AST SpaceMobile Inc (ASTS) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile Second Quarter 2022 Business Update Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 AST SpaceMobile 2022 年第二季度業務更新電話會議。請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，AST SpaceMobile 的首席戰略官 Scott Wisniewski。請繼續。

Thank you, and good afternoon, everyone. Let me refer you to Slide 2 of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year that ended December 31, 2021, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with SEC from time to time. Readers are cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

謝謝大家，大家下午好。讓我請您參閱演示文稿的幻燈片 2，其中包含我們的安全港免責聲明。在今天的電話會議中，我們可能會做出某些前瞻性陳述。這些陳述基於當前的預期和假設，因此受到風險和不確定性的影響。許多因素可能導致實際事件與本次電話會議的前瞻性陳述存在重大差異。有關這些風險和不確定性的更多信息，請參閱 AST SpaceMobile 截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告中的風險因素部分，以及 AST SpaceMobile 向證券交易委員會提交的其他文件SEC 不時。提醒讀者不要過分依賴前瞻性陳述，公司明確表示不承擔更新本次電話會議期間可能討論的前瞻性陳述的任何義務。

Also, after our initial remarks, we will be starting our Q&A session with questions submitted in advance by our shareholders.

此外，在我們的初步發言之後，我們將開始我們的問答環節，其中包括股東提前提交的問題。

Now referring to Slide 3. For those of you who may be new to our company and our mission, there are over 5 billion mobile phones in use today around the world, but many of us still experience gaps in coverage as we live, work and travel. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard unmodified mobile devices based on our extensive IP and patent portfolio. Our engineers and space scientists are on a mission to eliminate the connectivity gaps based by today's 5 billion mobile subscribers and finally bring broadband to the billions who remain unconnected.

現在參考幻燈片 3。對於那些可能對我們公司和我們的使命不熟悉的人來說，當今世界上有超過 50 億部手機在使用，但我們中的許多人在生活、工作和旅行。在此背景下，AST SpaceMobile 正在構建第一個也是唯一一個在太空中使用基於我們廣泛的 IP 和專利組合的標準未經修改的移動設備直接運行的全球蜂窩寬帶網絡。我們的工程師和太空科學家的使命是消除當今 50 億移動用戶造成的連接差距，並最終為數十億未連接的用戶提供寬帶服務。

Since our last quarterly business update, we have made strong progress, and it is my pleasure to now pass it over to Chairman and CEO, Abel Avellan, who will take you through that now.

自我們上一次季度業務更新以來，我們取得了長足的進步，我很高興現在將其轉交給董事長兼首席執行官 Abel Avellan，他現在將帶您完成。

Thank you, Scott. I would like to do a quick technology and industrialization update. Let me start with BlueWalker 3. BlueWalker 3 has been delivered to Cape Canaveral and it is planned to be launched on a launch window that started early to mid-September. In parallel to construction of BlueWalker 3, we are building the next 5 satellites that are under initial construction phase using designs and part similar to what we have in BlueWalker 3, including FPGA, reaction wheels and antennas, and they are planned to be launched in late 2023. And prior to that, we also have substantially completed the commercial agreements with partners and vendors in order to get access to the component that we will need for the next 5 Block 1 satellites and the next-generation satellites.

謝謝你，斯科特。我想做一個快速的技術和產業化更新。讓我從 BlueWalker 3 開始。BlueWalker 3 已交付到卡納維拉爾角，併計劃在 9 月初至中旬開始的發射窗口中發射。在建造 BlueWalker 3 的同時，我們正在建造接下來的 5 顆衛星，這些衛星使用與 BlueWalker 3 中類似的設計和部件，包括 FPGA、反作用輪和天線，它們計劃在2023 年末。在此之前，我們還基本完成了與合作夥伴和供應商的商業協議，以便獲得我們將需要的下一個 5 顆 Block 1 衛星和下一代衛星的組件。

Also, we are on target with our extension facility, Site 2, to support our scheduled plan of launches. A little more detail what happened when we launch BlueWalker 3, where we've been in launch and testing time line. In July '19, we transported BlueWalker 3 to California for testing, environmental testing. That was successfully completed in California. On August 9, we reported BlueWalker 3 to Cape Canaveral, where we continue testing. We'll continue testing here in the Cape, while at the same time we completed preparation for the launch. Then the launch is planned for a window between early September to mid-September on a Falcon 9 from Cape Canaveral.

此外，我們的擴展設施 Site 2 也達到了目標，以支持我們預定的發射計劃。更詳細地了解當我們發布 BlueWalker 3 時發生的事情，我們一直在發布和測試時間線。 19 年 7 月，我們將 BlueWalker 3 運送到加利福尼亞進行測試、環境測試。這在加利福尼亞成功完成。 8 月 9 日，我們向卡納維拉爾角報告了 BlueWalker 3，我們將繼續在那裡進行測試。我們將繼續在開普敦進行測試，同時完成發射準備工作。然後計劃在 9 月初至 9 月中旬的一個窗口期從卡納維拉爾角乘坐獵鷹 9 號發射。

T+2, so 2 months after the launch -- approximately 2 months after the launch, we will have locative placed into its orbit. We will initiate initial in-orbit testing. We will unfold the array and we'll deploy QV antenna for re-sharing communication [into the RAM]. And then from T -- from launch, all the work in initial 6 months, we will start a campaign to testing our broadband direct-to-cell phone system in cooperation with participating MNOs on 6 continents. We will also be testing BlueWalker 3 satellite using Nokia and Rakuten infrastructure to interconnect with the local operators. And that's kind of what we have as a plan for BlueWalker 3 from now to launch.

T+2，所以發射後 2 個月——發射後大約 2 個月，我們將把定位器放入它的軌道。我們將啟動初始在軌測試。我們將展開陣列並部署 QV 天線以重新共享通信 [進入 RAM]。然後從 T 開始——從發佈到最初 6 個月的所有工作，我們將與 6 大洲的參與移動網絡運營商合作，開始一項測試我們的寬帶直連手機系統的活動。我們還將使用諾基亞和樂天基礎設施測試 BlueWalker 3 衛星，以便與當地運營商互連。這就是我們從現在到發布的 BlueWalker 3 計劃。

Continued in the business momentum, continues to be strong. We have added 3 new operators included a memorandum of understanding with Smartfren Telecom in Indonesia, which is a large and important market. With them, we had reached more than 1.8 billion subscribers that we can access through the agreements or memorandum of understanding that we have with operators around the globe. We had increased our patent portfolio to more than 2,400 patent and patent-pending claims to support our strong and expanding competitive advantage.

