AST SpaceMobile Inc (ASTS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile first quarter 2025 business update call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Scott Wisniewski, President of AST SpaceMobile. Please go ahead.

您好，感謝您的支持。歡迎參加 AST SpaceMobile 2025 年第一季業務更新電話會議。請注意，今天的會議正在錄音。現在，我想將會議交給今天的主持人，AST SpaceMobile 總裁 Scott Wisniewski。請繼續。

Thank you, and good afternoon, everyone. Today, I'm also joined by Chairman and CEO, Abel Avellan; and CFO and Chief Legal Officer, Andy Johnson. 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.

謝謝大家，下午好。今天，我也邀請了董事長兼執行長 Abel Avellan；以及財務長兼首席法律長安迪‧約翰遜 (Andy Johnson)。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。在今天的電話會議中，我們可能會做出某些前瞻性的陳述。這些聲明是基於當前的預期和假設，因此存在風險和不確定性。

Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year that ended December 31, 2024, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time. Also, after our initial remarks, we will be starting our Q&A section with questions submitted by our shareholders.

許多因素可能導致實際事件與本次電話會議中的前瞻性陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱 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 表格年度報告中的“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。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. 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.

對於那些可能不熟悉我們公司和使命的人來說，目前全世界有超過 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訊號覆蓋不足的情況。此外，還有數十億人沒有蜂巢寬頻，無法與全球經濟連結。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. It's now my pleasure to pass over to Chairman and CEO, Abel Avellan, who will give us an update on our activities since our last public call two months ago.

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一起運行，並由我們廣泛的 IP 和專利組合提供支援。現在我很高興將麥克風交給董事長兼執行長阿貝爾‧阿維蘭 (Abel Avellan)，他將向我們通報自兩個月前上次公開電話會議以來的活動。

Thank you, Scott. The first quarter was a strong start for us, and we're currently in an incredible inflection point for the company as we start to accelerate the launch and scaling of our network and revenue is starting to come in.

謝謝你，斯科特。第一季對我們來說是一個強勁的開端，目前我們正處於公司令人難以置信的轉折點，因為我們開始加速網路的推出和擴展，並且收入開始湧入。

We continue executing on satellite manufacturing, commercialization, regulatory initiatives. And today, we are unveiling our orbital launch plan with five scheduled launches over the next 6 to 9 months. I will touch on each of those key pieces in more detail.

我們繼續執行衛星製造、商業化和監管措施。今天，我們宣布了軌道發射計劃，計劃在未來 6 到 9 個月內進行五次發射。我將更詳細地討論每一個關鍵部分。

Let me start by discussing our orbital launch schedule. We expect to deploy over 60 satellites during '25 and '26, which will drive continuous coverage in key markets such as the United States, Europe, Japan, the US government and other strategic markets. We anticipate five orbital launches occurring over the next six to nine months, with orbital launches occurring every one to two months on average during '25 and '26. Our campaign will begin with the achievement of our first Block 2 BlueBird satellites in Q2 with launches scheduled during July.

首先讓我討論一下我們的軌道發射計劃。我們預計在2025年和2026年期間部署超過60顆衛星，這將推動對美國、歐洲、日本、美國政府和其他戰略市場等關鍵市場的持續覆蓋。我們預計未來六到九個月將進行五次軌道發射，2025 年和 2026 年期間平均每隔一到兩個月進行一次軌道發射。我們的活動將在第二季完成第一顆 Block 2 BlueBird 衛星的發射，並計劃於 7 月發射。

Simply put, speed to orbit means speed to commercial service. Scaling our constellation is critical to delivering on the global opportunity of providing space-based cellular connectivity to the modified phone in your pocket today.

簡單來說，進入軌道的速度意味著商業服務的速度。擴大我們的星座對於實現為您今天口袋中的改裝手機提供基於空間的蜂窩連接的全球機會至關重要。

Satellite manufacturing remains on track, accelerating our target of building 40 Block 2 BlueBird satellite, each the largest ever commercial communication satellite low earth orbit alongside contracted orbit launches for every 60 satellites as of today.

衛星製造工作仍在按計畫進行，我們正加速實現建造 40 顆 Block 2 BlueBird 衛星的目標，每顆衛星都是有史以來最大的商業通訊衛星低地球軌道，截至今天，每 60 顆衛星都將有一次合約軌道發射。

We have accelerated our manufacturing efforts in order to move at the rapid speed to reach our goals. Scaling our satellite manufacturing will enable us to match or exceed the launch cadence necessary to build out our space-based cellular network for continued cellular broadband coverage beginning with the key markets mentioned earlier.

我們加快了製造力度，以便快速實現我們的目標。擴大我們的衛星製造規模將使我們能夠達到或超過必要的發射節奏，以構建我們的天基蜂窩網絡，從而從前面提到的主要市場開始持續實現蜂窩寬頻覆蓋。

In doing so, we're also on track to reach manufacturing cadence of six satellites per month during the fourth quarter of this year. We also expect to reach an equivalent manufacturing cadence for our microns and phased array production during the third quarter of this year.

這樣一來，我們也預計在今年第四季達到每月生產六顆衛星的節奏。我們也預計在今年第三季達到微米和相控陣生產的同等製造節奏。

We expect to achieve this cadence through our expanded global footprint, streamlined process, and 95% vertical integration strategy. Our content manufacturing house or through third parties using own intellectual property help drive speed, certainty, lower cost, flexibility, and reliability. Specifically, the production of our microns or main building blocks for our satellites are fully vertically integrated within our manufacturing ecosystem.

我們希望透過擴大全球影響力、簡化流程和 95% 的垂直整合策略來實現這一節奏。我們的內容製造公司或透過第三方使用自己的智慧財產權有助於提高速度、確定性、降低成本、靈活性和可靠性。具體來說，我們的衛星微米或主要構件的生產在我們的製造生態系統中完全垂直整合。

This is an extremely important process, which have helped right size our lines of production and have enabled us to operate with complete control over the entire micron production process.

這是一個極其重要的過程，它幫助我們正確調整生產線規模，並使我們能夠完全控制整個微米生產過程。

Now that our satellite manufacturing cadence and accelerated production efforts support our launch schedule, we're now confident than ever -- we're now more confident than ever in our position to continue executing at scale as we lead the industry with cellular broadband from the space.

現在，我們的衛星製造節奏和加速生產努力支持了我們的發射計劃，我們現在比以往任何時候都更有信心——我們現在比以往任何時候都更有信心繼續大規模執行，因為我們在太空蜂窩寬頻領域引領行業。

On the ASIC front, our novel ASIC chip are currently undergoing assembly and testing stages, while the validation and qualification stages are nearing completion. We expect our ASIC chip will become available for satellite integration as early as June of this year.

在 ASIC 方面，我們新穎的 ASIC 晶片目前正在進行組裝和測試階段，而驗證和鑑定階段即將完成。我們預計我們的 ASIC 晶片最早將於今年 6 月投入衛星整合。

As you will recall, our custom ASIC chip will support up to 10 gigahertz in processing bandwidth per satellite or 10x the processing compared to our current FPGAs with peak data speeds of up to 120 megabits per cell, supporting many thousands of cells per satellite, which is a key enabler of the first and only space-based broadband cellular system, together with the largest ever commercial communication satellites in low earth orbit.

您可能還記得，我們​​的客製化 ASIC 晶片將支援每顆衛星高達 10 千兆赫的處理頻寬，與我們目前的 FPGA 相比，處理能力提高了 10 倍，峰值資料速度高達每單元 120 兆比特，每顆衛星支援數千個單元，這是第一個也是唯一一個基於空間的寬頻蜂巢系統的關鍵驅動因素，有史以來最大的低層推動地球軌道。

On the commercial front, we continue to integrate our services with our MNO partners. Recently, our long-time partner, Rakuten Mobile completed a 2-way broadband video call in front of a live audience enabled by Block 1 satellites over Japan.

在商業方面，我們繼續與我們的 MNO 合作夥伴整合我們的服務。最近，我們的長期合作夥伴樂天行動利用日本上空的 Block 1 衛星在現場觀眾面前完成了雙向寬頻視訊通話。

The call was conducted using unmodified smartphones as part of our initial activation in the country and following successful video calls with partners like AT&T, Verizon, and Vodafone in United States and Europe, respectively.

這次通話是使用未經改裝的智慧型手機進行的，這是我們在該國的首次激活，此前我們分別與美國和歐洲的 AT&T、Verizon 和 Vodafone 等合作夥伴成功進行了視訊通話。

The live activation is another example of our ability to successfully enable full cellular broadband capabilities, including voice, text, data, video, and other native cellular capabilities.

此次上線是我們成功實現完整蜂巢寬頻功能（包括語音、文字、數據、視訊和其他原生蜂窩功能）的另一個例子。

Japan is a country defined by its diverse geography, prone to national disasters. Being able to provide cellular broadband service direct to device over the country, mountains region, remote islands, and densely populated cities during routine and emergency situations are transformational applications for our groundbreaking technology. I am proud of our company's long history of a strategic partnership with Rakuten. I'm excited for our continued progress in the country.

日本是一個地理形態多元、容易發生國家災難的國家。在日常和緊急情況下，能夠直接向全國、山區、偏遠島嶼和人口稠密的城市的設備提供蜂窩寬頻服務是我們突破性技術的變革性應用。我為我們公司與樂天長期的策略夥伴關係感到自豪。我對我們國家不斷取得的進步感到興奮。

Globally, we plan to activate initial cellular broadband capabilities in United States, Europe and Japan on premium low-band wireless spectrum, together with partners AT&T, Google, Rakuten, Verizon, and Vodafone as well as other players in the wireless ecosystem.

在全球範圍內，我們計劃與合作夥伴 AT&T、Google、樂天、Verizon 和沃達豐以及無線生態系統中的其他參與者一起，在美國、歐洲和日本的優質低頻段無線頻譜上激活初始蜂窩寬頻功能。

This is an important step for initial service activation, enabling activation across several key markets in the US, all with varying geographic and demographic factors, provide us the opportunity to optimize our network ahead of a full commercial deployment.

這是初始服務激活的重要一步，可以在美國幾個具有不同地理和人口因素的關鍵市場進行激活，為我們提供了在全面商業部署之前優化網路的機會。

We also received a special temporary authority from the FCC for FirstNet direct-to-device satellite connectivity on public safety band 14 spectrum. The FCC grants direct-to-device cellular broadband connectivity in support of mission-critical capabilities.

我們還獲得了美國聯邦通信委員會 (FCC) 的特別臨時授權，允許 FirstNet 在公共安全 14 頻段上實現直接到設備的衛星連接。美國聯邦通訊委員會 (FCC) 授予直接到設備的蜂窩寬頻連接，以支援關鍵任務功能。

With over 7 million public safety connections, FirstNet network gives responders the critical connectivity they need across diverse geographies. Our groundbreaking technology stands to provide first responders with reliable and consistent space-based cellular broadband connectivity during crucial times of need.

FirstNet 網路擁有超過 700 萬個公共安全連接，為回應人員提供跨不同地域所需的關鍵連接。我們的突破性技術將在關鍵時刻為急救人員提供可靠且一致的太空蜂巢寬頻連線。

On the government business, we continue to expand our US government opportunity and are ramping up activity against our $43 million contract in support of the United States Space Development Agency. Even more recently, we signed a new contract award with another government agency through a prime contractor to provide support of communications over land, sea, and air.

在政府業務方面，我們繼續擴大美國政府業務機會，並正在加強對美國太空發展局 4,300 萬美元合約的支持。最近，我們透過主承包商與另一個政府機構簽署了新的合同，為陸、海、空通訊提供支援。

Scott will speak more to our new contract award momentarily. But this contract award highlights AST SpaceMobile's innovative technologies to back critical government missions across various use cases, both for communications and non-communications applications.

