AST SpaceMobile Inc (ASTS) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile First Quarter 2023 Business Update Call. Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 AST SpaceMobile 2023 年第一季度業務更新電話會議。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your host today, Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. Please go ahead.

我現在想把會議交給今天的主持人，AST SpaceMobile 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.

謝謝，大家下午好。讓我向您推薦演示文稿的幻燈片 2，其中包含我們的安全港免責聲明。

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, 2022, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the 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. Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders.

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 向美國證券交易委員會提交的截至 2022 年 12 月 31 日的 10-K 年度報告的風險因素部分以及 AST SpaceMobile 向美國證券交易委員會提交的其他文件美國證券交易委員會不時。告誡讀者不要過分依賴前瞻性陳述，公司明確表示不承擔任何更新本次電話會議期間可能討論的前瞻性陳述的義務。此外，在我們最初的評論之後，我們將開始我們的問答部分，由我們的股東提前提交問題。

Now referring to Slide 3. For those of you who may be new to our company and our mission at AST SpaceMobile, there are over 5 billion mobile phones in use today around the world and yet many of us still experience gaps in coverage as we live, work and travel. On top of this, there are billions of people without cellular broadband who remain unconnected to the global economy.

現在請看幻燈片 3。對於那些可能對我們公司和我們在 AST SpaceMobile 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中仍然遇到覆蓋範圍的差距， 工作和旅行。最重要的是，還有數十億沒有蜂窩寬帶的人仍然與全球經濟沒有聯繫。

The market opportunity for us is large and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network and space to operate directly with everyday unmodified mobile devices and this is supported by our extensive IP and patent portfolio.

我們的市場機會很大，我們正在解決的問題很重要，幾乎觸及我們所有人。在此背景下，AST SpaceMobile 正在構建第一個也是唯一一個直接與日常未修改移動設備一起運行的全球蜂窩寬帶網絡和空間，這得到了我們廣泛的 IP 和專利組合的支持。

Over the last few weeks, we have made significant steps to confirm our technology, opening new business opportunities. It is now my pleasure to introduce Chairman and CEO, Abel Avellan, who will summarize what we've been up to since our last public update 6 weeks ago. He will be providing important context for what these activities mean to our company, our partners and our shareholders. Abel?

在過去的幾周里，我們已經採取了重大步驟來確認我們的技術，開闢了新的商機。現在我很高興介紹董事長兼首席執行官 Abel Avellan，他將總結自 6 週前上次公開更新以來我們所做的工作。他將為這些活動對我們公司、我們的合作夥伴和我們的股東意味著什麼提供重要背景。亞伯？

Welcome to our Q1 2023 key highlights. We had an important quarter here to report. To get us started, we wanted to hit on the key messages for our update today.

歡迎閱讀我們 2023 年第一季度的主要亮點。我們在這裡有一個重要的季度要報告。為了讓我們開始，我們想強調今天更新的關鍵信息。

Number one, we have made history recently, successfully completed the first ever direct voice connection from our BlueWalker 3 test satellite to everyday to smartphones, certifying our leading position in the market we invented. This was not just a major achievement. We significantly de-risked our business and created new important opportunities for us. The success of this first call validate our technology. We now know that we can move forward with our 16 approach, confirming the ability to potentially access the over 5 billion mobile devices in circulation.

第一，我們最近創造了歷史，成功完成了從我們的 BlueWalker 3 測試衛星到日常生活到智能手機的首次直接語音連接，證明了我們在我們發明的市場中的領先地位。這不僅僅是一項重大成就。我們大大降低了業務風險，並為我們創造了新的重要機會。第一次通話的成功驗證了我們的技術。我們現在知道我們可以繼續使用我們的 16 方法，確認有能力訪問流通中的超過 50 億台移動設備。

Lastly, the first call expand our potential opportunity to fund our business, including new options that we are always exploring. In short time, since we last spoke, AST SpaceMobile made history. We successfully completed the first ever direct voice call from our BlueWalker 3 test satellite to everyday smartphones, utilizing AT&T spectrum and using a Samsung Galaxy S22 smartphone and other phones. This was a major technical achievement. And the result of years of R&D, hundreds of millions in investments and backed by an extensive patent portfolio covering over 2,600 patents and patent pending claims.

最後，第一次通話擴大了我們為業務提供資金的潛在機會，包括我們一直在探索的新選擇。在很短的時間內，自我們上次發言以來，AST SpaceMobile 創造了歷史。我們利用 AT&T 頻譜並使用三星 Galaxy S22 智能手機和其他手機，成功完成了從我們的 BlueWalker 3 測試衛星到日常智能手機的首次直接語音通話。這是一項重大的技術成就。以及多年研發、數億美元投資的成果，以及涵蓋 2,600 多項專利和正在申請專利的廣泛專利組合的支持。

We are proud to have AT&T one of our close network partners. As you see in this graphic on Page 5, AT&T have put us in significant historical context, comparing our achievement with the first ever phone call, first television transmission, first transmission of content over satellite among others. This is truly unbelievable.

