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 Colbert, Investor Relations Manager of AST SpaceMobile. Thank you.

各位好，感謝您撥冗等候。歡迎參加 AST SpaceMobile 2025 年第四季業務更新電話會議。敬請注意，今日會議將進行錄音。接下來我將把會議交給 AST SpaceMobile 投資人關係經理 Max Colbert。謝謝。

You may begin.

您可以開始了。

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

謝謝，各位下午好。今天與我一同出席的還有董事長兼執行長 Abel Avellan、總裁 Scott Wisniewski，以及財務長兼首席法務長 Andy Johnson。

Let me refer you to slide 2 of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. 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.

請各位參閱簡報第 2 頁，其中包含我們的安全港聲明。在今天的電話會議中，我們可能會作出若干前瞻性陳述。這些陳述係基於目前的預期與假設，因此可能受到風險與不確定性影響。許多因素可能導致實際事件與本次電話會議中的前瞻性陳述存在重大差異。關於這些風險與不確定性的更多資訊，請參閱 AST SpaceMobile 向美國證券交易委員會（SEC）提交之截至 2025 年 12 月 31 日止年度的 Form 10-K 年報中的「風險因素」章節，以及 AST SpaceMobile 不時向 SEC 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.

另外，在我們的開場致詞之後，我們將以股東事先提交的問題開始問答環節。

For those of you who may be new to our company and mission, there are nearly 6 billion mobile phone in use today around the world, but many of us still experience gaps in coverage as we live, work and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected to the global economy.

對於可能剛認識我們公司與使命的各位而言，目前全球約有近 60 億支行動電話正在使用，但我們許多人在生活、工作與旅行時仍會遇到訊號覆蓋的空白地帶。此外，仍有數十億人缺乏行動寬頻，尚未連結到全球經濟。

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.

AST SpaceMobile 所追求的市場規模龐大，而我們要解決的問題至關重要，幾乎與我們每個人都息息相關。在此背景下，AST SpaceMobile 正在打造全球首個且唯一的太空行動寬頻網路，可直接與日常未經改裝的行動裝置運作，並由我們廣泛的智慧財產與專利組合所支撐。

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.

現在我很高興把時間交給董事長兼執行長 Abel Avellan，他將說明自上次公開更新以來我們的各項進展。

Thank you, Scott. For the first time in 2025, AST SpaceMobile became a revenue-generating business as we 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 deploying low Earth orbit to enable the first and only global space cellular broadband network for government and commercial customers.

謝謝你，Scott。2025 年，AST SpaceMobile 首次成為具備營收的企業；我們在商業、政府、製造、頻譜權利、智慧財產組合以及資本實力等所有關鍵面向均取得重大進展。這些努力的結合，促成我們成功發射並展開下一代 BlueBird 衛星 BlueBird 6——這是迄今部署於近地軌道（LEO）的最大商用通訊陣列，旨在為政府與商業客戶提供全球首個且唯一的太空行動寬頻網路。

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 satellite manufacturing efforts and launch cadence this year, while we're rapidly accelerating our government and commercial businesses.

在財務方面，2025 年我們募得超過 35 億美元資金，全年營收超過 7,000 萬美元，並簽署超過 10 億美元的最低承諾營收。在營運方面，我們計畫於今年提升衛星製造投入與發射節奏，同時快速加速政府與商業業務。

We entered 2026 with a strong momentum and clear vision as we led the space-based cellular broadband industry, a market that we invented. 2026 will be the year we scale our space-based direct-to-device constellation from 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. In just over one year since the orbital launch of our first five Block 1 BlueBird satellites, we developed our Block 2 BlueBird program, which is roughly 3.5 times larger and 10 times 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.

我們以強勁動能與清晰願景進入 2026 年，持續領先由我們所開創的太空行動寬頻產業。2026 年將是我們把太空直連裝置（direct-to-device）星座，從初始商用啟用擴展到與行動網路營運商夥伴在美國、歐洲、日本、沙烏地阿拉伯等關鍵市場開始提供商用服務的一年，同時也涵蓋美國政府等其他重要策略市場。自我們首批五顆 Block 1 BlueBird 衛星進入軌道發射以來僅一年多，我們便開發出 Block 2 BlueBird 計畫，其規模約為 BlueBird 1 至 5 的 3.5 倍、容量為 10 倍，打破我們先前在尺寸與能力上的紀錄，並進一步完成擴產、測試、發射，且成功展開 BlueBird 6——我們約 2,400 平方英尺的下一代衛星。與 BlueBird 6 相同的 BlueBird 7 已完成封裝，並已在卡納維爾角（Cape Canaveral）準備搭乘下一次 New Glenn 運載火箭發射，正等待入軌發射，預計於 3 月進行。

Our upcoming launch advances, our deployment Goals of Aboard 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 eight of our largest ever Block 2 BlueBird satellites. We expect to fully utilize New Glenn faring capacity as we progress through our orbital launch plans.

我們即將到來的發射進展，以及搭乘 New Glenn 的部署目標，將採用 7 公尺整流罩，使其有效載荷體積為 5 公尺級商用運載火箭的兩倍，可支援一次最多搭載八顆我們史上最大型的 Block 2 BlueBird 衛星。隨著我們推進軌道發射計畫，我們預期將充分利用 New Glenn 整流罩的容量。

We are especially excited to share this milestone with many of you who we hope will join us in Florida during our next launch. Looking ahead, we're expecting 2026 to be a very active year, particularly as we progress into second half. We remain on track to achieve our target of deploying 45 to 60 satellites into low Earth orbit by the end of this year, with current expectations closer to 60 satellites ready to ship and 45 satellites in orbit.

我們特別期待與各位分享這項里程碑，也希望許多朋友能在下一次發射時與我們一同前往佛羅里達見證。展望未來，我們預期 2026 年將非常忙碌，尤其是在下半年。我們仍按計畫在今年底前達成於近地軌道部署 45 至 60 顆衛星的目標；目前的預期更接近於可出貨 60 顆衛星，並有 45 顆衛星在軌運行。

We continue to expect launches planned every one to two months on average, starting with our first New Glenn launch expected in March.

我們仍預期平均每 1 至 2 個月安排一次發射，並以預計於 3 月進行的首次 New Glenn 發射作為起點。

The New Glenn launch vehicle is completing final readiness for our fully encapsulated satellite, which was handed off on February 18. Importantly, this launch will be the first New Glenn launch to use a previously flown first stage, we support our launch cadence during 2026. As we expect the New Glenn boosted to be reused every 30 days or less after our upcoming launch. Our launch plans include a total of 12 additional contracted launches across several launch vehicles.

New Glenn 運載火箭正完成對我們已完全封裝衛星的最終就緒準備；該衛星已於 2 月 18 日完成交付。重要的是，這次發射將是 New Glenn 首次使用曾經飛行過的第一節火箭，這將有助於我們在 2026 年的發射節奏。因為我們預期在即將到來的發射之後，New Glenn 助推器可在 30 天或更短時間內重複使用。我們的發射計畫還包括總計 12 次額外已簽約的發射，涵蓋多種運載火箭。

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 and working tirelessly on delivering our micron phased arrays and full satellite production goals.

最後，我們近期也簽署了一項額外協議，將我們的衛星與一款新的重型運載火箭進行整合，並在其發射清單中作為備援待命。我們高度聚焦、全力以赴，致力於交付我們的 micron 相控陣列以及完整的衛星量產目標。

On the manufacturing front, we continue to ramp our operations. We exited 2025 having reached a production capacity to support up to six satellites worth of micron and phase array per month, and we expect to achieve a testing assembly and integration cadence of six satellites 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 accompanying quarterly presentation found on our IR website.

