AST SpaceMobile Inc (ASTS) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile third-quarter 2024 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 2024 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, President of AST SpaceMobile. Please go ahead.

現在我想將會議交給今天的東道主 AST SpaceMobile 總裁 Scott Wisniewski。請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Let me refer you to slide 2 of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call.

請參閱簡報的第二張投影片，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, 2023, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time.

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 SpaceMobile 向美國證券交易委員會提交的其他文件。

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

此外，在我們的初步發言之後，我們將開始問答部分，回答股東提出的問題。對於那些剛接觸我們公司和使命的人來說，當今世界上有超過 50 億部手機在使用，但我們中的許多人在生活、工作和旅行時仍然遇到覆蓋範圍的差距。

Additionally, there are billions of people without cellular broadband and 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. In this backdrop, AST SpaceMobile 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.

此外，還有數十億人沒有蜂巢寬頻，仍與全球經濟脫節。我們所追求的市場是巨大的，我們所解決的問題也很重要，幾乎涉及我們所有人。在此背景下，AST SpaceMobile 正在建立第一個也是唯一一個全球太空蜂窩寬頻網絡，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 over to Chairman and CEO, Abel Avellan, who will go through our activities since our last public update.

現在我很高興將會議交給董事長兼執行長 Abel Avellan，他將回顧我們上次公開更新以來的活動。

Thank you, Scott. The last few months have been truly amazing for AST SpaceMobile. We launched and successfully deployed our first five commercial BlueBird satellites into low Earth orbits, each one of them the largest commercial phased array ever launched into LEO. We have accelerated our government and commercial initiative as we become operational, and we have secured additional launch capacity for up to 60 satellites to start providing continued service in the US and other key global markets.

謝謝你，斯科特。過去幾個月對 AST SpaceMobile 來說確實令人驚嘆。我們發射並成功部署了前五顆商業藍鳥衛星到近地軌道，每一顆都是有史以來發射到近地軌道的最大商業相控陣衛星。隨著我們的投入運營，我們加快了政府和商業計劃的步伐，並獲得了最多 60 顆衛星的額外發射能力，以開始在美國和其他主要全球市場提供持續服務。

Our Block 1 BlueBird satellites are now ready to become operational. Their sheer size and capacity is a unique advantage and a clear differentiator for our network ability to deliver cellular broadband coverage globally.

我們的 Block 1 BlueBird 衛星現已準備好投入運作。其龐大的規模和容量是我們的網路在全球提供蜂窩寬頻覆蓋能力的獨特優勢和明顯的優勢。

In the United States, we plan to do this with more than 5,600 cells on premium low-band spectrum, targeting close to 100% nationwide coverage, supported by our initial five satellites on a non-continuous basis. The ability to successfully unfold the largest ever satellite is rooted in our innovative design and our 95% vertical integration strategy, which is supported by our deep and extensive portfolio of patents in the field of direct-to-device, a market that we pioneered and invented. With our Block 1 BlueBird in orbit, we're now moving forward with the ongoing integration with our partner networks.

在美國，我們計劃在優質低頻段頻譜上使用 5,600 多個小區來實現這一目標，目標是接近 100% 的全國覆蓋範圍，並由我們最初的五顆衛星提供非連續的支援。成功展開有史以來最大的衛星的能力植根於我們的創新設計和95% 的垂直整合戰略，而這一戰略得到了我們在直接設備領域深厚而廣泛的專利組合的支持，這是我們開拓和發展的市場。隨著 Block 1 BlueBird 進入軌道，我們現在正在推進與合作夥伴網路的持續整合。

In the United States, we also filed our Special Temporary Authority request with the FCC, under we plan to begin beta services in the United States for AT&T and Verizon. Our partners will have the full capabilities of our satellites on a non-continuous basis across all United States and other key markets globally. On the ASIC front, we achieved initial validation of our novel AST5000 chip. This represents a competitive advantage developed over five years, equivalent to 150 man-years and approximately $45 million of development costs.

在美國，我們也向 FCC 提交了特別臨時授權請求，計劃在美國為 AT&T 和 Verizon 提供測試服務。我們的合作夥伴將在美國和全球其他主要市場上不連續地擁有我們衛星的全部功能。在 ASIC 方面，我們對新型 AST5000 晶片進行了初步驗證。這代表了五年內形成的競爭優勢，相當於 150 人年和約 4,500 萬美元的開發成本。

Our next-generation Block 2 BlueBird powered by our ASIC are expected to support up to 10,000 megahertz of processing bandwidth, a 10-time improvement of our current processing bandwidth from each Block 1 satellite.

由我們的 ASIC 提供支援的下一代 Block 2 BlueBird 預計將支援高達 10,000 兆赫的處理頻寬，比目前每顆 Block 1 衛星的處理頻寬提高了 10 倍。

Today, we're also announcing new loan service agreement with Blue Origin and SpaceX. For the launch of up to approximately 60 satellites from the Cape Canaveral Florida Space Force Station during '25 and '26. These new agreements in place, AST SpaceMobile has secured launch capacity to ultimately deliver continuous space-based cellular broadband service coverage in key markets, including United States, Europe, Japan, the US government, and other strategic markets globally.

今天，我們也宣布與 Blue Origin 和 SpaceX 簽訂新的貸款服務協議。 25 年和 26 年期間從佛羅裡達州卡納維爾角太空部隊站發射多達約 60 顆衛星。這些新協議到位後，AST SpaceMobile 已獲得發射能力，最終在美國、歐洲、日本、美國政府和全球其他戰略市場等關鍵市場提供持續的天基蜂窩寬頻服務覆蓋。

Blue Origin's launch vehicle, New Glenn, offer a 7-meter fairing enabling twice the payload volume of 5-meter class commercial launch systems as is well suited to launch up to eight of the largest ever Block 2 satellites.

