AST SpaceMobile Inc (ASTS) 2023 Q2 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 AST SpaceMobile 2023 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。

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

現在我想將會議交給今天的東道主 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，大家下午好。請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。

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.

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，因此存在風險和不確定性。許多因素可能導致實際事件與本次電話會議中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 表格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。 SEC 不時。

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.

請讀者不要過分依賴前瞻性陳述，並且該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。此外，在我們的初步發言之後，我們將開始問答部分，回答股東提前提出的問題。

Now referring to Slide 3. For those of you who may be new to our company and 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 everyday smartphones based on our extensive IP and patent portfolio.

現在請參閱幻燈片3。對於那些可能對我們公司和使命不熟悉的人來說，當今世界各地有超過50 億部手機在使用，但我們中的許多人在生活、工作和旅行時仍然遇到覆蓋範圍的差距。在此背景下，AST SpaceMobile 正在構建第一個也是唯一一個基於我們廣泛的 IP 和專利組合的全球太空蜂窩寬帶網絡，可直接與日常智能手機一起運行。

Our engineers and space scientists are on a mission to eliminate the connectivity gap faced by today's 5 billion mobile subscribers and finally bring broadband to the billions who remain unconnected. The markets we are pursuing are massive, and we have a significant first mover advantage. It has been an extremely active and productive few months since the last quarterly update call. As our Chairman and CEO, Abel Avellan, will discuss, we have continued to make significant progress on technology, manufacturing, commercial and regulatory fronts and, very importantly, with regards to funding our growth strategy.

我們的工程師和太空科學家的使命是消除當今 50 億移動用戶所面臨的連接差距，並最終為數十億尚未連接的人提供寬帶。我們所追求的市場是巨大的，我們擁有顯著的先發優勢。自上次季度更新電話會議以來，這是極其活躍和富有成效的幾個月。正如我們的董事長兼首席執行官阿貝爾·阿維蘭(Abel Avellan) 將討論的那樣，我們繼續在技術、製造、商業和監管方面取得重大進展，而且非常重要的是，在為我們的增長戰略提供資金方面。

It is my pleasure to now pass the presentation over to Abel.

我很高興現在將演講交給阿貝爾。

Thank you, Scott. I would like to welcome everybody to our Q2 2023 earnings call. We have had a very busy quarter, and I would like to provide you with an update on our progress. On our BlueWalker 3 program, we made history again in June with the first-ever, space-based cellular broadband 4G LTE connection directly to everyday smartphones, with speeds above 10 megabits per second. This was done in collaboration with AT&T, Vodafone and Nokia and follows this historic announcement in April of the first-ever voice call directly from the space. We also continue to advance our commercial initiatives, now having over 40 MOUs and agreements in place with MNOs globally that have around 2.4 billion subscribers.

謝謝你，斯科特。歡迎大家參加我們的 2023 年第二季度財報電話會議。我們度過了一個非常忙碌的季度，我想向您提供有關我們進展的最新信息。在 BlueWalker 3 計劃中，我們於 6 月份再次創造了歷史，首次將天基蜂窩寬帶 4G LTE 直接連接到日常智能手機，速度超過每秒 10 兆比特。這是與 AT&T、沃達丰和諾基亞合作完成的，並於 4 月份歷史性地宣布了首次直接來自該領域的語音通話。我們還繼續推進我們的商業計劃，目前與全球擁有約 24 億用戶的移動網絡運營商簽署了 40 多個諒解備忘錄和協議。

On the manufacturing front, we're focused on our efforts to build and launch our first 5 commercial BlueBird satellites and are ramping production in our Midland, Texas facility. This satellite program is fully funded and is planned to launch in Q1 2024. On the financing front, I'm happy to announce that we have closed 2 interim nondilutive debt financing alongside our efforts to raise capital from players in the wireless ecosystem as we discussed in our last quarter. Lastly, on the back of the progress of our company, technically, commercially and industrially, we have received multiple indications of interest from a strategic investment with both equity-linked and nondilutive commercial payments. Proceeds from this capital raise is intended to fund our operations through the launch of our initial Block 2 satellite target for 2024 and 2025. Now moving to Page 5.

在製造方面，我們專注於建造和發射首批 5 顆商業藍鳥衛星，並正在德克薩斯州米德蘭工廠提高產量。該衛星計劃已獲得全額資助，計劃於2024 年第一季度啟動。在融資方面，我很高興地宣布，我們已經完成了兩項臨時非稀釋性債務融資，同時我們還努力向無線生態系統的參與者籌集資金，正如我們所討論的在我們的最後一個季度。最後，隨著我們公司在技術、商業和工業方面取得的進步，我們收到了多項股權掛鉤和非稀釋性商業支付的戰略投資意向。此次融資的收益旨在通過在 2024 年和 2025 年發射我們最初的 Block 2 衛星目標來為我們的運營提供資金。現在轉到第 5 頁。

We have made history again on our 4G capabilities, and we continue to define the direct-to-device industry. And we are the first and only company that planned and has demonstrated the capability to offer a space-based cellular broadband that can scale in the future. Thanks to our comprehensive portfolio of IP with over 2,600 patents and patent pending claims, the size of our satellites and our vertically integrated manufacturing strategy that includes one of the largest manufacturing facilities for satellites in United States. Again, I am humbled to see the public statements by our partners, who represent the largest and some of the most important and sophisticated companies in the telecommunication industry, celebrating with us these historic achievements. AT&T, Vodafone and Nokia were our partners on our own 4G testing this quarter and we're greatly appreciative of their continued support. We're chasing a very large opportunity based on the fact that there are more than 5 billion phones in circulation today. Our testing has demonstrated the ability to connect with every phone from all major brands, which maximize our access to this very large market. Moving to Page 6.