在製造方面，我們持續提升營運規模。我們在 2025 年底已達到每月可支援最多六顆衛星所需的 micron 與相控陣列產能，並預期在 2026 年上半年達成每月六顆衛星的測試、組裝與整合節奏。BlueBird 8 至 29 正處於不同生產階段；我們預計在 2026 年上半年完成相當於 40 顆衛星的 micron 組裝，使我們推進至 BlueBird 46。我們 2025 與 2026 年部署計畫的詳細節奏，已在投資人關係網站（IR）上的隨附季度簡報中揭露。

After BlueBird 7, our satellite will support a stackable configuration of three, four, six, and eight satellite per launch, which allow us to meet our 2026 deployment goals. Additionally, we anticipate our novel ASIC chip will be integrated into our Block 2 BlueBird satellite during the first half of 2026 to support 10 gigahertz of processing bandwidth per satellite, which enable us to exceed the capabilities of up to 120 megabits per second on our in-orbit Block 1 BlueBird satellites. These data rates are high enough to achieve the native cellular capability that consumers now expect everywhere from areas not served or not served good enough by terrestrial connectivity. Another key enabler of producing the largest ever commercial communications array at scale is our 95% vertically integrated manufacturing strategy. Over the past several months, we have expanded our manufacturing site, both in Midland, Texas and Homestead, Florida, including acquiring a fourth site in Midland for dedicated micron production, the building block of our satellites.

在 BlueBird 7 之後，我們的衛星將支援每次發射可堆疊三顆、四顆、六顆與八顆的配置，使我們能達成 2026 年的部署目標。此外，我們預期在 2026 年上半年將我們創新的 ASIC 晶片整合至 Block 2 BlueBird 衛星中，以支援每顆衛星 10 GHz 的處理頻寬，讓我們能超越目前在軌 Block 1 BlueBird 衛星最高可達每秒 120 Mb 的能力。這些資料速率足以達成消費者如今所期待的原生行動通訊能力，涵蓋那些未被地面連線服務或服務品質不足的區域。另一項能以規模化方式生產史上最大商用通訊陣列的關鍵推動因素，是我們 95% 的垂直整合製造策略。在過去數個月中，我們已擴增位於德州米德蘭（Midland）與佛羅里達州霍姆斯特德（Homestead）的製造基地，包括在米德蘭收購第四處據點，專門用於 micron 生產——這是我們衛星的基礎構件。

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, strengthened by our skilled workforce, enable us to proactively manage nearly every step in the process, including securing long lead materials well in advance of satellite assembly, while keeping our materials and component costs low.

我們很快將在全球擁有超過50萬平方英尺的製造與營運空間，讓我們具備更強的製造與作業能力，並能對端到端的製造流程進行更緊密的控管。在熟練勞動力的加持下，這項嚴謹的投入使我們能主動管理流程中幾乎每一個步驟，包括在衛星組裝前就提前很久確保長交期材料，同時維持材料與零組件成本在低位。

Simply put, we are the first company in history of commercial satellite manufacturing to produce satellites of our site and power at a scale. Together, our key technology differentiation in the size of our satellite, spectrum availability, and custom ASIC that support today's capability of cellular broadband from space, supported by our extensive portfolio of over 3,100 patents and patent pending claims.

簡而言之，我們是商業衛星製造史上第一家能以規模化方式生產具備我們這種尺寸與功率等級衛星的公司。綜合而言，我們在衛星尺寸、頻譜可用性，以及支援當今「從太空提供蜂巢式寬頻」能力的客製化ASIC等關鍵技術差異化上具備優勢，並由我們超過3,100件專利與專利申請中的權利主張所支撐。

2026 is a year of 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, streaming, 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 low Earth orbits.

2026年是我們擴大商業營運規模的一年。我們是唯一一家能提供4G與5G，並在未來提供6G寬頻速度、足以支援語音通話、VoLTE語音、即時視訊通話、串流與完整網際網路存取，且可直接連接至經修改裝置的公司。我們的技術根基在於我們具備製造史上最大、曾部署於近地軌道的商業通訊陣列之能力。

Creating a durable technology advantage. Our satellites enable digital beam forming and are capable of multi-carrier aggregation in multiple frequencies, supporting simultaneous users per beam, behaving like a terrestrial cell tower from space. When combined with our integrated ground space gateway architecture and growing commercial ecosystem with over 50 leading global mobile network operator partners who collectively cover nearly 3 billion subscribers.

打造可持續的技術優勢。我們的衛星可進行數位波束成形，並能在多個頻段進行多載波聚合，支援每個波束的同時使用者，從太空中表現得如同地面基地台。再結合我們整合式的地面—太空閘道架構，以及持續成長的商業生態系（擁有超過50家全球領先的行動網路營運商合作夥伴，合計覆蓋近30億用戶）。

As Scott will discuss in more detail, we continue to expand our commercial ecosystem. In the fourth quarter of 2025, we announced definitive commercial agreement with Verizon in the United States and stc Group in Saudi Arabia and other key markets across the Middle East and Africa. As part of our 10-year agreement with stc Group, we received a prepayment of $175 million in 2025, indicative of the ambition we both share in bringing connectivity gaps and deliver cellular broadband directly to devices.

如同Scott將更詳細說明的，我們持續擴大商業生態系。在2025年第四季，我們宣布與美國Verizon以及沙烏地阿拉伯stc Group，並在中東與非洲其他關鍵市場達成具約束力的商業協議。作為我們與stc Group為期10年的協議之一部分，我們於2025年收到1.75億美元的預付款，反映出我們雙方在彌補連線落差、並將蜂巢式寬頻直接送達裝置方面的共同企圖心。

Recently, we announced partnership with Orange, Telefonica, CK Hutchison, Taiwan Mobile, and progressing initiative 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 collectively cover nearly 3 billion subscribers.

近期，我們宣布與Orange、Telefonica、長江和記（CK Hutchison）、台灣大哥大（Taiwan Mobile）建立合作夥伴關係，並與Vodafone推進相關計畫，將我們的直連裝置（direct-to-device）蜂巢式寬頻服務帶入其市場；他們如今也成為我們商業生態系的一部分——該生態系擁有超過50家全球領先的行動網路營運商合作夥伴，合計覆蓋近30億用戶。

To the date, our commercial advancements have 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 tunable MNO spectrum globally, which include 45 megahertz of MSS lower mid-band spectrum access in North America and 60 megahertz of licensed S-band spectrum priority rights outside North America.

截至目前，我們的商業進展使我們得以從商業合作夥伴取得超過10億美元的合約化收入承諾總額。提醒一下，我們全面的頻譜策略，係建立在我們於全球可取得約1,150 MHz的低頻與中頻、可調諧的MNO頻譜之上，其中包括在北美可取得45 MHz的MSS較低中頻頻譜，以及在北美以外擁有60 MHz已授權S頻段頻譜的優先權利。

Our low-band spectrum strategy is centered around the use of premium multi-operator 850 megahertz cellular spectrum. We have important characteristics like longer reach, better penetration, and compatibility with existing 3GPP standards and devices.

我們的低頻頻譜策略以使用優質的多營運商850 MHz蜂巢式頻譜為核心。其具備如更遠覆蓋、更佳穿透力，以及與既有3GPP標準與裝置相容等重要特性。

We have further strengthened this advantage 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.

我們也透過策略性MSS與蜂巢式頻譜進一步強化此優勢，涵蓋優質低頻、較低中頻、中頻、L頻段與S頻段的頻譜優先權利，使我們能在全球規模上可靠地提供蜂巢式寬頻服務。

We also made significant progress in our government business as our satellite technology 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 innovate forward-looking technologies like ours.

