AST SpaceMobile Inc (ASTS) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to AST SpaceMobile's fourth-quarter 2025 business update. Please be advised that today's call is being recorded. I will now turn the conference over to Max Colberg, Investor Relations Manager of AST SpaceMobile. Thank you. You may begin.

您好，感謝您的耐心等待。歡迎閱讀 AST SpaceMobile 2025 年第四季業務更新報告。請注意，今天的通話將會被錄音。現在我將把會議交給 AST SpaceMobile 的投資者關係經理 Max Colberg。謝謝。你可以開始了。

Thank you, and good afternoon, everyone. Today, I'm also joined by Chairman and CEO of Abel Avellan; President, Scott Wisniewski; 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 Abel Avellan 的董事長兼執行長；總裁 Scott Wisniewski；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 ended December 31, 2025, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC 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 向美國證券交易委員會提交的截至 2025 年 12 月 31 日止年度的 10-K 表格年度報告中的“風險因素”部分，以及 AST SpaceMobile 不時向美國證券交易委員會提交的其他文件。

Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. For those of you who may be new to our company in 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 we remain unconnected to the global economy. The markets we are pursuing at AST SpaceMobile 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, supported by our extensive IP and patent portfolio.

此外，在開場白之後，我們將開始問答環節，回答股東事先提交的問題。對於那些可能剛接觸我們公司使命的人來說，如今全世界有近 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，還有數十億人無法使用行動寬頻，我們仍然與全球經濟脫節。AST SpaceMobile 所開拓的市場規模龐大，我們正在解決的問題非常重要，幾乎與我們每個人都息息相關。在此背景下，AST SpaceMobile 正在建造第一個也是唯一一個可在太空直接與日常未經改裝的行動裝置配合使用的全球蜂窩寬頻網絡，並依託我們廣泛的智慧財產權和專利組合。

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

現在我很高興將發言權交給董事長兼執行長阿貝爾·阿韋蘭，他將回顧我們自上次公開報告以來的各項活動。

Thank you, Scott. For the first time in 2025, AST SpaceMobile became a revenue-generating business as it significantly advanced all key aspects of our operations, including commercial, government, manufacturing, spectrum rights IP portfolio and capital position. The combination of these efforts resulted in the successful launch and unfolding of our next-generation BlueBird satellite, BlueBird 6, the largest-ever commercial communication array deployed load at Orbit to enable the first and only global space several broadband network for government and commercial customers. On the financial front, during 2025, we raised over $3.5 billion in capital and reported revenue of over $70 million for the full year and signed over $1 billion of minimum committed revenue. Operationally, we plan to ramp our salad manufacturing efforts and launch cadence this year, while we're rapidly accelerating our government and commercial businesses.

謝謝你，斯科特。2025 年，AST SpaceMobile 首次成為一家獲利企業，因為它在商業、政府、製造、頻譜權利、智慧財產權組合和資本狀況等所有關鍵營運方面都取得了顯著進展。這些努力的結合促成了我們下一代藍鳥衛星——藍鳥 6 號的成功發射和展開。藍鳥 6 號是迄今為止在軌道上部署的最大商業通訊陣列，為政府和商業客戶打造了第一個也是唯一一個全球空間寬頻網路。在財務方面，2025 年我們籌集了超過 35 億美元的資金，全年收入超過 7,000 萬美元，並簽署了超過 10 億美元的最低承諾收入協議。在營運方面，我們計劃今年加大沙拉產品的生產力度和上市速度，同時快速發展政府和商業業務。

We entered 2026 with a strong momentum and clear vision as we led this space-based (inaudible) industry, a market that we invented. 2026 will be the year we scale our space-based direct-to-device constellation from the initial commercial activation to start of commercial service, with mobile network operator partners in key markets like United States, Europe, Japan, Saudi Arabia and other key strategic markets like the US government.

進入2026年，我們勢頭強勁，願景清晰，引領我們開創的太空產業（此處原文疑似有誤，無法翻譯）。 2026年，我們將把基於太空的直接設備星座從最初的商業激活階段推進到正式商業服務階段，並與美國、歐洲、日本、沙烏地阿拉伯等主要市場的行動網路營運商合作夥伴，以及美國政府等其他重要戰略市場的合作夥伴攜手合作。

In just over one year since the orbital launch of our first 5 Block 1 BlueBird satellites, we developed our Block 2 BlueBird program, which is roughly three larger and 10x the capacity of BlueBird 1 to 5, breaking our previous record on both size and capabilities and then scale test launch and successfully unfolded BlueBird 6, our next-generation satellite of approximately 2,400 square feet. BlueBird 7 identical to BlueBird 6 is encapsulated and ready to launch within the next New Glenn launch vehicle at Cape Canaveral and is awaiting orbital launch, which is expected in March. Our upcoming launch advances, our deployment goals of a board New Glenn will feature a 7-meter faring, enabling twice the payload volume of the 5-meter class commercial launch vehicles to support up to 8 of our largest ever block to bluebird satellites. We expect to fully utilize New Glenn favoring capacity as we progress through our orbital launch plans. We are especially excited to chair this milestone with many of you who we hope will join us in Florida during our next launch.

自從我們首批 5 顆 Block 1 BlueBird 衛星進入軌道以來，僅僅一年多一點的時間，我們就開發了 Block 2 BlueBird 計劃，該計劃的規模大約是 BlueBird 1 至 5 的三倍，容量是其 10 倍，在尺寸和功能方面都打破了我們之前的記錄，然後進行了規模測試，容量是其 10 倍，在尺寸和功能方面都打破了我們之前的記錄，然後進行了規模測試發射，並成功展開了 BlueBird 面積。BlueBird 7 與 BlueBird 6 完全相同，已封裝完畢，準備在卡納維拉爾角搭乘下一枚新格倫運載火箭發射升空，目前正在等待軌道發射，預計將於 3 月進行。我們即將發射的火箭取得了進展，我們的部署目標是發射一艘新的格倫火箭，該火箭將配備 7 公尺整流罩，有效載荷體積是 5 公尺級商業運載火箭的兩倍，可支援多達 8 顆我們有史以來最大的藍鳥衛星。隨著我們軌道發射計畫的推進，我們預計將充分利用新格倫火箭的發射能力。我們非常高興能與你們中的許多人一起主持這一里程碑式的活動，我們希望你們中的許多人能加入我們在佛羅裡達州的下一次發布會。

Looking ahead, we're expecting 2026 to be very active year, particularly as we progress into second half. We remain on track to achieve our target of deploying 45 to 60 satellites in loaded orbit by the end of this year. Recurrent expectations closer to 60 satellites ready to chip and 45 satellites in orbit. We continue to expect launches planned every one to two months on average, starting with our first New Glenn launch expected in March. The New Glenn launch vehicle is completing final readiness for our fully encapsulated satellite, which was handed off on February 18.

展望未來，我們預計 2026 年將是非常活躍的一年，尤其是在進入下半年之後。我們仍有望實現今年底前將 45 至 60 顆衛星送入軌道的目標。預計將有近 60 顆衛星準備就緒，45 顆衛星在軌運行。我們預計平均每隔一到兩個月仍將進行一次發射，首次新格倫火箭發射預計將於三月進行。新格倫運載火箭正在完成我們完全封裝的衛星的最後準備工作，該衛星已於 2 月 18 日交付。

Importantly, this launch will be deferred New Glenn launch to use a previously flown first stage. We support our launch cadence during 2026 as we expect the New Glenn's boosted to be reused every 30 days or less after our oncoming launch. Our launch plan included a total of 12 additional contracted launches across several launch vehicles. Lastly, we also recently signed an additional agreement to integrate our satellites with a new heavy launch vehicle to be on a standby in their manifest. We are laser-focused on working tirelessly on delivering our micron phase arrays and full satellite production goals.

重要的是，這次發射將推遲新格倫火箭的發射，使用之前飛行過的第一級火箭。我們支持 2026 年的發射節奏，因為我們預計新格倫火箭的助推器將在即將到來的發射後每 30 天或更短時間內重複使用一次。我們的發射計劃包括使用多種運載火箭進行總共 12 次額外的合約發射。最後，我們最近還簽署了一項附加協議，將我們的衛星與新的重型運載火箭整合在一起，作為其發射計劃中的備用火箭。我們正全力以赴，不懈地努力，以實現我們的微米級相控陣和完整的衛星生產目標。

On the manufacturing front, we continue to ramp our operations. We exited 2025 having reached a production capacity to support up to 6 satellites worth of Micron and phase array per month. And we expect to achieve attesting assembly and integration cadence of 6 satellite per month in the first half of 2026. BlueBird 8 to 29 are in various stages of production, and we are scheduled to complete assembly of 40 satellites equivalent of Micron by the first half of 2026, bringing us to BlueBird 46. A detailed cadence of our '25 and '26 deployment plan is shown in the company quarter presentation found on our IR website.

在生產製造方面，我們正持續擴大營運規模。到 2025 年底，我們的產能已達到每月可支援 6 顆衛星的 Micron 和相控陣設備。我們預計在 2026 年上半年實現每月 6 顆衛星的測試組裝和整合節奏。BlueBird 8 至 29 處於不同的生產階段，我們計劃在 2026 年上半年完成相當於 Micron 公司 40 顆衛星的組裝，屆時我們將迎來 BlueBird 46。我們 2025 年和 2026 年部署計劃的詳細進度安排，請參閱公司季度演示文稿，該演示文稿可在我們投資者關係網站上找到。

After BlueBird 7, our sale will support a stackable configuration of three, four, six and eight satellites per launch, which allow us to meet our 2026 deployment goals. Additionally, we anticipate our novel AC chip will be integrated to our Block 2 BlueBird satellite during the first half of 2026 to support 10 gigahertz processing bandwidth per satellite, which enabled us to exceed the capabilities of up to 120 megabit per second on our in-orbit Block 1 BlueBird satellites. These data rates are hiding off to achieve in native cellular capability that consumers now expect everywhere from areas not serve or not serve good enough by the rest of connectivity.