我們在 4G 能力上再次創造了歷史，並且繼續定義直接面向設備的行業。我們是第一家也是唯一一家計劃並展示了提供未來可擴展的天基蜂窩寬帶能力的公司。得益於我們全面的知識產權組合（擁有超過 2,600 項專利和正在申請專利的權利要求）、我們的衛星規模以及我們的垂直整合製造戰略（其中包括美國最大的衛星製造設施之一）。再次，我很榮幸地看到我們的合作夥伴發表公開聲明，與我們一起慶祝這些歷史性成就，這些合作夥伴代表了電信行業中最大的、一些最重要和最先進的公司。 AT&T、沃達丰和諾基亞是我們本季度 4G 測試的合作夥伴，我們非常感謝他們的持續支持。我們正在追逐一個非常大的機會，因為當今的手機流通量已超過 50 億部。我們的測試表明能夠與所有主要品牌的每部手機連接，從而最大限度地進入這個非常大的市場。移至第 6 頁。

Now turning to our commercial and regulatory process -- progress. We now have over 40 MOUs and agreements with MNOs globally that have around 2.4 billion subscribers. Our MNO partners are working closely with us, sharing in our collective success. The telcos we are working with globally representing leaders in the wireless industry, and we are proud to have established our footprint with such a great partners. We also continue to advance our regulatory efforts updating our SEC application to reflect the spectrum lease ongoing with AT&T. Our conversation with the FCC continue to be constructive and supportive of our plan. Moving to manufacturing on Page 7.

現在轉向我們的商業和監管流程——進展。目前，我們與全球擁有約 24 億用戶的移動網絡運營商簽訂了 40 多個諒解備忘錄和協議。我們的移動運營商合作夥伴正在與我們密切合作，分享我們的集體成功。與我們合作的電信公司代表著全球無線行業的領導者，我們很自豪能夠與如此優秀的合作夥伴一起建立我們的足跡。我們還繼續推進監管工作，更新我們的 SEC 申請，以反映與 AT&T 正在進行的頻譜租賃。我們與 FCC 的對話仍然具有建設性並支持我們的計劃。轉向第 7 頁的製造。

We're ramping the manufacturing of our first 5 Block 1 satellites in our facilities in Texas. We have completed construction of our 185,000 square foot manufacturing facility, which will be -- which we believe has one of the largest commercial clean rooms in the United States. We recently conducted a full manufacturing readiness review due to some of this activity in the video we released early this month, which you could find on our web page or YouTube channel. And let me summarize some of the progress we review. Nearly all the equipment in our state-of-the-art clean room manufacturing facility in Midland, Texas is delivered and installed. Our manufacturing process and production lines are completed and fully implemented for Block 1, with many opportunities for further automation as we progress into Block 2 program.

我們正在德克薩斯州的工廠加緊生產首批 5 顆 Block 1 衛星。我們已經完成了 185,000 平方英尺的製造工廠的建設，我們相信該工廠將成為美國最大的商業潔淨室之一。由於我們本月初發布的視頻中的一些活動，我們最近進行了全面的生產準備情況審查，您可以在我們的網頁或 YouTube 頻道上找到該視頻。讓我總結一下我們審查的一些進展。我們位於德克薩斯州米德蘭的最先進的潔淨室製造工廠中的幾乎所有設備均已交付並安裝。我們的製造工藝和生產線已完成並全面實施第 1 區計劃，隨著我們進入第 2 區計劃，有許多進一步自動化的機會。

We have set up a new production line from solar panels, power systems, mechanical structures and antennas, implementing our strategy of being vertically integrated manufacturer. We also have installed additional test equipment to our Texas facilities, which will improve our timing from assembly to launch when compared to BlueWalker 3. Lastly, in our Texas facility, we have completed a part-by-part traceability system for quality control, as every part on the build to [start-up] can be tagged and tracked.

我們建立了從太陽能電池板、電力系統、機械結構和天線的新生產線，實施我們的垂直一體化製造商戰略。我們還在德克薩斯州的工廠安裝了額外的測試設備，與BlueWalker 3 相比，這將縮短我們從組裝到發布的時間。最後，在我們德克薩斯州的工廠，我們已經完成了用於質量控制的逐個部件的可追溯系統，構建到[啟動]的每個部分都可以被標記和跟踪。

On a separate note, I'm we're happy to announce that we have inaugurated a new space technology development center, an R&D center in our hub facility in Hyderabad, India. They will help us access one of the largest wireless markets globally and provide access to an incredible engineering talent, including the 1.5 million engineers that graduate every year in India.

另外，我很高興地宣布，我們在印度海得拉巴的樞紐設施中開設了一個新的空間技術開發中心，即一個研發中心。他們將幫助我們進入全球最大的無線市場之一，並為我們提供令人難以置信的工程人才，包括每年在印度畢業的 150 萬名工程師。

With that, I want to pass it on to Sean.

有了這個，我想把它傳遞給肖恩。

Thanks, Abel, and good afternoon, everyone. Since our last call, AST has continued to make significant progress and continues to define the satellite-to-device industry as one that will offer broadband cellular service using existing MNO spectrum and working on widely available smartphones and devices. Integrating the ubiquitous coverage of a satellite constellation into the terrestrial wireless infrastructure will be one of the most exciting innovations in communications in the last 25 years. We could not be able to define this new industry without our hard-working team of engineers, technicians and suppliers and without the support and confirmation by our partners who are some of the most sophisticated wireless companies in the world, including AT&T, Vodafone and Nokia.

