的投資。我們相信這項需求具有持久性。干擾的影響往往比讓它登上新聞的衝突更為長久，而各國政府已開始像為其他核心基礎設施編列預算一樣，為天基射頻態勢感知編列預算。這種支出模式還有多年可持續。我們從自身的訂單預訂情況中也看到了這一點。

In the second quarter, we secured RFGL awards from four new international customers. We continue to sign new pilots and extend existing ones. These engagements typically develop in stages. A pilot first, then a data subscription, then a larger operational program, and most of our international relationships sit in the early stages today. We see that as the setup for a multiyear runway.

在第二季，我們從四個新的國際客戶獲得了 RFGL 授標。我們持續簽署新的試點專案並延長既有專案。這些合作通常分階段發展。先是試點，接著是資料訂閱，然後是更大型的營運計畫，而我們目前多數國際合作關係仍處於早期階段。我們將其視為多年成長跑道的鋪陳。

Our capacity is scaling alongside the demand. The six new satellite pairings deployed in the first quarter are reaching full operational status through the second and third quarters as planned. Our single satellite geolocation capability, demonstrated earlier this year on S-band and X-band signals, expands what each satellite can collect and lowers the constellation cost of coverage. With launch capacity reserved through 2028, we can keep adding collection capacity on our own timeline, even in a constrained launch market. Very few companies can meet this requirement with a deployed constellation, flight-proven capability, and manufacturing on both sides of the Atlantic.

我們的產能正隨需求同步擴張。第一季部署的六組新衛星配對，正按計畫在第二與第三季達到全面作業狀態。我們今年稍早在 S 波段與 X 波段訊號上展示的單星地理定位能力，擴大了每顆衛星可蒐集的內容，並降低星座覆蓋的成本。在已預留至 2028 年的發射能量支持下，即使在發射市場受限的情況下，我們仍可依自身時程持續增加蒐集產能。能以已部署的星座、經飛行驗證的能力，以及橫跨大西洋兩岸的製造能力來滿足此需求的公司寥寥可數。

That positioning is a large part of why the European partnerships I will describe next came to us. During the quarter, we announced two strategic partnerships with Germany-based companies, Schaeffler and Diehl Defence, that we believe significantly strengthen our long-term positioning within the European space ecosystem. Our collaboration with Schaeffler brings together complementary capabilities to explore sovereign European space infrastructure and next-generation satellite technologies. Germany has long been one of Europe's leading industrial economies, and partnerships with established industrial leaders create opportunities to combine advanced manufacturing expertise with our operational space capabilities. Likewise, our agreement with Diehl Defence reflects growing interest in leveraging commercial space capabilities to support national security and defense applications.

這樣的定位，是我接下來要描述的歐洲合作夥伴關係選擇與我們合作的重要原因之一。本季期間，我們宣布與兩家德國公司 Schaeffler 與 Diehl Defence 建立兩項策略夥伴關係；我們相信這將顯著強化我們在歐洲太空生態系中的長期定位。我們與 Schaeffler 的合作結合互補能力，以探索歐洲主權太空基礎設施與下一代衛星技術。德國長期以來一直是歐洲領先的工業經濟體之一，與成熟的產業領導者合作，能創造將先進製造專長與我們的太空營運能力結合的機會。同樣地，我們與 Diehl Defence 的協議反映出市場對運用商業太空能力以支援國家安全與國防應用的興趣日益增加。

As governments modernize their defense architectures, resilient commercial satellite networks are increasingly viewed as important complements to traditional government-owned systems. We view these partnerships as more than individual agreements. They reflect our flight-proven infrastructure and operational track record becoming the foundation other industrial leaders build on as they extend into space. The timing matters because the European demand backdrop just got more concrete. In July, NATO leaders met in Ankara for the 2026 summit, and the Alliance's Defense Industry Forum announced more than $50 billion in new procurement commitments spanning integrated air and missile defense, uncrewed systems, and intelligence capabilities, building on the more than $139 billion increase in core defense investment that European allies and Canada have already delivered since last year's The Hague Summit.

隨著各國政府現代化其防禦架構，具韌性的商業衛星網路日益被視為傳統政府自有系統的重要補充。我們將這些夥伴關係視為不僅是單一協議。它們反映出我們經飛行驗證的基礎設施與營運實績，正成為其他產業領導者拓展至太空時所依託的基礎。時機之所以重要，是因為歐洲需求的背景剛變得更具體。7 月，北約領導人在安卡拉舉行 2026 年峰會，聯盟的國防工業論壇宣布超過 500 億美元的新採購承諾，涵蓋整合式防空與飛彈防禦、無人系統與情報能力；此舉建立在歐洲盟國與加拿大自去年海牙峰會以來已實現的核心國防投資增加逾 1,390 億美元之上。

Also in early July, the European Union proposed five new European Defence Projects of Common Interest, including the Space EDPCI, worth up to EUR 24 billion by 2034. The Space EDPCI is structured around seven capability areas including space-based early warning and intelligence, surveillance and reconnaissance, a category that encompasses signals intelligence. The project aims to transform mature R&D into sovereign operational capabilities that no single member state can develop alone. Across Europe, governments increasingly recognize that sovereign access to space-derived data, resilient commercial infrastructure, and responsive satellite capabilities are strategic priorities. These investments will take time to translate into specific procurement programs, but we believe the direction is unmistakable, and the RFGL awards I described are the early evidence of this movement reaching our backlog.