我們很自豪 AT&T 成為我們密切的網絡合作夥伴之一。正如您在第 5 頁的這張圖中看到的那樣，AT&T 將我們置於重要的歷史背景下，將我們的成就與有史以來的第一個電話、第一個電視傳輸、第一個衛星內容傳輸等進行比較。這真是令人難以置信。

We continue strong momentum with the wireless industry. This achievement has allowed for continued strong momentum with the largest players in the wireless ecosystem. Margherita, the CEO of Vodafone also put our achievement in important historical context versus the first-ever test message sent by Vodafone 30 years ago. And Chris who runs AT&T Network, echoed historical sentiments.

我們繼續保持無線行業的強勁勢頭。這一成就使無線生態系統中最大的參與者保持了持續的強勁勢頭。沃達丰首席執行官瑪格麗特也將我們的成就置於重要的歷史背景下，與沃達丰 30 年前發出的第一個測試信息相比較。經營 AT&T Network 的克里斯呼應了歷史情緒。

At this point, we had approximately 40 MNOs, Mobile Network Operators, around the globe under preliminary agreements, representing the top leaders in the wireless industry. Some of these relationships are deep with a strong executive support. They are truly in the room with us helping to bring this technology to reality. And this technical milestone we have just achieved will accelerate our relationships.

在這一點上，我們在全球範圍內擁有大約 40 家 MNO（移動網絡運營商），他們簽訂了初步協議，代表了無線行業的頂級領導者。其中一些關係深厚，並得到了強有力的行政支持。他們真正與我們同在，幫助將這項技術變為現實。我們剛剛實現的這一技術里程碑將加速我們的關係。

Implications of this, historical technical milestone. So what does this technology milestone means? It validates our system architecture. There's no need for us to change our approach or redesign our satellites. Specifically, we confirm that no major changes are needed to the design of our Block 1 BlueBird or our technology road map. Accordingly, we're ramping, manufacturing and material sourcing at our Midland facilities. The successful first call also confirmed that our technology works with everyday smartphones, the phone that you have in your pocket.

這意味著歷史性的技術里程碑。那麼這個技術里程碑意味著什麼呢？它驗證了我們的系統架構。我們無需改變方法或重新設計衛星。具體來說，我們確認不需要對我們的 Block 1 BlueBird 設計或我們的技術路線圖進行重大更改。因此，我們正在我們的米德蘭工廠進行生產、製造和材料採購。成功的第一次通話也證實了我們的技術適用於日常智能手機，即您口袋裡的手機。

We also confirm our ability to integrate with existing wireless ecosystem, including spectrum. The big question for BlueWalker what comes next? And that is demonstration of 4G and 5G capabilities for download speeds, which we're ramping towards and demonstrated that we can support signal strength in line with 4G and 5G speeds.

我們還確認了我們與現有無線生態系統（包括頻譜）集成的能力。 BlueWalker 面臨的最大問題是接下來會發生什麼？這就是 4G 和 5G 下載速度能力的演示，我們正在朝著這個方向發展，並證明我們可以支持與 4G 和 5G 速度一致的信號強度。

Testing confirms technology ability to work with everyday smartphone and devices. While older architecture will potentially target SOS or text-only features or require additional hardware to potentially work. We're building the first and only system that will use low earth orbits satellite to connect to cellphone you use today at broadband speeds. Our technology is designed to work with the over 5 billion phones in circulation on carrier spectrum and without any modification to the phones, without requiring any special frequencies, app or chipsets.

測試證實了與日常智能手機和設備配合使用的技術能力。雖然舊架構可能會針對 SOS 或純文本功能，或者需要額外的硬件才能正常工作。我們正在構建第一個也是唯一一個使用低地球軌道衛星以寬帶速度連接到您今天使用的手機的系統。我們的技術旨在與在載波頻譜上流通的超過 50 億部手機配合使用，無需對手機進行任何修改，也不需要任何特殊頻率、應用程序或芯片組。

Our plan is that you can simply download or dial without any intermediate steps. This gives us access to the $1.1 trillion wireless industry. This is truly a game changer in a market we believe we had a very significant first-mover advantage.

我們的計劃是您可以直接下載或撥號，無需任何中間步驟。這使我們能夠進入價值 1.1 萬億美元的無線行業。在我們相信我們擁有非常重要的先發優勢的市場中，這確實是一個遊戲規則的改變者。

Now, moving to the update on industrialization of our patented technology. First, we have to report that our production for our next 5 Block 1 satellites are on target for a Q1 2024 launch. When it comes to the manufacturing of our satellites, we have production up and running at our facilities in Midland, Texas.

現在，轉向我們專利技術產業化的更新。首先，我們必須報告，我們接下來的 5 顆 Block 1 衛星的生產目標是在 2024 年第一季度發射。在我們的衛星製造方面，我們在德克薩斯州米德蘭的工廠進行生產。

The pictures on this page are site 2, our second production site and represent a look at some of the initial manufacturing underway for Block 1. We remain on track for the planned launch of 5 Block 1 satellites in Q1 2024.

此頁面上的圖片是站點 2，我們的第二個生產站點，展示了 Block 1 正在進行的一些初始製造。我們仍按計劃在 2024 年第一季度發射 5 顆 Block 1 衛星。

Now let's talk about our technology road map, which is designed to be a stage. And as we build and design new advanced satellite architecture, we continuously improve in both our unit cost or cost per gigabit delivered to end users, but also we improve the capacity that we're able to deliver into the network. So with BlueWalker 3, we have demonstrated using our current architecture, the ability to connect directly to handsets. With Block 1, there is an improvement of 10x capacity, being able to be delivered compared with BlueWalker 3 and then there's another 10x capacity improvement with the Block 2.