藍色起源的運載火箭 New Glenn 配備 7 公尺長的整流罩，有效載荷體積是 5 公尺級商業發射系統的兩倍，非常適合發射多達 8 顆有史以來最大的 Block 2 衛星。

The New Glenn launch vehicle is planned to become operational this year. Alongside Blue Origin and SpaceX, we're also planning our next launch with ISRO out of India, who we previously used for the launch of our BlueWalker 1. Taking all together, the launch agreements with these three providers and likely others as well in the future give us increased confidence that we can achieve our network deployment goals.

新格倫運載火箭計劃於今年投入運行。除了 Blue Origin 和 SpaceX 之外，我們還計劃與印度 ISRO 進行下一次發射，我們之前曾使用該公司發射 BlueWalker 1。未來使我們更有信心實現我們的網路部署目標。

Additionally, we have recorded several new wins in the government business. We added three new contracts award with the US government, including being selected by the Space Development Agency to compete directly as a prime contractor. Scott will discuss this in more detail as well, but being selected to participate as a prime contractor for government program is a significant achievement for AST SpaceMobile and a validation of our strategy and dual-use technology that could enable a variety of government use cases.

此外，我們在政府業務中取得了幾項新的勝利。我們與美國政府簽訂了三份新合同，包括被太空發展局選為主承包商直接競爭。 Scott 也將更詳細地討論這一點，但被選為政府專案的主承包商是 AST SpaceMobile 的一項重大成就，也是對我們的策略和雙用途技術的驗證，可以實現各種政府用例。

With our successful launch, commercial and manufacturing progress, you can see that a lot of the key pieces of operationalizing the AST SpaceMobile network are now in place. I am incredibly proud of the tireless effort for our team and our partners, particularly over the past several months, getting us to this critical point, which is a step we move closer to achieve our mission of connecting the unconnected.

隨著我們的成功發射、商業和製造進展，您可以看到 AST SpaceMobile 網路營運的許多關鍵部分現已到位。我對我們的團隊和合作夥伴的不懈努力感到無比自豪，特別是在過去的幾個月裡，使我們達到了這一關鍵點，這是我們向實現連接未連接的使命邁出的一步。

I will now pass to Scott to provide more detail on our commercial and regulatory progress.

我現在將請斯科特提供有關我們的商業和監管進展的更多詳細資訊。

Thank you, Abel. I'd like to take the time to provide a little more detail on our commercialization initiatives, including our government business as well as our regulatory progress. Our technical accomplishments to date, including validating our technology and deploying our first five commercial satellites successfully has been a great support for our commercial initiatives, both with our strategic partners, mobile network operators new to AST SpaceMobile and the US government.

謝謝你，阿貝爾。我想花時間提供有關我們商業化計劃的更多細節，包括我們的政府業務以及我們的監管進展。迄今為止，我們的技術成就，包括驗證我們的技術和成功部署我們的前五顆商業衛星，為我們的商業計劃提供了大力支持，包括我們的戰略合作夥伴、新加入AST SpaceMobile 的行動網路營運商和美國政府。

As Abel mentioned, during the quarter, we were selected by the Space Development Agency to compete directly as a prime contractor under the HALO program. The SDA is the Department of Defense's constructive disruptor for space acquisition, put in place during the first Trump administration with a multibillion-dollar budget. Our selection enables us to compete directly as a prime contractor to the US government for the first time rather than a subcontractor.

正如阿貝爾所提到的，在本季度，我們被太空發展局選中作為 HALO 計劃的主承包商直接參與競爭。 SDA 是國防部對太空採購的建設性破壞者，是在川普第一屆政府期間以數十億美元的預算設立的。我們的選擇使我們能夠首次作為主承包商而不是分包商直接與美國政府競爭。

This particular program is directly contracted with the SDA and provides us a direct path for accelerated prototype development and the ability to participate on new government programs and requisitions. This SDA contract is our fourth contract award with the US government, and several of these contracts could potentially grow to be official programs of record with hundreds of millions of annual revenues alongside important missions for US national security.

該特定計劃直接與 SDA 簽訂合同，為我們提供了加速原型開發的直接途徑以及參與新的政府計劃和申請的能力。這份 SDA 合約是我們與美國政府簽訂的第四份合同，其中幾份合約有可能成為官方記錄項目，每年帶來數億美元的收入，同時承擔美國國家安全的重要任務。

In brief, we believe that our government contract pipeline continues to show strength in the near and medium term with these initial contracts providing clear paths for applications of our unique technology in select use cases with additional use cases to be further developed. The outlook here continues to improve, and we are aggressively pursuing this business and expect it to be a meaningful contributor to revenue in the years to come, alongside our core commercial business.

簡而言之，我們相信我們的政府合約管道在近期和中期內繼續顯示出實力，這些初始合約為我們獨特的技術在選定用例中的應用提供了明確的路徑，並進一步開發了其他用例。這裡的前景持續改善，我們正在積極發展這項業務，並期望它與我們的核心商業業務一起在未來幾年對收入做出有意義的貢獻。

On the commercial customer front, we continue to progress conversations with our key partners as well as potential new partners and expect to be able to report more on this front soon. Our strategy continues to be to select initial coverage markets globally among our key partners, including the 45-plus mobile network operators globally who have a coverage of approximately 2.8 billion existing subscribers.

在商業客戶方面，我們繼續與我們的主要合作夥伴以及潛在的新合作夥伴進行對話，並期望能夠很快地報告這方面的更多資訊。我們的策略仍然是在主要合作夥伴中選擇全球初始覆蓋市場，其中包括全球 45 多家行動網路營運商，這些營運商覆蓋了約 28 億現有用戶。

On the regulatory front, we continue to advance our approvals. In the US, we have been in front of the FCC regularly with our technology, service offering and in-orbit network and how it can improve cellular networks for Americans.

