AST SpaceMobile, Inc. (ASTS) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to AST SpaceMobile's first-quarter 2026 business update. Please be advised that today's call is being recorded.

大家好，感謝您耐心等候。歡迎參加 AST SpaceMobile 2026 年第一季業務更新電話會議。敬請注意，今日會議將進行錄音。

I will now turn the conference over to Max Colbert, Investor Relations Manager of AST SpaceMobile. Thank you. You may begin.

現在我將把會議交給 AST SpaceMobile 投資人關係經理 Max Colbert。謝謝。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. Let me refer you to slide 2 of the presentation, which contains our Safe Harbor disclaimer.

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。請參閱簡報第 2 頁，其中包含我們的「安全港」聲明。

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-end December 31, 2025, with the Securities and Exchange Commission, and other documents filed by AST SpaceMobile with the SEC from time to time.

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。多項因素可能導致實際事件與本次電話會議中的前瞻性陳述出現重大差異。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，在我們的開場發言之後，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 phones 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，如今全球約有近 60 億支行動電話，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，仍有數十億人無法使用行動寬頻，與全球經濟保持未連結狀態。

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 所追求的市場規模極其龐大，而我們要解決的問題至關重要，幾乎與每個人都息息相關。在此背景下，AST SpaceMobile 正在打造全球首個且唯一的太空行動蜂巢式寬頻網路，可直接與日常未經改裝的行動裝置運作，並由我們龐大的智慧財產權與專利組合提供支撐。

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.

接下來很榮幸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, Max. AST SpaceMobile's start to 2026 reflect our progress in scaling manufacturing and production, mobile network operator partner expansion, ground network integration, multi-partner launch and a fortress capital position. This advancement across nearly all initiatives help solidify why AST SpaceMobile is the only company whose technology is positioned to capture the direct-to-device seller of broadband opportunity in full.

謝謝你，Max。AST SpaceMobile 在 2026 年的開局反映了我們在擴大製造與產能、行動網路營運商合作夥伴擴張、地面網路整合、多方合作發射，以及堅實的資本部位等方面的進展。這些幾乎涵蓋所有計畫的推進，進一步鞏固了 AST SpaceMobile 為唯一一家其技術具備完整把握「直連裝置（direct-to-device）」寬頻商機定位的公司。

We continue to execute on key business objectives at the company transitioning from R&D stage to fully scale operational deployment. On the manufacturing front, we have over 0.5 million square feet of manufacturing and operations space globally, as we continue to scale our manufacturing efforts. We're in advanced stages of producing an assembly through BlueBird 33. We faced a race completed through BlueBird 28. A detailed cadence of our '25 and '26 deployment plan is shown in the accompanied quarterly presentation found on our IR website.

我們持續推進公司的關鍵業務目標，從研發階段邁向全面規模化的營運部署。在製造方面，隨著我們持續擴大製造投入，我們在全球擁有超過 50 萬平方英尺的製造與營運空間。我們正處於生產至 BlueBird 33 的組裝流程之進階階段。我們已完成至 BlueBird 28 的競賽。我們 2025 與 2026 年部署計畫的詳細節奏，已在投資人關係網站上的季度簡報中呈現。

Our 95% vertically integrated manufacturing strategy is significant long-term advantage with our manufacturing team ramping up significantly over the past several quarters. I am thrilled to report that the leadership we have in place is now producing microns, phased arrays, stackable satellite composite structure at an accelerating pace to support our target cadence of six fully assembly satellites per month.

我們 95% 垂直整合的製造策略是重要的長期優勢，且過去數個季度我們的製造團隊已顯著加速擴編與提升產能。我很高興報告，我們現有的領導團隊正以加速的速度生產微米級元件、相控陣列、可堆疊的衛星複合材料結構，以支援我們每月完成 6 顆整星組裝的目標節奏。

Our custom ASIC is designed to support up to 10 gigahertz of processing bandwidth per satellite and is expected to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites, helping unlock true space-based cellular functionality and enabling native cellular capabilities that consumers now expect everywhere all the time.