下面說一下我們的技術路線圖，它被設計成一個舞台。隨著我們構建和設計新的先進衛星架構，我們不斷降低單位成本或交付給最終用戶的每千兆比特成本，同時我們也提高了我們能夠提供給網絡的容量。因此，借助 BlueWalker 3，我們展示了使用當前架構直接連接到手機的能力。 Block 1 的容量提高了 10 倍，與 BlueWalker 3 相比能夠交付，Block 2 的容量又提高了 10 倍。

So what we see, we're not only improving our unitary cost, we continue to improve our technology, but we're also improving our capacity and our network capacity as we add more satellite. This is thanks to our patented technology, our integrated, our vertically integrated approach to build and design our satellites and also the fact that we own our own software firmware and custom ASICs in order to get to this point.

所以我們看到，我們不僅在改善我們的單位成本，我們還在繼續改進我們的技術，而且隨著我們添加更多衛星，我們也在提高我們的容量和網絡容量。這要歸功於我們的專利技術、我們集成的、垂直集成的方法來構建和設計我們的衛星，以及我們擁有自己的軟件固件和定制 ASIC 才能達到這一點。

And with that, I'll move it to Sean to do the financial overview.

有了這個，我會把它移交給肖恩來做財務概覽。

Thanks, Abel. Good afternoon, everyone. Since our last earnings call, AST has made history with the first voice calls connecting everyday smartphones to our BlueWalker 3 satellite. I want to congratulate our team on this groundbreaking milestone. And it's great to see such a feat to be supported and confirmed by some of the most sophisticated wireless companies in the world, including AT&T and Vodafone.

謝謝，亞伯。大家下午好。自我們上次財報電話會議以來，AST 創造了歷史，首次將日常智能手機連接到我們的 BlueWalker 3 衛星的語音通話。我要祝賀我們的團隊取得了這一開創性的里程碑。很高興看到這樣的壯舉得到世界上一些最先進的無線公司的支持和確認，包括 AT&T 和 Vodafone。

Beyond making wireless history, we also continue to drive our plan of execution. We made continued progress around our manufacturing milestones and we are excited about the next 12 months, which should see the launch of 5 Block 1 satellites and progress towards the initiation of commercial service.

除了創造無線歷史之外，我們還繼續推動我們的執行計劃。我們在製造里程碑方面取得了持續進展，我們對接下來的 12 個月感到興奮，屆時應該會看到 5 顆 Block 1 衛星的發射，並在啟動商業服務方面取得進展。

Let's spend some time discussing a couple of our key operating metrics for the first quarter that, are displayed on Slide 11. Looking at the first chart, we see for the first quarter of 2023, we had non-GAAP adjusted operating expenses of $40.3 million versus $39.1 million in the fourth quarter of 2022. Non-GAAP adjusted operating expenses exclude non-cash operating costs, including depreciation and amortization and stock-based compensation, which totaled $3.5 million and $4.3 million for the fourth and first quarters, respectively. Our first quarter non-GAAP adjusted operating expenses increased by $1.2 million versus the fourth quarter of 2022.

讓我們花點時間討論我們第一季度的幾個關鍵運營指標，這些指標顯示在幻燈片 11 上。看第一張圖表，我們看到 2023 年第一季度，我們的非 GAAP 調整後運營費用為 4030 萬美元與 2022 年第四季度的 3910 萬美元相比。非美國通用會計準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，第四季度和第一季度的總計分別為 350 萬美元和 430 萬美元。我們第一季度的非 GAAP 調整後運營費用比 2022 年第四季度增加了 120 萬美元。

Our Research and Development expenses climbed by $1.7 million, primarily as a result of increased activity with Nokia, where we are developing our gateway infrastructure. Our engineering services expenses rose by $0.6 million. Our G&A expenses fell $1.1 million primarily as a result of cost controls and discipline. We currently expect that the level of non-GAAP adjusted operating expenses will remain in the high 30s for at least 2 more quarters as we continue to pursue important R&D projects for our BlueBird satellites and pursue the construction and planned launch of 5 Block 1 BlueBird satellites in the first quarter of 2024.

我們的研發費用增加了 170 萬美元，這主要是由於與諾基亞的活動增加，我們正在諾基亞開發網關基礎設施。我們的工程服務費用增加了 60 萬美元。我們的 G&A 費用下降了 110 萬美元，這主要是由於成本控制和紀律。我們目前預計，隨著我們繼續為我們的藍鳥衛星開展重要的研發項目，並繼續建設和計劃發射 5 顆 Block 1 藍鳥衛星，我們目前預計非美國通用會計準則調整後的運營費用水平將至少再維持 2 個季度的 30 多分高在 2024 年第一季度。

Turning towards the second chart. Our capital expenditures for the first quarter were $13 million versus $10.4 million for the fourth quarter. This increase in capital expenditures was directly related to our focus on building the 5 Block 1 satellites. And this figure includes materials which are capitalized and the continued investment in our satellite assembly process.

