AST SpaceMobile Inc (ASTS) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the AST Space mobile fourth 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 Space 移動 2023 年第四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. based mobile.

現在我想將會議交給今天的東道主 AST 首席策略長 Scott Wisniewski。基於移動。

Please go ahead.

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. For more information about these risks and uncertainties, please refer to the Risk Factors section of empty space mobile's annual report on Form 10 K for the year ended December 31st, 2023 with the Securities and Exchange Commission and other documents filed by AST. space mobile 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 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.

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。有關這些風險和不確定性的更多信息，請參閱empty space mobile向美國證券交易委員會提交的截至2023年12月31日的10 K表格年度報告的風險因素部分以及AST提交的其他文件。不時與 SEC 進行太空機動。請讀者不要過度依賴前瞻性陳述，且本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 Page 3. For those of you who are 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. Additionally, there are billions of people without cellular broadband who remain unconnected to the global digital economy. These markets that we are pursuing are massive and the problem we are solving is important and touches nearly all of us in this backdrop, AST space mobile is building the first and only global cellular broadband network and space to operate directly with everyday unmodified mobile devices, supported by our extensive IP and patent portfolio and design for both commercial and government use.

現在參考第3 頁。對於那些剛接觸我們公司和使命的人來說，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。此外，還有數十億沒有蜂巢寬頻的人仍然無法連接到全球數位經濟。我們正在追求的這些市場規模巨大，我們正在解決的問題非常重要，在這種背景下幾乎觸及我們所有人，AST space mobile 正在構建第一個也是唯一一個全球蜂窩寬頻網絡和空間，可直接與日常未修改的行動裝置進行操作，由我們廣泛的智慧財產權和專利組合以及商業和政府用途的設計提供支援。

With that, I would like to introduce Chairman and CEO, Abel Avellan.

接下來，我想介紹一下董事長兼執行長阿貝爾·阿維蘭 (Abel Avellan)。

Thank you, Scott. I would like to welcome everybody to our Q4 2023 business update call. You had been an incredibly busy few months here at AST space mobile, and I will walk you through update on our key areas of focus today. First, at the start of the year, we announced the strategic investments from AT&T, Google and Vodafone, which represent a vote of confidence in our technology and business model. With this, we have the necessary funding on hand to execute near-term strategic plan for the launch of five 700 square-foot block one bluebird satellite on the initial next-generation 2,400 square foot bluebird, which will surpass block one at the largest phased array into in law at Orbis. We're also very excited to continuing to advance discussion with additional strategic partners following the blueprint for strategic investment alongside commercial payments.

謝謝你，斯科特。歡迎大家參加我們的 2023 年第四季業務更新電話會議。您在 AST space mobile 度過了異常忙碌的幾個月，今天我將向您介紹我們重點關注領域的最新動態。首先，今年年初，我們宣布獲得AT&T、Google和沃達豐的策略投資，這代表著對我們技術和商業模式投下的信任票。有了這個，我們手頭上就有了必要的資金來執行近期戰略計劃，即在最初的下一代2,400 平方英尺藍鳥衛星上發射5 顆700 平方英尺的藍鳥一號衛星，這將在最大階段性超過一號衛星在奧比斯 (Orbis) 結為姻親。我們也非常高興能夠按照策略性投資和商業支付的藍圖繼續與其他策略夥伴進行討論。

Another great development on our commercialization was a new contract award we announced with United State Government through a prime contractor, which we believe will open the door for dual use commercial and government applications of our satellites.

我們商業化的另一個重大進展是我們透過主承包商與美國政府宣布了一項新合同，我們相信這將為我們的衛星的商業和政府雙重用途打開大門。

On the regulatory front, we have received great news recently with the new FCC rules, which we provide a pathway to log over 200 megahertz of spectrum for directly device to support the rollout of our technology. The FCC board at March 14th to approve this supplemental call restaurant space, which was published in February. This should facilitate a S. D's space mobile SEC obligation to provide commercial services in the US. This will simplify the overall application process by making the standard rules, which will cover the majority of it is based mobile applications. We anticipate many regulatory entities globally will follow the new U.S. regulatory regime to regulate our services. We're starting to see these in large countries like Brazil.

在監管方面，我們最近收到了新的 FCC 規則的好消息，我們為直接設備提供了記錄超過 200 兆赫頻譜的途徑，以支援我們技術的推出。 FCC 董事會於 3 月 14 日批准了這項補充呼叫餐廳空間，該空間於 2 月發布。這應該有助於 S.D 的太空移動 SEC 履行在美國提供商業服務的義務。這將透過制定標準規則來簡化整個應用程式流程，這將涵蓋大多數基於行動應用程式的應用程式。我們預期全球許多監管實體將遵循美國新的監管制度來監管我們的服務。我們開始在像巴西這樣的大國看到這些。

Moving to manufacturing, our 185,000 square foot Texas facility are fully operational with production assembly and testing. Unfortunately, production was negative negatively impacted primarily by two suppliers, leading to delays in integration and testing for these five 700 square-foot block one bluebirds. While we have also face initial challenges on the manufacturing of our new great microns to be used for Block one and Block two in order to sell at a production of our next satellite and reduce dependency on outside suppliers. We acquire a license to manufacture one of the components and replace the older supply with our own IP and design at the same time were rapidly stabilizing our Micron production line. This is important because these are the same Micron building blocks for our next satellite launch. With the supplier fixes, we will be able to manufacture in house and through our third parties of our own IP, approximately 95% of all satellite subsystem for our next-generation block to bluebird satellite, securing our supply chain folks mix I can share updates on our Orbital launches to provide a near term top line. We expect that the five 700 foot law firm Lubert-Adler will be transported from our assembly facility to the loan side between July and August 2024.