斯科特稍後會進一步談論我們新的合約授予。但此次合約授予凸顯了 AST SpaceMobile 的創新技術，以支援政府在通訊和非通訊應用等各種用例中的關鍵任務。

In addition to advanced commercial and government efforts, we're working closely with regulators and government officials who recognize that our technology is going to make our country both more connected and more secure.

除了先進的商業和政府努力之外，我們還與監管機構和政府官員密切合作，他們認識到我們的技術將使我們的國家更加互聯互通、更加安全。

In summary, all key elements of our business are progressing as expected or have accelerated to meet the customer demand for our groundbreaking technology. The first quarter was a period of strong execution, serving as a springboard into another pivotal chapter of the company's life.

總而言之，我們業務的所有關鍵要素都在預期中進展或加速，以滿足客戶對我們突破性技術的需求。第一季是公司執行力強勁的時期，成為公司邁向另一個關鍵篇章的跳板。

We have now reached an inflection point as we scale fundamental aspects of our business towards a full-scale commercialization. With our launch plan outlined, launch capacity secured, and commercial and government partnerships coming together, we expect positive momentum to compound at record speed for our months and quarters to come. Connectivity is a human right, and each step in this process is a reminder of the important mission at hand.

隨著我們業務的基本面向向全面商業化邁進，我們現在已經到達了一個轉折點。隨著我們的發射計劃的製定、發射能力的保障以及商業和政府合作夥伴關係的建立，我們預計未來幾個月和幾個季度的積極勢頭將以創紀錄的速度增長。互聯互通是一項人權，這一進程中的每一步都提醒著我們當前的重要使命。

Let me now turn the call to Scott to provide more details on our progress and initiatives.

現在，請允許我請斯科特提供有關我們的進展和舉措的更多詳細資訊。

Thank you, Abel. This was a strong start to the year for AST SpaceMobile, and we're expecting continued progress across all aspects of our business as we charge into a pivotal year for the company. Let me expand upon our achievements over the last few months and what they mean for the commercialization of the company.

謝謝你，阿貝爾。對於 AST SpaceMobile 來說，今年是一個強勁的開端，隨著公司進入關鍵的一年，我們期待業務的各個方面繼續取得進展。讓我詳細說明一下我們過去幾個月的成就以及它們對公司商業化的意義。

Our commercial efforts are accelerating, and we're making major advancements in the deployment of our global network infrastructure, beginning with bookings of our gateway equipment. Gateways served as a precursor to the rollout of our SpaceMobile Service, providing a leading indicator of the markets where you'll see the initial service revenue.

我們的商業努力正在加速，我們在全球網路基礎設施部署方面取得了重大進展，首先是網關設備的預訂。網關是我們推出 SpaceMobile 服務的先驅，它提供了您將看到初始服務收入的市場的領先指標。

In the first quarter, we saw gateway equipment bookings of $13.6 million and expect continued bookings of approximately $10 million on average per quarter during 2025. We'll begin to recognize revenue from these bookings as and when gateways are installed and milestones are met, and we expect to continue to provide updates on bookings as we build out our ground infrastructure.

第一季度，我們看到網關設備訂單量為 1,360 萬美元，預計 2025 年期間平均每季的訂單量將繼續保持在約 1,000 萬美元。當網關安裝完畢、里程碑達成時，我們將開始確認這些預訂的收入，並且我們希望在建造地面基礎設施時繼續提供預訂更新資訊。

As a reminder, our network infrastructure was designed from inception to closely mirror terrestrial cellular architecture, prioritizing privacy and security of cellular data and information. Our ground-based gateways receive signals from our satellites, each the largest ever commercially deployed communications satellites in low earth orbit and seamlessly link those signals into the networks of our mobile operating partners.

提醒一下，我們的網路基礎設施從一開始就被設計成與地面蜂窩架構緊密相似，優先考慮蜂窩數據和資訊的隱私和安全。我們的地面網關接收來自我們衛星的訊號，每顆衛星都是有史以來在低地球軌道上商業部署的最大的通訊衛星，並將這些訊號無縫連接到我們的行動營運合作夥伴的網路。

On the regulatory front, we were recently granted special temporary authority from the FCC for FirstNet on public safety's Band 14 spectrum, enabling us to begin activating test services to deliver space-based cellular broadband connectivity, supporting features critical to first responders.

在監管方面，我們最近獲得了美國聯邦通信委員會 (FCC) 授予的 FirstNet 在公共安全 Band 14 頻譜上的特別臨時授權，這使我們能夠開始啟動測試服務，提供基於空間的蜂窩寬頻連接，支援對急救人員至關重要的功能。

Through initial test activation, we're now able to address the massive opportunity of extending reliable broadband services to first responder agencies and consumers in emergency situations. This can be done across areas where terrestrial networks are unavailable as well as during network outages caused by infrastructure failures or natural disasters.

透過初步測試激活，我們現在能夠抓住巨大的機會，為緊急情況下的第一響應機構和消費者提供可靠的寬頻服務。這可以在地面網路不可用的地區以及因基礎設施故障或自然災害造成的網路中斷期間實現。

Our space-based cellular broadband solution provides seamless device compatibility and our satellites enable automatic handoffs as consumers move in and out of terrestrial networks. Together, this provides first responders with enhanced, reliable broadband connectivity during the most critical situations while maintaining the look and feel of the reliable terrestrial networks that they're used to.

我們的太空蜂窩寬頻解決方案提供無縫設備相容性，並且我們的衛星能夠在消費者進出地面網路時自動切換。總而言之，這為急救人員在最危急的情況下提供了增強的、可靠的寬頻連接，同時保持了他們習慣的可靠地面網路的外觀和感覺。

The sheer size of our satellites is another benefit in our effort to support first responder communications. Our large antennas enable precise beamforming, meaning we can focus our signals on specific targeted areas over land and water.

我們的衛星的龐大尺寸是我們支援第一響應者通訊的另一個好處。我們的大型天線能夠實現精確的波束成形，這意味著我們可以將訊號聚焦到陸地和水域的特定目標區域。

Emergencies can happen anywhere and responders need to stay connected across both accessible and hard-to-reach areas without geographical impediments. Continuing on to our partnership with Vodafone, I am also pleased to report that our jointly owned European satellite service business, called SatCo is progressing according to plan.

緊急情況可能發生在任何地方，救援人員需要在可到達和難以到達的地區保持聯繫，不受地理障礙的影響。繼續與沃達豐合作，我也很高興地報告，我們共同擁有的歐洲衛星服務業務 SatCo 正在按計劃進展。

Now to the US government business. Our pipeline continues to strengthen, and as anticipated, we continue to expect it to be a meaningful contributor to revenue in the years to come. Our recently announced contract award with the DIU, a government agency, through a prime contractor, facilitates initial communication services across various use cases and applications, supporting communications over land, sea, and air.

現在談談美國政府事務。我們的產品線不斷加強，正如預期的那樣，我們仍然預計它將在未來幾年成為我們收入的重要貢獻者。我們最近宣布透過總承包商與政府機構 DIU 簽訂合同，為各種用例和應用程式提供初始通訊服務，支援陸地、海上和空中的通訊。

We believe this contract could yield low tens of millions of dollars in revenue over the next 12 to 18 months. And earlier in the year, we also signed a $43 million revenue contract with the US Space Development Agency through a prime contractor for services delivered on our first five Block 1 BlueBird satellites in orbit and our first Block 2 BlueBird satellite.

我們相信，這份合約在未來 12 到 18 個月內可以帶來數千萬美元的收入。今年早些時候，我們還透過主承包商與美國太空發展局簽署了一份價值 4300 萬美元的收入合同，為我們在軌的前五顆 Block 1 BlueBird 衛星和第一顆 Block 2 BlueBird 衛星提供服務。

As a reminder, that contract is not a prepaid contract, but rather earned revenue we expect to receive and recognize under GAAP as we deliver those services. To date, our government contracts serve as important validation markers for our dual-use satellite technology, opening doors to sustained and substantial revenue streams across both communications and non-communications applications.

提醒一下，該合約不是預付合同，而是我們在提供這些服務時根據 GAAP 預期收到並確認的收入。迄今為止，我們的政府合約已成為我們兩用衛星技術的重要驗證標誌，為通訊和非通訊應用領域的持續和可觀的收入來源打開了大門。

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

現在我將交給安迪 (Andy) 來向您介紹我們的財務更新。

Thanks, Scott, and good afternoon, everyone. During the first quarter of 2025, our global team at AST SpaceMobile worked tirelessly to accelerate satellite manufacturing efforts as we prepare to commence our launch campaign beginning this summer.

謝謝，斯科特，大家下午好。2025 年第一季度，AST SpaceMobile 的全球團隊不懈努力，加速衛星製造進程，為今年夏天開始的發射活動做準備。

The company's financial performance during Q1 reflects our intense focus on executing on our manufacturing and launch objectives while simultaneously preparing for a meaningful revenue ramp over the coming periods as we begin to monetize both commercial and government opportunities for our dual-use satellites.

該公司第一季的財務表現反映了我們對實現製造和發射目標的高度關注，同時隨著我們開始將兩用衛星的商業和政府機會貨幣化，為未來一段時間的收入大幅增長做好準備。

As Abel and Scott conveyed in their earlier remarks, our progress against corporate objectives in Q1 positions us well to begin executing an extensive launch cadence in support of offering our SpaceMobile service while continuing to facilitate critical US government applications in support of national security efforts.

正如阿貝爾和斯科特在先前的演講中所表達的那樣，我們在第一季實現公司目標方面取得的進展使我們能夠開始執行廣泛的發射節奏，以支持提供我們的 SpaceMobile 服務，同時繼續促進關鍵的美國政府應用，以支持國家安全工作。

We've established our objective of manufacturing the next 40 satellites and are thrilled to start our launch campaign featuring at least five scheduled launches between Q2 of 2025 and Q1 of 2026.

我們已經確定了製造接下來的 40 顆衛星的目標，並很高興開始我們的發射活動，計劃在 2025 年第二季至 2026 年第一季期間進行至少五次發射。

Our focus today is to move quickly and responsibly to bring our stakeholders' space-based broadband connectivity directly to their unmodified smartphones. From a financial perspective, this objective requires careful consideration of our spending, both in terms of operating expenses as we scale up our organization, and capital expenditures as we incur the necessary costs to secure not only the materials to manufacture our Block 2 BlueBird satellites, but also contracts for sufficient launch capacity across multiple providers to successfully deploy our constellation.

我們今天的重點是迅速且負責任地將利害關係人的太空寬頻連線直接帶到他們未經改裝的智慧型手機。從財務角度來看，這一目標要求我們仔細考慮支出，包括擴大組織規模時的營運費用，以及資本支出，因為我們不僅需要花費必要的成本來確保製造 Block 2 BlueBird 衛星的材料，還需要與多家供應商簽訂足夠的發射能力合同，以成功部署我們的星座。

Inherent to our focus on prudent spending is a strategic and thoughtful approach to raising adequate capital in order to execute on our ambitious plans in the growing direct-to-device broadband market that AST created and invented.

我們專注於審慎支出，其本質是一種策略性和深思熟慮的方法來籌集足夠的資金，以便在 AST 創造和發明的不斷增長的直接到設備寬頻市場中執行我們的雄心勃勃的計劃。

Moving now to the operating and capital metrics slide, let's review the key operating metrics for the first quarter of 2025.

現在轉到營運和資本指標幻燈片，讓我們回顧一下 2025 年第一季的關鍵營運指標。

On the first chart, for the first quarter, we incurred non-GAAP adjusted cash operating expenses of $44.9 million versus $40.8 million in the fourth quarter of 2024. As a reminder, non-GAAP adjusted operating expenses excludes certain non-cash operating costs, including depreciation and amortization and stock-based compensation.