轉向第二張圖表。我們第一季度的資本支出為 1300 萬美元，而第四季度為 1040 萬美元。資本支出的增加與我們專注於建造 5 顆 Block 1 衛星直接相關。這個數字包括資本化的材料和對我們衛星組裝過程的持續投資。

Our capital expenditures, which have been averaging around $10 million to $13 million per quarter, will begin to increase to fund the development of our Block 1 satellites, which we currently expect to launch in the first quarter of 2024. Overall, we continue to expect our total capital expenditures for our 5 Block 1 satellites to be between $100 million to $110 million. As of the end of the first quarter, we have already expended $40 million of those projected amounts. In previous quarters, we had provided estimates for the capital cost of each of our Block 2 satellites, which includes materials and launch costs. In the last quarter, we estimated that the cost would be $16 million to $18 million. Going forward, we expect to provide these estimates once a year unless there are material changes as we believe annual reviews provide more meaningful views on the trends of these long-lived assets.

我們的資本支出平均每季度約為 1000 萬至 1300 萬美元，將開始增加以資助我們目前預計將在 2024 年第一季度發射的 Block 1 衛星的開發。總體而言，我們繼續預計我們 5 顆 Block 1 衛星的總資本支出在 1 億美元到 1.1 億美元之間。截至第一季度末，我們已經支出了這些預計金額中的 4000 萬美元。在前幾個季度，我們提供了每顆 Block 2 衛星的資本成本估算，其中包括材料和發射成本。在上個季度，我們估計成本為 1600 萬至 1800 萬美元。展望未來，我們希望每年提供一次這些估計，除非發生重大變化，因為我們相信年度審查可以對這些長期資產的趨勢提供更有意義的觀點。

As of the end of the first quarter, we had capitalized costs totaling $92.5 million for BlueWalker 3. Based on the successful testing regimen, including the voice call I mentioned earlier, we have determined that the BlueWalker 3 is now operational for accounting purposes. And we will begin to depreciate this asset over the next 16 months. This depreciation will increase our noncash depreciation charges by over $17 million per quarter until this asset is fully depreciated.

截至第一季度末，BlueWalker 3 的資本化成本總計 9250 萬美元。基於成功的測試方案，包括我之前提到的語音通話，我們確定 BlueWalker 3 現在可以用於會計目的。我們將在接下來的 16 個月內開始對這項資產進行折舊。這種折舊將使我們的非現金折舊費用每季度增加超過 1700 萬美元，直到該資產完全折舊。

And on the final chart on the slide, we ended the fourth (sic) [first] quarter just shy of $185.7 million in cash on hand. As we stated in our 10-Q, we believe this cash as well as our ability to raise capital to our existing facilities is sufficient to support our expenditures for at least the next 12 months. We have also received numerous questions about where we maintain and invest our cash. Our cash investment policy implemented last year has 3 investment objectives and I list them in order of priority: principal protection, liquidity; and lastly, returns. We currently invest most of our cash in one of the largest U.S. government money market funds in the world managed by JPMorgan Asset Management, who is our custodian of these funds.

在幻燈片的最後一張圖表上，我們結束了第四（原文如此）[第一]季度，手頭現金略低於 1.857 億美元。正如我們在 10-Q 中所述，我們相信這筆現金以及我們為現有設施籌集資金的能力足以支持我們至少未來 12 個月的支出。我們還收到了許多關於我們在哪里維護和投資現金的問題。我們去年實施的現金投資政策有3個投資目標，我按優先順序列出：本金保護、流動性；最後，回報。我們目前將大部分現金投資於全球最大的美國政府貨幣市場基金之一，由摩根資產管理公司管理，摩根資產管理公司是這些基金的託管人。

On the next slide, I wanted to provide some history and context on our capital raising efforts to-date. In total, since our founding, we have raised over $700 million in capital to help fund our development. I would like to point out several aspects of these capital raising efforts.

在下一張幻燈片中，我想提供一些關於我們迄今為止的融資工作的歷史和背景。自我們成立以來，我們總共籌集了超過 7 億美元的資金來資助我們的發展。我想指出這些籌資工作的幾個方面。

In the first column, you will see that our founder and CEO, Abel invested the initial risk capital to fund the business. He remains the largest shareholder in the company and does not draw a salary. Abel's future returns and most of his management teams will be driven by the performance of AST, which means he is highly aligned with its shareholders.

在第一列中，您會看到我們的創始人兼首席執行官 Abel 投入了初始風險資本來為業務提供資金。他仍然是公司的最大股東，並且不領取薪水。 Abel 的未來回報和他的大部分管理團隊將由 AST 的業績驅動，這意味著他與其股東高度一致。

The next part of the chart I would highlight is our list of strategic investors and partners. Vodafone, American Tower, the Cisneros Group and Rakuten are sophisticated world-class operators. They all have representatives that sit on our Board of Directors and they all have made 2 investments in AST.

我要強調的圖表的下一部分是我們的戰略投資者和合作夥伴名單。 Vodafone、American Tower、Cisneros Group 和 Rakuten 都是經驗豐富的世界級運營商。他們都有代表在我們的董事會任職，他們都對 AST 進行了 2 次投資。

The next column I would highlight is our sale of our stake in Nano. We identified, invested in and helped grow the space company. When we determined this company was no longer strategic to AST, we decided to sell this asset, recognizing a 9x return on invested capital.