轉向製造，我們位於德克薩斯州 185,000 平方英尺的工廠已全面投入生產組裝和測試。不幸的是，生產主要受到兩家供應商的負面影響，導致這五台 700 平方英尺的一號藍鳥的整合和測試延遲。同時，我們在製造用於第一塊和第二塊的新型大微米材料方面也面臨最初的挑戰，以便在生產下一顆衛星時進行銷售並減少對外部供應商的依賴。我們獲得了製造其中一個組件的許可證，並用我們自己的 IP 和設計替換舊的供應，同時迅速穩定了我們的美光生產線。這很重要，因為這些與我們下一次衛星發射的美光建造模組相同。透過供應商的修復，我們將能夠在內部並透過我們自己的 IP 第三方製造我們下一代區塊到藍鳥衛星的所有衛星子系統的大約 95%，從而確保我們的供應鏈人員組合我可以分享更新我們的軌道發射提供了近期的收入線。我們預計五家 700 英尺的 Lubert-Adler 律師事務所將於 2024 年 7 月至 8 月期間從我們的組裝設施運送至貸款方。

And looking ahead, we have secured an additional launch contract for the first 2,400 square foot next-generation block to bluebird satellite with a contract launch window from December 2024 to March 2025, which will surpass block one as the largest phase array in loaded orbit Also we announced last week our custom A6 entering the tape-out phase, which is planned to enable 120 megabits big data rate on 40 megahertz spectrum channels. These novel custom and low-power architecture was developed to enable up to tenfold improvement in processing bandwidth on each next-generation 24 hundred square feet block to bluebird satellites. The design of our custom A6 with our processing balances of approximately 10,000 megahertz per satellite, along with the face with the large phased array is the enabler of true space-based cellular broadband with a relatively small number of satellites. These sales will represent over four years equivalent to an estimated 150 man years of intensive work will approximate about [$145 million] of development on the Asic alone.

展望未來，我們已經獲得了第一個2,400 平方英尺的下一代藍鳥衛星區塊的額外發射合同，合同發射窗口為2024 年12 月至2025 年3 月，這將超越區塊一，成為裝載軌道上最大的相控陣。我們上週宣布我們的定制 A6 進入流片階段，計劃在 40 兆赫頻譜通道上實現 120 兆位元大數據速率。這些新穎的客製化低功耗架構的開發旨在使每顆下一代 2400 平方英尺區塊到藍鳥衛星的處理頻寬提高十倍。我們定制的 A6 的設計具有每顆衛星約 10,000 兆赫茲的處理平衡，以及帶有大型相控陣的表面，是真正的天基蜂窩寬頻與相對較少的衛星的實現者。這些銷售額將相當於四年多的時間，相當於估計 150 人年的密集工作，僅在 Asic 上的開發就接近約 [1.45 億美元]。

And lastly, in addition to the strategic discussion referred to earlier, we are very excited to have received three non-binding letter of interest for non-dealer requested governmental funding as a result, we have initiated the process with these funding sources onshore, we will be explaining more to you about it.

最後，除了前面提到的戰略討論之外，我們非常高興收到三封針對非經銷商請求的政府資金的不具約束力的意向書，我們已經啟動了與這些境內資金來源的流程，我們將向您解釋更多相關內容。

Turning to page 5, the business from AT&T, Google and Vodafone are of a great significant for us. They are some of our largest prospective customers alongside the US government with Google. In particular, the agreement to collaborate on product development will be a great benefit for our prospective MNO customers. We had agreements and understand that we more than 40 mobile network operator globally, which have over 2 billion IT system subscribers globally. AT&T and Google joined Vodafone, Rakuten American Tower and Bell Canada as an investors. I cannot be more proud to have these great organizations alongside us on the execution of our mission and as I stated before, we continue to advance discussion with additional equity power following the blueprint of strategic investments alongside commercial payments.

翻到第 5 頁，來自 AT&T、Google 和 Vodafone 的業務對我們來說意義重大。他們與美國政府和Google一樣是我們最大的潛在客戶。特別是，產品開發合作協議將為我們的潛在行動網路營運商客戶帶來巨大好處。我們簽訂了協議，並了解到我們在全球擁有超過 40 家行動網路營運商，這些營運商在全球擁有超過 20 億 IT 系統用戶。 AT&T 和Google加入沃達豐、樂天美國鐵塔和貝爾加拿大公司為投資者。我非常自豪能夠讓這些偉大的組織與我們一起執行我們的使命，正如我之前所說，我們將繼續按照戰略投資和商業支付的藍圖推進與額外股權的討論。

Turning to Page 6. A few weeks ago, we announced our new contract award with United States Government through a prime contractor, want to take a step back on what is the opportunity here. Our large phased array antenna technology in this space is able to address many potential opportunity from formation critical capabilities in the government sector. The large opportunity on high-power de-lever into orbit at a locals compare with historical benchmark feed the desired or mental model for capturing commercial networks with dual use capabilities. And while we remain focused on a large commercial opportunity for our business, we're excited about initiatives underway with the U.S. government as well.

翻到第 6 頁。幾週前，我們宣布透過一家主承包商與美國政府簽訂新合同，希望退後一步看看這裡的機會是什麼。我們在這一領域的大型相控陣天線技術能夠解決政府部門形成關鍵能力的許多潛在機會。與歷史基準相比，高功率進入軌道的巨大機會為捕捉具有雙重用途功能的商業網路提供了所需的或心理模型。雖然我們仍然專注於我們業務的巨大商業機會，但我們也對美國政府正在採取的舉措感到興奮。

We have begun recording the initial revenue under this contract in Q1 2024.

我們已於 2024 年第一季開始記錄該合約下的初始收入。

Also, there are potential other awards, including additional phases of this contract available to us in calendar year 2020.

此外，還有其他潛在的獎項，包括我們在 2020 日曆年可獲得的該合約的其他階段。

For Turning to page 7, I want to take a moment to walk through why haven't our ACV is really a big deal and it's critical to achieve true broadband phone space. Our normal cost on a low-power architecture was developed to enable up to tenfold improvement in processing bandwidth on each satellite satellite, which will be lighter, cheaper to produce and will require less mass to orbit. The tape-out would be completed with TSMC, the world's leading foundries following war with leaders in the semiconductor industry over the last years. For those of you who are not familiar with the industry jargon, the tape-out means that we and our development partners complete the design of the AC after four years of work and $45 million of investment, we have now formally handed over those designs to TSMC to produce a chip for the initial sale of A6 to enable the 2,400 square foot net generation block to bluebird's, which will we expect to receive later this year. I am truly proud of the team effort to reach this critical milestone. Our AC, along with our large antenna, will be enable up to 120 megabits per second data rates for being on a 40 megahertz channels and 10,000 megahertz of processing bandwidth. That combined with our large base of Ray is a key enabler for true broadband from a space to the phone that you have already in your pocket.