在監管方面，我們繼續推動審批工作。在美國，我們定期向 FCC 展示我們的技術、服務和在軌網絡，以及如何改善美國人的蜂窩網絡。

Most recently, we filed for Special Temporary Authority approval for beta services with our partners in the US, leveraging our first five BlueBird satellites, building on prior commercial authority to use backhaul and TT&C frequencies. You will continue to see additional filings with the FCC, both from us and our partners in the coming weeks and months for both space and ground elements of our network, all of which align with the growth of the network, reaping the benefits of the FCC rulemaking on supplemental coverage from space.

最近，我們與美國的合作夥伴一起向特別臨時管理局申請了測試服務的批准，利用我們的前五顆藍鳥衛星，建立在使用回程和 TT&C 頻率的先前商業授權的基礎上。在接下來的幾週和幾個月內，您將繼續看到我們和我們的合作夥伴向FCC 提交的關於我們網路的空間和地面元素的更多文件，所有這些都與網路的成長保持一致，從而獲得FCC 的好處關於太空補充覆蓋的規則制定。

I will now pass it over to Andy to walk you through our financial update.

現在我將把它交給安迪，讓他向您介紹我們的財務更新。

Thanks, Scott, and good afternoon, everyone. The third quarter of 2024 at AST SpaceMobile marked the beginning of our critical transition from a space-based cellular broadband company at R&D stage to a full-fledged commercial operating company. We've begun to scale our manufacturing and launch efforts to accelerate our mission, building the first and only space-based cellular broadband network to close the digital divide by connecting the unconnected.

謝謝斯科特，大家下午好。 AST SpaceMobile 2024 年第三季標誌著我們從研發階段的天基蜂巢寬頻公司向成熟的商業營運公司關鍵轉型的開始。我們已經開始擴大製造規模，並努力加速我們的使命，建立第一個也是唯一一個天基蜂窩寬頻網絡，透過連接未連接的事物來縮小數位落差。

The third quarter was highlighted by our successful launch and subsequent deployment of our five Block 1 BlueBird satellites from Cape Canaveral on September 12, each the largest-ever commercial communications array to be deployed in low Earth orbit. I appreciated the opportunity to meet many of our investors and other stakeholders at that event as they shared in the excitement of the launch.

第三季的亮點是我們於 9 月 12 日從卡納維拉爾角成功發射並隨後部署了五顆 Block 1 BlueBird 衛星，每顆衛星都是近地軌道部署的有史以來最大的商業通訊陣列。我很高興有機會在這次活動中見到我們的許多投資者和其他利益相關者，因為他們分享了此次發布的興奮之情。

The quarter was also significant in our ability to raise capital, both through the redemption of public warrants and our continued disciplined use of the at-the-market facility, or ATM, both of which I'll touch on more specifically in just a moment.

本季我們透過贖回公開認股權證和繼續嚴格使用市場工具（ATM）籌集資金的能力也很重要，我稍後會更具體地談到這兩個方面。

Moving to slide 9. Let's review the key operating metrics for the third quarter. On the first chart, we see for the third quarter of 2024, we had non-GAAP adjusted cash operating expenses of $45.3 million versus $34.6 million in the second quarter. Non-GAAP adjusted operating expenses excludes certain non-cash operating costs, including depreciation and amortization and stock-based compensation.

前往投影片 9。在第一張圖表中，我們看到 2024 年第三季的非 GAAP 調整後現金營運費用為 4,530 萬美元，而第二季為 3,460 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。

Adjusting further for our expected Q3 expenses of $10.1 million related to our proprietary ASIC chip work, total adjusted operating expenses were approximately $35.2 million, which was at the top range of the guidance I gave during our last earnings call.

進一步調整與我們專有ASIC 晶片工作相關的預計第三季費用1010 萬美元，調整後的營運費用總額約為3520 萬美元，這是我在上次財報電話會議上給出的指導範圍的最高範圍。

Operating expenses, excluding the ASIC expense, were up just slightly quarter over quarter, primarily due to one-time items of $1.7 million associated with our Block 1 launch that included certain bonus payments and launch event costs.

營運支出（不包括 ASIC 支出）環比略有上升，主要是由於與我們的 Block 1 發布相關的一次性項目 170 萬美元，其中包括某些獎金支付和發布活動成本。

Turning towards the second chart on this page. Our capital expenditures for the third quarter of 2024 were $26.5 million versus $21.2 million for the second quarter of 2024. The figure was made up of capitalized direct materials and labor for our BlueBird satellites and additional facility and production equipment for our 185,000 square foot assembly, integration and test facilities in Midland, Texas.

轉向本頁上的第二個圖表。我們2024 年第三季的資本支出為2,650 萬美元，而2024 年第二季為2,120 萬美元。和生產設備，位於德克薩斯州米德蘭的整合和測試設施。

As expected, capital expenditures trended upward in connection with the ramping of our Block 2 BlueBird satellite production.

正如預期的那樣，隨著 Block 2 BlueBird 衛星產量的增加，資本支出呈上升趨勢。

And on the final chart on the slide, we ended the third quarter with $518.9 million in cash, up from $287.6 million at the end of the second quarter, bringing our cash balance above $500 million for the first time. This significant increase in our cash balance from recent prior periods is important for us in providing the ability and the flexibility to move quickly on our strategic objectives, including securing the launch agreements we announced today.

在投影片的最後一張圖表中，我們第三季末的現金為 5.189 億美元，高於第二季末的 2.876 億美元，使我們的現金餘額首次超過 5 億美元。我們的現金餘額較近期的大幅增加對於我們提供快速實現策略目標的能力和靈活性非常重要，包括確保我們今天宣布的啟動協議。

This quarter-end cash balance includes $153.3 million of net proceeds from public warrant exercises during the quarter and $144.9 million of cash raised from our ATM facilities in Q3, including $106.9 million raised from our newly created $400 million ATM facility we announced in early September.