我們在政府業務方面也取得重大進展，因為我們的衛星技術持續被美國政府用於軍民兩用與專用應用。國家安全是美國的關鍵優先事項，我們也持續看到其願意快速採用像我們這樣具創新性、前瞻性的技術。

Taking together this accomplishment and the competitive advantages we have built give 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 government.

綜合這些成果與我們所建立的競爭優勢，當我們邁向2026年時，作為全球行動網路營運商的首選合作夥伴，以及為美國政府提供獨特的非通訊能力，我們具備顯著的動能。

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

接下來，我把電話會議交回給Scott。

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 the 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，Abel。我想藉此回顧我們在2025年的業務成果，以及我們如何看待業務在2026與2027年的演進。去年，2025年是我們啟動營收引擎的一年，營收創下超過7,000萬美元的新高，達成我們營收指引的上緣。我們不再是一家尚未產生營收的公司。在這一年中，營收主要由商業閘道交付，以及政府合約完成的里程碑所驅動。

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. This was also a well-diversified set of initial gateway deliveries across nine different customers across five 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.

我們在2025年下半年向MNO合作夥伴交付了15套商業閘道。重要的是，這些銷售是領先指標，顯示我們的MNO合作夥伴正在為SpaceMobile商業服務做準備，並在正式上線前提前投入資本。這同時也是一組高度分散的初期閘道交付，涵蓋五大洲、九個不同客戶，開始勾勒出我們在美國、加拿大、歐洲、日本、中東與非洲等初期商業市場的輪廓。在簽約方面，2025年的主要客戶交易為與Verizon及stc Group達成具約束力的商業協議，加入AT&T與Vodafone的行列。我們持續看到MNO高度參與，推動我們在深化與擴大合作夥伴生態系方面取得良好進展，並善用我們超過50家全球MNO、合計近30億用戶的基礎。

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. 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.

我們與行動網路合作夥伴近期也宣布與Vodafone、Orange、Telefonica、長江和記（CK Hutchison）、台灣大哥大（Taiwan Mobile）等的更多具體計畫，同時正式揭示Satellite Connect Europe及其領導團隊，作為我們與Vodafone成立的歐洲通路合資企業。在2026年，我們預期將有更多MNO加入AST SpaceMobile網路；隨著與既有合作夥伴（不僅限於投資方MNO）的合約關係日趨成熟，我們也預期將從管線中收穫更多具約束力的商業協議。

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, capabilities critical to US national security, including the Golden Dome project. 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.

美國政府也是2025年營收的重要貢獻者。在這一年中，我們針對既有的10份合約執行交付，並面向日益擴大的、表達興趣的機構名單，利用我們在軌基礎設施開發與測試更多能力；這些能力對美國國家安全至關重要，包括Golden Dome（「金穹」）專案。來自美國政府的營收不依賴完整星座部署，而是更可隨衛星數量擴展，因此能成為早期且可靠的營收貢獻來源。提醒一下，這些合約的目標是開發可望成長為正式列裝計畫（programs of record）的能力；就整體而言，這些任務對美國國家安全極其重要，並具備合計每年數十億美元營收潛力。

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.

我們近期也宣布我們作為美國政府主承包商（prime contractor）的身分，並獲得美國太空發展署（Space Development Agency）就Europa Track 2商業解決方案計畫授予的3,000萬美元合約。該合約聚焦於開發可立即部署、具韌性且低延遲的戰術衛星通訊，使政府與裝置之間可直接通聯。此項授標展示了商業太空創新如何能快速整合進國家安全任務。該授標也進一步驗證我們技術在商業與國家安全應用上的軍民兩用特性。

Regarding the Golden Dome project, we continue to execute against our current contract with the Space Development Agency, and we were recently awarded an IDIQ contract under the United States Missile Defense 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 Dome（「金穹」）專案，我們持續依據與太空發展署的現有合約執行，且近期在美國飛彈防禦署（Missile Defense Agency）的SHIELD計畫下獲授一份IDIQ（不定期交付／不定量）合約。這些授標使我們得以競逐廣泛的未來工作，以支援美國史上規模最大且最重要的國防計畫之一。

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.

隨著我們翻開邁向 2026 年的新篇章，我們將今年視為一個轉折點：我們將與首批 MNO 合作夥伴進入商用服務，同時也將持續透過商用閘道與政府策略創造營收。在今年稍晚商用服務營收開始發揮影響之前，我們預期營收至少將較 2025 年翻倍。事實上，鑑於我們已簽約的管線，我們對 2026 年的預期進一步降低風險；該管線在額外取得政府合約得標時，亦可帶來上行空間。

Looking ahead to 2027, with a large-scale constellation in orbit, we see a really, really strong outlook for both commercial and government service revenue. 2027 will be the first full year impact of commercial service revenue as the AST SpaceMobile 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 the subscriber needs it most.

展望 2027 年，隨著大規模星座在軌運行，我們認為商用與政府服務營收的前景都將非常、非常強勁。2027 年將是商用服務營收影響的第一個完整年度，因為 AST SpaceMobile 的行動蜂巢式寬頻服務將透過低摩擦的服務方案，在全球一些最佳市場向數億訂戶提供，並在訂戶最需要時即時可用。

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. Going into the end of the decade, we see further multiples of revenue upside, driven by greater subscriber uptake and market extension.

我們也預期政府營收在 2027 年將持續倍增，且依特定合約結果而有顯著上行空間。我們認為 2027 年的機會可接近年營收 10 億美元；重要的是，該營收組成包含長期簽約或高度經常性收入，惟仍須達成商用與政府服務目標。邁向本十年末，我們看到在訂戶採用率提升與市場延伸帶動下，營收仍有進一步倍數上行空間。

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.

總而言之，我們有信心我們的商業策略具備強勁的競爭差異化，並受到日益增加的產業順風所支持。我們以足夠的把握與信念進入 2026 年，得以在持續擴大的 TAM（總可服務市場）中勝出。

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

我現在很高興把電話會議交給 Andy，請他帶大家說明我們的財務更新。

Thanks, Scott, and good afternoon, everyone. During the fourth quarter of 2025, we continued to execute on our commercial objectives, while expanding manufacturing and importantly, significantly strengthening our financial position to support our core objectives in 2026.

謝謝你，Scott，各位下午好。在 2025 年第四季，我們持續執行商業目標，同時擴大製造規模；更重要的是，我們大幅強化了財務狀況，以支撐 2026 年的核心目標。

2025 was best described as the year of scaling at AST SpaceMobile. 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 II BlueBird satellite, BB 6, a seminal moment in the history of our company. 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 of microns during the first half of 2026. 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.

2025 年最貼切的描述，是 AST SpaceMobile 的「規模化之年」。年初我們聚焦於建置製造能力，以支援我們至 2026 年的目標發射時程；年末我們成功發射首顆 Block II BlueBird 衛星 BB 6，這是公司歷史上的里程碑時刻。截至今天與各位通話之時，我們有 29 顆 Block 2 BlueBird 衛星處於不同生產階段，並按計畫在 2026 年上半年完成相當於 40 顆衛星的微米級組裝。展望 2026 年，AST SpaceMobile 的全球團隊將全力完成 Block 2 BlueBird 衛星，以支援全年總計 45 至 60 顆衛星的軌道發射，並推進下半年商用服務啟用。

As Scott described, our focus on launch cadence and commercial service activation in 2026 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. Our rapid growth is supported by a fortified balance sheet. Not only do we now have the cash to support the full build-out 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, enhance investment in government space opportunities in the United States, reduce our higher interest debt, and pursue opportunistic investments to accelerate our space mobile services and capabilities.