在 BlueBird 7 之後，我們的銷售將支援每次發射 3、4、6 和 8 顆衛星的可堆疊配置，這將使我們能夠實現 2026 年的部署目標。此外，我們預計我們的新型 AC 晶片將於 2026 年上半年整合到我們的 Block 2 BlueBird 衛星中，以支援每顆衛星 10 吉赫茲的處理頻寬，這將使我們超越在軌 Block 1 BlueBird 衛星每秒高達 120 兆位元的能力。這些數據速率旨在實現原生蜂窩網路功能，以滿足消費者現在對任何地方（包括其他網路連接未覆蓋或覆蓋效果不佳的地區）的網路連接需求。

Another key enabler is producing the largest-ever commercial communications array at scale is our 95% vertically integrated manufacturing strategy. Over the past several months, we had expanded our manufacturing site, both in Midland, Texas and Homestead, Florida, including acquiring a foresight in Midland for dedicated micro production, the building block our satellites. We will soon be over 0.5 million square feet of manufacturing and operational space globally, providing us with greater manufacturing and work capabilities with a tighter control over the manufacturing process from end to end. This rigorous effort strength by our skilled workforce enable us to proactively manage nearly every step in the process, including securing loan lead materials well in advance of Saturday assembly while keeping our materials and component cost low. Simply put, we are the first company in history of commercial sale manufacturing to produce satellites of our site up and power at scale.

另一個關鍵推動因素是，我們實現了 95% 的垂直整合製造策略，從而能夠大規模生產有史以來最大的商用通訊陣列。在過去的幾個月裡，我們擴大了位於德克薩斯州米德蘭和佛羅裡達州霍姆斯特德的製造基地，包括在米德蘭購買了一塊用於專門微型生產的遠見卓識的土地，這是我們衛星的組成部分。我們很快將在全球擁有超過 50 萬平方英尺的製造和營運空間，這將使我們擁有更大的製造和工作能力，並能從頭到尾更嚴格地控制製造流程。我們技術嫻熟的員工憑藉這種嚴謹的努力，能夠積極主動地管理流程中的幾乎每一個步驟，包括在周六組裝之前提前獲得貸款所需的原材料，同時保持材料和零部件成本的低廉。簡而言之，我們是商業銷售製造史上第一家能夠大規模生產我們自己的衛星並為其供電的公司。

Together, our key technology differentiation in the size of our satellite spectrum availability and cost of ASIC that support today's capability to cellular broadband from a space supported by our extensive portfolio of over 3,000 (inaudible) patent and patent pending claims. 2026 is a year we scale commercial operations. We are the only company capable of delivering 4G and 5G and in the future 6G broadband speed, sufficient for voice calls, voice over LTE, live video calls, extreme and full Internet access directly to modified devices. Our technology is anchored by our ability to manufacture the largest commercial communications array ever placed into loaded orbits, creating a durable technology advantage.

我們的核心技術優勢在於衛星頻譜資源規模和ASIC晶片成本，這使我們能夠從太空提供蜂窩寬頻服務，並擁有超過3000項已獲專利和正在申請專利的廣泛專利組合。 2026年，我們將擴大商業營運規模。我們是唯一一家能夠提供 4G 和 5G，以及未來 6G 寬頻速度的公司，足以滿足語音通話、LTE 語音通話、即時視訊通話、極致和完整的網路存取需求，並可直接提供給改裝設備。我們的技術核心在於我們有能力製造有史以來最大的商用通訊陣列，並將其送入軌道，從而創造了持久的技術優勢。

Our satellites enable digital informing and are capable of multicar aggregation in multiple frequencies, supporting simultaneous users per beam, behaving like a terrestrial cell tower from space. When combined our integrated ground space gateway architecture and growing commercial ecosystem with over 50 leading global mobile network operator partners who collectively recover nearly 3 billion subscribers. As Scott will discuss in more detail, we continue to expand our commercial ecosystem. In the fourth quarter of 2025, we announced the infinity commercial agreement with Verizon in the United States and FC Group in Saudi Arabia and other key markets across the Middle East and Africa. As part of our 10-year agreement with STC Group will receive a prepayment of $175 million in 2025.

我們的衛星能夠實現數位資訊傳遞，並能夠在多個頻率上進行多車聚合，支援每個波束同時連接多個用戶，就像從太空俯瞰地面基地台一樣。結合我們一體化的地面空間網關架構和不斷發展的商業生態系統，以及超過 50 家全球領先的行動網路營運商合作夥伴，我們共同恢復了近 30 億用戶。正如 Scott 將要詳細討論的那樣，我們將繼續擴展我們的商業生態系統。2025 年第四季度，我們宣布與美國 Verizon 公司、沙烏地阿拉伯 FC 集團以及中東和非洲其他主要市場達成無限商業協議。根據我們與STC集團簽訂的10年協議，我們將在2025年收到1.75億美元的預付款。

Indicative of the ambition we both share in bringing connectivity gap and delivery cellular broadband directly to devices. Recently, we announced partnership with Orange, Telefonica, CK Hutchison, Taiwan Mobile, and progressing initiatives with Vodafone to bring our direct-to-device cellular broadband service to their markets, who are now part of our commercial ecosystem with over 50 leading global mobile network operator partners who collected recovered nearly 3 billion subscribers.

這表明我們雙方都懷著共同的雄心壯志，致力於彌合連接差距，並將蜂窩寬頻直接傳輸到設備。最近，我們宣布與 Orange、Telefonica、長江和記實業、台灣大哥大建立合作夥伴關係，並推進與 Vodafone 的合作，將我們的直接到設備蜂窩寬頻服務引入他們的市場。這些公司現在已成為我們商業生態系統的一部分，擁有超過 50 家領先的全球行動網路營運商合作夥伴，這些合作夥伴已恢復了近 30 億用戶。

To the date, our commercial advancement has positioned us to secure over $1 billion in total contracted revenue commitment from our commercial partners. As a reminder, our comprehensive spectrum strategy is defined by our access to approximately 1,150 megahertz of low band and mid-band unable MNO spectrum globally, which includes 45 megahertz of MSS lower midline spectrum access in North America and 60 megahertz of licensed S-band spectrum priority right outside North America. Our low unexpected strategy is centered around the use of premium multi-operator 850-megahertz cellular spectrum. It has important characteristics like longer reach, better penetration and comfortability with existing 3GPP standards and devices. We have further strength disadvantage through strategic MSS and cellular spectrum, including both premium, lower band, mid-band, L-band and S-band spectrum priority rights, positioning us to reliably deliver cellular broadband service at a global scale.

迄今為止，我們的商業發展已使我們能夠從商業合作夥伴那裡獲得超過 10 億美元的總合約收入承諾。再次提醒，我們全面的頻譜策略是透過我們在全球範圍內獲取約 1,150 兆赫的低頻段和中頻段 MNO 無法使用的頻譜來定義的，其中包括北美 45 兆赫的 MSS 低頻段中線頻譜接入權和北美以外 60 兆赫的授權 S 波段頻譜優先權。我們低意外風險策略的核心是使用優質的多運營商 850 兆赫蜂窩頻譜。它具有一些重要特性，例如更長的傳輸距離、更好的穿透力以及與現有 3GPP 標準和設備的良好兼容性。我們透過策略性的MSS和蜂窩頻譜，包括優質頻段、低頻段、中頻段、L頻段和S頻段頻譜優先權，進一步增強了我們的實力，使我們能夠可靠地在全球範圍內提供蜂窩寬頻服務。

We also made significant progress in our government business as our satellite deal continue to be used by the United States government for dual use and dedicated applications. National security is a key priority for the United States, and we continue to see willingness to rapidly adopt Novate forward-looking technologies like ours. Taking together this accomplishment and the competitive advantage we have built gives us a significant momentum as we progress to 2026. As the partner of choice for the global mobile network operators and unique noncommunication capability for the US Gorman.

我們在政府業務方面也取得了重大進展，我們的衛星協定繼續被美國政府用於軍民兩用和專用應用。國家安全是美國的首要任務，我們持續看到各方願意迅速採用像我們這樣的創新尖端技術。綜合這項成就和我們所建立的競爭優勢，這將為我們邁向 2026 年奠定堅實的基礎。作為全球行動網路營運商的首選合作夥伴，以及美國戈爾曼公司獨特的非通訊能力。

And with that, I will turn the call back to Scott.

接下來，我將把電話轉回給斯科特。

Thank you, Abel. I want to take this time to reflect on our business accomplishments in 2025, and how we see the business evolving over 2026 and 2027. Last year, 2025 was the year we activated our revenue engine with record revenue of over $70 million, achieving upper end of our revenue guidance. We are no longer a pre-revenue company. During the year, revenue was primarily driven by commercial gateway deliveries and milestones completed from our government contracts.

謝謝你，亞伯。我想藉此機會回顧我們在 2025 年的業務成就，以及我們對 2026 年和 2027 年業務發展的看法。去年，我們以 2025 年為起點，啟動了營收引擎，營收超過 7,000 萬美元，創歷史新高，達到了營收預期的上限。我們不再是一家尚未獲利的公司。年內，收入主要來自商業入口網站的交付以及政府合約的里程碑完成情況。

We delivered 15 commercial gateways to MNO partners in the second half of 2025. Importantly, these sales are a leading indicator that our MNO partners are preparing for SpaceMobile commercial service and making investments ahead of that rollout.

我們在 2025 年下半年向 MNO 合作夥伴交付了 15 個商用閘道。重要的是，這些銷售額表明我們的行動網路營運商合作夥伴正在為 SpaceMobile 商業服務做準備，並在服務推出前進行投資。

This was also a well-diversified set of initial gateway deliveries across 9 different customers across 5 continents, which starts to paint the picture of our initial commercial markets in the US, Canada, Europe, Japan, the Middle East and Africa. In terms of signing contracts, the major customer deals for 2025 were definitive commercial agreements with Verizon and STC Group joining AT&T and Vodafone. We continue to see heavy engagement from MNOs, resulting in good progress deepening and growing our partner ecosystem, taking advantage of our base of over 50 global MNOs with nearly 3 billion subscribers. We and our mobile network partners also recently announced additional specific initiatives with Vodafone, Orange, Telefonica, CK Hutchison, Taiwan Mobile, among others, while formally unveiling satellite Connect Europe and its leadership team as our European distribution joint venture with Vodafone.