謝謝阿貝爾，大家下午好。自我們上次通話以來，AST 繼續取得重大進展，並繼續將衛星到設備行業定義為使用現有 MNO 頻譜並在廣泛使用的智能手機和設備上提供寬帶蜂窩服務的行業。將衛星星座的無處不在的覆蓋範圍集成到地面無線基礎設施中將是過去 25 年通信領域最令人興奮的創新之一。如果沒有我們辛勤工作的工程師、技術人員和供應商團隊，沒有我們合作夥伴的支持和認可，我們就無法定義這個新行業，這些合作夥伴是世界上最先進的無線公司，包括AT&T、沃達丰和諾基亞。 。

Beyond defining this new segment in the wireless industry, we also continue to drive our plan of execution in the second quarter. Specifically, as Abel outlined, we made progress around our commercial, regulatory and manufacturing milestones and we remain on target for the launch of 5 BlueBird commercial satellites in the first quarter of next year and the initiation of commercial service in 2024. Let's spend some time discussing a couple of our key operating metrics for the second quarter that are displayed on Slide 8.

除了在無線行業定義這個新細分市場之外，我們還繼續推動第二季度的執行計劃。具體來說，正如阿貝爾所概述的那樣，我們在商業、監管和製造里程碑方面取得了進展，我們仍然致力於在明年第一季度發射5 顆藍鳥商業衛星並在2024 年啟動商業服務。讓我們花一些時間討論幻燈片 8 中顯示的第二季度的幾個關鍵運營指標。

Looking at the first chart, we see for the second quarter of 2023, we had non-GAAP adjusted cash operating expenses of $38.4 million versus $40.3 million in the first quarter. Non-GAAP adjusted operating expenses exclude certain noncash operating costs, including depreciation and amortization and stock-based compensation, which totaled $4.2 million and $19.6 million for the first and second quarters, respectively. Most of the increase in our noncash operating expenses reflect the initiation of noncash amortization of our BlueWalker 3 satellite, which we disclosed in the last quarter.

看第一張圖表，我們發現 2023 年第二季度，我們的非 GAAP 調整後現金運營費用為 3840 萬美元，而第一季度為 4030 萬美元。非公認會計原則調整後的運營費用不包括某些非現金運營成本，包括折舊和攤銷以及基於股票的薪酬，第一季度和第二季度的總額分別為 420 萬美元和 1960 萬美元。我們非現金運營支出的大部分增長反映了我們在上季度披露的 BlueWalker 3 衛星非現金攤銷的啟動。

Our second quarter non-GAAP adjusted operating expenses decreased by $1.9 million versus the first quarter. Our research and development expenses fell this quarter as a result of the timing of certain milestones, which reduced the level of payments. Our R&D expenses consist principally of nonrecurring development activities for which we typically engage third-party vendors and payments are based on the completion of milestones. Conversely, our engineering services and general administration expenses rose modestly in the second quarter. We currently expect that the level of non-GAAP adjusted operating expenses will remain in the mid- to high 30s for at least 2 more quarters as we continue to pursue important R&D projects for our BlueBird satellites and execute the construction and planned launch of our first 5 BlueBird commercial satellites in the first quarter of 2024.

我們第二季度非 GAAP 調整後運營費用比第一季度減少了 190 萬美元。由於某些里程碑的時間安排，我們的研發費用在本季度有所下降，從而降低了付款水平。我們的研發費用主要包括非經常性開發活動，我們通常聘請第三方供應商進行這些活動，並根據里程碑的完成情況進行付款。相反，我們的工程服務和一般管理費用在第二季度小幅增長。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，並執行我們第一顆衛星的建設和計劃發射，非公認會計原則調整後的運營費用水平將在至少兩個季度內保持在30 多歲的水平。 2024 年第一季度將發射 5 顆藍鳥商業衛星。

Turning towards the second chart. Our capital expenditures for the second quarter were $12.1 million versus $14.4 million for the first quarter. These capital expenditures were directly related to the completion of many of the expenditures we have made around our Site 2 manufacturing facility. We expect that our levels of capital expenditures, which include direct material expenditures and launch costs for satellite as well as capital improvements for our manufacturing facilities and ground infrastructure, will increase in the third and fourth quarter. We expect that our capital expenditures, which have been averaging around $10 million to $15 million per quarter, will begin to increase to nearly $15 million to $20 million in the last 2 quarters of the year in order to fund the manufacturing and assembly of our first 5 BlueBird commercial satellites.

轉向第二張圖表。我們第二季度的資本支出為 1,210 萬美元，而第一季度的資本支出為 1,440 萬美元。這些資本支出與我們在 2 號製造工廠周圍進行的許多支出的完成直接相關。我們預計第三季度和第四季度的資本支出水平將增加，其中包括直接材料支出和衛星發射成本以及製造設施和地面基礎設施的資本改善。我們預計，我們的資本支出平均每季度約為1000 萬至1500 萬美元，在今年最後兩個季度將開始增加到近1500 萬至2000 萬美元，以便為我們的第一個產品的製造和組裝提供資金。 5 顆藍鳥商業衛星。

In addition to these figures, we also expect to pay $45 million to $50 million for launch services and related equipment and services, all in the third quarter. Once these payments are completed, we will have made well over 90% of the projected expenditures for our first 5 commercial BlueBird satellites. And on the final chart on the slide, we ended the second quarter just shy of $192 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. As we have also discussed in our 10-Q, our cost positions and capital plans are quite modular. And this characteristic provides us the flexibility to increase or decrease our rate of expenditures depending upon changes in our build-out plans and the availability of capital. This flexibility provides us comfort that we can manage our liquidity profile dynamically depending on our rate of raising capital. Let's turn to the next page outlining our capital raising efforts.