如 Scott 所述，我們在 2026 年對發射節奏與商用服務啟用的聚焦，亦由我們日益增加的營收機會所相輔相成，這些機會同時來自商用夥伴與美國政府夥伴。我們現在已是一家能創造營收的公司，並將努力透過不斷成長的營收計畫達成獲利；這些計畫與我們送入近地軌道的 Block 2 BlueBird 衛星數量增加具有內在連結。我們的快速成長由強化後的資產負債表所支撐。我們不僅已具備現金以支援建置並發射超過 100 顆衛星的星座、提供全球太空行動服務；我們最近的融資活動也使我們得以加速在全球部署我們所掌控的頻譜頻段、將自有技術能力變現以掌握與人工智慧相關且持續演進的商業機會、加大在美國政府太空機會的投資、降低高利率負債，並進行機會型投資以加速我們的太空行動服務與能力。

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 bringing space-based broadband connectivity direct to unmodified smartphones in the rapidly growing direct-to-device market. Our intentional focus on investing in operational growth led to higher adjusted operating expenses and capital expenditures in Q4 of 2025, both consistent with our expectations and previously communicated during our Q3 2025 earnings call. Importantly, our revenue ramp 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. Moving to the operating and capital metrics slide.

同時，我們持續在支出上維持審慎作法，並迅速行動以保護並把握我們的先行者優勢：在快速成長的直連裝置（direct-to-device）市場中，將太空寬頻連線直接提供給未經改裝的智慧型手機。我們有意識地聚焦投資營運成長，導致 2025 年第四季調整後營運費用與資本支出提高，這與我們的預期一致，且先前已在 2025 年第三季財報電話會議中溝通。重要的是，我們的營收爬坡在第四季持續推進，商用閘道交付、服務，以及為美國政府完成的合約里程碑帶來顯著營收成長，使 2025 年營收接近我們指引區間的上緣。接著看營運與資本指標投影片。

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.

讓我們更詳細檢視 2025 年第四季與全年關鍵指標。在第一張圖表中，第四季我們的非 GAAP 調整後營運費用為 9,570 萬美元，相較第三季的 6,770 萬美元。提醒一下，非 GAAP 調整後營運費用不包含非現金營運成本，包括折舊與攤銷以及以股份為基礎的薪酬。

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.

季對季增加的 2,800 萬美元，主要來自與閘道交付相關的調整後營收成本增加 2,340 萬美元，以及來自我們 MNO 合作夥伴的首筆營收；此外，調整後研發成本小幅增加 350 萬美元、調整後工程服務成本增加 300 萬美元；上述部分被調整後一般與行政成本減少 190 萬美元所抵銷。

Our Q4 adjusted operating expenses, excluding those adjusted costs 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.

若排除上述調整後營收成本，我們第四季調整後營運費用將為 6,680 萬美元，相較 2025 年第三季的 6,220 萬美元，符合我先前提供的約 6,000 多萬美元（mid-$60s million）的指引。

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.

就 2025 年全年而言，非 GAAP 調整後營運費用扣除調整後營收成本後合計為 2.248 億美元，相較 2024 年全年為 1.518 億美元。增加的主要驅動因素包括人力規模成長（含承包商與顧問）、擴增的生產設施，以及其他專業費用，其中包括與我們的頻譜與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.

接著看投影片上的第二張圖表。我們 2025 年第四季資本支出約為 4.07 億美元，相較 2025 年第三季約為 2.59 億美元。該金額主要由 Block 2 BlueBird 衛星的資本化直接材料與人工，以及與多項發射合約相關的付款所構成；其餘則與設施及生產設備支出相關。此金額高於我在上次財報電話會議中提供的單季指引 2.75 億至 3.25 億美元，主要原因是我們有意進行成長投資以加速衛星材料採購，以及發射合約付款時點的影響。

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.

對於 2026 年第一季，我們估計調整後營運費用（不含營收成本）將約落在 7,000 萬至 8,000 萬美元區間；我們將擴增人力，並持續設計、製造、發射與營運不斷成長的衛星星座，同時推進我們 L 與 S 頻段頻譜使用權的變現。

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've previously explained, vary from quarter to quarter.

我們預期 2026 年第一季資本支出將與 2025 年第四季大致持平，區間約為 3.5 億至 4.25 億美元；主要驅動因素為與近期發射相關的發射付款時點，正如我先前所說，該時點會在各季度之間有所變動。

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.

我們仍然估計，我們由超過 90 顆 Block 2 BlueBird 衛星組成的星座之平均資本成本（包含直接材料與發射成本）將落在每顆衛星 2,100 萬至 2,300 萬美元的區間。我們對每顆衛星成本的估計可能會因動態地緣政治因素而波動，進而影響我們的成本。

As a reminder, the timing of the changes in our adjusted operating expenses and capital expenditures, as I've just described, could be delayed or may not be realized due to a variety of factors. Our planned revenue ramp continued during the fourth quarter, and we expect to continue to grow in 2026 holistically.

提醒一下，如我剛才所述，我們調整後營運費用與資本支出的變動時點，可能因多種因素而延後，或可能無法實現。我們規劃的營收爬坡在第四季持續進行，我們預期在 2026 年將以整體面向持續成長。

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.

就營收產生而言，我們相信，透過約 45 至 60 顆 BlueBird 衛星的發射與運行，我們可以在美國、歐洲、日本等主要市場以及其他策略性市場，提供連續的太空行動通訊服務；而透過約 90 顆 BlueBird 衛星的發射與運行，則可涵蓋更多全球策略性市場。

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. In the fourth quarter, we recognized revenue of $54.3 million, primarily driven by gateway hardware sales and various US government service milestone achievements.

此外，隨著我們持續發射並部署星座，我們將持續支援美國政府的應用，目前相關需求正在進行中，並將隨著星座擴張而加速。在第四季，我們認列營收 5,430 萬美元，主要由閘道（gateway）硬體銷售以及多項美國政府服務里程碑達成所帶動。

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.

另外，在第四季，我們也因向某家 MNO 合作夥伴提供關鍵顧問服務而認列營收。2025 全年，我們達成營收 7,090 萬美元，位於我們 2025 年營收指引區間 5,000 萬至 7,500 萬美元的上緣。

Now turning to our revenue expectations in 2026. We manage 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.

接著談談我們對 2026 年的營收預期。鑑於我們業務本質上存在季度波動（包括合約簽署時點、設備銷售以及里程碑達成時點），我們在管理營收（top line）時會以全年表現為重點。因此，我們認為以全年為基礎評估我們的營收表現最為適切。

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. 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.

隨著我們持續推進發射與網路啟用計畫，我們預期營收將相較於 2025 年的財務表現出現顯著成長。具體而言，我們預期 2026 全年營收將落在 1.5 億至 2 億美元的區間。我們預期營收仍將主要由閘道交付、美國政府合約里程碑達成、以及為 MNO 提供的顧問服務所驅動，並可能因認列初始商業服務營收而帶來上行空間。季度營收可能會因里程碑達成情況與客戶活動時點而出現顯著波動。

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. As previously noted, we anticipate government-related revenue growth to be driven by the factors outlined earlier in Scott's remarks.

我們認為，今年我們商業管線中的營收機會約有一半已經入帳或已簽約。其餘部分則由尚未簽署的後期機會，以及我們預期在今年內取得的新增業務所組成。如先前所述，我們預期政府相關營收成長將由 Scott 發言中先前提到的因素所驅動。

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 SpaceMobile service and service revenues in connection with the activation of our commercial service provided by our existing and planned deployed and operational satellites.

我們營收計畫的達成仍取決於若干前提條件，包括：與美國政府應用相關之 Block 2 BlueBird 衛星成功發射與部署、合約里程碑達成、向我們的 MNO 合作夥伴銷售關鍵閘道設備以支援其對 SpaceMobile 服務預期的商業化推進，以及與我們既有與規劃中已部署並投入運行之衛星所提供的商業服務啟用相關的服務營收。

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.