我要強調的下一個專欄是我們出售我們在 Nano 的股份。我們確定、投資並幫助發展了這家太空公司。當我們確定這家公司不再對 AST 具有戰略意義時，我們決定出售該資產，確認 9 倍的投資資本回報率。

And finally, on the fundraising chart, I would highlight that we tend to target our fundraising efforts as we de-risk our business through the successful completion of milestones. Our recent equity raise in the fourth quarter was completed following the successful launch of BlueWalker 3 and the subsequent unfolding of its large-scale array.

最後，在籌款圖表上，我要強調的是，我們傾向於將籌款工作作為我們通過成功完成里程碑來降低業務風險的目標。我們最近在第四季度的股權融資是在成功推出 BlueWalker 3 並隨後展開其大規模陣列之後完成的。

We believe that investors will continue to see our milestone achievements as good times to consider new or additional investments in us. As we contemplate raising additional capital for AST, we are working very hard to explore a variety, a wide variety of sources of capital designed to fund our operations in an efficient manner. And while these efforts are preliminary, and there can be no assurance that additional funds will be available to us on favorable terms or at all, we are encouraged by these initial efforts.

我們相信，投資者將繼續將我們的里程碑式成就視為考慮對我們進行新的或額外投資的好時機。當我們考慮為 AST 籌集額外資金時，我們正在非常努力地探索各種各樣的資金來源，旨在以有效的方式為我們的運營提供資金。雖然這些努力是初步的，並且不能保證我們會以優惠條件或根本無法獲得額外資金，但我們對這些初步努力感到鼓舞。

On the debt side, we are exploring raising capital with export/import agencies, structured debt providers and over time, potentially accessing the debt capital markets or loan markets. We believe that the modularity of our business plan creates the potential to reach operating cash flow with a modest portion of our planned constellation.

在債務方面，我們正在探索通過進出口機構、結構性債務提供者籌集資金，並隨著時間的推移，可能進入債務資本市場或貸款市場。我們相信，我們業務計劃的模塊化創造了通過我們計劃的星座的適度部分實現運營現金流的潛力。

Producing operating cash flow before completing our constellation may enable us to access the debt markets to support the build-out of our constellation. Another area we are focusing on is raising capital through players in the wireless ecosystem. A key component of our strategy is to develop close relationships with important parts of the wireless industry, including MNOs, electronics manufacturers, space companies and others.

在完成我們的星座之前產生運營現金流可能使我們能夠進入債務市場以支持我們星座的構建。我們關注的另一個領域是通過無線生態系統中的參與者籌集資金。我們戰略的一個關鍵組成部分是與無線行業的重要部分發展密切關係，包括移動網絡運營商、電子製造商、航天公司等。

We believe we are developing the next growth leg in the wireless industry. And we are working with these strategic players to evaluate their interest in helping us commercialize our business and fund our plan.

我們相信我們正在開發無線行業的下一個增長點。我們正在與這些戰略參與者合作，以評估他們對幫助我們將業務商業化並為我們的計劃提供資金的興趣。

And with that, this completes the presentation component of our earnings call, and I pass it back to Scott.

這樣，我們的收益電話會議的演示部分就完成了，我將它傳回給斯科特。

Thank you, Sean. Before we go to the queue of analysts 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?

謝謝你，肖恩。在我們進入分析師問題隊列之前，我想先回答一下我們的投資者在電話會議之前提交的一些問題。接線員，你能從第一個問題開始嗎？

Joe Zaya from Michigan asked, how does AST SpaceMobile plan to maintain their lead in the D2D market?

來自密歇根州的Joe Zaya問道，AST SpaceMobile打算如何保持在D2D市場的領先地位？

Thank you, Zaya, for the question. Well, first, we are the first and only space-based cellular broadband system. Second, we invented this new cellular broadband market and hold over 2,600 patent and patent pending claims. Third, we are currently operating the largest communication array in low earth orbit for commercial use and have validated our technology in orbit. We're far ahead of any other system with approximately 40 wireless operators around the world on the preliminary agreements and agreements of understanding. These relationships continue to accelerate. And we continue to meet our technical milestones. Fourth, we have a system that worked with the fund in due pocket to support access to over 5 billion phones in circulation today. And in fact, we are deeply invested in vertical integration. We own our own ASIC development software and literally, we start with metal and composite and manufacture the majority of our satellite parts. We believe all these points provide us with a strong lead in this market for years to come. Thank you.

扎亞，謝謝你提出這個問題。嗯，首先，我們是第一個也是唯一一個天基蜂窩寬帶系統。其次，我們發明了這個新的蜂窩寬帶市場，並擁有 2,600 多項專利和正在申請的專利。第三，我們目前正在近地軌道上運營最大的商用通信陣列，並在軌道上驗證了我們的技術。我們遠遠領先於任何其他系統，與全球大約 40 家無線運營商就初步協議和諒解協議達成了一致。這些關係繼續加速。我們將繼續實現我們的技術里程碑。第四，我們有一個系統與基金合作，支持今天流通的超過 50 億部手機。事實上，我們在垂直整合方面投入了大量資金。我們擁有自己的 ASIC 開發軟件，從字面上看，我們從金屬和復合材料開始製造我們的大部分衛星部件。我們相信，所有這些要點使我們在未來幾年內在這個市場上處於領先地位。謝謝。

Okay. Landon from New Zealand asked, what are some upcoming FCC milestones that investors should look out that are relevant to AST?