除了這些數字之外，我們還預計在第三季度支付 4500 萬至 5000 萬美元的發射服務及相關設備和服務費用。一旦這些付款完成，我們將支付前 5 顆商業藍鳥衛星預計支出的 90% 以上。在幻燈片的最後一張圖表中，我們第二季度結束時手頭現金略低於 1.92 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。正如我們在 10-Q 中也討論過的那樣，我們的成本狀況和資本計劃是相當模塊化的。這一特性使我們能夠根據擴建計劃和資本可用性的變化靈活地增加或減少支出率。這種靈活性讓我們感到放心，我們可以根據我們的融資率動態管理我們的流動性狀況。讓我們翻到下一頁，概述我們的融資工作。

As I've mentioned in our last earnings call, we continue to explore a variety of ways to fund our business plan. I am pleased to report that during the second quarter through today, we have completed a comprehensive financing plan, which will provide us $179 million of gross cash and liquidity. These activities include $64 million in equity proceeds, including our common stock offering in late June. We also closed 2 debt facilities. These facilities include a $15 million equipment loan facility and a $48.5 million draw on a $100 million senior secured credit facility. The equipment facility arranged by Lone Star Bank in Midland, Texas will enable us to leverage the portfolio of equipment and the building at our Site 2 manufacturing facility.

正如我在上次財報電話會議中提到的，我們將繼續探索各種方式為我們的業務計劃提供資金。我很高興地向大家報告，從第二季度到今天，我們已經完成了一項全面的融資計劃，該計劃將提供 1.79 億美元的現金和流動資金總額。這些活動包括 6400 萬美元的股權收益，其中包括我們 6 月底發行的普通股。我們還關閉了兩項債務融資。這些融資包括 1500 萬美元的設備貸款融資和 1 億美元高級擔保信貸融資的 4850 萬美元。 Lone Star Bank 在德克薩斯州米德蘭安排的設備設施將使我們能夠利用我們的 Site 2 製造設施的設備組合和建築。

The senior credit facility is structured such that we have drawn close to $50 million at close and have an additional ability to draw up to another $50 million over the next 12 months, subject to certain conditions, should we desire. These new facilities represent our growing ability to access a diverse set of capital sources, including debt providers.

高級信貸安排的結構使得我們在交易結束時已提取了近 5000 萬美元，並且如果我們願意的話，在滿足某些條件的情況下，還有能力在未來 12 個月內再提取 5000 萬美元。這些新設施代表了我們獲取各種資本來源（包括債務提供者）的能力不斷增強。

I also wanted to comment on Abel's discussion on our efforts around raising strategic capital from key players in the wireless ecosystem on the bottom half of this page. After hiring financial advisers, we approached a number of large, sophisticated players with the explicit desire to develop financial and strategic ties that will help fund our business plan and support the development of our commercial efforts in markets around the world.

我還想對本頁下半部分 Abel 關於我們圍繞從無線生態系統主要參與者籌集戰略資本的努力進行的討論發表評論。在聘請財務顧問後，我們接觸了一些大型、經驗豐富的參與者，他們明確希望發展財務和戰略聯繫，這將有助於為我們的業務計劃提供資金並支持我們在世界各地市場的商業活動的發展。

We are making progress. We have received multiple indications of interest from several parties that we believe represent the right strategic partners for us as we move towards commercial service. We also believe that the structure of these transactions will enable us to fund the business with a combination of debt and equity securities, thereby reducing our reliance on selling equity. We are negotiating the terms of these nonbinding indications of interest and the counterparties are performing due diligence. The size, complexity and commercial and strategic nature of these negotiations require significant time to complete and may require certain regulatory approvals in order to close. As of this time, we cannot guarantee that any agreement will be reached, nor can we disclose the name of the parties and the type of their potential commitment. As these discussions evolve, we will provide more detailed information.

我們正在取得進展。我們已收到來自多方的多種興趣表示，我們相信，在我們邁向商業服務的過程中，這些各方代表了我們正確的戰略合作夥伴。我們還相信，這些交易的結構將使我們能夠通過債務和股權證券的組合為業務提供資金，從而減少我們對出售股權的依賴。我們正在就這些不具約束力的意向表示的條款進行談判，交易對手正在進行盡職調查。這些談判的規模、複雜性以及商業和戰略性質需要大量時間才能完成，並且可能需要某些監管部門的批准才能結束。截至目前，我們不能保證會達成任何協議，也不能透露各方的名稱及其潛在承諾的類型。隨著這些討論的進展，我們將提供更詳細的信息。

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

至此，我們的財報電話會議的演示部分就完成了，我將其傳回給斯科特。

Thanks, Sean. Before we go to the queue of analyst questions, we would like to address a few of the questions submitted in advance by our investors.

謝謝，肖恩。在我們進入分析師提問隊列之前，我們想先回答投資者提前提出的一些問題。

Operator, could you please start us off with the first question?

接線員，您能先問我們第一個問題嗎？

Tim from California asked, "What is the overall test plan? Where are you at in accomplishing that plan? What are the key successes and challenges?"

來自加利福尼亞州的 Tim 問：“總體測試計劃是什麼？您在完成該計劃方面處於什麼階段？主要的成功和挑戰是什麼？”

Thank you, Tim, for the question. And first of all, I want to emphasize that now we are turning our attention to the build of our next 5 operational satellites. BlueWalker 3 has delivered all the knowledge we needed to look up our design, learn how to fly the largest commercial communication array that have been ever deployed into orbit, how to implement and use our patented doppler and delay compensation, how to integrate with network operators like AT&T and Vodafone to serve their customers in -- the future customers in 2G, 4G and 5G. And these have been essential. It has been a long process to incorporate all this knowledge into our company. And this positioned very well to move to the next phase, which is basically the launch of the next 5 satellites to start commercial services.