在第一張圖表中，第一季度，我們的非 GAAP 調整後現金營運費用為 4,490 萬美元，而 2024 年第四季為 4,080 萬美元。提醒一下，非公認會計準則調整後的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 increase of $4.1 million resulted from $1.8 million in increased R&D costs, a $1.7 million increase in adjusted general and administrative costs, and a slight increase of $600,000 in adjusted engineering service costs.

與上一季相比，這一增長 410 萬美元是由於研發成本增加 180 萬美元、調整後一般及行政成本增加 170 萬美元以及調整後工程服務成本小幅增加 60 萬美元。

This modest increase in adjusted OpEx for Q1 was expected and in line with the guidance I provided on our last earnings call as we continue to scale manufacturing, and importantly, add critical talent to our growing organization.

第一季調整後的營運支出小幅成長是意料之中的，並且符合我在上次收益電話會議上提供的指導，因為我們將繼續擴大生產規模，而且重要的是，為我們不斷壯大的組織增添關鍵人才。

Turning towards the second chart on this slide. Our capital expenditures for the first quarter of 2025 were approximately $124 million versus $86 million for the fourth quarter of 2024. This figure was made up of approximately $105 million of capitalized direct materials, labor for our Block 2 Bluebird satellites, and payments made in connection with certain launch contracts with the balance relating to facility and production equipment expenditures.

前往這張投影片上的第二張圖表。我們 2025 年第一季的資本支出約為 1.24 億美元，而 2024 年第四季的資本支出為 8,600 萬美元。這一數字由約 1.05 億美元的資本化直接材料、我們的 Block 2 Bluebird 衛星的勞動力以及與某些發射合約相關的付款組成，餘額與設施和生產設備支出有關。

This amount was slightly less than the guidance of approximately $150 million to $175 million that I provided during our last earnings call and was primarily driven by changes in timing of certain launch contract payments from Q1 to later quarters during 2025.

這一金額略低於我在上次收益電話會議上提供的約 1.5 億至 1.75 億美元的指導金額，主要是由於某些發射合約付款時間從 2025 年第一季變為後幾個季度。

In line with our adjusted operating expenses for the first quarter of 2025, we estimate that our adjusted cash operating expenses for the second quarter this year will come in at a similar level of approximately $45 million.

與我們 2025 年第一季的調整後營運費用一致，我們估計今年第二季的調整後現金營運費用將達到類似的水平，約為 4,500 萬美元。

We expect our capital expenditures to increase significantly as compared to the first quarter, driven by our ramp in manufacturing, enabling us to reach our bold plan of producing six satellites per month in the fourth quarter of this year as well as planned payments related to our multiple launch contracts for our 2025 and 2026 launch schedule.

我們預計，受製造業成長的推動，我們的資本支出將較第一季大幅增加，使我們能夠實現今年第四季度每月生產六顆衛星的大膽計劃，以及與 2025 年和 2026 年發射計劃的多個發射合約相關的計劃付款。

In line with our increasing CapEx needs, we currently estimate that the average capital costs, including direct materials and launch costs for our constellation of over 90 Block 2 BlueBird satellites will fall in the range of $21 million to $23 million per satellite.

隨著我們不斷增長的資本支出需求，我們目前估計，包括直接材料和發射成本在內的超過 90 顆 Block 2 BlueBird 衛星星座的平均資本成本將在每顆衛星 2,100 萬美元至 2,300 萬美元之間。

This increase over our previous estimate of $19 million to $21 million per satellite is primarily driven by higher launch costs from our announced near-term launch schedule as well as higher direct materials costs due to recently announced tariffs. Our revised cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors, which impact our direct materials costs.

這一增長超過了我們之前估計的每顆衛星 1900 萬美元至 2100 萬美元，主要是因為我們宣布的近期發射計劃導致的發射成本上升，以及最近宣布的關稅導致的直接材料成本上升。我們修訂後的每顆衛星成本估算會受到動態地緣政治因素的影響而波動，這會影響我們的直接材料成本。

We believe that the intrinsic value of our future business opportunities far outweighs the modest increase in costs due to tariffs. We are empowered by the rising demand for space-based cellular broadband connectivity, an industry that we created and invented and we are validated by the growing commercial and government opportunities before us and want to execute on them as quickly as possible.

我們相信，我們未來商業機會的內在價值遠遠超過關稅導致的成本的適度增加。我們因對基於空間的蜂窩寬頻連接日益增長的需求而獲得了力量，這個行業是我們創造和發明的，並且我們面前日益增長的商業和政府機會也驗證了我們的能力，我們希望盡快實現這些目標。

Despite this increase in cost per satellite, we reiterate our belief that the operation of a constellation of 25 Bluebird satellites will enable us to potentially generate cash flows from operating activities. We do expect an increase in CapEx in Q2 to a range we believe will be between $230 million to $270 million to primarily reflect the timing of payments on multiple launch contracts.

儘管每顆衛星的成本有所增加，但我們仍然堅信，25 顆藍鳥衛星組成的衛星群的運作將使我們能夠從營運活動中產生現金流。我們確實預計第二季的資本支出將增加到 2.3 億美元至 2.7 億美元之間，這主要反映了多個發射合約的付款時間。

The 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.

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

While Q1 and prior recent quarters reflect the company's stage as pre-monetization with only modest revenue recognized in connection with primarily a limited government application contract, I am pleased to begin speaking to you about our expectations for revenue in the coming periods.

雖然第一季和前幾季反映出公司處於貨幣化前階段，主要與有限的政府應用合約相關的收入僅確認了適度，但我很高興開始與您談論我們對未來時期收入的預期。

Our revenue opportunity is intimately linked to the number of our deployed satellites. As we previously stated, we believe we can enable continuous SpaceMobile service across key markets such as the United States, Europe, Japan and other strategic markets with the launch and operation of approximately 45 to 60 Bluebird satellites.

我們的收入機會與我們部署的衛星數量密切相關。正如我們之前所說，我們相信透過發射和運行大約 45 到 60 顆 Bluebird 衛星，我們可以為美國、歐洲、日本和其他戰略市場等主要市場提供持續的 SpaceMobile 服務。

We also plan to achieve non-continuous SpaceMobile service in selected targeted geographical markets with the launch of a total of 25 Bluebird satellites. Additionally, we will continue to support US government applications currently ongoing and accelerating as we launch additional satellites.

我們還計劃透過發射總共 25 顆 Bluebird 衛星，在選定的目標地理市場實現非連續的 SpaceMobile 服務。此外，隨著我們發射更多衛星，我們將繼續支持目前正在進行並加速的美國政府申請。

As we execute our launch and operation commencement efforts, we expect revenue to ramp towards the end of the year and into 2026. Specifically, we believe we have a revenue opportunity in 2025 in the range of $50 million to $75 million back-end loaded in the second half of the year and based on several contingencies, including: one, the successful launch and deployment of Block 2 Bluebird satellites related to US government applications' contractual milestone achievements; two, critical gateway equipment sales to our MNO partners in support of their anticipated commercialization efforts of SpaceMobile service; and three, service revenues in connection with the activation of our commercial service provided by our existing and planned deployed and operational satellites, currently six in low earth orbit with more to come over the six to nine months.

隨著我們實施啟動和營運工作，我們預計收入將在年底和 2026 年大幅增加。具體來說，我們認為我們在 2025 年有一個收入機會，在下半年有 5000 萬美元到 7500 萬美元的後端加載，並基於幾個意外情況，包括：一、成功發射和部署與美國政府應用的合約里程碑成就相關的 Block 2 Bluebird 衛星；二、向我們的 MNO 合作夥伴銷售關鍵網關設備，以支持他們預期的 Space 設備支持他們預期的 Space 設備，以支持他們預期的 Space 裝備服務商業化努力；第三，與我們現有和計劃部署和運行的衛星提供的商業服務啟動相關的服務收入，目前有六顆衛星在低地球軌道上運行，未來六到九個月還會有更多衛星運行。

There can be no assurances that we will achieve any or all of these objectives, and our actual revenue results will vary based on a multitude of factors. Nevertheless, the AST team is proud to be commencing our revenue ramp, and I look forward to updating you in subsequent quarters on our progress.

我們無法保證能夠實現其中任何一項或全部目標，而且我們的實際收入結果將因多種因素而有所不同。儘管如此，AST 團隊仍然很自豪能夠開始提高我們的收入，我期待在接下來的幾季向您通報我們的進展。

Finally, on the final chart on the slide, we ended the first quarter with $874.5 million in cash, up from $567.5 million at the end of the fourth quarter of 2024. This significant increase in cash was driven primarily by approximately $403 million received from the convertible notes offering in late January that I discussed last call and approximately $55 million raised from the remaining amount available under the September 2024 at-the-market or ATM facility.

最後，在投影片的最後一張圖表中，我們在第一季末擁有 8.745 億美元的現金，高於 2024 年第四季末的 5.675 億美元。現金的大幅增加主要得益於我上次討論的 1 月底可轉換票據發行中獲得的約 4.03 億美元，以及 2024 年 9 月市場或 ATM 工具下剩餘可用金額籌集的約 5500 萬美元。

Our effective use of the ATM facility over the past nine months allowed us to increase critical liquidity and supplement other strategic financing initiatives. Now that that facility is fully utilized, today, we are establishing an incremental 2025 at-the-market or ATM facility for up to $500 million over the next three years, available to the company to accelerate our bold operational plans to bring our SpaceMobile service to market as soon as possible.

過去九個月，我們有效利用了 ATM 設施，從而增加了關鍵的流動性並補充了其他策略性融資計劃。現在該設施已充分利用，今天，我們將在未來三年內建立一個增量式 2025 年市場或 ATM 設施，投資額高達 ​​5 億美元，供公司加速實施我們大膽的營運計劃，盡快將我們的 SpaceMobile 服務推向市場。

We will continue to utilize this funding source in a disciplined fashion, balancing our capital needs to align with the interest of our shareholders.

我們將繼續以規範的方式利用這個資金來源，平衡我們的資本需求，以符合股東的利益。

We are also evaluating a path to provide for an equipment loan facility of between $50 million to $100 million in the form of non-dilutive funding to support our manufacturing expansion. We will provide additional information on that facility as we progress our conversations.

我們也正在評估以非稀釋性融資形式提供 5,000 萬至 1 億美元設備貸款的途徑，以支持我們的製造擴張。隨著對話的進展，我們將提供有關該設施的更多資訊。

And finally, we continue to make good progress on nondilutive financing from quasi-governmental sources of capital in the United States. We recently completed initial clearances for funding, which commences an approximately six to nine-month diligence and documentation phase for over $0.5 billion in potential nondilutive capital from multiple US and international agencies. We will provide updates as appropriate, and we will be working with the partner banks and our advisers to refine our alternatives.

最後，我們在從美國準政府資本來源獲得非稀釋性融資方面繼續取得良好進展。我們最近完成了融資的初步審批，開始了為期約六到九個月的盡職調查和文件階段，以獲得來自多個美國和國際機構的超過 5 億美元的潛在非稀釋性資本。我們將適時提供更新信息，並與合作銀行和顧問一起完善我們的替代方案。

Revenue is ramping on plan and AST SpaceMobile remains well positioned to fund our near-term operational plans. We will continue to leverage our balance sheet and ATM facility with prudence while focusing on the myriad opportunities available to us in the form of non-dilutive prepayments.