這也是一系列多元化的初始門戶交付，涵蓋五大洲的 9 個不同客戶，這開始描繪出我們在美國、加拿大、歐洲、日本、中東和非洲的初始商業市場的景象。在簽訂合約方面，2025 年的主要客戶協議是與 Verizon 和 STC 集團達成的最終商業協議，它們加入了 AT&T 和 Vodafone 的行列。我們持續看到行動網路營運商的積極參與，從而在深化和發展我們的合作夥伴生態系統方面取得了良好進展，充分利用了我們擁有超過 50 家全球行動網路營運商和近 30 億用戶的龐大基礎。我們和我們的行動網路合作夥伴最近也宣布了與沃達豐、Orange、西班牙電信、長江和記實業、台灣大哥大等公司開展的其他具體合作計劃，同時正式推出衛星 Connect Europe 及其領導團隊，作為我們與沃達豐在歐洲的分銷合資企業。

In 2026, we expect more MNOs to join the AST space mobile network, and we expect to harvest our pipeline for many additional definitive commercial agreements as the contractual relationships mature with our existing partners beyond the investor MNOs. The US government was also a significant contributor to 2025 revenue. During the year, we executed against our existing 10 contracts across an expanding list of interested agencies developing and testing additional capabilities using our in-orbit infrastructure, capability is critical to US national security, including the Golden Dome project.

2026 年，我們預計會有更多行動網路營運商 (MNO) 加入 AST 太空行動網絡，隨著與現有合作夥伴（除投資型行動網路營運商外）的合約關係日趨成熟，我們預計能夠從我們的管道中獲得更多最終的商業協議。美國政府也是 2025 年收入的重要貢獻者。今年，我們履行了與眾多有興趣的機構簽訂的現有 10 份合同，這些機構正在利用我們的在軌基礎設施開發和測試其他能力，這些能力對美國國家安全至關重要，包括金穹頂項目。

The revenue derived from US government is not dependent on full constellation deployment but is more scalable by satellite count, which makes it an early reliable contributor to revenue. As a reminder, the goal of these contracts is to develop capabilities that could grow into programs of record with billions of annual revenue potential in aggregate for missions incredibly important to US national security.

來自美國政府的收入並不依賴完整的星座部署，而是透過衛星數量進行更具可擴展性，這使其成為早期可靠的收入來源。需要提醒的是，這些合約的目標是發展出能夠發展成為正式專案的各項能力，這些專案每年的總收入潛力可達數十億美元，其任務對美國國家安全至關重要。

We also recently announced our status as a prime contractor to the US government and received a $30 million contract award from the United States Space Development Agency for the Europa Track 2 commercial solutions program. This contract focuses on developing immediate, resilient and low latency tactical satellite communications directly between government and devices. The award demonstrates how commercial space innovation can be rapidly integrated into national security missions. The award further validates the dual-use nature of our technology for both commercial and national security applications.

我們最近還宣布了我們作為美國政府主要承包商的地位，並從美國太空發展局獲得了價值 3000 萬美元的合同，用於歐羅巴軌道 2 商業解決方案計劃。該合約的重點是開發政府與設備之間直接進行即時、可靠且低延遲的戰術衛星通訊。該獎項表明商業航太創新可以如何迅速融入國家安全任務。該獎項進一步證實了我們技術在商業和國家安全應用方面的雙重用途特性。

Regarding the Golden Done project, we continue to execute against our current contract with the Space Development Agency and we were recently awarded an high IQ contract under the United States Missile Fence Agency's Shield program. These awards position us to compete for a wide range of future activities to support one of the largest and most significant United States defense programs in history.

關於 Golden Done 項目，我們繼續履行與太空發展局的現有合同，並且最近獲得了美國導彈防禦局“盾牌”計劃下的高智商合同。這些獎項使我們能夠參與各種未來活動的競爭，從而支持美國歷史上最大、最重要的國防項目之一。

As we turn the page into 2026. We see this year as an inflection point as we enter commercial service with our initial MNO partners, while also continuing to generate revenue from the commercial gateway and government strategies. Before the impact of commercial service revenue later in the year, we expect revenue to at least double versus 2025. In fact, our 2026 expectations are further derisked given our contracted pipeline, which provides upside with additional government contract wins. 2027 will be the first full year impact of commercial service revenue as the AST space mobile cellular broadband service becomes available in some of the best markets worldwide to hundreds of millions of subscribers via a low friction service offering provided when subscriber needs it most.

當我們翻開新的一頁，邁向2026年。我們認為今年是一個轉捩點，因為我們將與最初的行動網路營運商合作夥伴一起進入商業服務階段，同時繼續透過商業網關和政府策略創造收入。在今年稍後商業服務收入產生影響之前，我們預計收入將比 2025 年至少翻倍。事實上，鑑於我們已簽訂的合約項目儲備，以及後續政府合約的增加，我們對2026年的預期風險進一步降低。 2027年將是AST太空行動蜂窩寬頻服務在全球一些最佳市場推出數億用戶後，商業服務收入將首次產生全年影響。屆時，用戶將可隨時隨地享受便利的服務。

We also expect government revenue to continue to multiply in 2027 with significant upside depending on certain contract outcomes. We see the opportunity in 2027 approaching $1 billion in annual revenue importantly comprised of revenue both long-term contracted or highly recurring in nature, subject to achievement of commercial and government service objectives.

我們也預計，2027 年政府收入將繼續成倍增長，根據某些合約的結果，還有很大的成長空間。我們看到，到 2027 年，年收入將接近 10 億美元，這主要包括長期合約收入和高度經常性收入，但前提是商業和政府服務目標能夠實現。

Going into the end of the decade, we see further multiples of revenue upside driven by greater subscriber uptake and market extension. All told, we are confident that our business strategy has strong competitive differentiation and is supported by a growing list of industry tailwinds. We enter 2026 with the assurance and conviction needed to win in an ever-expanding TAM.

進入十年末，我們預計在用戶成長和市場擴張的推動下，營收將有更大的成長空間。總而言之，我們相信我們的商業策略具有強大的競爭優勢，並且得到越來越多的行業利好因素的支持。我們帶著在不斷擴大的TAM市場中取得成功所需的信心和信念進入2026年。

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. During the fourth quarter of 2025, we continue to execute on our commercial objectives while expanding manufacturing and importantly, significantly strengthening our financial position to support our core objectives in 2026. 2025 is best described as a year of scaling at AST Space. We began the year focused on building out manufacturing to support our targeted launch schedule through 2026. And we ended the year with the launch of our first Block 2 BlueBird satellite, BB6, a seminal moment in the history of our company.

謝謝你，斯科特，大家下午好。2025 年第四季度，我們將繼續推進商業目標的實現，同時擴大生產規模，更重要的是，大幅增強財務實力，以支持 2026 年的核心目標。 2025 年對 AST Space 而言，無疑是規模擴張之年。今年年初，我們專注於擴大生產規模，以支持我們在 2026 年之前的既定產品發布計劃。年底，我們發射了第一顆 Block 2 BlueBird 衛星 BB6，這是我們公司歷史上具有里程碑意義的時刻。

As we speak with you today, we have 29 Block 2 BlueBird satellites in various states of production and are on target to complete the assembly of 40 satellites equivalent microns during the first half of 2026.

在我們今天與您交談時，我們有 29 顆 Block 2 BlueBird 衛星處於不同的生產階段，並預計在 2026 年上半年完成相當於 40 顆衛星的組裝。

For 2026, AST SpaceMobile's global workforce is intensely focused on completing our Block 2 BlueBird satellites to support the orbital launch of 45 to 60 total satellites during the year as we work towards commercial service activation in the second half. As Scott described, our focus on launch cadence and commercial service activation in 2026 and is complemented by our increasing revenue opportunities, both from commercial and US government partners. We are now a revenue-generating company, and we will work hard to achieve profitability from our growing revenue initiatives that are intrinsically linked to the increasing number of Block 2 BlueBird satellites that we put into low earth orbit.

2026 年，AST SpaceMobile 的全球員工將全力以赴完成我們的 Block 2 BlueBird 衛星，以支援當年總共 45 至 60 顆衛星的軌道發射，同時努力在下半年啟動商業服務。正如斯科特所描述的那樣，我們專注於 2026 年的發射節奏和商業服務激活，同時，來自商業合作夥伴和美國政府合作夥伴的收入機會也在增加。我們現在是一家盈利公司，我們將努力從不斷增長的盈利計劃中實現盈利，這些計劃與我們送入近地軌道的 Block 2 BlueBird 衛星數量的不斷增加密切相關。

Our rapid growth is supported by a fortified balance sheet. Not only do we now have the cash to support the full buildout and launch of a constellation of over 100 satellites to provide worldwide space mobile service, our most recent financing activities position us to accelerate the deployment of our controlled spectrum bands on a global basis. monetize the capabilities of our proprietary technology to capture the evolving commercial opportunities related to artificial intelligence, enhanced investment in government space opportunities in the United States reduce our higher interest debt and pursue opportunistic investment to accelerate our space mobile services and capabilities. All the while, we continue to balance a prudent approach to our spending while moving quickly to protect and capitalize on our first-mover advantage of bring space-based broadband connectivity direct unmodified smartphones in the rapidly growing direct-to-device market.

我們快速成長的背後是穩健的資產負債表。我們現在不僅擁有足夠的資金來支援超過100顆衛星組成的星座的全面建設和發射，從而提供全球空間移動服務，而且我們最近的融資活動也使我們能夠加速在全球範圍內部署我們控制的頻譜頻段。我們將利用我們專有技術的能力來把握與人工智慧相關的不斷發展的商業機遇，加大對美國政府太空項目的投資，降低我們高息債務，並尋求機會性投資以加速我們的空間移動服務和能力發展。同時，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面向設備的市場中率先將基於太空的寬頻連接直接引入未經修改的智慧型手機的優勢。

Our intentional focus on investing in operational growth led to higher adjusted operating expenses and capital expenditures in Q4 2025. And both consistent with our expectations and previously communicated during our Q3 2025 earnings call. Importantly, our revenue rent continued in Q4 with significant revenue growth from commercial gateway deliveries, services and contracted milestones completed for the US government resulting in 2025 revenue near the top of our guidance range.

