AST SpaceMobile Inc (ASTS) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile Third 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 年第三季業務更新電話會議。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 首席策略長 Scott Wisniewski。請繼續。

Thank you, and good afternoon, everyone. Let me refer you to Page 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.

謝謝大家，大家下午好。請參閱簡報的第 2 頁，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。這些陳述是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有重大差異。

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, filed 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.

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 提交的其他文件不時與SEC 聯繫。請讀者不要過度依賴前瞻性陳述，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。

Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. Now referring to Page 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. Additionally, there are billions of people without cellular broadband who remain unconnected to the global economy. The markets we are pursuing are massive, and the problem we are solving is important and touches nearly all of us.

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。現在參考第3 頁。對於那些可能對我們公司和我們的使命不熟悉的人來說，當今世界各地有超過50 億部行動電話在使用，但我們中的許多人在生活、工作和生活中仍然遇到覆蓋範圍的差距。旅行。此外，還有數十億沒有蜂巢寬頻的人仍然與全球經濟脫節。我們正在追求的市場是巨大的，我們正在解決的問題很重要並且幾乎涉及我們所有人。

In this backdrop, AST Space Mobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices and supported by our extensive IP and patent portfolio.

在此背景下，AST Space Mobile 正在建立第一個也是唯一一個太空全球蜂窩寬頻網絡，可直接與日常未修改的行動裝置一起運行，並得到我們廣泛的 IP 和專利組合的支援。

It is now my pleasure to pass it over to Chairman and CEO, Abel Avellan, who will take you through our activities since the last public update.

現在我很高興將其交給董事長兼首席執行官 Abel Avellan，他將帶您了解自上次公開更新以來我們的活動。

Thank you, Scott. I would like to welcome everybody to our Q3 2023 earnings call. Turning to Page 4, I would like to start off with our key highlights and updates. We recorded another historic first in the world of connectivity. BlueWalker 3 demonstrated the first and only space-based 5G capabilities and 14 megabit per second data rates. This caps a highly successful testing program that include 2G, 4G and 5G, with participation from partners, Vodafone, AT&T, Rakuten and Nokia, validating AST SpaceMobile's satellite-design, patented-technology and manufacturing strategy. We also are moving full speed ahead with our plans to launch the first 5 satellites in Q1 2024. Manufacturing is at a full speed and progressing well in Midland.

謝謝你，斯科特。歡迎大家參加我們的 2023 年第三季財報電話會議。翻到第 4 頁，我想從我們的主要亮點和更新開始。我們在互聯互通領域創造了另一個歷史性的第一。 BlueWalker 3 展示了第一個也是唯一一個天基 5G 功能和每秒 14 兆位元的資料速率。此次測試計畫非常成功，包括 2G、4G 和 5G，沃達豐、AT&T、樂天和諾基亞等合作夥伴參與其中，驗證了 AST SpaceMobile 的衛星設計、專利技術和製造策略。我們也全速推進計劃，在 2024 年第一季發射前 5 顆衛星。米德蘭的製造工作全速前進，進展順利。

As a measure of progress to date, we have already incurred approximately 85% of the planned capital expenditure for these satellites, including launch costs. Transition to our cost profile, as we complete certain nonrecurring R&D initiatives and the first 5 commercial satellite, we expect adjusted operating expenses to be between $25 million to $30 million per quarter, beginning from Q1 2024 versus historical run rate of approximately $37 million to $40 million per quarter. And lastly, fundraising efforts with multiple strategic partners continue to advance and progress and the timing is in line with what we disclosed to you a few weeks ago in our interim business update press release.

作為迄今為止進展的衡量標準，我們已經承擔了這些衛星計畫資本支出的約 85%，其中包括發射成本。轉向我們的成本概況，隨著我們完成某些非經常性研發計畫和前5 顆商業衛星，我們預計從2024 年第一季開始，調整後的營運費用將在每季2500 萬美元至3000 萬美元之間，而歷史運行費用約為3700 萬美元至40 美元每季百萬。最後，與多個策略合作夥伴的籌款工作繼續推進並取得進展，時間安排與我們幾週前在臨時業務更新新聞稿中向您披露的內容一致。

And let's turn to Page 5, I can provide some additional detail on how this is progressing. We're moving forward on definitive documentation and completion of diligence with multiple strategic partners. The strategic investment process is intended to result in new capital and establish new and incremental financial, commercial and strategic relationship within the wireless ecosystem. This new investment is intended to fund the manufacturing, launch and operation of additional BlueBird satellites beyond our first 5 commercial satellites.

讓我們翻到第 5 頁，我可以提供一些有關進展的其他詳細資訊。我們正在與多個策略合作夥伴一起推進明確的文件記錄並完成盡職調查。策略投資流程旨在產生新資本，並在無線生態系統內建立新的增量財務、商業和策略關係。這項新投資旨在為我們首批 5 顆商業衛星以外的更多藍鳥衛星的製造、發射和營運提供資金。

Overall, we're encouraged by where we are in this process, and hope to be able to share more at any time during November or December. Transitioning back to our technology on Page 6. For the third quarter in a row, we have made telecommunications history. In September, we accomplished another unprecedented leap in space-based cellular broadband by successfully making the first ever 5G connection for voice and data between and every day we modified a smartphone and a satellite in space.