收入正在按計劃增加，AST SpaceMobile 仍能為我們的近期營運計劃提供資金。我們將繼續謹慎地利用我們的資產負債表和 ATM 設施，同時專注於以非稀釋性預付款形式提供給我們的無數機會。

As a stakeholder in AST SpaceMobile, your takeaway for the first quarter of 2025 is simple. The company is on target and continuing to execute against its accelerated operational plans for 2025 and 2026. We have a lot to accomplish this calendar year, and the first quarter was a solid start to what we expect to be the most exciting year in AST's short but impressive history.

作為 AST SpaceMobile 的利害關係人，您對 2025 年第一季的收穫很簡單。該公司正按計劃繼續執行其 2025 年和 2026 年的加速營運計劃。今年我們有很多事情要做，第一季是一個很好的開端，我們預計這將是 AST 短暫但令人印象深刻的歷史中最令人興奮的一年。

Thank you all for your continued support. And with that, this completes the presentation component of our business update call, and I'll pass it back to Scott.

感謝大家一直以來的支持。這樣，我們的業務更新電話會議的演示部分就完成了，我會將其交還給斯科特。

Thank you, Andy. Before we go to the queue of analyst questions, would 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。在回答分析師的提問之前，我們想先回答投資人提出的幾個問題。接線生，您能先問我們第一個問題嗎？

Scott from Indiana asks, any further details to share on the Ligado transaction?

來自印第安納州的斯科特問道，關於 Ligado 交易還有什麼細節可以分享嗎？

Yes. This is Andy. I'll be happy to take that question and appreciate the question, Scott. Yes, there are some updates that we'd be happy to share. I mean, as a reminder, the transaction that Scott asked about is for AST to acquire usage rights for 45 megahertz of mid-band spectrum in the United States.

是的。這是安迪。我很樂意回答這個問題，並且非常感謝你的提問，斯科特。是的，我們很樂意分享一些更新。我的意思是，提醒一下，斯科特詢問的交易是 AST 獲得美國 45 兆赫中頻頻譜的使用權。

So we view this as a huge fuel to our business here in the US as we look to actually access spectrum ourselves that can augment our service.

因此，我們認為這對我們在美國的業務來說是一個巨大的推動力，因為我們希望真正自己獲得可以增強我們服務的光譜。

We announced the definitive agreements signed toward the end of the quarter in late March, and we're happy to say that we believe the approval process is on schedule and that we'll have more to say about this in the coming weeks.

我們在 3 月底宣布了本季末簽署的最終協議，我們很高興地說，我們相信審批流程正在按計劃進行，我們將在未來幾週內就此發表更多消息。

Importantly, we are looking at a structure in which we are financing our usage rights with collateral that is restricted to the actual spectrum we're acquiring. So there will be a modest impact in G&A in subsequent quarters, but we are putting in place a separate financing package related to this strategic L-band acquisition.

重要的是，我們正在研究一種結構，透過限制我們實際獲得的頻譜的抵押品來為我們的使用權提供融資。因此，這將對後續幾季的 G&A 產生適度影響，但我們正在製定與此策略性 L 波段收購相關的單獨融資方案。

So thanks for the question.

感謝您的提問。

Rick from The Netherlands asks, looks like the defense use case is growing. What is the outlook there?

來自荷蘭的里克問道，看起來防禦用例正在成長。那裡的前景如何？

We've been talking about the government use case with increasing emphasis over the last four quarters or so. And in general, as everybody can see, government demand for space-based solutions like ours and others has been surging.

在過去四個季度左右的時間裡，我們一直在討論政府用例，並且越來越重視。總體而言，正如大家所見，政府對我們以及其他公司提供的太空解決方案的需求一直在激增。

This is driven by an increased focus on defending our nation in space and it is something that we're well positioned around because of our extremely innovative new tech and the largest phased arrays that we can put into orbit today commercially.

這是因為我們更加重視在太空保衛國家，而且由於我們擁有極具創新性的新技術和目前能夠以商業方式送入軌道的最大的相控陣，所以我們在這方面處於有利地位。

So we've already started deriving revenue from some of our government contract awards. There's now six of them to date that served as initial validations for this technology. These contract awards provide clear paths for applications in a couple of use cases.

因此，我們已經開始從一些政府合約授予中獲得收入。到目前為止，已有六個作為該技術的初步驗證。這些合約授予為一些用例中的應用提供了清晰的路徑。

In late 2024, we were selected by the Space Development Agency for a $43 million contract and that's a non-communications use case. But importantly, today, we're announcing a DIU contract. And that is -- you can read that as communications use cases across many government agencies, across many use cases.

2024 年末，我們被美國太空發展局選中，簽訂了一份價值 4300 萬美元的合同，這是一個非通訊用例。但重要的是，今天，我們宣布了一項 DIU 合約。也就是說——您可以將其理解為跨許多政府機構、跨許多用例的通訊用例。

So I think we've seen really great progress on several different use cases that our unique technology can offer, and we're really excited about continuing to grow that even as early as the second half of the year, as Andy talked about.

因此，我認為我們已經看到我們的獨特技術在幾種不同的用例上取得了巨大的進展，正如安迪所說的那樣，我們真的很高興能夠在今年下半年繼續成長。

Matt from Massachusetts asks, do you plan to submit any proposals for the announced $25 billion Golden Dome project?

來自馬薩諸塞州的馬特問道，您是否計劃為已宣布的 250 億美元金色穹頂項目提交任何提案？

Thank you, Matt, for the question. We really think that we are very well positioned with our technology to be an important contributor to the actual goals outlined in the Golden Dome. We think the size and power of our satellites are unique and completely differentiated of what can be done by industry or by our adversaries.

謝謝馬特提出的問題。我們確實認為，憑藉我們的技術，我們完全有能力為「金色穹頂」所概述的實際目標做出重要貢獻。我們認為，我們的衛星的尺寸和功率是獨一無二的，與工業界或我們的對手所能做到的完全不同。

And we think that our technology will enable applications for national security that are going to be important for this particular program. Scott, you may want to talk a little bit about the size of the program and where it's approved?

我們認為，我們的技術將能夠應用於國家安全，這對於這個特定的項目來說非常重要。斯科特，您可能想談談該計劃的規模以及它在哪裡獲得批准？

Yes. For those not as familiar with this, the $25 billion is a reference to what left the House Armed Services Committee recently, and will go for a vote with the whole house as part of the budget reconciliation process.

是的。對於那些不太熟悉這一點的人來說，250 億美元是指眾議院軍事委員會最近做出的決議，並將作為預算協調過程的一部分，由眾議院全體成員進行表決。

Importantly, this is not part of the new budget for fiscal year 2026. This is part of the budget reconciliation package that is only subject to a 50 vote in the Senate. So this is a way that the House Armed Services Committee is looking to prefund Golden Dome and support this really significant national security goal.

重要的是，這不是 2026 財政年度新預算的一部分。這是預算和解方案的一部分，只需獲得參議院 50 票通過即可。因此，眾議院軍事委員會正在尋求預先資助金色穹頂並支持這一真正重要的國家安全目標的方式。

Scott from Indiana asks, are shareholders expected to be invited to future launches this fall?

來自印第安納州的史考特問道，股東是否會被邀請參加今年秋天的未來發表會？

Yes, absolutely. We loved hosting our shareholders at the September launch event at the Cape. And we were really excited to host over 1,000 people in the middle of the night in the rain. Many of you enjoyed that, and we certainly did. For the upcoming launch in July, for reasons beyond our control, we won't be able to invite folks to our launch in India.

是的，絕對是。我們很高興在九月於 Cape 舉行的啟動儀式上接待我們的股東。我們非常高興能夠在半夜冒雨接待 1,000 多人。你們中的許多人都很喜歡這一點，我們當然也喜歡。對於即將於 7 月舉行的發布會，由於我們無法控制的原因，我們將無法邀請人們參加我們在印度舉行的發布會。

But as Abel laid out, our launch schedule, with an orbital launch every one to two months on average, going forward, we expect a lot of exciting events to come at the Cape and we'll be sure to keep everybody updated as these come together and hope to see many of you there.

但正如阿貝爾所列出的，我們的發射計劃是平均每隔一到兩個月進行一次軌道發射，展望未來，我們預計在卡納維拉爾角將會發生許多激動人心的事件，我們一定會讓每個人都了解最新情況，並希望在那裡見到你們。

Murillo from Portugal asks, on Monday, April 28, there was a power outage that led to most of Spain and Portugal being at a standstill, grounding planes, halting public transport, and forcing hospitals to suspend routine operations and mainly cutting all types of communications, landlines, mobile phones or Internet access. In my case, it was 10 hours without access to any type of communications except radio. I don't know if you are aware of it, but I would be happy to know ASC's short-term plans for Europe?

來自葡萄牙的穆里略詢問，4月28日星期一，西班牙和葡萄牙大部分地區發生停電，飛機停飛，公共交通停止，醫院被迫暫停日常運營，主要切斷所有類型的通訊、固定電話、移動電話或互聯網接入。就我而言，有 10 個小時我都無法使用無線電以外的任何通訊方式。我不知道您是否知道，但我很高興了解 ASC 對歐洲的短期計劃？

Thank you, Murillo. And we saw this event on the news, of course, and watched it with interest. Emergencies, whether caused by infrastructure failures or natural disasters, these cause immediate and lingering need, which is only compounded when communication is inaccessible.

謝謝你，穆里略。當然，我們在新聞上看到了這個事件，並饒有興趣地觀看了它。緊急情況，無論是由基礎設施故障還是自然災害引起的，都會造成即時且持續的需求，而當通訊無法接通時，這種需求只會變得更加嚴重。

So our service stands to provide cellular broadband connectivity directly to the phone in your pocket. And this means consumers can feel safer in emergency situations, knowing they'll still have this connectivity despite what's happening on the ground.

因此，我們的服務可以直接為您口袋中的手機提供蜂窩寬頻連接。這意味著消費者在緊急情況下可以感到更安全，因為他們知道無論地面上發生什麼，他們仍然可以保持這種連接。

And as this applies to Europe specifically, our joint venture with Vodafone will exclusively distribute our service across Europe. This means that we'll be sharing ground-based infrastructure to manage geographic boundaries and drive turnkey solutions to increase take-up, both for connectivity for citizens across the continent as well as in very important emergency periods of need like the one you described.

由於這特別適用於歐洲，我們與沃達豐的合資企業將在歐洲獨家分銷我們的服務。這意味著我們將共享地面基礎設施來管理地理邊界，並推動交鑰匙解決方案來增加使用率，既為整個非洲大陸的公民提供連接性，也為您所描述的非常重要的緊急需求時期提供連通性。

And of course, outside of Europe, we recently received special temporary authority from the FCC to do FirstNet testing activation on public safety spectrum. That's really important to us as a priority here in the United States.

當然，在歐洲以外，我們最近獲得了美國聯邦通訊委員會 (FCC) 的特別臨時授權，可以在公共安全頻譜上進行 FirstNet 測試啟動。這對我們來說確實非常重要，也是美國的優先事項。

And in Japan, of course, our long-time partner, Rakuten Mobile, successfully did a video call in front of a live audience. So these are places where this capability, both emergency backup, disaster recovery, and consumer emergency support that we can really support quite nicely.

當然，在日本，我們的長期合作夥伴樂天移動成功地在現場觀眾面前進行了視訊通話。因此，這些都是我們可以很好地提供緊急備份、災難復原和消費者緊急支援等功能的地方。

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

最後，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環節。

(Operator Instructions) Colin Canfield, Cantor Fitzgerald.

（操作員指示）科林·坎菲爾德，康托·菲茨杰拉德。

Maybe if you could discuss the nature of the higher launch costs and talk me through or talk us through how is that related to -- is that related to like more faring configuration per satellite? Or are there other pricing factors to consider? And then lastly, if you can maybe talk about how AST thinks about passing through those costs to other launch suppliers in the form of liquidated damages?

