AST SpaceMobile Inc (ASTS) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile second-quarter 2025 business update call. Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 AST SpaceMobile 2025 年第二季業務更新電話會議。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. Please go ahead.

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 our Chief Financial Officer, Andy Johnson.

謝謝大家，下午好。今天，和我一起出席的還有董事長兼執行長 Abel Avellan 和財務長 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. Many factors could cause actual events to differ materially from the forward-looking statements on this call.

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。許多因素可能導致實際事件與本次電話會議中的前瞻性陳述有重大差異。

For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year that ended December 31, 2024, Form 10-Q filed with the SEC on May 12, 2025, and Form 10-Q filed with the SEC on August 11, 2025, all 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 截至 2024 年 12 月 31 日的年度報告 10-K 表的“風險因素”部分、2025 年 5 月 12 日向美國證券交易委員會提交的 10-Q 表和 2025 年 8 月 11 日向美國證券交易委員會提交的 10-Q 表（所有文件均已提交給美國證券交易委員會）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 in advance by our shareholders.

此外，在我們發表開場發言之後，我們將開始問答環節，回答股東提前提交的問題。

For those of you who may be new to our company in 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.

對於那些可能還不熟悉我們公司使命的人來說，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.

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。

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

現在我很高興將麥克風交給董事長兼執行長阿貝爾·阿維蘭 (Abel Avellan)，他將介紹我們自上次公開更新以來的活動。

Thank you, Scott. The second quarter was one of our most productive quarters ever for AST SpaceMobile. We are proud of our progress to the data across many important areas, including manufacturing, regulatory, commercial and government efforts, capital raising, and readiness for intermittent nationwide service in the United States by the end of this year. Just three months ago, I highlighted that the company has reached an inflection point and we progress towards scale commercialization of our network.

謝謝你，斯科特。第二季是 AST SpaceMobile 有史以來最富有成效的季度之一。我們為在許多重要領域的數據進步感到自豪，包括製造、監管、商業和政府工作、融資以及在今年年底前在美國提供間歇性全國服務的準備。就在三個月前，我強調公司已經到達了一個轉捩點，我們正在朝著網路規模商業化的方向前進。

Since our first-quarter conference call, we have made significant advances in our commercialization initiative while continuing to secure highly valuable spectrum, creating a further barrier of entry when combined with our portfolio of over 3,700 patents and patent pending claims. This probably come that we continue to improve our manufacturing program, including the shipping of the largest satellites ever created for loaded orbits. I am increasingly confident in our direction, strategy, and position in the growing direct-to-device cellular broadband market that we created.

自第一季電話會議以來，我們在商業化計劃方面取得了重大進展，同時繼續確保高價值的頻譜，結合我們超過 3,700 項專利和正在申請的專利組合，創造了進一步的進入障礙。這可能源自於我們不斷改進製造計劃，包括運送有史以來最大的載重軌道衛星。我對我們創造的不斷增長的直接到設備蜂窩寬頻市場中的方向、策略和地位越來越有信心。

I want to cover several updates, including highlights of the past few months before Scott and Andy discuss the details. As of today, we have completed the assembly of microns and phase arrays for eight Block 2 BlueBird satellites in addition to six we currently have in operations and expected to complete assembly of approximately 40 satellite equivalents of microns and phaseout rate by early 2026.

在 Scott 和 Andy 討論細節之前，我想介紹一些更新，包括過去幾個月的亮點。截至今天，我們已經完成了 8 顆 Block 2 BlueBird 衛星的微米和相位陣列組裝，此外我們目前正在運行 6 顆衛星，預計到 2026 年初將完成約 40 顆微米衛星當量的組裝和逐步淘汰率。

Our differentiated approach to sale manufacturing with 95% vertical integration remains on track to reach a manufacturing cadence of 6 satellites per month during 2025. And now globally, we will soon have a manufacturing footprint with over 400,000 square feet of manufacturing space supported by a great team of over 1,200 global workforce.

我們採用差異化的銷售製造方式，垂直整合率達 95%，預計在 2025 年達到每月 6 顆衛星的製造節奏。現在，我們很快就會在全球範圍內擁有超過 400,000 平方英尺的製造空間，並由超過 1,200 名全球員工組成的優秀團隊提供支援。

We currently anticipate at least five orbital launches by the end of Q1 2026 with Orbital launches occurring every one to two months on average to reach our goal of 45 to 60 satellites launches during '25 and '26, which will drive continuous coverage in key markets such as the United States, Europe, Japan, US, and other strategic markets like the US government.

我們目前預計，到 2026 年第一季末將至少進行五次軌道發射，平均每隔一到兩個月進行一次軌道發射，以實現 25 年和 26 年發射 45 至 60 顆衛星的目標，這將推動對美國、歐洲、日本等主要市場以及美國政府等其他戰略市場的持續覆蓋。

Regarding our Orbital launch campaign, FM1, our first next-generation Block 2 BlueBird satellite will be ready to chip in August. We're working with our launch provider and determined the earliest possible launch date. A detailed cadence of our 2025 and 2026 deployment plan is now shown in the accompanying quarterly presentation found on our IR website.

關於我們的軌道發射活動 FM1，我們的第一顆下一代 Block 2 BlueBird 衛星將於 8 月準備好晶片。我們正在與我們的發射提供者合作並確定最早的發射日期。我們的 2025 年和 2026 年部署計畫的詳細節奏現已顯示在我們 IR 網站上隨附的季度簡報中。

Our Block 2 BlueBirds are approximately 3.5 times larger with 10 times capacity as compared to our block 1 Bluebirds. We previously held the record for the largest ever commercial deployed communication satellite ever put in loaded orbits. This means our phaseout or antenna have much larger surface area than before, enabling our satellite to digitally form more cells over air surface with pinpoint precision and reduced interference.

與我們的 Block 1 Bluebirds 相比，我們的 Block 2 BlueBirds 大約大 3.5 倍，容量大 10 倍。我們之前保持著有史以來最大的商業部署通訊衛星進入載人軌道的記錄。這意味著我們的逐步淘汰或天線的表面積比以前大得多，使我們的衛星能夠在空氣表面以精確的精度和減少干擾的方式數位化形成更多的單元。

As a result, we need far less satellites to achieve our goal of connecting the unconnected. Approximately 45 to 60 satellites for continuous coverage in key markets and approximately 90 satellites for continuous global coverage. This compared with other systems that needs tens of thousands of satellites. And even then, we believe our superior technology, deep partner checks, access to low band and premium band spectrum, and commercialization strategy will enable a better experience and deliver greater value to customers.

因此，我們需要更少的衛星來實現連接未聯網者的目標。約 45 至 60 顆衛星用於主要市場的連續覆蓋，約 90 顆衛星用於全球的連續覆蓋。相比之下，其他系統則需要數萬顆衛星。即便如此，我們相信，我們卓越的技術、深入的合作夥伴檢查、對低頻段和優質頻段頻譜的使用以及商業化策略將帶來更好的體驗並為客戶提供更大的價值。

For AST SpaceMobile, providing native cellular broadband capability at scale is a function of the number of Bluebird satellites in orbit. We have laid out a strong launch cadence to match our connectivity goals. Our satellites provide native cellar broadband capability directly to modified mobile devices, including voice, text, data, and video.

對 AST SpaceMobile 而言，大規模提供原生蜂巢寬頻功能取決於軌道上藍鳥衛星的數量。我們制定了強而有力的發布節奏來滿足我們的連結目標。我們的衛星直接向改裝的行動裝置提供原生蜂巢寬頻功能，包括語音、文字、數據和視訊。

As consumers, this means broader cellular coverage, lower latency, and better the signal quality as you live, work, and travel. These capabilities have been proven multiple times in partnership with our MNO partners.

對於消費者來說，這意味著更廣泛的蜂窩覆蓋範圍、更低的延遲以及更好的生活、工作和旅行訊號品質。這些功能已在與我們的 MNO 合作夥伴的合作中得到多次驗證。

Simultaneously, we're continuing to bring together a network of MNO partners that is second to none. Our commercial ecosystem, which include agreements and understanding with over 50 MNO partners with nearly 3 billion subscribers globally represent a robust network of potential space mobile service consumers.

同時，我們將繼續組成無與倫比的 MNO 合作夥伴網路。我們的商業生態系統包括與 50 多個 MNO 合作夥伴達成的協議和諒解，在全球擁有近 30 億用戶，代表著強大的潛在空間行動服務消費者網路。

As our commercialization and manufacturing initiatives advance, we're laying the groundwork for commercial services with activations in key partner markets. We are preparing to deploy nationwide internet service in the United States by the end of this year with our US MNO partners, AT&T and Verizon, followed by the United Kingdom, Japan, and Canada in Q1 2026.

隨著我們的商業化和製造計劃的推進，我們正在為在主要合作夥伴市場開展商業服務奠定基礎。我們準備在今年年底與美國 MNO 合作夥伴 AT&T 和 Verizon 在美國部署全國性的網路服務，隨後在 2026 年第一季在英國、日本和加拿大部署。

We also completed key milestones from our US government contract awards and continued strong regulatory progress on spectrum-related topics. Of note, we demonstrated the first tactical nonterrestrial network or NTN connectivity over standard mobile devices with participation from multiple branches of the US Armed Forces.

我們也完成了美國政府合約授予的關鍵里程碑，並在頻譜相關主題的監管方面繼續取得強勁進展。值得注意的是，我們在美國武裝部隊多個部門的參與下，透過標準移動設備展示了第一個戰術非地面網路或 NTN 連接。

Our cellular spectrum study has also been significantly enhanced. We recently announced an agreement to acquire 60 megahertz of Global S-Band Spectrum priority rights held under the International Telecommunications Union. This spectrum priority right provide us with path to offer services in the Spectrum brand around the world, subject to country-level regulatory approvals. Access to S-Band Spectrum rights complement our plan L-Brand spectrum strategy in the US and Canada and enhance our core 3GPP spectrum strategy that we deploy globally.