業務勢頭延續，繼續走強。我們增加了 3 家新運營商，其中包括與 Smartfren Telecom 在印度尼西亞簽署的諒解備忘錄，這是一個龐大而重要的市場。通過他們，我們已經接觸到超過 18 億用戶，我們可以通過我們與全球運營商簽訂的協議或諒解備忘錄訪問這些用戶。我們已將專利組合增加到 2,400 多項專利和正在申請專利的權利要求，以支持我們強大且不斷擴大的競爭優勢。

We also have achieved an agreement to sell a majority ownership of NanoAvionika on an enterprise value of $65 million, and the company expects to receive approximately $27 million in net proceeds at closing. And just recently, we have completed an agreement with Nokia for the 4G and 5G technology to be integrated into our space network. The technology that we'll be using for them is the AirScale System, which is planned to be offered as the interconnection infrastructure between our satellite infrastructure and the MNO infrastructure.

我們還達成了一項協議，以 6500 萬美元的企業價值出售 NanoAvionika 的多數股權，該公司預計在交易結束時將獲得約 2700 萬美元的淨收益。就在最近，我們與諾基亞完成了一項協議，將 4G 和 5G 技術集成到我們的太空網絡中。我們將為他們使用的技術是 AirScale 系統，該系統計劃作為我們的衛星基礎設施和 MNO 基礎設施之間的互連基礎設施提供。

And with that, I would like to hand it over to Sean, our Chief Financial Officer.

有了這個，我想把它交給我們的首席財務官肖恩。

Thanks, Abel. Good afternoon, everyone. These are exciting times for AST, and I want to thank the entire AST team for their efforts in getting the BlueWalker 3 test satellite to Cape Canaveral. There has been an incredible amount of hard work and dedication for this to happen and it has truly been a team effort.

謝謝，亞伯。大家下午好。對於 AST 來說，這是激動人心的時刻，我要感謝整個 AST 團隊為將 BlueWalker 3 測試衛星送到卡納維拉爾角所做的努力。為了實現這一目標，我們付出了難以置信的努力和奉獻精神，這確實是一個團隊的努力。

As I reflect in my first 3 months at AST, I continue to be impressed by the significant progress our company has made over the past few years. This progress has been recognized through the interest from large, important third-parties, including MNOs with whom we have agreements, and understandings representing over 1.8 billion subscribers. And through our recent announcement with Nokia, where one of the leading mobile equipment providers in the world has recognized the potential of our system and is willing to invest significant time and resources to support our efforts.

當我回顧我在 AST 的前 3 個月時，我繼續對我們公司在過去幾年中取得的重大進展印象深刻。這一進展得到了大型重要第三方的認可，包括與我們達成協議的移動網絡運營商，以及代表超過 18 億用戶的諒解。通過我們最近與諾基亞的聲明，世界領先的移動設備供應商之一已經認識到我們系統的潛力，並願意投入大量時間和資源來支持我們的努力。

Let me move on to a discussion about some of our key operating metrics that are presented on Slide 7. Looking at the first chart, we see for the second quarter of 2022, we had non-GAAP adjusted operating expenses of $31.8 million versus $29.4 million in the first quarter. Non-GAAP adjusted operating expenses exclude noncash operating costs, including depreciation and amortization and stock-based compensation totaling $3.6 million and $3.4 million in the second and first quarter, respectively. We expect to continue to expand that level of operating expenses for the next 2 quarters. The $2.4 million increase in adjusted operating expenses compared to the first quarter was related to increased employee costs and other research and development and engineering expenses as we ramp up the development and infrastructure investments to support the BlueBird program.

讓我繼續討論幻燈片 7 中展示的一些關鍵運營指標。看看第一張圖表，我們看到 2022 年第二季度，我們的非公認會計原則調整後的運營費用為 3180 萬美元，而 2940 萬美元在第一季度。非公認會計原則調整後的運營費用不包括非現金運營成本，包括折舊和攤銷以及基於股票的薪酬，第二季度和第一季度分別總計 360 萬美元和 340 萬美元。我們預計未來兩個季度將繼續擴大這一水平的運營費用。與第一季度相比，調整後的運營費用增加了 240 萬美元，這與我們增加開發和基礎設施投資以支持 BlueBird 計劃的員工成本以及其他研發和工程費用增加有關。

In the second chart on the page, you can see that our total property plant and equipment increased by $9.4 million in the second quarter. This compares to an increase of $19 million in the first quarter. The $9.4 million and $19 million represent our capital expenditures for those periods. A payment to our launch provider in the first quarter was the reason for the larger capital expenditures in the first quarter.

在頁面的第二張圖表中，您可以看到我們的總物業廠房和設備在第二季度增加了 940 萬美元。相比之下，第一季度增加了 1900 萬美元。 940 萬美元和 1900 萬美元代表我們在這些期間的資本支出。第一季度向我們的發射提供商付款是第一季度資本支出增加的原因。

And on the final chart on the slide, we ended the second quarter with $202.4 million in cash. We believe this cash is sufficient to support our cash expenditures for more than the next 12 months. In addition to this cash on hand, we have been working hard to develop other sources of cash and liquidity to supplement our activities. We understand the capital-intensive nature of our project and we are highly focused on exploring a wide range of options in order to efficiently fund our efforts.

在幻燈片的最後一張圖表上，我們以 2.024 億美元的現金結束了第二季度。我們相信這筆現金足以支持我們未來 12 個月以上的現金支出。除了手頭的現金外，我們一直在努力開發其他現金和流動性來源來補充我們的活動。我們了解我們項目的資本密集型性質，我們高度專注於探索廣泛的選擇，以有效地為我們的努力提供資金。

As our BlueWalker 3 satellite now resides in Cape Canaveral, we are now focusing our investments towards the production of our BlueBird satellites. We believe a key advantage of the SpaceMobile system is its ability to be deployed in a phased manner, where we can target a modest number of satellites to provide limited coverage to specific countries. We believe this ability to phase in our coverage will provide us a first-to-market advantage and enable us to work with MNOs to introduce services and develop the market.