也許您可以討論一下更高發射成本的性質，並向我們詳細講解一下這與每顆衛星的更多飛行器配置有何關係？還是有其他定價因素需要考慮？最後，您能否談談 AST 如何考慮以違約金的形式將這些成本轉嫁給其他發射供應商？

Colin, I'll kick off and Andy can add anything additional. Basically, the demand signals we're receiving are to get the service to market as fast as possible. So the way we've organized the whole program over the last year, 1.5 years is against that goal.

科林，我先開始，安迪可以補充任何內容。基本上，我們收到的需求訊號是盡快將服務推向市場。因此，我們在過去一年半中組織整個計劃的方式就是為了實現這一目標。

So what you're seeing is essentially a little bit of pull forward on launch in a time when launch was harder to get. And so we've spent a little bit more than anticipated just to keep the timeline moving fast, as Andy said.

因此，您所看到的基本上是在發布更難的時期提前發布。因此，正如安迪所說，我們花費的錢比預期的要多一點，只是為了讓時間表快速推進。

And on the tariff side, there's a little bit in there. We -- more than half of our CapEx is launched at this point, but the portion that's materials, there's some particularly raw materials that we source from abroad. So I think when you look at the totality of the move there in unit price, it's those two elements are what's driving it.

在關稅方面，也存在一些問題。我們－目前已有超過一半的資本支出啟動，但其中一部分是材料，特別是一些原料，是從國外採購的。因此，我認為，當你觀察單價的整體變動時，這兩個因素就是推動其變動的因素。

Scott, this is Andy. I completely agree. I would just add, and I think I mentioned this, that this is a dynamic situation. I mean, we're looking at a tariff impact that many companies are looking at right now, but we all know that's somewhat volatile and it ebbs and flows with geopolitical news. So we'll continue to work to optimize. We continue to look at our own ability to optimize things like payload to look at future launch optionality.

斯科特，這是安迪。我完全同意。我只想補充一點，我想我提到過這一點，這是一個動態的情況。我的意思是，我們正在關注許多公司目前正在關注的關稅影響，但我們都知道這有點不穩定，而且會隨著地緣政治新聞而起伏。因此我們將繼續努力進行優化。我們將繼續審視自身優化有效載荷等的能力，以研究未來發射的可選性。

But as Scott said, the name of the game is getting our satellites built and launched quickly. And in exchange for doing that in an environment in which tariffs are a reality, we have a slight increase from, call it the 20 midpoint to the 22 midpoint. And we'll continue to press on that.

但正如斯科特所說，遊戲的關鍵在於快速建造和發射我們的衛星。作為在關稅成為現實的環境下這樣做的回報，我們將關稅從 20 中點略微提高到 22 中點。我們將繼續為此努力。

But the good news is, as we started the notes, we're about to kick off a launch cadence that starts in July with one to two -- every one to two months as we head out of '25 into '26. So that's our priority right now. And as I noted, we reiterate our belief that even an increase like that is mitigated considerably by the opportunity of bringing our service to market as quickly as possible.

但好消息是，正如我們開始記錄的那樣，我們即將啟動一個發布節奏，從 7 月開始，每隔一到兩個月發布一次，從 2025 年到 2026 年。所以這是我們目前的首要任務。正如我所指出的，我們重申我們的信念，即使是這樣的成長，也會因為盡快將我們的服務推向市場而大大緩解。

Okay. Alright, appreciate the color. And then maybe talking a little bit about spectrum portfolios and spectrum sharing, like two subject dynamics to consider. One is maybe talk about how you think about EchoStar's spectrum portfolio and maybe where you could unlock the most amount of value across RF bands.

好的。好的，欣賞顏色。然後也許會談論頻譜組合和頻譜共享，這是需要考慮的兩個主題動態。一是可以談談您如何看待 EchoStar 的頻譜組合，以及您可以在哪些方面釋放 RF 頻段的最大價值。

And then also maybe some commentary on the FCC spectrum sharing commentary and maybe just communicating kind of how customers are talking about any potential interference in pricing recovery or damages recovery from other players?

然後也許還會對 FCC 頻譜共享進行一些評論，也許只是交流一下客戶如何談論其他參與者對價格恢復或損害賠償的任何潛在幹擾？

Colin, that's a great question. Well, for those that are not familiar with this business, spectrum is like fuel for our business. And we are on a strategy that actually maximize access to existing phones in availability of spectrum on the phones.

科林，這個問題問得很好。嗯，對於那些不熟悉這個業務的人來說，光譜就像是我們業務的燃料。我們的策略實際上是最大限度地利用現有手機的可用頻譜。

And also, we have basically split the program in two phases. One that we call low band which we started with AT&T and Verizon, Vodafone, Rakuten and others, where we're basically sharing the spectrum of the operator and reusing that spectrum that is -- it was originally allocated exclusively for terrestrial.

而且，我們基本上將該計劃分為兩個階段。我們稱之為低頻段，我們與 AT&T、Verizon、Vodafone、Rakuten 等公司合作，我們基本上共享運營商的頻譜並重新使用該頻譜 - 該頻譜最初專門分配給地面。

We're sharing it for space application. We believe that that's the faster go-to-market, and we believe also that is the best service possible that we can offer to the customers given the premium nature of that spectrum in terms of penetration, ability to go through walls, the frame of an airplane, the fuselage of a car that we have been demonstrated with our current operating satellites.

我們正在將其共享用於太空應用。我們相信，這是更快的上市方式，我們也相信，考慮到該頻譜在穿透力、穿牆能力、飛機框架、汽車機身等方面的優質特性，這是我們可以為客戶提供的最佳服務，我們目前運營的衛星已經證明了這一點。

But as you're probably aware, we also have signed a definitive agreement to complement our low-band spectrum coming from our partner operators with our own spectrum in the mid-band in the neighborhood of 45 megahertz, which together with the size of our satellites will enable 120 megabits per second per individual cell and supporting thousands of cells per satellite.

但您可能已經知道，我們還簽署了一項最終協議，用我們自己在 45 兆赫左右的中頻段頻譜來補充來自我們合作運營商的低頻段頻譜，再加上我們衛星的尺寸，將實現每個獨立小區每秒 120 兆比特的速度，並支持每顆衛星數千個小區。

So our spectrum strategy is the combination of the low band and the mid-band, low-band partner with the operators to get access to that premium band that is available in every phone that works today without requiring any modification to the phone or any new change to the phone and keep fueling the network with a spectrum, in this case, when we concluded the current transaction to own that 45 megahertz, fueling that with probably one of the largest block of spectrum certainly that exists below the 6 gigahertz in the United States.

因此，我們的頻譜策略是將低頻段和中頻段結合起來，與運營商合作使用低頻段，以獲得目前每部手機都可用的優質頻段，而無需對手機進行任何修改或任何新的更改，並不斷為網絡提供頻譜，在這種情況下，當我們完成當前擁有 45 兆赫的交易時，我們為其提供了可能是美國 6千頻譜

Mike Crawford, B. Riley Securities.

邁克·克勞福德 (Mike Crawford)，B. Riley 證券。

Just continuing on that theme where you have this bifurcated strategy of sharing low-band spectrum with your MNO partners, but now getting the cell band spectrum from Ligado, does that change the way you're thinking about future or current MNO agreements where they might become more bespoke versus kind of a very standard template that you initially have been working towards?

繼續這個主題，您採用了與 MNO 合作夥伴共享低頻段頻譜的二元策略，但現在從 Ligado 獲得了蜂窩頻段頻譜，這是否會改變您對未來或當前 MNO 協議的看法，這些協議可能會變得更加定制化，而不是您最初努力實現的那種非常標準的模板？

Well, not really. I mean, our focus is the user experience for the consumer that buy the service from the MNO. We think entering into the market with the low-band spectrum give us a great access to billions of phones. I mean, the 5 billion phones that have access to the low-band spectrum.

嗯，並非如此。我的意思是，我們的重點是從 MNO 購買服務的消費者的使用者體驗。我們認為，進入低頻段市場可以讓我們更能接觸數十億支手機。我的意思是，有 50 億支手機可以使用低頻段頻譜。

But this is simply a way to enhance and permit more simultaneous users with higher data rates when we combine both spectrums as part of one network, which is our network.

但這只是當我們將兩個頻譜合併為一個網路（即我們的網路）的一部分時增強並允許更多用戶同時使用更高資料速率的一種方式。

So we don't -- we see it as a technical capability to basically give the user the best of both spectrum. One is penetration and availability on phones, another one is density with a large block of capacity, in this case, 45 megahertz.

所以我們不這麼認為——我們將其視為一種技術能力，基本上為用戶提供兩種頻譜中的最佳效果。一個是手機的滲透率和可用性，另一個是大容量塊的密度，在本例中是 45 兆赫。

Okay. And then just one final question from me. On the custom ASIC, will we -- what batch of satellites out of the four you're launching after this Indian launch, would you expect to be the first ones with the custom ASIC included?

好的。我最後還有一個問題。關於客製化 ASIC，您認為在印度發射後發射的四顆衛星中，哪一批衛星是第一批採用客製化 ASIC 的？

It will be in approximately two launches after the next launch. It will be very soon. It's in the final integration to the actual satellite built out, and that is planned not in this next imminent launch, but one or two launches after that. And as we said, yes, we're trying to get into a cadence so that we'll be launching very constantly during the next six to nine months.

下次發射後大約還會進行兩次發射。很快就會了。它正處於與實際衛星建造的最終整合階段，並且計劃不是在下一次即將進行的發射中，而是在那之後的一兩次發射中。正如我們所說，是的，我們正在努力進入一個節奏，以便在接下來的六到九個月內持續推出新產品。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

Great. Last quarter, you indicated you were preparing to run beta tests with your carrier partners. Can you update us on the status of those tests and any early learnings you're willing to share at this stage? And you talked about being able to manufacture six satellites per month by 4Q, which is later than the timeline you mentioned last quarter. Can you just walk us through the cause and what still needs to be done to achieve that milestone?

偉大的。上個季度，您表示正準備與電信商合作夥伴一起進行 beta 測試。您能否向我們介紹一下這些測試的進展以及您願意在此階段分享的任何早期經驗？您提到到第四季度能夠實現每月生產六顆衛星的目標，這比您上個季度提到的時間表要晚。您能否向我們介紹一下實現這一里程碑的原因以及還需要做些什麼？

Yes. We had already started activations in the US, Europe, and Japan. I mean, as a matter of fact, Rakuten, Vodafone, AT&T, and Verizon, they all announced the initial usage of video capabilities, which is basically the most difficult application to run when you're running a broadband capability.

是的。我們已經開始在美國、歐洲和日本開展活動。我的意思是，事實上，樂天、沃達豐、AT&T 和 Verizon 都宣布了視訊功能的初步使用，這基本上是運行寬頻功能時最難運行的應用程式。

So that means that we support streaming, we support voice, we support text, we support e-mail, we support FaceTime. We support any application that you can run in your -- if you can run a video call, which is a live streaming capability, you can support basically any native application that is in your phone.

這意味著我們支援串流媒體、支援語音、支援文字、支援電子郵件、支援 FaceTime。我們支援您可以在手機中運行的任何應用程式 - 如果您可以運行視訊通話（即即時串流功能），那麼基本上您可以支援手機中的任何本機應用程式。

So we are at that phase. We will be also starting lining up all the 5,600 cells in United States. We're starting that process starting in June, July till we complete that into the beta service. And we will start offering a service that it will reset -- on our beta plan, it will be an offer that resemble as much as possible the final service when we have full constellation, but intermittent as we build out more satellites.