我們的細胞頻譜研究也得到了顯著增強。我們最近宣布了一項協議，將獲得國際電信聯盟持有的 60 兆赫全球 S 波段頻譜優先權。此頻譜優先權為我們提供了在全球範圍內提供 Spectrum 品牌服務的途徑，但須獲得國家級監管部門的批准。獲得 S 波段頻譜權補充了我們在美國和加拿大的 L-Brand 頻譜戰略計劃，並增強了我們在全球部署的核心 3GPP 頻譜戰略。

Together with our network operator partners, we are in a position to expand subscriber capacity by offering the vast majority of countries around the world, the full AST SpaceMobile network capabilities, enabling a true broadband experience directly from a space to everyday smartphone.

我們與網路營運商合作夥伴一起，向全球絕大多數國家提供完整的 AST SpaceMobile 網路功能，從而擴大用戶容量，實現從太空到日常智慧型手機的真正寬頻體驗。

Premium spectrum is both limited, valuable, and gaining factor in achieving commercial scalability. Our strategy to work with MNOs and utilize their existing low-band spectrum while maintaining this capacity with our own spectrum create a durable competitive advantage around our business.

優質頻譜既有限，又有價值，並且是實現商業可擴展性的有利因素。我們的策略是與 MNO 合作並利用其現有的低頻段頻譜，同時透過我們自己的頻譜保持這種容量，從而為我們的業務創造持久的競爭優勢。

Lastly, we're better capitalized than ever before with over $1.5 billion in cash on the balance sheet, pro forma for our recent convertible note and ATM facility. Through a series of differentiated transaction, we have fortified our balance sheet to build our network and manage our capital structure in a responsible way, while we cultivate long-term shareholder value.

最後，我們的資本狀況比以往更好，資產負債表上有超過 15 億美元的現金，這是我們最近的可轉換票據和 ATM 設施的預測。透過一系列差異化交易，我們強化了資產負債表，以負責任的方式建立我們的網絡並管理我們的資本結構，同時培養長期股東價值。

The first half of 2025 have been keenly focused on advancing satellite production and manufacturing. Our pace of innovation is reflected on the dedicated work, strategic planning and unrivaled focus driven by our talented team of over 1,200 global workforce.

2025年上半年重點致力於推動衛星生產和製造。我們的創新步伐體現在我們由 1,200 多名全球員工組成的優秀團隊所推動的專注工作、策略規劃和無與倫比的專注。

With the achievement of our first Block 2 BlueBird soon, a subsequent start of our orbital launch campaign, we are moving with precision to scale the number of bluebird sales in loaded orbits and span our global cellular broadband network. This is an exciting time for AST SpaceMobile, and I thank you for your continued support.

隨著我們第一顆 Block 2 BlueBird 的成功發射，以及我們隨後的軌道發射活動的啟動，我們正在精準地擴大已裝載軌道上的藍鳥銷售數量，並覆蓋我們的全球蜂窩寬頻網路。對於 AST SpaceMobile 來說，這是一個令人興奮的時刻，感謝您一直以來的支持。

Let me now turn the call over to Scott to provide more detail on progress and initiatives.

現在，我將電話轉給斯科特，讓他提供更多有關進展和舉措的細節。

Thank you, Abel. The past few months have been extremely active for AST SpaceMobile. Let me elaborate on our recent accomplishments, what they mean for the company's overall progress, and what that means for the rest of our year.

謝謝你，阿貝爾。過去幾個月對 AST SpaceMobile 來說非常活躍。讓我詳細說明我們最近的成就、它們對公司整體進步的意義以及對我們今年剩餘時間的意義。

Our recent agreement with Vodafone Idea in India shows the continued and growing demand for space mobile service across both consumer and enterprise use cases. Additionally, we continue to engage in conversations with players in several other key strategic markets and expect to announce updates on this front soon.

我們最近與印度 Vodafone Idea 達成的協議表明，消費者和企業對空間行動服務的需求持續成長。此外，我們將繼續與其他幾個關鍵策略市場的參與者進行對話，並希望很快能公佈這方面的最新消息。

In Europe, our jointly owned distribution entity with Vodafone is progressing on plan. We recently chose Luxembourg as our headquarters. The country's strong digital credentials and strategic location make it an ideal place for satco to distribute AST SpaceMobile's broadband satellite services to European mobile network operators under a single turnkey arrangement. The demand signals so far for a sovereign integrated direct-to-device satellite service are increasingly evident with expressions of interest from 21 of 27 EU member states as well as in other European markets.

在歐洲，我們與沃達豐合資的分銷實體正按計劃推進。我們最近選擇盧森堡作為我們的總部。該國強大的數位資質和戰略位置使其成為衛星公司透過單一交鑰匙協議向歐洲行動網路營運商分銷 AST SpaceMobile 寬頻衛星服務的理想地點。到目前為止，對自主整合直接面向設備的衛星服務的需求訊號越來越明顯，歐盟 27 個成員國中的 21 個以及其他歐洲市場都表示出了興趣。

Moving to gateways. In Q2, we delivered gateway equipment bookings of $14.9 million, a sequential increase primarily driven by the accelerated deployment of our global network infrastructure.

移至網關。在第二季度，我們交付了價值 1,490 萬美元的網關設備訂單，環比成長主要得益於我們全球網路基礎設施的加速部署。

The pace of bookings in the quarter is a promising indicator of demand ahead of rollout of our Space Mobile service. We continue to expect quarterly bookings of approximately $10 million on average during the second half of 2025 as we begin to recognize revenue as and when gateways are installed and milestones are met. Furthermore, gateway sales and government contract awards, which I'll speak to momentarily provide us with reassurance that we remain on track with expected revenue in the second half of the year of $50 million to $75 million.

本季的預訂速度是我們推出 Space Mobile 服務之前需求的一個有希望的指標。隨著網關安裝完畢、里程碑達成，我們開始確認收入，我們預計 2025 年下半年平均每季的預訂量將達到約 1,000 萬美元。此外，我稍後會談到的門戶銷售和政府合約授予讓我們確信，我們仍將保持正軌，預計下半年的收入將達到 5,000 萬至 7,500 萬美元。

Now, to the US government business. Our dual use satellite technology continues to garner interest from US defense and government entities. In Q2, we recognized revenue on four milestones related to contract awards with the US government. We also won two additional early-stage contracts in the quarter, bringing the total to eight contracts to date with the US government as an end customer, showing broad-based interest across the DOD for use cases uniquely available with our satellite technology and we fully expect to participate in processes for large contracts going forward.

現在，談談美國政府的事務。我們的雙重用途衛星技術繼續引起美國國防和政府實體的興趣。在第二季度，我們確認了與美國政府合約授予相關的四個里程碑的收入。我們還在本季度贏得了另外兩份早期合同，迄今為止，我們與美國政府作為最終客戶的合約總數達到八份，這表明國防部對我們的衛星技術獨有的用例有著廣泛的興趣，我們完全希望參與未來的大型合約流程。

We expect revenue from our US government business to ramp significantly in the coming quarters as we continue to achieve milestones tied to our current contract awards, in addition to winning net new contract awards.

我們預計，隨著我們繼續實現與當前合約授予相關的里程碑，以及贏得淨新合約授予，我們來自美國政府業務的收入將在未來幾季大幅增長。

Our government pipeline remains robust as the opportunities for collaboration become clearer. As a commitment to our promising government business, we are significantly expanding our organizational capabilities to serve the US government.

隨著合作機會變得更加清晰，我們的政府管道依然強勁。作為對我們前景光明的政府業務的承諾，我們正在大力擴展我們的組織能力以服務美國政府。

Organizationally, this will streamline objectives, refine strategies, and better align resources in an effort to grow our government business to substantial revenue streams. We have strong conviction of our opportunities across government and defense use cases, driven by our unique and differentiated satellite technology paired with the growing demand for both communications and noncommunications applications that we've seen.

從組織上來說，這將簡化目標、改善策略、更好地協調資源，以努力使我們的政府業務發展成為可觀的收入來源。我們堅信，我們在政府和國防用例中擁有巨大的機遇，這得益於我們獨特且差異化的衛星技術，以及我們所看到的對通訊和非通訊應用日益增長的需求。

The achievements of this quarter serve as important signals of our continued positive momentum. We are proud of our progress to date and are energized by the opportunity to remain firmly in the driver's seat of what has already been an incredible journey to date, and we're really excited about the additional commercial progress ahead of us.

本季取得的成績是我們持續保持正面動能的重要訊號。我們為迄今為止的進展感到自豪，並為有機會繼續牢牢掌控迄今為止已經是一段不可思議的旅程而感到振奮，我們對未來更多的商業進展感到非常興奮。

I will now pass the room over to Andy to walk through our financial update.

現在我將把時間交給安迪來介紹我們的財務更新。

Thanks, Scott, and good afternoon, everyone. Our performance during the second quarter of 2025 reflects our continuing evolution to a full-fledged operating company, executing at scale to facilitate our bold manufacturing and launch objectives during 2025 and 2026. All of this hard work is in support of our near-term revenue ramp for both commercial and US government opportunities that I first discussed with you last quarter.

謝謝，斯科特，大家下午好。我們在 2025 年第二季的業績反映了我們向成熟營運公司的持續發展，並大規模執行以促進我們在 2025 年和 2026 年實現大膽的製造和發布目標。所有這些努力都是為了支持我們近期在商業和美國政府機會方面的收入成長，這一點我上個季度首次與你們討論過。

The progress on manufacturing the next 40 BlueBird Block 2 satellites continued throughout the second quarter. One of the most significant highlights from Q2 was our work on the financial front in support of these operational efforts, which I'll discuss in more detail. We continued our focus on moving quickly and responsibly to bring our stakeholders space-based broadband connectivity and direct to their unmodified smartphones.