好的。來自新西蘭的 Landon 問，投資者應該注意哪些與 AST 相關的即將到來的 FCC 里程碑？

Thank you. I'll take that one. We have been in front of the FCC for several years now talking about the potential for cellular connectivity from space and also the unique capabilities that our technology is designed support. More recently, over the last 6 months, the FCC has taken a handful of steps that we support, including starting a rule-making process, specifically for cellular connectivity from space. And they've also dedicated more resources to reviewing space applications by putting in place a stand-alone space bureau.

謝謝。我會拿那個。幾年來，我們一直在 FCC 面前談論來自太空的蜂窩連接的潛力，以及我們的技術設計支持的獨特功能。最近，在過去 6 個月裡，FCC 採取了一些我們支持的步驟，包括啟動規則制定流程，特別是針對太空蜂窩連接。他們還通過建立一個獨立的太空局投入更多資源來審查太空應用。

And then just last week, we took important steps on 2 different regulatory processes with the FCC. First, we and AT&T made filings regarding a spectrum lease agreement between us, one that covers the vast majority of AT&T's low-band spectrum assets. This filing requested a waiver to lease AT&T spectrum to us for space mobile service. And second, we and AT&T and others also submitted comments to the ongoing rule-making process for supplemental coverage from space.

然後就在上週，我們與 FCC 就兩個不同的監管流程採取了重要步驟。首先，我們和 AT&T 就我們之間的頻譜租賃協議提交了文件，該協議涵蓋了 AT&T 的絕大多數低頻段頻譜資產。該文件要求放棄將 AT&T 頻譜出租給我們用於太空移動服務。其次，我們和 AT&T 以及其他公司也向正在進行的太空補充覆蓋規則制定過程提交了意見。

Brian from Connecticut asked, there are some concern about finding confirming launch dates and costs. Can you provide details of the ongoing discussions with large service providers?

來自康涅狄格州的布賴恩問道，對於找到確認發布日期和成本存在一些擔憂。您能否提供與大型服務提供商正在進行的討論的詳細信息？

Scott, I'll take this. Thanks, Brian. We signed an agreement in February of this year to launch our Block 1 satellites on a dedicated SpaceX Falcon 9 rocket in the first quarter of 2024. In terms of future launches for Block 2, we are in active discussions with a variety of operators who we feel have enough capacity and manifest openings to support our plans.

斯科特，我要這個。謝謝，布萊恩。我們在今年 2 月簽署了一項協議，將於 2024 年第一季度使用專用的 SpaceX Falcon 9 火箭發射我們的 Block 1 衛星。關於 Block 2 的未來發射，我們正在與我們的各種運營商進行積極討論感覺有足夠的能力和明顯的空缺來支持我們的計劃。

In order to increase our flexibility, we have also developed a configuration which makes our Block 2 design compatible with multiple launch vehicles. And look, as the launch market evolved, we believe we are a very interesting customer to launch providers who are looking for anchor customers, who have the volume and cadence to drive their business.

為了增加我們的靈活性，我們還開發了一種配置，使我們的 Block 2 設計與多種運載火箭兼容。看，隨著啟動市場的發展，我們相信我們是一個非常有趣的客戶，可以啟動正在尋找錨定客戶的供應商，這些客戶有數量和節奏來推動他們的業務。

Landon from New Zealand asked how many months post-launch are BB1's expected to need before they begin commercial service?

來自新西蘭的 Landon 詢問 BB1 在開始商業服務之前預計需要幾個月的時間？

Thank you, Landon. After all the learnings that we have had with BlueWalker 3 which, including the initial deployment, initial flight optimization and then the initial broadcasting of cellular signals, we estimate that it will take 3 to 4 months to activate for commercial service post launch separation. That includes the in-orbit acceptance test of the space craft and the initial fine-tune of the system prior to starting utilizing the service interacting directly with end users.

謝謝你，蘭登。在我們對 BlueWalker 3 進行了所有學習之後，包括初始部署、初始飛行優化以及隨後的蜂窩信號初始廣播，我們估計需要 3 到 4 個月才能激活商業服務後發射分離。這包括航天器的在軌驗收測試以及在開始使用與最終用戶直接交互的服務之前對系統進行的初始微調。

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

就此，我要感謝我們的股東提出這些問題。接線員，我現在想打開分析師問題的電話。

(Operator Instructions) Our first question comes from the line of Mike Crawford with B. Riley.

（操作員說明）我們的第一個問題來自 Mike Crawford 和 B. Riley 的台詞。

With BlueWalker 3, I know you started the optimization process by turning on kind of 1 micron of the array at a time until doing those first calls. But with a fully integrated array, how would you characterize the capacity that you now expect to achieve with that satellite and what you maybe theoretically thought you would get out of that satellite prior to launch and then kind of where we are on that process today with that BlueWalker 3 satellite?