所以我們正處於這個階段。我們也將開始排列美國境內的所有 5,600 個牢房。我們將從六月、七月開始這項流程，直到完成測試服務。我們將開始提供一項重置服務——在我們的測試計劃中，它將提供盡可能類似於我們擁有完整星座時的最終服務，但隨著我們建造更多衛星，它將是間歇性的。

So we are on target for that this year. We're on target to start the beta services this year to offer broadband that include voice, text, data, e-mail, Internet, FaceTime, and video calls. So that is still on target. The launch for the next generation, which is the largest generation, is 3.5 times bigger than the Block 1 is scheduled for July.

因此，我們今年已經實現了這個目標。我們計劃今年啟動測試服務，提供包括語音、文字、數據、電子郵件、網路、FaceTime 和視訊通話在內的寬頻服務。所以這仍然是目標。下一代火箭是目前規模最大的一代，其體積是Block 1火箭的3.5倍，預計7月發射。

And we have maintained our plan to maintain a capacity of six per month, a raise which start in June, July again, also this year. When we're referring to the six satellites per month is the fully integrated satellite, they're more closer towards the end of the year.

我們維持了每月 6 輛產能的計劃，今年 6 月、7 月將再次提高產能。當我們提到每月六顆衛星時，它們是完全整合的衛星，它們更接近年底。

And if I can just fit in one more. Appreciate there's a number of moving pieces, but as you look to 2026 and the ability to fund the launch of the 60 satellites, any help sizing the amount of capital you would need to raise and how you evaluate the different sources, whether it'd be the ATM or the quasi-government progress you mentioned?

如果我能再多加一個就好了。我知道有很多變動因素，但當您展望 2026 年並有能力為 60 顆衛星的發射提供資金時，有什麼幫助可以幫助您確定需要籌集的資金數額以及如何評估不同的資金來源，無論是 ATM 還是您提到的準政府進展？

Yes, I will let Scott and Andy to answer that in more detail, but we are focusing in non-diluted capital. I mean, for the first time, we're giving initial indication of revenue for the second half of this year between $50 million and $75 million.

是的，我會讓史考特和安迪更詳細地回答這個問題，但我們關注的是非稀釋資本。我的意思是，我們首次初步預測今年下半年的收入將在 5,000 萬美元至 7,500 萬美元之間。

We have advanced significantly our non-dilutive financing from sources like IFC and the EXIM Bank. And more importantly, contracts, either government contracts, MNO contracts, infrastructure payments from operators. And that's our focus, is basically getting financed by non-dilutive sources.

我們從國際金融公司和進出口銀行等機構獲得了大量非稀釋性融資。更重要的是，合同，無論是政府合同、MNO 合同還是運營商的基礎設施付款。這就是我們的重點，基本上是透過非稀釋性來源獲得資金。

Right. Abel, this is Andy here. Chris, as well. Just to kind of piggyback on that. I mean the ATM gives us great flexibility, and we've proven to be very disciplined in how we use it. And it's an instrument that we like to have as we look at all optionality. It's not the priority for sure.

正確的。阿貝爾，我是安迪。克里斯也一樣。只是為了搭上這個便車。我的意思是 ATM 為我們提供了極大的靈活性，而且事實證明我們在使用它方面非常自律。當我們考慮所有可選性時，這是我們喜歡擁有的工具。這肯定不是優先事項。

Last quarter, we did mention that our convertible raise put us in a position to fund through the 25 satellites, which is our threshold for non-continuous service in major markets and beyond. And as you look at a constellation for over 60 for the US and similar geographies and over 90, you can do the math and sort of look at what the average cost with materials and launch costs are that we give and you get a sense for what we need.

上個季度，我們確實提到，可轉換融資使我們能夠為 25 顆衛星提供資金，這是我們在主要市場及其他地區提供非連續服務的門檻。當你看到美國和類似地區的星座超過 60 個，還有超過 90 個時，你可以計算一下，看看我們提供的材料和發射成本的平均成本是多少，你就會知道我們需要什麼。

The reality is, we feel very fortunate that we have a lot of opportunities, both on the equity side as well as debt programs like the EXIM Bank financing, different manufacturing equipment, which we're quite mature in our exploration to do.

事實上，我們感到非常幸運，我們有很多機會，包括股權方面以及債務項目，例如進出口銀行融資、不同的製造設備，我們在這些方面的探索已經相當成熟。

So you put all that together and also layer on top of it the priority to move quickly. Last quarter, we did say six satellites per month. We had a reference to during the second half of 2025. Our message this quarter is consistent with that. We just are more precise in Q4.

因此，您將所有這些放在一起，並在此基礎上優先考慮快速行動。上個季度，我們確實說過每月發射六顆衛星。我們曾參考 2025 年下半年的情況。我們本季傳達的訊息與此一致。我們只是在第四季更加精確。

So when you're trying to move as quickly as we are and you're manufacturing at the pace which has never been done before, ever. This is novel. It's never been done. You look at your financing needs as a package of opportunity and you sort of weigh when you access the capital markets versus other alternatives, while always prioritizing the prepayments from our partners, which has proven to be a great structure.

因此，當您嘗試像我們一樣快速行動時，您的製造速度將達到前所未有的水平。這很新穎。這從來沒有發生過。您將融資需求視為一個機會包，並在進入資本市場與其他替代方案時進行權衡，同時始終優先考慮合作夥伴的預付款，事實證明這是一個很好的結構。

So that kind of gives you a flavor. We're in great position with the balance sheet. But if we want to move quickly and if we want to expedite manufacturing, like we talked about today, we want to make sure that that balance sheet stays incredibly strong in what we all know is a very volatile macro climate for the markets right now. So that's how we look at it, and hopefully, that's responsive to your question.

這給你一種感覺。我們的資產負債表狀況良好。但如果我們想要迅速採取行動，如果我們想要加快製造速度，就像我們今天談到的那樣，我們要確保資產負債表在我們都知道的當前市場非常不穩定的宏觀環境下保持強勁。這就是我們對此的看法，希望這能回答您的問題。

Caleb Henry, Quilty Space.

凱萊布·亨利（Caleb Henry），Quilty Space。

A couple of questions. One on the Ligado spectrum and kind of how that would be implemented. Am I right in thinking that that will require some sort of modification to the satellite, like a hosted payload or something? And if so, how does AST plan to kind of go forward with that, kind of introducing that new spectrum?

有幾個問題。其中一個是關於 Ligado 頻譜，以及它將如何實現。我的想法是否正確，這需要對衛星進行某種改造，例如託管有效載荷或類似的東西？如果是這樣，AST 計劃如何推進這項進程並推出新的頻譜？

Yes. When we are at pace, which is six per month, that's 72 satellites per year, and our basic design is 96 satellites in low band, 96 satellites in mid-band. We already have in our ASICs and our core technology, the support of this band and all the mid-band spectrum of our partner operators. So the MSS, LS, 3GPP spectrums in mid-band are already part of our design.

是的。當我們以每月 6 顆的速度發射時，每年就有 72 顆衛星，我們的基本設計是低頻段 96 顆衛星，中頻段 96 顆衛星。我們的 ASIC 和核心技術已經獲得了該頻段以及我們合作夥伴營運商的所有中頻段頻譜的支援。因此，中頻段的 MSS、LS、3GPP 頻譜已成為我們設計的一部分。

Okay. Great. And then a clarification just on the Barcelona facility. I read that it was for manufacturing space, but it wasn't quite clear to me what it would be building. Is that a secondary factory for manufacturing satellites? Is that gateways, ASICs? Can you provide some clarity on what that will be used for?

好的。偉大的。然後僅對巴塞隆納設施進行澄清。我讀到過它是用於製造空間，但我不太清楚它將建造什麼。那是製造衛星的二級工廠嗎？那是網關、ASIC 嗎？您能否解釋一下它的用途？

Yes. Our focus on manufacturing is manufacturing here in the United States So 95% -- we're 95% vertically integrated, all the parts, final integration testing, it happened here in Texas. We are approaching 0.5 million square feet of manufacturing facility, when we add the new Barcelona facility and the new Florida facilities. In Spain, we do build certain high reliability parts that are used in the central unit, but all of them get integrated here in -- finally in Texas where we integrate and test the complete spacecraft.

是的。我們的製造重點是美國本土製造，因此 95%——我們的 95% 是垂直整合的，所有零件、最終的整合測試都在德克薩斯州進行。當我們增加新的巴塞隆納工廠和新的佛羅裡達工廠時，我們的製造工廠面積已接近 50 萬平方英尺。在西班牙，我們確實製造了中央單元使用的某些高可靠性零件，但它們都在這裡整合——最終在德克薩斯州，我們整合並測試了整個太空船。

Okay. And then my last question was just on gateways. You mentioned looking at those rolling out, and I think it was $10 million expected a year. Do you have a sense of how many gateways AST will have up by the end of the year and kind of how that plots alongside the ramp-up of the constellation? I don't know if there's a need of x number of gateways per satellite or something to that effect.

好的。我的最後一個問題是關於網關的。您提到了考慮這些舉措，我認為預計每年的支出為 1000 萬美元。您是否知道 AST 到今年底將擁有多少個網關，以及這與星座的擴張有何關係？我不知道每顆衛星是否需要 x 個網關或類似的東西。

Caleb, just a few reminders for the audience. Because our satellites are large, the largest ever in low earth orbit, as we say, they have a large field of view. So what that means practically is, fewer gateways than is typical in a constellation.

卡萊布，我只想提醒觀眾幾點。因為我們的衛星很大，是迄今為止近地軌道上最大的衛星，所以正如我們所說，它們的視野很大。因此，這實際上意味著，網關的數量比星座中的典型數量要少。

And so in the US, we'll have four or more gateways we've applied for. In other countries, it will be one or two. So it's a much smaller lift on the ground infrastructure side, and it's one that we've designed to be shared with the operators because when the operators roll out a new wireless service, they are accustomed to a deployment of base stations. And so those base stations are integrated into our centralized gateways.

因此，在美國，我們將申請四個或更多的網關。在其他國家，這個數字可能是一到兩個。因此，這對地面基礎設施而言是一個較小的提升，而且我們設計它是為了與營運商共享，因為當營運商推出新的無線服務時，他們習慣於部署基地台。因此，這些基地台被整合到我們的集中網關中。

So when you look at all of it, and we go country by country, there's one or two in a country, bigger countries will have more. In Europe, we've got a -- more of a continental solution that manages the smaller size of the countries individually. And so what all that means is you're going to see gateways deployed low-single-digit millions per gateway and you roll that up and we're building it out and taking orders now.

所以，當你把所有這些看一遍，我們一個國家一個國家地看，你會發現每個國家都有一兩個這樣的人，大國則有更多這樣的人。在歐洲，我們有一個更類似大陸的解決方案，可以分別管理較小規模的國家。所以這一切意味著你將看到每個網關部署的低個位數數百萬個網關，然後你把它捲起來，我們正在建立它並現在接受訂單。

So in terms of how many we have at the end of the year, we won't give a firm target on that, but you've heard us say repeatedly, US, Europe, and Japan are our priorities. So those are certainly places you'll start seeing more gateways installed faster.

因此，就我們年底擁有多少客戶而言，我們不會給出一個明確的目標，但您已經聽到我們一再說過，美國、歐洲和日本是我們的重點。因此，在這些地方你肯定會看到更多的網關更快安裝。

Tim Horan, Oppenheimer & Company.

蒂姆·霍蘭，奧本海默公司。

Can you give us an update when you might -- well, when we might see a commercial launch in the United States? And have you worked out a wholesale agreement yet with the carriers in the United States dividing the economics? And to be clear, when you do that commercial launch, it will have the full suite of services that you mentioned?