在整個第二季度，接下來的 40 顆 BlueBird Block 2 衛星的製造工作仍在繼續。第二季最重要的亮點之一是我們在財務方面為支持這些營運工作所做的工作，我將對此進行更詳細的討論。我們繼續致力於快速、負責任地為我們的利益相關者提供基於空間的寬頻連接，並將其直接連接到他們未經修改的智慧型手機上。

From a financial perspective, this meant increased spending on both operating expenses and capital expenditures to support our rapid growth. I'm happy to provide the specifics and context for our overall spend in the second quarter. We are spending to execute on our objectives to bring space mobile service to market as soon as possible, and our financial performance reflects this.

從財務角度來看，這意味著增加營運費用和資本支出以支持我們的快速成長。我很高興提供我們第二季度總體支出的具體情況和背景。我們正在投入資金來實現我們的目標，盡快將太空移動服務推向市場，我們的財務表現也反映了這一點。

Moving to the operating and capital metrics slide, let's review the key operating metrics for the second quarter of 2025. On the first chart, for the second quarter, we incurred non-GAAP adjusted operating expenses of $51.7 million versus $44.9 million in the first quarter.

前往營運和資本指標幻燈片，讓我們回顧一下 2025 年第二季的關鍵營運指標。在第一張圖表中，第二季度，我們的非 GAAP 調整後營運費用為 5,170 萬美元，而第一季為 4,490 萬美元。

As a reminder, non-GAAP adjusted operating expenses exclude certain noncash operating costs, which include depreciation and amortization and stock-based compensation. This quarter-over-quarter increase of $6.8 million resulted from a $5.5 million increase in adjusted general and administrative costs and a $2.1 million increase in adjusted engineering services costs, partially offset by an approximately $800,000 reduction in R&D costs. This increase in adjusted OpEx in Q2 was above the guidance I provided in our last earnings call, mainly due to large transaction expenses, including completion of the Ligado L-Band spectrum transaction and the related nonrecourse senior secured delayed draw term loan facility as well as significant work on our joint venture with Vodafone that we launched at the end of the quarter, as Scott discussed.

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，其中包括折舊和攤提以及股票薪資。本季環比增加 680 萬美元，原因是調整後的一般及行政成本增加 550 萬美元，調整後的工程服務成本增加 210 萬美元，但研發成本減少約 80 萬美元，部分抵銷了這一增長。第二季調整後的營運支出增幅高於我在上次收益電話會議上提供的指引，主要是由於大額交易費用，包括完成 Ligado L 波段頻譜交易和相關的無追索權優先擔保延期提取定期貸款，以及我們在本季度末與沃達豐成立的合資企業的重要工作，正如斯科特所討論的那樣。

If you further adjust for these transaction expenses, our adjusted operating expense were closer to $46.5 million, largely consistent with the guidance I provided in May after Q1.

如果進一步調整這些交易費用，我們的調整後營運費用接近 4,650 萬美元，與我在第一季後 5 月份提供的指導基本一致。

Turning towards the second chart on this slide. Our capital expenditures for the second quarter of 2025 were approximately $323 million versus $124 million for the first quarter of 2025. This figure was made up of approximately $298 million of capitalized direct materials, labor for our Block 2 BlueBird satellites, and payments made in connection with multiple 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 年第二季的資本支出約為 3.23 億美元，而 2025 年第一季的資本支出為 1.24 億美元。這一數字由約 2.98 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多個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 above the high end of the guidance of $270 million that I provided during our last earnings call, primarily driven by two capital spending decisions. First, in support of our manufacturing ramp and skilling activities, we procured satellite materials above previous plans and ahead of an increasingly volatile tariff environment. And second, we decided to make a $25 million launch payment at the end of Q2 rather than in early Q3 as contracted in support of our evolving relationship with a strategic launch provider.

這筆金額高於我在上次收益電話會議上提供的 2.7 億美元最高指導額，主要受兩項資本支出決策的影響。首先，為了支持我們的製造業提升和技能培訓活動，我們在關稅環境日益動盪之前，提前採購了超出先前計劃的衛星材料。其次，為了支持我們與戰略發射提供者不斷發展的關係，我們決定在第二季末支付 2500 萬美元的發射費用，而不是按照合約規定在第三季初支付。

Based on our adjusted operating expenses for the second quarter of 2025, we estimate that our adjusted operating expenses for the third quarter will come in at a similar level of approximately $50 million adjusted for any transaction expense as we continue to onboard employees in support of our operating plan and augment our R&D efforts for mid-band development to support our L- and S-Band spectrum rights.

根據我們 2025 年第二季的調整後營運費用，我們估計第三季的調整後營運費用將達到類似的水平，約為 5000 萬美元，以適應任何交易費用，因為我們將繼續招募員工以支援我們的營運計劃，並加大中頻段開發的研發力度，以支援我們的 L 波段和 S 波段頻譜權利。

We do expect our capital expenditures to decrease in Q3 as compared to second quarter to range between $225 million and $300 million due to the timing of certain launch payments, which vary from quarter to quarter. We continue to 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. This is the same range of per satellite costs that I provided last quarter.

我們確實預計，第三季的資本支出將比第二季減少，在 2.25 億美元至 3 億美元之間，這是由於某些啟動付款的時間每季都有所不同。我們繼續估計，我們的 90 多顆 Block 2 BlueBird 衛星星座的平均資本成本（包括直接材料和發射成本）將在每顆衛星 2,100 萬美元至 2,300 萬美元之間。這與我上個季度提供的每顆衛星成本範圍相同。

Our cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors, which impact our costs. And we reiterate our belief that the operation of a constellation of 25 BlueBird satellites should enable us to potentially generate cash flows from operating activities to further support the buildup of the remaining constellation.

我們對每顆衛星成本的估算會隨著動態地緣政治因素而波動，進而影響我們的成本。我們重申我們的信念，25 顆 BlueBird 衛星組成的星座的運作應該使我們能夠從營運活動中產生現金流，以進一步支持剩餘星座的建設。

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。

Last quarter, I began to talk about revenue opportunities for the second half of 2025. As a reminder, our revenue opportunity is intimately linked to the number of deployed satellites.

上個季度，我開始談論 2025 年下半年的營收機會。提醒一下，我們的收入機會與部署的衛星數量密切相關。

As we've previously stated, we believe we can enable continuous space mobile service across key markets such as United States, Europe, Japan, and other strategic markets with the launch and operation of approximately 45 to 60 BlueBird satellites. We also plan to achieve noncontinuous space mobile service in selected targeted geographical markets with the launch of a total of 25 BlueBird satellites. And additionally, we will continue to support US government applications currently ongoing and accelerating as we launch additional satellites.

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太空移動服務。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空間移動服務。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。

We are reiterating our belief that we have a revenue opportunity in the second half of 2025 in the range of $50 million to $75 million. The achievement of our revenue plan remains subject to several contingencies, including the successful launch and deployment of Block 2 BlueBird satellites related to the US government applications contractual milestone achievements, critical gateway equipment sales to our MNO partners in support of their anticipated commercialization efforts of our Space Mobile service, and service revenues in connection with the activation of our commercial service provided by our existing and planned deployed and operational satellites. 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.

我們重申我們的信念，即我們在 2025 年下半年有 5000 萬至 7500 萬美元的收入機會。我們的收入計畫的實現仍取決於幾個偶然因素，包括與美國政府應用合約里程碑成就相關的 Block 2 BlueBird 衛星的成功發射和部署、向我們的 MNO 合作夥伴銷售關鍵網關設備以支援他們預期的 Space Mobile 服務商業化努力，以及與我們現有和計劃部署和運營的衛星提供的商業服務的啟動相關的服務收入。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。

Finally, on the final chart on the slide, on a pro forma basis, taking into account the cash raised in July via the convertible notes with an effective strike price of approximately $120 per share and funds raised in connection with our fully utilized and now terminated ATM, our cash, cash equivalents, and restricted cash as of June 30, 2025, was over $1.5 billion. Drivers for this cash increase include approximately $397 million net proceeds raised from the 2024 and 2025 at the market or ATM facilities that not only funded operations in the quarter, but allowed us to accelerate our capital investments in Q2.

最後，在幻燈片的最後一張圖表中，按備考基礎計算，考慮到 7 月份透過可轉換票據籌集的現金（有效執行價格約為每股 120 美元）以及與我們已充分使用且現已終止的 ATM 相關的籌集資金，截至 2025 年 6 月 30 日，我們的現金、現金等價物和受限超過 15 億美元。推動現金增加的因素包括 2024 年和 2025 年在市場或 ATM 設施籌集的約 3.97 億美元淨收益，這不僅為本季的營運提供了資金，還使我們能夠加快第二季的資本投資。

We also received $25 million in the quarter from the Trinity Capital equipment loan, a $100 million non-dilutive funding source to directly support our manufacturing expansion through financed equipment.

本季我們也從 Trinity Capital 設備貸款中獲得了 2500 萬美元，這是一筆 1 億美元的非稀釋性資金來源，透過融資設備直接支持我們的製造擴張。

In addition to the work we did to raise additional capital via convertible notes, we also took actions during Q2 and in the month following to reduce our outstanding debt related to the January 2025 convertible notes due in 2032. Between two equitization transactions, we converted $360 million of the outstanding $460 million of convertible notes into 15.2 million Class A shares reducing the outstanding debt related to our January convertible offering to just $100 million of outstanding notes, which are due in 2032.