翻到第 7 頁，我想花點時間來解釋為什麼我們的 ACV 還沒有真正成為一件大事，而且它對於實現真正的寬頻電話空間至關重要。我們開發低功耗架構的正常成本是為了將每顆衛星的處理頻寬提高十倍，這些衛星將更輕、生產成本更低，並且入軌所需的品質更小。這流片將由台積電完成，台積電是全球領先的代工廠，在過去幾年與半導體產業的領導者發生了戰爭之後。對於那些不熟悉行業術語的人來說，流片意味著我們和我們的開發合作夥伴經過四年的工作和 4500 萬美元的投資完成了 AC 的設計，我們現在已經正式將這些設計移交給台積電將為A6 的首次銷售生產晶片，以便為藍鳥公司提供2,400 平方英尺的淨發電塊，我們預計將在今年稍後收到。我為團隊為實現這一重要里程碑所做的努力感到由衷的自豪。我們的 AC 與大型天線一起，將在 40 兆赫茲通道和 10,000 兆赫茲處理頻寬上實現高達每秒 120 兆位元的資料速率。與我們龐大的 Ray 基礎相結合，是從空間到您口袋裡的手機的真正寬頻的關鍵推動者。

I will now pass it to Scott to provide a brief regulatory update.

我現在將其轉交給斯科特，以提供簡短的監管更新。

Thank you about on page 8. I'll take us through some of the important progress on the regulatory front, to provide a reminder for everyone. We made our first filings with the SEC back in 2020, and we've been in front of them regularly around DIRECTOR device using standard unmodified cellular phones from a very early stage. Importantly, the unanimous decision to adopt the new rules in March facilitates our SEC application to provide commercial service in the U.S. because it specifically enables over 200 megahertz of low-band frequencies for director device use. And just prior to this SEC vote, we also filed an updated application to reflect the licensing jurisdiction with the U.S. This represents a closer strategic alignment of AST. space, mobile network build-out and future network operations in the United States. And internationally, Brazil announced an initial regulatory framework for director devices. Well, this framework enables us to test in Brazil with TIM Brazil in Claro, a subsidiary of América Móvil. And with that, I'll hand it off to Sean for our financial update.

謝謝第8頁的內容。我將向大家介紹一下監管方面的一些重要進展，以提醒大家。我們早在 2020 年就向 SEC 提交了第一份文件，從很早開始就使用標準的未經修改的手機，我們就定期在他們面前展示 DIRECTOR 設備。重要的是，三月一致決定採用新規則有助於我們的 SEC 申請在美國提供商業服務，因為它專門允許超過 200 兆赫的低頻段頻率供導向器設備使用。就在 SEC 投票之前，我們還提交了一份更新的申請，以反映與美國的許可管轄權。這代表了 AST 更緊密的戰略聯盟。美國的太空、行動網路建設和未來網路運作。在國際上，巴西宣布了針對導向裝置的初步監管框架。嗯，這個框架使我們能夠在巴西與 América Móvil 的子公司 Claro 的 TIM Brazil 進行測試。接下來，我會將其交給 Sean 以獲取我們的最新財務資訊。

Thanks, Scott, and good afternoon, everybody, everyone. The AST. space mobile business continued to make progress this quarter with a significant fund raising in January, continued work on the regulatory front and a substantial level of activity in our assembly integration and testing facility in Midland. Focusing on the production of five BB. one satellites I would also like to point out that we have entered the tape-out phase of our custom A6 chip.

謝謝斯科特，大家下午好。 AST。太空移動業務本季繼續取得進展，一月份籌集了大量資金，繼續在監管方面開展工作，以及我們位於米德蘭的組裝整合和測試設施的大量活動。重點生產5個BB。一顆衛星 我還想指出，我們的客製化 A6 晶片已經進入流片階段。

The A6 chip will provide for increases in processing capacity that will significantly raise the inventory of gigabytes on future planned satellites we can sell through our M&O partners to end users. Basic design has been a normal four year process, supported by a large investment, which we believe will be difficult for competing systems to develop from a standing start as we get closer to the completion of the production of our five block one satellites I want to recognize and thank the hard-working teams of engineers, technicians and suppliers for completing this incredible task. We believe our strategy of backward integration into the assembly, integration and testing of satellites will enable us to build our constellation years ahead of an outsourced strategy and at a lower cost.

A6 晶片將提高處理能力，從而顯著提高未來計畫衛星的千兆位元組庫存，我們可以透過我們的 M&O 合作夥伴向最終用戶銷售。基本設計是一個正常的四年過程，並得到大量投資的支持，我們認為，隨著我們越來越接近完成五顆塊一衛星的生產，我們認為競爭系統將很難從頭開始開發。認可並感謝辛勤工作的工程師、技術人員和供應商團隊完成了這項令人難以置信的任務。我們相信，我們向後整合到衛星組裝、整合和測試中的策略將使我們能夠比外包策略提前數年並以更低的成本建立我們的星座。

I want to move on to reviewing our key operating metrics for the fourth quarter that are displayed.

我想繼續回顧我們顯示的第四季的關鍵營運指標。

On Slide 9. On the first chart, we see the fourth quarter of 2023. We had non-GAAP adjusted cash operating expenses of $38.6 million versus $37.3 million in the third quarter. Non-gaap adjusted operating expenses excludes certain noncash operating costs, including depreciation and amortization and stock-based compensation. Our fourth quarter non-GAAP adjusted operating expenses increased by $1.3 million versus the third quarter.

在投影片 9 上。在第一個圖表中，我們看到 2023 年第四季。我們的非 GAAP 調整後現金營運支出為 3860 萬美元，而第三季為 3730 萬美元。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以股票為基礎的薪資。我們第四季非 GAAP 調整後營運費用比第三季增加了 130 萬美元。

Our research and development expenses rose by $1.5 million this quarter due to increased expenditures on engineering models and prototypes in connection with our manufacturing process. Our R&D expenses consist primarily of nonrecurring development activities for which we typically engage third party vendors and payments are based on the completion of milestone. Our engineering services expenses increased by $0.5 million and our general administration expenses decreased by $0.6 million in the fourth quarter as compared to the third quarter.

由於與製造流程相關的工程模型和原型的支出增加，本季我們的研發費用增加了 150 萬美元。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。與第三季相比，第四季我們的工程服務費用增加了 50 萬美元，一般管理費用減少了 60 萬美元。

Turning towards the second chart on this page, our capital expenditures for the fourth quarter were $33.9 million versus $71.7 million for the third quarter. This figure was made up of some modest launch payments, capitalized direct materials for the Block one satellites, additional facility and production equipment for our assembly integration and test facility in Midland and the delivery of commercial-grade software from Nokia.