您能否向我們透露何時可能——嗯，我們什麼時候可能在美國看到商業發布？您是否已經與美國的承運商達成批發協議來劃分經濟份額？並且要明確的是，當你們進行商業發佈時，它會擁有你們提到的全套服務嗎？

Yes. The answer is yes. We did announce a definitive agreement with AT&T, and we're working on the details for the commercial agreement with Verizon. And the idea is to have a beta service sometime by the end of this year, our commercial service fully open for consumers sometime during early 2026. And it will be -- and on our plan, it is for this service to be text, Internet data, and access to applications like video conferencing.

是的。答案是肯定的。我們確實宣布了與 AT&T 達成的最終協議，並且正在製定與 Verizon 達成的商業協議的細節。我們的想法是在今年年底前推出測試版服務，並在 2026 年初向消費者全面開放商業服務。按照我們的計劃，這項服務將包括文字、互聯網數據以及視訊會議等應用程式的存取。

Great. And just out of curiosity, why do you think you need the Ligado spectrum when you're doing spectrum sharing? I'm assuming you're doing spectrum sharing in areas primarily where they're not using the spectrum. So I guess, can you just maybe elaborate how much spectrum you expect to get from your partners? And why would you need Ligado if you're getting enough from them?

偉大的。出於好奇，您認為在進行頻譜共享時為什麼需要 Ligado 頻譜？我假設您主要在不使用頻譜的區域進行頻譜共享。所以我想，您能否詳細說明您希望從合作夥伴那裡獲得多少頻譜？如果您已經從 Ligado 獲得了足夠的收益，為什麼還需要它？

Yes. One thing that is important to recognize that we don't only serve where there is absolutely nothing. When you're in a camping location, when you're in a remote location, we have the ability to serve the consumer wherever their service is not good enough or is not supporting a full 5G experience for the end user.

是的。重要的是要認識到，我們不僅僅在一無所有的地方提供服務。當您在露營地或偏遠地區時，我們有能力為消費者提供服務，無論他們的服務是否足夠好或是否支援最終用戶的完整 5G 體驗。

So in order to support that, you need a lot of capacity in order to basically fill up what we call the imperfections of the network. And you need to be able to overlap terrestrial and satellite over the same footprint. And then you need to have a lot of traffic that make that possible.

因此，為了支持這一點，您需要大量的容量來填補我們所說的網路缺陷。並且您需要能夠在同一覆蓋範圍內重疊地面和衛星。然後你需要擁有大量的流量來實現這一點。

So with the low-band spectrum, we get access to, we call it premium spectrum with great penetration -- go through trees, it goes through walls, it goes through cars -- and it's available in every phone. But there's typically limitations on how much spectrum you can allocate in low band.

因此，透過低頻段頻譜，我們可以獲得所謂的優質頻譜，它具有很強的穿透力——可以穿過樹木、穿過牆壁、穿過汽車——並且每部手機都可以使用它。但在低頻段可分配的頻譜量通常是有限制的。

So it's the first -- I mean, like historically, operators have deployed spectrum, they always start with the lowest spectrum because that's the one that provides most coverage, better penetration, better user experience.

所以這是第一次——我的意思是，從歷史上看，當運營商部署頻譜時，總是從最低的頻譜開始，因為這樣可以提供最大的覆蓋範圍、更好的穿透力和更好的用戶體驗。

As the network gets filled up by usage, you keep adding spectrum, and that's -- you go back in time and when it happens with -- when initially cellular network were originally deployed, they always start in the low band and then keep going up in frequency to create more density.

隨著網路的使用量不斷增加，你會不斷添加頻譜，這就是——回顧過去，當它發生時——當最初部署蜂窩網路時，它們總是從低頻段開始，然後不斷提高頻率以創造更大的密度。

And that's the intent of our planned 45-megahertz band is to basically being able to continue adding subscribers for our network partners.

我們計劃的 45 兆赫頻段的目的基本上是為了能夠繼續為我們的網路合作夥伴增加用戶。

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Maybe just to follow-up on the Ligado front. In terms of L-band support within existing cell phones in North America, how is that progressing? From day one, provided you're able to close the transaction, how long does it take before you have a large supply of users within the United States that support the L-band spectrum? And then I had a follow-up.

也許只是為了跟進 Ligado 方面的情況。就北美現有手機對 L 波段的支援而言，進展如何？從第一天起，如果您能夠完成交易，需要多長時間才能在美國擁有大量支援 L 波段頻譜的用戶？然後我進行了後續跟進。

Yes. I mean the -- currently, the L-band is already in the Android ecosystem. Actually, you have that band enabled as part of the 3GPP standard. We anticipate, with the support of AT&T, Verizon, Vodafone, and 50 operators around the globe that we'll benefit off this band. We anticipate one or two interactions on the new phones for the phone, be available with the full band in every phone.

是的。我的意思是——目前，L 波段已經進入 Android 生態系統。實際上，您已將該頻段作為 3GPP 標準的一部分啟用。我們預計，在 AT&T、Verizon、Vodafone 和全球 50 家營運商的支持下，我們將從該頻段中受益。我們預計新手機上會有一到兩次互動，並且每支手機都配備全頻段。

So that's the reason why we always had a hybrid approach where we start with low band, where we get the advantage of it's in every phone, it is -- have an RF performance that is much better, maximize coverage, and then add the L-band in the tail end of our deployment.

這就是為什麼我們總是採用混合方法，從低頻段開始，在每部手機中都利用它的優勢——具有更好的射頻性能，最大限度地擴大覆蓋範圍，然後在部署的最後添加 L 頻段。

Great. Very helpful. And if I could, just on the US government and budget front, defense space has done actually very well in terms of whether it's continuing resolution or the projected discretionary budget, I guess, for fiscal '26. So -- but there are some give and takes there, too, because like FEMA has been a little bit on the ropes.

偉大的。非常有幫助。如果可以的話，僅就美國政府和預算方面而言，國防空間實際上表現得非常好，無論是持續決議還是預計的可自由支配預算，我想，對於 26 財年而言。所以 — — 但也存在一些讓步，因為聯邦緊急事務管理署 (FEMA) 已經有點陷入困境。

So I'm wondering, as you kind of look at some of the opportunities and programs and discussions you're having, whether it's PLEO or otherwise, I'd even throw FirstNet into the mix there, a huge opportunity to be able to support Band 14.

所以我想知道，當您考慮您正在進行的一些機會、計劃和討論時，無論是 PLEO 還是其他，我都會將 FirstNet 納入其中，這是一個能夠支援 Band 14 的巨大機會。

How do you see the gives and takes between what's getting funded, what's not getting funded, and you guys still feel very comfortable about the position with the US government opportunities.

您如何看待獲得資助的計畫與未獲得資助的計畫之間的相互影響？你們對美國政府提供的機會仍然感到非常滿意。

Yes. I mean what I would say, the US government is using our satellites now. So what is the capability that they get from our technology? It is actually very, very clear for them at this point. That has been resulted in six programs that we have ongoing with them.

是的。我的意思是，美國政府現在正在使用我們的衛星。那麼他們從我們的技術中獲得了什麼能力呢？實際上，現在他們已經非常清楚這一點了。這使得我們與他們正在合作六個專案。

We see the Golden Dome opportunity as an opportunity that we feel very strong in participating as the government is already using our satellites for applications that are supported for the needs of that program. So a portion of that program was prioritized by the government, and we believe that there is a good opportunity for us to be part of that.

我們認為金色穹頂計畫是一個我們非常樂意參與的機會，因為政府已經在使用我們的衛星來滿足該計畫的需求。因此，該計劃的一部分已被政府列為優先事項，我們相信，我們有很好的機會參與其中。

And I would also, Scott, that you've seen us building small contracts over the last couple of quarters with them. It's been pretty broad-based dialogue, broad-based early contracts. And in terms of where money is flowing and where it's not, one good example is the DIU, which is the contract we just announced today. That's one area that just received another incremental large increase of funding.

史考特，我還想說，在過去的幾個季度裡，你已經看到我們與他們簽訂了小合約。這是相當廣泛的對話，也是廣泛的早期合約。至於資金流向何處以及資金未流向何處，一個很好的例子就是 DIU，也就是我們今天剛宣布的合約。這是一個剛剛獲得另一次大幅增加資金的領域。

So we think it's -- the puts and takes is much more puts than takes, of course, and we're a novel technology that's being used, as Abel said today, and we're on the short list as we have conversations, and we see a lot of positive momentum, broad-based, but also in places that are receiving more funding and incremental funding even recently.

因此，我們認為——投入和收益當然是投入多於收益，而且我們是一種正在使用的新技術，正如阿貝爾今天所說的那樣，我們在對話中處於候選名單之中，我們看到了很多積極的勢頭，基礎廣泛，而且在最近獲得更多資金和增量資金的地方也是如此。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

I had two if I could. First question, how many satellites will the first five launches this year actually include, roughly? And is that a mix of launch providers or is it one particular launch provider that's doing all of those or most of them? And I guess, just a high-level strategic question. I was wondering if you could just talk about what you think your competitive moat looks like at this point?

如果可以的話我會有兩個。第一個問題，今年前五次發射大概會發射多少顆衛星？這是多個發射提供者的組合，還是由某個特定的發射提供者承擔所有或大部分發射任務？我想，這只是一個高層戰略問題。我想知道您是否可以談談您認為目前的競爭優勢是什麼樣的？

I mean, obviously the market, while encouraged by the great progress that you guys have made over the last few years, there's always this concern about another company or companies effectively competing with you, maybe with a much larger fleet of smaller satellites. So I was wondering if you could just talk about that. Would love to hear your perspective on it.

我的意思是，顯然市場雖然對你們過去幾年取得的巨大進步感到鼓舞，但總是擔心另一家或多家公司會與你們進行有效競爭，也許會擁有更大規模的小型衛星群。所以我想知道您是否可以談論這個問題。很想聽聽您對此的看法。

Yes. I will say in terms of competitive landscape, what has been proven possible by any other system is simply text messaging. We have a capability that is way beyond that and that it basically goes from text, voice, data, Internet, and video. So -- and there is a limitation of what you can do with smaller satellites. That's basically physics.

是的。我想說，就競爭格局而言，任何其他系統已經證明可以實現的功能只是簡訊。我們擁有的能力遠遠超出了這一點，它基本上涵蓋了文字、語音、數據、互聯網和視訊。所以——小型衛星所能做的事情是有限的。這基本上就是物理學。

There's also a lot of inherent problems when you have thousands of satellites, the revisit time, these handovers and basically just the practicality of the phone being able to connect to a smaller satellite. So I think at this point, it's been proved, what the industry has been -- historically been capable of doing. Our capability has been supported by the vast majority of the operators is a capability for broadband. And we think that our capability is very differentiated.

當你擁有數千顆衛星時，還會出現許多固有的問題，包括重訪時間、切換以及手機連接到較小衛星的實用性。所以我認為，從這一點來看，這已經證明了該行業在歷史上能夠做到什麼。我們的能力得到了絕大多數業者的支持，是針對寬頻的能力。我們認為我們的能力是非常有差異化的。

And it's a capability that is also dual use. That means -- what we mean by dual use is used by governments, particularly our government and the vast majority of the network operators around the globe. We have access through the agreement that we have with operators today, we have access to billions of subscribers provided that we build enough capacity for them. So that's why we continue to build our portfolio of spectrum starting in the United States.

這也是一種雙重用途的能力。這意味著——我們所說的雙重用途是政府所使用的，特別是我們的政府和全球絕大多數網路營運商。我們可以透過與營運商達成的協議獲得存取權限，只要我們為他們建造足夠的容量，我們就可以存取數十億用戶。這就是為什麼我們繼續從美國開始建立我們的頻譜組合。

Appreciate that thoughtful answer. And I don't know if you can say anything around the first five launches and how many satellites that will encompass and whether that's a single launch provider providing those first five or if it's a mix of providers?