我們有意將重點放在投資營運成長上，導致 2025 年第四季調整後的營運費用和資本支出增加。這與我們的預期一致，也與我們先前在 2025 年第三季財報電話會議上溝通的內容相符。重要的是，我們的收入在第四季度繼續增長，來自商業門戶交付、服務和為美國政府完成的合約里程碑的收入大幅增長，使得 2025 年的收入接近我們指導範圍的上限。

Moving to the operating and capital metrics slide, let's review the key metrics for the fourth quarter and full year of 2025 in more detail. On the first chart, for the fourth quarter, we incurred non-GAAP adjusted operating expenses of $95.7 million versus $67.7 million in the third quarter. As a reminder, non-GAAP adjusted operating expenses exclude noncash operating costs, including depreciation and amortization and stock-based compensation. The quarter-over-quarter increase of $28.0 million resulted primarily from a $23.4 million increase in adjusted cost of revenues related to gateway deliveries the first revenue from our MNO partners, together with a slight $3.5 million increase in adjusted R&D costs, a $3.0 million increase in adjusted engineering services costs, this partially offset by a $1.9 million decrease in adjusted general and administrative costs.

接下來，我們來看營運和資本指標投影片，讓我們更詳細地回顧 2025 年第四季和全年的關鍵指標。在第一張圖表中，第四季我們產生了非GAAP調整後的營運費用9,570萬美元，而第三季為6,770萬美元。提醒一下，非GAAP調整後的營運費用不包括非現金營運成本，包括折舊和攤提以及股票選擇權費用。季度環比增長 2,800 萬美元，主要原因是與網關交付相關的調整後收入成本增加了 2,340 萬美元（這是我們行動網路營運商合作夥伴的首筆收入），以及調整後的研發成本略微增加了 350 萬美元，調整後的工程服務成本增加了 300 萬美元，但這些增長被調整後的一般行政成本增加了 90 萬美元。

Our Q4 adjusted operating expenses, excluding those adjusted cost of revenue would be $66.8 million compared to $62.2 million in Q3 of 2025, which is in line with the mid-60s million guidance that I previously provided. For the full year of 2025, non-GAAP adjusted operating expenses less adjusted cost of revenue totaled $224.8 million compared to $151.8 million for the full year of 2024. The primary drivers of the increase were growth in our workforce, including contractors and consultants. Our expanded production facilities and other professional fees, including legal fees related to our spectrum and financing transactions.

在剔除調整後的收入成本後，我們第四季的調整後營運費用為 6,680 萬美元，而 2025 年第三季為 6,220 萬美元，這與我之前給出的 6,000 萬美元左右的指導意見一致。2025 年全年，非 GAAP 調整後的營業費用減去調整後的收入成本總計為 2.248 億美元，而 2024 年全年為 1.518 億美元。成長的主要驅動因素是我們員工隊伍的成長，包括承包商和顧問。我們擴大的生產設施和其他專業費用，包括與我們的頻譜和融資交易相關的法律費用。

Turning now to the second chart on the slide. Our capital expenditures for the fourth quarter of 2025 were approximately $407 million versus approximately $259 million for the third quarter of 2025. This figure was made up primarily 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. This amount was above the quarterly guidance of $275 million to $325 million that I provided during our last earnings call, mainly due to intentional growth investments to accelerate satellite material purchases and the timing of launch contract payments.

現在來看投影片上的第二張圖表。2025 年第四季我們的資本支出約為 4.07 億美元，而 2025 年第三季約為 2.59 億美元。該數字主要由資本化的直接材料、Block 2 BlueBird 衛星的人工以及與多個發射合約相關的付款構成，其餘部分與設施和生產設備支出有關。這筆金額高於我在上次財報電話會議上給出的季度預期 2.75 億美元至 3.25 億美元，主要原因是為加快衛星材料採購而進行的有意增長投資以及發射合約付款的時間安排。

For the first quarter of 2026, we estimate that our adjusted operating expenses, excluding cost of revenues will be in the range of approximately $70 million to $80 million as we add to our workforce and continue to design, manufacture, launch and operate our growing satellite constellation as well as pursue the monetization of our L and S-band spectrum usage rights. We expect our capital expenditures to remain flat in Q1 2026 with the fourth quarter of 2025, and it will come in at a range of somewhere between $350 million to $425 million primarily driven by the timing of launch payments related to our near-term launches, which, as I previously explained, vary from quarter-to-quarter. We continue to estimate that the average capital cost, 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. Our cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors, which could impact our costs. As a reminder, the timing of the changes in our adjusted operating expenses in capital expenditures, as I've just described, could be delayed or may not be realized due to a variety of factors.

我們預計，2026 年第一季度，由於我們增加了員工隊伍，並繼續設計、製造、發射和運營我們不斷增長的衛星星座，以及尋求將我們的 L 波段和 S 波段頻譜使用權貨幣化，我們的調整後運營費用（不包括收入成本）將在 7000 萬美元至 8000 萬美元之間。我們預計 2026 年第一季的資本支出將與 2025 年第四季持平，金額將在 3.5 億美元至 4.25 億美元之間，主要受近期產品發布相關款項的支付時間影響，正如我之前解釋的那樣，這些款項的支付時間每個季度都會有所不同。我們繼續估計，我們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。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。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在資本支出方面的變化時間可能會因各種因素而延遲或無法實現。

Our planned revenue ramp continued during the fourth quarter, and we expect to continue to grow in 2026 holistically. 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 into play a constellation, we will continue to support US government applications, currently ongoing and accelerating as our constellation grows. In the fourth quarter, we recognized revenue of $54.3 million, primarily driven by gateway hardware sales in various US government service milestone achievements. Additionally, in Q4, we recognized revenue in connection with the provision of critical consulting services for an MNO partner. For the full year of 2025, we achieved revenue of $70.9 million, representing the top end of our 2025 revenue guidance range of $50 million to $75 million.

我們計劃的收入成長在第四季度繼續保持，我們預計到 2026 年將繼續全面成長。在創收方面，我們相信，透過發射和營運約 45 至 60 顆 BlueBird 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 BlueBird 衛星，我們可以在其他全球戰略市場實現持續的空間移動服務。此外，隨著我們不斷部署星座，我們將繼續支援美國政府的應用，這些應用目前正在進行中，並且隨著我們星座的增長而加速發展。第四季度，我們確認營收為 5,430 萬美元，主要得益於美國政府各項服務里程碑式成就帶來的網關硬體銷售。此外，在第四季度，我們確認了與向行動網路營運商合作夥伴提供關鍵諮詢服務相關的收入。2025 年全年，我們的收入達到 7,090 萬美元，達到了我們 2025 年收入預期範圍 5,000 萬美元至 7,500 萬美元的上限。

Now turning to our revenue expectations in 2026. We managed the top line with a focus on full year performance given the quarterly variability inherent to our business, including the timing of contract signings, equipment sales and milestone achievements. As a result, we believe our revenue performance is best evaluated on a full year basis. As we continue advancing our launch and network activation initiatives, we expect revenue to grow meaningfully relative to our 2025 financial performance. Specifically, we expect to generate full year 2026 revenue in the range of $150 million to $200 million.

現在來看看我們對 2026 年的營收預期。鑑於我們業務固有的季度波動性，包括合約簽署時間、設備銷售和里程碑實現情況，我們以全年業績為重點來管理營收。因此，我們認為最好以全年為單位來評估我們的收入表現。隨著我們不斷推進產品發布和網路激活計劃，我們預計收入將相對於 2025 年的財務業績實現顯著增長。具體而言，我們預計 2026 年全年營收將在 1.5 億美元至 2 億美元之間。

We expect revenue to continue to be driven by gateway deliveries achievement of contracted milestones for the US government, MNO consulting services with potential upside related to the recognition of initial commercial service revenue. Quarterly revenue will likely vary significantly depending on achievement of milestones and the timing of customer activities. We believe that approximately half of the revenue opportunity within our commercial pipeline this year is already booked or contracted. The remaining portion consists of a combination of advanced stage opportunities that have not yet been signed as well as net new business we expect to secure over the course of the year.

我們預計收入將繼續由網關交付、美國政府合約里程碑的完成、行動網路營運商諮詢服務以及與確認初始商業服務收入相關的潛在成長所驅動。季度收入可能會因里程碑的實現情況和客戶活動的時間安排而顯著波動。我們相信，今年商業通路中大約一半的收入機會已經預訂或簽訂了合約。剩餘部分包括尚未簽署的後期階段機會，以及我們預計在年內獲得的新增業務。

As previously noted, we anticipate government-related revenue growth to be driven by the factors outlined earlier in Scott's remarks. The achievement of our revenue plan remains subject to several contingencies, including the successful launch and deployment of Block 2 BlueBird satellites related to US government applications contractual milestone achievements critical gateway equipment sales to our MNO partners in support of their anticipated commercialization efforts of 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.

如前所述，我們預計政府相關收入成長將受到史考特演講中先前概述的因素的驅動。我們收入計畫的實現仍取決於幾個因素，包括與美國政府應用相關的 Block 2 BlueBird 衛星的成功發射和部署；與合約里程碑達成相關的關鍵網關設備銷售；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；以及與我們現有和計畫部署和運行的衛星提供的商業服務啟動相關的收入。

Finally, on the last chart on the slide, on a pro forma basis, inclusive of cash raised in February, via the convertible notes offering with a 2.25% 10-year coupon at an effective strike price of $116.30 per share and the available liquidity under the at-the-market or ATM facility, our cash, cash equivalents and restricted cash as of December 31, 2025, was approximately $3.9 billion. Primary drivers for this cash increase include the execution of the 2 convertible notes offerings in October of 2025 in February of 2026 for a total of approximately $2.2 billion of net proceeds and approximately $706 million of net proceeds raised from the 2025 ATM facilities during Q4, leaving approximately $80 million available under that facility. In addition to capital raised via the recent 2.25% 10-year convertible notes, we also took action since our last earnings call by further reducing our outstanding debt related to the January 2025 and July 2025 convertible notes each due in 2032, following the February equitization transactions, we have now converted approximately $457 million of the outstanding $460 million of the January convertible notes into 19.2 million Class A shares and $250 million of the outstanding $575 million of the July note 5 million Class A shares. We will continue to look at attractive debt reduction efforts, including convertible notes as the year progresses.