同樣在 7 月上旬，歐盟提出五項新的「歐洲共同利益國防計畫」（European Defence Projects of Common Interest），其中包括太空 EDPCI，至 2034 年總值最高可達 240 億歐元。太空 EDPCI 以七大能力領域為架構，包括天基預警以及情報、監視與偵察（ISR），此類別涵蓋訊號情報。該計畫旨在將成熟的研發成果轉化為任何單一成員國都無法獨自發展的主權作業能力。在整個歐洲，各國政府日益認知到：對太空衍生資料的主權取得、具韌性的商業基礎設施，以及具快速回應能力的衛星能力，都是戰略優先事項。這些投資需要時間才能轉化為具體採購計畫，但我們相信方向非常明確，而我所描述的 RFGL 授標正是這股趨勢開始反映到我們在手訂單的早期證據。

As these European opportunities continue to mature, they will further broaden and diversify our revenue base, reinforcing that our growth is being driven by multiple markets rather than any single opportunity. Because we already operate globally, maintain manufacturing capabilities in Europe, and have years of operational experience delivering mission-critical services, we believe we are well-positioned in a European market that has years left to run. Supporting all of this demand is a team we continue to strengthen. This quarter, we welcomed Eric ''Mel'' Mellinger to Spire as our Chief Commercial Officer. Mel joins us from ManTech International, where he helped drive double-digit year-over-year growth.

隨著這些歐洲機會持續成熟，它們將進一步擴大並多元化我們的營收基礎，強化我們的成長是由多個市場驅動，而非任何單一機會。由於我們已在全球營運、在歐洲維持製造能力，並擁有多年提供關鍵任務服務的營運經驗，我們相信自己在仍有多年可持續的歐洲市場中具備良好定位。支撐所有這些需求的是我們持續強化的團隊。本季，我們歡迎 Eric「Mel」Mellinger 加入 Spire，擔任首席商務長。Mel 來自 ManTech International，在那裡他協助推動年對年雙位數成長。

His mandate is straightforward: convert the demand I have been describing into revenue. That demand extends beyond the $150 million in NOAA opportunities I described earlier. We're also tracking more than $100 million in opportunities across the US federal pipeline, from ROMs to submitted proposals and active negotiations, with the potential for these to convert over the remainder of 2026. We're seeing that same momentum on the commercial side as we continue to build our commercial pipeline with recognizable brands.

他的任務很明確：把我一直在描述的需求轉化為營收。這項需求不僅限於我先前提到的 1.5 億美元 NOAA 機會。我們也在追蹤美國聯邦管線中超過 1 億美元的機會，涵蓋從 ROM（粗略量級估算）到已提交提案與進行中的談判，並有可能在 2026 年剩餘期間轉化落地。在商業端，我們也看到同樣的動能，並持續以知名品牌擴建我們的商業管線。

All of this demand only matters if we can build and launch to meet it. As I noted at the top, the 10 satellites we launched in early July brought our 2026 total to 29. That pace reflects the maturity of our manufacturing organization and the operational discipline we have built over many years. Our constellation strategy has always been about more than adding satellites. It is about operating a platform that delivers reliable, scalable services for customers who increasingly depend on real-time global data.

所有這些需求只有在我們能建造並發射以滿足它時才有意義。如我在開頭所提，7 月上旬我們發射的 10 顆衛星，使我們 2026 年累計發射總數達到 29 顆。這樣的節奏反映出我們製造組織的成熟度，以及多年來建立的營運紀律。我們的星座策略從來不只是增加衛星數量。而是營運一個平台，為日益依賴即時全球資料的客戶提供可靠、可擴展的服務。

One of the milestones I'm particularly proud of this quarter was the official opening of our new satellite manufacturing facility in Munich during May. With manufacturing operations now established in North America, Germany, and the UK, our footprint provides the scale and rapid deployment capability required to capture government and defense pipelines, and it expands our production capacity to approximately 300 to 400 satellites annually. We have already begun to use that capacity in both regions. The satellites for the STRAT 5 program are being built in Boulder and are expected to launch later this year. Satellite integration work is underway in Munich today.

本季我特別引以為傲的里程碑之一，是我們於 5 月在慕尼黑正式啟用新的衛星製造設施。隨著製造營運已在北美、德國與英國建立，我們的佈局提供了掌握政府與國防管線所需的規模與快速部署能力，並將我們的年產能擴大至約 300 至 400 顆衛星。我們已開始在兩個地區運用這些產能。STRAT 5 計畫的衛星正在博爾德（Boulder）製造，預計將於今年稍晚發射。衛星整合工作目前正在慕尼黑進行。

As governments prioritize sovereign space capabilities and supply chain resilience, meaningful manufacturing on both sides of the Atlantic becomes an increasingly important competitive advantage. It is one very few companies in our industry can claim. We also continue to advance our technology. In July, Spire achieved a major milestone in our optical inter-satellite link program, successfully establishing our first cross-plane laser connection between two OISL-equipped satellites, building on our previous in-plane demonstrations. The satellites held a stable link for more than five minutes across roughly 5,000 kilometers, about the distance from New York to London.

隨著各國政府將主權太空能力與供應鏈韌性列為優先事項，在大西洋兩岸都具備具規模的製造能力，正成為愈來愈重要的競爭優勢。這是我們產業中極少數公司能夠宣稱的優勢之一。我們也持續推進技術。7 月，Spire 在光學星間鏈路計畫中達成重大里程碑：在先前同軌面（in-plane）展示的基礎上，我們成功在兩顆配備 OISL 的衛星之間建立了首次跨軌面（cross-plane）雷射連線。兩顆衛星在約 5,000 公里距離上維持穩定鏈路超過五分鐘，約相當於從紐約到倫敦的距離。

This technology lets satellites pass data directly to one another in orbit, cutting latency and reducing dependence on ground station proximity as our constellation scales. Before I hand the call to Ali, I want to spend a moment on how the rest of the year comes together, because I know the math many of you are doing. First half revenue was $33.9 million. Our full year guidance of $75 million to $85 million therefore implies roughly $41 million to $51 million in the second half, and I want to be specific about what carries us there. Start with what is already under contract.