看本頁第二張圖表，我們第四季的資本支出為 3,390 萬美元，而第三季的資本支出為 7,170 萬美元。這一數字包括一些適度的發射付款、Block one 衛星的資本化直接材料、我們位於米德蘭的組裝整合和測試設施的額外設施和生產設備以及諾基亞提供的商業級軟體。

As of the end of the fourth quarter, we have spent over 90% of the expected amounts for the five block one satellites, we are still projecting to spend approximately $150 million for the five BB. one satellites. And on the final chart on this slide, we ended the first quarter with $210.8 million in cash. We are continuing to pursue using the balance of our senior credit facility, which would add an amount of capital in the low 40s efforts around raising strategic capital may take precedence over the senior credit facility and at a minimum, the deferment has reduced a bit of a negative carry would have incurred if we had access to the facility earlier. As we stated in our 10 K, 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 K, our cost positions and capital plans are quite modular, and this characteristics provides us the flexibility to increase or decrease our rate of expenditures, depending upon changes in our build-out plans and availability of capital this flexibility provides us comfort that we can manage our liquidity profile dynamically depending on our rate of raising capital.

截至第四季末，我們在五顆 Block 1 衛星上的支出已超過預期金額的 90%，我們仍預計在五顆 BB 上支出約 1.5 億美元。一顆衛星。在這張投影片的最終圖表中，我們第一季末的現金為 2.108 億美元。我們正在繼續尋求利用我們的高級信貸安排的餘額，這將增加大約 40 歲左右的資本，圍繞籌集戰略資本的努力可能會優先於高級信貸安排，並且至少，延期已經減少了一點如果我們早點使用該設施，就會產生負利差。正如我們在 10 K 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 K 中所討論的，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靈活地增加或減少支出率，具體取決於我們的擴建計劃和資本可用性的變化。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。

Earlier this year, we provide guidance on our expected operating expense levels. We have been supporting the development of efforts of our two critical satellite designs, Block one and Block two, our A6 chip design and the construction of five BV. one satellite completion of this BB. one work and a significant portion of the BB. two and Asic design work is expected to result in a material reduction in our adjusted operating expenses and future capital expenditures. This reduction in cash expenditures will be done without a material reduction in our employment headcount as most of these reductions are related to the completion of third party work.

今年早些時候，我們就預期營運費用水準提供了指導。我們一直在支援我們的兩個關鍵衛星設計（Block 1和Block 2）的開發工作、我們的A6晶片設計和五個BV的建造。一顆衛星完成了這個BB。一部作品和 BB 的重要部分。二、Asic 設計工作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。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。

Overall, our adjusted operating expenses is expected to decline from an average of $38.7 million per quarter during 2023 to an average of $30 million per quarter for 2024 as the Block one design is completed and the Block two design approaches completion. These figures will vary depending upon manufacturing activity in each period. This guidance does not include the expected cost of approximately $15 million related to the tapeout and initial production of our Asic chips.

總體而言，隨著一號區設計完成和二號區設計接近完成，我們調整後的營運費用預計將從 2023 年的平均每季 3,870 萬美元下降到 2024 年的平均每季 3,000 萬美元。這些數字將根據每個時期的製造活動而有所不同。本指南不包括與我們的 Asic 晶片流片和初始生產相關的約 1500 萬美元的預期成本。

These basic related costs will be recognized as an R & D expense in subsequent quarters in 2024. As the milestones are completed, we also plan to reduce our outlook for capital expenditures as we reach the final investment for BP one. For the next three quarters, we expect to spend in the aggregate approximately $50 million to $60 million in capital expenditures. Any increase beyond these levels will be in conjunction with the timing of the deployment of our block two satellites, which could be either in late 2024 or the first quarter of 2025. 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 due to a variety of factors.

這些基本相關成本將在 2024 年後續幾季確認為研發費用。隨著里程碑的完成，我們還計劃在達到 BP one 的最終投資後降低資本支出的預期。未來三個季度，我們預計資本支出總計約為 5,000 萬至 6,000 萬美元。任何超出這些水準的成長都將與我們的第二塊衛星的部署時間結合起來，這可能是在 2024 年末或 2025 年第一季。我們調整後的營運支出和資本支出的變化時間，如我剛才所描述的，可能會由於多種因素而被推遲或無法實現。

On a final note, I'd like to provide some additional detail on one of our additional funding strategies, which is complement to our recent strategic growth, satellite and other infrastructure providers have historically utilized government and quasi-government institutions, which are known as export credit agencies to source cost-effective, long-term debt funding of large projects. The key underpinning of these funding structures has been proven technology and the sale of significant capacity through long-term agreements to large creditworthy entities. We have begun the process of approaching these funding institutions, which includes the hiring of an adviser and developing marketing materials after preliminary discussions with a few of these agencies, we have received letters which indicate their willingness to evaluate this type of financing with us. We are in the very early stages of this process. And as we progress, I will provide updates on these potential finance. There can be no assurance that we will be successful in the pursuit of this type of financing and funding.

最後一點，我想提供有關我們的一項額外融資策略的一些額外細節，這是對我們最近戰略增長的補充，衛星和其他基礎設施提供商歷來利用政府和準政府機構，這些機構被稱為出口信貸機構為大型專案提供具有成本效益的長期債務融資。這些融資結構的關鍵基礎是成熟的技術以及透過與大型信譽良好的實體簽訂長期協議來銷售大量產能。在與其中一些機構進行初步討論後，我們已經開始接觸這些融資機構，包括聘請顧問和開發行銷資料，我們收到了信件，表明他們願意與我們評估此類融資。我們正處於這過程的早期階段。隨著我們的進展，我將提供有關這些潛在融資的最新資訊。無法保證我們會成功尋求此類融資和資助。

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。

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？

Trevor, from Colorado, asks where's the company on scaling up production to be able to meet the four satellites per month figure? Will that production begin immediately? Or will there be a serious delay while the facilities are being built?

來自科羅拉多州的特雷弗詢問，該公司在擴大生產以滿足每月四顆衛星的需求方面進展如何？生產會立即開始嗎？或者設施建設過程中是否會出現嚴重延誤？

Thank you, Trevor, for the question. So first of all, let me let me report. The facilities are fully built. We had all the testing facilities for our built in-house. If we do not require in any step of the build of our satellites to be taken out of our facilities, we have 185,000 square feet facility of manufacturing capability. We are with the addition of these two suppliers that cost us it problems in Block one, we are getting to a 95% vertical integration all the way from the Aitik, all to do all the structures on everything that he's required to build and launch this spacecraft. So so we don't we don't anticipate any any delays related to facility building or manufacturing building. And also the other aspect is the same building block that we use for Block one on data that it took this time to go to stabilize and to and to and to produce ad-based will be the same five parts that we will use for Block two further satellites going forward.

