AST SpaceMobile Inc (ASTS) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the AST SpaceMobile fourth-quarter 2024 business update call.

歡迎參加 AST SpaceMobile 2024 年第四季業務更新電話會議。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to your host today, Scott Wisniewski, President of AST SpaceMobile.

現在，我想將會議交給今天的主持人、AST SpaceMobile 總裁 Scott Wisniewski。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，下午好。

Today, I'm also joined by Chairman and CEO, Abel Avellan; and our Chief Financial Officer, Andrew Johnson.

今天，和我一起出席的還有董事長兼執行長 Abel Avellan；以及我們的財務長安德魯·約翰遜（Andrew Johnson）。

Let me refer you to slide 2 of the presentation, which contains our safe harbor disclaimer.

請容許我向您介紹簡報的第二張投影片，其中包含我們的安全港免責聲明。

During today's call, we may make certain forward-looking statements.

在今天的電話會議中，我們可能會做出某些前瞻性的陳述。

These statements are based on current expectations and assumptions and as a result, are subject to risks and uncertainties.

這些聲明是基於當前的預期和假設，因此受風險和不確定性的影響。

Many factors could cause actual events to differ materially from the forward-looking statements on this call.

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 ended December 31, 2024, 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 2024 年 12 月 31 日的 10-K 表年度報告中的“風險因素”部分以及 AST SpaceMobile 不時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.

此外，在我們發表初步評論之後，我們將開始問答環節，回答股東提出的問題。

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.

對於那些可能還不熟悉我們公司和使命的人來說，今天全世界有超過 50 億部手機在使用，但我們中的許多人在生活、工作和旅行時仍然會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.

此外，還有數十億人沒有蜂巢寬頻，無法融入全球經濟。

The markets we are pursuing are massive, and the problem we are solving is important and touches nearly all of us.

我們所追求的市場是巨大的，我們所解決的問題很重要，幾乎涉及到我們所有人。

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.

在此背景下，AST SpaceMobile 正在建立第一個也是唯一一個太空全球蜂窩寬頻網絡，可直接與日常未經修改的行動裝置運行，並由我們廣泛的 IP 和專利組合提供支援。

We have made significant progress over the past year, and I am excited to pass the call to our Chairman and CEO, Abel Avellan, who will discuss our achievements and our vision going into 2025.

我們在過去的一年裡取得了重大進展，我很高興將電話轉交給我們的董事長兼首席執行官阿貝爾·阿維蘭 (Abel Avellan)，他將討論我們的成就和我們對 2025 年的願景。

Thank you, Scott.

謝謝你，斯科特。

The past several months have been transformational for AST SpaceMobile and we continue to accelerate manufacturing, expand our partner ecosystem and demonstrate unique and differentiated space-based cellular broadband capabilities. 2024 was the year we validated AST SpaceMobile position as a technology leader and inventor in this new industry.

過去幾個月對 AST SpaceMobile 來說是變革性的，我們繼續加速製造，擴大我們的合作夥伴生態系統，並展示獨特且差異化的基於空間的蜂窩寬頻功能。 2024 年，我們確認 AST SpaceMobile 作為這一新興產業的技術領導者和發明者的地位。

And in 2025, we will leverage this position alongside our expansive IP portfolio of more than 3,500 patents and patent pending claims, to further enable through space-based connectivity to the device in your pocket today.

到 2025 年，我們將利用這一優勢以及我們擁有的超過 3,500 項專利和正在申請的專利的廣泛知識產權組合，進一步實現透過空間連接您今天口袋中的設備。

Simply put, we entered 2025 with the talent and partners, technology and intellectual property, access to space and spectrum and the funding to move at accelerated pace in this fast developing market.

簡而言之，我們進入 2025 年時已經擁有人才和合作夥伴、技術和智慧財產權、空間和頻譜使用權以及資金，可以在這個快速發展的市場中加速發展。

Key pieces of our business are now in place.

我們的業務的關鍵部分現已到位。

Our technology has capacity to deliver voice, data, video calls and other native cellular broadband capabilities, making us a truly differentiated offering for us and our network partners.

我們的技術有能力提供語音、數據、視訊通話和其他原生蜂窩寬頻功能，從而為我們自己和我們的網路合作夥伴提供真正差異化的產品。

We're now moving forward to integrate with our partner networks, which will enable initial service with our mobile network operator partners, AT&T and Verizon in the United States, Vodafone in the United Kingdom and Turkey, and Rakuten in Japan.

目前，我們正在推動與合作夥伴網路的整合，這將使我們與行動網路營運商合作夥伴（美國的 AT&T 和 Verizon、英國和土耳其的沃達豐以及日本的樂天）一起提供初步服務。

Our mobile network operator partners include some of the largest telecom operators in the world and the number of partners continue to grow.

我們的行動網路營運商合作夥伴包括一些全球最大的電信營運商，合作夥伴的數量還在不斷增加。

We now have agreements with approximately 50 mobile network operators globally, which have nearly 3 billion existing subscribers around the world.

我們目前與全球約50家行動網路營運商達成協議，這些業者在全球擁有近30億現有用戶。

This year is about building our constellation to reach commercial service.

今年我們將致力於建設星座，實現商業服務。

As a reminder, our technology has been designed from the beginning to support broadband, not just text messaging or emergency SOS, as noted recently by our partners, AT&T, Verizon and Vodafone, who each completed video calls over our in-orbit network.

提醒一下，我們的技術從一開始就設計為支援寬頻，而不僅僅是簡訊或緊急 SOS，正如我們的合作夥伴 AT&T、Verizon 和 Vodafone 最近指出的那樣，他們分別透過我們的在軌網路完成了視訊通話。

We have the capability for voice and data services at broadband speed to modify smartphones.

我們有能力以寬頻速度提供語音和數據服務來改造智慧型手機。

Since our last business update call with investors, we achieved several major milestones.

自從我們上次與投資者進行業務更新電話會議以來，我們已經實現了幾個重要的里程碑。

First, we solidified our balance sheet with a significant financing with an attractive structure.

首先，我們透過結構有吸引力的大量融資鞏固了我們的資產負債表。

And with that, we are accelerating our manufacturing, which I will speak to you shortly.

同時，我們正在加速生產，我很快就會和大家談一談。

Second, we signed an agreement that once completed, will provide us with the largest block of high-value, lower mid-band spectrum, our making the spectrum owned and operated by our partners.

第二，我們簽署了一項協議，一旦完成，該協議將為我們提供最大的高價值、中低頻譜區塊，使我們的頻譜由我們的合作夥伴擁有和營運。

Third, we accelerated satellite manufacturing effort with planning and production of 40 Block 2 global satellites underway alongside with additional components and materials needed for over 50.

第三，我們加快了衛星製造力度，正在規劃和生產 40 顆 Block 2 全球衛星，同時也生產 50 多顆衛星所需的其他組件和材料。

Fourth, we continue to expand our commercial ecosystem, both with MNOs with the Vodafone agreement and with the government contracts.

第四，我們繼續擴大我們的商業生態系統，包括與沃達豐協議的行動網路營運商以及與政府簽訂的合約。

In fact, just this past week, we announced a new $43 million contract award in support of the United States Space Development Agency, or SDA.

事實上，就在上週，我們宣布了一項價值 4300 萬美元的新合同，以支持美國太空發展局（SDA）。

Our recent contract is just for the beginning of what we expect to achieve with the US government.

我們最近簽訂的合約只是我們期望與美國政府達成的協議的開始。

And last, we continue to solidify the regulatory framework for our services with the SEC.

最後，我們將繼續與美國證券交易委員會 (SEC) 合作，以鞏固我們服務的監管框架。

Let me briefly elaborate on each of these achievements.

讓我簡要闡述每一項成就。

We completed $460 million convertible senior note offering, resulting in nearly $1 billion in cash on our balance sheet.

我們完成了 4.6 億美元的可轉換優先票據發行，導致我們的資產負債表上有近 10 億美元現金。

Alongside with this capital raise, we secured cap call transactions, which increased the effective conversion price of the note to approximately $45 per share.

隨著此次融資，我們也進行了資本調用交易，將票據的有效轉換價格提高至每股約 45 美元。

With a 4.25% coupon, we significantly reduced our cost of capital for the company.

透過 4.25% 的票面利率，我們大幅降低了公司的資本成本。

And with the cap call, we minimize effective dilution to existing shareholders to approximately 53% at the effective conversion price.

透過上限調用，我們將對現有股東的有效稀釋降至有效轉換價格的約 53%。

Importantly, as part of the transaction, AT&T, Google, Verizon, and Vodafone converted their existing notes and became Class A common shareholders.

重要的是，作為交易的一部分，AT＆T、Google、Verizon 和沃達豐轉換了現有票據並成為 A 類普通股股東。

We welcome our loyal partners and shareholders, and we appreciate their ongoing support.

我們歡迎我們忠實的合作夥伴和股東，並感謝他們一直以來的支持。

The financing of (technical difficulty) and our new balance sheet enabled us to immediately and aggressively accelerate our manufacturing plans.