最後，在幻燈片的最後一張圖表中，按備考基準計算，包括 2 月份透過可轉換債券發行籌集的現金（票面利率為 2.25%，10 年期，有效行權價為每股 116.30 美元），以及根據市場交易或 ATM 融資機制提供的可用流動性，截至 2025 年 12 月 31 日 12 月 31 日等價物此次現金增加的主要驅動因素包括：2025 年 10 月發行的兩筆可轉換債券於 2026 年 2 月完成，淨收益總額約為 22 億美元；以及 2025 年第四季透過 ATM 融資設施籌集的約 7.06 億美元淨收益，該設施下還剩餘約 8,000 萬美元可用資金。除了透過最近發行的 2.25% 10 年期可轉換票據籌集的資金外，自上次財報電話會議以來，我們還採取了進一步措施，減少了與 2025 年 1 月和 2025 年 7 月到期的可轉換票據相關的未償債務（這兩張票據均將於 2032 年到期）。在 2 月的股權化交易之後，我們已將 1 月未償付的 4.6 億美元可轉換票據中的約 4.57 億美元轉換為 1,920 萬股 A​​ 類股票，並將 7 月未償付的 5.75 億美元可轉換票據中的約 2.5 億美元轉換為 500 萬美元。隨著時間的推移，我們將繼續關注有吸引力的債務削減方案，包括可轉換債券。

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 $3.9 billion on a pro forma basis as of December 31, we are now not only fully funded to manufacture and launch a constellation of over 100 satellites to provide worldwide space mobile service, but we have increased our financial flexibility to make further investments to expedite the timing of and augment the capabilities of our space mobile service. At this time, we do not have any plans to pursue additional convertible debt. The combination of increasing commercial and government opportunities, rapidly scaling manufacturing and satellite launch operations and a fortified balance sheet firmly positions AST SpaceMobile to achieve our objectives on behalf of all of our stakeholders in 2026 and beyond. I'm incredibly proud of the significant progress our company made in 2025, backed by the intense focus and tireless efforts of our worldwide workforce. It's now time to further execute on our launch cadence to bring space mobile service to connect the unconnected in the coming periods.

鑑於我們目前的資產負債表實力雄厚，截至 12 月 31 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 39 億美元，我們不僅擁有充足的資金來製造和發射由 100 多顆衛星組成的星座，以提供全球空間移動服務，我們還提高了財務靈活性，還可以進一步投資進度。目前，我們沒有任何發行更多可轉換債券的計劃。商業和政府機會的不斷增加、製造和衛星發射業務的快速擴張以及穩健的資產負債表，使 AST SpaceMobile 能夠代表我們所有利益相關者在 2026 年及以後實現我們的目標。我為公司在 2025 年取得的重大進展感到無比自豪，這離不開我們全球員工的專注和不懈努力。現在是時候進一步執行我們的發射節奏，在未來一段時間內為尚未連網的人們提供太空移動服務了。

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

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。史考特？

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？

Justin from Georgia asked, any interesting learnings from BB 6 and 7? Is the production of composite satellite is going to be vastly different? Any unforeseen delays?

來自喬治亞州的賈斯汀問道：從BB 6和BB 7中有什麼有趣的發現嗎？複合材料衛星的生產方式會大不相同嗎？是否有任何意料之外的延誤？

Thank you, Justin, for the question. Yes, BB6, it is the largest phase array ever deployed in a space, it's 3.5x bigger that our previous deployments, which were also the world record on size. And going through that first deployment of 2,400 square feet successfully learn how to capture, control and manage the satellite at that size, would allowed us to actually do it much more faster, and we do 7, 8, 9, 10, 11, 12, 14 coming. So that -- yes, that was a very, very important milestone in learning how to operate, deploy and fly something of this size, which will help us to do it faster in the next deployment. The other thing that will happen going forward, passing 6 and 7 is that we're stacking the satellites.

謝謝賈斯汀的提問。是的，BB6，它是迄今為止在太空部署的最大相控陣天線，比我們之前部署的天線大3.5倍，而我們之前的天線在尺寸上也創造了世界紀錄。成功完成首次 2400 平方英尺的部署，學會如何捕捉、控制和管理該尺寸的衛星，將使我們能夠更快地完成這項工作，而我們接下來將部署 7、8、9、10、11、12、14 顆衛星。所以——是的，這是學習如何操作、部署和飛行這種規模的設備的一個非常非常重要的里程碑，這將幫助我們在下一次部署中更快地完成。接下來，經過 6 號和 7 號衛星之後，我們將把衛星堆疊起來。

So we're not be launching individual satellites anymore. There will be back in Grupo 3, 4, 6 or 8 in a single launch. That is what will allow us to meet our launch cadence of this year, which is -- which we're expecting 45 satellites in orbit and 60 satellites ready to achieve during 2026.

所以我們將不再發射單一衛星了。在一次發射中，將有 Grupo 3、4、6 或 8 號火箭回歸。這將使我們能夠實現今年的發射節奏，即到 2026 年將有 45 顆衛星在軌運行，60 顆衛星準備就緒。

Justin also asks is there an updated time line for the mid-band constellation for using L-band and S-band spectrum?

Justin 也詢問，使用 L 波段和 S 波段頻譜的中頻段星座是否有更新的時間表？

Yes, there is. We're planning to start launching the mid-band constellation by the end of the year. The mid bank operation had the advantage of combining 3GPP standard operator on frequencies and also our L&S bands, which combined give a great flexibility to the offering and also allow us to continue to increase the derate capacity that we have in our system going way above our 120 megabit per second that we already have in Block 1. So that allows a combination of IMT spectrum which we see it like a run extension to a capability in places where there is no spectrum -- there is no spectrum light up to overlay spectrum in our L&S in order to cover all locations as a supplement and a augmentation of the directed network with data rate that far exceed our 120 megawatt. Our current 120 megabit per second in the low band block satellites with the largest satellites and with access to combine in certain regions to over 100 megahertz of spectrum combined combining the spectrum of our network partners and our own this will give a true broadband experience on a global basis.

是的，有。我們計劃在今年年底前開始發射中頻段星座。中級營運的優勢在於結合了 3GPP 標準營運商的頻率以及我們的 L&S 頻段，這使得產品具有極大的靈活性，也使我們能夠繼續提高系統中的降額容量，遠遠超過我們在 Block 1 中已經達到的每秒 120 兆位元。因此，我們可以將 IMT 頻譜與 L&S 頻譜結合使用，就像在沒有頻譜的地方擴展功能一樣——沒有頻譜可以啟用，從而在我們的 L&S 中疊加頻譜，以覆蓋所有位置，作為定向網絡的補充和增強，其數據速率遠遠超過我們的 120 兆瓦。我們目前在低頻段塊衛星上擁有每秒 120 兆位元的速度，並且在某些地區可以合併超過 100 兆赫茲的頻譜，將我們網路合作夥伴的頻譜與我們自己的頻譜結合起來，這將為全球帶來真正的寬頻體驗。

Leiden from New Zealand with the larger designs complete and being produced, do you anticipate future R&D or new product lines. This may be data centers, exclusive military constellations collecting data on usage, providing aircraft and ship traffic radar, et cetera.

紐西蘭萊頓公司已經完成了大型設計並正在生產，您預計未來會有研發或新產品線嗎？這可能是資料中心、收集使用情況資料的專屬軍事星座、提供飛機和船舶交通雷達等。

Thank you, Leiden. Listen, the most difficult aspect of the R&D with the launch deployment and usage of our BB6, the core aspect of it is complete. So the ability to produce a lot of power, the ability to have a very large aperture with very sensitive aperture, the ability to have many, many gigahertz of processing power with our own ASIC, the ability to do a cost effectively with our own power generation technology. All of that R&D have been completed and it's integral part of what we have, where we're operating, and as you said, been completed.

謝謝你，萊頓。聽著，我們BB6的研發、部署和使用中最困難的部分，也是其核心部分已經完成。因此，我們擁有強大的發電能力，能夠製造出孔徑非常大、靈敏度非常高的探測器，能夠利用我們自己的ASIC晶片實現數吉赫茲的處理能力，並且能夠以經濟高效的方式利用我們自己的發電技術。所有這些研發工作都已完成，並且是我們現有業務、營運場所的組成部分，正如你所說，已經完成。

Now we do see many other opportunities for the technology that we're starting to see usage of them, one in radar and other is power generation. Another one is multiplying the spectrum usage. So we believe in combining our large aperture with our AI capability will create a multiplier 4G spectrum. So the 50 megahertz that we have, it will feel a multiple of that. It could be 3 times that.

現在我們看到了這項技術的其他許多應用機會，例如雷達和發電。另一個問題是頻譜使用量的倍增。因此，我們相信將我們的大孔徑與我們的人工智慧能力結合，將創造出倍增器的 4G 頻譜。所以，我們擁有的 50 兆赫茲的頻率，實際感受到的頻率將是它的數倍。可能是這個數字的三倍。

It could be 10x that. So we see a lot of opportunities of combining all these capabilities, including very precise geolocation, radar communications, all that wrap up with an AI infrastructure, we think there is a significant additional value that we can create with our infrastructure and the already invested R&D.

可能是這個數字的10倍。因此，我們看到了將所有這些能力結合起來的諸多機會，包括非常精確的地理定位、雷達通信，所有這些都與人工智慧基礎設施相結合，我們認為，憑藉我們的基礎設施和已經投入的研發，我們可以創造巨大的附加價值。

Kevin from Vancouver. Can you share more color on the most recent $1 billion convertible note offering. Many investors are confused as your current liquidity was already approximately $3 billion and sufficient for around 100 satellites. Were there any specific opportunities in mind when you issued the offering? Or is it really just in case something pops up?

來自溫哥華的凱文。能否詳細介紹一下最近發行的10億美元可轉換債券？許多投資者感到困惑，因為您目前的流動資金已經約為 30 億美元，足以建造約 100 顆衛星。發行股票時，您是否考慮過任何具體的投資機會？還是僅僅為了以防萬一？

Thanks for that question, Kevin. This is Andy. It's absolutely the case that in Q4, when we finished the convertible in October, we were in a position to fully fund the worldwide constellation at 100-plus satellites. Nothing has changed on that front. And the convertible deal that we did at just over $1 billion in February, provides us essentially extra flexibility to look at investments that go beyond that first 100 constellation.