總的來說，我們對這一過程的進展感到鼓舞，並希望能夠在 11 月或 12 月的任何時間分享更多資訊。回到第 6 頁我們的技術。我們連續第三個季度創造了電信歷史。 9 月份，我們在太空蜂窩寬頻領域實現了另一個史無前例的飛躍，成功地在太空中改裝智慧型手機和衛星之間建立了有史以來第一個語音和數據 5G 連接。

The 5G call was placed on September 8 from modified Samsung Galaxy S22 located in Hana, Hawaii in a wireless dead zone. The testing was completed with our partners, Vodafone, AT&T and Nokia, cheering our collective success. In a separate tab, we brought previous space-based cellular broadband data sessions record by achieving a download rate of approximately 14 megabits per second. I would also encourage you to watch the video of the 5G connection and other testing milestones using BlueWalker 3 on our website.

9 月 8 日，位於夏威夷哈納無線死區的經過修改的三星 Galaxy S22 撥打了 5G 電話。測試是與我們的合作夥伴沃達豐、AT&T 和諾基亞共同完成的，為我們的集體成功歡呼。在一個單獨的選項卡中，我們實現了每秒約 14 兆位元的下載速率，打破了先前的天基蜂窩寬頻數據會話記錄。我還鼓勵您在我們的網站上觀看使用 BlueWalker 3 進行 5G 連接和其他測試里程碑的影片。

Turning to Page 7. Our historic achievement of 5G cellular broadband directly from the space comes at a time where United States has placed an emphasis on ensuring 5G broadband connectivity to all Americans. Today, less than half of the geographic United States have 5G coverage with download speeds greater than 7 megabits per second.

翻到第 7 頁。我們直接從太空取得 5G 蜂巢寬頻的歷史性成就，恰逢美國強調確保所有美國人獲得 5G 寬頻連線。如今，美國只有不到一半的地區擁有 5G 覆蓋，下載速度超過每秒 7 兆位元。

This pace mobile network is the only space-based network design for cellular broadband, and we will be able to efficiently cover unconnected areas of the country to bring 5G connectivity to everyone. The SEC reopened comments to the 5G phone for rural America rulemaking process, which we participated in. We had encouraged the commission to make satellite network eligible for funding through this program and look forward to monitoring development in the rulemaking process in the near term.

這種速度的行動網路是唯一針對蜂巢寬頻的天基網路設計，我們將能夠有效地覆蓋該國未連接的地區，為每個人帶來5G連線。美國證券交易委員會重新對我們參與的美國農村 5G 手機規則制定過程發表評論。我們鼓勵委員會讓衛星網路有資格透過該計劃獲得資助，並期待在短期內監測規則制定過程的進展。

This clear need that we are meeting is a key part of how we have been able to develop a strong wireless operators, partners over time. On Page 8, I want to give you a few examples of how our collaboration has been highlighted by our MNO partners. First, with a quick review from how Vodafone is thinking about offering our service to seamlessly augmenting their market-leading terrestrial network. They will use us the first and only space-based cellular broadband network to offer voice calls, SMS tests, video calls, Internet browsing, e-mail, music streaming, social media anywhere where the Vodafone subscriber may be located.

我們正在滿足的這一明確需求是我們如何能夠隨著時間的推移發展強大的無線營運商、合作夥伴的關鍵部分。在第 8 頁，我想向您提供一些範例，說明我們的行動電信商合作夥伴如何強調我們的合作。首先，快速回顧一下沃達豐如何考慮提供我們的服務來無縫增強其市場領先的地面網路。他們將使用我們第一個也是唯一一個天基蜂窩寬頻網絡，在沃達豐用戶所在的任何地方提供語音通話、簡訊測試、視訊通話、互聯網瀏覽、電子郵件、音樂串流媒體和社交媒體。

And with AT&T for the second quarter in a row, they have highlighted us from front to enter as a key milestone in their history and on our earnings call, here taking up all the support from the world-first direct 5G voice call. The high-profile public support seriousness and the depth of these relationships. Of course, AT&T and Vodafone are key partners for us, but they are not the only ones.

AT&T 連續第二個季度在我們的財報電話會議上強調我們是他們歷史上的一個重要里程碑，在這裡他們獲得了全球首個直接 5G 語音通話的所有支援。高調的公眾支持這些關係的嚴肅性和深度。當然，AT&T 和沃達豐是我們的重要合作夥伴，但他們並不是唯一的合作夥伴。

Turning to Page 8 -- 9. We're proud to have MOUs and agreement with over 40 of the largest mobile network operators around the world, represented over 2 billion subscribers that will become accessible to us as we deploy our network. These MNOs include Vodafone, Rakuten, AT&T, Bell Canada, africell, etisalat, Globe, indosat, Liberty Latin America, LTC, maxis, MILLICOM, MTN, Muni, Nyasa, Optus, Orange, salam, smartfren, Smart, smile, somtel, FTC, Telecom Argentina, Telefónica, Telkomsel, Telstra, TIM, Uganda telecom, yes, zain and others. Before I provide an update on our manufacturing progress, I want to take a minute to highlight the strength of our intellectual property on Page 10.