由於我們的 BlueWalker 3 衛星現在位於卡納維拉爾角，我們現在將投資重點放在生產 BlueBird 衛星上。我們認為 SpaceMobile 系統的一個關鍵優勢是它能夠以分階段的方式部署，我們可以針對少量衛星為特定國家提供有限的覆蓋範圍。我們相信，這種逐步擴大覆蓋範圍的能力將為我們提供率先進入市場的優勢，並使我們能夠與移動網絡運營商合作推出服務和開發市場。

We currently estimate the capital expenditures required for the design, assembly and launch of our first 20 commercial satellites to be approximately $300 million to $340 million. This is an increase from a midpoint of $14 million per satellite to $16 million per satellite or a little over 14%. The estimated capital cost to complete the satellite configurations has increased from our prior estimates due to a number of factors. The initial 5 satellites which we expect to launch in late 2023, will now use existing components from our BlueWalker 3 test satellite design, including certain integrated circuit components, navigation controls and antennas. We benefit from this change in mix of satellites as it will enable AST to construct and launch these satellites sooner. But this will also result in an increase in cost per satellite due to the current higher cost of these first-generation components.

我們目前估計前 20 顆商業衛星的設計、組裝和發射所需的資本支出約為 3 億至 3.4 億美元。這從每顆衛星 1400 萬美元的中間值增加到每顆衛星 1600 萬美元或略高於 14%。由於多種因素，完成衛星配置的估計資本成本比我們之前的估計有所增加。我們預計在 2023 年底發射的最初 5 顆衛星現在將使用我們 BlueWalker 3 測試衛星設計中的現有組件，包括某些集成電路組件、導航控制和天線。我們受益於衛星組合的這種變化，因為它將使 AST 能夠更快地建造和發射這些衛星。但這也將導致每顆衛星的成本增加，因為目前這些第一代組件的成本較高。

In addition to this change in the mix of our first 20 satellites, a number of factors, including inflation, supply chain disruptions, design changes and increases in the cost of electronic components, assembly equipment, launch costs, salaries and other aspects of our satellite design and assembly activities has increased the cost to design, assemble, and launch our satellites. These estimated cost trends are preliminary estimates and based on certain assumptions and information currently available to us and are subject to change based on numerous factors described earlier as well as delays in the development of components and materials, launch costs and other factors.

除了我們前 20 顆衛星組合的這種變化之外，還有許多因素，包括通貨膨脹、供應鏈中斷、設計變更以及電子元件成本、組裝設備、發射成本、工資和我們衛星的其他方面的成本增加設計和組裝活動增加了設計、組裝和發射我們的衛星的成本。這些估計的成本趨勢是初步估計，基於我們目前可獲得的某些假設和信息，並且可能會根據前面描述的眾多因素以及組件和材料的開發延遲、發射成本和其他因素而發生變化。

I am encouraged by the progress that the team has made, and I'm excited about the company's future as we transition from the development phase to commercial satellite production. Thank you for your continued support of the SpaceMobile mission.

我對團隊所取得的進展感到鼓舞，並且隨著我們從開發階段過渡到商業衛星生產，我對公司的未來感到興奮。感謝您對 SpaceMobile 任務的持續支持。

And with that, I'll turn it back to Scott.

有了這個，我會把它轉回給斯科特。

Thanks, Sean. Before we go to the queue of analyst questions, I would like to address a few of the questions submitted ahead of the call by our investors. Operator, could you please start us off with the first question?

謝謝，肖恩。在我們進入分析師問題隊列之前，我想解決投資者在電話會議之前提交的一些問題。接線員，請您從第一個問題開始好嗎？

Terry from Georgia asked, what is the ramp-up plan for BlueBird launches and deployments post production?

來自佐治亞州的 Terry 問道，BlueBird 發布和部署後期製作的加速計劃是什麼？

Thank you, Terry, for the question. Our plan is to use our 2 production facilities in Midland, Texas, one which is the production facility that we used to build BlueWalker 3, Site 2, which is the production facility, where combined Site 1, we have to scale up, up to 6 satellites per month's production. So we're taking a phased approach. We are first building our next block of satellites using similar technologies and a combination of our current facility on Site 2 in order to launch -- to support the launches that we have next year and then to follow up and extend our Site 2 in order to support the 6 satellites per month production capability.

謝謝你，特里，你的問題。我們的計劃是使用我們在德克薩斯州米德蘭的 2 個生產設施，其中一個是我們用來建造 BlueWalker 3、Site 2 的生產設施，它是生產設施，結合 Site 1，我們必須擴大規模，直到每月生產 6 顆衛星。所以我們正在採取分階段的方法。我們首先使用類似的技術和我們在站點 2 上的現有設施的組合來建造我們的下一個衛星塊，以便發射——以支持我們明年的發射，然後跟進和擴展我們的站點 2，以便支持每月6顆衛星的生產能力。

Steve from Arizona asked, will the proceeds from the sale of AST's stake in Nano and equity sold under the B. Riley facility generate enough proceeds to complete Phase 1 of the SpaceMobile constellation? Or will other actions such as tapping into the mixed shelf offering be needed?

來自亞利桑那州的史蒂夫問，出售 AST 在 Nano 中的股份和在 B. Riley 設施下出售的股權的收益是否會產生足夠的收益來完成 SpaceMobile 星座的第一階段？或者是否需要採取其他措施，例如利用混合貨架產品？

Steve, thanks for that. As we disclosed in our filings, we look to manage our business with liquidity for at least the next 12 months. And as I stated earlier, we believe we have enough cash and resources to fund our activities for the next 12 months. Having said that, we will need to raise additional capital before entering into Phase 1 commercial service with 20 satellites. As part of this capital raising effort, we have been working on a number of fronts, including the filing of a $500 million shelf for debt, equity and preferred. We sold Nano, which will provide us $28 million in gross proceeds. And we are in advanced stages in securing an equipment facility, which will help us purchase equipment in our manufacturing facility. We will be opportunistic in raising this capital and strategic and continue to raise capital in a variety of sources in order to fund out our plan.