(技術難題)的融資和我們的新資產負債表使我們能夠立即積極地加快我們的製造計劃。

We have accelerated the procurement of components and materials needed for us to complete fully fully integrated and assembly Block 2 BlueBird satellites.

我們加快了採購完成 Block 2 BlueBird 衛星全面整合和組裝所需的零件和材料。

Additionally, we have accelerated procurement of components and materials needed for us to complete fully assembled microns, which are the building block power satellites and phased array for over 50 satellites.

此外，我們還加快了採購完成完全組裝的微米所需的零件和材料，這些微米是 50 多顆衛星的動力衛星和相控陣的基礎。

As a reminder, the assembly stage is one of the last steps in the manufacturing process, and we procure long lead items first to ensure we remain on track for integration and assemble stages.

提醒一下，組裝階段是製造過程中的最後步驟之一，我們首先採購長交貨期的物品，以確保我們能夠按計劃完成整合和組裝階段。

As part of our accelerating manufacturing, we have increased our global footprint to approximately 194,000 square feet in Midland.

作為我們加速製造的一部分，我們已將全球足跡擴大至米德蘭約 194,000 平方英尺。

Texas, 59,000 square feet in Barcelona, Spain and soon 85,000 additional square feet in Homestead, Florida, respectively.

該辦公室位於德克薩斯州、西班牙巴塞隆納和佛羅裡達州霍姆斯特德，佔地 59,000 平方英尺和 85,000 平方英尺。

We have completed the bring up and initial validation of our novel ASIC chip, which will support up to 10,000 megahertz, 10 gigahertz processing bandwidth per satellite with peak data speed of up to 120 megabits per second.

我們已經完成了新型 ASIC 晶片的啟動和初步驗證，該晶片將支援高達 10,000 兆赫、每顆衛星 10 千兆赫的處理頻寬，峰值資料速度高達每秒 120 兆位元。

We expect to incorporate our ASIC into Block 2 BlueBird satellite later this year.

我們預計今年稍後將我們的 ASIC 整合到 Block 2 BlueBird 衛星中。

We also exercised our contract option for more launches, and now we have fully contracted load capacity for approximately 60 satellites during 2025 and 2026, which gets us to continue service in US, Europe, and Japan and some selected markets outside the United States.

我們也行使了更多發射的合約選擇權，現在我們已經完全簽訂了 2025 年和 2026 年約 60 顆衛星的負載能力，這使我們能夠繼續在美國、歐洲、日本和美國以外的一些特定市場提供服務。

Next, we signed an agreement, which would provide long-term access to up to 45 megahertz of lower mid-band spectrum in the United States for direct-to-device satellite application.

接下來，我們簽署了一項協議，將為美國直接面向設備的衛星應用提供長期使用高達 45 兆赫的中低頻頻譜的權利。

This agreement, when consummated, will augment our capability pairing existing plans for the Continental United States on previous 3GPP low-band spectrum in the 850 megahertz band, which offers superior penetration and coverage characteristics with access to up to 45 megahertz of lower mid-band spectrum, the largest available block of high-quality nationwide spectrum in the United States.

該協議一旦達成，將增強我們在美國本土現有計劃的基礎上，將 850 兆赫頻段的先前 3GPP 低頻段頻譜進行配對的能力，該頻段具有卓越的穿透力和覆蓋範圍，可訪問高達 45 兆赫的中低頻段頻譜，這是美國最大的高質量全國性頻譜塊。

Spectrum is a scarce resource and our spectrum agreement matches an attractive spectrum position with the largest satellite upgrade for direct-to-device cellular broadband space.

頻譜是一種稀缺資源，我們的頻譜協議將具有吸引力的頻譜位置與最大的衛星升級相匹配，以實現直接到設備的蜂窩寬頻空間。

The agreement for long-term access to this spectrum enhanced our strategy of working with MNO partners.

長期使用這一頻譜的協議增強了我們與 MNO 合作夥伴的合作策略。

Our partners dedicate premium low-band spectrum to support our services.

我們的合作夥伴致力於提供優質的低頻段頻譜來支援我們的服務。

The spectrum we are accessing amplifies existing capacity.

我們正在訪問的頻譜擴大了現有的容量。

Specifically, more spectrum means increased subscriber capacity and better service in the US, enable feed data transmission speed of up to 120 megabits per second for a true broadband experience directed from space to everyday smartphone.

具體而言，更多的頻譜意味著美國的用戶容量增加和服務更好，使饋送數據傳輸速度高達每秒 120 兆比特，從而實現從太空到日常智慧型手機的真正的寬頻體驗。

This positions us and our mobile network operator partners for significant growth while reinforcing our place in the broader wireless ecosystem with a valuable strategic asset.

這使我們和我們的行動網路營運商合作夥伴實現了顯著的成長，同時以寶貴的策略資產鞏固了我們在更廣泛的無線生態系統中的地位。

And just recently, we received a special temporary authority STA approval from the FCC to commence testing service with AT&T and Verizon in the United States.

而且就在最近，我們獲得了FCC的特別臨時授權STA批准，開始在美國與AT&T和Verizon合作提供測試服務。

This approval will enable us to connect and test our BlueBird satellite with modified smartphones without the need of any specialized software, device support or updates.

此項批准將使我們能夠將 BlueBird 衛星與經過改裝的智慧型手機連接並測試，而無需任何專門的軟體、裝置支援或更新。

The FCC approvals underscore the shared goal between AST SpaceMobile and the commission, and we anticipate additional FCC ruling soon, and we continue integrating our groundbreaking technology with our strategic partners.

FCC 的批准強調了 AST SpaceMobile 和委員會之間的共同目標，我們預計 FCC 很快就會做出更多裁決，並將繼續與我們的策略合作夥伴整合我們突破性的技術。

The first five commercial Block 1 BlueBird satellites launched in September 2024 are fully operational.

2024 年 9 月發射的前五顆商用 Block 1 BlueBird 衛星已全面運作。

As a reminder, our satellite [amasses] each the largest ever commercially deployed communication array below earth orbit other than the international space station.

提醒一下，我們的衛星擁有國際太空站以外迄今為止最大的地球軌道以下商業部署的通訊陣列。

For context, our upcoming Block 2 satellites are more than 3 times the size of Block 1 satellites, measuring approximately 2,400 square feet.

就背景而言，我們即將發射的 Block 2 衛星的尺寸是 Block 1 衛星的 3 倍多，面積約為 2,400 平方英尺。

As a result, we need a much smaller number of satellites compared to traditional operators in the low earth orbit.

因此，與傳統的低地球軌道營運商相比，我們需要的衛星數量要少得多。

The size of our satellites accelerate our path to commercial revenues and the design of our satellites and network decrease any single point of failure, reducing our risk profile.

我們的衛星尺寸加速了我們實現商業收入的進程，我們的衛星和網路的設計減少了任何單點故障，從而降低了我們的風險狀況。

I am very pleased to report the first five BlueBird satellites are all performing as expected.

我很高興地報告，前五顆 BlueBird 衛星的表現都符合預期。

We have fully tested each satellite and put them into operations.

我們對每顆衛星進行了充分測試並投入運作。

It was exciting to watch Vodafone CEO, Margherita Della Valle, complete a video call using our space-based technology.

看到沃達豐執行長瑪格麗塔·德拉瓦萊 (Margherita Della Valle) 使用我們的太空技術完成視訊通話，真是令人興奮。

AT&T and Verizon completed video calls shortly after.

此後不久，AT&T 和 Verizon 完成了視訊通話。

This operational milestone demonstrates our unique capabilities that our satellites were designed for, not just text messaging, but full broadband capabilities and other native cellular capabilities to completely unmodified smartphones.

這項營運里程碑證明了我們衛星的獨特功能，不僅僅是短信，還包括完整的寬頻功能和其他原生蜂窩功能，以供完全未經修改的智慧型手機使用。

On the government front, we recently secured an additional contract for $43 million of revenue with the Space Development Agency through a prime contractor.

在政府方面，我們最近透過總承包商與太空發展局簽訂了一份價值 4,300 萬美元的額外合約。

Scott will provide support details momentarily.

斯科特將立即提供支援細節。

But this commercial award highlights the capabilities of our dual-use technology for specialized government applications.

但這項商業獎項凸顯了我們的軍民兩用技術在政府專門應用方面的能力。

Our government contract pipeline continues to show strength, driven by new use cases for our unique technology, which are becoming clearer every day.

我們的政府合約管道持續展現強勁勢頭，這得益於我們獨特技術的新用例，而這些用例每天都變得越來越清晰。

With our successful initial launch and the progress across manufacturing and our commercial and government agreement, you can see that key pieces of operationalizing the restricted mobile network are now in place.

隨著我們首次成功發布以及製造和商業及政府協議的進展，您可以看到受限行動網路營運的關鍵部分現已到位。

I am incredibly proud of the tireless effort from our team and our partners, particularly over the past several months to get us to this critical point.

我對我們團隊和合作夥伴的不懈努力感到無比自豪，特別是過去幾個月的努力，使我們達到了這一關鍵點。

With each step, we move closer to achieving our mission of connecting you connected and look forward to bringing you more updates in the months ahead.