謝謝蒂姆提出的問題。首先，我想強調，現在我們正在將注意力轉向建造接下來的 5 顆運行衛星。 BlueWalker 3 提供了我們查找設計所需的所有知識，了解如何將有史以來部署到軌道的最大商業通信陣列飛行、如何實施和使用我們的專利多普勒和延遲補償、如何與網絡運營商集成像AT&T和沃達丰這樣的公司，為他們的客戶——2G、4G 和5G 的未來客戶提供服務。這些都是必不可少的。將所有這些知識融入我們公司是一個漫長的過程。這非常有利於進入下一階段，即發射接下來的 5 顆衛星以啟動商業服務。

Now that all these lessons are being incorporated in our IP, that will translate to a faster rollout of these first 5 satellites. And we are very, very happy with everything that we had accomplished with BlueWalker 3. We have made the first-ever phone call directly from space to a standard cellphone device. We have made the first-ever broadband connection, LTE connection, ever done from the space directly to a device. And we also -- something that is extremely important for us is the demonstration that we can scale and that we can access the vast majority of those 5 billion phones that are in circulation, which is also regardless of the manufacturer, regardless of the type of phone that is in the market. So we're very happy with the results, the significant amount of learnings that have been incorporated into our IP and to our design. But with BlueWalker 3, basically, we were able to look at our design and basically move to manufacturing, which is what we're doing now.

現在，所有這些經驗教訓都已納入我們的 IP 中，這將意味著前 5 顆衛星的推出速度更快。我們對 BlueWalker 3 所取得的一切感到非常非常滿意。我們首次從太空直接撥打標準手機設備的電話。我們實現了有史以來第一個寬帶連接，即 LTE 連接，從空間直接到設備。而且，對我們來說極其重要的是，我們可以擴展規模，並且可以使用流通中的 50 億部手機中的絕大多數，這也與製造商無關，也與手機類型無關。市場上銷售的電話。因此，我們對結果非常滿意，我們的 IP 和設計中融入了大量的知識。但通過 BlueWalker 3，基本上，我們能夠審視我們的設計並基本上轉向製造，這就是我們現在正在做的事情。

Dennis from Chile asked, "Considering that BlueWalker 3 took months for opening, positioning and testing the satellite before operation, when will the first BlueBird satellite become fully operational?"

來自智利的丹尼斯問道：“考慮到藍行者3號在運行前花費了幾個月的時間來打開、定位和測試衛星，那麼第一顆藍鳥衛星什麼時候才能全面運行？”

Thank you, Dennis, for the question. We are still on track to launch our first 5 Block 1 satellites, our first 5 commercial satellites in Q1 2024, and they have been -- they are in the process of being manufactured and tested in Midland. We have several coming milestones with SpaceX, which will narrow the launch window and provide more clarity to the exact timing of the launch. With that said, once we launch, we will expect to spend around 3 months to test and calibrate these satellites in orbit that will be significantly faster than what we did for BlueWalker 3 as well BlueWalker 2 and the first satellite. And as I said earlier, there were a lot of lesson learned to how to do it, how to fly, how to calibrate it, how to connect directly to the phones.

謝謝丹尼斯提出的問題。我們仍有望在 2024 年第一季度發射我們的前 5 顆 Block 1 衛星，即我們的前 5 顆商業衛星，而且它們正在米德蘭進行製造和測試。我們與 SpaceX 即將達成幾個里程碑，這將縮小發射窗口並讓發射的確切時間更加清晰。話雖如此，一旦我們發射，我們預計將花費大約 3 個月的時間在軌道上測試和校準這些衛星，這將比我們對 BlueWalker 3 以及 BlueWalker 2 和第一顆衛星所做的快得多。正如我之前所說，我們學到了很多關於如何操作、如何飛行、如何校準、如何直接連接到手機的經驗教訓。

I mean all that lessons are already part of what we know, we know how to do. So we estimate approximately 3 months, it may take longer, but that's what we're estimating. And both that in-orbit testing, we are preparing to start being ready for commercial service with these 5 satellites. The commercial services that we're anticipating on these satellites are not only broadband, had other governmental and other type of applications that we anticipate to be using with Block -- with the first 5 operational satellites.

我的意思是，所有這些教訓已經成為我們所知道的一部分，我們知道如何去做。所以我們估計大約需要 3 個月，可能需要更長的時間，但這就是我們的估計。無論是在軌測試，我們都準備開始為這 5 顆衛星的商業服務做好準備。我們預計這些衛星上的商業服務不僅是寬帶，還有其他政府和其他類型的應用程序，我們預計將與 Block 一起使用 - 前 5 顆運行衛星。

[Leeden] from New Zealand asked, "Has the FCC been supportive during the meetings where ASTS and FCC met?

來自新西蘭的[Leeden]問道：“在 ASTS 和 FCC 舉行的會議期間，FCC 是否提供了支持？

I'll take that one. Thank you, [Leeden]. Absolutely, we have continued to have very encouraging meetings with the FCC over the last quarter, and you'll see multiple new filings in support of our planned service. We believe that enabling technology like ours, which the FCC calls supplemental coverage from space, we believe this is a priority for them. And this is informed by the fact that they've created a new space division focused entirely on satellite communications, the initiative of a new rule-making process with tight public comment periods and also their responsiveness with us.

我會接受那個。謝謝你，[利登]。當然，上個季度我們繼續與 FCC 舉行了非常令人鼓舞的會議，您將看到多個新的文件來支持我們計劃的服務。我們相信，像我們這樣的技術（聯邦通信委員會稱之為太空補充覆蓋）是他們的首要任務。這是因為他們創建了一個完全專注於衛星通信的新太空部門，在嚴格的公眾意見徵詢期內發起了新的規則制定流程，以及他們對我們的回應。

So going forward, we look forward to further engagement with the FCC alongside AT&T in the U.S. And while we cannot comment on near-term timing, of course, we're confident we'll be able to begin commercial service in the U.S. once the space-based network is ready.