這項技術讓衛星能在軌道上彼此直接傳輸資料，隨著我們的星座規模擴大，可降低延遲並減少對地面站距離近接性的依賴。在我把電話交給 Ali 之前，我想花一點時間談談今年其餘時間如何串接起來，因為我知道你們許多人正在做的數學推算。上半年營收為 3,390 萬美元。因此，我們全年 7,500 萬至 8,500 萬美元的指引，意味著下半年約需 4,100 萬至 5,100 萬美元的營收；我想具體說明是什麼因素支撐我們達成。先從已簽約的部分開始。

As of the end of July, over 85% of our full year guidance is contracted, up from the 76% shared in May. Our NOAA radio occultation contract remains in full execution. Our European radio occultation work, our space services programs, and our expanded commercial agreements are all in delivery through year-end. The STRAT 5 program continues to progress with satellites being built in Boulder and expected to launch later this year. Last week's hyperspectral microwave sounder data extension is now under contract, which represents up to $5 million in potential revenue over a 9-month term.

截至 7 月底，我們全年指引中超過 85% 已簽約，較 5 月分享的 76% 提升。我們與 NOAA 的無線電掩星合約仍在全面執行中。我們在歐洲的無線電掩星工作、太空服務計畫，以及擴大的商業協議，皆將持續交付至年底。STRAT 5 計畫持續推進，衛星正在博爾德（Boulder）製造，預計於今年稍晚發射。上週的高光譜微波探測儀資料延長案現已簽約，於 9 個月期間內代表最高可達 500 萬美元的潛在營收。

Add what we expect to close in the near term. The 8-figure microwave sounding opportunity that is in active negotiation now, and the radio occultation bridge award that is expected to begin in September. We continue to expect the follow-on RO contracts taken together to exceed the $11.2 million annual value of last year's award. So when we reaffirm guidance today, that reaffirmation rests on a contracted base and execution, a renewal we expect shortly, and NOAA negotiations whose estimated scale we have now quantified for you. What remains between here and the high end of the range is execution through the second half.

再加上我們預期在短期內完成簽約的部分。目前正積極談判中的「八位數」微波探測機會，以及預計於 9 月開始的無線電掩星（RO）過渡（bridge）授標。我們仍預期後續 RO 合約合計將超過去年授標的 1,120 萬美元年度價值。因此，我們今天重申指引，是建立在已簽約的基礎與執行、我們預期很快完成的續約，以及我們現在已為各位量化其預估規模的 NOAA 談判之上。距離區間上緣仍需補足的部分，就是下半年的執行落地。

It's worth calling out that last week we filed an 8-K disclosing the dismissal of all of NorthStar's claims and awarding approximately $12.4 million in favor of Spire. We are pleased with this result. Between now and our next call, the markers to watch are the RO bridge award, the outcome of the microwave sounding negotiations, the STRATFI launch, and continued RFGL awards. We will report against each of them in the fall.

值得特別指出的是，上週我們提交了 8-K，揭露 NorthStar 的所有主張均遭駁回，並裁定約 1,240 萬美元由 Spire 勝訴獲得。我們對此結果感到滿意。從現在到我們下一次電話會議之間，值得關注的指標包括：RO 過渡授標、微波探測談判結果、STRATFI 發射，以及持續的 RFGL 授標。我們將在秋季針對每一項進展進行回報。

With that, Ali, over to you.

接下來，Ali，交給你。

Alison EngelExecutive

Alison EngelExecutive

Thank you, Theresa, and good afternoon, everyone. I will ground the financial picture in the same operating momentum Theresa just described. As a reminder, unless otherwise noted, I will be discussing non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures are included in our press release. Revenue remains the metric we watch most closely because it reflects execution across both sales and operations, and it is the primary driver of our financial progress.

謝謝你，Theresa，各位下午好。我將以 Theresa 剛才描述的同樣營運動能，來說明財務面貌。提醒各位，除非另有說明，我將討論非 GAAP 財務衡量指標。我們的 GAAP 與非 GAAP 財務衡量指標之間的調節表已包含在新聞稿中。我們最密切關注的指標仍是營收，因為它反映了銷售與營運兩端的執行成果，也是推動我們財務進展的主要驅動因素。

As we have discussed in the past, Spire's cost base is largely fixed, and so as revenue scales, a meaningful share of that growth converts directly into margin. On revenue, we continued to make strong progress during the second quarter. Second quarter GAAP revenue was $18 million, up 16% year-over-year on a core basis, excluding the maritime business we divested last year, and up 19% sequentially from the first quarter. The year-over-year growth was primarily driven by higher delivery of space services data and increased RFGL data purchases. That sequential growth is an important marker.

如同我們過去討論過的，Spire 的成本基礎大多為固定成本，因此當營收擴大時，其中相當一部分的成長會直接轉化為毛利率。在營收方面，我們在第二季持續取得強勁進展。第二季 GAAP 營收為 1,800 萬美元；若以核心口徑（排除我們去年已剝離的海事業務）計算，年增 16%，且較第一季季增 19%。年增主要由太空服務資料交付增加，以及 RFGL 資料採購增加所帶動。這個季增是重要的指標。

It is evidence of the back half acceleration we have been describing since our fourth quarter call. Non-GAAP gross margin was 38%, down from 52% in the second quarter of last year. This decrease was primarily a result of impacts associated with the WildFireSat contract, which was canceled for convenience in the second quarter. While the gross margin was down this quarter, we expect gross margin expansion in the second half as revenue increases on a relatively fixed cost structure. Adjusted EBITDA was negative $8.6 million, an improvement of 16% year-over-year and 15% sequentially, which is primarily driven by lower operating expenses.

這證明了我們自第四季電話會議以來所描述的下半年加速。非 GAAP 毛利率為 38%，低於去年第二季的 52%。此下降主要是因第二季 WildFireSat 合約因便利性（for convenience）被取消所帶來的影響。雖然本季毛利率下滑，但隨著營收在相對固定的成本結構下增加，我們預期下半年毛利率將擴張。調整後 EBITDA 為負 860 萬美元，年減虧 16%、季減虧 15%，主要由較低的營運費用所驅動。

Based on our current trajectory, we continue to expect adjusted EBITDA breakeven by late 2026 to early 2027. Cash flow used in operations was $23.4 million, improving 32% year-over-year and 11% sequentially. This reflects lower operating expenses compared to the second quarter of last year and is consistent with the broader trend of improving financial performance as we scale. We expect that trajectory to hold through the second half, with cash flow used in operations continuing to improve sequentially in both the third and fourth quarters of 2026. We ended the quarter with approximately $92 million in cash equivalents, and marketable securities, and we remain debt-free.