史蒂夫，謝謝你。正如我們在文件中披露的那樣，我們希望至少在未來 12 個月內以流動性管理我們的業務。正如我之前所說，我們相信我們有足夠的現金和資源來為未來 12 個月的活動提供資金。話雖如此，在使用 20 顆衛星進入第一階段商業服務之前，我們需要籌集更多資金。作為此次籌資工作的一部分，我們一直在多個方面開展工作，包括為債務、股權和優先股申請 5 億美元的貨架。我們出售了 Nano，這將為我們帶來 2800 萬美元的總收益。我們在確保設備設施方面處於高級階段，這將有助於我們在我們的製造設施中購買設備。我們將在籌集這筆資金和戰略上投機取巧，並繼續從各種來源籌集資金，以資助我們的計劃。

Rick from the Netherlands asked, can you please explain the expected average cost of the BlueBird satellites compared to the cost of BlueWalker 3?

來自荷蘭的 Rick 問道，您能解釋一下 BlueBird 衛星的預期平均成本與 BlueWalker 3 的成本相比嗎？

Yes, Rick. The BlueWalker 3 costs are a result of onetime research and development, building out supplier relationship, seeing what works and doesn't. And a lot of that expenditure will be done once but not again. Our Block 1 BlueBirds will benefit from these learnings, design and manufacturing and material selection as well as scale economics and prior upfront investment. As I mentioned earlier, the increase in our capital cost estimates for the first 20 satellites was a result of the use of older generation BlueWalker 3 parts in the first 5 satellites and the impact of general inflation and supply chain issues. This has increased our estimated for satellite costs to go up about 14%.

是的，瑞克。 BlueWalker 3 的成本是一次性研究和開發、建立供應商關係、了解哪些有效哪些無效的結果。很多支出將只做一次，但不會再做一次。我們的 Block 1 BlueBirds 將從這些學習、設計和製造、材料選擇以及規模經濟和前期前期投資中受益。正如我之前提到的，我們對前 20 顆衛星的資本成本估算的增加是由於前 5 顆衛星使用了老一代 BlueWalker 3 部件以及一般通貨膨脹和供應鏈問題的影響。這使我們估計的衛星成本增加了約 14%。

[Astrid] from Toronto asked, can you stress test BlueWalker 3 in Ukraine? Starlink is already in heavy use there and SpaceMobile would definitely add value by connecting emergency services and the Eastern Southern parts of the country to broadband Internet.

[Astrid] 來自多倫多的問，你能在烏克蘭對 BlueWalker 3 進行壓力測試嗎？ Starlink 已經在那里大量使用，SpaceMobile 肯定會通過將緊急服務和該國東部南部地區連接到寬帶互聯網來增加價值。

Thank you, [Astrid]. Our technology architecture, which does not require a user terminal and is designed to connect directly with unmodified handsets. This is really ideal to when terrestrial networks are not available. For the Ukraine, we would love for our solution to someday support humanitarian missions and save lives. And this applies to natural disasters, outages or other emergencies. But we do not currently plan to test BlueWalker 3 in the Ukraine.

謝謝你，[阿斯特麗德]。我們的技術架構不需要用戶終端，旨在直接與未經修改的手機連接。當地面網絡不可用時，這非常理想。對於烏克蘭，我們希望我們的解決方案有朝一日能夠支持人道主義任務並拯救生命。這適用於自然災害、停電或其他緊急情況。但我們目前不打算在烏克蘭測試 BlueWalker 3。

Andrew from Pennsylvania asked, what do you anticipate being the biggest challenge for the launch and deployment of BW3?

來自賓夕法尼亞州的 Andrew 問道，您認為 BW3 的發布和部署面臨的最大挑戰是什麼？

Thank you, Andrew. Well, we'll be continuously testing BlueWalker 3 all the way until we get encapsulated to the launch vehicle. That is planned for a launch that is scheduled early to mid-September. Between now and then we'll continue a significant amount of testing, and we also continue preparing to be ready to launch by that date. All of that has been performed in the Cape in the lab facility where this satellite will be launched.

謝謝你，安德魯。好吧，我們將一直持續測試 BlueWalker 3，直到我們被封裝到運載火箭上。計劃於 9 月初至中旬進行發射。從現在到那時，我們將繼續進行大量測試，我們還將繼續準備在該日期之前發布。所有這些都在將發射這顆衛星的實驗室設施中進行。

After that is completed, we launch, we would be getting into space. We will be running an in-orbit test, basically to make sure that everything continues to work as we get into space and then we get it to our orbit. Then we deploy. And then we continue, as I explained earlier, continue our test campaign together with our network partners around the globe.

完成後，我們發射，我們將進入太空。我們將進行在軌測試，基本上是為了確保當我們進入太空時一切都繼續正常工作，然後我們將它送入我們的軌道。然後我們部署。然後我們繼續，正如我之前解釋的那樣，與我們在全球的網絡合作夥伴一起繼續我們的測試活動。

So that's a very significant logistics. We have test plan in every single continent where there is population. Many test facilities and locations have been lined up for that. These are our logistics required for that in order to do all the testing in a timely manner.

所以這是一個非常重要的物流。我們在每個有人口的大陸都有測試計劃。許多測試設施和地點已為此排好隊。這些是我們及時進行所有測試所需的物流。

And with that, I'd like to thank our shareholders for submitting these questions. Operator, let's open the call to analyst questions now.

有了這個，我要感謝我們的股東提交這些問題。接線員，讓我們現在開始向分析師提問。

(Operator Instructions) Our first question is from Griffin Boss with B. Riley.

（操作員說明）我們的第一個問題來自 Griffin Boss 和 B. Riley。

First off, we've obviously seen some [shrink] in the stock recently. I'm not going to try to speculate on the exact drivers there, but it seems like the significant rally on the 11th came on the heels of the FCC announcement that SpaceX wouldn't be awarded the $900 million from the RDOF fund. Whether or not that contributed to the rally is anyone's guess. But at the end of the day, you're not competing directly against Starlink and the RDOF is unrelated to AST given that it's focused on fixed broadband. But I did want to come back to that topic of government funding in general. We know you're buying for a piece of the 5G fund in the U.S. I just was curious if you guys could provide any other color. If there are other government programs already out there internationally that you're looking to participate in or if you expect to see many of those opportunities like that outside the U.S. in the future.

首先，我們顯然已經看到股票最近出現了一些 [縮水]。我不打算推測那裡的確切驅動因素，但似乎 11 日的重大反彈是在 FCC 宣布 SpaceX 不會從 RDOF 基金獲得 9 億美元之後發生的。這是否有助於反彈是任何人的猜測。但歸根結底，您並沒有直接與 Starlink 競爭，而且 RDOF 與 AST 無關，因為它專注於固定寬帶。但我確實想回到總體上政府資助的話題。我們知道您正在購買美國 5G 基金的一部分。我只是想知道你們是否可以提供任何其他顏色。如果您希望參與國際上已經存在的其他政府計劃，或者您希望將來在美國以外看到許多類似的機會。

Griffin, Scott here. I'll take that one. So I think first off, we continue to believe that we qualify under a prospective 5G for America FCC fund. Details on that have not been released, but still in process, but we continue to believe that we qualify for that based on the rule making from a little while ago, and that's an opportunity for us for sure.