謝謝特雷弗提出的問題。首先，請容許我報告一下。設施已全部建成。我們擁有內部建造的所有測試設施。如果我們不需要在衛星建造的任何步驟中將其從我們的設施中取出，我們就擁有 185,000 平方英尺的製造能力設施。 We are with the addition of these two suppliers that cost us it problems in Block one, we are getting to a 95% vertical integration all the way from the Aitik, all to do all the structures on everything that he's required to build and launch this太空船.因此，我們預計不會有任何與設施建設或製造建設相關的延誤。另一方面，我們在資料區塊一上使用的構建塊相同，這段時間才穩定下來，並且產生基於廣告的資料將與我們在區塊二中使用的五個部分相同未來還有更多衛星。

So so on of course, our focus right now is putting the block once in orbit. Again, we estimated that we would be at the launch path in around June, July or August, and we're already working on producing on the on the mix on the next launch that is on a window between A. in December and March.

當然，我們現在的重點是將這個塊送入軌道。同樣，我們估計我們將在 6 月、7 月或 8 月左右進入發布路徑，並且我們已經在努力製作下一次發布的混音，該發布是在 12 月和 3 月之間的窗口期。

Christian from Estonia. As Could you please give comments on the $100 million stock offering earlier this year, reasoning why it was raised and structured the way it was.

來自愛沙尼亞的克里斯蒂安.您能否對今年稍早 1 億美元的股票發行發表評論，解釋為什麼要以這種方式籌集資金和構建結構。

Thank you for that. Taking the advice of our banks we believe the offering structure we chose with the best route to raise additional capital to complement our strategic capital raise. At the end of the day, the transaction achieved our goal of providing a significant level of funding so that we can continue to pursue our business plan moving forward, we will continue to look to raise capital with strategic players in the wireless ecosystem like we did in January. And we are working to raise long-term low-cost debt capital with export credit agency agencies, as I described during my presentation.

謝謝你。根據我們銀行的建議，我們相信我們選擇的發行結構是籌集額外資本以補充我們的策略資本籌集的最佳途徑。最終，這筆交易實現了我們提供大量資金的目標，以便我們能夠繼續推進我們的業務計劃，我們將像我們一樣繼續尋求與無線生態系統中的戰略參與者籌集資金在一月份。正如我在演講中所述，我們正在努力與出口信貸機構籌集長期低成本債務資本。

I'd also point out that most of the senior management team is aligned with the shareholders as most of their compensation is made up of restricted shares and options.

我還想指出，大多數高階管理團隊與股東保持一致，因為他們的大部分薪酬由限制性股票和選擇權組成。

Complemented to churn. And sir, on on why we needed to do that, that public equity deal we needed to prioritize timing. We needed to complement the investment from AT&T, Google and Vodafone to keep on target to our our production plan and our build and our launches.

與流失相輔相成。先生，關於我們為什麼需要這樣做，我們需要優先考慮公共股權交易的時機。我們需要補充 AT&T、Google 和沃達豐的投資，以維持我們的生產計劃、建構和發布目標。

And at the same time, we have continue.

同時，我們還在繼續。

We're very excited about the strategic, the original strategic support that we will continue to have and also the non-dilutive funding that that John and the team is working in order to complement our strategic financing with non-dilutive financing, which is which is why we have commenced to receive a letter of interest on that or that regard In addition, with prepayments from MNOs and government payments.

我們對我們將繼續擁有的策略、原始策略支援以及約翰和團隊正在努力的非稀釋性資金感到非常興奮，以便用非稀釋性融資來補充我們的策略融資，這就是為什麼我們已經開始收到有關該方面的興趣函。此外，還有行動網路業者的預付款和政府付款。

Dennis from Chile due to their larger size, Uber satellites, in Block two need a space at Star ship rockets to be lost?

來自智利的丹尼斯由於尺寸較大，優步衛星在第二塊中需要在星艦火箭上有一個空間才能丟失？

Thank you, Danny, for the question. No, the answer is not. As a matter of fact, we're launching five a Bluebird ones in the next launch. And we can launch it also on a Falcon nine on other providers, including the one that we'll be using for our next launch pass the launch for Block one. And so we have built our our satellite to be completely agnostic to one large provider is used. We obviously count on Falcon nine i. and six Israel, the upcoming new launchers, future new blend and other launch providers that have medium to large size vehicles.

謝謝丹尼的提問。不，答案是否定的。事實上，我們將在下次發佈時推出五款藍鳥產品。我們也可以在其他提供者的獵鷹九號上發射它，包括我們將在下一次發射和第一塊發射中使用的發射器。因此，我們建立了我們的衛星，使其與使用的大型供應商完全無關。我們顯然指望獵鷹九號 i。以及六家以色列、即將推出的新發射器、未來的新混合發射器和其他擁有中型到大型運載器的發射提供者。

So the answer to your question is no, we do not require we don't we're not counting with the stock cheap for our Block two launches.

所以你的問題的答案是否定的，我們不要求我們不要要求我們不考慮我們的第二塊發射的廉價股票。

Lead-in from New Zealand asks how does about his appointment as a commissioner of the ITU affected TS. mission.

紐西蘭主線詢問他被任命為ITU委員對TS有何影響。使命。

So Lyndon, I mean, listen, our Our mission is to enable broadband globally regarding where people leave work, undergo the phone that they had in that bucket in the broadband commission had a single focus is making sure that the 2.6 billion people that remain on Connected Care connected on.

所以林登，我的意思是，聽著，我們的使命是在全球範圍內實現寬頻，無論人們在哪裡下班，使用他們在寬頻委員會的那個桶中的電話，唯一的重點是確保26 億人繼續工作Connected Care 已連線。

I do not know any other program.

我不知道還有其他程式。

I'm a diehard a global scope that have truly the ability to make a significant dent done in the in the amount of people that get connected to broadband through their phones, that our program so this is in alignment with the broadband commissioning in the middle of our commission. And we have great participants like absolutely he's the owner of Telmex in Mexico. We have the Chairman of the FCC. We have the Chairman of Verizon. We have the Chairman of many of the large wireless ecosystem, including a very vibrant and full participation of governments, regulators and people that core interest is making sure that that the fact that connectivity is a human right get Institute on a global basis. So so we see this as something that support our mission. It is a program where we are proud to be part of it.