依據我們目前的軌跡，我們仍預期調整後 EBITDA 將於 2026 年底至 2027 年初達到損益兩平。營運活動使用的現金流為 2,340 萬美元，年減 32%、季減 11%。這反映出相較去年第二季較低的營運費用，並與我們隨規模擴大而財務表現改善的整體趨勢一致。我們預期該軌跡將在下半年維持，且 2026 年第三季與第四季的營運活動使用現金流將持續逐季改善。本季結束時，我們持有約 9,200 萬美元的約當現金與有價證券，且仍維持零負債。

On guidance, we are reaffirming our full year 2026 revenue outlook of $75 million to $85 million. This represents more than 50% core year-over-year growth at the midpoint. I will point you back to Theresa's comments on the NOAA pipeline as the clearest illustration of why our confidence in that range continues to build. An 8-figure HIMSS opportunity and an RO renewal we expect to be larger than last year's on an annual basis. This is exactly the kind of layered near-term visibility that supports the back half of this guidance.

關於指引，我們重申 2026 全年營收展望為 7,500 萬至 8,500 萬美元。以中位數計算，這代表核心口徑年增超過 50%。我想請各位回顧 Theresa 對 NOAA 商機管線的評論，這是最清楚的例證，說明我們對該區間的信心為何持續提升。一個「八位數」的 HIMSS 機會，以及我們預期在年度基礎上將大於去年的 RO 續約。這正是支撐本指引下半年部分的、分層式的短期能見度。

These opportunities sit on top of the strong visibility we already have to the midpoint of our full-year guidance. As of the end of July, over 85% of that midpoint is already under contract. The headline I would leave you with is this: Revenue growth accelerated both year-over-year and sequentially this quarter, and the operational proof points behind that trend, satellite launches, expanded manufacturing capability, and a deepening government and defense pipeline on both sides of the Atlantic all moved in the same direction at the same time. That alignment is what gives us confidence heading into the second half.

這些機會建立在我們對全年指引中位數已具備的強勁能見度之上。截至 7 月底，該中位數中超過 85% 已簽約。我想留給各位的重點是：本季營收成長在年比與季比兩個維度都加速，而支撐此趨勢的營運證據點——衛星發射、擴增的製造能力，以及大西洋兩岸更深化的政府與國防管線——也在同一時間朝同一方向推進。這種一致性讓我們對進入下半年充滿信心。

With that, let us open it up for questions.

接下來，我們開放提問。

(Operator Instructions) Erik Rasmussen, Stifel.

(接線員指示) Erik Rasmussen，Stifel。

Great to hear all the progress. Maybe just on the guidance, you have talked now several quarters about the second half weighted ramp. It seems like that is still intact. If we look at sort of the transition from Q2 to Q3, is that step up a little bit smaller and then maybe more of the majority of that to make up, we will call it the $46 million to get to your midpoint of your guided range. Is that step up smaller in Q3 and then more of an impact in Q4?

很高興聽到所有進展。或許就指引方面，你們已經連續好幾季談到下半年權重較高的爬坡。看起來這仍然維持不變。如果我們看從第二季到第三季的轉換，那個跳升幅度是否稍微小一些，然後需要補上的大部分——我們就稱之為為了達到你們指引區間中位數所需的 4,600 萬美元——會更多落在第四季？也就是說，第三季的跳升較小，而第四季的影響更大嗎？

That is correct, Erik. That is the right way to think about it. There should be some step up in Q3, but the majority of it will come in the fourth quarter.

沒錯，Erik。這樣思考是正確的。第三季應該會有一些上升，但大部分會在第四季出現。

Great. And very good to hear about the eight-figure contract in progress. It sounds like, though, I guess this came about because of the contract extension, and then, I guess does the extension have to run its course before a decision is made? Or will we start to see some of that happen sooner?

很好。而且很高興聽到那份正在進行中的八位數合約。不過聽起來，我想這是因為合約延長才發生的，那麼我想延長是否必須先跑完流程才會做出決定？還是我們會更早開始看到其中一些進展？

Yes, these are two separate things, both related to microwave sounding. We are delivering that data buy and the next eight-figure contract, as we said, we are in negotiation. We do expect that that gets awarded in the relatively short term, I think sometime in the next month. They are separate things. I expect that they will both happen in parallel.

是的，這是兩件不同的事情，但都與微波探測（microwave sounding）有關。我們正在交付那筆資料採購（data buy），至於下一份八位數合約，如我們所說，我們正在談判中。我們確實預期它會在相對短期內授予，我認為大概在接下來一個月內的某個時間。它們是兩件不同的事。我預期兩者會並行發生。

Okay. Maybe just one more, if I can, on the NOAA RO. It sounds like there is going to be a shorter bridge award. Any sense of timing? Will that happen to when it expires in September? How quickly after that could we see any announcement or see some news about the RO? You said you had mentioned it probably more than the $35 million that was last year's award. How large of a magnitude of increase could we see there?

好的。如果可以的話，關於 NOAA RO 我再問一個。聽起來會有一個較短的過渡性授標（bridge award）。時間點大概是什麼時候？會在九月到期時發生嗎？之後多快我們能看到任何公告或關於 RO 的消息？你提到它可能會高於去年那筆 3,500 萬美元的授標。我們可能會看到多大幅度的增加？

Yes. The RO bridge award, we are expecting to happen in August. Could potentially be any day now. It is a bridge award, so it will not be a full one-year program. We have to see how NOAA does it exactly.

