AST SpaceMobile Inc (ASTS) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile Third 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，感謝您的耐心等待。歡迎參加 AST SpaceMobile 2025 年第三季業務更新電話會議。請注意，今天的會議正在錄影。現在，我謹將會議交給今天的東道主，AST SpaceMobile 總裁 Scott Wisniewski。請繼續。

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

謝謝大家，大家下午好。今天，與我一同出席的還有董事長兼執行長 Abel Avellan；以及財務長兼首席法務官 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. 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, Form 10-Q filed with the SEC on August 11, 2025, and the Form 10-Q filed with the SEC today as well as other documents filed by AST SpaceMobile from time to time.

請參考簡報的第 2 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，我們可能會發表一些前瞻性聲明。這些陳述是基於當前的預期和假設，因此存在風險和不確定性。諸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 截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告、2025 年 5 月 12 日向美國證券交易委員會提交的 10-Q 表格、2025 年 8 月 11 日向美國證券交易委員會提交的 10-Q 表格、2025 年 8 月 11 日向美國證券交易委員會提交的表格 10-Q表格中的「風險因素」部分，以及 AST SpaceMobile 不時提交的其他文件。

Also, after our initial remarks, we'll be starting our Q&A section with questions submitted by our shareholders. For those of you who may be new to our company and mission, there are nearly 6 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 from the global economy.

此外，在我們作完開場白之後，我們將開始問答環節，回答股東們提出的問題。對於那些可能還不了解我們公司和使命的人來說，目前全世界有近 60 億部手機在使用，但我們許多人在生活、工作和旅行中仍然會遇到訊號覆蓋盲點。此外，還有數十億人沒有行動寬頻，因此無法連接全球經濟。

The markets we are pursuing here are massive, and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices and supported by our extensive IP and patent portfolio.

我們所開拓的市場規模龐大，我們正在解決的問題意義重大，幾乎與我們每個人都息息相關。在此背景下，AST SpaceMobile 正在太空中建造第一個也是唯一一個可直接與日常未經修改的行動裝置配合使用的全球蜂窩寬頻網絡，並由我們廣泛的智慧財產權和專利組合提供支援。

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

現在我很高興將談話交給董事長兼執行長阿貝爾·阿韋蘭，他將回顧自我們上次公開報告以來的各項活動。

Thank you, Scott. AST SpaceMobile delivered standout progress in the third quarter as we continue seizing the advantages of our leadership position in the space-based direct-to-device industry. We're executing against all of our key initiatives in this rapidly developing market and especially on deepening our commercial ecosystem with customers, partners over the past few months. We continue to build commercial momentum more recently highlighted by our definitive agreement with Verizon on Saudi Telecom Group. Scott will discuss our business progress in more detail, but I want to highlight the traction we are achieving with our commercial initiatives.

謝謝你，斯科特。AST SpaceMobile 在第三季度取得了顯著進展，我們繼續發揮在太空直接設備行業的領先地位的優勢。在這個快速發展的市場中，我們正在執行所有關鍵舉措，尤其是在過去的幾個月裡，我們更加重視與客戶和合作夥伴深化我們的商業生態系統。我們持續推動商業發展，最近與 Verizon 就沙烏地阿拉伯電信集團達成的最終協議更是凸顯了這一點。Scott 將會更詳細地討論我們的業務進展，但我想重點介紹一下我們在商業舉措方面取得的成效。

We signed a definitive commercial agreement with Verizon in the United States and FTC in Saudi Arabia and other key markets across the Middle East and North Africa. These definitive commercial agreements demonstrate the meaningful progress in our commercial ecosystem, which include agreements with over 50 MNO partners with nearly 3 billion subscribers globally. These agreements are the product of our trusted, longstanding relationship with both partners, and they're confidence in our ability to deliver space-based cellular broadband connectivity to their subscribers.

我們與美國的 Verizon 公司、沙烏地阿拉伯的 FTC 公司以及中東和北非其他主要市場簽署了最終商業協議。這些最終的商業協議表明，我們的商業生態系統取得了實質進展，其中包括與全球 50 多家行動網路營運商合作夥伴達成的協議，這些合作夥伴在全球擁有近 30 億用戶。這些協議是我們與雙方合作夥伴之間長期互信關係的產物，也是我們向其用戶提供基於太空的蜂窩寬頻連接能力的信心的體現。

Our definitive commercial agreement with Verizon is an extension of our transformational partnership, which has been cultivated over several years, including the $100 million commitment in May of last year. The agreement also provides us with a formal commercial pathway to provide direct-to-device sell or broadband services to their customers starting in 2026. Our opportunity to bridge the digital divide and target 100% coverage of the Continental United States has never been stronger. Together, we partnered AT&T in premium 850 megahertz low band spectrum.

我們與 Verizon 達成的最終商業協議是我們多年來不斷發展的變革性合作夥伴關係的延伸，其中包括去年 5 月 Verizon 承諾的 1 億美元投資。該協議還為我們提供了一條正式的商業途徑，從 2026 年開始向他們的客戶提供直接面向設備的銷售或寬頻服務。我們彌合數位落差、實現美國大陸100%覆蓋的機會從未如此之大。我們與 AT&T 合作，共同獲得了優質的 850 兆赫低頻段頻譜。

Our definitive agreement with STC provides us with a long-term partner in a key region with a large geographical area, significant population growth and a strong need for broadband connectivity. More broadly, our 10-year loan term agreement is a promising look into how AST SpaceMobile display mobile can collaboratively shape the future of direct-to-device mobile connectivity, and we continue to grow our mobile network operator partner ecosystem.

我們與STC達成的最終協議為我們提供了一個長期合作夥伴，該合作夥伴位於一個地域遼闊、人口增長迅速且對寬頻連接有著強烈需求的關鍵地區。更廣泛地說，我們為期 10 年的貸款協議展現了 AST SpaceMobile 顯示行動技術如何能夠共同塑造直接到設備的行動連接的未來，我們也將繼續發展我們的行動網路營運商合作夥伴生態系統。

Our direct-to-device satellite technology enables native cellular broadband capabilities directly to modify mobile devices, including voice, text, data, video and full Internet access to native cellular apps. As an example of our native cellular capability, we recently completed a Blue Bird satellite-enabled technology milestone with Verizon, completing direct voice and video calls as well as two-way RCS messaging between standard and modified smartphones. This follow additional milestone with Bet Canada in anticipation for a broader commercial rollout. Specifically, we showcased Canada's first successful space-based direct-to-sell, voice-over-LTE video call and other broadband data and video streaming activations. We believe Canada will represent another attractive market for our direct-to-device seller broadband service.

我們的直接到設備衛星技術可直接修改行動設備，使其具備原生蜂窩寬頻功能，包括語音、簡訊、數據、視訊和對原生蜂窩應用程式的完整網路存取。作為我們原生蜂窩網路能力的一個例子，我們最近與 Verizon 合作完成了 Blue Bird 衛星技術里程碑，實現了標準智慧型手機和改裝智慧型手機之間的直接語音和視訊通話以及雙向 RCS 訊息傳遞。在此之前，Bet Canada 已取得進一步的里程碑進展，為更廣泛的商業推廣做好準備。具體來說，我們展示了加拿大首次成功的基於太空的直接銷售、LTE 語音視訊通話以及其他寬頻數據和視訊串流啟用。我們相信加拿大將成為我們以設備為導向的寬頻銷售服務的另一個極具吸引力的市場。

Space-based cellular broadband connectivity is an industry that we invented. And a recent technology milestone with Verizon and Bell follows several breakthroughs using our direct-to-device technology, including the first-ever 4G and 5G voice calls, voice over LTE calls, live video calls, streaming, full Internet access and tactical nonterrestrial network connectivity for military and deferred purposes from a space to modified smartphones.

基於太空的蜂巢式寬頻連接是我們開創的產業。最近與 Verizon 和 Bell 達成的一項技術里程碑，是在我們利用直接到設備技術取得多項突破之後取得的，包括首次實現 4G 和 5G 語音通話、LTE 語音通話、實時視頻通話、流媒體、完全互聯網接入以及從太空到改裝智能手機的用於軍事和延期用途的戰術非地面網絡連接。

Our direct-to-device seller broadband network will help our partners deliver on one of their highest priorities, which is extending connectivity for the customers as part of our effort to deliver on those priorities. We are advancing partners and ecosystem network integration, and we progress towards service activation in key partner markets. Specifically, we have already begun activation in fixed network locations. We expect to continue a scale deployment efforts early next year as we progress activation of an intermittent nationwide service by early 2026 and prepare for continued service later in 2026.

我們的直接面向設備的銷售商寬頻網路將幫助我們的合作夥伴實現其最重要的優先事項之一，即擴展客戶的連接，這是我們努力實現這些優先事項的一部分。我們正在推動合作夥伴和生態系統網路整合，並朝著在主要合作夥伴市場中啟動服務的目標邁進。具體來說，我們已經在固定網路位置開始啟動。我們預計將於明年初繼續大規模部署工作，並於 2026 年初啟動間歇性全國服務，為 2026 年稍後的持續服務做好準備。

Taking a step back, AST SpaceMobile have now built the largest and most diverse commercial partner ecosystem in the industry. Our network include agreements and understanding with over 50 MNO partners with nearly 3 billion subscribers globally. We have access to some of the most important markets cover and exposure to billions of subscribers as well as long-term access to valuable spectrum. A key strategy during 2025 has been to deepen this partner ecosystem through definitive commercial agreements.

從長遠來看，AST SpaceMobile 現在已經建立了業內規模最大、最多元化的商業合作夥伴生態系統。我們的網路包括與全球 50 多家行動網路營運商合作夥伴達成的協議和諒解，這些合作夥伴在全球擁有近 30 億用戶。我們擁有涵蓋一些最重要的市場，接觸到數十億用戶，並且長期享有寶貴的頻譜資源。2025 年的一項關鍵策略是透過最終的商業協議來深化這個合作夥伴生態系統。

Today, we're happy to disclose for our first time that we have secured over $1 billion in total contracted revenue commitment from our commercial partners. This represent an incredible snapshot into how our business is developing and not only to the commitments of our partners have to AST SpaceMobile but also the way they are starting to think about financial impact of this massive opportunity.

今天，我們很高興首次宣布，我們已從商業合作夥伴處獲得了超過 10 億美元的總合約收入承諾。這展現了我們業務發展的一個令人難以置信的縮影，不僅體現了我們的合作夥伴對 AST SpaceMobile 的承諾，也體現了他們開始思考這一巨大機會帶來的財務影響。

Turning to manufacturing and launch. Our manufacturing efforts are on track with our goal and expectations. Bluebird [8 to 19] are in various stages of production, and we are on schedule to complete 40 satellites equivalent of micro by early 2026, bringing us to Bluebird 46. Leveraging our 95% vertically integrated manufacturing, we continue to accelerate and improve our manufacturing process and expect to exit calendar 2025 at a manufacturing cadence of 6 satellites per month. A detailed cadence of our 2025 and 2026 deployment plan is shown in the accompanying quarterly presentation found on our IR website.

進入生產製造和產品上市階段。我們的生產工作進展順利，符合預期目標。Bluebird [8 至 19] 處於不同的生產階段，我們按計劃將在 2026 年初完成相當於 40 顆微型衛星的生產，屆時 Bluebird 將達到 46 顆。憑藉我們95%的垂直整合製造能力，我們不斷加速和改進製造流程，預計到2025年底，我們的製造速度將達到每月6顆衛星。我們 2025 年和 2026 年部署計畫的詳細進度安排，請參閱我們 IR 網站上的季度簡報。

This effort is supported by our steady expanding manufacturing footprint soon to be over 0.5 million square feet of manufacturing and operations space supported by a global workforce of nearly 1,800 people.

這項努力得到了我們不斷擴大的生產規模的支持，我們的生產和營運空間很快就會超過 50 萬平方英尺，並擁有近 1800 名全球員工。

We had (inaudible) Bluebird 6 to his launch site in India with launch expected to occur in the first half of December. We also expect to ship Bluebird 7 to Cape Canaveral later this month with launch anticipated shortly thereafter. Additionally, we continue to spend 5 Orbital launches by the end of Q1 2026, with launches every one to two months on average to reach our goal of 45 to 60 satellites launched by the end of 2026.