除了透過可轉換票據籌集額外資本外，我們還在第二季及隨後的一個月採取行動，減少與 2025 年 1 月到期、2032 年到期的可轉換票據相關的未償債務。在兩次股權交易之間，我們將 4.6 億美元未償還可轉換票據中的 3.6 億美元轉換為 1,520 萬股 A 類股票，從而將與 1 月份可轉換債券發行相關的未償還債務減少至僅 1 億美元未償還票據，這些票據將於 2032 年到期。

And finally, we continue to make progress on non-dilutive financing from quasi-governmental sources of capital in the United States. Following the completion of initial clearances for funding, we are progressing towards diligence and documentation for over $0.5 billion in potential non-dilutive 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，我們繼續在利用美國準政府資本來源進行非稀釋性融資方面取得進展。在完成初步融資審批後，我們正在為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進行盡職調查和文件記錄。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。

AST SpaceMobile remains well-positioned to fund our near-term operational plans. We will continue to leverage our balance sheet to quickly bring our space mobile service to market. Through the second quarter of 2025, we remain on target to execute against our operational plans for this year and next.

AST SpaceMobile 仍有能力為我們的近期營運計畫提供資金。我們將繼續利用我們的資產負債表，迅速將我們的太空移動服務推向市場。到 2025 年第二季度，我們仍將按計劃執行今年和明年的營運計劃。

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, I 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，我想先回答一下投資人提出的幾個問題。接線生，請您先問我們第一個問題。

Rupert from Zurich asked, given the current launch cadence and near-term goals, is your current funding runway sufficient to reach initial commercial revenue or do you foresee additional capital needs?

來自蘇黎世的魯伯特問道，鑑於目前的發射節奏和近期目標，您目前的資金是否足以達到最初的商業收入，或者您是否預見到額外的資本需求？

I'll take this. This is Andy, Rupert. Thank you for the question. The short answer is, yes, we do feel like our balance sheet, combined with the opportunities we currently have for both government and commercial inflows in the near term, enable us to achieve a strategy that, again, set out originally with five satellites for key thresholds, 25 for positive operational cash flow and ultimately, 45 to 60 satellites for continuous service in strategic markets around the world.

我要這個。這是安迪，魯伯特。謝謝你的提問。簡短的回答是，是的，我們確實覺得我們的資產負債表，加上我們目前在短期內獲得的政府和商業資金流入的機會，使我們能夠實現一項戰略，該戰略最初設定為以 5 顆衛星作為關鍵門檻，以 25 顆衛星作為正運營現金流，最終以 45 到 60 顆衛星作為全球戰略市場的持續服務。

Given our pro forma balance sheet at the end of Q2 of over $1.5 billion, we do believe that we are fully funded now to reach the 45 to 60 satellite level. And as part of that, our capital strategy going forward will be, one, focused not on threshold business delivery needs, but rather more commercial and strategic development, an optimal capital structure with additional financial support as appropriate, of course, focusing on de-risking the business. but not as the primary inflows for the business. Those will quickly convert to those government and commercial opportunities, which are starting to commence.

鑑於我們第二季末的備考資產負債表超過 15 億美元，我們確實相信我們現在有足夠的資金達到 45 到 60 顆衛星的水平。作為其中的一部分，我們未來的資本策略將不再關注門檻業務交付需求，而是更加重視商業和策略發展，建立最佳資本結構並在適當時提供額外的財務支持，當然，重點是降低業務風險，但不是作為業務的主要流入。這些將迅速轉化為剛開始的政府和商業機會。

Amit from Washington asks, investors are confused about the recent achievement of a first-ever native voice call VoLTE and text SMS. How does this differ between the voice video text achievements that you achieved in the past?

華盛頓的阿米特問道，投資者對最近實現的首個原生語音通話 VoLTE 和文字簡訊感到困惑。這與您過去取得的語音視訊文字成就有何不同？

Thank you, Amit, for the question. As you know from last year, when we did the first voice, the first video, the first text ever offer in space, and the first 5G connection directly from our network of satellites directly to modified phones, that was done using partner spectrum and our core and our technology.

謝謝阿米特提出的問題。正如大家所知，去年，我們在太空中實現了第一個語音、第一個視頻、第一個文本，以及第一個直接從我們的衛星網絡到改裝手機的 5G 連接，這些都是利用合作夥伴頻譜、我們的核心和我們的技術實現的。

What are you starting to see now, and we are focused on delivering nationwide service intermittent by the end of the year with our partners in the US, Europe, Japan, and Canada. We are starting to do the full integration to the core infrastructure.

您現在開始看到什麼了，我們專注於與美國、歐洲、日本和加拿大的合作夥伴在今年年底前間歇性地提供全國性的服務。我們正開始對核心基礎設施進行全面整合。

So what you saw was our ability to actually do native calling directly from the dialer of the phone into space using the operator core and operator infrastructure. So we have demonstrated multiple times, our ability to do broadband directly from space to any phone of any manufacturer without doing any changes into the phone without any modification to the phone. And this was just another milestone on how to do that natively in the phone directly from the dialer of the phone without requiring any app or requiring any over-the-top application.

因此，您所看到的是我們能夠利用運營商核心和運營商基礎設施，直接從手機撥號器向太空進行本地呼叫。因此，我們已經多次證明，我們有能力從太空直接向任何製造商的任何手機提供寬頻，而無需對手機進行任何更改。這只是另一個里程碑，即如何直接從手機撥號器在手機中本地執行此操作，而無需任何應用程式或任何頂級應用程式。

Scott from New York asks, any further barriers to the Ligado transaction formally closing?

來自紐約的史考特問道，Ligado 交易正式完成還面臨什麼障礙嗎？

Thanks, Scott, for the question. Andy here. Since our last public update, the court did formally approved the definitive documents that were signed alongside the 80-year long-lived L-Band usage rights, which was a huge milestone in this transaction and that closed the transaction for us as a starting point.

謝謝斯科特提出這個問題。安迪在這裡。自我們上次公開更新以來，法院確實正式批准了與 80 年長期 L 波段使用權一起簽署的最終文件，這是此次交易的一個重要里程碑，為我們完成了交易提供了一個起點。

Separately, we did close the long-term nonrecourse SPV level financing. It's in the form of a delayed draw facility that we can use when we receive formal FCC approval. And in parallel, we're working to put in place bridge financing ahead of the FCC approval based on our receipt of a sponsor backstop commitment.

另外，我們確實結束了長期無追索權 SPV 層面的融資。它採用延遲提取功能的形式，當我們獲得 FCC 的正式批准時就可以使用。同時，我們正在根據收到的贊助商支持承諾，努力在獲得聯邦通信委員會批准之前落實過橋融資。

So finally, we do feel good about the FCC on the L-Band. It's already authorized for usage of space for geostationary orbits, and we expect that to be a 2026 event for us. So look for initial filings on this front in the coming months. That's the next stage in the Ligado transaction.

所以最後，我們對 L 波段的 FCC 確實感到滿意。它已被授權用於地球靜止軌道空間，我們預計這將是 2026 年的大事。因此，請關注未來幾個月內這方面的初步申請。這是 Ligado 交易的下一個階段。

What we are achieving with these balances, we had the L-Band for US and Canada. As you know, we recently also acquired rights to see landing rights on a country-by-country basis for the S-Band. So that, in essence, will allow us to have direct access to Spectrum globally using either a combination of L-, S-, and the low-band spectrum from our telco partners. So we did we have the most effective network possible. The low band, which will be the band that will be used to -- for penetration and performance. They made for more capacity and combining that in a global basis, we think that is very strong.

透過這些平衡，我們實現了為美國和加拿大提供 L 波段。如您所知，我們最近還獲得了逐個國家考察 S 波段著陸權的權利。因此，從本質上講，這將使我們能夠使用來自電信合作夥伴的 L、S 和低頻段頻譜的組合直接存取全球頻譜。因此，我們確實擁有了最有效的網路。低頻段，是用於穿透和性能的頻段。他們提高了產能，並將其在全球範圍內結合起來，我們認為這是非常強大的。

Kevin from Vancouver asks, what is your current monthly production rate for Block 2 satellites, micron phased arrays and control stats? And what will it take to ramp up to six satellites per month? For example, is it a labor issue, supply chain issue, or other issues?

來自溫哥華的 Kevin 詢問，您目前 Block 2 衛星、微米相控陣和控制統計數據的每月生產率是多少？那麼，要達到每月發射六顆衛星的目標需要什麼呢？例如，是勞工問題、供應鏈問題，還是其他問題？

Thank you, Kevin, for the question. In the next week or so, we will be nine satellites, in addition, obviously, of the five that we have already in orbit built. With that, we also have the capability now to basically get to six per month in terms of phase rate production. And we feel that we will have around 40 phase rates built by the end of the year very early in 2026 and at the rate of six satellites per month.

謝謝凱文提出的問題。在接下來的一周左右，我們將發射九顆衛星，顯然，這還包括我們已經在軌道上建造的五顆衛星。這樣，我們現在基本上也有能力達到每月六次的階段性生產力。我們預計，到 2026 年底，我們將建成約 40 顆衛星，每月發射六顆衛星。

We won launch every 45 to 60 days. So we are at rate of the phase array. We will think that we will be at rate of the full satellite later in the year, this year for support our launch campaign of one launch every 45 to 60 days with six satellites per launch in average. So six to eight at per launch in average. So that's what we have achieved at this point.

我們每 45 到 60 天就會發布一次新產品。因此我們處於相控陣的速率。我們認為，我們將在今年稍後達到整顆衛星的發射速度，以支援我們每 45 至 60 天發射一次、平均每次發射六顆衛星的發射活動。因此每次發射平均有六到八次。這就是我們目前所取得的成就。

We also have -- we now have close to 400,000 square feet of manufacturing facility. So a space will not be an issue. We also had ramp out significantly with our production capacity. We have now over 1,200 people working on the program. And we have had also secure the launches we see launches already secured in the manifest of our partners.

我們還有——我們現在擁有近 40 萬平方英尺的製造設施。因此空間不是問題。我們的生產能力也大幅提升。目前我們有超過 1,200 人參與此計畫。我們還確保了發射的安全，我們看到我們的合作夥伴的清單中已經包含了發射安全的資訊。

Following in '26, we don't launch every 45 days with six to eight satellites per launch. So we are there. We're getting very, very close to basically hit our target to 45 to 60 satellites. As Andy answer before, we're fully funded for that. And it's a lot of hard work, but we think that we are getting closer and closer to our goal.