是的。我們預期 RO 的過渡性授標會在八月發生。可能隨時都有機會。這是過渡性授標，所以不會是一個完整的一年期計畫。我們得看 NOAA 具體會怎麼做。

Potentially before the end of the year, they would then move into the new IDIQ and then do kind of like the proper full award. I think the important thing to note is they are very keen to make sure that there is not a single day that they do not get the radio occultation datasets because these go into the weather forecast every day. However they do the exact contract mechanisms, this is going to be seamless delivery and therefore revenue recognition for Spire. In terms of order of magnitude, because there is going to be a bridge contract, you have to look at what that would be on an annual basis and then know that there is another one coming. The one last year was, just to correct your numbers, it was $11.2 million, I believe. And we feel very comfortable that it is going to be larger than that number.

他們可能在今年年底前，接著轉入新的 IDIQ，然後進行比較正式的完整授標。我認為重要的是，他們非常在意確保不會有任何一天拿不到無線電掩星（radio occultation）的資料集，因為這些資料每天都會用於天氣預報。不論他們採用何種合約機制，對 Spire 而言都會是無縫交付，因此也會是無縫的收入認列。就量級而言，因為會有一份過渡合約，你必須把它換算成年化基礎來看，並且知道後面還會再來一份。去年那一份，為了更正你的數字，我記得是 1,120 萬美元。而我們非常有把握它會高於這個數字。

Got you. No, the $35 million was the total, and it was split. You had the $11.2 million. Yes. Just wanted to get a sense of though what you thought this next award -- the total award. And then do you think your percentage could actually go up? I think you had about 25% of that award last year.

了解。不，3,500 萬美元是總額，而且是分拆的。你們拿到的是 1,120 萬美元。是的。只是想了解你認為下一次授標——總授標金額——大概會是多少。另外你覺得你們的占比有可能提高嗎？我記得你們去年大概拿到那筆授標的 25%。

Yes. I do expect that there are larger dollars, larger number of soundings. I think we can capture a solid share of that. It will definitely be dual source. I feel very good about our positioning there in terms of relevant price to delivery requirement.

是的。我確實預期金額會更大、探測（soundings）數量也會更多。我認為我們可以拿到相當穩固的份額。它肯定會是雙來源（dual source）。就相對於交付要求的價格而言，我對我們在那裡的定位非常有信心。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

This is Daniel on for Jeff. Just in regards to the Space Services data that you are talking about benefiting, I assume that is in reference to the Space Services revenue coming online for those 19 satellites that were launched in Q1. Just confirming that is what you are talking about. Then just sort of the cadence of that sequentially in terms of when those satellites were commissioned and data delivery began. Is that something that happened early in Q2 such that you kind of got a full quarter out of that or something that happened late in Q2 where we should see another step up into Q3? Just your thoughts on the Space Services ramp.

我是 Daniel，代 Jeff 發言。關於你提到受益的 Space Services 資料，我假設是指第一季發射的那 19 顆衛星，其 Space Services 收入開始上線。只是確認一下你說的是這個。另外就時程節奏而言，這些衛星是何時完成部署（commissioned）並開始交付資料？這是在第二季初就發生、因此你們大概拿到一整季的貢獻？還是第二季後段才發生、所以我們應該在第三季再看到一個台階式上升？想聽聽你對 Space Services 爬坡（ramp）的看法。

Yes. Ali can correct me, but some of this is going to happen a little bit later in Q2, and it is all going to vary depending on the satellite and what is on it and how long the customer takes to go through testing out their payload. But there is still back half loaded, which is why we have continued to tell people there is the step up in the second half of the year. But the Space Services ones we are talking about are from satellites that launched that we then deliver the data on and can start collecting revenue that we would not recognize the revenue earlier in the year.

是的。Ali 可以更正我，但其中一部分會在第二季稍晚發生，而且會因衛星本身、搭載內容，以及客戶完成其酬載測試所需時間而有所不同。但仍然是偏向下半年貢獻較多，這也是為什麼我們一直告訴大家下半年會有一個上升台階。不過我們所說的 Space Services，是指那些已發射、我們開始交付資料並能開始收取收入的衛星；而這些收入在今年較早時點我們是無法認列的。

Yes, that is helpful. Then in terms of RFGL, maybe if you could just sort of rank order the key drivers for that, if that apparently these four new international customers and the customers that already international customers that came on in Q1 or if that is more so expansion in the US or just sheer volume increases due to what you can sell from the six new satellite pairs that have gone up. Just sort of rank ordering RFGL. What the biggest movers are there?

是的，這很有幫助。那就 RFGL 而言，也許你可以把主要驅動因素做個排序：是因為這四個新的國際客戶，以及第一季加入的既有國際客戶？還是更多來自美國的擴張？或是單純因為你們新增的六對衛星上去後，可銷售的量大幅增加？請大概排序一下 RFGL。那裡最大的推動因素是什麼？

Yes, I think the increase of capacity is definitely helpful. I think from the beginning of the year, we have had about a 10 times increase in RFGL capacity. As you heard, we have signed new international customers, and that is across different locations and a variety of use cases. We have also re-signed with some customers that we had already worked with from the beginning part of the year, and we are definitely continuing to sign and do tasking for end users out of the United States. The other thing I would say is that we still are early in the process, I would say, with these customer sets.

是的，我認為產能提升絕對有幫助。我想從年初到現在，我們的 RFGL 產能大約增加了 10 倍。如你所聽到的，我們簽下了新的國際客戶，涵蓋不同地點與多種使用情境。我們也與一些從年初就合作過的客戶完成續約，而且我們確實持續在美國以外為終端用戶簽約並進行任務指派（tasking）。另外我想說的是，就這些客戶群而言，我們仍處於相對早期的階段。

So I feel pretty excited about the growth opportunity with these existing customers as well as, of course, the new pipeline of opportunity that we are still working through.