我們已經將（聽不清楚）藍鳥 6 號送往他在印度的發射場，預計 12 月上半月發射。我們預計本月稍後會將藍鳥7號運往卡納維爾角，並預計不久後進行發射。此外，我們計劃在 2026 年第一季末之前完成 5 次軌道發射，平均每隔一到兩個月發射一次，以實現到 2026 年底發射 45 至 60 顆衛星的目標。

Additionally, we anticipate our novel ASIC chip will be integrated into our Block II Bluebird sale during Q1 2026, enabling peak data transmission speed of up to 120 [megawatts] per second, which is a throughput larger enough to achieve in native several capabilities that customers used to having, even when they are in areas when connected by terrestrial networks.

此外，我們預計我們的新型 ASIC 晶片將在 2026 年第一季整合到我們的 Block II Bluebird 產品中，實現高達每秒 120 兆瓦的峰值資料傳輸速度，即使客戶身處地面網路連接區域，其吞吐量也足以實現客戶過去擁有的多種原生功能。

On our comprehensive global spectrum strategy, since our last earnings call, we closed our deal to acquire Global S Band Global priority rights and our deal to acquire long-term access to premium lower mid-band, L-band spectrum in the US that has been approved by the court. AST SpaceMobile owned and share spectrum profiles, including access to 1,150 megahertz low-band and mid-band tunable MNO spectrum globally, 45 megahertz of AST SpaceMobile licensed MSS lower, mid-band spectrum, 60 megahertz of AST SpaceMobile license S band spectrum priority right and low-band spectrum located by our MNO partners. Between our own and mobile network operator partner spectrum, we had right to access over 80 megahertz of pair and high-quality spectrum in United States alone, more than any other direct-to-device provider today and in the future.

關於我們全面的全球頻譜策略，自上次財報電話會議以來，我們完成了收購全球 S 頻段全球優先權的交易，以及獲得美國優質低頻段 L 頻段頻譜長期使用權的交易，該交易已獲得法院批准。AST SpaceMobile 擁有並共享頻譜資源，包括全球 1,150 兆赫低頻段和中頻段可調諧 MNO 頻譜、45 兆赫 AST SpaceMobile 授權的 MSS 低頻段和中頻段頻譜、60 兆赫 AST SpaceMobile 授權的 S 頻段和中頻段頻譜、60 兆赫 AST SpaceMobile 授權的 S 頻段和中頻段頻譜由我們的低頻譜合作。我們本身以及行動網路營運商合作夥伴的頻譜，光是在美國就擁有超過 80 兆赫茲的優質頻譜，比現在和將來任何其他直接到裝置的供應商都多。

We have developed our comprehensive spectrum strategy by balancing costs and a disciplined capital allocation. By making a smart and cost-effective investment in spectrum, we are able to preserve the value of our spectrum assets while protecting the long-term viability of our business. This robust portfolio is expected to create a durable competitive advantage for AST SpaceMobile. Spectrum enable us to provide more lanes for direct-to-device sale of broadband services at a faster speed and a greater capacity.

我們透過平衡成本和嚴格的資本配置，制定了全面的頻譜策略。透過對頻譜進行明智且經濟高效的投資，我們既能保全頻譜資產的價值，又能保障業務的長期生存能力。預計這項強大的產品組合將為 AST SpaceMobile 創造持久的競爭優勢。頻譜使我們能夠以更快的速度和更大的容量，為直接向設備銷售寬頻服務提供更多管道。

And lastly, we strengthened our financial footing significantly in the last few months, reaching over $3.2 billion in cash and liquidity as of quarter end, pro forma for our recent financial transaction and available liquidity under the ATM facility. We continue to fortify our capital base in a responsible way while building long-term shareholder value. As a result of our funding effort, we are now funded from cash on hand to enable continued service in a worldwide key strategic markets.

最後，在過去的幾個月裡，我們顯著增強了財務實力，截至季度末，我們的現金和流動性超過 32 億美元，這包括了我們最近的金融交易和 ATM 融資機制下的可用流動性。我們將繼續以負責任的方式鞏固資本基礎，同時創造長期股東價值。由於我們籌集資金，我們現在可以利用手頭現金繼續在全球關鍵策略市場提供服務。

In summary, our manufacturing and launch activity are on plan and our commercial activities are accelerating. We anticipate an active manufacturing and launch cadence for the remaining of 2025 through 2026 as we progress towards our stated goal of [45 to 60] satellites for continued service coverage in key markets like the United States, Europe, Japan, Saudi Arabia and other key strategic markets like the US government.

總而言之，我們的生產和上市活動正在按計劃進行，我們的商業活動正在加速。我們預計在 2025 年剩餘時間到 2026 年期間，我們將保持積極的製造和發射節奏，朝著我們既定的目標邁進，即為美國、歐洲、日本、沙烏地阿拉伯等主要市場以及美國政府等其他重要戰略市場持續提供 [45 至 60] 顆衛星的服務覆蓋。

We're advancing our commercial activities on the growth -- on the ground, installing gateways, integrating them into partner networks and completing key technology demonstrations around the world as we scale our constellation. We have built moats around multiple assets of our business, including our extensive IP portfolio with approximately 3,800 patented pending claims, satellite technology, partner ecosystem, comprehensive global spectrum strategy and a strong capital base. I could not be more excited for what's come as we continue to run commercial activity going into 2026.

隨著我們衛星星座的擴展，我們正在推動商業活動的成長——在地面上安裝網關，將它們整合到合作夥伴網路中，並在世界各地完成關鍵技術演示。我們已圍繞該公司的多項資產構築了護城河，包括我們廣泛的智慧財產權組合（約有 3,800 項正在申請專利）、衛星技術、合作夥伴生態系統、全面的全球頻譜策略和強大的資本基礎。對於我們即將進行的商業活動，以及2026年的發展前景，我感到無比興奮。

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

現在我將把電話交給史考特，讓他詳細介紹我們的進展和舉措。

Thank you, Abel. We have been making rapid and continuous progress against our key business initiatives. Specifically, the third quarter was marked by milestone achievements as we develop our commercial ecosystem, delivering on our previously stated goals of definitive commercial agreements, nondilutive service prepayments and long-term revenue commitments.

謝謝你，亞伯。我們在關鍵業務舉措方面取得了快速且持續的進展。具體而言，第三季我們取得了里程碑式的成就，發展了我們的商業生態系統，實現了我們先前提出的目標，即達成最終的商業協議、非稀釋性服務預付款和長期收入承諾。

Most significantly, we are thrilled to announce today for the first time that we have now secured over $1 billion in aggregate contracted revenue commitments from our commercial partners. These revenue commitments have always been integral to our comprehensive capital raising strategy but also provide a powerful validation of our ecosystem partner strategy, our business model and the massive size of the direct-to-device market we are creating.

最重要的是，我們今天非常興奮地宣布，我們已從商業合作夥伴那裡獲得了超過 10 億美元的總合約收入承諾。這些收入承諾一直是我們全面融資策略的重要組成部分，同時也有力地驗證了我們的生態系統合作夥伴策略、商業模式以及我們正在創建的龐大的直接面向設備的市場規模。

For some context, AST SpaceMobile has incredible strategic assets, including our breakthrough technology, vertically integrated manufacturing capabilities, long-term spectrum access and an ecosystem partner strategy that has set the stage for our commercialization strategy, which is really taking shape. Since our last public update, we signed two additional definitive commercial agreements with Verizon and Saudi Telecom Group. These agreements represent years of relationship building and organizational alignment and are the business and legal frameworks through which future services and revenue will flow.

簡單介紹一下背景，AST SpaceMobile 擁有令人難以置信的戰略資產，包括我們的突破性技術、垂直整合的製造能力、長期頻譜接入以及生態系統合作夥伴戰略，這些都為我們的商業化戰略奠定了基礎，而我們的商業化戰略也正在逐步成形。自從我們上次公開更新以來，我們與 Verizon 和沙烏地阿拉伯電信集團簽署了兩項新的最終商業協議。這些協議代表了多年的關係建立和組織協調，也是未來服務和收入流動所依據的業務和法律架構。

These agreements represent a key step in our commercialization journey as we significantly expand our relationship with two additional incredible operators, hold from our ecosystem of over 50 leading global mobile network operator partners who collectively cover nearly 3 billion subscribers. This adds to previous definitive commercial agreements signed with AT&T and Vodafone.

這些協議標誌著我們在商業化進程中邁出了關鍵一步，我們與另外兩家優秀的營運商建立了顯著的合作關係，這些營運商是我們擁有超過 50 家全球領先行動網路營運商合作夥伴的生態系統的一部分，這些合作夥伴總共覆蓋了近 30 億用戶。這是對先前與AT&T和沃達豐簽署的最終商業協議的補充。

Our strategy is to continue to sign similar agreements with more of our top partners on a rolling basis as we prioritize initial global services on the AST SpaceMobile network.

我們的策略是繼續與更多頂級合作夥伴滾動簽署類似協議，同時優先考慮在 AST SpaceMobile 網路上提供初始全球服務。

As you know, Verizon is a very important partner as we develop the US market and target full geographic coverage of the continental United States. This agreement, of course, builds on the strategic partnership with Verizon announced last year with a $100 million commitment. Together with AT&T, we plan to deploy services next year with two of the major US mobile network operators.

如您所知，Verizon 是我們開發美國市場並力爭實現美國大陸全面地理覆蓋的重要合作夥伴。當然，這項協議建立在去年宣布與 Verizon 建立的戰略合作夥伴關係之上，當時 Verizon 承諾投資 1 億美元。我們計劃明年與 AT&T 合作，與美國兩家主要的行動網路營運商共同部署服務。

Moving to Saudi Telecom Group or STC. This is an innovative, leading mobile network operator partner in the Gulf region, who we first signed an MOU with in early 2023. This agreement signed just last month provides a framework for direct-to-device services across the Middle East and North Africa. Importantly, this agreement also included a prepayment of $175 million to be made by the end of 2025 and a significant long-term commercial revenue commitment

轉投沙特電信集團（STC）。這是海灣地區一家創新的領先行動網路營運商合作夥伴，我們於 2023 年初首次與其簽署了諒解備忘錄。這項上個月剛簽署的協議為中東和北非地區的直接設備服務提供了一個框架。值得注意的是，該協議還包括在2025年底前預付1.75億美元，以及一項重要的長期商業收入承諾。

Lastly, we announced our intention to further deepen our ties in Europe through the SAT Co joint venture with Vodafone, announcing a constellation of mid-band satellites dedicated for the EU. These satellites will provide a scalable European satellite mobile broadband service for use by mobile network operators and for the benefit of all European citizens, businesses and public sector organizations. This step represents further accretive organic growth opportunities available to the AST SpaceMobile platform facilitated by our first-mover advantages in space-based cellular broadband, our development of the commercial ecosystem as well as our recent strong capital markets access to growth capital.

最後，我們宣布了透過與沃達豐成立的 SAT Co 合資企業進一步深化我們在歐洲的聯繫的計劃，並宣布將為歐盟部署一個中頻段衛星星座。這些衛星將為行動網路營運商提供可擴展的歐洲衛星行動寬頻服務，造福所有歐洲公民、企業和公共部門組織。這項舉措代表著 AST SpaceMobile 平台可獲得的進一步的有機成長機會，這得益於我們在天基蜂窩寬頻領域的先發優勢、我們對商業生態系統的開發以及我們最近在資本市場獲得的強勁增長資本。

Satco based in Luxembourg is continuing to scale with key leadership and employee hires, accelerating our commercialization efforts in Europe, with MOUs signed in 21 of 27 member states to date.