從 26 年開始，我們不再每 45 天發射一次衛星，每次發射 6 到 8 顆衛星。所以我們到了那裡。我們已經非常接近實現 45 至 60 顆衛星的目標了。正如安迪之前回答的那樣，我們已為此做好了充分的資金準備。雖然這需要付出很多努力，但我們認為我們離目標越來越近了。

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。

I just want to start off, first, generally, can you comment further on the revenue share agreements and the economics there with the MNO partners that you have? Obviously, that historically has been predicated on a 50/50 revenue share. But seemingly, I would assume perhaps that changes now depending on how much of their spectrum you access versus what you bring to the table yourself with the new S-Band agreement as well as the potential Ligado acquisition. So any updated color you could give us there would be helpful.

首先，總的來說，您能否進一步評論一下您與 MNO 合作夥伴達成的收入分成協議及其經濟效益？顯然，從歷史上看，這是以 50/50 的收入分成為基礎的。但看起來，我認為現在情況可能會發生變化，這取決於您可以訪問多少頻譜，以及您透過新的 S 波段協議以及潛在的 Ligado 收購為自己帶來什麼。因此，如果您能提供給我們任何更新的顏色，都會很有幫助。

Griffin, it's Scott here. I think as you know from the very founding of the company -- even from the very founding of the company, we've the 50/50 revenue share was sacrosanct, right? We bring the network, the operator partner brings the spectrum and the user, the customer. So that's a very important principle. And our contracts stated that very closely. That's important as part of all the agreements we have with the over 50 operators today.

格里芬，我是斯科特。我想，如你所知，從公司成立之初——甚至從公司成立之初，50/50 的收入分成就是神聖不可侵犯的，對嗎？我們提供網絡，營運商合作夥伴提供頻譜和用戶，即客戶。這是一個非常重要的原則。我們的合約對此有非常詳細的說明。這是我們目前與 50 多家營運商達成的所有協議的一部分，這一點非常重要。

And how that plays out over time. I think we're most focused on growing the business, obviously, but you -- now that our MSS spectrum strategy is an enhancement to the cellular spectrum is becoming clear.

以及隨著時間的推移，其將如何發展。我認為我們最關注的是業務成長，顯然，但是 - 現在我們的 MSS 頻譜策略是對蜂窩頻譜的增強，這一點變得清晰起來。

I think over time, we can talk more about how that value we capture it. But it's very -- I mean, it's -- spectrum is a rare thing. It's valuable to have and bring that to the party is something that's really important that we want to be able to do. But to date, I would say that 50/50 rev share with the spectrum brought by others is how we've contracted.

我認為隨著時間的推移，我們可以更多地談論如何捕捉這一價值。但它非常——我的意思是——光譜是一件罕見的事情。擁有它並將它帶到聚會上是非常有價值的，這是我們希望能夠做到的非常重要的事情。但到目前為止，我想說的是，我們與其他人帶來的頻譜的 50/50 的轉速份額就是我們簽約的方式。

Okay. Fair enough. Yeah. Thanks for the color. Along the same lines, just with the addition of the Spectrum, is there any way you can further translate the 120 megabits per second peak data rate for sale that you've mentioned in the past to some real-world examples of perhaps how many concurrent users in a location will be able to access the network to make calls, video calls, et cetera, and how that changes with the addition of the spectrum that you're acquiring, if at all?

好的。很公平。是的。謝謝你的顏色。同樣，僅通過增加頻譜，您是否可以進一步將您過去提到的每秒 120 兆比特的峰值數據速率轉化為一些現實世界的例子，即某個位置有多少個並髮用戶能夠訪問網絡進行通話、視頻通話等，以及隨著您獲得的頻譜的增加，這種情況如何變化（如果有的話）？

Yeah, Griffin. I mean the way to think about it, a satellite has depending on the band, between 2,500 to 10,000 cells. 10,000 cells, obviously, is possible with the new ASIC. And what we do is that 120 megabits per second, it is the peak data rate that you can achieve for each of those sales.

是的，格里芬。我的意思是，想想看，一顆衛星根據頻段不同，有 2,500 到 10,000 個單元。顯然，使用新的 ASIC 可以實現 10,000 個單元。我們的目標是每秒 120 兆比特，這是每次銷售可以實現的峰值數據速率。

Within the 120 megabits within approximately 12 kilometers radius, you basically chair that capacity among the users in that area. So the users in that area, they can use voice, text, video, video conference, face time, Whatsapp, basically email, basically do whatever they do normally when they are connected to towers. But in this case, they can do it regardless of where they are, regardless what phone that they have in their pocket.

在半徑約 12 公里的 120 兆位元範圍內，基本上由該地區的用戶來承擔這一容量。因此，該地區的用戶可以使用語音、文字、視訊、視訊會議、Face Time、Whatsapp、電子郵件，基本上可以做他們在連接到信號塔時通常所做的一切。但在這種情況下，無論他們身在何處，無論他們口袋裡有什麼手機，他們都可以做到這一點。

There are a number of users per sale. That depends on the density of the sale. We basically manage that capacity dynamically and that changed as per we add more satellites. But as we explained earlier, our strategy is to combine the low-band spectrum from operators for penetration and access to a significant amount of devices on a global basis while enhancing at the same time with our own spectrum on top of that. So it's a combination of the two things that deliver the 120 megabit per second capacity, which is a capability that actually we can achieve on the satellite that we have today, but in low band.

每次銷售都有一定數量的用戶。這取決於銷售密度。我們基本上動態地管理該容量，並且隨著我們添加更多衛星，容量也會改變。但正如我們之前解釋的那樣，我們的策略是結合運營商的低頻段頻譜，以實現在全球範圍內的滲透和對大量設備的訪問，同時在此基礎上利用我們自己的頻譜進行增強。因此，這是兩者的結合，可提供每秒 120 兆位元的容量，這實際上是我們可以在當今的衛星上實現的功能，但在低頻段。

Okay. Great. If I can just squeeze another one in. Just regarding the launch cadence, it's great to see the rapid pace of expected launches in the future. But in terms of ISRO, the chairman there recently stated that the launch with a communication satellite, I assume, would be ASTS would be within a couple of months. So I'm just curious if there's anything you guys could say as to what the chances are that we could possibly see a batch launch of Blackbird -- BlueBird 2 satellites ahead of the ISRO launch within the next couple of months?

好的。偉大的。如果我能再擠進一個就好了。就發布節奏而言，很高興看到未來預期發布的快速步伐。但就印度太空研究組織 (ISRO) 而言，該組織的主席最近表示，我認為 ASTS 通訊衛星的發射將在幾個月內進行。所以我很好奇，你能否說說，在未來幾個月內，在印度太空研究組織 (ISRO) 發射之前，我們有可能看到 Blackbird——BlueBird 2 衛星批量發射的可能性有多大？

That is not the plan. I mean the satellites, it is ready to chip during this month. We are in discussion with them for this update of the actual launch. But as you can see in our launch campaign, we have six launches, and they're independent with multiple vendors with multiple launch partners.

這不是計劃。我的意思是衛星，它已準備好在這個月內進行晶片化。我們正在與他們討論實際發布的更新。但正如您在我們的發布活動中所看到的，我們有六次發布，它們是獨立的，有多個供應商和多個發布合作夥伴。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

Great, thank you. You cited the incremental wins in the government space. I appreciate some of this might be sensitive, but can you just help us better understand the types of use cases you're targeting and the advantages your tech offers maybe versus others servicing the government sector.

太好了，謝謝。您提到了政府領域的漸進式勝利。我知道其中一些內容可能比較敏感，但您能否幫助我們更好地了解您所針對的用例類型，以及您的技術與其他服務於政府部門的技術相比可能提供的優勢。

And given the announcements we've been seeing out of Washington, can you just update us on how you're thinking about the potential US government TAM now relative to several months ago?

鑑於我們看到的華盛頓方面的聲明，您能否向我們介紹一下，相對於幾個月前，您對美國政府潛在 TAM 的看法如何？

Well, we're very bullish about the government and UK multiple branches of the US government have tested and used and they are currently using our operational satellites, so we are on the contract with eight different programs. And it is sensitive, you said, but I can say the broad of applications from the government are both communication and noncommunications applications, which both are in use already today in our current satellite. So we continue to be very, very bullish about the government application and also the amount of budget that had been approved in appropriation and the actual usage that they are having today. So we reaffirm our plans and our growth opportunity in the government sector.

嗯，我們對政府和英國非常看好，美國政府的多個部門已經測試和使用過我們的衛星，而且他們目前正在使用我們的運行衛星，所以我們與八個不同的項目簽訂了合約。您說這很敏感，但我可以說，政府的廣泛應用既包括通訊應用，也包括非通訊應用，這兩種應用都已在我們目前的衛星上使用。因此，我們繼續非常看好政府的申請以及撥款批准的預算金額和目前的實際使用情況。因此，我們重申我們在政府領域的計劃和成長機會。

And the way to think about the TAM, I think over the last year, 1.5 years, we've articulated that a little bit, what you're building for through these early contracts is a program of record and program of records, if you look in this sector tend to be north of $100 million or several hundred million dollars. So that's really what you're playing for. And I think of the use cases that can be done with a large phased array in orbit delivered very cheaply relative to historical standards. There's multiple program of record opportunities that we feel really good about.

至於 TAM 的思考方式，我想在過去的一年半里，我們已經明確表示過，透過這些早期合約建構的是一個記錄計劃，如果你看一下這個領域，記錄計劃的規模往往在 1 億美元或幾億美元以上。所以這才是你真正想要達到的目的。我想到的是，使用在軌大型相控陣天線可以實現的用例，其成本相對於歷史標準而言非常低。我們對多個記錄機會的項目感到非常滿意。

And how has that changed really in the last couple of months or since the new administration, we think that there's more of those types of opportunities and they're potentially bigger.