最後，投影片上最後一張圖表顯示，在備考（pro forma）基礎下，包含我們於 2 月透過可轉換公司債發行所募集的現金（票息 2.25%、10 年期，按每股 116.30 美元的有效轉換價）以及 at-the-market（ATM）機制下的可用流動性。截至 2025 年 12 月 31 日，我們的現金、約當現金及受限制現金約為 39 億美元。

Primary drivers for this cash increase include the execution of the two convertible notes offerings in October of 2025 and 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.

本次現金增加的主要驅動因素包括：我們於 2025 年 10 月與 2026 年 2 月執行兩次可轉換公司債發行，合計取得約 22 億美元的淨募集款，以及在第四季透過 2025 年 ATM 機制募集約 7.06 億美元的淨募集款，使該機制下仍約有 8,000 萬美元可用額度。

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 notes into 4.5 million Class A shares. We will continue to look at attractive debt reduction efforts, including convertible notes as the year progresses. 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 SpaceMobile service.

除透過近期 2.25%、10 年期可轉換公司債募集資金外，自上次法說會以來，我們也採取行動，進一步降低與 2025 年 1 月及 2025 年 7 月發行、均於 2032 年到期之可轉換公司債相關的未償債務。在 2 月的股權化（equitization）交易後，我們目前已將 1 月可轉債未償 4.60 億美元中的約 4.57 億美元轉換為 1,920 萬股 A 類普通股，並將 7 月可轉債未償 5.75 億美元中的 2.50 億美元轉換為 450 萬股 A 類普通股。隨著年度推進，我們將持續評估具吸引力的降債措施，包括可轉換公司債相關安排。鑑於我們目前資產負債表的強勁狀況（截至 12 月 31 日備考基礎下，包含現金、約當現金與受限制現金，以及 ATM 機制下可用流動性合計超過 39 億美元），我們現在不僅已具備充足資金以製造並發射超過 100 顆衛星、提供全球太空行動通訊服務，同時也提升了財務彈性，可進一步投資以加速 SpaceMobile 服務的時程並強化其能力。

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 am 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 SpaceMobile service to connect the unconnected in the coming periods. And with that, this completes the presentation component of our business update call, and I'll pass it back to Scott.

目前，我們沒有計畫再進一步發行可轉換債務。商業與政府機會的增加、製造與衛星發射作業的快速擴張，以及更為強化的資產負債表之組合，使 AST SpaceMobile 得以穩健定位，在 2026 年及其後為所有利害關係人達成我們的目標。我對公司在 2025 年取得的重大進展感到無比自豪，這些成果來自我們全球員工的高度專注與不懈努力。現在是進一步落實我們的發射節奏，把 SpaceMobile 服務帶到未連網的人群、在接下來的期間實現連結的時候了。以上即為本次業務更新電話會議的簡報部分，我將交回給 Scott。

Scott?

Scott？

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，Andy。在我們進入分析師提問隊列之前，我想先回應幾個投資人提交的問題。接線員，請先從第一個問題開始，好嗎？

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

來自喬治亞州的 Justin 問：從 BB 6 和 7 有沒有什麼有趣的學習？複合材料衛星的生產會有很大的不同嗎？有任何未預期的延遲嗎？

Thank you, Justin, for the question. Yes, BB 6, it is the largest phase array ever deployed in space. It's 3.5 times bigger than 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 will allow us to actually do it much more faster and we do 7, 8, 9, 10, 11, 12, 14 satellites sit that are 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 deployments.

謝謝你，Justin，提出這個問題。是的，BB 6 是迄今在太空中部署的最大相控陣列。它比我們先前的部署大 3.5 倍，而我們先前的部署在尺寸上也曾創下世界紀錄。成功完成首次 2,400 平方英尺的部署後，學會如何在這樣的尺寸下捕捉、控制並管理衛星，將使我們在後續部署時能做得更快，當我們進行接下來的 7、8、9、10、11、12、14 顆衛星等部署時亦然。所以——是的，這是一個非常、非常重要的里程碑，讓我們學會如何操作、部署並飛行如此尺寸的系統，並將幫助我們在下一次部署中更快完成。

The other thing that will happen going forward passing 6 and 7 is that we're stacking the satellites. So we're not relaunching individual satellites anymore. They will be packed in group of either three, four, six, or eight 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 ship during 2026.

接下來在通過 6 與 7 之後，還會發生的另一件事是，我們會把衛星進行堆疊配置。因此我們不再重新發射單顆衛星。它們將在單次發射中以三顆、四顆、六顆或八顆為一組進行裝載。這將使我們能夠達成今年的發射節奏——也就是我們預期在軌有 45 顆衛星，並在 2026 年期間有 60 顆衛星準備好出貨。

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

Justin 也問到，針對使用 L 與 S 頻段頻譜的中頻星座，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-band constellation has the advantage of combining 3GPP standard operator own frequencies and also our L and S-bands, which combined give a great flexibility to the offering and also allow us to continue to increase the data rate capacity that we have in our system going way above our 120 megabit per second that we already have in Block 1.

是的，有。我們計畫在今年年底前開始發射中頻星座。中頻星座的優勢在於可結合 3GPP 標準的營運商自有頻段，以及我們的 L 與 S 頻段；兩者結合可為產品提供極大的彈性，並讓我們能持續提升系統中的資料速率容量，遠高於我們在 Block 1 中已具備的每秒 120 兆位元。

So that allows a combination of IMT spectrum, which we see it like a RAN extension to extend capability in places where there is no spectrum light up to overlay spectrum in our LNS in order to cover all locations as a supplement and an augmentation of the terrestrial network with data rate that far exceeds our 120, our current 120 megabit per second in the low-band Block 1 satellites. With the largest satellites and with access to combine in certain regions to over 100 megahertz of spectrum combining the spectrum of our network partners and our own, this will give a true broadband experience on a global basis.

因此，這使得 IMT 頻譜得以組合運用；我們將其視為 RAN 的延伸，用於在沒有可點亮頻譜的地方延伸能力，並在我們的 LNS 中疊加頻譜，以作為補充與增強地面網路、覆蓋所有地點，其資料速率將遠超過我們目前低頻 Block 1 衛星的每秒 120 兆位元。透過更大型的衛星，並在特定區域可取得並合併超過 100 兆赫的頻譜（結合我們網路合作夥伴與我們自有的頻譜），這將在全球範圍內帶來真正的寬頻體驗。

Lydon from New Zealand asks, 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.

來自紐西蘭的 Lydon 問到，隨著更大型的設計已完成並進入生產，你們是否預期未來還會有研發或新的產品線？例如資料中心、專屬軍用星座、蒐集使用數據、提供飛機與船舶交通、雷達等等。

Thank you, Lydon. Listen, the most difficult aspect of the R&D with the launch deployment and usage of our BB 6, 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 it 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 and where we're operating. And as you said, being completed. Now we do see many other opportunities for the technology that we're starting to see usage of them.

謝謝你，Lydon。聽著，針對我們 BB 6 的發射、部署與使用所需的研發中，最困難的部分——其核心面向——已經完成。也就是：產生大量功率的能力、具備非常大的口徑且極高靈敏度的口徑能力、透過我們自有 ASIC 提供多個 GHz 的處理能力、以及以具成本效益的方式透過我們自有的發電技術來實現——上述所有研發都已完成，並且已成為我們現有能力與營運方式的不可分割的一部分。而且如你所說，已經完成。現在我們確實看到這些技術在許多其他領域的機會，也開始看到其使用情境。

One is radar, another 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 for the spectrum. So the 50 megahertz that we have, it will feel a multiple of that. It could be 3 times that, it could be 10 times that. So we see a lot of opportunity to combining all this capability, including very precise geolocation, radar communications, all that wrap up with an AI infrastructure.