總部位於盧森堡的 Satco 正在透過關鍵領導層和員工的招募不斷擴大規模，加速我們在歐洲的商業化進程，迄今已在 27 個成員國中的 21 個簽署了諒解備忘錄。

Linking our strategies back to third quarter performance, we grew to double-digit revenue with approximately $15 million of recognized revenue on the back of milestones in our US government contracts and delivery and installation of gateway equipment versus approximately $2 million in the prior quarter. This represents continued progress with our US government work and the acceleration of gateway deliveries and installations with our mobile network operator customers in the US and globally.

將我們的策略與第三季的業績聯繫起來，我們實現了兩位數的收入成長，確認收入約為 1500 萬美元，這得益於我們在美國政府合約中取得的里程碑式進展以及網關設備的交付和安裝，而上一季約為 200 萬美元。這代表著我們與美國政府的合作持續取得進展，以及我們在美國和全球範圍內向行動網路營運商客戶交付和安裝網關的速度加快。

With this progress and our expectations going into year-end, we continue to expect second half 2025 revenue in the range of $50 million to $75 million. We also replenished the pipeline of Gateway bookings with approximately $14 million in new gateway equipment sales during Q3 and we continue to believe we will book over $10 million of new gateway equipment sales per quarter on average.

根據目前的進展和我們對年底的預期，我們繼續預計 2025 年下半年的收入將在 5,000 萬美元至 7,500 萬美元之間。第三季度，我們透過約 1,400 萬美元的新網關設備銷售補充了網關預訂管道，我們仍然相信，平均每個季度我們將獲得超過 1,000 萬美元的新網關設備銷售額。

For a little more detail on our US government business, our breakthrough technology continues to garner interest from many US defense and government entities for both dedicated and dual-use applications. Our differentiated technology and growing list of capabilities across communications and noncommunications use cases fits nicely within the framework of the current administration's space and on-orbit plans.

關於我們與美國政府的業務，更多詳情如下：我們的突破性技術持續吸引許多美國國防和政府機構的關注，可用於專用和兩用應用。我們在通訊和非通訊應用領域擁有差異化的技術和不斷增長的能力，這與本屆政府的太空和在軌計劃框架非常契合。

This is the most positive backdrop for US government investment in space since the space race of the 1960s. We see no change to this massive trend over the past few months despite the government shutdown. In fact, we recently received an award as a prime contractor with the US government, subject to final contract negotiations when the government reopens.

這是自1960年代太空競賽以來，美國政府在太空領域投資的最有利背景。儘管政府停擺，但過去幾個月來，我們看到的巨大趨勢並沒有改變。事實上，我們最近獲得了美國政府的主要承包商合同，但最終合約談判仍需等到政府重新開放後才能進行。

In summary, we continue to ramp our US government efforts as we plan for large contracts going forward. Overall, we are encouraged with our commercialization progress to date and believe our recent achievements across both commercial and government initiatives serve as important signals of our continued positive momentum.

總而言之，我們將繼續加大對美國政府的投入，為未來的大型合約做準備。總的來說，我們對迄今為止的商業化進展感到鼓舞，並相信我們最近在商業和政府項目方面取得的成就，是我們持續積極發展勢頭的重要信號。

I'm now happy to pass the call over to Andy to walk through our financial update.

現在我很高興把電話交給安迪，讓他來介紹我們的財務最新情況。

Thanks, Scott, and good afternoon, everyone. The progress on commercial objectives, service activation, scaled manufacturing and launch of our Block 2 Bluebird satellites described by Abel and Scott was complemented by the continued strength and flexibility of our financial position during the third quarter of 2025. This year has been characterized by rapid growth at AST SpaceMobile, the transition from an emerging R&D-focused start-up to an operating company on the path to optimizing our manufacturing and launch cadence has been hard yet invigorating and gratifying work for our now nearly 1,800 person worldwide workforce.

謝謝你，斯科特，大家下午好。Abel 和 Scott 所描述的我們在商業目標、服務活化、規模化製造和 Block 2 Bluebird 衛星發射方面取得的進展，與我們 2025 年第三季財務狀況的持續強勁和靈活性相輔相成。今年，AST SpaceMobile 經歷了快速成長，從一家新興的研發新創公司轉型為營運公司，並致力於優化我們的製造和發射節奏。對於我們目前遍布全球的近 1800 名員工來說，這是一項艱鉅但令人振奮和欣慰的工作。

The speed at which we are moving across all operational fronts to manufacture and launch a Constellation 45 to 60 Block 2 Bluebird satellites creates a dynamic financial backdrop that I am pleased to share with you in more detail today. We continue to balance a prudent approach to our spending while moving quickly to protect and capitalize on our first-mover advantage of bringing space-based broadband connectivity, direct unmodified smartphones in the rapidly growing direct device market.

我們在所有營運方面都在快速推進，以製造和發射第 45 至 60 顆 Block 2 藍鳥星座衛星，這創造了一個充滿活力的財務環境，我很高興今天能與大家更詳細地分享。我們繼續在謹慎支出方面保持平衡，同時迅速行動，保護並利用我們在快速增長的直接設備市場中提供基於太空的寬頻連接和直接未改裝智慧型手機方面的先發優勢。

This intentional focus on investing in our operational growth led to increased operating expenses in Q3, while capital expenditures decreased from the prior quarter as capital commitments ebb and flow as expected from quarter-to-quarter. Importantly, this quarter marked the start of our revenue ramp with revenue from commercial hardware sales, services and contract awards from our US government milestone achievements.

由於我們有意專注於投資營運成長，導致第三季營運費用增加，而資本支出較上一季度有所下降，因為資本承諾會像預期那樣逐季度波動。重要的是，本季標誌著我們收入開始成長，收入來自商業硬體銷售、服務以及我們在美國政府取得的里程碑式成就所獲得的合約。

Moving to the operating and capital metrics slide. Let's review the key operating metrics for the third quarter of 2025. On the first chart, for the third quarter, we incurred non-GAAP adjusted operating expenses of $67.7 million versus $51.7 million in the second quarter. As a reminder, non-GAAP adjusted operating expenses exclude some noncash operating costs, including depreciation and amortization and stock-based compensation.

接下來是營運和資本指標投影片。讓我們回顧一下 2025 年第三季的關鍵營運指標。從第一張圖表可以看出，第三季我們產生了非GAAP調整後的營運費用6770萬美元，而第二季為5,170萬美元。提醒一下，非GAAP調整後的營運費用不包括一些非現金營運成本，包括折舊和攤提以及股票選擇權費用。

This quarter-over-quarter increase of $16.0 million resulted from a $7.6 million increase in adjusted engineering service costs, a $5.5 million increase in the cost of goods sold and a $3.8 million increase in adjusted general and administrative costs, which were partially offset by an approximately $900,000 reduction in R&D costs. This variance in adjusted OpEx in Q3 was above the quarterly guidance I provided after the second quarter due in part to the approximately $7.1 million of nonrecurring transaction-related expenses, including our L-band and S-band spectrum transactions, the nonrecourse senior secured delayed draw term loan facility and now completed pre-regulatory approval bridge loan in addition to the continued work of standing up our joint venture with Vodafone, which we launched in the second quarter.

本季環比成長 1,600 萬美元，其中調整後的工程服務成本增加 760 萬美元，銷售成本增加 550 萬美元，調整後的一般及行政成本增加 380 萬美元，但研發成本減少約 90 萬美元，部分抵銷了上述成長。第三季調整後營運支出的差異高於我在第二季後提供的季度指導，部分原因是約 710 萬美元的非經常性交易相關支出，包括我們的 L 波段和 S 波段頻譜交易、無追索權高級擔保延期提取定期貸款安排以及現已完成的監管前批准過渡貸款，此外還有我們與沃達豐在第二季度啟動的合資企業的持續工作。

The Q3 adjusted operating expenses guidance I gave in our last earnings call did not include any cost of goods sold related to gateway sales. If you compare our Q3 operating expenses on that same basis by excluding the $5.5 million in cost of goods sold, our run rate operating expense would be $55.1 million, which is approximately $5 million more than the run rate guidance for adjusted OpEx previously provided.

我在上次財報電話會議上給出的第三季調整後營運費用預期不包括與門戶銷售相關的任何銷售成本。如果按照同樣的標準，排除 550 萬美元的銷售成本，將我們第三季的營運費用進行比較，那麼我們的營運費用將為 5,510 萬美元，比之前提供的調整後營運費用的預期值高出約 500 萬美元。

Turning towards the second chart on this slide. Our capital expenditures for the third quarter of 2025 were approximately $259 million versus $323 million for the second quarter of 2025. This figure was made up of approximately $231 million of capitalized direct materials, labor for our Block II Bluebird satellites and payments made in connection with multiple launch contracts with the balance relating to facility and production equipment expenditures. This amount was just below the midpoint of the quarterly guidance of $225 million to $300 million that I provided during our last earnings call.

接下來請看這張投影片上的第二張圖表。2025 年第三季我們的資本支出約為 2.59 億美元，而 2025 年第二季為 3.23 億美元。該數字由約 2.31 億美元的資本化直接材料、Block II Bluebird 衛星的人工以及與多個發射合約相關的付款組成，其餘部分與設施和生產設備支出有關。這個金額略低於我在上次財報電話會議上給出的季度預期值 2.25 億美元至 3 億美元的中點。

For the fourth quarter of 2025, we estimate that our adjusted operating expenses, excluding cost of goods sold, will come in at a similar range in the mid-$60 million. as we continue to design, manufacture, launch and operate our growing satellites constellation as well as pursue the monetization of our L and S-band spectrum usage rights. We expect our capital expenditures to increase slightly in Q4 of 2025 as compared to the third quarter to a range of $275 million to $325 million, primarily driven by the timing of launch payments related to our near-term launches, which, as I've previously explained, do vary from quarter to quarter.

我們預計，2025 年第四季度，經調整後的營運費用（不包括銷售成本）將與 6,000 萬美元左右的水準相近。我們將繼續設計、製造、發射和營運我們不斷增長的衛星星座，並尋求將我們的 L 波段和 S 波段頻譜使用權貨幣化。我們預計 2025 年第四季的資本支出將比第三季略有增加，達到 2.75 億美元至 3.25 億美元，這主要是由於與我們近期產品發布相關的啟動付款時間安排所致，正如我之前解釋的那樣，這些付款時間每個季度都會有所不同。

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 cost that I've provided since our Q1 2025 earnings.

我們繼續估計，我們90多顆Block 2藍鳥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。這與我們自 2025 年第一季財報發布以來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 could impact our costs. Within our go-forward OpEx profile, we continue to believe that the operation of a constellation of 25 Bluebird satellites will allow us to enable noncontinuous space mobile service in selected targeted geographical markets and should enable us to potentially generate cash flows from operating activities from both commercial and US government opportunities to further support the buildup of the remaining constellation.

我們對每顆衛星的成本估算會受到動態地緣政治因素的影響而波動，這可能會影響我們的成本。在我們的未來營運支出計畫中，我們仍然相信，營運由 25 顆藍鳥衛星組成的星座將使我們能夠在選定的目標地理市場提供非連續性空間移動服務，並且應該能夠讓我們有可能從商業和美國政府的運營活動中產生現金流，以進一步支持剩餘星座的建設。

As a reminder, the timing of the changes in our adjusted operating expenses and capital expenditures, as I have just described, could be delayed or may not be realized due to a variety of factors.

再次提醒大家，正如我剛才所描述的，我們調整後的營運費用和資本支出的變化時間可能會因各種因素而延遲或無法實現。

Our revenue ramp began in earnest during the third quarter, and we expect it to continue to grow in Q4. With respect to revenue generation, we believe we can enable continuous space mobile 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 and additional strategic worldwide markets with the launch and operation of approximately 90 Bluebird satellites. Further, as we continue to launch and deploy our constellation, we will continue to support US government applications currently ongoing and accelerating as our constellation grows.