格里芬，斯科特在這裡。我會拿那個。所以我認為首先，我們仍然相信我們有資格獲得美國 FCC 基金的未來 5G。這方面的細節尚未公佈，但仍在進行中，但我們仍然相信，根據不久前製定的規則，我們有資格獲得這一資格，這對我們來說肯定是一個機會。

And globally, there are similar types of funding available. We haven't talked about those specifically. But generally speaking, I'd say our message and our story has been pretty well received. And there are -- apart from grants, there's also government-supported debt that's available. And so I think our story continues to resonate well with governments, with regulators. And importantly, as we get closer and closer to a launch, and we delivered a satellite to Cape Canaveral, seeing that satellite, seeing the tangible milestone has been very powerful with a lot of different audiences. But we continue to believe we qualify for that prospective FCC fund, but we're in a wait mode there.

在全球範圍內，也有類似類型的可用資金。我們還沒有具體討論這些。但總的來說，我想說我們的信息和我們的故事已經很受歡迎。還有——除了贈款，還有政府支持的債務。因此，我認為我們的故事繼續引起政府和監管機構的良好共鳴。重要的是，隨著我們越來越接近發射，我們向卡納維拉爾角交付了一顆衛星，看到那顆衛星，看到有形的里程碑對許多不同的觀眾來說非常強大。但我們仍然相信我們有資格獲得該潛在的 FCC 基金，但我們在那里處於等待模式。

Got it. Okay. Great. And then next is related to the upcoming BlueWalker 3 launch and then subsequent testing. If everything goes according to plan, then there's no issues, obviously, with that technology risk in the rearview mirror, your ability to sign deals becomes much simpler. And I know you guys mentioned a few more in the quarter that was good to see. But as you know, the BlueWalker 1 launch in 2019 was sort of the basis for investment from Vodafone, Rakuten and AMT. And to the extent that you guys can discuss anything around that, have you been in talks with additional MNOs that maybe already have alluded to their willingness to sign MOUs in the event that the BlueWalker 3 testing is successful?

知道了。好的。偉大的。然後接下來是與即將推出的 BlueWalker 3 發布以及隨後的測試有關。如果一切都按計劃進行，那麼顯然沒有問題，因為後視鏡中存在技術風險，您簽署交易的能力就會變得更加簡單。而且我知道你們在本季度提到了一些很高興看到的內容。但如你所知，2019 年推出的 BlueWalker 1 在某種程度上是沃達丰、樂天和 AMT 投資的基礎。就你們可以討論的任何事情而言，你們是否與其他移動網絡運營商進行過談判，這些移動網絡運營商可能已經暗示他們願意在 BlueWalker 3 測試成功的情況下簽署諒解備忘錄？

Yes. At this point, we've signed up to an agreement or understanding with quite a lot of the global MNOs. So we're approaching 2 billion of subscribers under some form of agreement or understanding. And the message continues to resonate quite nicely. Again, in the prior question, I referenced the tangibility, the delivery of the satellite. Those are very powerful factors that our customers and regulators are pointing to. There are a few other large MNOs that are out there, over 100 million subscribers that we have not signed. But generally speaking, we're with nearly all the top MNOs who are not, say, in China or not conflict with Vodafone. So really, we've made a lot of the progress there. I think for us, this tangible milestone is very powerful, and we'll continue to accelerate the customer conversations, but we're pretty happy where we are at this stage.

是的。在這一點上，我們已經與相當多的全球 MNO 簽署了協議或諒解。因此，根據某種形式的協議或理解，我們正在接近 20 億用戶。該信息繼續引起很好的共鳴。同樣，在前面的問題中，我提到了有形性，即衛星的交付。這些都是我們的客戶和監管機構所指出的非常強大的因素。還有一些其他大型移動網絡運營商，超過 1 億訂閱者我們尚未簽署。但總的來說，我們與幾乎所有不在中國或不與沃達丰發生衝突的頂級移動網絡運營商合作。所以真的，我們在那裡取得了很多進展。我認為對我們來說，這個有形的里程碑非常強大，我們將繼續加快與客戶的對話，但我們對現階段的情況感到非常高興。

Sure. Okay. Yes, that makes sense. So just along those lines, I know you mentioned the Nokia deal. And I was just hoping if you guys could elaborate a little bit more on that partnership and the role that Nokia is playing in the rollout and commercialization of SpaceMobile and how this agreement is sort of different than the other MNO agreements that we've seen in the past?

當然。好的。是的，這是有道理的。所以就這些思路，我知道你提到了諾基亞的交易。我只是希望你們能詳細說明一下這種夥伴關係以及諾基亞在 SpaceMobile 的推出和商業化中所扮演的角色，以及該協議與我們在其中看到的其他 MNO 協議有何不同過去？

Yes, absolutely. So regarding Nokia, they're one of the top 3 global providers of brand network, hardware and software globally. So these are companies that sell to the same customers that are same customers. They sell equipment and software to the wireless companies, who then use it to build out their network. It's a technology that sits on the top of the tower, on the base of the tower and then back at the network core. So they are a leader here. And they together with Rakuten, who's a new entrant and one of our top investors, they are 2 providers of this equipment that will sit back at the gateway, a couple of locations within each country and be part of the network, the MNO network for connecting to our backhaul. So I think that's a real powerful indicator that we have someone like that working with us. And their off-the-shelf hardware and customized software will be very valuable for our MNOs and allow them to scale up very quickly.

是的，一點沒錯。因此，對於諾基亞而言，他們是全球品牌網絡、硬件和軟件的三大全球供應商之一。因此，這些公司向相同的客戶銷售產品。他們向無線公司出售設備和軟件，然後無線公司使用它來構建他們的網絡。這是一種位於塔頂、塔底、然後回到網絡核心的技術。所以他們是這裡的領導者。他們與新進入者和我們的頂級投資者之一樂天一起，他們是該設備的兩家供應商，將坐在網關處，每個國家的幾個地點，並成為網絡的一部分，MNO 網絡為連接到我們的回程。所以我認為這是一個真正有力的指標，表明我們有這樣的人與我們合作。他們現成的硬件和定制軟件對我們的移動網絡運營商來說非常有價值，可以讓他們迅速擴大規模。

All right. Great. I appreciate that, Scott. And again, looking forward to the launch in September.