該季末現金餘額包括本季公開認股權證行使的1.533 億美元淨收益，以及第三季從我們的ATM 設施籌集的1.449 億美元現金，其中包括我們在9 月初宣布的新創建的4 億美元ATM 設施籌集的1.069 億美元。

As Abel and Scott detailed, during the early fourth quarter, we secured launch contracts with providers to enable us to launch up to approximately 45 Block 2 BlueBird satellites with options for additional launch vehicles up to approximately 60 Block 2 BlueBird satellites through 2025 and 2026.

正如Abel 和Scott 詳細介紹的那樣，在第四季度初，我們與供應商簽訂了發射合同，使我們能夠在2025 年和2026 年發射最多約45 顆Block 2 BlueBird 衛星，並可選擇額外的運載火箭，最多可發射約60 顆Block 2 BlueBird 衛星。

We currently expect our average costs of direct materials and launch expense per satellite for our Block 2 constellation to be in the range of $19 million to $21 million, an increase from our prior estimate of $16 million to $18 million per satellite as a result of actual launch costs recently contracted. Despite this increase, we feel confident that we are striking the proper and responsible balance between securing ample launch capacity and the desired timeline to augment our efforts to achieve continuous coverage in key markets.

我們目前預計 Block 2 星座每顆衛星的直接材料和發射費用的平均成本將在 1,900 萬至 2,100 萬美元之間，比我們先前估計的每顆衛星 1,600 萬至 1,800 萬美元有所增加，因為實際發射成本最近有所收縮。儘管數量增加，但我們相信，我們正在確保充足的發射能力和所需的時間表之間取得適當和負責任的平衡，以加強我們在關鍵市場實現持續覆蓋的努力。

As we ramp satellite production and launch contract payments to support this planned launch campaign, our capital expenditures will increase as compared to prior quarters, and we expect CapEx in the range of $100 million in the fourth quarter of 2024. We believe the operation of a constellation of 25 Block 2 BlueBird satellites will enable us to secure additional sources of funding, including potentially generating free cash flows to fund the buildup of the remaining constellation, including additional satellites for those launches recently secured.

隨著我們增加衛星生產和發射合約付款以支持此計畫中的發射活動，我們的資本支出將比前幾季增加，我們預計2024 年第四季的資本支出將在1 億美元範圍內。衛星。

As a result of our successful issuance of equity producing net proceeds in excess of $500 million, in late September, we triggered a prepayment obligation under our senior credit facility, resulting in the prepayment of the principal amount of $48.5 million plus accrued interest and other expenses. This obligation was established at the time we entered into this credit facility in August 2023.

由於我們成功發行股票產生了超過5 億美元的淨收益，因此在9 月下旬，我們觸發了高級信貸安排下的提前還款義務，導致提前償還了4850 萬美元的本金加上應計利息和其他費用。這項義務是在我們於 2023 年 8 月簽訂此信貸安排時確立的。

In doing so, we have significantly reduced our go-forward interest expense. We will continue to consider several attractive options for securing future credit facilities. However, our efforts in raising strategic capital, including non-dilutive prepayments from our MNO partners as we ready for service continue to take precedence over traditional credit financing sources.

透過這樣做，我們大大減少了遠期利息支出。我們將繼續考慮幾個有吸引力的選擇來確保未來的信貸安排。然而，我們在籌集策略資本方面所做的努力，包括在我們準備好提供服務時從我們的行動營運商合作夥伴處支付的非稀釋性預付款，仍然優先於傳統的信貸融資來源。

Consistent with the first, second and third quarters of 2024, we estimate that our adjusted cash operating expenses for the fourth quarter, excluding some remaining ASIC costs, will come in within a range of $30 million to $35 million as we continue to scale production of our Block 2 BlueBird satellites in preparation for our 2025 and 2026 launch schedule.

與2024 年第一、第二和第三季一致，我們估計，隨著我們繼續擴大生產規模，第四季度調整後的現金營運支出（不包括一些剩餘的ASIC 成本）將在3000 萬美元至3500萬美元之間。

We continue to believe efforts to optimize our OpEx will result in a run rate at the low end of that range. These figures will vary depending upon manufacturing activity in each period. 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.

我們仍然相信，優化營運支出的努力將導致運行率處於該範圍的低端。這些數字將根據每個時期的製造活動而有所不同。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。

I am also pleased to report that our work on a financing package from export credit agencies is progressing nicely, and we have now filed the formal application for a long-term debt package. If this application is successful, we can use the proceeds to source cost-effective long-term debt funding of large projects.

我還很高興地報告，我們與出口信貸機構的融資方案的工作進展順利，我們現已提交長期債務方案的正式申請。如果該申請成功，我們可以利用所得款項為大型專案尋找具有成本效益的長期債務融資。

We will provide updates as appropriate, and we will be working with the partner banks and our advisers to refine our alternatives. Our employees across the globe continue to work hard to drive value for our shareholders as we ready for full-scale commercial operations to deliver the first and only space-based cellular broadband network direct to everyday unmodified smartphones.

我們將酌情提供最新信息，並將與合作夥伴銀行和我們的顧問合作，完善我們的替代方案。我們遍佈全球的員工繼續努力工作，為股東創造價值，我們已做好全面商業運營的準備，為日常未修改的智慧型手機提供第一個也是唯一一個基於太空的蜂窩寬頻網路。

And with that, this completes the presentation component of our earnings call, and I'll 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，我會將其傳回給斯科特。

Thank you, Andy. Before we go to the queue of analyst questions, we'd like to address a few of the questions submitted by our investors. Operator, could you please start us off with the first question?

謝謝你，安迪。在回答分析師問題之前，我們想先回答投資人提出的一些問題。接線生，您能先問我們第一個問題嗎？

Jeff from New Jersey asked, the company has stated that 45 to 60 satellites are necessary to provide continuous commercial coverage in the US. How many potential subscribers could those 45 to 60 satellites cover?