因此，展望未來，我們期待與美國的 AT&T 一起進一步與 FCC 合作。雖然我們無法對近期時間發表評論，但我們相信，一旦天基網絡已準備就緒。

[Edgardo] from London asked, "A senior DoD Officer commented about testing integrated commercial service with military applications next year. Is there anything that can be shared on this regard?"

來自倫敦的[埃德加多]問道：“一位國防部高級官員評論說，明年將測試綜合商業服務與軍事應用。在這方面有什麼可以分享的嗎？”

Thank you, [Edgardo], for the question. Listen, we continue to believe that there are very strong governmental applications for our space array technology. This is basically thanks to our IP, but in particular, because of the size and the power capabilities of our satellite in low Earth orbit. We're evaluating various opportunities on the government side, while we continue to progress and maintain our focus on several broadband. We're planning to start commercialization on using our first 5 operational satellites, which we expect to launch in Q1 for application of interest to the U.S. government.

謝謝你[埃德加多]的提問。聽著，我們仍然相信我們的空間陣列技術有非常強大的政府應用。這基本上要歸功於我們的知識產權，但尤其要歸功於我們近地軌道衛星的尺寸和功率能力。我們正在評估政府方面的各種機會，同時我們繼續進步並保持對多種寬帶的關注。我們計劃開始使用我們的前 5 顆運行衛星進行商業化，我們預計將在第一季度發射這些衛星，以滿足美國政府的興趣。

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

在此，我要感謝我們的股東提出這些問題。接線員，現在讓我們開始分析師提問。

(Operator Instructions) And the first question comes from the line of Griffin Boss with B. Riley Securities.

（操作員說明） 第一個問題來自 Griffin Boss 與 B. Riley Securities 的線路。

So I just want to start off, Samsung just, I think it was yesterday, talked about how it's Galaxy S24 could feature an emergency SOS feature via satellite similar to what Apple and Globalstar are doing. And that's also expected to launch in the first quarter of '24. I'm just curious if you are looking at that as an opportunity for your early services?

所以我想開始，三星，我想是在昨天，談論了它的 Galaxy S24 如何通過衛星提供緊急 SOS 功能，類似於蘋果和 Globalstar 正在做的事情。預計將於 24 年第一季度推出。我只是好奇您是否將此視為早期服務的機會？

Listen, I mean, we -- well, thank you for the question. We are really focusing in broadband. I mean we believe that -- I mean with this announcement that we did this quarter, where we announced speeds of 10 megabits. If you can do 10 megabits, you can do SOS, you can do voice, you can do basically every application that you have in your phone when you are in a connected area through terrestrial normal means. So our focus is being completely agnostic to the manufacturer. Our (inaudible) phone calls, a few phones calls were done on Samsung, but we have also basically tested every major device. That's the way that we position ourselves. That's the way that the technology it is -- design is just to support broadband and all the other applications that you are capable of doing when you are in terrestrial means.

聽著，我的意思是，我們——嗯，謝謝你提出這個問題。我們確實專注於寬帶。我的意思是我們相信——我的意思是我們在本季度宣布了 10 兆比特的速度。如果你可以做 10 兆比特，你可以做 SOS，你可以做語音，當你在通過地面正常方式連接的區域時，你基本上可以做你手機中的所有應用程序。所以我們的重點是對製造商完全不可知。我們的（聽不清）電話，有幾個電話是在三星上進行的，但我們也基本上測試了所有主要設備。這就是我們定位自己的方式。這就是技術的方式——設計只是為了支持寬帶和您在地面方式下能夠執行的所有其他應用程序。

Okay. Got it. And then just one for Sean on the credit facility. Is that interest payable in kind or in cash?

好的。知道了。然後是肖恩的信貸額度。該利息是以實物還是現金支付？

A portion of it, it's almost like a synthetic 0 portion of it was set aside. So it will be set in escrow and, fortunately, will be funded with cash on hand.

它的一部分，幾乎就像它的合成 0 部分被放在一邊。因此，它將被託管，幸運的是，它將由手頭現金提供資金。

(Operator Instructions) And the next question comes from the line of Chris Quilty with Quilty Analytics.

（操作員說明）下一個問題來自 Quilty Analytics 的 Chris Quilty。

Just wanted to ask a question about where you are in terms of potential customer decisions on that first batch of satellites.

只是想問一個問題，關於第一批衛星的潛在客戶決策方面，您處於什麼位置。

Thanks, Chris, Scott here. So we've -- as you know, we continue to grow the list of logos. We're now over 40 MNOs globally that we have MOUs and agreements with and over 2.4 billion subscribers among them. So we have had a great list of potential sources. I think as we think about where to launch service first, it's obviously driven by a number of considerations: one is who are our close partners; and two, which markets are most interesting to us. So I think as we look at that list, the U.S. is a pretty obvious choice as an attractive first market, but there's several around the world, and you can look to our partners for candidates for those.

謝謝克里斯、斯科特。如您所知，我們繼續增加徽標列表。目前，我們與全球 40 多家移動網絡運營商簽訂了諒解備忘錄和協議，其中訂閱用戶超過 24 億。所以我們已經有了一份很棒的潛在來源清單。我認為，當我們考慮首先在哪裡推出服務時，顯然是由許多考慮因素驅動的：一是誰是我們的親密合作夥伴；二是誰是我們的合作夥伴；三是誰是我們的合作夥伴。第二，哪些市場是我們最感興趣的。因此，我認為，當我們查看該列表時，美國是一個非常明顯的選擇，作為有吸引力的第一市場，但世界各地也有幾個市場，您可以向我們的合作夥伴尋找這些候選市場。

But at this stage, I think we're focused on the technology road map and believe all commercial, regulatory and other major milestones fit within that. So I think as you think about timing, it will be within that time frame. But we're pretty happy with the partners that we have at the table with us now.