好的。偉大的。我很感激，斯科特。再次期待 9 月的發布。

Our next question is from Bryan Kraft with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Kraft。

Great to see the progress of BlueWalker 3 and the launch coming in September. I wanted to ask you, though, about the announcement around the timing of the 5 BlueBirds that will launch in late 2023. And I think it represents roughly 2-quarter postponement from your disclosure in May. Assuming that's right, can you just talk about the factors behind the change in the time line for the launches and also at this point what your overall time line is for commercializing -- starting to commercialize the BlueBirds and generating revenue from the satellites?

很高興看到 BlueWalker 3 的進展以及 9 月的發布。不過，我想問你，關於將於 2023 年底推出的 5 BlueBirds 的發佈時間的公告。我認為這比你 5 月份的披露推遲了大約 2 個季度。假設這是對的，您能否談談發射時間線變化背後的因素，以及此時您的商業化總體時間線是什麼——開始將 BlueBirds 商業化並從衛星中產生收入？

Bryan, the plan is to launch these 5 satellites in a single launcher, also on Falcon 9. And the idea is to actually to start monetizing these initial satellites with a service that is not continuous, but a service that allowed us to start monetizing these satellites earlier rather than waiting for the complete block of satellites to be in place. This launch is planned for later in 2023.

布萊恩，計劃是在一個發射器中發射這 5 顆衛星，同樣在獵鷹 9 號上。這個想法實際上是通過一項不連續的服務開始將這些初始衛星貨幣化，但這項服務允許我們開始將這些衛星貨幣化而不是等待完整的衛星塊就位。計劃於 2023 年晚些時候發射。

And it's a couple of things that we have done with them. So we are reusing a significant part of the [foreign] design on BlueWalker 3, (inaudible). In order to review that as at the same time, we're also having the next-generation satellites in design and to start strategically the production of the certain components for them. So the rationale of that is basically to get to service with these initial satellites. It will not be continued service as we need more to have continued service, but it will allow us to basically start monetizing with those initial satellites earlier than having the complete fleet.

這是我們與他們一起做的幾件事。因此，我們在 BlueWalker 3 上重用了 [foreign] 設計的重要部分（聽不清）。為了同時審查這一點，我們還在設計下一代衛星，並開始戰略性地為它們生產某些組件。所以這樣做的基本原理是讓這些初始衛星投入使用。它不會是持續服務，因為我們需要更多的持續服務，但它將允許我們在擁有完整機隊之前基本上開始使用這些初始衛星獲利。

So it sounds like early 2024? Is that the right way to interpret your statements at all?

所以聽起來像是 2024 年初？那是解釋你的陳述的正確方法嗎？

Yes. I mean late -- very late '23, early 2024, yes.

是的。我的意思是遲到——23 年很晚，2024 年初，是的。

Okay. Great. And just your confidence level in that time line for late in 2023 on the launches, it sounds like you've got a lot of the pieces in place now. So it sounds like you're fairly confident in that.

好的。偉大的。只是你對 2023 年晚些時候發布的時間線的信心水平，聽起來你現在已經準備好了很多東西。所以聽起來你對此相當有信心。

Yes. We announced earlier, we have a reservation for the launch. We are basically taking advantage of everything that we have learned and built for BlueWalker 3. There is many, many, many lessons learned. We did build the first. And we're obviously applying them to our processes to build. And yes, I mean, as we continue to repeat the production of these satellites, the pace will be accelerating. So that's -- so we -- that's why we have taken this approach.

是的。我們早些時候宣布，我們對發射進行了預訂。我們基本上利用了我們為 BlueWalker 3 學習和構建的所有內容。我們學到了很多很多很多的經驗教訓。我們確實建造了第一個。我們顯然正在將它們應用到我們的構建流程中。是的，我的意思是，隨著我們繼續重複生產這些衛星，速度將會加快。所以這就是 - 所以我們 - 這就是我們採取這種方法的原因。

Our next question is from Caleb Henry with Quilty Analytics.

我們的下一個問題來自 Quilty Analytics 的 Caleb Henry。

A few questions from me. The first 5 satellites, can you give any detail on how those will be different from the remainder of Block 1 satellites, the other 15?

我的幾個問題。前 5 顆衛星，您能否詳細說明它們與 Block 1 的其余衛星（其他 15 顆）有何不同？

Yes, the main difference is the FPGA based. They are -- There are 2 differences. One is their size and mass. And then the other relevant difference is the usage of ASICs versus FPGAs. Those are the 2 distinct differences between the 2 satellites.

是的，主要區別在於基於 FPGA。它們是——有兩個不同之處。一是它們的大小和質量。然後另一個相關的區別是 ASIC 與 FPGA 的使用。這些是 2 顆衛星之間的 2 個明顯差異。

Okay. How much of a size difference are you looking at between the 2 different designs?

好的。您認為兩種不同設計之間的尺寸差異有多大？

They're roughly around half between one and the other.

它們大約在一個和另一個之間的一半左右。

Okay. And so the latter ones, the ones that the ASICs will be the smaller spacecraft?

好的。那麼後面的那些，ASIC 將是更小的航天器？

No, they will be the larger.

不，它們會更大。

They will be larger. Okay. So they'll be about twice as big. Okay. You mentioned that you guys have testing for the satellites in California, whereas manufacturing is in Texas and the launch for the time being is in Florida. Just wondering if there are any plans to try and consolidate testing to a location that's either closer to manufacturing or launch? Or it's not really an issue having it in California?

它們會更大。好的。所以它們的大小大約是原來的兩倍。好的。你提到你們在加利福尼亞測試衛星，而製造在德克薩斯，目前發射在佛羅里達。只是想知道是否有任何計劃嘗試將測試整合到更接近製造或發布的位置？或者在加利福尼亞擁有它並不是一個真正的問題？

No, that was really a onetime event for all the subsequent satellites, both the environmental testing, which is one of many testing that we did. We have done over 800 tests in this spacecraft. And as I said earlier, we will be testing until we are encapsulated into the launch vehicle. Going forward, also will be fully -- we will not need to transport the BlueBird ones outside our facility.