來自新澤西州的傑夫問道，該公司表示需要45到60顆衛星才能在美國提供持續的商業覆蓋。這 45 到 60 顆衛星可以覆蓋多少潛在用戶？

Thank you for the question, Jeff. 45 to 60 satellites is an important level for us because it allows us to provide continuous service coverage. And as you see from the announcement today, that's how we sized our strategy around launch services and the agreements that we signed. This basically gives us the ability to launch those satellites and get to a true consumer mass market service offering.

謝謝你的提問，傑夫。 45到60顆衛星對我們來說是一個重要的水平，因為它使我們能夠提供持續的服務覆蓋。正如您從今天的公告中看到的，這就是我們圍繞發射服務和我們簽署的協議制定策略的方式。這基本上使我們有能力發射這些衛星並獲得真正的消費者大眾市場服務。

With this network of 45 to 60 satellites, we expect to be able to offer a cellular broadband service to many of the most important wireless markets in the world, in fact, the most valuable wireless markets in the world, including the United States, Europe, Japan, the US government, and other strategic markets that we're in the process of selecting.

憑藉這個由 45 到 60 顆衛星組成的網絡，我們預計能夠向世界上許多最重要的無線市場（實際上是世界上最有價值的無線市場）提供蜂窩寬頻服務，包括美國、歐洲、日本、美國政府以及我們正在選擇的其他戰略市場。

At a high level, with 45 to 60 satellites, we estimate the initial network capacity to be in the hundreds of millions of potential subscribers.

在較高層面上，我們估計初始網路容量將包含 45 至 60 顆衛星，可容納數億潛在用戶。

Sean from California asks, what opportunities does the hybrid application for proliferated low Earth orbit program present for earning DoD proliferated low Earth orbit satellite-based services program contracts?

來自加州的肖恩問道，增殖的低地球軌道計畫的混合應用為獲得國防部增殖的低地球軌道衛星服務計畫合約提供了哪些機會？

Sean, the HALO program is one being used by the Space Development Agency to bring online additional prime contractors for the DoD and evaluate new prototype technologies. So think of this as a standalone program that could generate tens of millions of revenue for us and be a feeder for additional larger programs and use cases.

肖恩，HALO 計劃是太空發展局用來為國防部引入更多主要承包商並評估新原型技術的一項計劃。因此，將此視為一個獨立的程序，可以為我們帶來數千萬的收入，並成為其他更大程序和用例的來源。

We plan to continue to work with other primes, but having the flexibility to be a prime contractor in the near term and over time, this is a valuable role for the company to be in.

我們計劃繼續與其他主要承包商合作，但在短期內和隨著時間的推移可以靈活地成為主要承包商，這對公司來說是一個有價值的角色。

In terms of PLEO, this is a program that is meant to buy services for the DoD that are scalable rather than bespoke. And this is exactly how we've designed our system and our offering. The program has been so successful to date. In fact, it was recently announced that they were expanding it from $900 million to $13 billion. Yes, that's billions with a B.

就 PLEO 而言，這是一個旨在為國防部購買可擴展而非客製化服務的計劃。這正是我們設計系統和產品的方式。迄今為止，該計劃非常成功。事實上，最近宣布將其規模從 9 億美元擴大到 130 億美元。是的，B就是數十億。

This is a great example of the extremely positive backdrop that space is experiencing with US government usage, especially in the cases where there's an easily consumable, scalable offering. And we expect that PLEO will be a vehicle for purchasing both communications and noncommunication services.

這是美國政府使用太空所經歷的極其積極背景的一個很好的例子，特別是在有易於消費、可擴展的產品的情況下。我們預計 PLEO 將成為購買通訊和非通訊服務的工具。

Tanner from Colorado asks, what is the current timeline for delivery of ASIC chips?

來自科羅拉多州的 Tanner 問，目前 ASIC 晶片的交付時間表是什麼？

Thank you, Tanner, for the question. Yes, just a quick clarification. Our current focus is actually launch satellites either with the ASIC or the FPGA in order to achieve coverage. The ASIC is a 10-time network capacity increase per satellite, which is obviously our longer term. The ASIC is tape-out bring up is under initial test of production.

謝謝坦納提出的問題。是的，只是快速澄清一下。我們目前的重點實際上是使用 ASIC 或 FPGA 發射衛星以實現覆蓋。 ASIC是每顆衛星網路容量增加10倍，顯然是我們更長遠的目標。 ASIC 已流片，正在進行初步生產測試。

The next launch will be also with the FPGA, the same configuration that we have on Block 1 satellites. And post that later in '25, mid-2025 to third quarter 2025, we will be including our ASIC in our subsequent launches.

下一次發射也將使用 FPGA，與我們在 Block 1 衛星上的配置相同。並在 25 年晚些時候發布，從 2025 年中期到 2025 年第三季度，我們將在後續發布中包含我們的 ASIC。

Dan from Texas asks, what have you learned from the first five BlueBirds manufacturing and launch? Are the BlueBirds responding as expected since their recent launch?

來自德州的丹問，您從前五架藍鳥飛機的製造和發射中學到了什麼？自最近推出以來，BlueBirds 的反應是否符合預期？

Yes. We're happy to report that they are actually operating as expected. We're very happy with their performance. We are getting ready to light them up to cover nationwide or close to nationwide coverage in the United States on noncontinuous basis, and we're starting with these first five satellites.

是的。我們很高興地報告說，它們實際上正在按預期運行。我們對他們的表現非常滿意。我們正準備點亮它們，以非連續的方式覆蓋美國全國或接近全國的覆蓋範圍，我們將從前五顆衛星開始。

And BlueBirds -- the BlueBirds, I mean, our main building block, which is the Micron is basically the same as the one that we use on Block 2. So getting set up fully vertically integrate the production of that was a significant learning and a very important advancement in our manufacturing capability. So that has helped us to set up our lines and our production lines for Block 2 on the most important part of the satellites, which is the building blocks of them, which are the Microns.