而在過去幾個月或新政府上台以來，這種情況到底發生了什麼樣的變化？我們認為，這類機會越來越多，而且潛力也越來越大。

Great. And if I can just follow up on the spectrum with one more question. Now that you have global coverage, should we view this spectrum as being all that you need, or could we see you purchase other licenses here going forward?

偉大的。我是否可以再問一個問題來跟進這個問題？現在您已經擁有全球覆蓋範圍，我們是否應該將此頻譜視為您所需要的全部，或者我們可以看到您將來在這裡購買其他許可證？

Well, we believe -- I mean, listen, these are large blocks of spectrum, they are MSS. They are sufficient to provide the 120 megabit per second which is our mark target data rates for offering to consumers on a global basis. So we never discuss opportunities, but that is what we plan it, and with that, we can get to the data raise that we're intending and we're promising to our users.

嗯，我們相信——我的意思是，聽著，這些都是大塊的頻譜，它們是 MSS。它們足以提供每秒 120 兆位元的速度，這是我們在全球範圍內向消費者提供的目標資料速率。因此，我們從不討論機會，但這就是我們的計劃，透過這種方式，我們可以獲得我們想要的、並向用戶承諾的數據。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Hi, good afternoon. I had two, if I could. First, is the timing of the FM1 launch on the critical path for other launches? In other words, period of time you need before you would do the next launch because you want to test FM1 extensively before the next group go up. And if there does need to be some time in between FM1 and the next launch. What could that time frame look like? And how much time would you need.

嗨，下午好。如果可以的話，我有兩個。首先，FM1 的發佈時間是否處於其他發布的關鍵路徑？換句話說，您需要一段時間才能進行下一次發射，因為您想在下一組發射之前對 FM1 進行廣泛的測試。而 FM1 和下一次發布之間確實需要一些時間。這個時間框架是什麼樣的？您需要多少時間？

And then I had a question about the service launch plans. What would a nationwide intermittent service look like what type of product would it be? Would you charge for it? Or would you use it maybe as an early promotion vehicle to build interest in the full service when it ultimately launches?

然後我對服務發布計劃有疑問。全國性的間歇性服務會是什麼樣子？它會是什麼類型的產品？你會收費嗎？或者您會將其用作早期的促銷工具，以在最終推出全套服務時激發人們對該服務的興趣？

Yeah. We refer to the first question, the answer is no. And the other satellites are basically at the same few weeks after the FM1. So we are treating them separately. We're not conditioning any of the launches to any specific launch.

是的。我們參考第一個問題，答案是否定的。FM1 之後的幾週內其他衛星的發射也基本上相同。因此，我們對它們分別對待。我們不會對任何特定的發射設定條件。

And as regards of our -- the way that we're deploying this service first, we start with -- with initial non-continued service nationwide in the countries that we announced the service. So starting with US, Europe, Japan, and some strategic markets that we're working on.

至於我們 — — 我們首先部署這項服務的方式，我們首先在宣布這項服務的國家/地區提供全國範圍內的初始非連續服務。因此，從美國、歐洲、日本以及我們正在努力的一些策略市場開始。

And then we do that, then as we add satellites, we basically what it changes in persistence. So the persistent of how much is available a day, it will rapidly change and we have more satellites. In case of the US, when we get to around 45, you get very close to a service that you can offer. And then as you get to 60, you are in full continued service. And as you get to 90, you are in full global continued service. And the plan basically called for a launch of six to eight every 45 to 60 days.

然後我們這樣做，然後當我們添加衛星時，我們基本上會改變它的持久性。因此，每天可用的衛星數量將不斷變化，而且我們擁有更多的衛星。就美國而言，當我們達到 45 左右時，您就非常接近可以提供的服務了。當你年滿 60 歲時，你仍可繼續享有全面服務。當你達到 90 歲時，你將享受全面的全球持續服務。該計劃基本上要求每 45 至 60 天發射六至八枚火箭。

Could you comment at all on how you plan to use that intermittent service as a segue to the full 24-hour service? Are you thinking about maybe using it as a promotional tool to build that interest? Or is this something that you would charge to and kind of focus on earning revenue for it?

您能否評論一下您計劃如何使用間歇性服務過渡到全天候服務？您是否考慮過將其用作促銷工具來激發人們的興趣？或者這是您要收費並專注於賺取收入的事情？

Well, we will coordinate that. We are in coordination. We had a plan with our telco partners. We prefer to comment on that jointly with them. But I will say the government is already using satellites on an intermittent basis.

好吧，我們會協調的。我們正在協調。我們與電信合作夥伴制定了一個計劃。我們願意與他們共同對此發表評論。但我要說的是，政府已經在間歇性地使用衛星了。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Thank you for taking the question. Maybe focusing back on spectrum, if you can maybe talk about how we should think about tech teaming partnerships essentially kind of affecting both the kind of support of the types of spectrum that you'd be going after as well as the sort of kind of pricing effects like specifically on the latter, like how we should think about kind of AST's ability to get spectrum cheaper because you have the tech partners to use it better. If you can kind of talk to those two dynamics.

感謝您回答這個問題。也許讓我們重新關注頻譜，如果您可以談談我們應該如何看待技術合作夥伴關係，這本質上會影響您所追求的頻譜類型的支援類型以及定價效應，特別是後者，例如我們應該如何看待 AST 以更低價格獲得頻譜的能力，因為您有技術合作夥伴來更好地利用它。如果您可以談論這兩種動態。

Yeah. I mean, you obviously 60 megahertz of global spectrum, if we were purely terrestrial, it will be a number that nobody can afford. So yes, I mean, we have the ability with the flexibility of our technology to basically tune to any spectrum in the low band, 700 to 950 on the mid-band, 1,700 to 2,600 megahertz, the ability to basically connect that to regular cell phones. That by itself create a lot of value in converting satellite type of spectrum in basically dual use satellite terrestrial spectrum. So we see it like that.

是的。我的意思是，顯然 60 兆赫的全球頻譜，如果我們純粹是地面的話，這將是一個無人能承受的數字。是的，我的意思是，我們有能力利用我們技術的靈活性，基本上調整到低頻段的任何頻譜，中頻段的 700 到 950，1,700 到 2,600 兆赫，基本上能夠將其連接到普通手機。這本身就為將衛星類型的頻譜轉換為基本上雙重用途的衛星地面頻譜創造了很大的價值。所以我們就是這樣看待它的。

So enabling spectrum is like beads from property, but it is only a bit from property. You had a house to build on it, and we believe that our ability to reuse all and terrestrial spectrum given the size of our arrays and the ability to share spectrum between the two applications is what creates this massive opportunity of converting satellite spectrum into spectrum that become much more valuable when it's used in our network.

因此，啟用頻譜就像來自財產的珠子，但它只是來自財產的一點點。你需要在上面建造一棟房子，我們相信，考慮到我們的陣列規模以及在兩個應用程式之間共享頻譜的能力，我們能夠重複使用所有地面頻譜，這創造了將衛星頻譜轉換為在我們的網路中使用時更有價值的頻譜的巨大機會。

Got it. And then if we go back to the government question, it looks like the program books that dropped today suggests something like a $2 billion delta of kind of incremental opportunity just kind of tying that back to the programs of record opportunities that you talked about, Scott. Can you maybe kind of think about what sort of timeline we should consider getting through that comes competitive process?

知道了。然後，如果我們回到政府問題，看起來今天發布的計劃書表明了類似 20 億美元的增量機會，這只是將其與您談到的創紀錄機會計劃聯繫起來，斯科特。您能否考慮一下，我們應該考慮什麼樣的時間表來完成競爭過程？

And then maybe kind of -- you discussed agility and price. Are there other kind of variables or factors that are being cited as reasons for AST being able to win?

然後也許——您討論了敏捷性和價格。是否有其他變數或因素被認為是 AST 能夠獲勝的原因？

Sure. Well, as you noted, the opportunities are dynamic, right? And they're dynamic and up into the right at the moment. So all these new pieces of information seem to be very positive for the applications for what we can uniquely offer, right?

當然。嗯，正如您所說，機會是動態的，對嗎？他們現在充滿活力，並且處於正確的位置。因此，所有這些新資訊似乎對我們獨特提供的應用非常有利，對嗎？

And so as we're evaluating all these and positioning ourselves around them, I think what I said before still holds true. Specific timing of awards could be even this year. Probably, we won't speak to scale relative to the end case. But this year, is a good time frame to start seeing more direction on that.

因此，當我們評估所有這些並圍繞它們定位自己時，我認為我之前所說的仍然適用。頒獎的具體時間甚至可能在今年。或許，我們不會談論相對於最終案例的規模。但今年是開始看到更多方向的好時機。

But like you said, the budget keeps growing. I think the demand is there, the desire is there. And what we're offering is quite unique across 5 to 10 different types of use cases.

但正如您所說，預算不斷增加。我認為需求是存在的，願望是存在的。我們提供的產品在 5 到 10 種不同類型的用例中都非常獨特。

Yeah. And we solve a very real and tangible problem that the government needs to solve where size of the satellite matters a lot. Power of the satellite matters a lot and add the cost, at the cadence that we're building the largest satellites ever launch, basically nobody else is nowhere even close to it. So those are factors that here play into the usability of our technology for both commercial and government.

是的。我們解決了政府需要解決的一個非常現實和具體的問題，即衛星的尺寸非常重要。衛星的功率非常重要，再加上成本，以我們建造有史以來最大的衛星的節奏，基本上沒有其他人能與之相比。這些因素影響著我們的技術在商業和政府領域的可用性。

And then maybe one more on just kind of that go-to-market strategy. But I think as we kind of like shape the court of players in the satellite communication space, AST probably still has opportunities to team with folks that are kind of focused on this. So how do you kind of think about maybe shaping your strategy to kind of the neo prime, folks like Anduril that focus on not just the defense hardware side, but also kind of consumer electronics trends that play into that?