感謝您深思熟慮的回答。我不知道您是否可以透露一下前五次發射的情況以及將發射多少顆衛星，以及前五次發射是由一家發射提供者提供還是由多家提供者提供？

Bryan, our strategy has been multi-operator all along, launch vehicle agnostic all along. And so these early launches, we expect will be consistent with that strategy. We do have some flexibility. These things are a little dynamic. So we can't make firm commitments on all of it.

布萊恩，我們的策略一直是多運營商、與運載火箭無關。因此，我們預計這些早期的發布將與該策略保持一致。我們確實有一定的彈性。這些事情有點動態。因此，我們無法對所有事情做出堅定的承諾。

But in aggregate, we feel that the timeline we laid out makes a lot of sense. So five launches in the next six to nine months. And our first one, of course will only have one satellite. Some of the earlier launches will have fewer than full capacity. But we'd really like to be in a position to have 20 satellites up as soon as we can thereabouts. But we're doing everything we can to keep moving to the left on time.

但總的來說，我們認為我們制定的時間表非常合理。因此，未來六到九個月內將有五次發射。當然，我們的第一艘飛船隻有一顆衛星。一些較早發射的火箭的運力將不足。但我們確實希望能夠盡快發射 20 顆衛星。但我們正在盡一切努力確保按時向左移動。

We're overproducing with our factory for sure, to make sure that we're not the long pole. And we've been very proactive on this multi-operator -- multi-launch provider strategy. So that's kind of how we're thinking about it, Bryan, and we're going to -- we'll play it out month by month and quarter by quarter and give you better updates, but we're pushing hard on this because we know that we'll have the satellites to launch when we have the vehicles to go to orbit.

我們的工廠肯定會過度生產，以確保我們不會成為長桿。我們在多運營商、多發布提供商策略上一直非常積極主動。布萊恩，這就是我們的想法，我們將逐月、逐季度地推進，並為您提供更好的更新，但我們正在努力推進這項工作，因為我們知道，當我們擁有可以進入軌道的運載工具時，我們就會有衛星可以發射。

And as a guidance, I mean, depending on the vehicle, you're talking about three to four vehicles per satellite or eight vehicles per satellite. And as a reminder, these are very large satellites. I mean these are the largest ever satellite launched for communication. So, typically, we try to -- the first launch, it will be single launch given the vehicle that we're using. But our launch contract support three to four on the smaller vehicles and eight in the bulk of the launch agreements that we have.

作為指導，我的意思是，根據車輛的不同，每顆衛星大約有三到四輛車輛，或每顆衛星有八輛車輛。需要提醒的是，這些都是非常大的衛星。我的意思是，這是有史以​​來發射的最大的通訊衛星。因此，通常情況下，我們會嘗試——第一次發射，考慮到我們使用的飛行器，這將是一次發射。但是我們的發射合約支援三到四艘小型火箭，而我們大部分的發射協議則支援八艘。

Chris Quilty, Quilty Space.

克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。

Didn't expect to get a second bite at the apple, but just wanted to follow up on the Block 2 Bluebird launch. Should we view that -- is that a fully operational off the production line or is it still being viewed as more of a pathfinder in terms of testing the unfurling mechanism and other aspects that will be bled into the production? Is it more the former than the latter?

沒有期望再次嘗試，只是想跟進 Block 2 Bluebird 的發布。我們是否應該這樣看待它——它是生產線上的全面運作，還是仍然被視為一種探索者，用於測試展開機制和其他將融入生產的方面？前者比後者多嗎？

No, no, it's a full-blown operational satellite. It does use the same microns, which as you know, is the building block of the phase array. Exact same models that we use on the Block 1 satellites, which we have now in operation. But of course, it's larger. It's 3.5 times larger than the Block 1 satellites.

不，不，這是一顆功能齊全的衛星。它確實使用相同的微米，如你所知，這是相控陣的組成塊。與我們目前運行的 Block 1 衛星上使用的模型完全相同。但當然，它更大。它比 Block 1 衛星大 3.5 倍。

But it's come out of the production line. And by the way, we're producing -- we're launching FM1, but we are producing 40 satellites this year. We will be -- we think that we will get closer to 53 satellites worth of phase arrays by the end of the year. So it's coming out of the production line. It's an operational satellite.

但它已經從生產線上出來了。順便說一下，我們正在生產——我們正在發射 FM1，但我們今年將生產 40 顆衛星。我們認為，到今年年底，我們的相控陣衛星數量將接近 53 顆。所以它就從生產線出來了。這是一顆運作中的衛星。

It will be part of the constellation.

它將成為星座的一部分。

But to be clear, I think you said by the fourth launch, that production line will shift from FPGAs to ASICs, correct?

但需要明確的是，我認為您說過，到第四次發佈時，生產線將從 FPGA 轉向 ASIC，對嗎？

Yes, the first batches are FPGA.

是的，第一批是FPGA。

Great. Second question, real quickly, I guess in the press release, you said the $50 million to $75 million of revenue in the second half of the year. How much of that is actual service type revenue versus contractual payments as milestones with customers?

偉大的。第二個問題，我想在新聞稿中，您說下半年的收入為 5,000 萬至 7,500 萬美元。其中有多少是實際服務類型收入，有多少是作為與客戶達成的里程碑合約付款？

Chris, I would say a big contributor, of course, is our government business, including the $43 million SDA contract we announced last quarter and is milestone-based, but based on work being done on our five Block 1 satellites and our first Block 2 satellite.

克里斯，我想說，一個很大的貢獻者當然是我們的政府業務，包括我們上個季度宣布的價值 4300 萬美元的 SDA 合同，該合同是基於里程碑的，但基於我們正在進行的五顆 Block 1 衛星和第一顆 Block 2 衛星的工作。

So there's a good portion of it that is milestone payments and there'll probably be some other government revenue in there. But there's also expected to be a good component of commercial revenue as well, with early activations, and importantly, those gateway installations we walked through earlier in the call.

因此，其中很大一部分是里程碑付款，並且可能會有一些其他政府收入。但隨著早期的激活，以及重要的是我們在電話會議早些時候討論過的那些網關安裝，預計也將有相當一部分商業收入。

So it will be a balance. Certainly, government is a big contributor of our early revenue, and that's primarily milestone-based. But on the commercial side, you'll see both the gateway installations and then also some initial activations, we think.

所以這將是一個平衡。當然，政府是我們早期收入的重要貢獻者，而這主要是基於里程碑。但從商業方面來看，我們認為您會看到網關安裝以及一些初始啟動。

Got you. And just to follow up on the gateways. Thanks for the guidance, around $10 million a quarter. Is there any reason that should ever accelerate? Or is that a good run rate to kind of expect as we look out the next year and the year after?

明白了。只是為了跟進網關。謝謝指導，每季約 1000 萬美元。有什麼理由應該加速嗎？或者說，當我們展望明年和後年時，這是一個值得期待的良好運行率？

And fair to assume that you're running that mostly as a loss leader, not a profit center in terms of how we should model the margin contribution?

是否可以公平地假設，就我們應該如何模擬利潤貢獻而言，您主要將其作為虧損主導，而不是利潤中心？

Yes, that's correct. I mean, the gateway is just an enabler. I mean we're taking -- basically, the gateway for United States are ready to operations. So then the JV in Europe is taking up the initial activations that we've been using actually for the initial activation that we had, in particular in the UK. So that would be a shared infrastructure in Europe.

是的，正確。我的意思是，網關只是一個推動器。我的意思是，基本上，通往美國的門戶已經準備好投入營運了。因此，歐洲的合資企業正在採取我們實際上一直在使用的初始啟動措施，特別是在英國。所以這將是歐洲的共享基礎設施。

And then Japan is also partially activated. We have multiple gateways; we have one in operations now. So, as we said, initial focus is US, Europe, Japan and then some selected markets where we're getting payments, prepayments from MNOs. And to put it in perspective, US is four gateways; a large country like Brazil is three gateways. And then, block of smaller countries are shared infrastructure in Europe.

然後日本也部分啟動了。我們有多個網關；我們目前已有一個投入營運。因此，正如我們所說，最初的重點是美國、歐洲、日本，然後是一些我們從 MNO 獲得付款和預付款的特定市場。從這個角度來看，美國有四個門戶；像巴西這樣的大國有三個門戶。然後，歐洲的一些較小的國家共享基礎設施。

And in terms of modeling, Chris, I would add, there is a margin on those. It's a low margin. We view this as a way to enable the service, but it's not a loss leader. And second, we think there's upside to that quarterly guidance we gave, for sure. But note that these can be lumpy as well.

克里斯，我想補充一點，就建模而言，這些都是有餘地的。利潤很低。我們認為這是實現服務的一種方式，但這並不是虧本銷售。其次，我們認為我們給出的季度指引肯定具有上升空間。但請注意，這些也可能是塊狀的。

So we wanted to be conservative as we started talking about this metric.

因此，當我們開始討論這個指標時，我們希望採取保守的態度。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Just want to make sure I understand the DIU contract. Maybe talk about kind of how we think about that as a task order of a larger contract or if that's the ceiling value of the contract? And then maybe talk about the conversations that you've had with folks like Lockheed, you have former American Tower Corp executives that are leading the company and maybe some of the other primes?

只是想確保我理解了 DIU 合約。也許可以談談我們如何將其視為更大合約的任務訂單，或者這是否是合約的最高價值？然後也許可以談談您與洛克希德等人的對話，您有前美國塔公司高層領導該公司，也許還有其他一些主要人物？

Colin, I think I would say on the DIU, this is -- they recently received $2 billion of additional funding. This is definitely a place where the government is looking to support new technologies and move fast with them. The way to think about it is that it's a little bit of an incubation place where a broad base of different government agencies can take a look at the tech across different types of applications and it's a good place to get projects moving fast.

科林，我想說的是，關於 DIU，他們最近獲得了 20 億美元的額外資金。這絕對是政府希望支持新技術並快速發展的地方。可以這樣想，它有點像孵化場，來自不同政府機構的廣大民眾可以在這裡研究不同類型應用的技術，這是一個讓專案快速推進的好地方。

So I think on the one side, think of it as a place to germinate new use cases for us, but it's also a place to accelerate use cases we've been discussing that maybe just didn't hit the first half a dozen in our priority conversations.

因此，我認為，一方面，可以將其視為一個為我們孕育新用例的地方，但它也是一個加速我們一直在討論的用例的地方，這些用例可能只是沒有達到我們優先對話中的前六個。

So these are -- and in terms of the dollar amount, I gave some guidance on low tens of millions potential, and then we set a $20 million ceiling. Some of these are a little artificial relative to how some of these contracts get initially awarded. I think this is just a great place for us to continue to push the use cases across a broad reach within the DoD and beyond.

所以這些是——就美元金額而言，我給了幾千萬美元的潛力指導，然後我們設定了 2000 萬美元的上限。與最初授予合約的方式相比，其中一些有點人為。我認為這對我們來說是一個很好的平台，可以繼續在國防部內外廣泛推廣這些用例。

And we have reached the end of the question-and-answer session. I would like to turn the floor back to Scott Wisniewski for closing remarks.

問答環節現已結束。我想請 Scott Wisniewski 作最後發言。

Thank you, operator. We want to thank everyone for their questions, all shareholders and the research analysts that joined the call. We look forward to providing more updates in the futureand stay tuned.

謝謝您，接線生。我們要感謝所有人的提問，包括所有股東和參加電話會議的研究分析師。我們期待在未來提供更多更新，敬請關注。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation, and have a great day.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與，祝您有個愉快的一天。