BlueBirds——我的意思是 BlueBirds，我們的主要構建模組，即 Micron，與我們在 Block 2 上使用的基本相同。 因此，建立完全垂直集成的生產是一次重要的學習和我們的製造能力取得了非常重要的進步。因此，這有助於我們在衛星最重要的部分建立我們的生產線和 Block 2 生產線，這是衛星的建構模組，即微米。

The other aspect, which is very important, and we have progress is that we are integrating with these five satellites, we're integrating into the core network of our network partners. So we are becoming part of their systems, including the core. And integrating that to our satellite network is not a trivial task. And that's something that we're doing with all major operators that we had agreements and that are going to be starting using our satellites a part of Block 1.

另一方面，非常重要，我們取得的進展是，我們正在與這五顆衛星集成，我們正在整合到我們網路合作夥伴的核心網路中。所以我們正在成為他們系統的一部分，包括核心。將其整合到我們的衛星網路並不是一項簡單的任務。這就是我們正在與所有已達成協議的主要營運商所做的事情，這些營運商將開始使用我們的衛星作為 Block 1 的一部分。

The other one, which is not trivial, it is on BlueWalker 3, the operation of the satellite were very manual with a lot of people intervention to fly them. These new satellites are fully autonomous -- they fly autonomously and they transmit and broadcast several broadband autonomously. And that's also something that having that integrated into Block 1 translate immediately into Block 2. So a lot of lesson learned.

另一顆衛星也不是小事，它在 BlueWalker 3 上，衛星的操作非常手動，需要很多人幹預來駕駛它們。這些新衛星是完全自主的——它們自主飛行，自主傳輸和廣播多個寬頻。這也是將其整合到 Block 1 後立即轉化為 Block 2 的東西。

We're in the business that you learn by doing and having been built and flying the largest ever objects that are into low Earth orbit is a significant achievement and obviously a significant learning that stay with the company and move on into the next launches that will start soon here for Block 2.

我們從事的業務是透過實踐和建造來學習的，將有史以來最大的物體送入近地軌道是一項重大成就，顯然也是一項重要的學習成果，可以留在公司並繼續進行下一次發射，很快就從這裡開始第2 塊。

And with that, I'd like to thank our shareholders for submitting those 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) Mike Crawford, B. Riley Securities.

（操作員指示）Mike Crawford，B. Riley Securities。

Could you talk about what you're doing in Midland now to scale production? How long it takes to build a Block 1 or a Block two satellite today and what that time frame might look like once you scale up to more fuller production?

您能談談您現在在米德蘭為擴大生產規模所做的工作嗎？現在建造一顆 Block 1 或 Block 2 衛星需要多長時間？

In Midland, we basically have scaled up to have the ability to produce the Microns that are required for Block 2 and then basically meet our target of 60 satellites during '25 and '26. We have done the vast majority of all the investment required for that.

在米德蘭，我們基本上已經擴大規模，有能力生產 Block 2 所需的微米級衛星，然後基本上實現我們在 25 年和 26 年期間生產 60 顆衛星的目標。我們已經完成了所需的絕大多數投資。

And basically, the same technology that we did launch in Block 1, it will be what it will be used on Block 2 satellites as it relate to the Microns for subsequent Block 2 satellites. So they're basically the same Microns, the same infrastructure for the next few launches using our current Micron that is successfully operating now in Block 1.

基本上，我們在 Block 1 中推出的技術相同，它將用於 Block 2 衛星，因為它與後續 Block 2 衛星的微米有關。因此，它們基本上是相同的微米，使用我們目前在 Block 1 中成功運行的當前微米的未來幾次發射的相同基礎設施。

Okay. Just one more for me. One of your strategic partners, Rakuten, in its third quarter results presentation specifically stated that they aim to provide nationwide coverage with AST SpaceMobile starting in 2026. When should we expect to see a definitive agreement with Rakuten?

好的。只給我一個。你們的策略夥伴之一 Rakuten 在第三季業績報告中特別指出，他們的目標是從 2026 年開始透過 AST SpaceMobile 提供全國範圍的覆蓋。

We have an agreement with Rakuten already. They are an investor and a network operator. We are also working very hard with them in other in-country applications for the Japanese market. But we are already fully engaged with them, and we are slotting them to be one of the first markets after the United States, Europe, and Japan.

我們已經與樂天達成協議。他們是投資者和網路營運商。我們也在日本市場的其他國內應用中與他們進行了非常努力的合作。但我們已經與他們充分接觸，我們將他們定位為繼美國、歐洲和日本之後的首批市場之一。

Chris Schoell, UBS.

克里斯‧舍爾，瑞銀集團。

Just a follow-up on the launch services agreement. Any color you can give on the cadence for the 60 satellites potentially being launched? And is it fair to assume it will be back-end loaded?

只是啟動服務協議的後續行動。您能對可能發射的 60 顆衛星的節奏給予什麼顏色嗎？假設它將被後端加載是否公平？

And I believe the New Glenn rocket had been delayed previously. Can you just talk through what gives you confidence you will not see further delays and your backup options in the event New Glenn falls behind schedule?

我相信新格倫火箭之前已經被推遲了。您能否談談是什麼讓您有信心在新格倫航班落後於計劃的情況下不會看到進一步的延誤以及您的後備選項？

Yes. I mean, as you noticed, I mean, what we announced is a multi-launch agreement with multiple partners, including SpaceX, ISRO and the New Glenn from Blue Origin. We have the ability to actually stack multiple satellites all the way to eight in the New Glenn, which is roughly double what is possible in the Falcon 9.