但在現階段，我認為我們的重點是技術路線圖，並相信所有商業、監管和其他主要里程碑都符合該路線圖。所以我認為當你考慮時機時，它會在那個時間範圍內。但我們對現在與我們同桌的合作夥伴感到非常滿意。

Got you. And then a question on the manufacturing basis. It sounds like you've gotten most of your production equipment in place and ready to roll. Assuming that all that is applicable to a larger build, what are you looking at in terms of time to ramp up the production capability for building at a high rate, the next batch of satellites?

明白你了。然後是關於製造基礎的問題。聽起來您的大部分生產設備已經就位並準備就緒。假設所有這些都適用於更大的建造，那麼您對提高生產能力以高速建造下一批衛星的時間有何看法？

Yes, Chris. I mean the way that we have set up ourselves, given enough number of parts and components, the facility that we have, 185,000 square feet of facility, it can support up to 6 satellites per month. We're obviously not there yet. And that ramp-up is planned to take the next 6 to 12 months. But that's what we're aiming, it's having the manufacturing capability in Midland to do 6 satellites per month.

是的，克里斯。我的意思是我們自己建立的方式，只要有足夠數量的零部件，我們擁有的設施，185,000 平方英尺的設施，每月最多可以支持 6 顆衛星。顯然我們還沒有到那一步。計劃在未來 6 至 12 個月內完成提升。但這就是我們的目標，它在米德蘭擁有每月生產 6 顆衛星的製造能力。

Got you. And I guess just in the last year, we've had Rivada come online with 600 satellites; last Friday, Telesat, 300 satellites. When you look at your supply chain, are there any particular areas where you have concern about the supply base or the fact that you brought so much vertically in-house, you're in good shape?

明白你了。我想就在去年，我們已經讓 Rivada 上線了 600 顆衛星；上週五，Telesat，300 顆衛星。當你審視你的供應鏈時，是否有任何特定領域讓你擔心供應基地，或者你在內部帶來瞭如此多的垂直領域，你是否狀況良好？

Right, Chris. I mean, I think, listen, first of all, different than any other constellations, I mean, our number of total satellites needs for having global broadband connectivity is around 90 satellites. We're not talking about thousands or tens of satellites. We're talking about 90 satellites to get to broadband capability on a global basis.

對了，克里斯。我的意思是，我想，聽著，首先，與任何其他星座不同，我的意思是，我們擁有全球寬帶連接所需的衛星總數約為 90 顆衛星。我們不是在談論數千或數十顆衛星。我們正在談論 90 顆衛星來實現全球寬帶能力。

The other factor for us is that we are substantially -- very, very substantially vertically integrated. I mean we literally start with aluminum and composite material, and we build most of all our parts. So we integrate all our antennas, structures, batteries, solar panels, all the (inaudible) structures, literally every major part of our satellite, we do it by ourselves not only to manage and control cost of each of these parts, but also to control supply chain.

對我們來說，另一個因素是我們在很大程度上——非常、非常實質性地垂直整合。我的意思是，我們實際上是從鋁和復合材料開始的，我們製造了大部分零件。因此，我們集成了所有天線、結構、電池、太陽能電池板、所有（聽不清）結構，實際上是我們衛星的每個主要部分，我們自己做，不僅是為了管理和控制每個部件的成本，也是為了控制供應鏈。

Got you. And final question, just I know it's a long road on the FCC waiver, but at a high level, what are the sort of next steps we should expect coming out of the FCC for approval?

明白你了。最後一個問題，我知道 FCC 豁免還有很長的路要走，但從高水平來看，我們應該期待 FCC 批准採取哪些後續步驟？

Well, I think the way that we see the FCC, we're very, very bullish about the new processes that the FCC has set up and where we are in our current regulatory process. We do not see the FCC delaying our initial commercial services next year. We are confident. I mean, however, we are dependent on them to make sure that they will be on time in order to support our services in 2024. The immediate step was -- the first immediate step was the leasing with AT&T for spectrum. And then the -- continue with the experimental satellite licenses that we have now active with BlueWalker 3 and the following satellites that we're launching.

嗯，我認為我們對 FCC 的看法是，我們非常非常看好 FCC 建立的新流程以及我們目前的監管流程。我們認為 FCC 不會推遲明年我們的初始商業服務。我們有信心。然而，我的意思是，我們依賴他們來確保他們能夠準時在 2024 年支持我們的服務。立即採取的步驟是——第一個立即採取的步驟是與 AT&T 租賃頻譜。然後 - 繼續使用我們目前擁有的 BlueWalker 3 和我們正在發射的以下衛星的實驗衛星許可證。

Yes. I would add, Chris, the key differentiator is that we have a satellite on orbit, right, to show data and to show information of the FCC for both paths because remember, we have 2 parallel paths to a commercial license in the U.S. One is the rule-making process, which the FCC has been a leader on and has been very fast. The public notice period for comments was only 30 days, which is pretty short for a big rule-making like this. So they clearly are interested in speed on the rule-making. And then on the other process where we filed the lease with AT&T for substantially all of their low-band licenses over 1,000 individual licenses, that's another process that like I said earlier, we have the data and the information to back it up. So we don't view this as a limiting factor on our overall time line.