我是全球範圍內的頑固分子，確實有能力顯著減少透過手機連接寬頻的人數，我們的計劃與中間的寬頻調試是一致的我們的委員會。我們有很棒的參與者，就像他是墨西哥 Telmex 的老闆一樣。我們有 FCC 主席。我們有 Verizon 的董事長。我們擁有許多大型無線生態系統的主席，包括充滿活力和充分參與的政府、監管機構和人民，其核心利益是確保連接是一項人權這一事實在全球範圍內得到認可。因此，我們認為這是支持我們使命的東西。我們很自豪能參與這個計劃。

In the broadband COMMISSIONER, we have many, many a new initiative on tasks like locals, locals funds for democratizing access to knowledge and information, a universal network available to everybody on a global basis. So we think that this is this is supportive as is part of of our of our work and making sure that everybody exactly where we will work have access to broadband in the phone.

在寬頻專員中，我們有很多很多關於當地人、當地人為知識和資訊獲取民主化提供資金、全球每個人都可以使用的通用網路等任務的新舉措。因此，我們認為這是支持性的，因為這是我們工作的一部分，並確保我們工作地點的每個人都可以使用手機中的寬頻。

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) Chris Quilty, Quilty Analytics.

（操作員說明）Chris Quilty，Quilty Analytics。

Thanks, Justin. First question on the Micron's and bringing those in-house. When you look at the supply chain for the Micron manufacturing, are there any elements of that that were your view is particularly difficult or where you might have pricing issues relative to a vendor that might have had higher volumes associated with certain components in order to manufacture them.

謝謝，賈斯汀。關於美光的第一個問題以及將其引入內部。當您查看美光製造的供應鏈時，是否有任何元素是您認為特別困難的，或者您可能會遇到與供應商相關的定價問題，而供應商可能擁有與某些組件相關的更高產量以進行製造他們。

Hi, Kris, and thank you for the question. On the Micron part, which is, as you know the building block of the of the satellite is it's all components are either design or manufacture with us. We basically manufacture from the solar panel on all the way to the A., the B, all the electronics batteries structures, everything that goes into them the currently for this launch, the Microsemi based on FPGA so that we're buying those from from pro forma from existing source for the first block one, there will be also be FPGAs. So then we move forward with the following launches or with the AC with the 85,000 launch.

你好，克里斯，謝謝你的提問。在微米部分，如你所知，衛星的建造模組是它的所有組件都是與我們一起設計或製造的。我們基本上是從太陽能電池板一直到 A.、B、所有電子電池結構以及當前此次發布的所有部件進行製造，基於 FPGA 的 Microsemi，因此我們從以下公司購買這些產品：從第一個區塊的現有來源來看，預計還會有FPGA。因此，我們將繼續推出以下產品或推出 85,000 輛 AC。

So the just a clarification there, two suppliers that give us initially issue. We are not naming them. They were not in the Micron. They were part of the of the of the control subsystem.

因此，我們需要澄清一下，兩家供應商最初給我們帶來了問題。我們沒有給他們命名。他們不在美光。它們是控制子系統的一部分。

Perfect. Um, second question, with the redomiciling for regulatory purposes to the US, how does that impact your stand in any regulatory filings or done?

完美的。嗯，第二個問題，出於監管目的而將住所遷往美國，這對您在任何監管備案或已完成的監管文件中的立場有何影響？

We don't we don't see that the impact, none of that. I think we are finding our opportunity with the US government potential fundings from United States and the now that the SEC had a we've got a framework that we think will lead the rest of the world and how and how to regulate our product globally. We thought that it was the right time and the right process to actually move our satellites to our US flag. So we're very proud of that. And we don't we see that to be able to accelerate. We're working very closely now with the FCC.

我們沒有看到這種影響，沒有任何影響。我認為我們正在透過美國政府潛在的資金來尋找機會，而且現在美國證券交易委員會已經有了一個框架，我們認為該框架將引領世界其他地區以及如何以及如何在全球範圍內監管我們的產品。我們認為現在是正確的時間和正確的過程，將我們的衛星真正移到我們的美國國旗上。所以我們對此感到非常自豪。我們認為這種情況不會加速。我們現在正在與 FCC 密切合作。

And we are obviously very happy with the with the new regulatory framework that now we start seeing replicated in large countries through the process of basically reusing the spectrum that is used on terrestrial deployments from space, which is actually the core of our of our technology, reusing the existing phone that is already in the focus of everybody using it for connecting regardless where the people is regarded where the phone is, it's on a global basis.

我們顯然對新的監管框架非常滿意，現在我們開始看到透過基本上重複使用用於從太空進行地面部署的頻譜的過程，在大國中複製該框架，這實際上是我們技術的核心，重複使用現有的手機已經成為每個人使用它進行連接的焦點，無論人們在哪裡看待手機，它都是在全球範圍內進行的。

Very good.

非常好。

Thank you. I'll circle back in the queue.

謝謝。我會繞回隊列。

Thank you. Mike Crawford, B. Riley Securities.

謝謝。麥克‧克勞福德 (Mike Crawford)，B. 萊利證券 (Riley Securities)。

Thank you. I heard that you're putting five BlackLine bluebirds on a Falcon nine at the end of the summer, how many blocks in Q2 Can you fit on to the launch that you're looking for in December and the March timeframe? And sounds like that's from a different it was provided by specialists.

謝謝。我聽說你們將在夏末將 5 架 BlackLine 藍鳥放在獵鷹 9 號上，第二季有多少塊你們能適應 12 月和 3 月的發射時間？聽起來這像是專家提供的不同內容。

Yes, the next provider is not a space. X is a large rock into low vehicle. We have a we're not we're not disclosing yet who the provider, but is a contra that that that is already negotiated. And the launch window is already agreed between December on a march 25, we're putting one satellite on the launch in the U.S. also an SPGA base, but is the large 24 hundred A.M. and square feet Block two type of satellite.

是的，下一個提供者不是一個空間。 X是大石頭變成低車。我們還沒有透露提供者是誰，但與已經協商好的相反。發射窗口已經在 12 月到 3 月 25 日之間達成一致，我們將在美國發射一顆衛星，也是 SPGA 基地，但大型 2400 A.M.和平方英尺塊兩種類型的衛星。

Okay, thank you. And then you previously disclosed our intent to enable initial service in Japan in 2026, how many block two's need to be in service and for you to be able to implement service in Japan on around 45 satellites.