然後也許我再多說一點市場進入策略的內容。但我認為，隨著我們在衛星通訊領域的佈局不斷完善，AST 可能仍然有機會與專注於此的人合作。那麼，您如何考慮制定針對新時代的策略，像 Anduril 這樣的公司不僅關注國防硬體方面，還關注與之相關的消費電子趨勢？

Yeah. No, absolutely. I mean, with our technology, first of all, you can get -- basically as you don't have devices and you can get, call it, 120 megabit per second into something of the size of few square inches, you can place it in drones, you can place it in cards. You can place it obviously in the most difficult application, which is actually cell phones and allow went with all the information behind that. So as we said, the government opportunities are not only on the communications space, which obviously is very sizable large and growing, but also noncommunication applications in the multiple domains for defense.

是的。不，絕對不是。我的意思是，利用我們的技術，首先，你可以獲得——基本上你不需要任何設備，你可以將每秒 120 兆比特的速度傳輸到幾平方英寸大小的東西中，你可以將它放置在無人機中，也可以將它放置在卡片中。您可以將其明顯地放置在最困難的應用程式中，即手機，並允許處理背後的所有資訊。正如我們所說，政府的機會不僅在於通訊領域（該領域顯然規模大且不斷成長），還在於國防等多個領域的非通訊應用。

Caleb Henry, Quilty space.

卡萊布·亨利（Caleb Henry），奎爾蒂空間。

Hi. Thanks, guys. A question about the S-Band. Is that -- you've obtained at the ITU level is that licensed anywhere nationally? Or is that a project that's going to start effectively now going state by state?

你好。謝謝大家。關於 S 波段的一個問題。這是－您在國際電信聯盟 (ITU) 獲得的許可，在全國範圍內是否也獲得許可？或者這是一個現在就開始逐州有效推進的計畫？

It is a project that we start now. Basically, we had a bring to use from around 2016. With that, we basically got an administration by administration according to the priorities that we set with our partners, telco partners in order to complement the low band, the L-Band, and the S-Band on a country-by-country basis.

這是我們現在啟動的一個專案。基本上，我們從 2016 年左右就開始使用了。這樣，我們基本上根據與合作夥伴、電信合作夥伴設定的優先事項，逐一管理，以便逐個國家補充低頻段、L 頻段和 S 頻段。

Okay. And then on the launch payment that you mentioned was pulled forward. Can you just provide any more color on why that was done. I'm guessing it was to offset delays with new Glen?

好的。然後，您提到的發布付款就提前了。能否詳細說明一下這樣做的原因？我猜是為了抵消新 Glen 的延誤？

Hey, Caleb. This is Scott. No, it was not related to anything like that. This is just -- I think it speaks to a little bit of flexibility we have. Nothing more. And the fact that quarter-to-quarter, it's not always apples-to-apples. But no, it was not related to anything like that.

嘿，Caleb。這是斯科特。不，這與任何類似的事情無關。這只是——我認為這說明了我們有一點靈活性。而已。事實是，季度與季度之間並不總是完全相同的。但不，這與任何類似的事情都無關。

Okay. And then just last one, I know this may be a bit forward-looking, but satellites are called Block 2 and AST has talked about them up to 45 to 60 satellites, is the plan to continue Block 2 all through the 90-ish satellites? Or is there an idea of transitioning to a Block 3 before you get to that completion of the constellation?

好的。然後最後一個問題，我知道這可能有點前瞻性，但是衛星被稱為 Block 2，AST 已經討論了多達 45 到 60 顆衛星，計劃是否繼續使用 Block 2 來發射 90 顆左右的衛星？或者在完成星座前，有沒有過渡到 Block 3 的想法？

We provided the right market conditions. Our plan is to actually produce 72 satellites per year and then split them between low-band and mid-band with our own spectrum.

我們提供了適當的市場條件。我們的計劃是每年實際生產 72 顆衛星，然後用我們自己的頻譜將它們分為低頻段和中頻段。

Okay. So it would be two different types of satellites then?

好的。那麼這將是兩種不同類型的衛星嗎？

Yes, for commercial.

是的，用於商業用途。

So does that mean we're looking at kind of two constellations of similar size, like 72 each or 90 each or somewhere between 144 to 180.

那麼這是否意味著我們正在觀察兩種大小相似的星座，例如各 72 個或各 90 個，或介於 144 到 180 個之間。

Yes. Caleb, I'd say you're thinking a little bit like how people put out business plans on LEO rather than how people actually build it, right? And I think the smart way, we're some parties have been successful is this is really like a mesh we're building, right?

是的。卡萊布，我想說，你的想法有點像人們如何在 LEO 上製定商業計劃，而不是人們如何實際建造它，對嗎？我認為，一些政黨已經取得成功的明智之舉就是，這真的就像我們正在建立的網格，對嗎？

Once we are in with our initial constellation that we've talked about, the 45 to 60 satellites that we're so focused on, we have great flexibility with fantastic marginal economics to really expand not only the size of the constellation and the services to come off it. So it's a little too prescriptive. But based on the strength of the demand profile, we have a lot of flexibility.

一旦我們實現了我們討論過的初始星座，也就是我們非常關注的 45 到 60 顆衛星，我們就有很大的靈活性和極好的邊際經濟效益，不僅可以真正擴大星座的規模，還可以擴大由此產生的服務。所以它有點太規範了。但基於需求狀況的強度，我們具有很大的靈活性。

So it's really -- think of it as once you have this base constellation, there's a lot of opportunities to flexibly build that based on demand, particularly when you're vertically integrated.

所以真的——想像一下，一旦你有了這個基礎星座，就有很多機會根據需求靈活地建立它，特別是當你垂直整合的時候。

Tim Horan, Oppenheimer & Company.

蒂姆·霍蘭，奧本海默公司。

On the latest purchase of the S-Band spectrum, can you give a little more color what it's being used for now? And I know you used the term priority rights I guess any more color on your degree of confidence in being able to utilize that spectrum.

關於最近購買的 S 波段頻譜，您能否詳細介紹它目前的用途？我知道您使用了優先權這個術語，我猜這更能反映您對利用該頻譜的信心程度。

Yeah. We -- obviously, we're very confident that we will be using it. The aspects have been bringing to use and the next plan for us is country-by-country, getting access to it as a combination to our low-band L-Band and then on a country-by-country, turn around also in the capacity.

是的。我們——顯然，我們非常有信心我們會使用它。這些方面已經投入使用，我們的下一個計劃是逐個國家地將其作為低頻段 L 波段的組合來使用，然後逐個國家地轉變容量。

Sorry. So is it being used right now.

對不起。那麼它現在正在被使用嗎？

The satellites are -- they both had the capability to have 3GPP spectrum, L-band and S so those -- the satellites support dynamically being able to tune to any of those spectrum bands.

這些衛星——它們都具有 3GPP 頻譜、L 波段和 S 波段的能力，因此這些衛星支援動態地調整到任何這些頻譜帶。

Right. But is that spectrum being used now? I guess what's the history of it? How did it come to be in the MSS and being able to use it on a country-by-country basis? And is it also being used terrestrially in any locations at this point?

正確的。但該頻譜現在正在被使用嗎？我猜它的歷史是怎麼樣的？它是如何進入國家安全部並能夠在各國使用它的？目前它是否也在地面的任何地方使用？

Yeah. No, I mean, that's one of the great opportunities of S-band. I think there's some history of usage in the United States and Europe. But in other markets around the world, it has limited use and it's reserved for space usage, and we have a network that can really offer a lot of value to regulators and operators country-by-country getting citizens extra connectivity, getting operators, extra flexibility, more services, more capacity in places where they don't have towers. So we really like the opportunity set because outside of a few markets around the world, certainly, big markets, but as you go further out, there's a lot of markets where it's not being used to both.

是的。不，我的意思是，這是 S 波段的一大機會。我認為它在美國和歐洲有一些使用歷史。但在世界其他市場，它的用途有限，僅供太空使用，而我們的網路可以為各國的監管機構和運營商提供很多價值，在沒有塔的地方，為公民提供額外的連接，為運營商提供額外的靈活性、更多的服務和更大的容量。因此，我們真的很喜歡這個機會集，因為除了世界上的幾個市場之外，當然還有大市場，但隨著你進一步深入，你會發現有很多市場還沒有同時使用這兩種技術。

And I just want clarification on the revenue share. Obviously, T-Mobile is bundling and a bunch of services for free. Verizon has said they're not going to charge for texting. I mean it seems like your revenue share is a little bit complicated. There are other -- what else do you do if it's being bundled in for free?

我只是想澄清一下收入份額。顯然，T-Mobile 捆綁了一系列免費服務。Verizon 表示他們不會對簡訊收費。我的意思是，你的收入份額似乎有點複雜。還有其他——如果它被免費捆綁，你還能做什麼？

Well, we see anything get tax as a commodity. Don't reference. Our service is a full broadband. Basically, you can do anything that you can do in your phone and that the model that we have and that we have over 50 telcos around the globe that are subscribing to it.

嗯，我們認為任何東西都應作為商品徵稅。請勿引用。我們的服務是全寬頻。基本上，您可以在手機上做任何可以做的事情，這就是我們擁有的型號，而全球有超過 50 家電信公司訂閱了它。

Scott Searle, Roth Capital.

羅斯資本的斯科特·塞爾。

Hey, good afternoon. Thanks for taking my questions. Maybe to follow-up on the S-band side of the equation. It's very exciting to see you guys now having a multiband offering to provide the broadband capabilities. But I'm wondering if you could provide a little bit more color in terms of the regulatory approval and timelines. It sounds like you're going to start that on a country-by-country basis now. But just what is the timeline that you would expect to be associated with it? And I guess if there are any geographies in particular that you're focused on, I would assume it's some more of the developed markets.