每邁出一步，我們都離實現「讓您互聯互通」的使命更近一步，並期待在未來幾個月為您帶來更多更新。

I will now pass to Scott to provide more details on our commercial progress.

現在我將請斯科特提供有關我們商業進展的更多細節。

Thank you, Abel.

謝謝你，阿貝爾。

As Abel mentioned, the last few months have been truly significant for AST SpaceMobile.

正如阿貝爾所說，過去幾個月對 AST SpaceMobile 來說確實意義重大。

All of the facets of our business are coming together nicely, and we enter 2025 in our strongest position to date.

我們的業務的各個方面都進展順利，我們將以迄今為止最強勁的地位邁入 2025 年。

Let me provide additional details on some of the achievements and what they mean for the commercialization of the company.

讓我更詳細地介紹這些成就以及它們對公司商業化的意義。

Just last week, we signed a $43 million revenue contract with the US Space Development Agency through a prime contractor.

就在上週，我們透過總承包商與美國太空發展局簽署了一份價值 4,300 萬美元的收益合約。

This contract follows successful in-orbit testing on our BlueWalker 3 test satellite under the previous contract announced in February of 2024.

該合約是繼 2024 年 2 月宣布的上一份合約之後，我們對 BlueWalker 3 測試衛星進行了成功的在軌測試。

Importantly, this is not a prepaid contract, but rather revenue we expect to receive and recognize alongside service delivered on our five satellites in orbit and our first Block 2 BlueBird satellites.

重要的是，這不是預付合同，而是我們期望在我們在軌的五顆衛星和我們的第一顆 Block 2 BlueBird 衛星上提供服務時收到和確認的收入。

This contract, as with our other US government contracts to date, serve as an evaluation of our capabilities in support of potential larger long-term contracts.

與我們迄今為止簽訂的其他美國政府合約一樣，該合約是對我們支持潛在的更大的長期合約的能力的評估。

Now, taking a step back, this marks our fifth contract award with the US government and our third supporting the Space Development Agency.

現在，回顧一下，這是我們與美國政府授予的第五份合同，也是我們第三次支持太空發展局。

We continue to see a strong demand profile for space applications from the DoD, which you can read about in the press and in particular, for our unique architecture, which facilitates a diverse set of communications and noncommunications applications.

我們繼續看到國防部對太空應用的強烈需求，您可以在媒體上讀到相關報道，特別是我們獨特的架構，它促進了各種通訊和非通訊應用。

Our network is also attractively positioned as dual-use capable, meaning the same spacecraft can be used for both consumer and government programs.

我們的網路還具有雙重用途的優勢，這意味著同一艘太空船既可以用於消費者項目，也可以用於政府項目。

On the commercial front, we continue to advance with our partners, including the approximately 50 mobile network operators we have initial agreements with today.

在商業方面，我們繼續與合作夥伴共同進步，包括今天與我們達成初步協議的大約 50 家行動網路營運商。

The depth and excitement of these conversations has continued to increase alongside our business milestones like the high-profile video calls with Vodafone, AT&T and Verizon that we recently conducted.

隨著我們業務的里程碑（例如我們最近與沃達豐、AT＆T 和 Verizon 進行的備受矚目的視訊通話）的實現，這些對話的深度和刺激性也不斷增加。

During 2025, we expect to round out our strategic markets with additional MNOs, building out the initial planned coverage footprint in the US, Europe, Japan and with the US government.

到 2025 年，我們預計將透過更多的 MNO 來完善我們的戰略市場，並在美國、歐洲、日本和美國政府範圍內擴大最初計劃的覆蓋範圍。

Additionally, during the first half of 2025, you will begin to see gateway sales or bookings that will bring in cash and revenue during 2025 and also provide a leading indicator for the markets where you will see initial service revenue.

此外，在 2025 年上半年，您將開始看到門戶銷售或預訂，這將在 2025 年帶來現金和收入，並為您將看到初始服務收入的市場提供領先指標。

Turning to Vodafone in particular.

特別談到沃達豐。

In December, we finalized a definitive long-term commercial agreement for SpaceMobile service through 2034.

12 月，我們敲定了 SpaceMobile 服務的最終長期商業協議，有效期至 2034 年。

This agreement establishes the framework for Vodafone to offer space-based cellular broadband connectivity in its home markets as well as to other operators via its partner markets program.

該協議為沃達豐在其本土市場以及透過其合作夥伴市場計劃向其他營運商提供空間蜂窩寬頻連接建立了框架。

Our agreement with Vodafone is a culmination of the many years working together to advance connectivity, marking another significant step in our historic partnership.

我們與沃達豐的協議是我們多年來共同致力於推動連結性的成果，標誌著我們歷史性合作夥伴關係又邁出了重要一步。

And then just yesterday, we announced a further agreement with Vodafone to accelerate the commercialization of the SpaceMobile network across all of Europe.

就在昨天，我們宣布與沃達豐達成進一步協議，以加速 SpaceMobile 網路在整個歐洲的商業化。

This jointly owned entity will exclusively distribute our space-based cellular broadband service, expanding our addressable market significantly in Europe.

該合資實體將獨家分銷我們的空間蜂窩寬頻服務，大大擴展我們在歐洲的目標市場。

This means shared ground infrastructure to manage geographic boundaries and turnkey solutions to increase take-up with smaller operators earlier in our deployment.

這意味著共享地面基礎設施來管理地理邊界和交鑰匙解決方案，以便在我們部署早期增加小型營運商的採用。

Also in support of our European expansion, we are opening a research and validation hub in Malaga, Spain to support space and land mobile broadband research.

此外，為了支持我們在歐洲的擴張，我們將在西班牙馬拉加開設一個研究和驗證中心，以支持太空和陸地移動寬頻研究。

This strategic expansion, along with our increased manufacturing footprint in Barcelona, will enhance our capabilities to serve the European market and underscore our long-term commitment to the continent.

此次策略擴張，加上我們在巴塞隆納擴大的製造基地，將增強我們服務歐洲市場的能力，並強調我們對歐洲大陸的長期承諾。

And with that, I will hand it off to Andy.

說完這些，我就把它交給安迪。

Thanks, Scott, and good afternoon, everyone.

謝謝，斯科特，大家下午好。

I echo the sentiment expressed by Abel and Scott. 2024 was a pivotal year in the history of AST SpaceMobile, and we continued our rapid operating transformation during Q4 of 2024.

我贊同阿貝爾和史考特表達的觀點。 2024 年是 AST SpaceMobile 史上關鍵的一年，我們在 2024 年第四季繼續快速營運轉型。

Our successful launch of five Block 1 BlueBird satellites in September, coupled with our achievement of full operational status of those satellites in early Q4, has positioned us well to continue our intense focus on expanding our customers, both through commercial and US government engagements.

我們在 9 月成功發射了五顆 Block 1 BlueBird 衛星，並在第四季度初實現了這些衛星的全面投入運營，這使我們能夠繼續專注於透過商業和美國政府合作擴大客戶規模。

As 2024 came to a close, AST SpaceMobile was a transformed company, poised to lead the burgeoning direct-to-device satellite communication industry.

隨著 2024 年接近尾聲，AST SpaceMobile 已成為一家轉型公司，準備引領蓬勃發展的直接到設備衛星通訊產業。

We have the financial resources to support our bold initiatives to accelerate the manufacturing and deployment of our satellites in an effort to scale our revenue in the coming periods.

我們擁有雄厚的財力支持我們的大膽舉措，加速我們的衛星製造和部署，以期在未來擴大我們的收入。

The start of 2025 has been a continuation of this significant progress.

2025年的開始延續了這一重大進展。

As mentioned earlier, we accelerated satellite manufacturing efforts in line with our plans to launch up to 60 Block 2 BlueBird satellites during 2025 and 2026.

如前所述，我們加快了衛星製造力度，按照計畫在 2025 年和 2026 年發射多達 60 顆 Block 2 BlueBird 衛星。

We strengthened our balance sheet through our strategic capital raising, facilitating an increase in our production targets, including the planning and production of 40 Block 2 BlueBird satellites and fully assembled microns and phased array to support a total of 53 satellites.

我們透過策略性融資增強了我們的資產負債表，促進了生產目標的提高，包括規劃和生產 40 顆 Block 2 BlueBird 衛星以及完全組裝的微米和相控陣衛星，以支援總共 53 顆衛星。

Production is well underway at our manufacturing facilities as we expand our footprint globally.

隨著我們在全球擴展業務，我們的製造工廠的生產也順利進行。

Moving to the operating and metrics slide.

轉到操作和指標投影片。

Let's review the key operating metrics for the fourth quarter and full year 2024.

讓我們回顧一下2024年第四季和全年的關鍵營運指標。

On the first chart, for the fourth quarter of 2024, we incurred non-GAAP adjusted cash operating expenses of $40.8 million versus $45.3 million in the third quarter.

在第一張圖表中，2024 年第四季度，我們的非 GAAP 調整後現金營運費用為 4,080 萬美元，而第三季為 4,530 萬美元。

As a reminder, non-GAAP adjusted operating expenses exclude certain noncash operating costs, including depreciation and amortization and stock-based compensation.