謝謝你的提問，凱文。這是安迪。確實，在第四季度，也就是10月我們完成敞篷車計畫的時候，我們有能力為擁有100多顆衛星的全球星座提供全額資金。這方面沒有任何變化。我們在 2 月以略高於 10 億美元的價格達成的可轉換債券交易，實際上為我們提供了額外的靈活性，讓我們能夠考慮超出最初 100 個星座的投資。

And what I mean by that is, number one, we can accelerate the deployment of our control global spectrum with this added fund. We also have the opportunity to monetize our technology to capture commercial opportunities related to AI, which are increasingly coming our way. We will look to deploy funds to enhance our investment in government space opportunities in the United States.

我的意思是，第一，有了這筆額外的資金，我們可以加快部署我們的全球控制頻譜。我們還有機會將我們的技術貨幣化，以抓住與人工智慧相關的商業機會，這些機會正越來越多地向我們湧入。我們將尋求調配資金，加大對美國政府航太領域的投資。

We've talked about our debt profile. These funds provide us flexibility to look at reducing higher interest debt that we currently have. And finally, opportunistically, any investments that help us accelerate the time to bring space mobile service and capabilities will be a good use of these funds as well. And I would just close by noting that we've confirmed that we have no current plans to look at an additional convertible deal. We feel that the balance sheet is where it needs to be to provide us the opportunity to execute our objectives in the near and midterm.

我們已經討論過我們的債務狀況。這些資金使我們能夠靈活地考慮減少目前較高的利息債務。最後，從機會主義的角度來看，任何有助於我們加快太空移動服務和能力的投資，也將是對這些資金的合理運用。最後我想指出，我們已經確認目前沒有計劃考慮進行額外的可轉換債券交易。我們認為，目前的資產負債表狀況足以讓我們在近期和中期內實現我們的目標。

And with that, I'd like to thank our shareholders for submitting those questions. Operator, let's open up 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，現在我們開放分析師提問環節。

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

（操作說明）Griffin Boss，B. Riley Securities。

So first, I just want to talk about this expanding TAM that you've talked about with the dual use capabilities and government contracts. Do you see any scenario where you build and launch future block bird satellites with different payloads that might be exclusively for government customers or applications?

首先，我想談談您提到的不斷擴大的TAM，包括兩用能力和政府合約。您認為是否存在這樣一種情況：未來會建造並發射搭載不同有效載荷的模組化衛星，這些衛星可能專門服務政府客戶或特定應用？

Listen, the satellites are really designed to manage all these applications in a single platform. So we do not need multiple satellites for multiple payloads. The core applications for our government contracts for our partnership with the MNOs are all possible through the same platform, which are, in fact, already being used in combination of the 2. So we want to maximize and take advantage of a platform that can be used simultaneously for the 2 times.

聽著，這些衛星的設計初衷就是為了在一個平台上管理所有這些應用。因此，我們不需要多顆衛星來搭載多個有效載荷。我們與行動網路營運商 (MNO) 合作的政府合約的核心應用都可以透過同一個平台實現，事實上，這兩個平台已經結合使用。所以我們希望最大限度地利用這個可以同時用於兩個用途的平台。

Got it. Okay. Understood. And then just a second one for me. You always mentioned your thousands of patents and you talked about on this call, your expertise in building and deploying massive structures in low-Earth orbit, that could be used for myriad opportunities and specifically call out these burgeoning opportunities in AI, you called that out with the convertible rate too.

知道了。好的。明白了。然後，我再來一個。您總是提到您擁有數千項專利，在這次電話會議上，您談到了您在近地軌道建造和部署大型結構方面的專業知識，這些專業知識可以用於無數的機會，您特別提到了人工智慧領域蓬勃發展的機會，您還提到了可轉換率。

But do you have this one specific patent that's been of interest to us for a while for thermal management systems, construction space. And that's a patent that describes a process for satellites where heat is dissipated locally at each antenna and heat could be directed to each antenna assembly during crore cold. So just curious if you could maybe elaborate on that specifically as well as your other capabilities and how that could potentially be used for opportunities in data centers and space or why that makes AST satellites attractive for those types of capabilities?

但是，您是否有一項我們一直很感興趣的專利，它涉及熱管理系統和建築空間？這是一項專利，它描述了一種衛星散熱工藝，該工藝能夠使每個天線局部散熱，並且在極寒天氣下可以將熱量導向每個天線組件。所以，我很好奇您能否詳細說明這一點，以及您的其他能力，以及這些能力如何可能用於資料中心和太空領域的機遇，或者為什麼AST衛星在這些類型的能力方面具有吸引力？

Yes, absolutely. I mean there are many key enablers that needed to be designed by us and deploying patent in order to solve probably the more difficult problem, which is connecting broadband regular handsets. So for that, we needed to develop and vertically integrate 95% of our technology. had the technology to produce a low-cost power. That's a very significant satellites our size.

是的，絕對的。我的意思是，我們需要設計許多關鍵的使能技術，並部署專利來解決可能更困難的問題，即連接寬頻普通手機。因此，我們需要開發並垂直整合95%的技術，從而擁有生產低成本電力的技術。那是一顆與我們體型相當的重要衛星。

We are on a factor of 10 lower per square meter power production of what historically manufacturers had been using the size of the satellite. And then the ability to generate power at a low cost per square meter and then being able to anticipate and effectively run a lot of wattage per square meter within the power contains of the space. So we have -- that's what we have built up a significant portfolio of IP. That is a particular -- I think you hit it right as a particular technology that enable a lot of things.

我們現在每平方公尺的發電量比以往製造商使用同等尺寸衛星時的發電量低了 10 倍。然後，能夠以每平方米低成本發電，並能夠預測並有效地在空間的電力範圍內運行每平方米的大功率。因此，我們已經建立了一個相當可觀的智慧財產權組合。那是一項特殊的——我認為你把它說得很對，它是一項能夠實現很多事情的特殊技術。

Then when we talk about the ability to manage the spectrum using AI capabilities. We call it spectrum -- AI spectrum management, the ability to use these satellites, not only for communications but our applications like radar. And when you combine that with the ability to store, manage data in a way that usage uses spectrum very, very efficiently is it opened a lot of other opportunities on the TAM that we have. We believe the largest TAM is in broadband true broadband directly to the handset where you will be basically becoming what I call the third leg of communications. You have WiFi, you have cellular and now you have a space.

然後，當我們談到利用人工智慧能力管理頻譜的能力時。我們稱之為頻譜——人工智慧頻譜管理，即利用這些衛星不僅進行通信，還能用於雷達等應用。再加上能夠以非常高效的方式儲存和管理數據，從而非常有效地利用頻譜，這為我們在TAM（目標市場）上開闢了許多其他機會。我們認為最大的潛在市場是真正的寬頻，直接連接到手機，你基本上會成為我所說的通訊的第三環節。你有WiFi，你有手機訊號，現在你還有了空間。

And our belief is to participate at scale in a way that I mean full for our global operators, the broadband capability is essential. And it's not -- and it's something that we have something that we have now. I mean that's what we have with the satellite that we're deploying right now. And we're extremely happy of the performance that we see on our BB6 in the new 2,400 square feet platform that we just launched.

我們相信，要大規模地參與其中，我的意思是全面參與，對於我們的全球營運商來說，寬頻能力至關重要。而且它不是——而且它是我們現在擁有的東西。我的意思是，這就是我們目前正在部署的衛星所具備的條件。我們對 BB6 在新推出的 2400 平方英尺平台上的表現感到非常滿意。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，坎托·菲茨杰拉德。

As we parse out the comments that you talked about on 2028 revenue potential, just kind of thinking like the bull bear of what you said, so multiple versus $1 billion of potential in '27, which suggests, let's call it, $1.5 million to $3 for '28. How does the team kind of think about the mix of opportunities between government and B2B customers? And then kind of within B2B? How do you think about tech discussions between communications intelligent and then intelligence an on-orbit compute?

當我們分析您對 2028 年收入潛力的評論時，我們不妨從牛市的角度來思考您所說的，即 2027 年 10 億美元的潛在收入倍數，這意味著，我們不妨假設 2028 年的收入為 150 萬美元至 30 萬美元。團隊如何看待政府客戶和 B2B 客戶之間的機會組合？然後，在B2B領域呢？您如何看待通訊智慧與在軌運算智慧之間的技術討論？

Thanks, Colin. I'll take that. So we look forward our expectations for revenue in 2026, building on the high end of our guidance that we achieved in 2025. And then we stated a goal for 2027. So we did not state anything for 2028.

謝謝你，科林。我接受。因此，我們對 2026 年的營收預期充滿信心，希望能夠達到 2025 年預期目標的高端水準。然後我們就訂定了2027年的目標。所以我們沒有對2028年做出任何承諾。

So I'll keep my comments to '27, but I think what we see is as we get this platform on a full year run rate and we're able to put the consumer business, the B2D communications business in place in some of the most favorable markets globally. And then you put that alongside our government applications, giving some time to mature and some potential contract wins we're chasing. That's how we got to that 2027 goal number. And we think that that's probably more weighted towards commercial based on the framework, but of course, upside, I think if government does better.

所以我將只評論 2027 年的情況，但我認為我們看到的是，隨著我們這個平台全年運行，並且我們能夠在全球一些最有利的市場中建立消費者業務和 B2D 通訊業務。然後，我們再把這些和我們的政府申請放在一起考慮，給它們一些時間發展成熟，以及我們正在爭取的一些潛在合約。這就是我們最終確定2027年目標數字的過程。我們認為，根據目前的框架，這可能更偏向商業領域，但當然，如果政府做得更好，那也會有所裨益。

And as you go out into 2028 and later in the decade, ultimately, we do think that our commercial business is going to bigger. That's always been the premise. So commercial, I think, at scale, should be bigger than government. We think that market is really attractive. We think all the demand drivers will track for 7 to 8 years of the company are intact and growing stronger by the day.