其中一個是雷達，另一個是發電，還有一個是提升頻譜使用效率。因此我們相信，把我們的大口徑與 AI 能力結合，將為頻譜帶來倍增效應。也就是說，我們擁有的 50 兆赫，體感上會像是其倍數。可能是 3 倍，也可能是 10 倍。因此我們看到把所有這些能力結合起來的巨大機會，包括非常精準的地理定位、雷達通訊等，並以 AI 基礎設施將其整合。

We think there is a significant additional value that we can create with our infrastructure and the already invested R&D.

我們認為，憑藉我們的基礎設施以及既有投入的研發，我們還能創造顯著的額外價值。

Kevin from Vancouver asks, 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 insufficient 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 Kevin 問到，你能否更詳細說明最近 10 億美元可轉換公司債的發行？許多投資人感到困惑，因為你們當時的流動性約為 30 億美元，對於約 100 顆衛星似乎已經足夠。你們在發行時是否有任何特定機會在考量？還是說真的只是以防萬一、以備不時之需？

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.

謝謝這個問題，Kevin。我是 Andy。確實如此：在第四季、也就是我們在 10 月完成可轉債時，我們已處於能夠為全球星座（100 顆以上衛星）提供全額資金的狀態。這方面沒有任何改變。而我們在 2 月完成、規模略高於 10 億美元的可轉債交易，基本上為我們提供了額外的彈性，用於評估超出首批 100 顆星座的投資。

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. We've talked about our debt profile. These funds provide us flexibility to look at reducing higher interest debt that we currently have.

我所指的是：第一，我們可以利用這筆新增資金加速部署我們所掌控的全球頻譜。我們也有機會將我們的技術變現，以掌握與 AI 相關、且正日益向我們湧現的商業機會。我們也會考慮投入資金，以強化我們在美國政府太空機會方面的投資。我們談過我們的債務結構。這些資金也讓我們有彈性去考慮降低目前所持有的較高利率債務。

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.

最後，從機會性的角度來看，任何能幫助我們加速推出太空行動通訊服務與能力的投資，也都會是這些資金的良好用途。我也想在最後補充，我們已確認目前沒有計畫再進行額外的可轉債交易。我們認為資產負債表已達到所需水準，足以讓我們在短期與中期執行我們的目標。

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.

接著，我想感謝我們的股東提交這些問題。接線生，現在請開放給分析師提問。

(Operator Instructions)

(接線生指示)

Griffin Boss, B. Riley Securities.

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，我想談談你們提到的、因雙重用途能力與政府合約而擴大的 TAM。你們是否看到任何情境：未來你們會建造並發射搭載不同酬載的 Block Bird 衛星，且可能是專門供政府客戶或特定應用使用？

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 two. So we want to maximize and take advantage of a platform that can be used simultaneously for the two TAMs.

聽著，這些衛星的設計本來就是要在單一平台上管理所有這些應用。因此我們不需要為了不同酬載而使用多種衛星。我們政府合約的核心應用、以及我們與 MNO 的合作夥伴關係，全部都可以透過同一個平台來實現；事實上，兩者已經在組合使用。因此我們希望最大化並善用一個可同時服務兩個 TAM 的平台。

Got it. Okay. Understood. And then just 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 you specifically call out these burgeoning opportunities in AI.

了解。好。明白。接著第二個問題。你們一直提到你們有數千項專利；而你們在這通電話中也談到，你們在近地軌道建造與部署巨大結構方面的專業，可用於各式各樣的機會，並且你們特別點出 AI 這些正在萌芽的機會。

You called that out with the convertible raise too. But you have this one specific patent that's been of interest to us for a while for thermal management systems for structure in space. And that's a patent that describes a process for satellites wherein heat is dissipated locally at each antenna and heat could be directed to each antenna assembly during periods of extreme 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 in the space or why that makes AST satellites attractive for those types of capabilities?

你們在這次可轉債募資時也提到了這點。不過你們有一項特定專利，我們關注已久：用於太空結構的熱管理系統。該專利描述了一種衛星流程：熱量可在每個天線處就地散熱，並且在極端寒冷期間可將熱量導向各個天線組件。因此想請教你是否能就此做更具體的說明，同時也談談你們其他能力，以及這些能力如何可能用於太空資料中心的機會，或為何這會讓 AST 的衛星對這類能力而言更具吸引力？

Yes. No, absolutely. I mean there are many key enablers that needed to be designed by us and de-deployed patent in order to solve probably the most 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 satellite our size.

是的。不，絕對是。我的意思是，為了解決可能是最困難的問題——連接寬頻的一般手機——我們必須自行設計許多關鍵促成因素，並且部署專利。因此，為此我們需要開發並進行垂直整合，涵蓋我們約95%的技術，並具備以低成本產生電力的技術。以我們這種尺寸的衛星來說，這是非常重大的突破。

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 dissipate and effectively run a lot of wattage per square meter within the power constraints of the space. So we have -- that's why we have built up a significant portfolio of IP. That is a particular -- I think you hit it right, that's a particular technology that enable a lot of things. 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 other applications like radar.

就每平方公尺的發電能力而言，我們比歷史上製造商在同等衛星尺寸下所採用的水準低了10倍。接著是能以每平方公尺的低成本來發電，並且在太空的電力限制下，能夠散熱並有效地在每平方公尺運行大量瓦數。因此我們——這也是為什麼我們建立了相當可觀的智慧財產（IP）組合。那是一項特定的——我想你說得很對——那是一項能促成許多事情的特定技術。然後當我們談到利用AI能力來管理頻譜時，我們稱之為頻譜——AI頻譜管理；也就是運用這些衛星不僅用於通訊，還可用於雷達等其他應用。

And when you combine that with the ability to store, manage data in a way that uses the 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 through broadband directly to the handset where you will be basically becoming what I call the third leg of communications. You have Wi-Fi, you have cellular, and now you have space. And our belief is to participate at scale in a way that is meaningful for our global operators, the broadband capability is essential. And it's not -- and it's something that we have now.

而當你把這與以非常、非常高效率使用頻譜的方式來儲存與管理資料的能力結合起來——它就開啟了我們所面向的總可服務市場（TAM）中的許多其他機會。我們認為最大的TAM在於寬頻，也就是寬頻直接連到手機，屆時你基本上會成為我所說的通訊「第三條腿」。你有Wi‑Fi，你有行動網路，而現在你有太空。而我們相信，要以具規模且對全球營運商有意義的方式參與其中，寬頻能力是不可或缺的。而且這——這是我們現在已經具備的能力。

I mean that's what we have with the satellites that we're deploying right now. And we're extremely happy of the performance that we see on our BB 6 in the new 2,400 square feet platform that we just launched.

我的意思是，這就是我們正在部署的衛星所具備的能力。而我們對剛發射的全新2,400平方英尺平台上的BB 6所呈現的性能表現感到非常滿意。

Colin Canfield, Cantor Fitzgerald.

Colin Canfield，Cantor Fitzgerald。

As we parse out the comments that you talked about on 2028 revenue potential, just kind of thinking like the ball bear of what you said, so multiple versus $1 billion of potential in '27, which suggests, let's call it, $1.5 billion to $3 billion 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 and on-orbit compute?

當我們拆解你提到的2028年營收潛力相關評論時，從你所說的多空情境來想：相較於你提到的2027年約10億美元的潛力，若以倍數推估，姑且稱2028年可能是15億到30億美元。團隊如何看待政府與B2B客戶之間的機會組合？另外在B2B內部，你們如何看待在通訊、智慧（intelligent）、以及情報（intelligence）與在軌運算（on-orbit compute）之間的技術討論與機會分布？

Thanks, Colin. I'll take that. So, we put 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, so I'll keep my comments to '27.