翻到第 8 - 9 頁。我們很自豪能夠與全球 40 多家最大的行動網路營運商簽訂諒解備忘錄和協議，這些營運商代表超過 20 億用戶，在我們部署網路時將可以存取這些用戶。這些行動網路營運商包括沃達豐、樂天、AT&T、加拿大貝爾、africell、etisalat、Globe、indosat、Liberty Latin America、LTC、maxis、MILLICOM、MTN、Muni、Nyasa、Optus、Orange、salam、smartfren、Smart、smile 、somtel、 FTC、阿根廷電信、Telefónica、Telkomsel、Telstra、TIM、烏幹達電信、yes、zain 等。在介紹我們的製造進度的最新情況之前，我想花一點時間在第 10 頁上強調我們的智慧財產權實力。

Our IP portfolio continues to grow, now accounting to over 3,100 patents and patent-pending claims, over 30 patent families, over 25 U.S. patent applications and over 10 additional patents around the world. Our strategy since funding has been to patent key aspects of direct-to-device value chain on an end-to-end basis as well as key aspects of our manufacturing process.

我們的智慧財產權組合持續成長，目前擁有超過 3,100 項專利和正在申請專利的權利要求、超過 30 個專利系列、超過 25 項美國專利申請以及全球 10 多項其他專利。自融資以來，我們的策略一直是在端到端的基礎上為直接到設備價值鏈的關鍵方面以及我們的製造流程的關鍵方面申請專利。

Turning to Page 11. We're pleased to report great progress on the manufacturing of our first 5 commercial satellites at our facilities in Midland, Texas, we're in advanced stages of the production of key subsystems of the satellites and have a high level of vertical integration over the full process. All key components manufacturing have been brought in-house, we're running 3 shifts at our Midland facilities and had ramped to approximately 160 manufacturing employees with over 100 of them in the picture above.

翻到第11 頁。我們很高興地報告我們在德克薩斯州米德蘭的工廠製造的前5 顆商業衛星取得了巨大進展，我們正處於衛星關鍵子系統生產的後期階段，並擁有高水平實現全流程的垂直整合。所有關鍵零件的製造都已在內部進行，我們在米德蘭工廠實行 3 班倒制，製造員工數量已增至約 160 名，其中上圖所示人數超過 100 名。

To the date, we have incurred 85% of planned capital expenditures, including launch costs. Let's turn to Page 12. I wanted to give you an update on manufacturing of our first 5 commercial satellites, which are in advanced stages in Midland, Texas. It is important to understand the high level of vertical integration in our manufacturing process. Being vertically integrated is very important for us as it allows us to maintain the unprecedented cost per unit delivered for our satellites with the power and capability to deliver broadband directly to everyday smartphones.

到目前為止，我們已經支出了計畫資本支出的 85%，其中包括啟動成本。讓我們翻到第 12 頁。我想向您介紹我們前 5 顆商業衛星的最新製造情況，這些衛星在德克薩斯州米德蘭已處於後期階段。了解我們製造流程中的高水準垂直整合非常重要。垂直整合對我們來說非常重要，因為它使我們能夠保持為衛星提供的前所未有的單位成本，並具有直接向日常智慧型手機提供寬頻的能力和能力。

These capabilities are very unique in the industry and will allow us to run the manufacturing capacity of 6 satellites per month and 72 satellites per year. This page outlines the key subsystems that are part of our microns, which are the building block of our face array. Our microns are designed to -- for mass production and are all identical. Our ability to mass-produce them is essential to the lost cost of our satellites. In order to mass produce microns effectively, we have vertically integrated systems of the micron, power system, power storage, electronics and antennas. We had a solar panel production line in Midland and our own key lines, cover glass and interconnect sales as a supplier in order to lower our costs, extend life and modified performance of solar panels to survive in space.

這些能力在業界非常獨特，將使我們能夠運行每月 6 顆衛星和每年 72 顆衛星的製造能力。本頁概述了微米的關鍵子系統，微米是我們面陣列的建構塊。我們的微米設計用於大規模生產，而且都是相同的。我們大規模生產它們的能力對於我們衛星的成本損失至關重要。為了有效地大規模生產微米，我們擁有微米、電力系統、電力儲存、電子和天線的垂直整合系統。我們在米德蘭擁有一條太陽能電池板生產線，並作為供應商擁有自己的關鍵生產線、蓋板玻璃和互連銷售，以降低我們的成本、延長太陽能電池板的使用壽命並改進其性能，以在太空中生存。

We also have battery pack production line in Midland, which then we get integrated into the micro. Both the solar panel and batteries were brought in-house after being externally sourced for BlueWalker 3. Our electronics are designed to last 7 to 10 years while also maintaining low cost. We produce our electronic for our first 5 satellites utilizing FPGAs, field-programmable gate arrays, and our own PA LNAs to ensure performance in the harsh environment of space.

我們在米德蘭也有電池組生產線，然後我們將其整合到微型中。 BlueWalker 3 的太陽能電池板和電池都是從外部採購後引入內部的。我們的電子產品設計使用壽命為 7 到 10 年，同時保持低成本。我們利用 FPGA、現場可編程閘陣列和我們自己的 PA LNA 為前 5 顆衛星生產電子產品，以確保在惡劣的太空環境中的表現。

For Block II, the FPGA will be upgraded with our own ASICs. Turning to the next page, our system is composed of a very large phase array, which is built out of micron that I explained in the previous page, and a central control and progressing unit, which is -- which we call our ControlSat, which we will update you here as well. The ControlSat is also made in-house, including the structure that houses our Avionic flight software and central processing beamformer, which is a unit that generate and create a beam that turn into cellular cell for managing direct connectivity to devices. This is also made in-house. The key component of this has been completed and are being integrated in our Midland, Texas facility.