提醒一下，非公認會計準則調整後營業費用不包括某些非現金營業成本，包括折舊和攤提以及股票薪資。

This quarter-over-quarter decrease resulted from $9.3 million of reduced R&D costs primarily related to our now completed ASIC bring-up and initial validation work. partially offset by a $4.2 million increase in adjusted engineering services costs and a slight increase of $0.6 million in adjusted general and administrative costs in connection with our accelerated plans related to our Block 2 BlueBird satellites and investments to bolster our critical commercial and administrative functions.

這一季度的下降是由於研發成本減少 930 萬美元，這主要與我們現已完成的 ASIC 啟動和初步驗證工作有關。部分抵銷了調整後工程服務成本增加 420 萬美元以及調整後一般及行政成本小幅增加 60 萬美元的影響，這些成本與我們 Block 2 BlueBird 衛星的加速計劃以及為加強我們的關鍵商業和行政職能而進行的投資有關。

For the full year 2024, non-GAAP adjusted cash operating expenses totaled $151.8 million compared to $154.6 million for the full year 2023.

2024 年全年，非 GAAP 調整後現金營運費用總計 1.518 億美元，而 2023 年全年為 1.546 億美元。

Increased engineering services and G&A costs in 2024 were more than offset by a significant reduction in R&D costs as we reduced third-party research and development efforts and pivoted to our internal engineering and cross-functional administrative support in connection with our satellite manufacturing, deployment, commercial and US government engagement efforts related to our Block 1 and Block 2 BlueBird satellites.

由於我們減少了第三方研發力度，轉向與衛星製造、部署、商業和美國政府參與相關的內部工程和跨職能行政支持，因此 2024 年增加的工程服務和 G&A 成本被研發成本的大幅降低所抵消。

Turning towards the second chart on this slide.

轉向這張投影片上的第二張圖表。

Our capital expenditures for the fourth quarter of 2024 were approximately $86 million versus $26.5 million for the third quarter of 2024.

我們 2024 年第四季的資本支出約為 8,600 萬美元，而 2024 年第三季的資本支出為 2,650 萬美元。

This figure is made up of approximately $77 million of capitalized direct materials and labor for our Block 2 BlueBird satellites and additional facility and production equipment for our recently expanded 194,000 square foot assembly, integration and test facilities in Midland, Texas.

這一數字包括我們 Block 2 BlueBird 衛星的約 7,700 萬美元的資本化直接材料和勞動力，以及我們位於德克薩斯州米德蘭最近擴建的 194,000 平方英尺的組裝、整合和測試設施的額外設施和生產設備。

This amount was just slightly less than our guidance of approximately $100 million that I provided on our last business update call in November due to timing of a payment ultimately made in January versus December.

由於付款時間最終是在 1 月而不是 12 月，因此該金額略低於我在 11 月上次業務更新電話會議上提供的約 1 億美元的預期。

Overall, and as expected, capital expenditures have continued to ramp in connection with Block 2 BlueBird satellite production and related launch commitments.

總體而言，正如預期的那樣，與 Block 2 BlueBird 衛星生產和相關發射承諾相關的資本支出持續增加。

Today, we are executing a plan to increase monthly satellite production to six satellites per month in the second half of 2025.

今天，我們正在執行一項計劃，到2025年下半年將每月衛星產量提高到六顆。

In connection with scaling manufacturing and continuing payments on our two-year launch campaign, we expect capital expenditures will continue to increase as compared to prior quarters.

隨著擴大生產規模和繼續支付為期兩年的啟動活動的費用，我們預計資本支出將比前幾季繼續增加。

We expect CapEx in the range of $150 million to $175 million in the first quarter of 2025.

我們預計 2025 年第一季的資本支出將在 1.5 億至 1.75 億美元之間。

Consistent with the fourth quarter of 2024, we estimate that our adjusted cash operating expenses for the first quarter of 2025 will come in within a range of $40 million to $45 million as we continue to make critical investments across the organization in support of our growth plans.

與 2024 年第四季一致，我們估計 2025 年第一季的調整後現金營運費用將在 4,000 萬美元至 4,500 萬美元之間，因為我們將繼續在整個組織內進行關鍵投資以支持我們的成長計畫。

Timing of the changes in our adjusted operating expenditures and capital expenditures, as I've just described, could be delayed or may not be realized due to a variety of factors.

正如我剛才所描述的，我們調整後的營業支出和資本支出變化的時間可能會因為各種因素而延遲或無法實現。

And on the final chart on this slide, we ended the fourth quarter with $567.5 million in cash, up from $518.9 million at the end of the third quarter.

在這張投影片的最後一張圖表中，我們第四季末的現金餘額為 5.675 億美元，高於第三季末的 5.189 億美元。

Our ability to maintain cash above $500 million during the fourth quarter despite the increased capital expenditures was a result of our effective and disciplined use of our existing at-the-market facility, or ATM, partially offset by the repayment of our previous senior credit facility that I discussed on our last call.

儘管資本支出增加，但我們在第四季度仍能將現金維持在 5 億美元以上，這得益於我們有效且有紀律地使用了現有的市場工具或 ATM，而我在上次電話會議上討論過的償還先前的高級信貸工具部分抵消了這一影響。

We currently have approximately $66 million available on the ATM facility.

我們目前在 ATM 機上有大約 6600 萬美元的可用資金。

Our disciplined and effective use of this facility has allowed us to increase liquidity, supplementing our other strategic financing initiatives and accelerating future revenue opportunities, positioning us well to move quickly in building and launching our network.

我們對該工具的規範和有效使用使我們能夠增加流動性，補充我們的其他策略融資計劃並加速未來的收入機會，使我們能夠快速建立和啟動我們的網路。

As Abel commented earlier, in 2025, we further strengthened our cash position through the execution of a seven-year $460 million convertible senior notes offering on attractive terms, including a capped call that increased the effective conversion price by 100% to $44.98 per share, thus minimizing dilution considerably to approximately 3%.

正如 Abel 先前所評論的那樣，2025 年，我們透過以優惠條件執行為期 7 年、價值 4.6 億美元的可轉換優先票據發行，進一步加強了我們的現金狀況，其中包括一項上限贖回權，將有效轉換價格提高 100% 至每股 44.98 美元，從而將稀釋度大幅降至約 3%。

The offering was more than 3 times oversubscribed, providing the opportunity to expand our investor base to many new long-term holders that believe in our mission and execution plan of connecting the unconnected.

此次發行獲得了超過3倍的超額認購，為擴大我們的投資者基礎提供了機會，吸引許多新的長期持有者，他們相信我們的使命和連接未連接者的執行計劃。

Finally, we continue to make good progress on nondilutive financing from quasi-governmental sources of capital in the United States, having passed key milestones, including transaction committee acceptance.

最後，我們繼續在從美國準政府資本來源獲得非稀釋性融資方面取得良好進展，並已透過交易委員會接受等關鍵里程碑。

If these applications are successful, we can use the proceeds to source cost-effective long-term debt funding of large projects.

如果這些申請成功，我們可以利用所得收益為大型專案尋找具有成本效益的長期債務融資。

In parallel, we continue to explore financing opportunities through both domestic and global development institutions, providing financial services to businesses like ours in emerging markets.

同時，我們繼續透過國內和全球發展機構探索融資機會，為新興市場中的類似我們的企業提供金融服務。

We will provide updates as appropriate, and we will be working with the partner banks and our advisers to refine our alternatives.

我們將適時提供更新信息，並與合作銀行和顧問合作完善我們的替代方案。

With our growing revenue profile and further diversified capital market access, we are confident that we can fund our accelerated operational plans with our existing balance sheet, continued focus on nondilutive customer prepayments and prudent use of the ATM facility.

隨著我們不斷增長的收入狀況和進一步多元化的資本市場管道，我們相信我們可以利用現有的資產負債表、繼續專注於非稀釋性客戶預付款和審慎使用 ATM 設施來為我們的加速營運計劃提供資金。

We are proud of the progress we made in 2024 and remain focused on our mission as we continue a fast start to 2025.

我們為 2024 年的進步感到自豪，並將繼續專注於我們的使命，繼續快速邁向 2025 年。

I look forward to keeping you updated on our financial progress as the year unfolds.

我期待著在新的一年向您通報我們的財務進展。

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

這樣，我們的業務更新電話的演示部分就完成了，我會將其交還給斯科特。

Thank you, Andy.

謝謝你，安迪。

Before we go to the queue of analyst questions, we'd like to address a few of the questions submitted by our investors.

在開始回答分析師問題之前，我們想先回答投資人提出的幾個問題。

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

接線生，您能先問我們第一個問題嗎？

Lee Ben from New Zealand asked, when does ASTS expect to reach the six BlueBird per month manufacturing target?

來自紐西蘭的Lee Ben詢問，ASTS預計什麼時候能達到每月生產六個BlueBird的目標？

Great to see questions coming from New Zealand.