對於 BlueWalker 3，我知道您通過一次打開大約 1 微米的陣列來啟動優化過程，直到進行第一次調用。但是對於一個完全集成的陣列，您將如何描述您現在期望通過該衛星實現的容量以及您在理論上可能認為在發射之前您會從該衛星中獲得什麼，然後是我們今天在該過程中的進展情況那顆 BlueWalker 3 衛星？

Basically separate, deployed, light, pointing [Nadir] to the earth. And that's our end-to-end doppler delay compensator, our patented doppler delay compensator. Then we start the process started up the array on new element to the full type of elements. And before, we have completed all that process culminating into an end-to-end connectivity directly to Samsung devices, but others as well. And at this point, also, we have completed measurements of signal strength at the full array level where we are getting around 3 bits per hertz sufficient to support 4G and 5G data rate speeds, which was the intended purpose of battery.

基本上是分開的，部署的，輕的，將 [Nadir] 指向地球。這就是我們的端到端多普勒延遲補償器，我們獲得專利的多普勒延遲補償器。然後我們開始這個過程，將新元素上的數組啟動到完整類型的元素。之前，我們已經完成了所有過程，最終實現了直接與三星設備以及其他設備的端到端連接。在這一點上，我們也已經完成了全陣列級別的信號強度測量，我們獲得了大約每赫茲 3 位，足以支持 4G 和 5G 數據速率，這是電池的預期目的。

And just to clarify, the order of magnitude improvement in capacity you expect with the Block 1 BlueBird, is that per satellite? Or is that sort of the block of 5?

澄清一下，您期望 Block 1 BlueBird 的容量提高數量級，是每顆衛星嗎？或者是那種 5 塊？

No, that is first satellite. I mean each satellite in Block 1, it will have 10x capacity of what we can get with BlueWalker 3. Block 2, we have another 10x to 100x capacity improvement back compared to BlueWalker 3. This allowed us to really continue adding significant cost reduction per unit cost delivered to the cellphone. And that is thanks to our vertical integration. So we're fully vertically integrated. We don't know the software or the hardware, all the custom ASICs that allow to get to 2 points. Also that, combined with the size of our array that allowed us to basically scale significantly the capacity that we continue to develop our technology from low volume to get that.

不，那是第一顆衛星。我的意思是 Block 1 中的每顆衛星，其容量將是 BlueWalker 3 的 10 倍。Block 2，與 BlueWalker 3 相比，我們的容量又增加了 10 到 100 倍。這使我們能夠真正繼續顯著降低每顆衛星的成本傳送到手機的單位成本。這要歸功於我們的垂直整合。所以我們完全垂直整合。我們不知道軟件或硬件，所有允許達到 2 點的定制 ASIC。此外，結合我們陣列的大小，我們可以從根本上顯著擴展容量，我們繼續從低容量開發我們的技術以實現這一目標。

Okay. And the last question for me just relates to beam forming. So you can dynamically points where you want to put the power down to make a connection. And I'm wondering if you could share how accurate you're able to do that versus expectations and then signal strength, say, in the center of a beam versus on the edge once you're trying to support multiple calls from a same locale.

好的。最後一個問題與波束形成有關。因此，您可以動態地指向要關閉電源的位置以建立連接。我想知道您是否可以分享您能夠做到這一點與預期的準確性，然後是信號強度，例如，在您嘗試支持來自同一區域的多個呼叫時，在波束中心與邊緣.

Yes. So one of the key features of our technology, the ability to reuse the real spectrum. So basically, the ability to direct very precisely the signal into a particular direction where there is no terrestrial signals. That allowed us to basically use spectrum from the global terrestrial operators in areas where they don't have a deployed or where it doesn't work properly. So that has been demonstrated with BlueWalker 3. But we recently have leased -- we have filed an agreement with the commission with the SEC of actually our usage of spectrum in combination with AT&T, which is actually in use of its feature, allowing us to basically precisely the point the signals into the direction where the direct footprint is not in use or it's not working properly.

是的。因此，我們技術的關鍵特徵之一是能夠重用真實頻譜。所以基本上，能夠非常精確地將信號定向到沒有地面信號的特定方向。這使我們基本上可以在全球地面運營商未部署或無法正常工作的地區使用來自全球地面運營商的頻譜。所以 BlueWalker 3 已經證明了這一點。但我們最近已經租用了——我們已經向美國證券交易委員會提交了一份協議，實際上我們與 AT&T 結合使用頻譜，這實際上是在使用它的功能，允許我們基本上準確地將信號指向未使用直接足跡或無法正常工作的方向。

So the precision of that is within 1 degrees-1.5 degrees to 2.5 degrees depending on the size of the array. And it is designed to dynamically reallocate the spectrum as our system is software-defined system that allows us to turn on and on and actually point capacity as is needed by the operator.

因此，根據陣列的大小，其精度在 1 度到 1.5 度到 2.5 度之間。它旨在動態重新分配頻譜，因為我們的系統是軟件定義的系統，允許我們打開和打開並實際指向運營商需要的容量。

Our next question is from the line of Caleb Henry with Quality Space.

我們的下一個問題來自 Caleb Henry 與 Quality Space 的合作。

A few questions from me. I noticed in your 10-Q last quarter and this quarter that the description of the total Constellation size is now 95 satellites, not 110. So I was wondering if you could walk us through some of the changes to the architecture that, are now based on a slightly smaller constellation.