謝謝你，Colin。我來回答。我們提出了2026年的營收預期，是建立在我們於2025年達成指引區間上緣的基礎之上。然後我們也提出了2027年的目標。因此我們並沒有對2028年提出任何說法，所以我會把評論聚焦在2027年。

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 D2D 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.

但我想我們看到的是，當這個平台進入完整年度的運行率（run rate），並且我們能在全球一些最有利的市場把消費者業務、D2D（直連裝置）通訊業務落地。再把這與我們的政府應用並列，給它一些成熟時間，以及我們正在追逐的一些潛在合約得標。這就是我們得出2027年目標數字的方式。

And we think that that's probably more weighted towards commercial based on that framework. But of course, upside, I think, if government does better. And as you go out into 2028 and later in the decade, ultimately, we do think that our commercial business is going to be 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.

而我們認為，依照這個架構，權重可能更偏向商業端。但當然，如果政府端表現更好，就會有上行空間。而當你展望到2028年以及本十年後期，最終我們確實認為商業業務會更大。這一直都是我們的基本假設。所以我認為，商業端在規模化之後應該會大於政府端。我們認為那個市場非常有吸引力。

We think all the demand drivers we've tracked for seven, eight years of the company are intact and growing stronger by the day. 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, although government has trended up over the last year or two.

我們認為，過去七、八年來公司所追蹤的所有需求驅動因素都仍然完好無缺，而且每天都在變得更強。但政府業務也非常有吸引力。而且如我們所說，隨著我們追蹤的各種使用情境，透過那些使用情境也有機會帶來每年數十億美元的營收。所以我們看到的是非常光明的前景。我會說，這大致上與我們一直以來的看法一致，只是政府端在過去一兩年呈現上升趨勢。

But that's how we see the mix playing out. 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.

但這就是我們看待組合如何發展的方式。而我想這也是——隨著我們持續部署、以及你今天看到我們發布了多項客戶公告，我們看到需求的強勁程度一如既往。

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 commentary in terms of growth for '26 more aligned with just growing from the 2025 annual number?

了解。謝謝。那再談到成長的推進節奏，以2026年來看，把第四季（4Q）的表現作為基準，然後在此基礎上成長，這樣合理嗎？還是說，你們對2026年成長的評論，更接近於以2025年全年數字為基礎再往上成長？

The way I'd think about it is before we initiate commercial service here, we're doing revenue that's kind of 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 about it annually like Andy put it in his speech. It's really about an annual target.

我會這樣看：在我們啟動商業服務之前，我們的營收還是比較偏早期階段，對吧？所以商業營收不會那麼穩定，而政府營收正在不錯地建立起來，但仍遠低於它可能達到的水準。因此就季度對季度而言，我不會說我們是按季去規劃逐季成長。我會像Andy在他的演講中所說的那樣，以年度角度來看。重點其實是年度目標。

And so I think at least doubling where we hit in 2025 is the right way to think about it with, 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，我認為至少在2025年達成的基礎上翻倍，是正確的思考方式；當然，隨著我們啟動商業服務，還會有上行空間。但就季度對季度而言，至少在接下來幾個季度、在2026年下半年商業服務開始發揮作用之前，應該這樣理解：我們將會——我們正在建置商業基礎設施，同時依照我們的政府案源（pipeline）來執行與推進。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行（Deutsche Bank）。

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 BB 7 are built and 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 you're kind of accelerated or accelerating the pace up to where you had expected it to get to?

我只是想更清楚了解製造端的情況。你介意提供一些背景嗎：目前除了BB 7之外，已經製造完成並準備出貨的衛星有多少顆？以及到年中你預期會有多少顆製造完成並準備出貨？我知道你提到微米級（microns）的部分，那是最困難的環節，但我想除了微米級元件本身之外，還有一些組裝工作也需要時間。另外也相關的是，我的意思是，我想很明顯，製造節奏某種程度上落後於你們原先的預期。也許你可以讓我們更理解：哪些事情比你們預期花了更久？以及你們是否認為現在已經把這些問題都解決了，並且正在把節奏加快、或加速到你們原本預期的速度？

Yes. I think we are at a point where you see that acceleration. We certainly see that in the manufacturing of the key building block, which is the 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, the satellites were 3.5 times smaller.

是的。我認為我們正處於你會看到那種加速的階段。我們當然在關鍵構件的製造上看到了這一點，也就是 Micron，因此我們當時是在第 30 顆衛星上。我們按計畫至少能在今年準備好出貨 60 顆衛星，其中至少 45 顆進入軌道。所以我們經歷了一個階段，就在一年前，衛星的尺寸還小了 3.5 倍。

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

它們其實已經非常大了。它們是史上最大的一次發射。而這些又大了 3.5 倍。那就是 BB 6 和 7。再往後，基本上，能幫助我們加快在軌衛星節奏的一件事，是我們能把它們堆疊起來。

And that stack is difficult. You need to be able to stack either three, four, six, or eight satellites. And that is near completion. So that you will -- you see batches of six in the -- getting out of the factory very soon here.

而那種堆疊是困難的。你需要能夠堆疊三顆、四顆、六顆或八顆衛星。而這已接近完成。因此你將會——你很快就會看到一批六顆的——很快就會從工廠出來。

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 getting ready for a combined launch took some time? Just if you don't mind clarifying.

而——好的。所以關於堆疊，如果我可以用白話問一下，你是說為了把堆疊做對，你們必須解決一些特定的工程問題嗎？還是你只是說，要一次做出那麼多顆、好讓你能堆疊並為聯合發射做準備，這本身就需要一些時間？如果你不介意的話，請再釐清一下。

Getting them ready for a combined launch is the ability -- I mean, you're talking about something like a 5-story building worth of satellites, stacking them in either blocks of three of them, four, six, or eight. And -- but that process is completed. And the next batch of six, 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 Cape.

讓它們為聯合發射做好準備的能力——我的意思是，你談的是相當於一棟 5 層樓高的衛星，把它們以三顆一組、四顆、六顆或八顆的區塊堆疊起來。而——但那個流程已經完成了。而下一批六顆，你可以在簡報檔裡看到照片——我們放在 IR 簡報裡的。而且——我們已經度過那個階段，準備恢復把貨運到卡納維爾角。

Okay. If I may sneak one more in. I know you said that BB 7 is expected to go up this month and then launches every one to two months. Could we expect possibly a launch with multiple satellites in April? Or is it likely to be two months post the March launch?

好的。如果我可以再偷偷問一個。我知道你說 BB 7 預計這個月上去，之後每一到兩個月發射一次。我們是否可能在四月看到一次多衛星的發射？還是更可能是在三月發射後兩個月？

Yes. I mean the -- all further launches are in stack configuration. We're not -- we don't have any more single launches like we did on BB 6 and BB 7. This 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 eight of our satellites. There are other platforms that stack six or three.

是的。我的意思是——後續所有發射都會採用堆疊配置。我們不會——不會再有像 BB 6 和 BB 7 那樣的單顆發射。接下來這次發射對我們非常重要，因為它基本上讓我們能使用 New Glenn 的第一級，這是目前唯一存在、能夠商業化運作且實際能堆疊我們八顆衛星的平台。還有其他平台可以堆六顆或三顆。

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

但透過 New Glenn，我們每次發射能帶上最多的衛星數量。而這種能力會隨著新衛星而變得可用。

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 three weeks or so to launch from there. So 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.