很高興看到來自紐西蘭的提問。

We are in the process of manufacturing 40 satellites, and we are working already on the long lead items and all key parts of our microns, which are the main building block of our satellite, which is 53 of them.

我們正在製造 40 顆衛星，我們正在著手製造長週期專案和微米的所有關鍵零件，它們是我們衛星的主要構件，總共有 53 顆。

We believe that by the second half of this year, we'll be at a rate of six per month.

我們相信到今年下半年，我們的生產速度將達到每月六批。

For that, we had extended our facility in Midland to around 190,000 square feet of manufacturing.

為此，我們將米德蘭工廠的製造面積擴大至約 19 萬平方英尺。

We're adding additional manufacturing facility in the tune of 85,000 square feet of manufacturing facility in Florida and another 50,000 square feet of manufacturing facility in Barcelona.

我們正在增加額外的製造設施，包括位於佛羅裡達州的 85,000 平方英尺的製造設施和位於巴塞隆納的 50,000 平方英尺的製造設施。

Rick from the Netherlands asked, what does the current sats in orbit do for the company besides testing?

來自荷蘭的Rick問道，目前在軌的衛星除了測試之外還能為公司做些什麼？

Is there any progress on the defense or governmental part?

國防或政府方面有進展嗎？

Yes, well, they are fully in operation at this point.

是的，目前它們已經全面運作。

We have got them approved to operate in the United States under an STA for both testing of AT&T and Verizon.

我們已獲得批准，讓它們在美國根據 STA 進行運營，以接受 AT&T 和 Verizon 的測試。

We already have demonstrated full broadband capability in them, including voice, text, data and video calling capabilities that will be in essence become nationwide across the United States, obviously, on an intermittent fashion as there are only five that we're building 45 to 60 between this year and next year.

我們已經在其中展示了完整的寬頻功能，包括語音、文字、數據和視訊通話功能，這些功能實際上將在美國全國範圍內推廣，但顯然是間歇性的，因為我們只在建設 5 個，而今年到明年之間將建設 45 到 60 個。

With that also, the government usage is planned to start.

同時，政府也計劃開始使用。

They're starting doing testing on them and recently announced a new program with the government that is on the base of the testing that they have done on BlueWalker 3 and now on the operational satellites that we have in orbit.

他們開始對這些衛星進行測試，並最近與政府共同宣布了一項新計劃，該計劃以他們在 BlueWalker 3 上以及現在我們在軌道上運行的運行衛星上所做的測試為基礎。

We're very bullish about that opportunity and what the government can use with our satellites, which they are using it already with the satellites that are in operation.

我們對這機會非常看好，也看好政府對我們的衛星的利用，他們已經在運作的衛星上運用了我們的技術。

Andreas from New York.

來自紐約的安德烈亞斯。

The recently announced launch campaign had agreement with SpaceX, Blue Origin and ISRO.

最近宣布的發射活動已與 SpaceX、Blue Origin 和 ISRO 達成協議。

Are you planning to expand beyond those 3?

您是否計劃進一步擴展這 3 個範圍？

So as we thought about our launch strategy, we've done a few things on our side to position us for success.

因此，當我們考慮我們的發布策略時，我們已經做了一些事情來為成功做好準備。

One is on the design of the satellite, it's launch vehicle agnostic.

一個是衛星的設計，它與運載火箭無關。

There's a lot of commonalities in the designs for launch vehicles, and we were careful to design our BlueBird so that they're stackable and configurable for each of the major launch vehicles.

運載火箭的設計有許多共同點，我們精心設計了 BlueBird，以便它們可以堆疊並配置為適用於每種主要運載火箭。

So that was the first step.

這就是第一步。

And the second step was last year, we did a deep dive on the market, looked at available capacity, and we selected these three suppliers as we've talked about.

第二步是去年，我們深入研究了市場，查看了可用產能，並按照我們討論的方式選擇了這三家供應商。

So those were important early steps that we took.

所以這些是我們採取的重要的早期步驟。

And to your direct question, we have the ability to use other launch providers over time, for sure.

對於您的直接問題，我們當然有能力隨著時間的推移使用其他發射提供者。

But in order to get the capacity we wanted during 2025 and 2026, up to 60 satellites, as we mentioned on the call earlier, we've actually exercised that option for the full 60.

但為了在 2025 年和 2026 年獲得我們想要的容量，即多達 60 顆衛星，正如我們之前在電話會議上提到的那樣，我們實際上已經對全部 60 顆衛星行使了該選擇權。

We've got that capacity in the 2025 and 2026 time frame.

我們在 2025 年和 2026 年期間已經擁有了這樣的產能。

And as we build more capacity beyond that, we'll consider all the supply in the market.

當我們建造更多的產能時，我們會考慮市場上的所有供應。

But for us, we like where we ended up, and this gives us a lot of ability to get to the 60 satellite target.

但對我們來說，我們對最終的結果感到滿意，這給了我們很大的能力去實現 60 顆衛星的目標。

Brian from Maryland asks, what are the remaining risks to full authorization from the FCC for operating a commercial constellation?

來自馬裡蘭州的 Brian 問道，獲得聯邦通訊委員會全面授權營運商業星座還存在哪些風險？

As you may have seen, we recently received STA authorization from the FCC to do initial services with our satellites for both Verizon and AT&T, and that was the basis for the video calls we did with them a few weeks ago.

正如你們可能已經看到的，我們最近獲得了 FCC 的 STA 授權，可以使用我們的衛星為 Verizon 和 AT&T 提供初始服務，這也是我們幾週前與他們進行視訊通話的基礎。

We're also in the final stages of the process for a commercial modification of our existing commercial license, and that's something that we're working on.

我們還處於現有商業授權商業修改流程的最後階段，這是我們正在努力的事情。

Alongside that, we'll be rolling out a beta service that allows us to do scale testing and then a paid service will follow thereafter.

除此之外，我們還將推出測試服務，以便我們進行規模測試，然後推出付費服務。

And with that, I'd like to thank our shareholders for submitting those questions.

最後，我要感謝我們的股東提出這些問題。

Operator, let's open the call to analyst questions now.

接線員，現在讓我們開始分析師提問環節。

(Operator Instructions) Griffin Boss, B. Riley Securities.

（操作員指示） Griffin Boss，B. Riley Securities。

So your agreements with the roughly 50 MNO partners represent 3 billion subscribers now.

因此，您與大約 50 家 MNO 合作夥伴達成的協議現在代表 30 億用戶。

How many MNO subscribers could be addressed by this new SATCO joint venture with Vodafone?

SATCO 與沃達豐成立的這家新合資企業可以滿足多少 MNO 用戶的需求？

Or yes, what would be more helpful is if you can give us a rough sense of the incremental number of subscribers this partnership could allow you to tap into, given this opens up the entire European market, which I assume likely includes MNOs that you didn't already have MOUs with.

或者是的，如果您可以大致了解此次合作可以讓您獲得的增量用戶數量，那會更有幫助，因為這將打開整個歐洲市場，我猜想其中可能包括您尚未簽署諒解備忘錄的行動網路營運商 (MNO)。

It's a great question, and it's a key reason why we and Vodafone wanted to put this structure in place.

這是一個很好的問題，這也是我們和沃達豐希望建立這種結構的關鍵原因。

So when you look at the full set of connections in Europe, you get to about 600 plus when you look at all the European countries together.

因此，當您查看歐洲的全套連線時，您會發現所有歐洲國家加起來大約有 600 多個。

And we were only covering before the Vodafone 10 home market.

而且我們僅涵蓋沃達豐 10 本土市場之前的區域。

So this does a couple of things.

這會產生一些影響。

One, it sets a plan for gateways across the continent that will be able to, despite smaller country sizes, manage orders quite well and at the same time, provide an efficient path to bringing on new countries that we hadn't originally contemplated and more MNOs in each country.

一方面，它為整個非洲大陸的門戶制定了計劃，儘管國家規模較小，但能夠很好地管理訂單，同時提供一條有效的途徑，引入我們最初沒有考慮到的新國家，並在每個國家引入更多的 MNO。

So it's a big step up in that regard, going from just 10 countries to probably 3 times that, although certainly, we had good countries covered in the beginning, but this adds some really significant countries and some significant operator potential for us.

所以從這個方面來說，這是一個很大的進步，從僅僅 10 個國家增加到可能原來的 3 倍，儘管我們一開始就涵蓋了很好的國家，但這為我們增加了一些真正重要的國家和一些重要的運營商潛力。

And we think that having kind of a European-based European sovereign operator is really important.

我們認為，擁有一個總部位於歐洲的歐洲主權營運商非常重要。

It's important for Europe.

這對歐洲來說很重要。

It's important for European operators.

這對歐洲營運商來說很重要。

And it's frankly, an extension of how we built our network, right?

坦白說，這是我們建構網路的延伸，對嗎？

We built it so that operators and regulators can feel comfortable about how the traffic is managed, and we think that this is a great extension of that.

我們建構它是為了讓營運商和監管機構對流量管理方式感到放心，我們認為這是對此的極大延伸。

That's great context.

這是非常棒的背景。

And then next for me, it's related, but well, not related to that, but a two-part question, both are related.