不，對於所有後續衛星來說，這確實是一次性事件，包括環境測試，這是我們進行的眾多測試之一。我們已經在這艘宇宙飛船上進行了 800 多次測試。正如我之前所說，我們將進行測試，直到我們被封裝到運載火箭中。展望未來，我們也將全力以赴——我們不需要將 BlueBird 運送到我們的設施之外。

Okay. And then just last question. So in terms of launching the remainder of the Block 1 satellites and then going beyond that, do you have any time line planned for the announcement of additional launch orders? Or do you have additional launch capacity already secured with SpaceX beyond those first 5.

好的。然後只是最後一個問題。那麼，就發射 Block 1 的其余衛星以及之後的發射而言，您是否有計劃宣布額外發射訂單的時間表？或者，除了前 5 個之外，您是否已經通過 SpaceX 獲得了額外的發射能力。

This is Scott here. I'll take that one. So we have a multi-launch agreement with SpaceX. And so we did do some prepayments for additional launch. So that is -- that has been made and that would go potentially for a second launch. In terms of components, we've put in place component suppliers for first 5 satellites and for the next generation beyond that, many components are already contracted as well. So we've got the planning in place. We try to be smart around long lead items and seeing into the future because, obviously, there's disruptions in the supply chain to manage that everyone is dealing with.

這是斯科特在這裡。我會拿那個。因此，我們與 SpaceX 簽訂了多項發射協議。所以我們確實為額外的發布做了一些預付款。這就是 - 已經完成，並且可能會進行第二次發布。在組件方面，我們已經為前 5 顆衛星設立了組件供應商，對於除此之外的下一代，許多組件也已經簽約。所以我們已經制定了計劃。我們試圖在長期領先的項目上保持聰明，並展望未來，因為顯然，供應鏈中存在需要管理的中斷，每個人都在處理。

So we've been planning actively for the satellites to come after the first 5. But at this time, we're not going to announce when, but those are ones that we're obviously very focused on, and we want to be building satellites as fast as we can. But we've taken these first 5 satellites as a single launch, as Abel said, kind of a chunky way to make a dent in the constellation, and that's one that we're doing is the first move, but we plan to have satellites behind that very closely.

所以我們一直在積極計劃在前 5 顆之後的衛星。但目前，我們不會宣布什麼時候，但那些顯然是我們非常關注的，我們想要建造盡可能快地發射衛星。但是我們已經將前 5 顆衛星作為一次發射，正如 Abel 所說，這是一種在星座中留下凹痕的笨拙方式，這是我們正在做的第一步，但我們計劃擁有衛星後面那個很緊。

Our next question is from Landon Park with Morgan Stanley.

我們的下一個問題來自摩根士丹利的蘭登公園。

Great. Just on the BlueWalker 3 testing, can you, Abel, talk about what are the main issues that you think could arise during testing? What do you view as the biggest hurdles to sort of overcome? And what type of disclosure should we expect throughout the sort of that 6-month process of testing?

偉大的。關於 BlueWalker 3 的測試，Abel，您能談談您認為在測試過程中可能出現的主要問題嗎？您認為要克服的最大障礙是什麼？在這 6 個月的測試過程中，我們應該期待什麼樣的披露？

Okay. Well, I think in order to answer that, I will have to split this in phases. So the first test that get performed is after we launch and get into orbit, we will perform an in-orbit testing, which basically will be to verify that all the components and the satellites itself arrive properly into this orbit and all the components are functioning as expected. That will be the first phase. And we believe that, that would be in the first 2 weeks after launch.

好的。好吧，我想為了回答這個問題，我必須分階段進行。所以第一個測試是在我們發射並進入軌道後，我們將進行在軌測試，主要是驗證所有組件和衛星本身是否正確進入這個軌道並且所有組件都在運行正如預期的那樣。這將是第一階段。我們相信，那將是在發布後的前兩週。

Then after that, there will be a phase where when we decide to deploy basically to release the array. And basically, we had a phased array of approximately 8-meter by 8-meter that get deployed. We have cameras. We have potentially other satellites taking picture of that event and where that is closed, that basically prove the mechanisms and the ability to open the satellite.

然後在此之後，將有一個階段，我們決定基本上部署以釋放陣列。基本上，我們部署了一個大約 8 米乘 8 米的相控陣。我們有相機。我們可能有其他衛星拍攝該事件以及關閉的地方，這基本上證明了打開衛星的機制和能力。

The last event, we start basically, we had a lot of these preplanned. And obviously, I agree with the network operators when we start doing broadband direct to the cell phone with BlueWalker 3. So for that, we will have multiple opportunities to test with leading operators the satellite together with the Nokia and Rakuten equipment on the ground. And we'll basically -- we'll be able to demonstrate broadband directly to the handset. That's kind of the last phase.

最後一個活動，我們基本上開始了，我們有很多預先計劃好的。顯然，當我們開始使用 BlueWalker 3 將寬帶直接連接到手機時，我同意網絡運營商的看法。因此，為此，我們將有多次機會與領先的運營商一起測試衛星以及諾基亞和樂天的地面設備。我們將基本上 - 我們將能夠直接向手機演示寬帶。那是最後一個階段。

Which of these do you view as the biggest hurdle for you to overcome?

您認為哪些是您需要克服的最大障礙？

Well, that's difficult to say. I mean we had spent over a year testing and verifying that all these states will function as planned. So at this moment, our view on our -- is -- when we launch is because we are all -- the evidence that we think that everything will operate as planned -- that the -- and that's also what we have phased it, in-orbit testing, deployment and then actual broadband to the cell phones.

嗯，這很難說。我的意思是我們花了一年多的時間來測試和驗證所有這些狀態都將按計劃運行。所以在這一刻，我們對我們的看法是 - 當我們推出時，因為我們都是 - 我們認為一切都會按計劃運作的證據 - 這也是我們已經分階段實施的，在軌測試、部署，然後實際寬帶到手機。

And can you remind me what type of throughput per device you're expecting with the BlueWalker 3?

你能提醒我 BlueWalker 3 的每台設備的吞吐量類型嗎？

We're expecting 5G and 4G data rates. Of course, it's a test satellite. And we will be fine-tuning the network together with the operators. We believe that we will be in compliance with the 5G specifications of the FCC for the 5G rural phone starting even with BlueWalker 3. Of course, as we launch -- we launched the additional satellites and we had additional improvement to them, we expect that to increase.