好的謝謝。然後您之前透露了我們計劃於 2026 年在日本啟用初始服務，需要多少塊二號衛星投入使用，以便您能夠在日本大約 45 顆衛星上提供服務。

It had initial service launch between 45 and 60. We are working very hard on them. Now just as a clarification deserve the same block one micron. This a double Micron that we're producing now are the one that we continue to produce for Block two. It took our more than expected to stabilize. That line is a new micro with a new full capability, will everything vertically integrated by ourselves. But the good news that is passed us and we plan to continue to do that. It's to get to a cadence of 72 satellites. We're a year later a U.S. We we stabilize or have enough parts to be able to do that. Obviously, the first ones are the more difficult to get up into space. They are also the one would you implement for the first time the changes and the upgrades that you do on them.

它的初始服務啟動時間為 45 到 60 之間。我們正在非常努力地開發它們。現在，作為澄清，值得一微米的相同塊。我們現在生產的雙微米是我們繼續為第二塊生產的。我們花了比預期更多的時間才穩定下來。這條生產線是一個具有新的完整功能的新微型產品，將由我們自己垂直整合所有內容。但好消息已經傳給了我們，我們計劃繼續這樣做。它的節奏是 72 顆衛星。一年後，我們成為了美國。我們穩定了或有足夠的零件能夠做到這一點。顯然，第一個是更難進入太空的。它們也是您第一次實施變更和升級的物件。

Okay. Thank you. And then a final question just relates to your new strategic partner, Google. So I know your service works with just any phone that people already have, but are there certain things that Google could do to say Android operating system to make those phones connect even better with your network? Thank you.

好的。謝謝。最後一個問題與您的新策略合作夥伴谷歌有關。所以我知道你們的服務適用於人們已經擁有的任何手機，但是谷歌是否可以做一些事情來表示Android作業系統讓這些手機更好地與你們的網絡連接？謝謝。

Yes, I mean, you're absolutely right. Our our our network, our technology is completely open for any phone two G. four G. five G. in the future 60. So we are completely independent of the phone manufacturer or actually the G on the phone. However, we believe and we are super excited about the relationship with eight with Google. Google is, as you know, the the largest ecosystem provider for cellular phones with over 3.5 billion devices on a global basis.

是的，我的意思是，你說得完全正確。我們我們的網絡，我們的技術對任何手機都是完全開放的。2G、4G、5G。未來60年。所以我們完全獨立於手機製造商，或者實際上是手機上的G。然而，我們相信，我們對 8 與 Google 的關係感到非常興奮。如您所知，Google 是最大的手機生態系統供應商，在全球擁有超過 35 億台設備。

And we had agreed to collaborate in product development and implementation of features on the glue on the Google ecosystem that 80s on the sole benefit of the Chairman of our customers and have it on Ambien, the end users, the usage-based model. So we're very excited about this relationship with super strategic for us is to create value at Arm A. on the on the Android ecosystem for our customers and users.

我們同意在產品開發和功能實施方面進行合作，以穀歌生態系統的粘合劑為基礎，80 年代，我們的客戶主席的唯一利益是在 Ambien 上，最終用戶，基於使用的模型。因此，我們對這種關係感到非常興奮，對我們來說，超級策略是在 Arm A. 在 Android 生態系統上為我們的客戶和用戶創造價值。

All right.

好的。

Thank you very much.

非常感謝。

Benjamin Soff, Deutsche Bank.

班傑明‧索夫，德意志銀行。

Hey, guys, thanks for taking the question. On my first one is just on the the government contract. Is there any additional color you can provide on the type of service you're providing? And just generally, how do you think about the market opportunity to work with government agencies in the US and abroad? And then I have a follow-up.

嘿，夥計們，謝謝你提出問題。我的第一個是政府合約上的。對於您提供的服務類型，您可以提供任何其他顏色嗎？總的來說，您如何看待與美國和國外政府機構合作的市場機會？然後我有一個後續行動。

Yes. I mean, the we do see the opportunity to be very, very large. I mean, obviously, a technology that can deliver on our Race Face rate of the size or the power that they generate. And if you compare with the benchmark costing of that today for non-communications applications, we're talking about a similar order of magnitude, a higher cost that we can do despite the fact that we're doing it, we had 185,000 square feet facility were ramping up our production as we speak. So the government is super interested in this. We do see if these opportunities not only to be in the communication side, which is an obvious application being able to connect any 3GPP, any cellular device that government use on a lower basis of defense users use on a global basis. But also there are multitude of applications of the same technology without any major changes to our it technology to be used in the non-communications space, which we think is a very large market, very large opportunity. And we see it also in combination of the prepayments that we expect to continue to get from MNOs payments from governments and the non-dilutive funding that we see that the most efficient way to take our our network forward and continue to build satellites based on these agreements that we're starting to see. So we're very excited about the government opportunity on them. And we think that we're in the very, very early innings of that of what we can do for our government with our technology.

是的。我的意思是，我們確實看到了非常非常大的機會。顯然，我的意思是，一種可以提供我們的賽車面速度或它們產生的功率的技術。如果你與今天的非通訊應用程式的基準成本進行比較，我們談論的是類似的數量級，我們可以做的成本更高，儘管我們正在這樣做，我們有 185,000 平方英尺就在我們說話的時候，工廠正在加緊生產。所以政府對此非常感興趣。我們確實看到這些機會是否不僅僅存在於通訊方面，這是一個明顯的應用程序，能夠連接任何 3GPP、政府在全球範圍內使用的較低國防用戶使用的任何蜂窩設備。但同樣的技術也有多種應用，而無需對我們的 IT 技術進行任何重大改變，以用於非通訊領域，我們認為這是一個非常大的市場，非常大的機會。我們還看到，我們預計將繼續從政府向行動網路營運商支付的預付款和非稀釋性資金相結合，我們認為這是推動我們的網路向前發展並繼續基於這些資金建造衛星的最有效方式。我們開始看到的協議。因此，我們對政府為他們提供的機會感到非常興奮。我們認為，我們正處於利用我們的技術為政府做事的非常非常早期的階段。

Great.

偉大的。

And then my second question is on the Block two satellite. Obviously, there's been a lot of moving pieces over the last couple of years. And I'm just wondering wondering what your latest thoughts are on the timing and costs for these last two satellites? And has there been any changes recently?

我的第二個問題是關於二號衛星的。顯然，過去幾年發生了許多變化。我只是想知道您對最後兩顆衛星的時間和成本的最新想法是什麼？而且最近有什麼變化嗎？

Yes, no, we are maintaining our guidance on costs for the Block two. As I said, the part the building blocks are the same. We are building for Block one. So the line our assembly line, our processes of are they can maintain. We now control around 95% of our cost to build our satellites and also our supply chains.