因此，對於這些既有客戶的成長機會，以及當然我們仍在推進中的新機會管線，我都感到相當興奮。

Okay. That's helpful. Then maybe one last one for you, Theresa. On the NOAA opportunity set, stepping out of the ROs and the microwave soundings, just your thoughts on GNSS reflectometry, space weather, any of the other modalities. Are those things that we should be looking for at all in a second order or not?

好的。這很有幫助。那最後再問你一個，Theresa。在 NOAA 的機會集合方面，先不談 RO 與微波探測，你對 GNSS 反射測量（reflectometry）、太空天氣（space weather）或其他模式（modalities）有什麼看法？這些是否是我們應該在次要層面關注的，還是不用？

I am not very certain that those things will come in the second half of the year. It is possible. I think it's also possible that they go into 2027. I don't have a straight answer for that because we just don't know how NOAA will end up making things happen. But we've definitely heard that they're prioritizing RO and microwave sounding stuff first.

我不太確定這些會在下半年出現。有可能。我也認為它們也可能延到 2027 年。我沒有明確答案，因為我們也不知道 NOAA 最終會如何推動落地。但我們確實聽到他們會優先處理 RO 與微波探測相關事項。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Good to hear about the robust pipeline and some of the bookings. Last quarter, you mentioned the operating leverage you had been discussing for the last few quarters was going to become visible this quarter. Yet despite the significant increase in revenue, gross margin dropped by more than 500 basis points versus the first quarter. Can you help bridge that gap and when we might see that leverage in gross margin?

很高興聽到強勁的案源管線以及部分訂單預訂情況。上季你提到，過去幾季一直在談的營運槓桿會在本季變得可見。然而，儘管營收大幅成長，毛利率相較第一季卻下滑超過500個基點。你能否協助說明其中落差，以及我們何時可能在毛利率上看到那個槓桿效應？

Sure. Brian, it is Ali. The decline was really driven by the impacts associated with the cancellation of the WildFireSat contract and some balance sheet cleanup we had to do. If you will recall, that contract was terminated for convenience in the second quarter. I would say I would focus more on the trend rather than any single quarter such as the second quarter.

當然。Brian，我是Ali。這次下滑主要是受到WildFireSat合約取消相關影響，以及我們必須進行的一些資產負債表整理所驅動。如你所記得，該合約在第二季以便利終止（terminated for convenience）的方式終止。我會說，比起聚焦單一季度（例如第二季），更應該關注趨勢。

The non-GAAP gross margin has been on an upward trajectory over the last three quarters. Prior to this quarter, we expect that to resume trend as revenue scales in the second half. We expect to continue getting towards our gross margin, excuse me, target of 60% to 70% going forward. But we were a little bit impacted by some balance sheet cleanup in the second quarter for WildFireSat.

非GAAP毛利率在過去三個季度呈現上升趨勢。在本季之前，我們預期隨著下半年營收規模擴大，該趨勢將恢復。我們預期未來將持續朝毛利率（抱歉）60%到70%的目標邁進。但第二季因WildFireSat的資產負債表整理而受到一些影響。

Great. And maybe a follow-up for you, Ali. Maybe you can speak to the magnitude of the improvement of the cash burn coupled with CapEx. You are at about $29 million. What are CapEx plans for the second half of the year? How much could operating cash flow or usage improve? How much longer should we expect unusual costs based on your comments? Is that just one more quarter?

很好。Ali，我再追問一題。你能談談現金消耗改善的幅度，以及與資本支出（CapEx）搭配的情況嗎？你們大約在2,900萬美元。今年下半年CapEx計畫是什麼？營運現金流或現金使用量能改善多少？依你剛才的評論，我們還要預期多久會有異常成本？是只剩再一季嗎？

Yes. I would say, again, looking at our trends, we improved 32% in OCF year over year and 11% sequentially. We are definitely headed in the right direction. We feel good about $27 million in total for the year for kind of the fixed asset purchases, property, plant, and equipment purchases. That number, I think, will hold pretty comfortably.

是的。我會說，再次從趨勢來看，我們的營運現金流（OCF）年增改善32%，且季比改善11%。我們確實正朝正確方向前進。我們對全年固定資產採購、廠房與設備（property, plant, and equipment）採購合計2,700萬美元的水準感到滿意。我認為這個數字會相當穩定地維持。

We do expect our cash usage to moderate in the back half of 2026, probably more weighted to Q4 based on the revenue trends. But we do expect to continue to improve in the third quarter as well. We remain really happy about our liquidity position and our path towards operating cash flow breakeven, hopefully sometime in 2027. The one-time costs definitely have slowed down. As you are aware, we received our favorable ruling with our NorthStar arbitration, so a lot of legal fees associated with that should slow down as well as the WildFireSat contract termination that there is not a lot left going on there.

我們確實預期在2026年下半年現金使用量會趨於緩和，可能會因營收趨勢而更偏向第四季。但我們也預期第三季會持續改善。我們對流動性部位以及邁向營運現金流損益兩平的路徑感到非常滿意，希望能在2027年的某個時間點達成。一次性成本確實已經放緩。如你所知，我們在NorthStar仲裁中獲得有利裁決，因此相關的大量法律費用也應會放緩；此外，WildFireSat合約終止方面也沒有太多剩餘事項。

I do expect one-time costs. I think you even see it in the second quarter compared to the first quarter. We had a nice decline in those one-time costs.

我確實預期仍會有一次性成本。我想你甚至可以從第二季相較第一季看出來。我們的一次性成本有明顯下降。

Great. Last question. A lot of exciting things sound like they are going on within NOAA. For the second straight year, President Trump is proposing major cuts. How protected do you think your contracts and pipeline is? Are they mission-critical? I am just trying to understand if somehow, like they did not last year, but if they got asked this year, how might that impact your pipeline and contract base?