是的。我的意思是，正如你所注意到的，我的意思是，我們宣布的是與多個合作夥伴達成的多次發射協議，包括 SpaceX、ISRO 和藍色起源的新格倫號。我們實際上有能力在新格倫號上堆疊多顆衛星，直到達到八顆，這大約是獵鷹 9 號的兩倍。

New Glenn, it is ready to launch this year, and we're working with them in basically accelerating our launch campaign in order to take advantage of the large fairing and the ability to stack a significant number of satellites, as I said, up to eight with them. So we will -- the cadence will be probably 1, 4, 4, 8, 8, 8 until we get to 60. And the New Glenn is designed to be reused 25 times and the multitude of them being built and with the first one scheduled to actually be this year.

新格倫號，它已準備好今年發射，我們正在與他們合作，基本上加速我們的發射活動，以便利用大型整流罩和堆疊大量衛星的能力，正如我所說，最多可達八個和他們在一起。所以我們會——節奏可能是 1, 4, 4, 8, 8, 8，直到我們達到 60。上是今年。

Great. And if I can just spend one more. Any thoughts on how space policy or regulation could evolve under the new administration? I appreciate it's still early days, but would love to hear potential impacts you're thinking about for your business.

偉大的。如果我能再花一張就好了。對於新政府領導下的太空政策或監管如何發展有什麼想法嗎？我很高興現在還處於早期階段，但很想聽聽您正在考慮的對您業務的潛在影響。

Well, we believe that this coming administration will maintain what it did in the first administration where the SDA was created, a lot of funding into space was granted. We believe that it will be an environment of growth for the space sector.

嗯，我們相信，下一屆政府將維持第一屆政府創建 SDA 時所做的事情，並向太空提供了大量資金。我們相信這將成為航太領域的成長環境。

And we solve a major problem, which is the ability to provide broadband connectivity in every corner of the United States. That is a bipartisan mission, and we think that there will be a significant support for that initiative in the incoming administration.

我們解決了一個主要問題，就是能夠在美國的每個角落提供寬頻連線。這是一項兩黨共同的使命，我們認為即將上任的政府將大力支持這項措施。

We also believe that our government opportunities become more relevant, and we see a very good path here. And this is basically what we saw happen in the first administration from four years ago.

我們也相信，我們的政府機會變得更加重要，我們在這裡看到了一條非常好的道路。這基本上就是我們四年前第一屆政府所看到的情況。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Scott, I think in the script, you mentioned the potential government revenues in the hundreds of millions of dollars. Should we assume those are hardware revenues? Or are those service revenues?

史考特，我想在劇本中，你提到了數億美元的潛在政府收入。我們應該假設這些是硬體收入嗎？或者說這些是服務收入嗎？

Chris, that was a general sizing over time, right? But it speaks to the contracts that we received. So there's four contracts awards now. And some of those, we think, are phased contracts that have a path over time to getting the programs of record, to getting to those large figures.

克里斯，這是一段時間內的一般尺寸，對嗎？但這涉及我們收到的合約。現在有四份合約授予。我們認為，其中一些是分階段的合同，隨著時間的推移，這些合約將有可能獲得記錄的計劃，從而達到這些大數字。

And that would be -- these are all primarily services contracts that we contemplate, although we have the ability to sell satellites over time, I suppose. But primarily, we are in the services business, we're a manufacturer, and we make these technologies operational for the US government and for our commercial partners.

那就是——我想，儘管我們有能力隨著時間的推移銷售衛星，但這些主要都是我們考慮的服務合約。但主要是，我們從事服務業務，我們是製造商，我們使這些技術為美國政府和我們的商業合作夥伴運作。

Understand. And it's turned out that the ground networks are often the lowest component of any sort of a network build-out. Is it fair to assume there would have to be a bespoke government ground system? Or could the government use it with existing infrastructure?

理解。事實證明，地面網路通常是任何類型網路建設中最低的組成部分。假設必須有一個客製化的政府地面系統是否公平？或者政府可以將其與現有基礎設施一起使用嗎？

Yes. Our ground infrastructure for the existing -- for the US footprint is actually pretty much built. We are not limited to disclose how the government access our network of satellites.

是的。我們現有的地面基礎設施—美國足跡其實已經基本建成。我們不限於揭露政府如何存取我們的衛星網路。

What I will say, they have been using our satellites. They have been testing what they can do with them. And that have led, as Scott explained, to four agreements, some of which we believe will be very significant over time. All of them on a dual use setup where we're sharing the commercial infrastructure also for government implementations.

我要說的是，他們一直在使用我們的衛星。他們一直在測試可以用它們做什麼。正如斯科特所解釋的那樣，這導致了四項協議的達成，我們相信其中一些協議隨著時間的推移將非常重要。所有這些都採用雙重用途設置，我們也共享商業基礎設施以供政府實施。

Good. As long as you deliver the revenues, you don't need to explain the technology.

好的。只要你能帶來收入，你不需要解釋技術。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

I had two, if I could. First, could you just talk about the timeline for testing the five satellites you launched in September and putting those into commercial service?

如果可以的話，我有兩個。首先，您能否介紹一下你們9月發射的五顆衛星的測試和商業化的時間表？

And then secondly, Scott, could you give us a sense of the pipeline and level of activity as it relates to signing new commercial agreements with MNOs?

其次，Scott，您能否讓我們了解一下與行動網路業者簽署新商業協議相關的流程和活動水準？

Yes. Let me talk about the current five satellites. Actually, they are in operation. We have submitted today an STA, supplemental temporary authority, with the FCC to turn them on for actually beta usage close to nationwide around the United States. And that is imminent, and it will be pending authorization to basically beta services on them from the FCC.

是的。先說一下目前的五顆衛星。事實上，他們正在運作。今天，我們已向 FCC 提交了一份 STA（補充臨時授權），以在美國全國範圍內啟用它們以進行實際測試使用。那是迫在眉睫的，並且它將等待聯邦通信委員會對它們的基本測試服務的授權。

But they are ready to be operational. They are fully deployed, and they are operating as we expect them.