是的，不，我們維持對第二塊成本的指導。正如我所說，構建塊的部分是相同的。我們正在為第一塊建造。所以我們的組裝線、我們的流程都是他們可以維護的。現在，我們控制了約 95% 的衛星製造成本以及供應鏈成本。

And that includes for Block two.

這包括第二塊。

So we have in Block two, we use these micro, which are the same for Block one and Block two A., they rely in the same solar system, same same same solar panel, assemble battery systems structures and so for silver to maintain them. So we are that we had that done. So we are very excited where we are on that. And we have taken an approach of incrementally it features to the satellite. So we block two where we review that, but they obviously are they are larger than 2,400 square feet each, which is the what do you make it possible to get to 120 megabytes of data rate on a 10,000 megahertz of processing bandwidth, which is really the only way to provide broadband directly to regular handsets.

所以我們在第二塊，我們使用這些微型，與第一塊和第二塊A相同，它們依賴相同的太陽能係統，相同的相同的太陽能電池板，組裝電池系統結構等等，以維持它們。所以我們已經做到了。所以我們對此感到非常興奮。我們已經採取了逐步將其功能應用到衛星上的方法。因此，我們在審查時屏蔽了兩個，但顯然它們每個都大於 2,400 平方英尺，這就是您如何才能在 10,000 兆赫的處理頻寬上達到 120 兆字節的數據速率，這實際上是直接向普通手機提供寬頻的唯一方法。

Helpful. Thank you.

有幫助。謝謝。

Chris Schoell, UBS.

克里斯‧舍爾，瑞銀集團。

Great. Thank you for the Block one satellites. Can you just update us on how you're thinking about initial use cases and expected revenue generation as you await more continuous coverage? And then once in orbit, can you also remind us the time line for testing and calibrating those satellites? And what are the key milestones that you need to reach to commence commercial service? Thank you.

偉大的。感謝您提供 Block one 衛星。在等待更持續的報道時，您能否向我們介紹一下您對初始用例和預期創收的看法？然後，一旦進入軌道，您能否提醒我們測試和校準這些衛星的時間線？開始商業服務需要達到哪些關鍵里程碑？謝謝。

I mean, the the initial the known commercial usage is normal installation base is basically a news use it by satellite. So he says the RONA generation for that is incremental as we add satellites on the for the MNOs what we would what we will be doing is immediately integrating that to the core to the core system.

我的意思是，最初已知的商業用途是正常的安裝基礎，基本上是透過衛星新聞使用它。因此，他說 RONA 的產生是增量的，因為我們為 MNO 添加衛星，我們要做的就是立即將其整合到核心系統中。

We keep launching more satellites.

我們不斷發射更多衛星。

So so the data we disclosed there is an initial payment by AT&T with the launch of Block one, the supply agreement with Vodafone to start using them in some of the core markets and a zone revenue that we start generating initially also for non continuous service. We build the satellites, but it is a combination of revenue for non-voice or noncommercial is scale on a satellite by satellite basis on a for commercial for non continuous service type of applications. We start to see early revenue on that, but our plan is to rapidly ramp with the support of of the government contracts, non-diluted revenue and prepayment revenues to continually build into you do the calculations. So we're doing that by region and whether we end up prioritizing the MNOs or are investors with us and continue to support on the build of the of the constellation.

因此，我們揭露的數據包括 AT&T 在推出 Block one 時支付的首期付款、與沃達豐簽訂的供應協議以開始在一些核心市場使用它們以及我們最初開始為非連續服務產生的區域收入。我們建造衛星，但它是非語音或非商業收入的組合，是在商業非連續服務類型應用程式的基礎上按衛星規模擴展的。我們開始看到這方面的早期收入，但我們的計劃是在政府合約、非稀釋收入和預付款收入的支持下迅速增加，以不斷地融入你的計算中。因此，我們正在按地區進行這項工作，無論我們最終會優先考慮行動網路營運商還是我們的投資者，並繼續支持星座的建設。

That's helpful. Thank you. And I appreciate your dialogue with potential M&O customers is likely ongoing, but any update you can give on where your discussions stand? And are you seeing interest beyond the already announced set of partners that you have?

這很有幫助。謝謝。我很高興您與潛在的 M&O 客戶的對話可能仍在繼續，但您能提供有關討論進展的最新資訊嗎？除了已經宣布的合作夥伴之外，您是否還看到了其他興趣？

Yes. The answer is yes, absolutely. We have 48, approximately 48 operators that we had agreements or M. or MOUs with them while using the same formula that we use initially with AT&T and Vodafone will continue to do that in a in a way of of prepayments it or advanced payments, sometimes combined with a strategic investment or not. So we have a very, very vibrant ecosystem. We have now already AT&T with iPhone, Google, Bracco, then Bell Canada and American Tower. But we had only 48 relationships that we are in constant constant dialogue. Everybody is super interested in seeing our constellation app as soon as possible. Everybody wants the regions and the customer to reprioritize and we're taking we're taking we're taking advantage of that. Our relationship is very symbiotic between us and the operators.

是的。答案是肯定的，絕對的。我們有48 家，大約48 家營運商，我們與他們簽署了協議或M. 或諒解備忘錄，同時使用我們最初與AT&T 一起使用的相同公式，沃達豐將繼續以預付款或預付款的方式這樣做，有時是否與策略投資結合。所以我們有一個非常非常充滿活力的生態系統。現在我們已經擁有了 iPhone 的 AT&T、Google、Bracco，然後是加拿大貝爾公司和美國鐵塔。但我們只有 48 個維持持續對話的關係。每個人都非常有興趣盡快看到我們的星座應用程式。每個人都希望地區和客戶重新確定優先順序，我們正在利用這一點。我們和運營商之間的關係是非常共生的。

Great. Thank you for all the color.

偉大的。謝謝你所有的顏色。

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

謝謝。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。

Thank you, operator. We're building a space-based cellular broadband network designed for the use of the phone in your pocket today. I want to thank everybody for joining both shareholders and analysts for their questions, and I hope everybody had a great week. Thank you.

謝謝你，接線生。我們正在建造一個天基蜂窩寬頻網絡，專為您今天口袋裡的手機而設計。我要感謝大家與股東和分析師一起提出問題，我希望大家度過了愉快的一週。謝謝。

And this concludes today's conference. You may disconnect your lines at this time. Thank you and have a good day.

今天的會議到此結束。此時您可以斷開線路。謝謝你，有美好的一天。