接下來對我來說，它是相關的，但是，與此無關，而是一個由兩部分組成的問題，兩者都是相關的。

First is this $43 million contract with the STA.

首先是與STA簽訂的這份價值4,300萬美元的合約。

It's great to see.

很高興看到。

Yes, is this for noncommunication applications and services that you've mentioned for some time now and discussed in the prepared remarks?

是的，這是針對您之前提到並在準備好的評論中討論過的非通訊應用程式和服務嗎？

And then second, part of this question, are you able to provide more detail as to what these noncommunications applications are that your architecture is able to support?

然後第二，這個問題的一部分，您能否提供更多細節，說明您的架構能夠支援哪些非通訊應用程式？

Are we talking missile tracking, PNT, remote sensing?

我們談論的是導彈追蹤、PNT、遙感嗎？

Any color that you can provide to us, I think, would be helpful.

我認為您能提供給我們的任何顏色都會有所幫助。

So in terms of the capability that we're bringing to bear, it's noncommunications like we said, and we won't offer more definition of that at this time.

因此，就我們所發揮的能力而言，它是非溝通的，就像我們所說的那樣，我們目前不會對此提供更多定義。

But it's consistent with the frequencies that we operate.

但它與我們操作的頻率一致。

And so that's what the satellite can do, but we'll say it's noncommunications.

這就是衛星能做的事情，但我們會說它不是通訊。

And in terms of the size of the opportunity, yes, this is kind of a second phase for the contract that we announced last February and that we've earned revenue against on the first satellite.

就機會的規模而言，是的，這是我們去年二月宣布的合約的第二階段，我們已經在第一顆衛星上獲得了收入。

And this is $43 million that we expect to earn in the next 12 months or so off of the first five commercial satellites and the first Block 2 satellites.

我們預計在未來 12 個月左右從前五顆商業衛星和首顆 Block 2 衛星中賺取 4,300 萬美元。

And importantly, this is just another further evaluation.

重要的是，這只是另一個進一步的評估。

So the opportunity, we believe, to be quite large, small relative to the total opportunity.

因此，我們認為，這個機會相當大，但相對於整體機會來說，這個機會較小。

And it's one that we're very excited about.

我們對此感到非常興奮。

And like we said, that's a general time frame and the satellites we need to execute on the milestones to deliver the $43 million of revenue.

正如我們所說的，這是一個大致的時間框架，我們需要執行這些里程碑來實現 4,300 萬美元的收入。

Okay.

好的。

And so should we expect that to be linearly recognized over the next 12 months?

那麼我們是否應該預期這一趨勢在未來 12 個月內會呈現線性成長？

Or are you providing some services now that might be more robust in, say, six months?

或者您現在提供的某些服務可能會在六個月後變得更強大？

There might be a slight lag in getting going in the next couple of months, but generally speaking, linear is the right way to model it.

在接下來的幾個月裡可能會有輕微的滯後，但一般來說，線性是建模的正確方法。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

We saw a lot of buzz with T-Mobile and Starlink's recent launch of its data messaging service.

我們看到 T-Mobile 和 Starlink 最近推出的數據訊息服務引起了廣泛關注。

Can you just remind us how your technology differs versus what T-Mobile and Starlink are bringing to market and the advantages you have?

您能否提醒我們一下，您的技術與 T-Mobile 和 Starlink 推向市場的技術有何不同，以及您有哪些優勢？

And I appreciate their service is just messaging to start.

我很欣賞他們的服務，只是發送訊息而已。

But given the price points they put out there, how does this influence your own pricing strategy as you ready a full voice and broadband product?

但是考慮到他們給出的價格點，當您準備推出完整的語音和寬頻產品時，這會如何影響您自己的定價策略？

Well, I think that, that is a reflection of what I said pricing is for which in essence, is now still quasi intermittent just messaging service.

嗯，我認為，這反映了我所說的定價，本質上，現在仍然只是準間歇性的訊息服務。

Our services, as you know, is voice, text, data, Internet, video, everything that you can do on your phone normally, you will be able to do it through our system.

如您所知，我們的服務包括語音、文字、數據、互聯網、視頻，您在手機上通常可以做的所有事情，都可以透過我們的系統來實現。

So it's a very differentiated package, what we can offer to the operators.

所以我們可以向運營商提供非常差異化的套餐。

We believe that our scale, the reason why we have a 10,000 megahertz of spectrum per satellite that translate to 10 gigahertz of spectrum per satellite, 120 megabits per second data rate directly to your phone without requiring any change on the phone or adaptation into the phone using premium existing 850 megahertz band is greatly differentiated and it will allow our partner operator to differentiate with much better service and packages that basically enable the consumer to have the full fledged connectivity when they get access to our service.

我們相信，我們的規模，也就是為什麼我們每個衛星都有 10,000 兆赫的頻譜，也就是每個衛星有 10 千兆赫的頻譜，以 120 兆比特每秒的速率直接發送到您的手機，而無需對手機進行任何更改或使用現有的優質 850 兆比特每秒的速率直接發送到您的手機，而無需對手機進行任何更改或使用現有的優質 850 兆頻段對我們能夠擁有更好的設備訪問的連接。

Got it.

知道了。

And then if I can just fit one more in on funding.

然後，如果我能再提供一筆資金的話。

I see the language in the 10-K indicating you have funding that you need for the next 12 months with the ATM.

我看到 10-K 文件中的措辭表明您擁有未來 12 個月使用 ATM 所需的資金。

I appreciate there are a number of moving pieces.

我很欣賞其中的諸多動人之處。

But as you look to 2026 and the ability to launch the 60 satellites, any help sizing the amount of capital you think you still need to raise and how you evaluate the different sources?

但是，當您展望 2026 年並有能力發射 60 顆衛星時，有什麼可以幫助您確定您認為仍需要籌集的資金數量以及如何評估不同的資金來源？

As we said both in our statements in the K, we're well positioned to get kind of that first threshold of 25 satellites, which starts a service and well beyond that.

正如我們在 K 的聲明中所說的那樣，我們已做好準備，獲得 25 顆衛星的第一個門檻，從而啟動一項服務，並遠遠超出這個水平。

It is the case that we have 60 satellites under our launch campaign, and we feel very good about our ability to manufacture the 40 that are in process right now.

目前，我們正在發射 60 顆衛星，我們對製造目前正在製造的 40 顆衛星的能力感到非常滿意。

We're well positioned for the near term.

我們已為近期做好了準備。

We're always looking for smart capital raising opportunities, and we'll continue to evaluate them.

我們一直在尋找明智的融資機會，並將繼續對其進行評估。

But with a pro forma balance sheet of about $1 billion, we're absolutely positioned in a very strong way for the next 12 months.

但是，由於我們的預期資產負債表約為 10 億美元，因此我們在未來 12 個月內絕對處於非常有利的地位。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩‧克拉夫特 (Bryan Kraft)。

I had a few, if I could.

如果可以的話，我有幾個。

I guess, first, on launches, are you still on track for an April launch of the next satellite?

我想，首先，關於發射，您是否仍計劃在四月發射下一顆衛星？

I think that's what you said.

我想這就是你所說的。

And can you give us any rough sense for the pacing you expect for launches in '25 and '26?

您能否粗略地告訴我們 2025 年和 2026 年的發布節奏預計是多少？

Just roughly how many of the up to 60 would you expect to launch this year versus next year?

總共有 60 艘船隻，您預計今年和明年會發射多少艘呢？

I had a question about cost per satellite, if that's changed at all or if it's still the $19 million to $21 million per satellite?

我對每顆衛星的成本有疑問，這是否有變化，或者仍然是每顆衛星 1900 萬美元到 2100 萬美元？

And then the last thing I just want to ask you about was sort of following up on that funding topic from the last question.

我最後想問您的是關於上一個問題中資金問題的後續問題。

We get a lot of questions regarding how much funding you'll need to fund the business plan and get to free cash flow positive.

我們收到很多問題，關於需要多少資金來資助商業計劃並實現自由現金流為正。

But it seems like the more funding you have available, the wider the scope of the business plan becomes and the faster you accelerate the business plan.

但似乎可用的資金越多，商業計劃的範圍就越廣，商業計劃的實施速度就越快。

So it's not really about how much you need, but it's more about how much you can raise on attractive terms and invest at an attractive return.

因此，這實際上並不關乎您需要多少，而是關於您能以優惠的條件籌集多少資金，並以優惠的回報進行投資。

Is that the right way to think about it?

這是正確的思考方式嗎？

And anything you'd elaborate on there from a funding perspective?

從資金角度可以詳細說明一下嗎？

Yes, Brian, the way that we think about it is when we combine the noncommunication application [Goldman] base and the communications for consumers, we get the ability to start monetizing, as you see in the recent order, not only by a constellation, but on a per satellite basis.

是的，布萊恩，我們的想法是，當我們將非通訊應用（高盛）基礎與消費者通訊結合時，我們就有能力開始盈利，就像你在最近的訂單中看到的那樣，不僅透過星座，而且透過每個衛星。

So the last guidance that we gave is that we believe to be cash flow positive with around 25 satellites.