對於Block II，FPGA將使用我們自己的ASIC進行升級。翻到下一頁，我們的系統由一個非常大的相控陣組成，它是由我在上一頁中解釋過的微米製成的，以及一個中央控制和進展單元，我們稱之為ControlSat，它我們也會在這裡更新您的資訊。 ControlSat 也是內部製造的，包括容納我們的航空電子飛行軟體和中央處理波束形成器的結構，這是一個產生和創建波束的單元，波束轉變為蜂窩單元，用於管理與設備的直接連接。這也是內部製作的。該項目的關鍵部分已經完成，並正在整合到我們位於德克薩斯州米德蘭的工廠。

The flight computer is an essential part of our system and is where we host our add it to control system to manage a position of the spacecraft and also where we run flight software, which talk to every sensor and actuator on board to control our spacecraft. This is all made in-house, including the wiring harness.

飛行電腦是我們系統的重要組成部分，是我們將其添加到控制系統以管理太空船位置的地方，也是我們運行飛行軟體的地方，飛行軟體與船上的每個感測器和執行器通訊以控制我們的航天器。這一切都是內部製造的，包括線束。

The software and control system is architected and designed in our U.S. offices and get integrated and tested in our Midland facilities. In this picture, you see the ControlSat component of the Avionics stack, the harness and all of the ground and flight software, which is required to manage and control the satellites. It is important to remind you that all these systems and this level of vertical integration is only possible, thanks to the fact that we have BlueWalker 3 operating for over a year successfully. And that has given us all the learnings and all the required heritage in order to be able to integrate effectively and cost effectively all these part of our new build satellites.

軟體和控制系統是在我們的美國辦事處建造和設計的，並在我們的米德蘭工廠進行整合和測試。在此圖中，您可以看到航空電子設備堆疊的 ControlSat 組件、線束以及管理和控制衛星所需的所有地面和飛行軟體。需要提醒您的是，只有 BlueWalker 3 成功運行一年多，所有這些系統和這種等級的垂直整合才有可能實現。這為我們提供了所有的經驗教訓和所有必要的遺產，以便能夠有效且具有成本效益地整合我們新建衛星的所有這些部分。

And with that, I would like to pass over to Sean to provide you our financial update.

接下來，我想請 Sean 為您提供我們的最新財務資訊。

Thanks, Abel, and good afternoon, everyone. It has been a little over a year since BlueWalker 3 was lifted into orbit in the night sky at Cape Canaveral. Since that time, AST has continued to achieve a series of accomplishments and make progress towards the goal of building the AST SpaceMobile Constellation. We are now giving and defining the satellite to device industry, which is rapidly becoming one of the most exciting innovations in the mobile phone industry in the last 50 years.

謝謝阿貝爾，大家下午好。距離 BlueWalker 3 號被送入卡納維爾角夜空中的軌道已經一年多了。自那時起，AST不斷取得一系列成就，並朝著建立AST太空移動星座的目標取得進展。我們現在正在賦予並定義衛星到設備產業，該產業正迅速成為過去 50 年來行動電話產業最令人興奮的創新之一。

Since our last earnings call, the AST SpaceMobile team completed more groundbreaking test results, utilizing BlueWalker 3, made significant progress towards the expected launch of the 5 BB1 satellites and continued to focus on raising capital to fund the AST SpaceMobile Constellation. An exciting and tangible part of this advancement is watching our assembly, integration and testing facility in Midland begin its production activity with dozens of technicians and engineers as well as highly specialized processes all contributed to the production of 5 BB1s for the targeted launch next year.

自上次財報電話會議以來，AST SpaceMobile 團隊利用 BlueWalker 3 完成了更多突破性的測試結果，在預計發射 5 顆 BB1 衛星方面取得了重大進展，並繼續專注於籌集資金為 AST SpaceMobile 星座提供資金。這項進步的一個令人興奮和切實的部分是我們位於米德蘭的組裝、整合和測試工廠開始了生產活動，數十名技術人員和工程師以及高度專業化的流程都為明年目標推出的5輛BB1 的生產做出了貢獻。

As always, I want to recognize and thank the hard-working team of engineers, technicians and suppliers and the support and confirmation by our partners who are some of the most sophisticated wireless companies in the world, including AT&T, Vodafone, Rakuten and Nokia. I want to start by reviewing our key operating metrics for the second quarter that are displayed on Slide 14. On the first chart, we see that for the third quarter of 2023, we had non-GAAP adjusted cash operating expenses of $37.3 million versus $38.4 million in the second quarter.

一如既往，我要感謝辛勤工作的工程師、技術人員和供應商團隊，以及我們的合作夥伴的支持和認可，這些合作夥伴是世界上最先進的無線公司，包括 AT&T、沃達豐、樂天和諾基亞。我想先回顧幻燈片14 中顯示的第二季度的關鍵營運指標。在第一個圖表中，我們看到2023 年第三季度，我們的非GAAP 調整後現金營運費用為3730 萬美元，而38.4 美元第二季達 100 萬元。

Non-GAAP adjusted operating expenses excludes certain noncash operating costs including depreciation and amortization and stock-based compensation, which totaled $21.6 million and $19.6 million for the third and second quarters, respectively. Our third quarter non-GAAP adjusted operating expenses decreased by $1.1 million versus the second quarter. Our research and development expenses fell this quarter as a result of reduced expenditures associated with our ASIC chip design as we continue to get closer to the completion of that work.