我們期待 5G 和 4G 數據速率。當然，這是一顆測試衛星。我們將與運營商一起微調網絡。我們相信，即使從 BlueWalker 3 開始，我們的 5G 農村電話也將符合 FCC 的 5G 規範。當然，隨著我們發射——我們發射了額外的衛星，並且我們對它們進行了額外的改進，我們希望增加。

Okay. So just to make sure I understood, with the BlueWalker, the service throughput will be more limited to the expectation? Is that because your -- the testing is in such a narrow band or...

好的。所以只是為了確保我理解，使用 BlueWalker，服務吞吐量將更加受限於預期？那是因為您的測試範圍太窄還是...

No. We had -- that is in our experimental license, we had a 10 megahertz block to do testing. We have facilities in -- locations in Texas to perform the test; also in Hawaii. These are 10 megahertz spectrum allocated to us. And we expect roughly 1.5 bits per hertz on the uplink, 2 to 3 bits per hertz in the downlink. And that's -- we have spectrum located. We had approval from the FCC to do this testing.

不，我們有——在我們的實驗許可證中，我們有一個 10 兆赫的塊來進行測試。我們在德克薩斯州的地點設有設施進行測試；也在夏威夷。這些是分配給我們的 10 兆赫頻譜。我們預計上行鏈路大約每赫茲 1.5 比特，下行鏈路每赫茲 2 到 3 比特。那就是 - 我們已經定位了頻譜。我們已獲得 FCC 的批准進行此測試。

So that's 10 megahertz of TDD, I guess.

我猜這是 10 兆赫的 TDD。

FDD, 10 megahertz...

FDD，10兆赫...

Sorry, FDD. Okay. Okay. So it sounds like double-digit downlink in terms of data rates.

對不起，FDD。好的。好的。因此，就數據速率而言，這聽起來像是兩位數的下行鏈路。

Yes.

是的。

Okay. And what is the -- have you talked about the type of throughput per satellite you're expecting for BlueWalker 3 and what the ratio then is to the BlueBirds?

好的。你有沒有談到你對 BlueWalker 3 的每顆衛星的吞吐量類型以及與 BlueBirds 的比率是多少？

Yes. I mean the amount of capacity per satellite is around 1.9 million gigabytes per month per satellite. That number will increase. We have satellites that we will be able to enable MIMO into the network. But the approximate capacity -- tonnage or capacity that we plan to support with this type of spacecraft is around that number.

是的。我的意思是每顆衛星的容量約為每顆衛星每月 190 萬千兆字節。這個數字會增加。我們有衛星，我們將能夠在網絡中啟用 MIMO。但是我們計劃用這種類型的航天器支持的近似容量——噸位或容量大約是這個數字。

Can you unpack that number in terms of what the assumptions are in terms of gross throughput and usable throughput are or...

你能根據總吞吐量和可用吞吐量的假設來解開這個數字嗎？

That is a usable throughput into handsets. That's billable.

這是手機的可用吞吐量。那是計費的。

Yes, understood. I'm just wondering what are the underlying -- What is the -- in terms of gigabits per second, what is the throughput of the satellite?

是的，明白了。我只是想知道底層是什麼 - 就每秒千兆比特而言，衛星的吞吐量是多少？

Well, we had approximately 9 to 13 gigabytes -- gigabit per second of trunking capacity back to ground that we can bring down into an area of approximately [20,00] kilometers of diameter, that moves around the air. And that, when you take in consideration, as the satellite move between area where there are phones and area where there are no phones, and all of that, that's how you basically can get an estimation of the amount of tonnage of gigabytes that you can transmit into the handset.

嗯，我們有大約 9 到 13 GB - 每秒千兆位的中繼容量回到地面，我們可以將其降低到直徑約為 [20,00] 公里的區域，該區域在空中移動。而且，當您考慮到衛星在有電話的區域和沒有電話的區域之間移動時，這就是您基本上可以估算出您可以使用的千兆字節數的方法傳送到手機中。

Just to make sure I'm understanding, you said 9 to 13 gigs per satellite in terms of throughput?

只是為了確保我理解，您說每顆衛星的吞吐量為 9 到 13 gig？

Yes. Yes.

是的。是的。

Okay. And that's BlueWalker 3 or that's BlueBird, the initial BlueBird?

好的。那是 BlueWalker 3 還是 BlueBird，最初的 BlueBird？

No. BlueWalker 3 -- sorry, those are the production satellites, it's Bluebird.

不，BlueWalker 3 - 抱歉，那些是生產衛星，它是 Bluebird。

Perfect. Great. That's all very helpful. And then Sean, just 1 question for you. Did you size the funding gap that you're expecting?

完美的。偉大的。這一切都非常有幫助。然後是 Sean，只問你 1 個問題。您是否確定了預期的資金缺口？

We don't disclose that as yet. What we have been doing is giving guidance on how we're funded for the next 12 months. And we've also given guidance on a 20-satellite configuration.

我們還沒有透露這一點。我們一直在做的是指導我們如何為未來 12 個月提供資金。我們還提供了 20 顆衛星配置的指導。

And it sounds like -- so your quarterly burn rate shouldn't exceed $50 million, it sounds like, over the next year on average. Is that what you were saying?

聽起來 - 所以你的季度燒錢率不應該超過 5000 萬美元，聽起來，在接下來的一年裡。那是你說的嗎？

We're expecting cash operating expenses around $30 million. CapEx will go up or down, but it could be in that range, yes.

我們預計現金運營費用約為 3000 萬美元。資本支出會上升或下降，但它可能在那個範圍內，是的。

We have reached the end of the question-and-answer session. And I will now turn the call over to Scott Wisniewski for closing remarks.

我們已經到了問答環節的尾聲。現在，我將把電話轉給 Scott Wisniewski 做閉幕詞。

Thank you, operator. Our company is building a space-based cellular broadband network designed for use of the phone in your pocket today. We want to thank all of our shareholders for joining the call and their continued strong support of the AST SpaceMobile mission. Thank you.

謝謝你，接線員。我們公司正在建設一個基於空間的蜂窩寬帶網絡，專為您現在口袋裡的手機使用而設計。我們要感謝所有股東加入電話會議以及他們對 AST SpaceMobile 任務的持續大力支持。謝謝你。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。