很好。最後一題。聽起來NOAA內部有很多令人振奮的事情正在進行。連續第二年，川普總統提議大幅削減預算。你認為你們的合約與案源管線有多受保護？它們是否屬於任務關鍵（mission-critical）？我只是想了解，如果今年他們真的被要求（雖然去年沒有），這可能會如何影響你們的管線與合約基礎？

I feel very good about our pipeline and positioning with NOAA. There definitely are a lot of climate and research-related things that are being looked at very carefully at NOAA. What we have seen, and I think what we have heard from NOAA as well, and the administration, is that the commercialization of this or partnerships with commercial companies is a huge priority. Everything we are hearing is that some of those shuffling around of numbers are actually being moved in favor of doing more with commercial companies like us. I feel extremely good.

我對我們在NOAA的案源管線與定位非常有信心。NOAA確實有許多與氣候與研究相關的事項正在被非常審慎地檢視。我們看到的、以及我認為我們也從NOAA與政府方面聽到的是，將這些商業化或與商業公司建立合作夥伴關係是一項高度優先事項。我們聽到的一切都顯示，那些數字的重新調整，實際上是在往更有利於與像我們這樣的商業公司合作的方向移動。我感覺非常好。

The other relevant thing is that we are expecting a number of these awards to come in the short-term. I do not see an impact to what we are expecting for our 2026 calendar revenue numbers. I feel very good that we are going to keep having step-ups into 2027.

另一個相關點是，我們預期其中一些獎項會在短期內落地。我不認為這會影響我們對2026曆年營收數字的預期。我非常有信心我們會持續在2027年出現階梯式成長。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

My first question, is there any DOD or intel community interest in LEMRs that can geolocate or process RF signals emitted from enemy spacecraft in orbit?

我的第一個問題是，國防部（DOD）或情報界是否對LEMRs有興趣，這些系統能對在軌敵方太空器所發射的射頻（RF）訊號進行地理定位或處理？

I would say this is a topic that we have been talking about for some time. Maybe that's all I'll say.

我會說，這是我們談了一段時間的主題。也許我就先說到這裡。

Okay, that's helpful. I assume the intent to pursuing EU and NATO ally contracts is to increase that international share of wallet and the revenue mix so that your guidance and your revenue is less reliant on US government budget timing each year since historically, we wait to see what happens in August and September with NASA and NOAA.

好的，這很有幫助。我猜測，追求歐盟與北約盟友合約的意圖，是為了提高國際端的錢包份額與營收組合，讓你們的指引與營收不那麼依賴美國政府每年的預算時點；因為歷史上，我們都要等到8月與9月才知道NASA與NOAA會怎麼樣。

Yes. I always believe that customer and revenue diversification is important. I don't want to be a company that is 100% federal government-focused, and I think it's pretty clear from this administration as well in all the conversations I have, they don't want companies to be 100% reliant on the US government for contracts and revenue. I feel really good that the diversification of us doing this in multiple parts of the world is something that is positive, and that same goes for the commercial side of it, the non-government. I think between commercial, between civil, and then between defense and intel, I feel good about our strategy there.

是的。我一直認為客戶與營收多元化很重要。我不希望成為一家100%聚焦聯邦政府的公司，而且我想從本屆政府以及我所進行的所有對話中也很清楚，他們也不希望公司在合約與營收上100%依賴美國政府。我對我們在世界多個地區推動多元化這件事感到非常好，這是正面的；商業端（非政府端）也是同樣道理。我認為在商業、民用（civil）、以及國防與情報之間，我對我們的策略很有信心。

Okay. Just last question, are you able to comment on if the 8-figure HIMSS contract is related to a US government agency or an international government agency?

好的。最後一題，你能否評論一下，八位數的HIMSS合約是否與美國政府機構或國際政府機構有關？

Yes. The eight-figure microwave one we referenced is specifically US government agency. That is part of the NOAA pipeline that we had talked about.

可以。我們提到的那筆八位數微波合約，明確是美國政府機構。那是我們先前談到的NOAA案源管線的一部分。

Okay. Is it associated with ProPak?

好的。它與ProPak有關嗎？

I do not know, actually, the name of the contract mechanism that it is associated with. I would have to check with the team on that, Austin.

其實我不知道它所對應的合約機制名稱。Austin，我得跟團隊確認一下。

Chris Quilty, Quilty Space.

Chris Quilty，Quilty Space。

Actually, just to follow up on Austin's question. I'm assuming your guidance fully expects 100% we're going into CR come October, and that's based in the forecast.

其實只是接著Austin的問題追問一下。我假設你們的指引已完全預期10月會進入持續決議（CR），而且這已納入預測之中。

Yes. We have been tracking this carefully because I think there was some risk and worry in the first place that there would be a shutdown. I think everyone is starting to feel pretty confident that it will be a continuing resolution and we keep going on through that process. So, yes is the short answer.

是的。我們一直在仔細追蹤這件事，因為我認為一開始確實存在一些風險與擔憂，可能會出現停擺。我想大家現在都開始相當有信心，會以「持續決議」的方式進行，並且我們會在那個流程中繼續推進。所以，簡短答案是：是的。

Got you. Ali, just a modeling question here. On G&A, that has always been chunked with one-time items. Do you expect that to look like a cleaner number on a go-forward basis? What would we model it at, assuming lack of one-time items in there?

了解。Ali，這裡有個建模問題。關於 G&A，一直以來都會被一次性項目切割得比較零散。你預期未來它會呈現得更乾淨、數字更一致嗎？假設裡面沒有一次性項目，我們應該把它建模在什麼水準？

Alison EngelExecutive

Alison Engel 高階主管

Yes. I expect G&A to continue to be more right-sized with less one-time items. I do not have a number in front of me to kind of share with you. I can go back and look at that. But, if I am looking at the trend, Chris, it is definitely much more stable, and I do not expect it to go up or down significantly over the next few quarters.

是的。我預期 G&A 會持續更貼近適當規模，且一次性項目會更少。我手邊沒有一個可以直接跟你分享的數字。我可以回去再看一下。不過，如果我看趨勢，Chris，它確實穩定得多，而且我不預期未來幾季會有顯著上升或下降。

Okay, great. A follow-up question on the optical crosslink. I guess 2 points to it. One, can you give us an idea, what is the size of that crosslink unit? Is it sort of a 1U size? What size satellite are you hosting it on for that demo? Second part of the question is that something, a technology you plan to deploy internally and/or make available for third-party sale?

