Brian O’Toole: So, Edison, I — we believe we’re still in a supply constrained market and we’ll remain so for a while. If you think about it, there’s just a few companies like BlackSky and Maxar that are delivering reliable operational performance and are considered trusted suppliers. The Airbus incident was unfortunate. The one thing to keep in mind is that most of the new capacity that is coming online particularly from legacy players is replacing existing capacity that’s aging out. And in many cases, those satellites — the new satellites are being deployed have less capacity than the ones they’re replacing. And so, in a sense, BlackSky is one of the only trusted providers that’s putting meaningful new capacity into a market at a time when there’s growing demand.
And as for new entrants, it takes years to prove both performance and scalability, and takes just as long to capture meaningful contracts with these types of government and large enterprise customers. So, we feel like we’re well positioned in a growing market that’s supply constrained. Our new capacity and unique hourly monitoring capability, combined with strong and reliable operating performance, puts us in a really strong position.
Edison Yu: Great. And one follow-up to that. On the $150 million, you mentioned it was a competitive bid. Should we think about the others as sort of the legacy guys or more sort of emerging players?
Brian O’Toole: I think the way to think about it is we won because we have a differentiated capability that’s aligned with where the market is going for high-frequency monitoring and real-time analytics. That’s how we differentiated in the market. Customers are understanding that and committing to long-term contracts, because of our — because of that strategy. And as we outlined in our remarks today, we’re closing in building a backlog of significant multiyear agreements with these customers. So, I would say it’s really the differentiation we’ve established and the confidence the customers have in the vision and our long-term product strategy.
Edison Yu: Thank you, guys.
Brian O’Toole: Thanks, Edison.
Operator: Thank you. Our next question has come from the line of Austin Moeller with Canaccord Genuity. Please proceed with your questions.
Austin Moeller: Hi, good morning, Brian. My first question is just on the $150 million GEOINT contract with the international Ministry of Defense. How on this contract, just given the incorporation of AI capabilities, does this compare from a margin perspective to like EOCL, for example?
Brian O’Toole: Well, I think a couple of things there, Austin. First off, EOCL contract is for imagery only. So — and as Henry has outlined, the imagery and analytics element of our business is the high-margin element of our business plan. The analytics that we deliver provide additional — analytics off of the top of our imagery provide additional margin performance. So, that’s the power of our business model and the operating leverage we get out of our constellation combined with our software platform. So, in both cases, we’re seeing very high-margin revenue, analytics improve that.
Austin Moeller: Okay. And then, just the private placement you announced this morning, does that provide you with sufficient capital to get through full deployment of the next-generation constellation?