我們的營收成長在第三季真正開始，我們預計第四季將繼續成長。在創收方面，我們相信，透過發射和營運約 45 至 60 顆藍鳥衛星，我們可以在美國、歐洲、日本和其他戰略市場等主要市場實現持續的太空移動服務；透過發射和營運約 90 顆藍鳥衛星，我們可以在其他全球戰略市場實現持續的太空移動服務。此外，隨著我們不斷發射和部署我們的星座，我們將繼續支持美國政府目前正在進行且隨著我們星座的增長而加速發展的應用。

In the third quarter, we recognized GAAP revenue of $14.7 million, primarily driven by gateway hardware sales and various commercial and US government service milestone achievements. Additionally, in Q3, we completed initial technical trials with an MNO partner, which revenue will be accounted for as we provide future services.

第三季度，我們確認了 GAAP 收入 1,470 萬美元，主要得益於網關硬體銷售以及各種商業和美國政府服務里程碑的實現。此外，在第三季度，我們與一家行動網路營運商合作夥伴完成了初步的技術試驗，這部分收入將在我們未來提供服務時計入收入。

We are reiterating our belief that we have a revenue opportunity for 2025 in the range of $50 million to $75 million and expect revenue in Q4 will continue to be driven by gateway equipment sales, achievement of US government milestones and recognition of initial commercial service revenue. The achievement of our revenue plan remains subject to 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 space mobile service; and three, 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，我們相信 2025 年的收入機會將在 5000 萬美元至 7500 萬美元之間，並預計第四季度的收入將繼續由網關設備銷售、美國政府里程碑的實現以及初始商業服務收入的確認來推動。我們收入計畫的實現仍取決於幾個因素，包括：一、與美國政府應用合約里程碑目標相關的Block 2藍鳥衛星的成功發射和部署；二、向我們的行動網路營運商合作夥伴銷售關鍵網關設備，以支援他們預期的太空行動服務商業化工作；三、與我們現有和計畫部署和運行的衛星提供的商業服務激活相關的服務收入。我們無法保證能夠實現這些目標中的任何一個或全部，而且我們的實際收入結果會因多種因素而異。

Finally, on the final chart on the slide, on a pro forma basis, inclusive of cash raised in October via the convertible notes offering with a 2.00% 10-year coupon and an effective strike price of $96.30 per share, and the currently available liquidity under the at-the-market or ATM facility, our cash, cash equivalents and restricted cash as of September 30, 2025, was approximately $3.2 billion. Primary drivers for this cash increase include execution of two convertible notes offerings in July and October for a total of approximately $1.6 billion of net proceeds, approximately $389 million net proceeds raised from the 2025 ATM facilities during Q3 and through October and the unwinding of the CAP call that we purchased earlier this year in connection with the January 2025 convertible note offering for $74.5 million of proceeds to the company.

最後，在投影片的最後一張圖表中，按備考基準計算，包括 10 月份透過可轉換債券發行籌集的現金（票面利率為 2.00%，10 年期，有效行權價為每股 96.30 美元），以及目前在市價或 ATM 融資機制下可用的流動性，截至 2025 年 9 月 30 日等價物此次現金增加的主要驅動因素包括：7 月和 10 月執行了兩項可轉換債券發行，總計淨收益約 16 億美元；第三季度及 10 月份通過 2025 年 ATM 融資籌集了約 3.89 億美元的淨收益；以及今年早些時候我們購買的與 2025 年 1 月可轉換債券發行相關的 CAP 期權發行相關的 CAP 期權。

addition to the work we did raising additional capital via the recent 2% 10-year convertible notes, we also took action since our last earnings call by further reducing our outstanding debt related to the January 2025 convertible notes due in 2032. Among three equitization transactions, including another $50 million equitized in October, we have now converted $410 million of the outstanding $460 million of the 4.25% convertible notes due in 2032 into 17.3 million Class A shares. We now have just $50 million of outstanding notes related to our January 2025 convertible notes due in 2032.

除了我們最近透過發行 2% 的 10 年期可轉換票據籌集額外資金外，自上次財報電話會議以來，我們還採取了進一步減少與 2025 年 1 月到期、2032 年到期的可轉換票據相關的未償債務的措施。在三筆股權化交易中（包括 10 月完成的 5,000 萬美元股權化），我們目前已將 2032 年到期的 4.25% 可轉換票據中未償還的 4.6 億美元中的 4.1 億美元轉換為 1,730 萬股 A​​ 類股票。目前，我們僅有 5,000 萬美元的未償票據，這些票據與我們 2025 年 1 月發行、2032 年到期的可轉換票據相關。

I should also mention that, subsequent to Q3, in October, we put in place a bridge facility to manage onetime payments related to the Ligado L-band usage rights transaction ahead of planned funding by the SPV delayed draw term loan upon receiving FCC approval.

我還應該提到，在第三季之後，我們在 10 月設立了一個過渡性融資機制，用於管理與 Ligado L 波段使用權交易相關的一次性付款，以便在獲得 FCC 批准後，透過 SPV 延期提取定期貸款進行計劃融資。

Given the current strength of our balance sheet that now includes cash, cash equivalents and restricted cash and available liquidity under the ATM facility of over $3.2 billion on a pro forma basis as of September 30, we are fully funded to manufacture and launch a constellation of over 100 satellites to provide worldwide space mobile service. The combination of increasing commercial and government opportunities, rapidly scaling manufacturing and satellite launch operations and a fortified balance sheet position AST SpaceMobile for an exciting end to 2025.

鑑於我們目前的資產負債表實力雄厚，截至 9 月 30 日，按備考基準計算，現金、現金等價物、受限現金以及 ATM 融資機制下的可用流動性超過 32 億美元，我們已獲得充足的資金來製造和發射由 100 多顆衛星組成的星座，以提供全球太空移動服務。商業和政府機會的增加、製造和衛星發射業務的快速擴張以及資產負債表的增強，使 AST SpaceMobile 在 2025 年底迎來令人興奮的發展。

Through the third quarter of 2025, we remain on target to execute against our plans to bring space mobile service to market in the coming periods as we begin to launch our Block 2 BlueBird satellites beginning in December.

到 2025 年第三季度，我們仍將按計劃推進太空移動服務在未來一段時間內推向市場，我們將從 12 月開始發射 Block 2 BlueBird 衛星。

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

至此，我們業務更新電話會議的演示部分就結束了，接下來我將把會議交還給斯科特。謝謝。

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。在回答分析師提出的問題之前，我想先回答一些投資人提出的問題。接線生，請您先問第一個問題好嗎？

Kevin from Vancouver asks, what is the difference in processing capacity between Block 2 FPGA satellites and Block 2 ASICs?

來自溫哥華的 Kevin 問：Block 2 FPGA 衛星和 Block 2 ASIC 的處理能力有什麼不同？

Hi, Kevin, that's a great question. Listen, we have been improving, on a ten-fold steps, our processing capacity for the satellites. We started with 100 megahertz on Bluewalker 3, which, by the way, is still working on functioning, then to upgrade it to 1 gigahertz, which is the current -- so a tenfold increase with the current satellite or current orbit in operations. And then the one that we're starting to launch immediately here have another increased factor of 10 gigahertz -- going up to 10 gigahertz for 9 gigahertz so another [10x] factors.

嗨，凱文，這是一個很好的問題。聽著，我們一直以十倍的速度提升衛星的處理能力。我們最初在 Bluewalker 3 上使用了 100 兆赫茲的頻率，順便說一句，它目前仍在運行中，然後將其升級到 1 吉赫茲，這是目前的頻率——因此，與當前運行中的衛星或當前軌道相比，頻率提高了十倍。然後，我們即將推出的這款產品，其性能又提升了 10 吉赫茲——從 9 吉赫茲提升到 10 吉赫茲，也就是又提升了 10 倍。

When you combine the processing capacity that we have on the satellites with the AI engine that we're developing to basically managing very efficiently the spectrum allocation of both power and bandwidth, this is a very -- this is the way that we do the -- through broadband connectivity from the space. And that -- for that, we developed our own chip. We call it the [AST 5000] that had a processing capacity to 10 gigahertz with enhanced features to take the most of the 10 gigahertz using our AI engines.

當我們把衛星上的處理能力與我們正在開發的 AI 引擎結合起來，從而能夠非常有效率地管理功率和頻寬的頻譜分配時，這就是我們實現從太空進行寬頻連接的方式。為此，我們開發了自己的晶片。我們稱之為 [AST 5000]，它具有 10 吉赫茲的處理能力，並增強了功能，利用我們的 AI 引擎最大限度地發揮 10 吉赫茲的性能。

Alvin from Massachusetts asks, as a forward-looking investor, I would like to know if the company is weighing the benefits of AI for its spectrum management.

來自馬薩諸塞州的阿爾文問道：“作為一名前瞻性的投資者，我想知道該公司是否正在權衡人工智能對其頻譜管理的益處。”

We are more than waiting the benefit. We're working on it. We are implementing our AI engine or managing and administrating the spectrum. Each satellite had a capacity of 10 gigahertz processing bandwidth, but we feel that, effectively, we multiply that by several factors by effectively managing the allocation of spectrum and resources dynamically across the network using AI. And that's all that we've been working for a while.

我們不僅僅是在等待好處。我們正在努力。我們正在部署我們的人工智慧引擎，或管理和營運頻譜。每顆衛星的處理頻寬容量為 10 吉赫茲，但我們認為，透過使用人工智慧有效地管理整個網路中的頻譜和資源的動態分配，實際上可以將這個容量提高好幾倍。這就是我們一段時間以來一直在做的全部工作。

Thus, the system the sale have already been designed to have all the hooks and all the management capability, trading maximum benefit of AI on spectrum management.

因此，銷售系統已經設計成具備所有介面和管理能力，最大限度地利用人工智慧在頻譜管理方面的優勢。

When you think about that, in average, terrestrial operators have per market in countries like United States, maybe around 250 megahertz to deploy spectrum between our own spectrum and spectrum provided by the operators, we -- yes, in the United States alone, we have access to around 80 megahertz. We will have access to around 80 megahertz of spectrum, 50 to be our own. And then you add an AI -- our AI engine to basically multiply that spectrum and make them much more efficient. This is a very significant new leg of the telco stack. So we see a world where you have WiFi, terrestrial.

仔細想想，在像美國這樣的國家，地面運營商平均每個市場可能只有大約 250 兆赫茲的頻譜資源，用於在我們自己的頻譜和運營商提供的頻譜之間部署頻譜。而我們——是的，光是在美國，我們就擁有大約 80 兆赫茲的頻譜資源。我們將可以使用大約 80 兆赫茲的頻譜，其中 50 兆赫茲是我們自己的。然後，我們再加入人工智慧——我們的人工智慧引擎，從根本上擴大這個範圍，使它們更有效率。這是電信技術堆疊中一個非常重要的新組成部分。所以我們看到一個既有無線網路又有地面網路的世界。

And now with the amount of capacity and spectrum that we can manage with our satellites and our AI engine to basically effectively use that spectrum, we believe that the usage of satellite become more and more and more relevant as we add satellites and then we add spectrum to the system.

現在，憑藉我們的衛星和人工智慧引擎能夠管理的容量和頻譜，我們可以有效地利用這些頻譜，我們相信，隨著衛星數量的增加和頻譜的擴充，衛星的使用將變得越來越重要。

Kevin from Oregon asks, with the next series of launches starting possibly next month at Cape Canaveral, I have been wondering if or how AST SpaceMobile will structure a future launch event for retail shareholders.

來自俄勒岡州的凱文問道：鑑於下一批發射可能將於下個月在卡納維拉爾角開始，我一直在想 AST SpaceMobile 是否會以及如何為散戶股東安排未來的發射活動。

Thanks, Kevin, for the question. As you can tell from the topics on this call, we're very, very much in a commercial mindset at this point and moving towards service delivery. But nonetheless, the launch campaign is very exciting, and we're very excited as well. We just shipped BlueBird 6. We're getting ready to ship BlueBird 7 and the rest of the BlueBirds are starting to come out of the factory.