嘿，下午好。感謝您回答我的問題。也許可以跟進方程式的 S 波段一側。很高興看到你們現在提供多頻段產品來提供寬頻功能。但我想知道您是否可以提供更多有關監管部門批准和時間表的詳細資訊。聽起來你現在要開始逐國地進行這項工作。但是您期望與之相關的時間線究竟是怎樣的呢？我想，如果您特別關注某個地區，我會認為它是一些更發達的市場。

And second, in terms of the support for existing 5 billion-plus devices out there today, what sort of support is there today in the installed base for S-Band? And kind of how do you see the silicon support syncing up with that at the device level over the next couple of years?

其次，就目前對現有 50 多億台設備的支援而言，目前已安裝的 S 波段設備提供了什麼樣的支援？您如何看待未來幾年內矽片支援與設備層面的同步？

And then I have a follow-up.

然後我有一個後續問題。

Yeah. I mean, the -- and that's why we deployed our network in tranches. And obviously, we start with the low-band existing 3GPP bands that are terrestrial. So they are in every single phone. And that's 5 billion-plus phones available market. Both the LDS and 3GPP are in the plans for future chipsets. And they are in line -- the becoming availability of those brands, it is in line actually with our deployment plan. We start with low band, we're basically every phone supportive on. And as we deploy and get closer to the S-Band -- to the L-and the S-Band, we keep adding into the capability.

是的。我的意思是——這就是我們分階段部署網路的原因。顯然，我們從地面的低頻段現有 3GPP 頻段開始。所以它們存在於每支手機中。而這個市場有 50 多億支手機可用。LDS 和 3GPP 均在未來的晶片組計劃中。而且這些品牌的可用性實際上與我們的部署計劃一致。我們從低頻段開始，基本上支援每支手機。隨著我們部署並越來越接近 S 波段、L 波段和 S 波段，我們不斷增強其能力。

Thanks. Very helpful. And to follow up on the noncontinuous front, a lot of dialogue about that today. When I think of noncontinuous, I think, of applications like IoT, but I haven't heard that coming up in terms of the conversation today. So I'm wondering where IoT fits into the carrier partner, timeline, and landscape, is that part of their near-term deployment plans and focus? Or is that something that you expect to come later post full commercial launches of more traditional broadband services?

謝謝。非常有幫助。為了跟進非連續性問題，今天對此進行了大量討論。當我想到非連續性時，我會想到物聯網之類的應用，但我還沒有在今天的談話中聽到這個說法。所以我想知道物聯網在營運商合作夥伴、時間表和格局中處於什麼位置，這是他們近期部署計劃和重點的一部分嗎？或者您預計這是在更傳統的寬頻服務全面商業化推出後才會出現的事情？

I mean, the gap between continuous and noncontinuous is relatively short, and we will be opening up for user to consumers in coordination with our telco partners. But as I said before, the early applications are actually governmental applications.

我的意思是，連續和非連續之間的差距相對較短，我們將與電信合作夥伴協調，並向用戶和消費者開放。但正如我之前所說，早期的申請實際上是政府的申請。

IoT is something that we can serve. It's a relatively a small market compared with the broadband cellular market directly to regular handsets and the government opportunity, but it's something that we would plan to enable in addition to the consumer broadband capabilities that we're enabling to the telco partners.

物聯網是我們可以提供服務的。與直接面向普通手機的寬頻蜂窩市場和政府機會相比，這是一個相對較小的市場，但除了我們為電信合作夥伴提供的消費者寬頻功能之外，我們還計劃實現這一目標。

Greg R. Pendy, Clear Street.

格雷格·R·彭迪 (Greg R. Pendy)，Clear Street。

Just one quick one. On the transaction of Ligado, did I hear you guys correctly that when we think about pro forma liquidity right now that, that -- the cost of that transaction will be primarily asset-backed or financing when the outflows? And can you just remind us, is it roughly $500 million?

只需一個快速的。關於 Ligado 的交易，我是否聽得正確，當我們現在考慮形式流動性時，該交易的成本將主要為資產支持或資金流出時的融資？您能提醒我們一下，大約是 5 億美元嗎？

Yeah, absolutely. You have that right. The primary outflow is just north of $500 million. And we have SPV financing that's nonrecourse, meaning the only rights are held in the special purpose entity and relate to the spectrum usage rights.

是的，絕對是如此。你有這個權利。主要流出金額略高於 5 億美元。我們有無追索權的 SPV 融資，這意味著唯一的權利由特殊目的實體持有並與頻譜使用權相關。

As noted, when we completed that transaction and the mediation settlement was approved, that starts in October -- at the end of October of this year, with the bulk of it paid in October, $420 million and another $100 million in March of 2026. So we're working on that bridge financing right now that gets us from that point in October until we have FCC approval, but this is all financed separate and apart from ordinary course operations.

如上所述，當我們完成交易並且調解協議獲得批准時，該協議將於今年 10 月開始 - 即今年 10 月底，其中大部分將於 10 月支付，即 4.2 億美元，另外 1 億美元將於 2026 年 3 月支付。因此，我們現在正在努力進行過橋融資，以便從 10 月開始直到獲得 FCC 批准為止，但所有融資都是獨立於正常運作之外的。

We will have usage fees that we'll incur when we start utilizing the spectrum and so forth and those will start up a little bit later this year. That will become an ongoing part of our operating model. We're not there yet, but the bulk of that is that what's called the deferred usage obligation in the transaction docs, and that's been financed separate and apart from our core operating company.

當我們開始使用頻譜等時，我們將收取使用費，這些費用將在今年稍後開始徵收。這將成為我們營運模式的持續組成部分。我們還沒有做到這一點，但其中大部分是交易文件中所謂的遞延使用義務，並且其融資方式與我們的核心營運公司分開。

Chris Quilty, Quilty Space.

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

Thanks, guys. I got dropped, so forgive me if this was asked. But on the government capability. Are the government requirements for Orbit and inclination complementary to what you're doing commercially? Or is there a need to inject satellites and different orbits specifically for the government?

謝謝大家。我被拋棄了，所以如果有人問到這個問題，請原諒我。而是取決於政府能力。政府對軌道和傾角的要求是否與你們的商業活動相輔相成？還是需要專門為政府注入衛星和不同的軌道？

Hey, Chris. We do not have the ability to comment on that because that will imply where the usage is. But I would say a big interest, it is actually to have dual usage of our satellites.

嘿，克里斯。我們無法對此發表評論，因為這將暗示其用途在哪裡。但我想說，最大的興趣實際上在於我們的衛星有雙重用途。

Understand. And the current contracts with the US government, is there anything that would preclude you from negotiating with other five eyes countries perhaps for the same capability?

理解。目前與美國政府簽訂的合約中，是否存在什麼因素會阻礙您與其他五眼聯盟國家就同樣的能力進行談判？

No, there is not any exclusion. But at the moment, our focus is with the US government.

不，沒有任何排除。但目前，我們的重點是美國政府。

Okay. And I think you said something earlier that in your statement that led me to believe that perhaps to the degree that government business grows and supports it, there might be a block X that might develop with specific capabilities for government customers.

好的。我認為您之前在聲明中說過一些話，讓我相信，也許隨著政府業務的增長和支持的程度，可能會有一個區塊 X 可以為政府客戶開發出具有特定功能的功能。

And as part of that question, when the original Block 2 were designed, where some of the government capabilities are to be designed in. Were there things that you were adding after the back and if things you would like to add to the satellite capability.

作為這個問題的一部分，當最初的 Block 2 被設計出來時，一些政府功能將被設計進去。您是否在後面添加了一些東西，以及您是否想將一些東西添加到衛星功能中。

Yes. I mean, actually, the capability for the governments are already on the current satellites in operation. They're actually using the satellites today.

是的。我的意思是，實際上，政府的能力已經體現在目前運作的衛星上。他們今天實際上正在使用衛星。

But were they major modifications from the original design -- because I think it beat point you were doing the original design, I don't know that maybe the government was a perceived customer at that point in time.

但它們是否對原始設計進行了重大修改——因為我認為它超越了原始設計，我不知道政府在當時是否被視為客戶。

Yes. I mean, the Block 1, it did require additional design features, but they were already incorporated 1.5 years ago.

是的。我的意思是，Block 1 確實需要額外的設計特徵，但它們在 1.5 年前就已經被納入了。

And Chris, the short answer is kind of yes to all your questions, right? And it's the beauty of the constellation because you can -- once you have the constellation, the ability to evolve the technology, provide extra tweaks to it. It's not the classic at a transponder at a payload, it's more tweaking the outsized capability of the large phased array and the ability to evolve that over time is one that as long as we have a constellation, we'll possess that ability to do it in a really attractive way from a financial perspective.

克里斯，對於你所有的問題，簡短的回答都是肯定的，對嗎？這就是星座的美妙之處，因為一旦你擁有了星座，你就有能力發展技術，並對其進行額外的調整。它不是經典的有效載荷轉發器，而是對大型相控陣的超大能力進行調整，並且隨著時間的推移，只要我們擁有星座，我們就有能力以從財務角度來看非常有吸引力的方式做到這一點。

Thank you. And we have reached the end of the question-and-answer session. And therefore, I will turn the call back over to Scott Wisniewski for closing remarks.

謝謝。問答環節現已結束。因此，我將把電話轉回給斯科特·維斯尼夫斯基，請他作最後發言。

Thank you, operator. We want to thank all our shareholders and the research analysts for joining the call. I can't wait to give you more updates in the near term, and please stay tuned. Thank you.

謝謝您，接線生。我們要感謝所有股東和研究分析師參加電話會議。我迫不及待地想在近期為您提供更多更新，請繼續關注。謝謝。

Thank you. And this concludes today's teleconference and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束，大家可以斷開連線了。我們感謝您的參與。