因此，我們給出的最後一個指導是，我們相信大約 25 顆衛星將帶來正現金流。

It's not that we get to continue service with our 25 satellites, but with 25 satellites, we start getting enough applications that are noncommunications combined with some other sources of revenue like gateways and infrastructure built up that allow us to get to a cash flow positive.

這並不是說我們可以繼續用這 25 顆衛星提供服務，而是說有了 25 顆衛星，我們開始獲得足夠多的非通訊應用，再加上一些其他收入來源，例如網關和基礎設施的建立，這些讓我們能夠獲得正現金流。

With that, we have greatly accelerated our pace of production.

這樣，我們大大加快了生產速度。

As Andy indicated, we closed the year, we entered into the year with around $1 billion in cash that we are basically putting into work into upgrading our capacity of building up to six satellites a month, which will translate to roughly some 0.72 per year, and we need 45 to 60 to get continued service in the United States.

正如安迪所說，我們在年底時，在進入新的一年時，我們投入了大約 10 億美元的現金，這些資金主要用於升級我們每月建造多達 6 顆衛星的能力，這大約相當於每年 0.72 顆，而我們需要 45 到 60 顆衛星才能繼續在美國提供服務。

So that's how we are basically planning our network buildup is basically start to get financed with revenue rather than equity or other type of transactions.

所以這就是我們規劃網路建設的基本方式，基本上開始透過收入而不是股權或其他類型的交易來獲得融資。

In terms of the launch, we have secured 60 launches, 60 satellites to be launched, which we put well in our target in obtaining continued service in US, Europe, Japan and some selected markets. when we call selected markets, basically countries where there are customers that are getting getting to pay early access to our constellation, and that's another source of revenue that we will be utilizing going forward.

在發射方面，我們已確保了 60 次發射，將發射 60 顆衛星，這很好地實現了我們在美國、歐洲、日本和一些特定市場繼續提供服務的目標。當我們呼叫選定的市場時，基本上是那些有客戶可以提前付費使用我們的星座的國家，這是我們未來將利用的另一個收入來源。

With the New Glenn, we can launch up to eight satellites per launch that pretty much double the cadence of what is possible with the Falcon 9.

使用新格倫火箭，我們每次發射最多可以發射 8 顆衛星，幾乎是獵鷹 9 號發射節奏的兩倍。

And we expect later in the year to start moving to a launch cadence of around one launch every 45 days on the new Glenn.

我們預計今年稍後新格倫火箭的發射頻率將調整為每 45 天一次發射。

We have other launches also that have been secured in advance to that.

我們也提前做好了其他發射的準備。

And so we are in the process of manufacturing 40.

目前，我們正在生產 40 台。

We are in the process of manufacturing long lead items of 53, and that will dictate the cadence of how we get them into space.

我們目前正在製造 53 個長週期項目，這將決定我們將它們送入太空的節奏。

And anything on the cost per satellite?

每顆衛星的成本是多少？

Has that changed at all?

這有改變嗎？

Or are you still in that $19 million to $21 million range?

還是你仍處於 1900 萬美元到 2100 萬美元的範圍內？

No.

不。

Yes, we're not changing the guidance on cost per satellite.

是的，我們不會改變每顆衛星的成本指引。

Okay.

好的。

And then if I could just follow up just on funding.

然後我是否可以跟進資金問題。

So you still expect to get to free cash flow positive at 25 satellites.

因此，您仍然期望在 25 顆衛星上獲得正的自由現金流。

I just want to make sure I understand that right?

我只是想確保我理解得對嗎？

Or does the acceleration sort of modify that time line?

或是加速度會改變時間線嗎？

No, this is Andy.

不，這是安迪。

The only qualifier I'd add is on an operating basis, we see that we'll generate free cash flow at that basis.

我要補充的唯一限定條件是在營運基礎上，我們發現我們將在此基礎上產生自由現金流。

So obviously, CapEx flexes.

顯然，資本支出是靈活的。

We're going to ramp up and we may dial back depending on needs at a point in time and when launch commitments are made.

我們將根據當時的需求以及發布承諾的實施時間加大或減少發布量。

But on an actual operating basis, yes, as Abel explained, we believe that the 25 satellites, our applications and opportunities are sufficient to generate free cash flow.

但從實際營運角度來看，是的，正如阿貝爾所解釋的那樣，我們相信 25 顆衛星、我們的應用和機會足以產生自由現金流。

Okay.

好的。

And then I'm sorry, but just the last, I guess, follow-up to that would then be just trying to understand, so if you can be free cash flow positive, roughly 25 satellites, just trying to understand the need for the $500 million in quasi-government funding that you're pursuing.

然後我很抱歉，但我想，最後的跟進就是試圖理解，如果你的自由現金流是正的，大約 25 顆衛星，只是試圖理解你所追求的 5 億美元準政府資金的必要性。

And I understand it's attractive money.

我知道這是一筆很有吸引力的錢。

Is that more to refinance?

這是否更多的是為了再融資？

Or do you need that money for other operational purposes?

或者您需要這筆錢用於其他營運目的？

This is Scott. that has been a long-term strategy of our funding plan, and it's an attractive way that companies like us get funding.

這是斯科特。這是我們融資計畫的長期策略，也是我們這樣的公司獲得融資的一種很有吸引力的方式。

And I would say that while we do have diverse access to a lot of capital markets, this is another one to open up.

我想說的是，雖然我們確實可以透過多種方式進入許多資本市場，但這是另一個有待開放的市場。

So we've been very prudent and conservative with funding over the life of the company, and this is a great pocket of capital to have available, and we'll assess our cash needs when it becomes available.

因此，在公司存續期間，我們一直非常謹慎和保守地使用資金，這是一筆很大的可用資金，當資金到位時，我們會評估我們的現金需求。

That particular funding source is a process, Bryan, and it's one we're in the middle of.

布萊恩，那個特定的資金來源有一個過程，我們正處於這個過程之中。

And we'll assess how to use that and when to use that when the time is right.

我們會在適當的時候評估如何使用它以及何時使用它。

But for us, I think we've seen benefits of having good liquidity for the company that we've been able to generate over the last six months, and we like having that backdrop a lot.

但對我們來說，我認為我們已經看到了過去六個月來公司能夠創造的良好流動性帶來的好處，我們非常喜歡這樣的背景。

Are those quasi-government sources, are those more like a facility that once you have it, you can draw on it and not pay interest on the whole thing?

這些是準政府來源嗎？

Or is it once you get it, you get it and now you've got this pile of cash that you've got to service the debt on?

還是一旦你得到了它，你就得到了它並且現在你有了一大筆現金，你必須用它來償還債務？

We're pursuing at least three seriously at the moment and different facilities have different structures.

目前正在認真追求至少三個，不同的設施有不同的結構。

But yes, at least one of them does have a structure that's delayed draw, like you said, or milestone based. although we're not going to be cheap, penny-wise, pound foolish on cost of capital.

但是的，至少其中一個確實具有延遲繪製的結構，就像你說的，或者基於里程碑的結構。儘管我們不會因為資本成本而吝嗇小錢而糊塗大錢。

The key is to maintain the liquidity for the company.

關鍵是保持公司的流動性。

But you're right, with the backdrop that I described, having some sort of delayed draw component could be very useful.

但是你是對的，有了我所描述的背景，擁有某種延遲繪製組件可能會非常有用。

And in fact, that's one of the ways that we thought about the financing for our recent spectrum deal.

事實上，這是我們考慮最近的頻譜交易融資的方式之一。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Maybe starting off, if you can talk a little bit about the organizational structure with respect to your chipset engineering team and maybe reflect a little bit or talk a little bit about how that chipset team is working with folks either at more kind of a handset OE level or even to the higher levels of Vodafone, Google and the like.

首先，您可以談談晶片組工程團隊的組織結構，或者談談晶片組團隊如何與手機 OE 級別的人員合作，或者與沃達豐、谷歌等更高級別的人員合作。

I think one clarification.

我認為需要澄清一點。

Our ASIC platform, it is required or used on the satellites only.

我們的 ASIC 平台，僅在衛星上需要或使用。

We do not require new chipsets on the handsets.

我們不需要手機上新的晶片組。

So the way that we have organized ourselves, we start launching satellites using FPGAs, basically field programmable gate arrays.

因此，我們按照自己的組織方式，開始使用 FPGA（基本上是現場可編程閘陣列）發射衛星。

Now, that we have completed the ASIC, we're in the process of packaging and start incorporating them into the second half of this year.

現在，我們已經完成了 ASIC，我們正在進行封裝並將在今年下半年開始將其納入其中。

So (inaudible) chip, we have a 10 gigahertz processing capacity, one of the most advanced nodes that exists on the market today and certainly one of the most advanced in the space.

所以 (聽不清楚) 晶片，我們擁有 10 千兆赫的處理能力，這是目前市場上最先進的節點之一，當然也是該領域最先進的節點之一。

But I wanted to make clear that we do not require any modification of the chipsets on the phones.

但我想明確表示，我們不需要對手機的晶片組進行任何修改。

Our system, it is designed to work on the phone that you have in your pocket without modifying anything on it.