謝謝凱文的提問。從本次電話會議的主題可以看出，我們目前非常注重商業思維，並且正朝著服務交付的方向發展。不過，這次發布活動非常令人興奮，我們也感到非常興奮。我們剛剛出貨了BlueBird 6。我們正準備出貨 BlueBird 7，其餘的 BlueBird 也開始陸續出廠了。

So we're very excited about the launch campaign. It's going to be a fantastic stretch of launches. And just like with our last launch where we had about 1,000 retail investors, we plan to invite as many as we can to the launch, and it's -- in each of the launches. So it's going to be a great campaign. We're super thrilled and 5 launches before the end of Q1 2026 and our 45 to 60 satellites during 2026.

所以我們對這次推廣活動感到非常興奮。這將是一系列精彩的產品發表。就像我們上次推出產品時有大約 1000 名散戶投資者一樣，我們計劃邀請盡可能多的散戶投資者參加這次產品發布會，而且——在每次產品發布會上都是如此。所以這將會是一場精彩的競選活動。我們非常激動，在 2026 年第一季末之前將進行 5 次發射，並在 2026 年發射 45 至 60 顆衛星。

There's going to be a lot of opportunities for retail to come see, and we hope everybody comes along to participate on this journey with us.

零售業將迎來許多機遇，我們希望大家都能與我們一起參與這段旅程。

Roper from Zurich asks, despite confirming fully funded for a full constellation through balance sheet cash and future revenue, why was additional capital raised.

來自蘇黎世的羅珀問道，儘管資產負債表上的現金和未來的收入已經足以支付整個星座的全部資金，為什麼還要籌集額外的資金。

I'll take that. This is Andy. Rupert, thank you for the question. It's clear that 2025 has been a fantastic opportunity for AST to access the capital markets. It's been a great climate for that.

我接受。這是安迪。魯伯特，謝謝你的提問。很明顯，2025 年對 AST 來說是一個進入資本市場的絕佳機會。目前的氣候條件非常有利於這種情況的發生。

And as you point out, we recently completed our third convertible note deal of the year, the first in January, the second in July and the third one just recently last month. This was an incredible transaction for us and strengthening the balance sheet. As a reminder, we were able to raise net proceeds of a little over $1 billion at a 2% coupon with a 10-year term, a convertible note deal that hasn't been done in many, many years. So we're very happy with that result. The opportunity was there.

正如您所指出的，我們最近完成了今年的第三筆可轉換債券交易，第一筆是在 1 月份，第二筆是在 7 月份，第三筆是在上個月。這筆交易對我們來說意義非凡，也增強了我們的資產負債表。提醒一下，我們成功籌集了略高於 10 億美元的淨收益，票面利率為 2%，期限為 10 年，這是一筆很多很多年都沒有進行過的可轉換債券交易。所以我們對這個結果非常滿意。機會就在那裡。

And importantly, you point out, Rupert, that it is true, and we talked about it at the last earnings call, that we were previously fully funded for a constellation of 45 to 60 satellites. What this additional financing does is it provides us the ability to move faster with more flexibility on the balance sheet to go beyond those initial markets of the US, Europe, Japan and others that we talked about at 45 to 60 and to look worldwide in our coverage at a constellation of now being fully funded at 100-plus satellites.

更重要的是，魯伯特，你指出，這是事實，我們在上次財報電話會議上也談到過，我們之前確實獲得了充足的資金，可以建造一個由 45 到 60 顆衛星組成的星座。這項額外融資使我們能夠更快地行動，資產負債表更加靈活，從而超越我們先前在 45 到 60 號衛星中提到的美國、歐洲、日本等初始市場，將業務拓展到全球，構建一個目前已獲得全額資金支持的 100 多顆衛星的星座。

So consistent with our STC announcement, we are looking and working hard on commercial opportunities in other strategic markets across the world, and our balance sheet is now fortified to provide a runway to manufacture and launch satellites to support that worldwide constellation base. Thank you.

因此，正如我們先前宣布的STC一樣，我們正在世界各地其他戰略市場尋找和努力開發商業機會，我們的資產負債表現在已經得到加強，可以為製造和發射衛星以支持全球星座基礎提供資金支持。謝謝。

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，我要感謝各位股東提交這些問題。接線員，現在開始接受分析師提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yeah, hi, good evening, and thank you for the questions tonight. Congratulations on the funding activity during the quarter and the fully funded status. So I wanted to tie that back to the comments on the prepayments and the $1 billion contract to date. So what is your appetite or thoughts on future prepayment deals with customers, the commercial financial benefits to signing these now that you are fully funded. And then maybe part B to the question, if I could, any more broad detail around those prepayment contracts, whether they are for capacity subscribers. Any details on the broad terms would be helpful.

是的，大家好，晚上好，感謝大家今晚提出的問題。恭喜本季融資活動圓滿成功，並獲得全額資助。所以我想把這一點與之前關於預付款和迄今為止價值 10 億美元的合約的評論聯繫起來。那麼，您對未來與客戶達成預付款協議有何看法或想法？既然您現在資金充足，簽署這些協議能帶來哪些商業財務利益？然後，關於這個問題，如果可以的話，我想問一下關於這些預付費合約的更多細節，例如它們是否適用於容量用戶。有關條款的具體細節將很有幫助。

Michael, it's Scott here. So -- can you hear me okay?

邁克爾，我是史考特。所以——你能聽清楚我說話嗎？

Hey, I can.

嘿，我可以。

Thank you. Great. So our strategy for about two years now has been to pursue our very long funnel of agreements, right? We have 50-plus agreements with operators globally and we have nearly 3 billion subscribers. So the strategy has been started with our best partners who are most aligned, build out those relationships, build out those agreements and bring in prepayments and long-term capital -- long-term revenue commitments.

謝謝。偉大的。所以，我們這兩年的策略就是要推進我們漫長的協議流程，對吧？我們與全球營運商簽訂了 50 多項協議，擁有近 30 億用戶。因此，我們首先與最契合的最佳合作夥伴建立聯繫，發展這些關係，達成這些協議，並引入預付款和長期資本——長期收入承諾。

And so that strategy is unchanged. I think clearly, we have demonstrated access to the capital markets, but signing up these agreements with prepayments and commitments is still very much our strategy, and we'll balance all those factors appropriately. The way to think about them is relatively simple. Prepayments are for commercial services in the near term and the commitments can be near term, medium term, long term. And we balance each of those on each relationship and each situation is appropriate.

因此，這一策略保持不變。我認為很明顯，我們已經證明了我們能夠進入資本市場，但簽署這些包含預付款和承諾的協議仍然是我們的策略，我們將適當地平衡所有這些因素。思考它們的方法相對簡單。預付款用於近期商業服務，承諾期限可以是近期、中期或長期。我們在每段關係和每種情況下都會權衡這些因素，這樣才是合適的。

But the strategy is really unchanged. We think it's playing out well, and we're going to continue it.

但實際上，策略並沒有改變。我們認為目前進展順利，我們將繼續這樣做。

Great. Thank you guys so much.

偉大的。非常感謝大家。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Thank you. When you start manufacturing L-band satellites, do you intend to put L-band in S-band the same satellites? And also will you await formal FCC approval before starting to make those?

謝謝。當您開始製造 L 波段衛星時，您是否打算將 L 波段也套用到 S 波段的相同衛星上？另外，你們會在獲得美國聯邦通訊委員會（FCC）的正式批准後才開始生產嗎？

Hey, Mike, how are you? We plan to have a -- well, first of all, when we launch these satellites, they have all the three [GPP] frequencies, either in the low band or the mid-band, including all the MS S Band, the L and the S that we had acquired. Our plan is to interleave them between the low band and the mid-band. Now we're fully funded for doing that. And our plan is to start launching mid-band satellites by the end of next year. We want that to be in line with the road map that we have for -- in the US, Europe and Japan and now Saudi Arabia.

嘿，麥克，你好嗎？我們計劃——首先，當我們發射這些衛星時，它們將擁有所有三個[GPP]頻率，無論是在低頻段還是中頻段，包括我們已經獲得的所有MS S頻段、L頻段和S頻段。我們的計劃是將它們交錯放置在低頻段和中頻段之間。現在我們已經獲得了充足的資金來進行這項工作。我們的計畫是到明年年底開始發射中頻段衛星。我們希望這與我們在美國、歐洲、日本以及現在的沙烏地阿拉伯制定的路線圖保持一致。

And as we said, we're going to use this capital to basically more globally in both operator spectrum and our own spectrum and be able to combine in the network, both in order to facilitate 120 megabit per second basically everywhere that we deploy both our bands and the operator bands.

正如我們所說，我們將利用這筆資金在全球範圍內更廣泛地利用運營商頻譜和我們自己的頻譜，並在網路中將它們結合起來，以便在我們部署自己的頻段和運營商頻段的幾乎所有地方都能實現每秒 120 兆比特的速度。

Okay. And just a follow-up to that is your Saudi Telecom agreement, you anticipate to launch commercial services in the fourth quarter '26. So -- but I don't think you specified over what spectrum. And then the other part to that is if there were -- if I heard that there's additional service revenue commitments on top of the $175 million prepaid. Thank you.

好的。另外，關於您與沙烏地電信的協議，您預計將在 2026 年第四季推出商業服務。所以——但我認為你沒有具體說明是在哪個範圍內。另一方面，如果我聽說除了預付的 1.75 億美元之外，還有額外的服務收入承諾。謝謝。

I'll explain the -- how the agreement with STC works. But we are always starting with operator spectrum available in every device. So we focus on using spectrum that is 3GPP that is already on devices and how we're starting with STC and all our partners here in the US, in Europe, in Japan, will be no different in the Middle East region, led by Saudi Arabia.

我將解釋一下與STC的協議是如何運作的。但我們始終從每個設備可用的營運商頻譜開始。因此，我們專注於使用設備上已有的 3GPP 頻譜，我們與 STC 以及我們在美國、歐洲、日本的所有合作夥伴的合作方式，在以沙烏地阿拉伯為首的中東地區也不會有所不同。

And on the commitment, so we put forward this new disclosure, Mike, this quarter of over $1 billion of commitments. And those are not soft commitments. Those are designed to be very valuable to us and very indicative of future expectations and very valuable, both in the debt context and also as guidance to the equity market.

關於承諾，麥克，我們提出了這項新的披露，本季承諾金額超過 10 億美元。而這些並非軟性承諾。這些對我們來說非常有價值，能夠很好地反映未來的預期，無論是在債務方面，還是作為對股票市場的指導，都非常有價值。

So when we say we have over $1 billion of revenue commitments, those are very hard commitments. And so we purposely put that out and we're not going to identify that with individual customers or individual contracts. But I would point you to the STC press release. We did mention that there was a prepayment and then also a long-term revenue commitment. So we're not going to map that to individual contracts going forward, but it is our strategy, and we'll provide updates from time to time as appropriate.

所以當我們說我們有超過 10 億美元的收入承諾時，這些都是非常堅定的承諾。因此，我們特意發布了這條訊息，但我們不會將其與個別客戶或個別合約聯繫起來。但我建議您參考STC的新聞稿。我們確實提到過，會有一筆預付款，而且還有一項長期收入承諾。因此，我們不會將此策略應用到未來的個別合約中，但這是我們的策略，我們會根據情況不時提供最新資訊。

But very importantly, we're now over $1 billion in total, which is a good outcome for us in line with our strategy, and we think consistent with the customer excitement about us and the customer excitement about putting this product into their customer hands.

但非常重要的一點是，我們現在的總收入已經超過 10 億美元，這對我們來說是一個好結果，符合我們的策略，我們認為這與客戶對我們的熱情以及客戶將這款產品交付到他們客戶手中的熱情是一致的。

Great. Thank you very much.

偉大的。非常感謝。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

I had a few if I could. First, I know that you reiterated your launch timing guidance in terms of the number of launches you're targeting by the end of 1Q and the end of next year. It seems like the launch time line now has become a bit more compressed with some delays at the front end of the summer and into the fall. Just with that in mind, I wanted to ask you about your confidence in achieving the 5 launches by the end of 1Q and the 60 satellites by the end of next year. Is there any more risk now in that time line from your perspective?