我有幾個問題。我在上個季度和本季度的 10-Q 中註意到，對星座總大小的描述現在是 95 顆衛星，而不是 110 顆。所以我想知道您是否可以向我們介紹一下架構的一些變化，這些變化現在基於在一個稍微小一點的星座上。

Well, we have now confirmation of the signal strength by elevation. And we were to service some markets on how to do this and also we feel that with the signal strength by elevation, which is basically what relates to the number of satellites that you need for continued service on a global basis. Now we're confirming that we need around 90 satellites for global broadband connectivity directly to handsets on a lower basis, as some what it said on a global basis.

那麼，我們現在已經通過海拔高度確認了信號強度。我們要為一些市場提供服務，以了解如何做到這一點，而且我們認為，隨著海拔高度的信號強度，這基本上與您在全球範圍內持續服務所需的衛星數量有關。現在我們確認我們需要大約 90 顆衛星，以便在較低的基礎上直接連接到手機的全球寬帶連接，正如它在全球範圍內所說的那樣。

Okay. And can you also going to share -- it looks like there's 25 BlueWalker 3, kind of closed before the transition to the BlueBird. So kind of -- is there a reason why that transition was made as well?

好的。你能不能也分享一下——看起來有 25 個 BlueWalker 3，在過渡到 BlueBird 之前有點關閉。這麼說 - 是否也有進行這種轉變的原因？

No, there is 5 which are in construction, that's what we call Block 1. They have a 10x capacity improvement even though that they are the same size of BlueWalker 3. If the follow-on next batch of satellites 25, both twos, they are larger than the current BlueWalker 3. The reason for being larger in combination with our custom ASICs is the ability to have another 10x capacity improvement in terms of total amount of user in amount of gigabytes that each of the satellite will support, but we continue to add them into the constellation.

不，有 5 顆正在建設中，這就是我們所說的 Block 1。它們的容量提高了 10 倍，即使它們的大小與 BlueWalker 3 相同。如果下一批後續衛星 25 顆，都是兩顆，它們比當前的 BlueWalker 3 更大。與我們的定制 ASIC 結合使用更大的原因是能夠在每顆衛星支持的千兆字節用戶總量方面再增加 10 倍的容量，但我們繼續將它們添加到星座中。

Okay. And does that mean between the slightly larger satellites and the -- it gets better than expected quality of the spectrum usage. Does that mean that you're going to get more than 9 to 13 gigabits per satellite? I think that was the previous benchmark.

好的。這是否意味著在稍大的衛星之間——它的頻譜使用質量比預期的要好。這是否意味著您將獲得超過 9 到 13 吉比特的每顆衛星？我認為這是以前的基準。

We're not providing guidance. But we took to the new capacity. But we still within the range that we have provided before.

我們不提供指導。但是我們接受了新的能力。但我們仍然在我們之前提供的範圍內。

Okay. And then my last question is just if you could provide an update on the ASICs. I think during the last call, you said those were nearing completion. Do you have a sense of -- are those done and is finalized today? Or if not, how far away do you expect that to be?

好的。然後我的最後一個問題是你是否可以提供有關 ASIC 的更新。我想在上次電話會議中，你說那些已經接近完成。你有沒有感覺 - 這些是否已經完成並在今天完成？或者，如果不是，您希望它離我們有多遠？

Yes. We are at the very last end of the development nearing entering to the phase when you go to PayPal, which is the last phase of development. This is to have been validated. The ASIC basically is a very similar approach and use the background of what we have done on BlueWalker 3 on SPGA. That allowed us to basically confirm our way of implementing our calibration and our beam forming in the Walker and then hardcoded in the ASICs that were development.

是的。我們正處於開發的最後階段，接近進入 PayPal 階段，這是開發的最後階段。這是要經過驗證的。 ASIC 基本上是一種非常相似的方法，並使用我們在 SPGA 上的 BlueWalker 3 上所做的背景。這使我們能夠基本上確認我們在 Walker 中實施校準和波束形成的方式，然後在正在開發的 ASIC 中進行硬編碼。

So we're in the last stage of the ASIC. But we count in on them for our block tools, which are going to be larger without ASICs. And that again, that give us a 10x capacity improvement as compared to recurring sales and construction programs.

所以我們處於 ASIC 的最後階段。但我們依靠它們來開發我們的塊工具，如果沒有 ASIC，這些工具將變得更大。再一次，與經常性銷售和建設計劃相比，這使我們的產能提高了 10 倍。

At this time, I'm showing no further questions. I'd like to turn the call over back to management for closing remarks.

目前，我沒有進一步提問。我想將電話轉回管理層以作結束語。

Thank you, operator. As Abel discussed, this was a historic quarter for us completing the first ever space-based voice calls using every day unmodified smartphones. We really appreciate everyone for joining the call. And we appreciate you're supporting us. Thank you.

謝謝你，運營商。正如 Abel 所討論的那樣，這是一個具有歷史意義的季度，我們每天都使用未經修改的智能手機完成有史以來第一次基於太空的語音通話。我們非常感謝大家加入電話會議。感謝您對我們的支持。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。