Bryan，我補充一下，我們預期會在四月出貨下一批。所以視時程而定，當然在理想條件下，從那時起大約三週左右就能發射。因此我們不會推測其發射時間點，但我們——看起來我們將能在四月把它們出貨，你也可以在我們簡報第 10 頁看到。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

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，恭喜你們所有的合作夥伴公告，以及星座計畫的進展。首先我想問，你們是在巴塞隆納參加這個會議嗎？而且除了你們已經宣布的內容之外，本週還會有更多公告嗎？你們是否刻意保留某些公告？

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 yes, you can expect more for the rest of the week as well.

我是 Scott。是的，我們在巴塞隆納的一間會議室裡。所以這一季能在路上進行電話會議很棒。不過是的，我們——今天確實有一連串的公告。而且是的，你也可以期待本週剩下的時間還會有更多。

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?

太好了。我的第二個問題是，當你們在夏天推出不同的 beta 方案時，你們的網路將支援到什麼服務等級？隨著更多衛星上線，服務能力會分成不同階段嗎？或者說，像是最初的 beta 不管何時推出，是否就會接近真正的 5G 體驗？

Yes. The way to think about this is peak data rate. So what peak data rate you can expect on the phone will be directionally proportional to the amount of spectrum that we get allocated. And with 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。思考方式是峰值資料速率。也就是你在手機上可期待的峰值資料速率，會大致與我們獲分配的頻譜量成正比。而與某些合作夥伴，我們的頻譜加上他們的頻譜，合計大約可到 100 兆赫。你可以——用那個兆赫數乘上一個倍數，來估算可達到的高資料速率。

Today, we're managing between 3 and 4 bits per hertz. So that multiple is in that order. 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 the satellite support them now, they have great flexibility to keep adding spectrum and keep adding and later even combining low-band spectrum with mid-band spectrum. Then you see the peak data rates keep enhancing.

目前我們的效率大約在每赫茲 3 到 4 bit。所以那個倍數大概就是那個量級。因此商用服務的初始上線，會落在較低端，因為分配到的頻譜會比較少。但隨著我們啟用更多頻譜——衛星現在已支援——它們有很大的彈性可以持續增加頻譜、持續增加，之後甚至把低頻段頻譜與中頻段頻譜做組合。那麼你就會看到峰值資料速率持續提升。

So that's the way to think about the key performance metrics as we launch services.

所以，這就是在我們推出服務時，思考關鍵效能指標的方式。

That makes sense. 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 is then like already in the bag, so to speak?

了解。再問一個財務問題：關於 2027 年 10 億美元營收目標，其中有多少是取決於客戶或訂戶使用量的收入，多少又像是與你們的 MNO 合作夥伴在合約上已承諾的最低收入保證？也就是說，如果你們真的能在年底前讓 45 到 50 顆衛星上線，那 10 億美元裡有多少可以說是「基本已到手」？

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

當然。所以，請記得我們目前有 12 億美元的已簽約訂單積壓（contracted backlog），我們對此非常自豪，這也證明了我們如何與合作夥伴建立生態系，以及合作夥伴對我們正在打造的業務有多有信心，對吧？但相較於我們對這項業務營收潛力的預期，那仍然是一個非常、非常小的數字。所以雖然 backlog 是個不錯的指標——目前確實超過 12 億美元——但就它對每一個單獨年度的貢獻而言，肯定只會是少數。因此如果我們——以 10 億美元的目標來看，你可以把其中已簽約的部分想成是數億美元的低段，大約在 1 億到 3 億美元區間，會依年度而有所不同。

Chris Schoell, UBS.

Chris Schoell，瑞銀。

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?

從你們新的揭露來看，似乎你們的服務毛利率大約在 90%。這樣理解你們長期的業務是否合適？另外，隨著營收開始起飛，能否請你們再提醒我們，你們如何看待營運槓桿，以及你們認為該業務在穩態下 EBITDA 利潤率可達到什麼水準？

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 80%-plus range. And even today, if you look across the market, there are businesses with 90%-plus 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 of a fixed cost base.

是的。我們一直以來在這方面的說法相當一致。而且當你回顧衛星產業的歷史，在表現良好的時候，利潤率會在 80% 以上的區間。即使在今天，如果你放眼整個市場，在其業務的某些分部也有企業能做到 90% 以上的流量穿透（flow-through）利潤率，只是他們可能不會用那種方式來揭露。所以這裡面有非常巨大的營運槓桿，而我們一直都知道這是建立在固定成本基礎之上。

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.

因此，隨著我們把業務建起來，其實沒有什麼真正改變。我的意思是，我們很難找到在有意義的程度上真正的變動成本。而且這還因為一個因素而更被放大：請記得，我們的市場進入策略是採用分潤（revenue share）。所以這是一個讓我們在業務上取得更高槓桿的重要方式，讓它不只是批發（wholesale），而是「超級批發」。因此，在這個時間點，我們的流量穿透利潤率與營運槓桿，我們認為隨著時間推進，可能會使 EBITDA 利潤率達到 90% 左右或更高。

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?

很好。如果我再塞一個問題。我知道 10-K 提到以 90 顆衛星來支撐你們較長期的業務目標。但你們的募資能力是否可能反而會激勵你們，去做超出原始商業計畫所設想的規模？

I'll pass it over to Andy.

我把這題交給 Andy。

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've raised right now. It provides us the flexibility to make additional investments, opportunistic and some of the other things that we're doing on our spectrum strategy.

我認為擁有那樣的彈性——我的意思是，過去一年市場——資本市場對我們非常友善。所以確實如此。但現實是，當我們把星座建成後，我們會在損益表（P&L）上取得槓桿，實際上能夠從營運產生現金流——也就是營運現金流轉正。所以我們覺得在這個時間點，沒有必要去看超出我們目前已募得資金的範圍。這些資金讓我們有彈性去做額外投資、把握機會，以及我們在頻譜策略上正在做的一些其他事情。

But the real goal is to generate revenue and profit from the constellation as we get to launch. So that's kind of how we're thinking about it right now, but it's certainly nice to have the balance sheet fortified the way it is.

但真正的目標是，隨著我們接近發射，從星座中產生營收與利潤。所以我們目前大致是這樣思考的，不過資產負債表能以目前這種方式被強化，當然也很不錯。

Greg Pendy, Clear Street.

Greg Pendy，Clear Street。

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?

我很快問一個。關於你們提到的營運費用，能否再提醒我們你剛才說的是什麼？另外，那是否包含未來很可能會有的頻譜授權費用，例如每季大約 2,000 萬美元，或租賃——抱歉，是頻譜租賃付款？

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 be moving into a more traditional COGS P&L that you'd be more used to there. 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.

是的，我是 Andy。這裡需要稍微梳理一下。你有一個算是 GAAP 的營運費用（OpEx），其中包含一般的非現金項目，我們會把它們調整剔除，我們也談過。然後在此之外，我們還有營收成本（cost of revenues）；當我們開始提供服務時，我們會轉向一個更傳統的銷貨成本（COGS）式損益表（P&L），你會更熟悉那種呈現方式。但把那些淨額化之後，我的評論是：我們只比 25 年第三季略高一點，並且正好落在我對 25 年第四季給的指引區間，也就是 6,000 多萬美元的中段。

It does not include spectrum costs, 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.

這不包含你所描述的頻譜成本（授權），因為在我們實際開始將該資產變現之前，那些成本都會資本化。當然，我們目前正處於等待 FCC 核准的階段。所以等到需要把它納入營運費用時，我們會把它作為一個特定項目來說明。但就目前而言，以可比口徑（apples-to-apples）來看，在 25 年期間這部分是排除在外的。

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

我們已到達問答環節的結束。因此，我現在把電話交回給 Scott Wisniewski 作結語。

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，接線員。也感謝所有股東與研究分析師參與本次電話會議。我們希望在即將到來的發射活動中，能在佛羅里達見到各位中的許多人。謝謝。再見。

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

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。