如果可以的話，我想多吃幾個。首先，我知道您重申了您的發佈時間指導，即您計劃在第一季末和明年年底前完成的產品發布數量。現在看來，發佈時間表似乎變得更加緊湊，夏季初期和秋季可能會出現一些延誤。有鑑於此，我想問您對在第一季末完成 5 次發射以及在明年年底前發射 60 顆衛星的信心如何。從你的角度來看，現在這個時間線上是否有更大的風險？

And then separately, I wanted to ask you about the EU satellite constellation announcement. Are these satellites incremental to the plan? Or are they part of the existing 60 satellites by the end of next year. And if they are incremental, can you talk about the timing for launching them and what the CapEx and funding implications are?

另外，我還想單獨問一下關於歐盟衛星星座公告的問題。這些衛星是計畫中的新增項目嗎？或者它們是明年年底前現有的 60 顆衛星的一部分？如果這些措施是逐步實施的，您能否談談它們的推出時間以及資本支出和資金的影響？

And then lastly, related to that, there's been some talk in the market about AST winning part of the Iris Square mandate in Europe. Is that something that is happening? Is that real? Or is that just noise in the market? Thanks so much.

最後，與此相關的是，市場上有一些關於 AST 贏得 Iris Square 在歐洲部分業務委託的傳聞。這是正在發生的事情嗎？這是真的嗎？或者這只是市場噪音？非常感謝。

Okay. Bryan, I would try to set the question in three parts. Let me start with the launch, and I want to start with where are we with manufacturing. So by early 2026, Q1, first part of Q2, we will have 40 satellites built. So we are at 19, satellite 19 at the moment, and we are at a pace of 6 satellites a month starting in December.

好的。布萊恩，我會試著把問題分成三個部分來討論。讓我先從產品發布說起，我想先談談我們目前的生產製造。因此，到 2026 年初，即第一季或第二季上半場，我們將建成 40 顆衛星。所以，我們目前有 19 顆衛星，從 12 月開始，我們將以每月 6 顆衛星的速度發射衛星。

And that match very well with the launches that we had already financially committed and we are in the manifest of our partners -- our launch partners to take them starting the 1 in India, mid-December and then following the launches from the Cape to add up to the 5 launches by the end of Q1.

這與我們已經投入資金的發射計劃非常吻合，我們已列入合作夥伴的計劃清單——我們的發射合作夥伴將從 12 月中旬在印度開始，然後從開普敦開始發射，到第一季末總共發射 5 次。

So we feel very confident on our long campaign. This is been the culmination of our road map where we now have the ability to start launching by Q1, also our 10 gigahertz satellites that we plan to take the maximum out of them in the way that we manage that 10 gigahertz processing bandwidth satellites. So we feel very comfortable there.

因此，我們對這場持久戰充滿信心。這是我們路線圖的最終目標，我們現在有能力在第一季開始發射我們的 10 吉赫茲衛星，我們計劃最大限度地利用這些 10 吉赫茲處理頻寬衛星，並妥善管理它們。所以我們在那裡感覺很舒服。

As it relates to your question in Europe, I mean, we are an American company that operates globally. And as such, we were that market by market. Our go to market is exclusively through the partners and telcos that we operate with, I mean, including European markets. As you see the reception of what we're doing in Europe, jointly with Vodafone have been incredible. 21 of the 25 top operators in Europe have basically committed or expected to be part of the network and the constellation that we are building as part of our constellation but with certain features for European MNOs.

至於你提出的關於歐洲的問題，我的意思是，我們是一家在全球範圍內運營的美國公司。因此，我們逐一市場地進行銷售。我們的市場拓展完全透過與我們合作的合作夥伴和電信公司進行，我的意思是，包括歐洲市場。如您所見，我們與沃達豐在歐洲開展的工作獲得了巨大的迴響。在歐洲排名前25位的營運商中，有21家已經承諾或預期加入我們正在建構的網路和星座，該網路和星座是我們的星座的一部分，但會針對歐洲行動網路營運商（MNO）提供一些特定的功能。

And then that's really -- that add up to the 50-plus agreement that we had globally, reaching us over 3 billion subscribers that we can reach through the agreement that we have globally.

而這實際上——這些加起來就是我們在全球範圍內達成的 50 多項協議，透過這些協議，我們可以觸及超過 30 億用戶。

So Abel, just to clarify then, so you're saying that the satellites for this constellation are part of the existing plan. They're not incremental. Is that correct?

那麼，Abel，為了確認一下，你的意思是說，這個星座的衛星是現有計畫的一部分。它們並非漸進式的。是這樣嗎？

That's correct.

沒錯。

Okay. And then can you comment at all on the -- just the talk about Iris Squared and whether AST might be part of that. It seems like you could be well positioned for it given this announcement today or over the weekend.

好的。那麼，您能否就 Iris Squared 的討論以及 AST 是否可能參與其中發表一些評論呢？鑑於今天或週末發布的公告，你似乎已經做好了充分的準備。

Yes, we don't want to comment on new contract awards or anything like that. But given that we are already building a constellation with multiple capabilities, we think we're very well positioned for any country or any customer that's looking to get this capability, right? The incremental ability for us and the marginal economics for us to build out additional capabilities in orbit is very high, given our tech, given our manufacturing, given our existing ecosystem was created. So I think we're very well positioned for opportunities like that. But Bryan, we don't -- we're not going to comment on any new contracts right now.

是的，我們不想對新合約的授予或類似的事情發表評論。但鑑於我們已經在建立一個具有多種能力的星座，我們認為對於任何希望獲得這種能力的國家或客戶來說，我們都處於非常有利的地位，對吧？鑑於我們的技術、製造能力和現有生態系統，我們在軌道上建立額外能力的增量能力和邊際經濟效益非常高。所以我認為我們非常有能力抓住這樣的機會。但是布萊恩，我們現在不會對任何新合約發表評論。

Certainly. Understood. Thank you so much.

當然。明白了。太感謝了。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，坎托·菲茨杰拉德。

Hey, thank you for the question. I appreciate the sensitivity in terms of kind of Iris commentary, but maybe just talking about kind of your supply chain versus the European supply chain. I think when investors kind of saw the 2030 targets around Iris and sort of the recent headlines in terms of kind of antitrust and mergers between kind of the, we'll say, the existing supply chain folks for that domain, it's pretty obvious that's sort of like back and forth is going to limit their capabilities. So maybe without mentioning Iris, if you could maybe talk about kind of how you think about your aperture for additional bands and leveraging the economies of scale that you have to do more than just S, L and C band.

嘿，謝謝你的提問。我很欣賞 Iris 評論中的這種敏感之處，但或許可以談談你們的供應鏈與歐洲供應鏈之間的差異。我認為，當投資者看到 Iris 的 2030 年目標，以及最近有關反壟斷和併購的新聞頭條時，很明顯，這種來回博弈將會限制他們的能力。所以，或許可以不提 Iris，談談您是如何考慮為其他波段設定光圈，以及如何利用規模經濟來實現除了 S、L 和 C 波段之外的更多功能。

Yes. I mean -- well, first of all, our platform, it is designed to basically capture over 1,000 megahertz of spectrum that can be tuned across all three GPP bands in the low band and the mid-band. So we basically design our network where we can take any band in any country as long as 3GPP, as long it's in devices, we can tune into it. So -- and our incremental cost for that is practically zero because that is all software defined.

是的。我的意思是——首先，我們的平台旨在捕獲超過 1000 兆赫茲的頻譜，可以在低頻段和中頻段的所有三個 GPP 頻段上進行調諧。因此，我們基本上設計的網路可以支援任何國家的任何頻段，只要是 3GPP 協定的設備，我們就可以存取。因此——而且我們的增量成本實際上為零，因為這一切都是軟體定義的。

In term of, we will manufacture on how -- who we are. We are an American company. We manufacture in the United States. We are based in Midland, Texas, and -- but we operate globally. So -- and we're in the business of partnering with the MNOs, which are local, are in the local jurisdictions.

就製造而言，我們將取決於我們是誰。我們是一家美國公司。我們在美國生產。我們總部位於德克薩斯州米德蘭市，但我們的業務遍及全球。所以——我們的業務是與本地的行動網路營運商 (MNO) 合作，這些營運商位於當地的管轄範圍內。

We partner with them. They provide the spectrum. Sometimes we bring our own spectrum and complement that in order to deliver the best experience possible in the future for the end user device that basically, no matter what phones they're using and they get [120] megabit per second from space.

我們與他們合作。它們提供了光譜。有時我們會自帶頻譜並加以補充，以便在未來為終端用戶設備提供最佳體驗，無論他們使用什麼手機，都能從太空獲得每秒 120 兆比特的頻寬。

So that's really who we are. That's our strategy. We're Americans. We're based here. We announced we had over 1,800 people working on our system.

這就是我們真正的面貌。這就是我們的策略。我們是美國人。我們總部設在這裡。我們宣布，我們有超過 1800 人參與系統開發。

But yes, we -- obviously, we're going to look very aggressively all around the globe. Two are spectrum that is in local jurisdictions that is managed by local regulators and partner with local MNOs to offer the best of our services to each of the customers.

是的，很顯然，我們將在全球範圍內積極尋找機會。其中兩項是位於地方管轄範圍內的頻譜，由當地監管機構管理，並與當地行動網路營運商合作，為每位客戶提供最好的服務。

So -- but I wanted to make it clear, we're -- our focus is -- we're an American company that operates in America.

所以——但我想明確一點，我們——我們的重點是——我們是一家在美國營運的美國公司。

Got it. Got it. And as we think about kind of the sizing of the war chest that AST has put together, that tracks kind of roughly in terms of cash on hand to some of the legacy satellite communications debt levels, how do you think about kind of going out, acquiring either future spectrum or even something that might kind of get you closer to free cash flow positive sooner? And how do you think about kind of that potential takeout versus investing organically and essentially kind of taking business away to your own investment in IP?

知道了。知道了。當我們考慮AST已經累積的資金規模時，這筆資金的現金儲備大致與一些傳統衛星通訊債務水平相當，您認為應該如何看待收購未來的頻譜，或者收購一些能夠讓您更快實現自由現金流為正的東西呢？那麼，您如何看待潛在的收購與有機投資，以及本質上將業務轉移到您自己的智慧財產權投資之間的關係呢？

Yes. I mean, add the court of our strategies partnering with the MNOs. The MNOs in the United States, we had access to around 80 megahertz of spectrum, call it 50 of our own and another 30 in combination of low band and mid-band spectrum available for us. So that, we believe, is a significant amount, especially when you start applying AI techniques to maximize it and make it more efficient. If you take into consideration roughly by market and roughly each market in the United States have around 250 megahertz of terrestrial deploy spectrum and we had access to around 80 for satellite, you can see that that's a very significant portion.

是的。我的意思是，再加上我們與行動網路營運商合作的策略法庭。在美國，行動網路業者可以使用大約 80 兆赫茲的頻譜，其中 50 兆赫茲是我們自己的頻譜，另外 30 兆赫茲是低頻段和中頻段頻譜的組合。因此，我們認為這是一個相當大的數字，尤其是在開始應用人工智慧技術來最大化其效率並提高其效率時。如果以市場大致計算，美國每個市場大約有 250 兆赫的地面部署頻譜，而我們可以使用大約 80 兆赫的衛星頻譜，你可以看出這是一個非常大的比例。

So we feel that we are very equipped to globally compete. So that's why we acquired the 50 megahertz in the United States. We have a priority right for another 60 in the United States. We're partnering with the global MNO ecosystem in Europe for Europe. So our focus is launching -- building satellites, which we are not at a rate that we feel proud and meet our business needs, which is around 6 per month of the largest satellites ever launched into LEO.

因此，我們覺得自己完全有能力在全球範圍內參與競爭。所以這就是我們在美國收購50兆赫茲頻譜的原因。我們在美國還有另外 60 個優先權。我們正在與歐洲的全球行動網路營運商生態系統合作，為歐洲服務。因此，我們的重點是發射——建造衛星，但我們目前的發射速度還沒有達到我們引以為傲的水平，也沒有達到我們的業務需求，我們每月大約要發射 6 顆有史以來最大的近地軌道衛星。

We're doing that. We're breaking a world record every time that we take a satellite out of the factory, is the largest ever launch. So that's our primary focus, manufacturing. Second to that is launching them. And third to them is bring this service globally with a combination of local spectrum from the MNO and our own to basically offer the broadband experience as close as possible to terrestrial by using space.