非公認會計原則調整後的營運費用不包括某些非現金營運成本，包括折舊和攤提以及基於股票的薪酬，第三季和第二季的總額分別為 2,160 萬美元和 1,960 萬美元。我們第三季非 GAAP 調整後營運費用比第二季減少了 110 萬美元。我們的研發費用本季有所下降，原因是隨著我們繼續接近完成該工作，與 ASIC 晶片設計相關的支出減少。

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. Our engineering services expenses fell and our general and administration expenses rose modestly in the third quarter. Turning towards the second chart, our capital expenditures for the third quarter were $71.7 million versus $26.8 million for the second quarter. As we had indicated on our last call, we expected our level of capital expenditures to increase substantially as we focused our efforts on procuring parts, materials and systems for the BB1 satellites as well as to make payments to our provider of launch services.

我們的研發費用主要包括非經常性開發活動，我們通常會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。第三季我們的工程服務費用下降，一般和管理費用小幅上升。轉向第二個圖表，我們第三季的資本支出為 7,170 萬美元，而第二季為 2,680 萬美元。正如我們在上次電話會議中所表示的那樣，我們預計我們的資本支出水準將大幅增加，因為我們將重點放在採購 BB1 衛星的零件、材料和系統以及向我們的發射服務提供者付款上。

As to the end of the third quarter, we have spent over 85% of the expected amounts for these satellites. We are now projecting to spend approximately $150 million -- $115 million, that's 1-1-5 for the 5 BB1 satellites, up from our last estimate of $110 million. On a positive note, a good portion of the increase in cost was a result of a potential customer requesting a change in the inclination of the orbit so that our constellation could provide better coverage for their subscriber base. This change to the orbital location required an additional payment to our launch provider.

截至第三季末，這些衛星的支出已達到預期金額的85%以上。我們現在預計花費約 1.5 億至 1.15 億美元，即 5 顆 BB1 衛星的 1-1-5，高於我們上次估計的 1.1 億美元。從積極的方面來看，成本增加的很大一部分是由於潛在客戶要求改變軌道傾角，以便我們的星座可以為其用戶群提供更好的覆蓋範圍。軌道位置的改變需要向我們的發射提供者額外付款。

And on the final chart on the slide, we ended the quarter with about $135 million in cash on hand. As we stated in our 10-Q, we believe this cash as well as our ability to raise capital through 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 availability of capital.

在投影片的最後一張圖表中，本季末我們手頭現金約為 1.35 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透過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組化的。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。

This flexibility provides us comfort that we can manage our liquidity profile dynamically depending on our rate of raising capital. As we head towards the next fiscal year, I wanted to provide guidance on our expected operating expense levels and capital expenditures as we flip towards Page 15. We have been supporting the development efforts of our 2 critical satellite designs, Block 1 and Block 2, our ASIC chip design and the construction of 5 BB1 satellites. The completion of this BB1 work and a significant portion of the BB2 and ASIC design work is expected to result in a material reduction in our adjusted operating expenses and future capital expenditures.

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。在我們邁向下一個財年之際，我想在翻到第15 頁時就我們的預期營運費用水準和資本支出提供指導。我們一直在支持2 個關鍵衛星設計（Block 1 和Block 2）的開發工作，我們的ASIC晶片設計和5顆BB1衛星的建造。 BB1 工作以及 BB2 和 ASIC 設計工作的很大一部分的完成預計將導致我們調整後的營運費用和未來資本支出大幅減少。

This reduction in cash expenditures will be done without a material reduction in our employee headcount as most of these reductions are related to the completion of third-party work. Overall, our adjusted operating expenses should decline from a range of $37 million to $40 million per quarter to a range of $25 million to $30 million per quarter, with the full effect starting in the first quarter of 2024.

現金支出的減少將在我們的員工人數不會大幅減少的情況下完成，因為這些減少大部分與第三方工作的完成有關。整體而言，我們調整後的營運支出應從每季 3,700 萬美元至 4,000 萬美元的範圍下降至每季 2,500 萬美元至 3,000 萬美元的範圍，並從 2024 年第一季開始全面生效。

We also plan to reduce our level of capital expenditures as we reach the final investments for BB1 and the material investments for BB2. Timing of the changes in our adjusted operating expenditures and capital expenditures, as I have just described, could be delayed or may not be realized to a variety of factors.

當我們達到 BB1 的最終投資和 BB2 的材料投資時，我們也計劃降低資本支出水準。正如我剛才所描述的，我們調整後的營運支出和資本支出的變化時間可能會因多種因素而延遲或無法實現。

And with that, this completes 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。

Thank you, Sean. Before we go to the queue of analyst questions, we'd 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。在我們討論分析師問題之前，我們想先回答投資人在電話會議之前提出的一些問題。接線生，您能先問我們第一個問題嗎？

Rolando from Paris Ask, can the company discuss the competitive landscape for DTV and differentiate the different offerings that are in the works.