我們的系統設計用於您口袋中的手機上，無需對其進行任何修改。

Yes.

是的。

Fully understood on the satellite chip being big, just making sure I kind of understood the level of signals and frequency teaming between OEs and AST.

完全理解衛星晶片的巨大，只是確保我理解 OE 和 AST 之間的訊號等級和頻率組合。

As we think about the non-GAAP OpEx progression through the year, can you just maybe talk about how you think about the current guide and the level of step-up through the year and where you expect most of the cost growth through the year to progress?

當我們思考全年非 GAAP 營運支出的進展時，您能否談談您如何看待當前的指導方針和全年的成長水平，以及您預計全年大部分成本成長將在哪裡進行？

Andy?

安迪？

I think on the cost growth this year, we'll be talking each quarter about CapEx.

我認為，關於今年的成本成長，我們每季都會討論資本支出。

But I mean, our CapEx is growth based.

但我的意思是，我們的資本支出是基於成長的。

It's based on ramping up the 40-plus satellites.

其基礎是增加 40 多顆衛星。

We obviously have 40 in production and long lead items, microns for 53.

我們顯然有 40 個在產且交付週期較長的項目，微米為 53。

That will flex.

那將會彎曲。

We started taking that on, and that sort of feeds into that guidance I gave on a ramp-up of CapEx in Q1.

我們開始接受這一點，而這也符合我在第一季增加資本支出的指導方針。

Otherwise, I mean, we gave guidance consistent with our OpEx that sort of falls in line for the most part with Q4.

否則，我的意思是，我們給出了與我們的營運支出一致的指導，該指導與第四季度基本一致。

Our ASIC costs will come down as we finish that work and begin to fully integrate.

隨著我們完成這項工作並開始全面整合，我們的 ASIC 成本將會下降。

But we'll make additional investments.

但我們會進行額外投資。

We're becoming a commercial enterprise now.

我們現在正在成為一家商業企業。

We're building out that muscle.

我們正在鍛鍊這塊肌肉。

We are investing in administrative functions across the organization as we grow and prepare to be a full operating company.

隨著公司不斷發展並準備成為一家全面運營的公司，我們正在對整個組織的行政職能進行投資。

So you're not going to see any incredible difference if you look at the past prior periods in terms of how we're thinking about operating expense.

因此，如果您回顧過去一段時間我們對營運費用的看法，您不會看到任何驚人的差異。

But at this point, we'll come to you quarterly, which we have and give you a view on going forward.

但在這一點上，我們將每季向您提供一次訊息，並向您提供未來的看法。

And clearly, I mentioned this in my remarks, but it's probably worth restating.

顯然，我在我的評論中提到了這一點，但可能值得重申。

The opportunity for us to really bring cost down is in our R&D function, which in a lot of ways was primarily based on third-party expense.

我們真正降低成本的機會在於我們的研發功能，而這在許多方面主要基於第三方費用。

That work has been done.

這項工作已經完成。

We have a satellite that is fully developed and engineered now, and we are moving to a full-on production environment.

我們現在已經擁有一顆完全開發和設計的衛星，並且正在進入全面生產環境。

And you'll see investments in manufacturing.

你會看到對製造業的投資。

As Abel mentioned in his remarks, we've added space in Midland, Texas.

正如阿貝爾在演講中提到的，我們在德克薩斯州米德蘭增加了空間。

We've added space in Barcelona, and we're very excited to add manufacturing space in the very near term in Southern Florida.

我們在巴塞隆納增加了空間，我們非常高興能在不久的將來在南佛羅裡達州增加製造空間。

So you'll see those sorts of investments all feeding into becoming a scaling manufacturing company that optimizes satellite production at about six per month in the second half of the year.

因此，你會看到所有這些投資都將用於成為一家規模化製造公司，該公司將在下半年以每月約六顆衛星的速度優化衛星產量。

Got it.

知道了。

And then maybe a little bit on the European opportunity.

然後可能再稍微談談歐洲的機會。

It seems like the high-level structure of [Iris] is looking to track towards something like STA, where there's a lot of manufacturing upfront and aspirations for large leveraging of, we'll say, kind of more prime type acquisition approaches.

看起來 [Iris] 的高層結構正在朝著 STA 之類的方向發展，其中有大量的前期製造工作，並且渴望大規模利用可以說是更主要的收購方法。

But as we've seen from the supply chain development on kind of for the US side, it's clear that there's obviously opportunities for services growth, right, the $43 million that AST has won.

但正如我們從美國方面的供應鏈發展所看到的那樣，很明顯，服務業存在成長的機會，就像 AST 贏得的 4,300 萬美元一樣。

So maybe if you can talk about the structure of AST, how you think about your ability to win contracts like the $43 million from STA and the types of rev rec that we should expect, whether it's more cost or fee and kind of service delivery-based approaches?

所以，您能否談談 AST 的結構，您如何看待自己贏得 STA 4300 萬美元合約的能力，以及我們應該期待的收入類型，是更多的成本還是費用，以及基於服務交付的方法？

Sure.

當然。

I'll take that one, Colin.

我會選擇這個，科林。

First, just on rev rec.

首先，僅討論 rev rec。

This is milestone-based given that this is kind of technology evaluation.

由於這是一種技術評估，因此這是基於里程碑的。

And so there are reports, tests, activities we'll be doing with the satellites in orbit, and that will drive that revenue rec over the next 12 months, plus or minus that we talked about earlier.

因此，我們將對在軌衛星進行報告、測試和活動，這將推動未來 12 個月的收入成長，或多或少是我們之前談到的。

And in terms of structure of how these contracts will look as they scale, the US government and how they're thinking about buying defense stuff and how they're thinking about space evolves and has a lot of different elements to it.

就這些合約在擴大規模後的結構而言，美國政府對於購買國防物資的看法以及他們對太空的看法都在不斷發展，包含了許多不同的元素。

But I would say we think we're really well positioned for all pieces of that.

但我想說，我們認為我們已經做好了應對所有問題的準備。

We function well in the desire to have kind of firm fixed price and deliver in an environment where you're buying something, you know what the cost is and that's delivered by the supplier.

我們希望有固定的價格，並在這樣的環境中交付：當您購買某樣東西時，您知道成本是多少，而供應商會交付給您。

We don't work on cost-plus contracts.

我們不簽訂成本加成合約。

So that's a positive dynamic.

這是一個積極的動態。

And in terms of service versus hardware sales, we tend to fall on the service side with how we've built our satellites and how their dual use as we've discussed.

就服務與硬體銷售而言，我們傾向於服務方面，正如我們所討論的，我們如何建造衛星以及它們的雙重用途。

But we're open to the mission, and we evaluate and they evaluate different ways to structure deals.

但我們對這項使命持開放態度，我們和他們都會評估建構交易的不同方式。

For us, it's important to get a return on the investment that we've put in place in our network, and we can be flexible on that.

對我們來說，獲得我們在網路中所做投資的回報非常重要，而且我們可以靈活地處理這一點。

But we tend to fall on the service side more than on the hardware sale, obviously.

但顯然我們更傾向於服務方面而不是硬體銷售。

Right.

正確的。

Okay.

好的。

And then last one for me, maybe latest and greatest in terms of kind of expectations around Ligado deal closing, whether it's tracking core filings or kind of where you expect the next piece of information to come out?

對我來說最後一個問題，也許是關於 Ligado 交易完成的期望中最新也是最好的問題，無論是跟踪核心文件還是您預計下一條信息會出現在哪裡？

Yes, this is Andy again.

是的，我又是安迪。

On the Ligado deal, things are tracking nicely.

就 Ligado 交易而言，一切進展順利。

We had publicly disclosed the main tenets of that deal when we signed our binding term sheet.

當我們簽署具有約束力的條款清單時，我們已經公開披露了該交易的主要原則。

So we have work to do to get to where we need to be to complete the deal, but we are well within the time frame that the parties have set to do so.

因此，我們還需要做一些工作才能完成這筆交易，但我們已經完全按照雙方設定的時間框架完成了任務。

And of course, with the bankruptcy proceedings, that all needs to play out.

當然，隨著破產程序的進行，這一切都需要進行。

But we're working hard on that.

但我們正在努力做到這一點。

We've talked a lot about it.

我們已經討論了很多。

It's a strategic initiative for us, and we're making good progress.

這對我們來說是一項策略性舉措，我們正在取得良好進展。

And we have reached the end of the question-and-answer session.

問答環節已經結束。

And I'll now turn the call back over to Scott Wisniewski for closing comments.

現在我將把電話轉回給 Scott Wisniewski 來做結束語。

Thank you, operator.

謝謝您，接線生。

Just again, we want to thank all of our shareholders and research analysts for joining the call and everyone's continued strong support of our very important mission.

再次，我們要感謝所有股東和研究分析師參加電話會議，並感謝大家對我們非常重要的使命的持續大力支持。

We look forward to providing you further updates, and have a great evening.

我們期待為您提供進一步的更新，並祝您度過美好的夜晚。

And this concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，各位現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。