但他們已準備好投入營運。它們已完全部署，並且正在按我們的預期運行。

And Bryan, on the second question, we've announced a definitive commercial agreement with AT&T, and we are working on similar agreements with our other large partners. Those are important to have in place before service is offered, but these are long, dense agreements, and they're important because they basically are the legal vehicle through which revenue will flow very quickly. And so those are very important steps.

Bryan，關於第二個問題，我們已經宣布與 AT&T 達成最終商業協議，我們正在與其他大型合作夥伴達成類似協議。在提供服務之前，這些協議必須落實到位，但這些都是長期而密集的協議，它們很重要，因為它們基本上是收入快速流動的合法工具。所以這些都是非常重要的步驟。

These are big agreements that we get right with our partners. And as you may have seen, we've recently increased hiring on the commercial front because, yes, the pipeline for these types of agreements and the interest around them is quite strong.

這些是我們與合作夥伴達成的重大協議。正如您可能已經看到的，我們最近增加了商業方面的招聘，因為，是的，此類協議的管道以及圍繞它們的興趣非常濃厚。

And our strategy, as we've said, is to go out and harvest those 45-plus agreements that we have today and also talk to additional partners around the world. So that is a good pipeline. It's really been supported by the level of activity we've had in 2024, especially with these first five satellites and deploying all of them successfully in orbit. So that activity is good, and we're going to continue to harvest it.

正如我們所說，我們的策略是走出去，收穫我們今天達成的 45 多項協議，並與世界各地的其他合作夥伴進行對話。所以這是一個很好的管道。這確實得到了我們 2024 年的活動水準的支持，特別是前五顆衛星並將它們全部成功部署在軌道上。所以這個活動很好，我們將繼續收穫它。

Caleb Henry, Quilty Analytics.

Caleb Henry，奎爾蒂分析。

One question, sorry, if this has already been answered, just a clarification. How many Block 1 satellites does AST anticipate launching before switching over to the Block 2?

有一個問題，抱歉，如果這個問題已經得到解答，那麼只是澄清一下。在切換到 Block 2 之前，AST 預計會發射多少顆 Block 1 衛星？

Yes. No. We already switched to Block 2. So the five that are in orbit, but Block BlueWalker 3 are Block 1 sizes. So 8-meter by 8-meter arrays, and the next size is the 2,400 square feet space array, which is roughly 3.5 times bigger than the Block 1. It is what we're launching going forward.

是的。不。 8 公尺 x 8 公尺的陣列，下一個尺寸是 2,400 平方英尺的空間陣列，大約比 Block 1 大 3.5 倍。

Okay. All right. You also mentioned expecting to see more FCC filings for space and ground segment. And you've talked a lot about the space side, but can you give any color on what kind of ground network rollout you need in terms of like how many teleports around the world and where you've progressed with those to date for commercial service?

好的。好的。您還提到預計會看到更多有關太空和地面部分的 FCC 文件。您已經談論了很多關於太空方面的內容，但是您能否說明您需要什麼樣的地面網路部署，例如世界各地有多少個遠端傳送點以及迄今為止在商業服務方面取得的進展？

Yes. We have four ground stations ready to be in operations in the United States. This is to light up 5,600 cells in the US. We then were turning into Europe and Japan, where we are basically lighting up regional gateways with Vodafone for the European market and then with Rakuten in Japan for the Japanese market.

是的。我們有四個地面站準備在美國投入營運。這將點亮美國的 5,600 個電池。然後我們轉向歐洲和日本，我們基本上透過沃達豐為歐洲市場點亮區域網關，然後透過日本樂天為日本市場點亮區域網關。

And hopefully, we'll be announcing additional strategic partners coming in for additional markets that we will be lighting up in conjunction with deals similar to what we have done with AT&T and Verizon, and we will then be prioritizing those markets.

希望我們能夠宣布更多的戰略合作夥伴進入更多的市場，我們將透過類似於我們與 AT&T 和 Verizon 所做的交易來點亮這些市場，然後我們將優先考慮這些市場。

So we are prioritizing access to the network, to the satellites, to network operators that have either invested or prepay services with us. And that's what we're focusing in specific regions and with a lot of focus in the United States as one of the first markets.

因此，我們優先考慮存取網路、衛星以及已向我們投資或預付費服務的網路營運商。這就是我們在特定地區的重點，特別是美國作為首批市場之一。

Okay. And then just one more question. So it sounds like eight satellites can launch for New Glenn, four for Falcon 9. How many are you anticipating for the ISRO launch? And is that with the smaller PSLV or the larger GSLV rocket?

好的。然後還有一個問題。聽起來新格倫號可以發射八顆衛星，獵鷹 9 號可以發射四顆衛星。是較小的 PSLV 還是較大的 GSLV 火箭？

It is with the largest. We expect to use that on the original first launch, then focus on New Glenn, SpaceX and others that are also capable of launching our satellites. But of course, we're very, very enthusiastic about the New Glenn with their large fairing and the ability to launch up to eight of the large ones that we have.

它是最大的。我們希望在最初的首次發射中使用它，然後專注於新格倫、SpaceX 和其他也有能力發射我們衛星的公司。當然，我們對新格倫號非常非常熱情，因為它有大型整流罩，並且能夠發射我們擁有的多達八個大型整流罩。

Thank you. And we have reached the end of the question-and-answer session. I'll now turn the call back over to Scott Wisniewski for closing comments.

謝謝。我們的問答環節已經結束了。現在，我將把電話轉回給 Scott Wisniewski，以徵求結束意見。

Thank you, operator. We want to thank all of our shareholders and research analysts for joining the call and everyone's continued strong support of our mission. We look forward to providing further updates. Thank you.

謝謝你，接線生。我們要感謝所有股東和研究分析師的加入，以及大家對我們使命的持續大力支持。我們期待提供進一步的更新。謝謝。

And ladies and gentlemen, this concludes today's conference call. 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。