來自巴黎的 Rolando 詢問該公司能否討論 DTV 的競爭格局並區分正在開發的不同產品。

Thanks, Rolando. There have been a tremendous excitement about direct-to-device services. Over the past year, we have seen other companies pull their hands up on a me-too offering. But clearly, when you get into their details, they are not broadband scalable or compatible with today's smartphones. This is a hard problem, which has a lot of different elements for success. And we have been entirely focused on development of these systems since the funding of our company in 2017.

謝謝，羅蘭多。直接面向設備的服務引起了人們極大的興奮。在過去的一年裡，我們看到其他公司也紛紛推出模仿產品。但顯然，當您了解它們的詳細資訊時，您會發現它們不具有寬頻可擴展性或與當今的智慧型手機相容。這是一個難題，成功有很多不同的要素。自 2017 年公司融資以來，我們一直完全專注於這些系統的開發。

We had invested over $700 million to date in this effort, resulting in over 3,100 patent and patent pending claims and our own vertically integrated manufacturing capabilities for our satellites. AST SpaceMobile critical differentiation is that we are the first and only system designed for 5G cellular broadband.

迄今為止，我們已在這項工作上投資了 7 億多美元，獲得了 3,100 多項專利和正在申請專利的權利要求，以及我們自己的衛星垂直整合製造能力。 AST SpaceMobile 的關鍵差異在於，我們是第一個也是唯一一個專為 5G 蜂巢寬頻設計的系統。

We have shown the ability to achieve 5G data rates as well 4G and 2G. Other systems today are far away from being able to achieve what we have and our primarily narrowband techs and emergency service offering. Our very large space array antenna, combined with our own ASICs is unique in the space and is critical for achieving 5G directly to existing everyday smartphone to scale up to serve the needs of the 5 billion phones in circulation in partnership with the leading and largest MNOs on the planet.

我們已經展示了實現 5G 以及 4G 和 2G 數據速率的能力。今天的其他系統還遠遠無法實現我們所擁有的以及我們主要的窄頻技術和緊急服務產品。我們的超大空間陣列天線與我們自己的ASIC 相結合，在該領域是獨一無二的，對於與領先和最大的行動網路營運商合作，將5G 直接應用於現有的日常智慧型手機、擴大規模以滿足流通中的50 億部手機的需求至關重要在這個星球上。

Anna from California asked how long from finalizing the ASIC design where you get the chip.

來自加州的 Anna 問，從完成 ASIC 設計到拿到晶片需要多長時間。

Thanks, Anna. The development of the ASIC was a 4-year process with a cost in excess of $40 million that is mostly at this point behind us. The design is substantially complete. We expect we will be able to start getting the first units around 3 to 4 months after the tape out, which is in the process where -- which is the process where the design gets produced by our foundry partner, TSMC.

謝謝，安娜。 ASIC 的開發歷時 4 年，成本超過 4,000 萬美元，目前大部分已經過去了。設計已基本完成。我們預計我們將能夠在流片後大約 3 到 4 個月開始獲得第一批設備，這是我們的代工合作夥伴台積電生產設計的過程。

I just want to remind everyone that the first 5 commercial satellites would be flying us in our current FPGAs, which is essentially the programmable version of the ASIC. The ASIC is expected to give us a 10x improvement in processing bandwidth of 1 gigahertz to 10 gigahertz of available spectrum per satellite, while reducing the power and consumption and cost of these satellites. We believe that this is a significant barrier for entry for space-based cellular broadband, along with our large 2,400 square feet space array.

我只是想提醒大家，前 5 顆商業衛星將使用我們目前的 FPGA 進行飛行，FPGA 本質上是 ASIC 的可程式版本。 ASIC 預計將使我們將每顆衛星可用頻譜 1 GHz 至 10 GHz 的處理頻寬提高 10 倍，同時降低這些衛星的功耗、消耗和成本。我們相信，這對於進入天基蜂窩寬頻以及我們 2,400 平方英尺的大型空間陣列來說是一個重大障礙。

Leaden from New Zealand how much out of factory testing is AST reliant on? Can everything be tested in-house at this point?

Leaden 來自紐西蘭 AST 對出廠測試的依賴程度如何？現在可以在內部測試所有內容嗎？

Thank you, Leaden. I'll take this one. You may recall with BlueWalker 3 that we had to move the satellite off-site several times. This included vibration and other testing. And right before we shipped the satellite to Cape Canaveral, we actually had to go back to California testing, which, of course, is inefficient and introduced extra time to our schedule.

謝謝你，利登。我要這個。您可能還記得，在 BlueWalker 3 中，我們必須多次將衛星移離現場。這包括振動和其他測試。就在我們將衛星運送到卡納維拉爾角之前，我們實際上必須返回加利福尼亞州進行測試，這當然效率低下，並且為我們的日程安排帶來了額外的時間。

Now for our first 5 commercial satellites, we will be able to conduct all of our out of factory testing in-house at our Site 2 facility in Midland, Texas. This testing includes component level and satellite level thermal vibration and RF testing. This is another great capability that we've brought in-house alongside the vertical integration that Abel discussed earlier. As a result of this, we expect to significantly shorten our production times and increase our control of our process compared to BlueWalker 3.

現在，對於我們的前 5 顆商業衛星，我們將能夠在德克薩斯州米德蘭的 Site 2 工廠內部進行所有出廠測試。該測試包括組件級和衛星級熱振動和射頻測試。這是我們在 Abel 之前討論的垂直整合之外引入的另一個強大功能。因此，與 BlueWalker 3 相比，我們預計將顯著縮短生產時間並增強對流程的控制。

Leaden from New Zealand asked, do you expect to enter into commercial agreements with MNOs prior or post launch as the company decided on which inclinations they attend to initially serve?