我們正在這樣做。我們每次將衛星從工廠運出都在打破世界紀錄，每次發射都是有史以來最大的。所以，我們主要的關注點是製造業。其次就是發布它們。第三，我們將這項服務推廣到全球，結合行動網路營運商的本地頻譜和我們自己的頻譜，利用太空技術，盡可能提供接近地面寬頻體驗的服務。

Got it. Thank you for the call.

知道了。謝謝你的來電。

Chris Schoell, UBS.

瑞銀集團的克里斯‧舍爾。

Great, thank you. I just want to follow up on the funding progress. I recognize that you are saying you're fully funded, I believe, for 90 satellites in your queue. But will you continue to be opportunistic? And how should we think about additional capital raises as we go into 2026?

太好了，謝謝。我只是想了解一下資金進度。我知道您說您已經獲得了足夠的資金，我相信，您隊列中的 90 顆衛星項目可以全部批准。但你還會繼續投機取巧嗎？那麼，展望2026年，我們該如何考慮額外的融資呢？

And then thank you for the color on the 4Q OpEx and CapEx. Just given the ramp in Block 2 production into '26, should we view 4Q as a good run rate when modeling out next year? Or will the timing of the launch payments cause spending to fluctuate? Thanks.

然後，感謝您對第四季度營運支出和資本支出的詳細說明。考慮到 Block 2 的產量將在 2026 年逐步提高，我們在預測明年產量時，是否應該將第四季的產量視為合理的運行速度？或者，啟動付款的時間安排是否會導致支出波動？謝謝。

Hey Chris, I'll take the first part and then Andy can take the second part. So in terms of fund flows, I guess, is the best way to think about it, I would look to the model on the commercial side and the comments we've made earlier in the call, where we're laser-focused on bringing in commercial prepayments, commercial commitments and ultimately, commercial revenue as soon as possible. We've reiterated our expectations on revenue in Q4. And going into 2026, we certainly expect continued growth. So we are very, very focused on the commercial side, which is why you saw the big announcements in the last month or so and the new disclosure on commitments for this call.

嘿，克里斯，我來做第一部分，然後安迪可以做第二部分。所以，就資金流動而言，我想，最好的思考方式是，我會專注於商業方面的模型以及我們在電話會議早些時候發表的評論，我們正全力以赴地爭取盡快獲得商業預付款、商業承諾以及最終的商業收入。我們重申了對第四季營收的預期。展望2026年，我們當然預期會繼續成長。因此，我們非常非常注重商業方面，這也是為什麼您在過去一個月左右的時間裡看到了重大公告，以及本次電話會議中關於承諾的新披露。

And so that's definitely our focus.

所以這絕對是我們關注的重點。

We thought the moment was right to continue to build the cash balance and accelerate the time lines and run towards the growth opportunity, but in terms of our focus and our energy and where we're going to spend our time, it's 100% with customers. And the prepayments and commitment strategy is the right one. And on launch?

我們認為現在是持續累積現金儲備、加快進度、抓住成長機會的合適時機，但就我們的關注點、精力和時間投入而言，100% 都集中在客戶身上。預付款和承諾策略是正確的。發射時呢？

Yes. I would just add that, as Scott said, the focus is commercial. I mean we're always going to be opportunistic and open-minded about good capital markets, of course. But given where we are now, we have the flexibility to perhaps pull launch forward as opportunity allows. And we'll be prudent about that, continue to kind of weigh opportunities on the equity side.

是的。我只想補充一點，正如斯科特所說，重點是商業性的。我的意思是，我們當然會始終保持機會主義和開放的心態，並關注良好的資本市場。但就我們目前的情況而言，我們有一定的靈活性，可以根據情況提前發布。我們會謹慎行事，繼續權衡股權方面的各種機會。

We also look at attractive things on the debt side. We believe that market will open up a little bit as we progress. So it's -- our priority is the commercial aspects of the business now, and we'll continue to give good thought. But I spend my time thinking about how to prudently deploy that capital that we've now raised on the balance sheet.

我們也會關注債務方面的吸引力。我們相信隨著專案的推進，市場會逐漸開放一些。所以，我們現在的首要任務是業務的商業面，我們會繼續認真考慮。但我一直在思考如何謹慎地運用我們目前在資產負債表上所募集到的資金。

Great. Thank you. And I can just follow up on the 4Q OpEx and CapEx, is that a good run rate when we start thinking about next year? Or can that be a little volatile?

偉大的。謝謝。我可以再跟進一下第四季的營運支出和資本支出，當我們開始考慮明年的時候，這個運行速度是否合理？或者說，它可能有點不穩定？

Will be a little volatile. I think on OpEx, it's pretty darn close because we've been growing so dynamically as the years progressed. And we're at a stage now, as Abel and I've said it, close to 1,800 employees and workforce. And that OpEx feels pretty good and consistent.

會有些波動。我認為就營運支出而言，兩者非常接近，因為這些年來我們的成長非常迅猛。正如我和 Abel 所說，我們現在的員工和員工人數接近 1800 人。而且營運支出感覺相當不錯，也很穩定。

On the CapEx side, it's going to ebb and flow. We've been roughly in that close range the last couple quarters. But as we get closer to launch and clearly '26 is closer to consistent cadence over every 30, 45 days, we'll have some spikes and some lulls and when launch payments are due. I think what our plan is on that, though, is we've told you how we feel in Q4, and we're halfway through that quarter. So we have good visibility, and then we'll come out after the year and give you an outlook on '26 holistically, both on OpEx and CapEx when we talk again toward the end of February, early March.

資本支出方面，將會有起伏波動。過去幾個季度，我們一直都在這個範圍內徘徊。但隨著發布日期的臨近，很明顯，2026 年的發布節奏將更加穩定，每 30 天、45 天發布一次，屆時我們將出現一些高峰和一些低谷，發布款項也將到期。不過，我認為我們在這方面的計劃是，我們已經告訴你們我們在第四季的感受，而現在已經是第四季的一半了。因此，我們對未來有良好的預期，之後我們將在2月底或3月初再次與您溝通，屆時我們將全面展望2026年，包括營運支出和資本支出。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Well, Scott and Andy, congrats on the Verizon and STC definitive contracts.

斯科特和安迪，恭喜你們與 Verizon 和 STC 簽訂了最終合約。

Thanks a lot. Really appreciate it.

多謝。非常感謝。

Do you think that the number that Andy cited having 25 satellites in orbit is a good estimate for the number to support beta trials in North America in 2026?

你認為安迪提到的25顆在軌衛星的數量，對於支持2026年在北美進行beta試驗來說，是合理的估計嗎？

Yes. No, that's right, Louie. Each operator thinks about these things a little bit differently. But yes, we think that that's a fair proxy, plus or minus.

是的。沒錯，路易。每個運營商對這些事情的看法都略有不同。是的，我們認為這是一個合理的近似值，誤差不大。

Great. And also thanks for the color on the $1 billion in contracted revenue commitments. Is that for the three definitive commercial agreements? And are you able to disclose the average duration of the revenue commitments? I think the STC deal was for 10 years.

偉大的。另外，感謝您對10億美元合約收入承諾的詳細說明。是指那三份最終的商業協議嗎？您能否透露收入承諾的平均持續時間？我認為STC的合約期限是10年。

Is it appropriate to assume that the others were of similar duration?

是否可以假設其他事件的持續時間也與之類似？

So we're not going to give up an average duration, but I would say, it does vary. When you look at the contracts we've signed, they've been as long as 5, 6, 10 years, right? So each of the contracts is a little different. And the revenue commitment number that we disclosed, it is primarily with the definitive agreements, but there is some others in other binding agreements as well. So that's how to think about it.

所以我們不會給出平均持續時間，但我想說的是，持續時間確實會有所不同。你看看我們簽的合同，最長的都有 5 年、6 年、10 年，對吧？所以每份合約都略有不同。我們揭露的收入承諾數字主要來自最終協議，但也包括其他一些具有約束力的協議。這就是思考這個問題的方法。

It's going to vary, but it's a decent mix of short term, medium term and long term and structured well for the company.

具體情況會有所不同，但它很好地融合了短期、中期和長期目標，並且結構合理，適合公司發展。

Thanks, Scott. And in the past, you've discussed how your satellite processing tech can like recombine the disparate spectrum holdings from AT&T and Verizon to create a cohesive near nationwide footprint for approximately 5 megahertz. How is that technology working in trials?

謝謝你，斯科特。過去，您曾討論過您的衛星處理技術如何將 AT&T 和 Verizon 分散的頻譜資源重新組合，從而創建一個覆蓋全國的、約 5 兆赫茲的統一網路。這項技術在試驗中表現如何？

No, it is working very well. We are planning to be ready for nationwide service early in the year on an intermittent basis. The level of intermittency will reduce drastically, and we keep adding satellites. But you are correct. Our satellites have no flexibility that we were able to take a spectrum from AT&T, spectrum from Verizon, combine it up and make a nationwide service or near nationwide service.

不，它運行得很好。我們計劃在今年年初開始間歇性地提供全國性的服務。間歇性連線程度將大幅降低，而且我們還在不斷增加衛星。但你是對的。我們的衛星沒有靈活性，無法從 AT&T 和 Verizon 那裡獲取頻譜，將它們組合起來，從而提供全國性或接近全國性的服務。

That is -- that will be combined with our 50 megahertz. And our technology has the ability to pick and choose terrestrial spectrum, combining with satellite spectrum and offer that as a package to the end user.

也就是說——它將與我們的 50 兆赫茲的資源結合。我們的技術能夠選擇地面頻譜，並將其與衛星頻譜結合，以套餐形式提供給最終用戶。

Excellent. So your technology can combine the mobile satellite spectrum in addition to the AT&T and Verizon spectrum?

出色的。所以你們的技術除了可以使用AT&T和Verizon的頻譜之外，還可以使用行動衛星頻譜？

Correct.

正確的。

Great. Thanks, Avellan. Thanks, Scott and Andy.

偉大的。謝謝你，阿韋蘭。謝謝斯科特和安迪。

Greg Pendy, Clear Street.

格雷格彭迪，克利爾街。

Hey guys, thanks for taking my question. Just a real quick one. Given the MNO momentum that you've seen with SEC and Verizon, I guess your 50 MNOs represent roughly 3 billion subs. If I'm not mistaken, the market or the TAM is probably $5.6 billion. Just can you talk about, given your partnership model, about how many large MNO opportunities are left out there in the market. Thanks.

各位好，感謝你們回答我的問題。就簡單問一下。鑑於 SEC 和 Verizon 所展現的 MNO 發展勢頭，我猜想你們的 50 家 MNO 大約代表著 30 億用戶。如果我沒記錯的話，市場規模或潛在市場規模（TAM）可能為 56 億美元。鑑於你們的合作模式，能否談談市場上還有多少大型行動網路營運商（MNO）的合作機會尚未出現？謝謝。

Sure. So we -- the interesting thing about how we've approached the market and how we built the company is that we're very favorable to MNOs. We've structured our technology, our network, our go-to-market strategy, even our cap stack, right, even the investors, it's very favorable intentionally towards our customer, the operator.

當然。所以，我們——我們進入市場和建立公司的方式有趣的地方在於，我們非常青睞行動網路營運商 (MNO)。我們已經建立了我們的技術、網路、市場推廣策略，甚至我們的股權結構，對吧，甚至包括投資者，這一切都是有意地對我們的客戶，也就是營運商，非常有利的。

So as we've built the ecosystem over the last 5 to 10 years, it's really been around who's most aligned, who can -- who's most forward thinking. And as we get closer to service, there's less forward thinking, and that's more effect everybody feels that they need this capability.