好的，很棒。關於光學交聯（optical crosslink）有個追問。我想有兩點。第一，你能否讓我們了解一下那個交聯單元的尺寸大概多大？它大概是 1U 的尺寸嗎？你們這次示範是把它搭載在什麼尺寸的衛星上？第二個問題是，這項技術你們計畫內部部署在自家系統中，和／或提供給第三方銷售嗎？

Yes. I actually don't know off the top of my head the size of that unit itself, but the demo we just did is on, it's either a 3U or a 4U nanosatellite. I think it might be a 3U, though I can check on that. So they're very tiny, and I think this is what is so impressive about these demonstrations is that they're on such a tiny satellite. These are still in the R&D and the testing phase.

是的。我其實一時之間不清楚那個單元本身的尺寸，但我們剛做的示範是在一顆 3U 或 4U 的奈米衛星上。我想可能是 3U，不過我可以再確認。所以它們非常小，我想這些示範之所以令人印象深刻，就是因為是在這麼小的衛星上完成的。這些仍處於研發與測試階段。

We've been developing this and working on it for quite some years. It is absolutely something that we plan to deploy internally on our constellation once we decide it's ready to go from the R&D and demo phase into actual operations. I think whether we make that available to other parties is something that is under consideration.

我們已經開發並投入這項工作好幾年了。這絕對是我們計畫在自家星座內部部署的技術，一旦我們判定它已準備好從研發與示範階段進入實際營運。至於是否提供給其他方使用，這件事仍在評估中。

Great. On the RFGL, I think you said that you're up about 10 times year-to-date. Of that increase, is most of it due to new satellite pairs on orbit, or are you also seeing improvements due to firmware upgrades? A second part of that question, is that capability only available on newly launched satellites that are developed to pair? Or is it something that you're able to backfit to existing satellites?

很好。關於 RFGL，我記得你說今年迄今大約成長了 10 倍。在這個增幅中，大部分是因為有新的衛星配對在軌運作，還是你們也因韌體升級而看到改善？第二部分是，這項能力是否只適用於新發射、且設計用來配對的衛星？還是你們也能把它回裝到既有衛星上？

I would say most of the capacity increase is from new satellites being launched. Though I will also say that we are continually doing upgrades and improvements across the constellation fleet. That does sometimes mean that satellites that we've already had that we weren't using for RFGL, we then can use for RFGL in certain circumstances. A lot of it has to do with when satellites are coming into relevant proximity in order to do the geolocation. We kind of actively manage that constellation as well as which type of signals we see interest from customer set.

我會說容量增加大多來自新衛星的發射。不過我也要說，我們確實持續在整個星座機隊上做升級與改善。這有時也意味著，我們先前已有但當時未用於 RFGL 的衛星，在某些情況下之後也可以用於 RFGL。其中很大一部分取決於衛星何時進入適當的相對接近距離，以便進行地理定位。我們也會主動管理星座，包括客戶群對哪些類型訊號表達興趣。

There's a certain amount of active management we can do across the fleet, and then a certain amount of it is we just need to put up the additional satellites.

在整個機隊層面，我們能做一定程度的主動管理；但也有一部分就是我們需要再部署更多衛星上去。

Got you. Is there any thought, based upon the growth or potential of that market to launch to specific inclinations and sort of prioritize for that mission relative to an RO mission or others?

了解。基於那個市場的成長或潛力，你們是否有考慮以特定傾角發射，並相較於 RO 任務或其他任務，優先配置給該任務？

Yes. I think there are certain missions that we will do that. What it really comes down to is the trade-off, certainly in cost, in how quickly to get something up, and also what kind of requests and demand signals that we are getting from the customer base. I take all of those into very careful consideration because at the end of the day, it is what are customers going to pay for and on what timeline. I think there is a variety of ways that we continue to expand how we do this across the constellation. It is something we are tracking closely.

是的。我想有些任務我們會這麼做。歸根結底是取捨：當然包括成本、把東西送上去的速度，以及我們從客戶基礎收到的各種需求與需求訊號。我會非常審慎地把這些因素都納入考量，因為到最後，關鍵是客戶願意為什麼付費，以及在什麼時間表上付費。我想我們會用多種方式持續擴展在星座中推進這件事的方法。這是我們正在密切追蹤的事項。

Got you. Final question, the German partnership, obviously, still very new. Each partner seems to be contributing something complementary. From a financial perspective, will there be any impact in '26 and maybe longer term? Is this something where you expect you would be contributing capital to it or simply product and capabilities?

了解。最後一個問題，德國的合作夥伴關係顯然還很新。每個夥伴看起來都在貢獻互補的內容。從財務角度來看，這在 2026 年以及可能更長期會有任何影響嗎？這會是你們預期需要投入資本，還是僅提供產品與能力？

Yes. I generally view this as us providing product and capabilities and heritage in space. The teams are working with both of those organizations, I would say, very closely and on a regular basis. I expect Spire to generate revenue from both of those partnerships. In some cases, it is going to take a bit longer. I think there are other cases where it could actually lead to some revenue in 2026.

是的。我一般把這視為我們提供產品、能力，以及在太空領域的既有經驗與傳承。團隊正與那兩個組織非常密切、且定期地合作。我預期 Spire 會從這兩項合作夥伴關係中創造營收。在某些情況下，可能需要更長一點時間。我想也有其他情況，實際上可能在 2026 年帶來一些營收。

Thank you. We have reached the end of our question-and-answer session. This does conclude today's conference call. You may disconnect your lines at this time, and we thank you again for your participation.

謝謝。我們的問答環節到此結束。今天的電話會議也到此結束。您現在可以掛線，再次感謝各位的參與。