來自紐西蘭的 Leaden 問道，當公司決定最初服務的傾向時，您是否希望在推出之前或之後與 MNO 簽訂商業協議？

As we discussed earlier, we've been continuing to grow the list of MNOs that we have MOUs and agreements with, and we're now at over 40 operators globally who collectively cover over 2 billion subscribers. Our plan is to sign some of these agreements prior to launch. And in fact, we recently changed the inclination for our first 5 satellites based on customer feedback. We're going to be at a 53-degree inclination and this orbit allows our satellites to cover anywhere in the globe up to 59-degrees latitude for both the Northern and Southern hemispheres.

正如我們之前所討論的，我們一直在不斷擴大與我們簽署諒解備忘錄和協議的 MNO 名單，目前我們在全球擁有 40 多家運營商，總共覆蓋了超過 20 億用戶。我們的計劃是在發布之前簽署其中一些協議。事實上，我們最近根據客戶回饋改變了前 5 顆衛星的傾角。我們將處於 53 度傾角，該軌道使我們的衛星能夠覆蓋北半球和南半球緯度高達 59 度的全球任何地方。

And with that, I'd like to thank our shareholders for submitting these questions. Operator, let's open up 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，我們現在開始詢問分析師問題。

(Operator Instructions) Our first question is from Benjamin Soff with Deutsche Bank.

（操作員指示）我們的第一個問題來自德意志銀行的本傑明·索夫（Benjamin Soff）。

A couple for me. The first one is, is there any more color you guys can share on the strategic investment process. What it is you're looking for and what shape you think those partnerships could take?

給我一對。第一個是，關於策略投資過程，大家還有什麼可以分享的嗎？您正在尋找什麼以及您認為這些合作夥伴關係可以採取什麼形式？

Ben, I appreciate the question. I think we've put most of the latest information in this presentation already. This is an important phase for us because it lays out not just funding but also commercial and strategic relationships that will be important for us. So we're very encouraged where we are right now, and we look forward to getting more details during November and December.

本，我很欣賞這個問題。我想我們已經在本次演示中提供了大部分最新資訊。這對我們來說是一個重要的階段，因為它不僅展示了資金，還展示了對我們來說很重要的商業和策略關係。因此，我們對目前的情況感到非常鼓舞，並期待在 11 月和 12 月期間獲得更多詳細資訊。

Got it. And now that you've achieved 5G connectivity, what's the next major testing milestone you guys are looking for, if any?

知道了。現在你們已經實現了 5G 連接，你們正在尋找的下一個主要測試里程碑是什麼（如果有的話）？

Well, we are turning our attention -- Ben, we're turning our attention to the build of the next 5 satellites. We continue testing with BlueWalker 3. But the major milestone required out of BlueWalker 3 have completed.

好吧，我們正在把注意力轉向——Ben，我們正在把注意力轉向接下來 5 顆衛星的建造。我們繼續使用 BlueWalker 3 進行測試。但 BlueWalker 3 所需的主要里程碑已經完成。

Okay. Got it. And then is there any more color you guys can give on the CapEx trajectory going forward? I heard the comment that it might decline, but just wondering at what pace and kind of to what magnitude? And that's it for me.

好的。知道了。那麼你們對於未來的資本支出軌跡還有什麼更多的看法嗎？我聽到有人評論說它可能會下降，但只是想知道下降的速度和幅度是多少？對我來說就是這樣。

Obviously, this last quarter, we've seen a pretty big bump up in our CapEx as a result of some final payments on BB1 and some other BB2 expenditures. We expect the number to come materially down from there. We don't give guidance on that, but it will be significantly lower than what we've seen in the last 2 quarters.

顯然，在上個季度，由於 BB1 的一些最終付款和其他一些 BB2 支出，我們的資本支出出現了相當大的成長。我們預計該數字將大幅下降。我們不會就此給出指導，但它將顯著低於我們過去兩個季度所看到的水平。

Our next question is Griffin Boss with B. Riley Securities.

我們的下一個問題是 B. Riley 證券公司的 Griffin Boss。

So first for me is, are there any additional insights you can share that you might have learned over the past 3 months regarding capacity and ability to process multiple calls concurrently within a certain beam or so?

首先對我來說，您是否可以分享您在過去 3 個月中學到的關於在某個波束內同時處理多個呼叫的容量和能力的其他見解？

Yes. I mean we have already given preliminary guidance of what the capacity per satellite is and what is the processing bandwidth that we can support. For Block 1 with the FPGA-based system is about 1 gigahertz of processing bandwidth. With the ASIC that is a 10 fold increment to 10 gigahertz processing bandwidth, and our testing support these assumptions.

是的。我的意思是，我們已經就每顆衛星的容量以及我們可以支援的處理頻寬給出了初步指導。對於具有基於 FPGA 的系統的區塊 1，處理頻寬約為 1 GHz。 ASIC 的處理頻寬增加了 10 倍，達到 10 GHz，我們的測試支持這些假設。

Okay. Got it. And then so -- but just with BlueWalker 3, have you -- have you been testing with multiple calls at once? I don't know that I've seen any test data regarding multiple calls at a single time or multiple video calls.