因此，在過去 5 到 10 年裡，我們在建構生態系統的過程中，真正關注的是誰最契合，誰最有能力──誰最有前瞻性。隨著服務日期的臨近，前瞻性思維反而減少了，這也導致每個人都更覺得自己需要這種能力。

So we have this fastening dynamic where we're not really constrained by historical relationships or operators that want to work with us. We find pretty much nearly all the operators in the world, if not all, want to work with us and want to learn more and want to participate. So we're going to continue to harvest that base for good contracts for the company for the initial markets that we deploy and then grow that base into the medium tail and the long tail as we grow.

因此，我們有了這種緊密聯繫的動態，我們並不受歷史關係或願意與我們合作的營運商的真正約束。我們發現，世界上幾乎所有運營商（如果不是全部的話）都想與我們合作，想了解更多信息，想參與其中。因此，我們將繼續利用這一基礎，為公司在最初部署的市場爭取良好的合同，然後隨著我們的發展，將這一基礎擴展到中尾市場和長尾市場。

So I think in terms of big, big MNO opportunities, it's -- we've chosen not to do business in China or Russia but -- and other smaller restricted countries. But other than that, most operators are good candidates and have some level of dialogue with us, and we're going to continue to pursue those opportunities.

所以我認為，就大型行動網路營運商 (MNO) 的機會而言，我們選擇不在中國或俄羅斯開展業務，而是在其他一些規模較小的受限國家開展業務。但除此之外，大多數運營商都是不錯的候選人，並且與我們保持著一定程度的對話，我們將繼續尋求這些機會。

That's very helpful.

那很有幫助。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Thanks guys. Maybe a more nuanced question than Louie about the $1 billion commitments. Is that all commercial? Or is that a combination of commercial and government?

謝謝各位。或許應該問一個比路易提出的關於10億美元承諾的問題更細緻的問題。這些都是商業性質的嗎？或者說，這是商業和政府的結合體？

That's all commercial.

這些都是商業行為。

Great. And maybe to follow on, I mean you're capitalized now for 100 satellites. Again, I'm assuming that's all for the commercial side, obviously, secretary Department of War [Hege] speech, Friday indicating that contractors are going to have to commit their own capital to getting things done. Or is it fair to assume that most of the programs you're working on will be more in the sort of Star SpaceX Star shield model of vendor built and operated government-owned?

偉大的。或許可以接著說，我的意思是，你現在已經擁有 100 顆衛星的資金了。我再次假設以上內容都與商業方面有關，顯然，戰爭部長（黑格）週五的演講表明，承包商將不得不投入自己的資金來完成工作。或者，是否可以合理地假設，您正在參與的大多數項目將更接近 SpaceX 的 Star Shield 模式，即由供應商建造和運營，政府擁有？

Yes. I mean, we have been a big proponent for a long time for the government for the dual-use comsat. Basically, we believe that to maintain competitiveness for United States, the ability to combine commercial usage with government usage is paramount. And so we basically -- our phone with the government, which is very substantial, it calls for that model. So we don't discard there will be occasions that we will manufacture certain assets tailor made to the government, but we're prioritizing the dual use in every opportunity that we have.

是的。我的意思是，我們長期以來一直是政府大力支持軍民兩用通訊衛星的倡導者。我們認為，要維持美國的競爭力，將商業用途與政府用途結合的能力至關重要。所以基本上——我們與政府的聯繫，這非常重要，它需要這種模式。因此，我們不排除未來會有一些時候我們會專門為政府製造某些資產，但我們會優先考慮在每個機會中實現軍民兩用。

Great. And final question, just on the launch. When will you give us some visibility on specific launch vehicles as we approach the launch dates. Obviously, the heavy lift market is extremely constrained and I watched in the last week, both Blue Origin and ULA delay and delay. SpaceX is really the only operator out there that's launching on a regular cadence.

偉大的。最後一個問題，關於發表會。隨著發射日期的臨近，你們何時會公佈具體的運載火箭資訊？顯然，重型運輸市場非常受限，我上週看到藍色起源和聯合發射聯盟（ULA）都一再推遲發射。SpaceX 是目前唯一能夠定期進行發射的營運商。

It's a tight market at current time. And are you expecting other launch vehicles to become available?

目前市場供應緊張。您是否預期會有其他運載火箭投入使用？

We're expecting other loan vehicles to become available, but our current existing and immediate launch campaign, it is using the regular suspects, SpaceX, [New Glen, Itron] and there are new capacity coming up from other operations like NHI that are available to us. But the immediate launches are around American launches here in the US.

我們預計會有其他貸款車輛可用，但我們目前現有的和即將啟動的發射計劃，使用的是常見的合作夥伴，SpaceX、[New Glen、Itron]，而且像NHI這樣的其他運營公司也會提供新的運力供我們使用。但眼下的發射主要集中在美國本土。

Got you. And are you still aiming for the same sort of three to four BlueBirds per Falcon 9, I think, 8 for New Glen? And are there things that you're doing or can do in order to increase the number of satellites per launch vehicle either in mass or dispenser design or other tricks?

抓到你了。你們的目標仍然是每隻獵鷹9號（我認為是8號）帶出三到四隻藍鳥嗎？為了增加每次運載火箭可攜帶的衛星數量，無論是透過提高品質、改進分配器設計還是採用其他技巧，你們正在採取或可以採取哪些措施？

Yes. No, that is correct. I mean we basically can go at Adobe of the speed in terms of number of satellites per launch with the New Glen platform that we can with the SpaceX platform. But yes, it's at full capacities, 8 in New Glen and around three in the Falcon 9.

是的。沒錯，就是這樣。我的意思是，就每次發射的衛星數量而言，使用 New Glen 平台，我們基本上可以達到 Adob​​e 的速度，就像使用 SpaceX 平台一樣。是的，新格倫機場已經滿員，有 8 人，獵鷹 9 號機場大約有 3 人。

Very good. Well, looking forward to the next one. Thank you.

非常好。期待下一部。謝謝。

Scott Searle, Roth Capital Partners.

Scott Searle，Roth Capital Partners。

Hey, good afternoon. Thanks for taking the questions. Maybe just a couple of quick follow-ups and clarifications. Now that you're funded up to 100 satellites and the initial phase of the constellation of 45 to 60 gets you to commercialization in the key developed markets, should we expect that you're just going to continue to roll through to build up to the 90 to 100-plus satellites in terms of, I'll call it, Phase 2 constellation as we go into 2027?

嘿，下午好。謝謝您回答問題。或許只需要幾個簡短的後續問題和澄清。既然你們已經獲得了建造多達 100 顆衛星的資金，並且第一階段的 45 到 60 顆衛星的星座計劃已經使你們在主要發達市場實現了商業化，那麼我們是否可以期待你們繼續推進，在 2027 年進入我稱之為第二階段星座計劃的階段，最終建造 90 到 100 顆以上的衛星呢？

Or are there some other milestones to be thinking about in terms of customer contracts or otherwise that will be a precursor to that happening? And also as part of that, from a spectrum standpoint, you had a very astute buy of [Logano] spectrum in North America. I know you have access in international markets, but there are some other costs that come along with that. I wonder if you could just frame for us kind of how you're conceptually thinking about incremental spectrum costs going forward, particularly in international markets. Thanks.

或者，在客戶合約或其他方面，是否還有其他里程碑需要考慮，作為該事件發生的先決條件？此外，從頻譜角度來看，你們在北美對[Logano]頻譜的收購也非常精明。我知道你們可以進入國際市場，但隨之而來的是其他一些成本。我想請您簡要介紹一下您是如何看待未來頻譜成本的逐步增加，尤其是在國際市場上。謝謝。

Yes. I mean, the architecture basically designed to basically mix and match our own spectrum with operator spectrum and tune all across the low band and mid-band spectrum. So basically, our cost of incremental spectrum is marginal. It doesn't cause us more on the platform to activate additional spectrum. So that would make it very attractive.

是的。我的意思是，這種架構的設計初衷就是將我們自己的頻譜與運營商的頻譜混合匹配，並在整個低頻段和中頻段頻譜範圍內進行調諧。所以基本上，我們增加頻譜的成本微乎其微。這不會導致我們在平台上啟動更多頻譜。這樣一來，它就非常有吸引力了。

We can partner with the 700 in certain jurisdictions. And in another one, we are in the mid-band, in combination with their own spectrum. So we -- our incremental cost for additional spectrum is marginal to none as long as it's 3GPP spectrum and it's as long as it's in devices.

在某些司法管轄區，我們可以與這700家公司合作。而在另一個例子中，我們位於中頻段，並結合了他們自己的頻譜。因此，只要是 3GPP 頻譜，並且用於設備，我們額外頻譜的增量成本就微乎其微，甚至為零。

And our strategy is always starting broadband services with a spectrum that is available in devices.

我們的策略始終是利用設備上可用的頻譜來啟動寬頻服務。

Great. And just a clarification in terms of your continued launch cadence, if you will, once we get to 60 satellites or are the milestones that you're thinking about or any sort of color you could add in terms of the continued expansion of the global constellation. Thanks.

偉大的。關於你們持續的發射節奏，能否請你們澄清一下，一旦我們達到 60 顆衛星，這是你​​們考慮的里程碑嗎？或者，你們能否就全球星座的持續擴展補充一些資訊？謝謝。

Sure. So our strategy on satellite deployment hasn't really changed either, right? Our strategy has been, as we have capital access and as we see positive NPV growth, we're going to commit to it. And so that was the driver behind how we announced and have thought about the 45 to 60 satellite target that we put in place a year or so ago. And with further access to capital and, frankly, further traction faster and more attractively on the operator side and potentially the government side as well, we've recalibrated those expectations, and that's part of what's behind the capital we've raised.

當然。所以，我們在衛星部署方面的策略也沒有真正改變，對吧？我們的策略是，只要我們能夠獲得資金，並且看到淨現值 (NPV) 為正成長，我們就會投入其中。因此，這就是我們宣布並考慮大約一年前製定的 45 至 60 顆衛星目標的驅動力。隨著我們能夠獲得更多資金，坦白說，運營商方面以及政府方面也能更快、更有吸引力地獲得更多支持，我們重新調整了這些預期，這也是我們籌集資金的部分原因。

So where do we go from here? How do we continue to build those out? We pride ourselves on being very nimble. Remember, we're vertically integrated. We can put incremental improvements into our constellation as we go, like with the ASIC to come in Q1.

那我們接下來該怎麼做呢？我們如何繼續推進這些建設？我們以反應迅速而自豪。記住，我們是垂直整合的。我們可以逐步改進我們的星座，例如第一季推出的 ASIC。

And so we're going to continue to move that way. We are not making multiyear planning decisions. We're pivoting and moving quickly. And as we see things move and we see opportunities, we're going to pivot quickly.

所以我們會繼續朝著這個方向努力。我們不做多年規劃決策。我們正在迅速調整方向並採取行動。隨著情勢的變化和機會的出現，我們將迅速調整策略。

But for us, at this point, we see nothing but opportunity. We see nothing but growth. So we're racing towards more satellites fast. And so that's how we're thinking about it, Scott, is there's no real holdup on us for continuing to build, but we're going to evaluate growth opportunities on a rolling basis, and that's what you've seen us do the last couple of years.

但對我們而言，目前我們看到的只有機會。我們看到的只有成長。所以我們正在爭分奪秒地快速發射更多衛星。所以，史考特，我們就是這樣考慮的，繼續發展並沒有什麼真正的阻礙，但我們會持續評估成長機會，而這正是你過去幾年看到的我們所做的。

Great. Thanks so much.

偉大的。非常感謝。

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

問答環節到此結束。現在我將把電話交還給史考特‧維斯涅夫斯基，請他作總結發言。

Thank you, operator. We want to thank all of our shareholders and the analysts for joining the call. We look forward to providing more updates soon. So please stay tuned. Thank you. Bye.

謝謝接線生。我們要感謝所有股東和分析師參加這次電話會議。我們期待盡快提供更多最新消息。敬請期待。謝謝。再見。

And ladies and gentlemen, this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

女士們、先生們，今天的會議到此結束，你們可以掛斷電話了。感謝您的參與。