展望 2028 年以及未來十年，我們最終認為我們的商業規模將會擴大。這始終是前提。所以我認為，從規模來看，商業機構的規模應該大於政府機構。我們認為這個市場真的很有吸引力。我們認為，如果公司未來 7 到 8 年的所有需求驅動因素保持不變且日益增強，那麼這些需求驅動因素將會持續下去。

But the government business is also very attractive. And as we said, with all the various use cases we're tracking, there's potential for multiple billions of annual revenue. through those use cases as well. So we see a really bright picture. I'd say it's largely consistent with how we've always seen it though government has trended up over the last year or 2.

但政府部門的業務也極具吸引力。正如我們所說，我們追蹤的各種應用場景，每年都有可能帶來數十億美元的收入。所以我們看到了一個非常光明的景象。我認為這與我們一直以來的看法基本一致，儘管政府在過去一兩年呈上升趨勢。

But that's how we see the mix playing out. And -- and I think that's -- as we're deploying and as you saw, we put out a number of customer announcements today, we see the strength of that demand as strong as ever.

但我們認為這種混合模式最終會以這種方式呈現。而且——而且我認為——正如我們所看到的，我們今天發布了一系列客戶公告，我們看到這種需求仍然強勁。

Got it. I appreciate it. And then as we think of the progression of growth, is it fair to use the 4Q performance as a baseline for 2026 and then growing from there -- or is the compare in terms of growth for '26 more aligned just growing from the 2025 annual number?

知道了。謝謝。那麼，當我們考慮成長進程時，以 2026 年第四季業績為基準，然後以此為基礎進行成長是否公平？或者，就 2026 年的成長而言，以 2025 年年度數字為基礎進行成長是否更合理？

The way I'd think about it is before we initiate commercial service here, we're -- we're doing revenue that's going to earlier stage, right? So the commercial revenue is not as consistent and the government revenue is building nicely, but much lower than where it can be. So quarter-to-quarter, I wouldn't say we're planning on building quarter-to-quarter. I think, think about it annually, like Andy put it in his speech. It's really about an annual target.

我的想法是，在我們開始商業服務之前，我們正在——我們正在創造收入，這將進入早期階段，對吧？因此，商業收入較不穩定，而政府收入雖然穩定成長，但遠低於應有的水準。所以，就季度而言，我不會說我們計劃按季度進行建設。我認為，應該每年都認真考慮這個問題，就像安迪在他的演講中提到的那樣。這實際上是一個年度目標。

And so I think at least doubling where we hit in 2025 is the right way to think about it was, of course, upside as we launch commercial service. But quarter-to-quarter, at least in the next few quarters before commercial service comes into play in the second half of 2026 that's how to think about it is we're going to be -- we're putting commercial infrastructure in place, and we're performing against our government pipeline.

因此，我認為至少將我們在 2025 年達到的目標翻倍才是正確的思路，當然，隨著我們推出商業服務，這肯定是一個利好因素。但至少在接下來的幾個季度裡，也就是在 2026 年下半年商業服務投入運作之前，我們應該這樣看待這個問題：我們正在建立商業基礎設施，並且我們正在按照政府管道的進度進行運作。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

I'm just trying to understand the manufacturing side a little bit better. Would you mind providing just some color on how many satellites beyond BB7 or build ready to ship today and maybe how many you expect to be built and ready to ship by midyear? I know you talked about the microns and those are the hardest part, but I think there is some assembly that takes some time beyond the microns themselves. And then just related to that, I mean, I think clearly, the manufacturing pace is somewhat behind where you had expected it to be, perhaps you could maybe just give us some appreciation for the kinds of things that maybe took longer than you had expected and whether you think you've now worked through all those issues and your kind of accelerated or accelerating the pace up to where you had expected it to get to?

我只是想更了解一下生產製造方面的情況。能否透露一下，除了BB7之外，目前還有多少顆衛星已經建成準備出貨？以及預計到年中將有多少顆衛星建成並準備出貨？我知道你提到了微米，那是其中最困難的部分，但我認為除了微米本身之外，還有一些組裝環節需要一些時間。還有一點，我認為很明顯，生產速度比您預期的要慢一些，您能否解釋一下哪些方面耗時比您預期的要長，以及您是否認為您現在已經解決了所有這些問題，並將生產速度加快到了您預期的水平？

Yes. I think we are at a point where using that acceleration. We certainly see that in the manufacturing of the key building block, which is in micron, so which we were on satellite 30. We are on target to at least be ready to ship this year, 60 satellites with a minimum of 45 into orbit. So we went through a phase and just a year ago, these are like we're 3.5x smaller.

是的。我認為我們現在已經到了可以利用這種加速的階段。我們當然可以在關鍵建造模組的製造過程中看到這一點，該模組的製造單位是微米，我們在 30 號衛星上就看到了這一點。我們預計今年將完成至少 60 顆衛星的交付，其中至少 45 顆將進入軌道。所以我們經歷了一個階段，就在一年前，我們的規模比現在小了3.5倍。

They were already very big. They were the biggest ever launch. These ones are 3.5x bigger. And thus, be 6 and 7. Past that, basically what is something that help us to accelerate our cadence of satellites in orbit, we are able to stack them.

它們已經非常大了。這是有史以​​來規模最大的產品發表會。這些比原來的大3.5倍。因此，數字變為 6 和 7。除此之外，基本上，為了加快衛星在軌發射速度，我們可以堆疊衛星。

And that stack is difficult. You need to be able to stack either 3, 4, 6 or 8 satellites. And that is new completion. So that we will -- you see in the -- you see batches of 6 in the -- getting out of the factory very soon here.

而且這個堆疊很難。你需要能夠堆疊 3、4、6 或 8 顆衛星。這就是新的完成。所以，您很快就會看到一批批（每批 6 個）的產品從工廠出來。

And -- okay. So on the stacking, if I may, just in layman's terms, are you saying that there are specific engineering things that you had to figure out in order to get the stacking right? Or are you just saying that getting that many done at once so that you could stack them and get it ready for a combined launch took some time. Just if you don't want to clarify.

好的。那麼關於堆疊，如果可以的話，請用簡單易懂的話來說，您的意思是說，為了正確堆疊，您必須解決一些具體的工程問題嗎？或者你的意思是，一次完成這麼多工作，以便將它們堆疊起來，準備進行聯合發布，需要一些時間。如果你不想解釋的話。

Getting them ready for a combined launch is the ability of -- I mean, you're talking about something like a factory building worth of satellites, starting then in either blocks of 3 of them, 4, 6 of 8. And -- but that process is completed and the next batch of 6, you see the pictures in the deck that we put in the IR deck. And that we passed that phase and we get ready to resume the shipments to the gate.

為聯合發射做好準備的能力——我的意思是，你談論的是相當於一座工廠規模的衛星群，然後以 3 個、4 個、6 個或 8 個為一組開始發射。但這個過程已經完成，接下來的 6 張照片，您可以在我們放入 IR 資料夾的資料夾中看到。我們已經度過了那個階段，準備恢復向大門發貨。

Okay. If I may sneak one more in. I know you said that BB7 is expected to go up this month and then launches every 1 to 2 months. Could we expect possibly a launch with multiple satellites in April? Or is it likely to be 2 months post the March launch?

好的。如果可以的話，我再補充一句。我知道你說過BB7預計本月上線，然後每隔1到2個月推出一次。我們是否可以期待在四月進行一次包含多顆衛星的發射？或者很可能是在三月發布後的兩個月？

Yes. I mean the -- all other launches are in stack configuration. We're not -- we don't have any more single launches like we did on B6 and B7. These next coming launch is super important for us as basically allows to reduce the first stage of the New Glenn, which is the only platform commercial that exists that can actually stack 8 of our satellites. There are other platforms that start 6 or 3.

是的。我的意思是——所有其他發射都是堆疊配置。我們已經不再像在 B6 和 B7 上那樣進行單次發射了。接下來的發射對我們來說非常重要，因為它基本上可以減少新格倫火箭的第一級，而新格倫火箭是目前唯一能夠將我們8顆衛星堆疊在一起的商業平台。還有其他一些平台以 6 或 3 開頭。

But with the New Glenn, we get a maximum amount of satellites per launch. And that ability becoming available with the new satellites.

但是，使用新格倫火箭，我們每次發射可以攜帶最大數量的衛星。而這種能力將隨著新型衛星的出現而實現。

And Bryan, I'd just add, we expect to ship that next batch in April. So depending on timing and of course, under ideal conditions, it's about 3 weeks or so to launch from there. So we're -- we're not going to speculate on launch timing for that, but we are -- we look like we're going to be in a position to ship those in April, and you can see that on Page 10 in our deck.

布萊恩，我還要補充一點，我們預計下一批貨將在四月發貨。所以，根據時間安排，當然，在理想條件下，從那裡發射大約需要 3 週左右。所以我們——我們不會猜測發佈時間，但我們——看起來我們能夠在四月份發貨，你可以在我們簡報的第 10 頁看到這一點。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Abel, Scott and Andy, congrats on all of the partnership announcements and the progress with your Constellation. First, I was wondering, are you in Barcelona for the conference. And Will there be more announcements this week besides what you've already announced? Are you holding back certain announcements?

Abel、Scott 和 Andy，恭喜你們宣布的所有合作項目以及 Constellation 計畫的進展。首先，我想問一下，您是來巴塞隆納參加會議的嗎？除了已經宣布的內容之外，本週還會有其他公告嗎？你是不是有所保留，沒有宣布某些消息？

It's Scott here. Yes, we are in a conference room in Barcelona, so it's great to do the call this quarter on the road. But yes, we did -- we had a flurry of announcements today and -- and yes, you can expect more for the rest of the week as well.

我是史考特。是的，我們現在在巴塞隆納的一間會議室裡，所以這季能在旅途中進行電話會議真是太好了。是的，我們今天發布了一系列公告，而且，本週剩餘時間裡，您可以期待更多公告。

Excellent. And my second question is what service level will your network support when you launch the different beta offerings in the summer. Will there be different phases in terms of the service capabilities as more satellites come online? Or like should like the initial beta that launches whenever that takes place. Will that have like close to a true 5G experience?