好的。知道了。那麼 - 但僅使用 BlueWalker 3，您是否曾同時測試過多個呼叫？我不知道我是否看到過任何有關單次多個通話或多個視訊通話的測試數據。

Yes. We have done multiple and simultaneous. We also have opened up the pipes to let hundreds, in some instance thousands of (inaudible) connecting to the system. So that also has been verified during the testing.

是的。我們已經同時進行了多次。我們也開放了管道，讓數百個，在某些情況下數千個（聽不清楚）連接到系統。所以這一點在測試過程中也得到了驗證。

Okay. Great. Appreciate that. And then stepping back, just regarding the U.S. national spectrum security that was released yesterday. Just curious if there was anything in that, that caught your eye as notable as it relates to supplemental coverage space? Or if there's anything in there that suggests to you that the FCC might now faster on developing such a framework?

好的。偉大的。感謝。然後退一步，談談昨天發布的美國國家頻譜安全。只是好奇其中是否有任何東西引起您的注意，與補充報道空間相關？或者是否有任何內容向您表明 FCC 現在可能會更快地開發這樣的框架？

Yes. Well, as you know, we invented direct to device. And we are the first one to demonstrate it at a broadband, and we have the only system that support it. So we are super encouraged by having a presidential notice where the first item, it is basically a system that replicates what we have invented. So yes, that caught our eyes. We're very happy. We're very encouraged about that. I think this will facilitate in the future how our services will be regulated in particularly in the United States.

是的。嗯，如您所知，我們發明了直接到設備。我們是第一個在寬頻上展示它的公司，我們擁有唯一支援它的系統。因此，我們對總統通知感到非常鼓舞，其中第一個基本上是一個複製我們發明的系統。是的，這引起了我們的注意。很高興。我們對此感到非常鼓舞。我認為這將有助於將來我們的服務受到監管，特別是在美國。

United States is also a reference for other countries. Together with our strategic investors -- current strategic investors, we had achieved significant progress in around the world in getting this system regulated and to be available to be used and we solve a big problem. So yes, we're very proud of being mentioned and be part of presidential strategies for spectrum, which is basically and expected to use -- to support a system that we invented and where we are the only one that can provide broadband connectivity directly to regular devices. So we are very happy, very encouraged by that.

美國對於其他國家也有借鏡意義。與我們的策略投資者（目前的策略投資者）一起，我們在世界各地取得了重大進展，使該系統得到監管並可供使用，我們解決了一個大問題。所以，是的，我們非常自豪能夠被提及並成為總統頻譜戰略的一部分，該戰略基本上和預期將用於支持我們發明的系統，並且我們是唯一能夠直接向人們提供寬頻連接的系統。常規裝置.所以我們對此感到非常高興、非常鼓舞。

Got it. Great. And then if I could just sneak one more in. There was a question earlier on the competitive landscape. I was wondering if you could share any of your opinions if you have any as to why you think Qualcomm walked away from Iridium recently?

知道了。偉大的。然後我是否可以再偷偷加入一個。早些時候有一個關於競爭格局的問題。我想知道您是否可以分享一下您對高通最近放棄銥星的原因的看法？

Yes. Listen, I mean, there's 5 billion phones in circulation. When we launched this design of this system, there was a prerequisite that is that you do not need any special chip and special frequency or special nothing in your device because the moment that you do that, you take that 5 billion phones in circulation to a niche play. And anything that were to change or it's an SOS test, we believe that is limited and with a limited market opportunity compared with broadband directly to every day smartphone, with the phone that you have in your pocket. So we're not surprised by this. And I do believe -- we do believe that any solution that requires special terminal as we become a reality, as we start launching our satellites as early as next quarter, next year, all those solutions become less and less relevant.

是的。聽著，我的意思是，有 50 億支手機在流通。當我們推出這個系統的設計時，有一個先決條件，那就是你的設備中不需要任何特殊的晶片和特殊的頻率或任何特殊的東西，因為當你這樣做的那一刻，你就把流通中的50 億支手機帶到了一個小眾玩法。我們認為，與直接將寬頻連接到日常智慧型手機（即您口袋裡的手機）相比，任何要改變的事情或 SOS 測試都是有限的，而且市場機會也有限。所以我們對此並不感到驚訝。我確實相信，我們確實相信，任何需要特殊終端的解決方案都會成為現實，隨著我們最早在明年下個季度開始發射衛星，所有這些解決方案都會變得越來越不相關。

So we're not surprised by it. And -- and I think if anything, it support our vision that these systems need to support any phone, every phone, everywhere, without requiring any change, any chip, any special ASIC or any special chipset or anything that is proprietary to the phone in order to make it available for all 5 billion phones in circulation.

所以我們對此並不感到驚訝。我認為，如果有的話，它支持我們的願景，即這些系統需要支援任何地方的任何手機、每部手機，而無需任何更改、任何晶片、任何特殊ASIC 或任何特殊晶片組或手機專有的任何東西以使其適用於所有流通的 50 億部手機。

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

目前，我沒有再提出任何問題。我想將電話轉回管理層以供結束語。

Great. 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 research analysts for the questions. Have a great evening.

偉大的。謝謝你，接線生。我們公司正在建造天基蜂巢寬頻網路設計，以便您今天可以使用口袋裡的手機。我要感謝大家與股東和研究分析師一起提出問題。祝您有個美好的夜晚。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。