是的。我想補充一點，克里斯，關鍵的區別在於我們在軌道上有一顆衛星，對吧，用於顯示數據並顯示FCC 兩條路徑的信息，因為請記住，我們有2 條並行的路徑獲得美國的商業許可，其中一條是規則制定過程中，聯邦通信委員會一直處於領導地位，而且速度非常快。徵求意見的公示期只有30天，對於這樣一個大的規則制定來說是相當短的。因此，他們顯然對規則制定的速度感興趣。然後在另一個流程中，我們向AT&T 提交了1,000 多個個人許可證的幾乎所有低頻段許可證的租約，這是另一個流程，就像我之前所說的那樣，我們有數據和信息來支持它。因此，我們不認為這是我們總體時間表的限制因素。

And the next question comes from the line of Benjamin Soff with Deutsche Bank.

下一個問題來自本傑明·索夫與德意志銀行的對話。

I've got a couple here. So obviously, today versus the initial business plan, a lot has changed in terms of the timing and some of the costs. But I'm wondering, if you sort of go back to the beginning, if you think the commercial assumptions as far as the -- like the revenue per satellite and the timing to ramp from when you launch, if those inputs still hold and still makes sense? Or if you think maybe some of those factors may have changed as well?

我這裡有一對。顯然，與最初的商業計劃相比，今天在時間安排和部分成本方面發生了很大變化。但我想知道，如果你回到一開始，如果你認為商業假設——比如每顆衛星的收入以及從發射時開始增加的時間，如果這些投入仍然存在並且仍然存在說得通？或者您認為其中一些因素可能也發生了變化？

Thank you for the question. Listen, the completion of BlueWalker 3 testing, the lean budget confirmations, the number of types of devices that we're able to interoperate with our technology, that confirms basically all the fundamentals of our business plan.

感謝你的提問。聽著，BlueWalker 3 測試的完成、精益預算的確認、我們能夠與我們的技術互操作的設備類型的數量，這基本上證實了我們業務計劃的所有基本原理。

Okay. And would you anticipate that the Block 1 commercial satellites would be sufficient to generate free cash flow on their own, if you weren't going to make the additional investments in other satellite launches? Would those alone be able to like fund the business?

好的。如果您不打算對其他衛星發射進行額外投資，您是否預計 Block 1 商業衛星本身足以產生自由現金流？僅憑這些人就能為企業提供資金嗎？

Yes. I think part of the reason for the announcement we had today with the comprehensive interim financing package and the status update on the strategic capital raise, we've kind of reached a point with technology, manufacturing, commercial and regulatory. We've reached a point where we see visibility to revenue on those first 5 commercial satellites. We don't think that that's not the business we're looking to build. As Abel said, very clearly, we're looking to build cellular broadband. And to do that, you need more than 5 satellites.

是的。我認為我們今天宣布全面的臨時融資方案和戰略融資狀態更新的部分原因是，我們在技術、製造、商業和監管方面已經達到了一定程度。我們已經看到了前 5 顆商業衛星的收入可見性。我們認為這不是我們想要建立的業務。正如阿貝爾所說，非常明確的是，我們正在尋求建立蜂窩寬帶。為此，您需要 5 顆以上的衛星。

But based on market feedback and things you can clearly read in the press as well, we think that even those first 5 satellites will be interesting in terms of revenue. So we don't predict it will be cash flow positive, but we do believe there will be revenue opportunities on those first 5 satellites, whether you look at government applications or other services that benefit from -- or they can take advantage of noncontinuous service like IoT or monitoring. So we think there's interesting opportunities there, not cash flow positive, but definitely interesting opportunities and ones that we plan to commercialize fully.

但根據市場反饋以及您在媒體上可以清楚讀到的內容，我們認為即使是前 5 顆衛星在收入方面也會很有趣。因此，我們並不預測現金流量將為正，但我們確實相信前 5 顆衛星將帶來收入機會，無論您考慮的是政府應用程序還是其他從中受益的服務，或者它們可以利用非連續服務例如物聯網或監控。因此，我們認為那裡存在有趣的機會，不是現金流為正，但絕對是有趣的機會，並且我們計劃將其完全商業化。

Okay. And then last one for me. Just -- I appreciate the color on the U.S. being one of the early markets, you said that there might be others. I'm just curious if you could talk about some of the factors that you look for when deciding whether or not to go into one market or another, for example.

好的。然後是我的最後一張。只是——我很欣賞美國作為早期市場之一的色彩，你說可能還有其他市場。我只是好奇您能否談談您在決定是否進入一個或另一個市場時需要考慮的一些因素。

Well, we obviously -- we had a loan lease on that 40 operators that we had announced where we have MOUs or agreements. There is obviously interest in having the markets first. I mean we will prioritize then according to size of the market, but also to their participation and how closely they are working with us, supporting us technically financially or otherwise. So it is a multi -- we had a lot of interest to start using our services, and we will prioritize according to the support that we get from the MNOs.

嗯，顯然，我們對 40 家運營商進行了貸款租賃，我們已經宣布了這些運營商簽訂了諒解備忘錄或協議。顯然，人們對首先擁有市場感興趣。我的意思是，我們將根據市場規模、以及他們的參與程度以及他們與我們合作的密切程度，在技術、財務或其他方面支持我們來確定優先順序。所以這是一個多方面的問題——我們非常有興趣開始使用我們的服務，我們將根據移動網絡運營商提供的支持確定優先順序。

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

目前，我沒有再提出任何問題。現在我想將電話轉回給管理層，讓他們作結束語。

Thank you, operator. Our company is building a space-based cellular broadband network design for use of the phone in your pocket today. I want to thank everyone for joining, both the shareholders and the analysts for their questions, and I hope everybody has a great week. Thank you.

謝謝你，接線員。我們公司正在構建一種天基蜂窩寬帶網絡設計，以便您今天可以使用口袋裡的手機。我要感謝大家的加入，包括股東和分析師的提問，我希望大家度過愉快的一周。謝謝。

Ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。