出色的。我的第二個問題是，當您在夏季推出不同的測試版產品時，您的網路將支援何種服務等級。隨著更多衛星上線，服務能力是否會經歷不同的階段？或者說，應該像每次發佈時的初始測試版。那會接近真正的 5G 體驗嗎？

Yes. The way to think about this is big data rate. So what big error rate you can expect on the phone will be directionally proportional to the amount of spectrum that we get allocated. And we some partners we have between our spectrum and their spectrum and off to around 100 megahertz. And you can think you can put a multiple of that number of megahertz to think about what is the big data rate.

是的。理解這一點的途徑是大數據速率。因此，手機的誤碼率會與我們分配到的頻譜量成正比。我們有一些合作夥伴，我們的光譜和他們的頻譜之間的距離大約是 100 兆赫茲。你可以把兆赫數的倍數代入這個數值，來思考大數據速率是多少。

Today, we're managing between 3 and 4 bps per hertz, so that multiple is in that order.

目前，我們每赫茲的傳輸速率在 3 到 4 bps 之間，所以倍數也是照這個順序計算的。

So the initial launch of commercial services is with the lower end of that as the allocated spectrum, it will be less. But as we enable more spectrum, which is satellite support them now. They have great flexibility to keep adding spectrum and keep adding and later even combining low-line spectrum with mid-line spectrum. Then you see the peak data rates keep enhancing. So that's the way to think about the key performance metrics as we launch services.

因此，商業服務的初期推出將採用較低的頻譜資源，因為分配的頻譜資源較少。但隨著我們啟用更多頻譜，衛星現在就能為他們提供支援。它們具有很大的靈活性，可以不斷增加頻譜，甚至可以將低線頻譜與中線頻譜結合。然後你會發現峰值數據速率持續提高。所以，這就是我們在推出服務時思考關鍵績效指標的方式。

That makes sense, Abel. And one financial question for the $1 billion revenue goal for 2027, how much of that is customer or subscriber usage-based versus being like minimum revenue commitments that are contractually obligated with your MNO partners, such that like if you actually are able to get like between the 45 and 50 satellites online by the end of the year, how much of that $1 billion has been like already in the bag, so to speak?

這很有道理，亞伯。對於 2027 年 10 億美元的收入目標，有一個財務問題：其中有多少是基於客戶或用戶使用情況的收入，又有多少是基於與行動網路營運商 (MNO) 合作夥伴簽訂的最低收入承諾？例如，如果您真的能夠在年底前將 45 到 50 顆衛星上線，那麼這 10 億美元中有多少已經到手了？

Sure. So remember, we're at $1.2 billion contracted backlog right now, which we're very proud of and is a testament to how we've built the ecosystem with our partners and how confident our partners are in the business that we're building, right? But that is still very, very low number compared to what our expectations are for the revenue potential of the business. So it's a good indicator that backlog, which, again, is over $1.2 billion at this point. But in terms of its contribution to each individual year, it's -- it will be a minority for sure.

當然。所以請記住，我們目前的合約積壓金額為 12 億美元，我們為此感到非常自豪，這證明了我們與合作夥伴共同建立的生態系統，以及我們的合作夥伴對我們正在建立的業務的信心，對吧？但與我們對該業務收入潛力的預期相比，這個數字仍然非常非常低。所以，積壓訂單（目前已超過 12 億美元）是一個很好的指標。但就其對每一年的貢獻而言，它肯定只佔少數。

So if we're -- in terms of a goal of $1 billion, you can think of that in the low hundreds of millions, somewhere 100 million to 300 million range depending on the year.

所以，如果我們的目標是 10 億美元，你可以把它看作是數億美元的低水平，具體數億美元在 1 億到 3 億美元之間，具體取決於年份。

Chris Schoell, UBS.

瑞銀集團的克里斯‧舍爾。

Great. Looking at your new disclosure, it appears your services gross margins are around 90%. Is this a good way to think about the business longer term? And as revenue generation starts to kick in, can you just remind us how you're thinking about operating leverage and where you believe steady state EBITDA margins can reach for the business?

偉大的。根據您最新披露的信息，您的服務毛利率似乎在 90% 左右。從長遠角度考慮企業發展，這種思路是否合理？隨著營收開始成長，您能否提醒我們一下您是如何看待經營槓桿的，以及您認為公司穩定的 EBITDA 利潤率可以達到什麼水準？

Yes. We've been pretty consistent about this over time. And when you look at the history of the satellite industry, when it's been performing well, has margins in the plus percent range. And even today, if you look across the market, there are businesses with 90-plus percent flow through margins in certain segments of their business, they just might not report it that way. So this has just tremendous operating leverage in it, and we've always known that off a fixed cost base.

是的。一直以來，我們在這方面都保持著相當一致的態度。縱觀衛星產業的歷史，當它發展良好時，利潤率都在百分之幾以上。即使在今天，如果你放眼整個市場，你會發現有些企業在某些業務領域的利潤率超過 90%，只是他們可能不會這樣報告而已。所以這其中蘊含著巨大的經營槓桿效應，而我們一直都知道，在固定成本的基礎上，這點尤其重要。

So as we've built the business, nothing has really changed. I mean, we struggle to find true variable cost in a meaningful way. And this is compounded by the fact that remember, our go-to-market strategy is with the revenue share. So that is a big way that we even get greater leverage in the business and make it not just wholesale but super wholesale. So at this point, our flow-through margins and our operating leverage, we think, over time, could contribute to an EBITDA margin in the 90% area or higher.

所以，隨著業務的發展，一切都沒有真正改變。我的意思是，我們很難以有意義的方式找到真正的變動成本。雪上加霜的是，別忘了，我們的市場推廣策略是按收入份額來制定的。所以，這是我們在業務中獲得更大優勢，並使其不僅成為批發，而且成為超級批發的重要途徑。因此，我們認為，從長遠來看，我們的利潤率和經營槓桿作用可能會使 EBITDA 利潤率達到 90% 或更高。

Great. If I can just fit in one more. I recognize that the 10-K talks about 90 satellites supporting your longer-term business goals. But does your ability to raise capital, maybe incentivize you to perhaps go beyond what is contemplated in the original business plans?

偉大的。如果還能再塞下一個就好了。我注意到 10-K 文件中提到了 90 顆衛星，它們將支援你們的長期業務目標。但是，你的融資能力是否會激勵你超越最初的商業計劃中所設想的範圍？

Yes, I'll pass it over to Andy.

好的，我會把它交給安迪。

I think having that flexibility. I mean the market -- the capital markets have been wonderful for us over the past year. So that's absolutely the case. But the reality is when we get our constellation built, we're going to get leverage in the P&L to actually be cash flow from cash flow positive from operations. So we don't feel like at this point, we need to look beyond what we raised right now.

我認為擁有這種靈活性很重要。我的意思是，過去一年來，資本市場對我們來說非常棒。確實如此。但現實是，當我們建成我們的星座後，我們將在損益表上獲得槓桿作用，從而實現營運現金流為正。所以，我們覺得目前沒有必要考慮我們提出的問題以外的事情。

It provides us the flexibility to make additional investment to opportunistic and some of the other things that we're doing on our spectrum strategy. But -- but the real goal is to generate revenue and profit from the Constellation as we get a launch. So that's kind of how we're thinking about it right now, but it's certainly nice to have the balance sheet fortify the way it is.

它使我們能夠靈活地進行額外投資，以抓住機遇，並進行我們在頻譜策略方面的其他一些工作。但是——但是真正的目標是，隨著星座計畫的發射，從中產生收入和利潤。所以，我們目前就是這麼考慮的，但資產負債表能夠維持目前的穩健狀態，當然是好事。

Greg Pendy, Clear Street.

格雷格彭迪，克利爾街。

Just a real quick one. On the operating expenses that you outlined, could you just remind us what you said? And does that include what will likely be spectrum licensing fees maybe around $20 million a quarter or lease -- I'm sorry, spectrum lease payments?

就簡單問一下。關於您剛才提到的營運費用，您能否再提醒一下您是怎麼說的？這是否包括可能每季約 2000 萬美元的頻譜許可費或頻譜租賃費——抱歉，是頻譜租賃費？

Yes. This is Andy. So it's a bit of a walk here. You've got sort of the GAAP OpEx, which includes the normal noncash items, which we adjust out, which we've talked about. And then from there, we also have the cost of revenues, which when we get to service, we'll move into a more traditional COGS P&L that you'd be more used to there.

是的。這是安迪。所以到這裡需要走一段路。你們有 GAAP 營運支出，其中包括正常的非現金項目，我們會進行調整，我們已經討論過了。然後，我們還有收入成本，當我們談到服務時，我們會採用更傳統的銷售成本損益表，這樣您就更熟悉了。

But then when you net that out, my commentary was that we were just slightly over where we were in Q3 of '25 and right in that guidance that I gave for Q4 in the mid-60s. It does not include spectrum cost, as you described for licensing, given that those are capitalized until we actually start monetizing that asset. And of course, we're at the point where we're awaiting FCC approval. So we will speak to that as a specific item when it comes time to kind of build that into the operating expense. But right now, apples-to-apples, that's been out during the course of '25.

但綜合來看，我的評論是，我們比 2025 年第三季略高一些，並且正好達到了我給出的第四季度 60 多美元的預期目標。它不包括您所描述的頻譜許可成本，因為這些成本在實際開始將該資產貨幣化之前都是資本化的。當然，現在我們還在等待美國聯邦通訊委員會（FCC）的批准。所以，當需要將其納入營運費用時，我們會將其作為具體項目進行討論。但就目前而言，公平比較的話，這種情況在 2025 年就已經出現了。

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

問答環節到此結束。那麼，現在我將把電話交還給斯科特·維斯涅夫斯基，請他作總結發言。

Thank you, operator. And we want to thank all of our shareholders and research analysts for joining the call. We hope to see many of you down in Florida at our upcoming launch. Thank you. Bye.

謝謝接線生。我們也要感謝所有股東和研究分析師參加此次電話會議。我們希望在即將到來的發表會上，能在佛羅裡達州見到你們中的許多人。謝謝。再見。

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

今天的會議到此結束，您可以斷開線路了。感謝您的參與。