我們的客製化 ASIC 設計可支援每顆衛星最高達 10 GHz 的處理頻寬，預期可使我們在軌 Block 1 BlueBird 衛星近期達成的峰值資料速率幾乎翻倍，協助解鎖真正的太空蜂巢式功能，並實現消費者如今隨時隨地所期待的原生行動通訊能力。

As a reminder, we're building the largest phased array in low Earth orbit. We possess the ability to deploy significant power to orbit at a meaningful scale and competitive costs. They give us an ample opportunity to scale our space-based cellular broadband constellation based on demand signals from our growing lease of partners.

提醒各位，我們正在打造近地軌道中最大的相控陣列。我們具備以具意義的規模、並以具競爭力的成本向軌道部署大量功率的能力。這讓我們能根據不斷成長的合作夥伴名單所釋出的需求訊號，充分把握機會擴大我們的太空行動蜂巢式寬頻星座。

That is a unique important concept for the direct-to-device industry with even broader implications as the space becomes an energy reach and data native industrial environment. We continue to leverage these advantages by driving innovation into every aspect of our scale capabilities. We are deploying a specific AI edge computing and AI spectrum management features for on-orbit capabilities to incorporate into novel AI platforms and maximize user experience. We currently expect to integrate these features into our next-generation BlueBird satellite targeting BlueBirds in production by year-end.

這是直連裝置產業中一個獨特且重要的概念，且在太空逐步成為能源密集、資料原生的工業環境之際，具有更廣泛的意涵。我們持續運用這些優勢，將創新導入我們規模化能力的每一個面向。我們正在部署特定的 AI 邊緣運算與 AI 頻譜管理功能，用於在軌能力，並整合至新型 AI 平台，以最大化使用者體驗。我們目前預期在下一代 BlueBird 衛星上整合這些功能，目標是於年底前納入正在生產的 BlueBird 衛星。

Our multi provider orbital launch strategy feature orbital launch of our Blue Origin, SpaceX, and others.

我們的多供應商軌道發射策略，涵蓋由 Blue Origin、SpaceX 等提供的軌道發射。

As a reflection of our multiparter launch strategy, we are returning to the launch pad at the Cape Canaveral in mid-June with BlueBirds 8, 9, and 10 on our Falcon 9 launch vehicle. We are excited to get back to the launch pad very soon and are targeting approximately 45 satellites in orbit by year-end through a combination of our launch providers.

作為我們多方合作發射策略的體現，我們將於 6 月中旬重返卡納維爾角發射場，使用 Falcon 9 運載火箭發射 BlueBird 8、9 與 10。我們很期待很快回到發射台，並以多家發射供應商的組合為基礎，目標在年底前使在軌衛星數量達到約 45 顆。

Our ground-based gateway architecture act as a native attention of our network operator partners, interfacing directly with Nokia, Innovis, and MNO cores over standard 3GPP protocols. This means our gateway architecture and/or satellite network scales natively with 4G, 5G, and future city standards, reducing network integration complexity.

我們的地面閘道架構可作為網路營運商合作夥伴的原生延伸，透過標準 3GPP 協定直接與 Nokia、Innovis 以及行動網路營運商（MNO）的核心網路介接。這表示我們的閘道架構及／或衛星網路可原生隨 4G、5G 及未來蜂巢式標準擴展，降低網路整合的複雜度。

We're actively scaling our ground network integration efforts around the world, including in the United States, Canada, United Kingdom, India, Brazil, Spain, Germany, France, Romania, Saudi Arabia, Japan, New Zealand, the Philippines, Côte d'Ivoire, Kenya, Nigeria, and Senegal, targeting a combined population of 2.9 billion people.

我們正積極在全球擴大地面網路整合工作，包括美國、加拿大、英國、印度、巴西、西班牙、德國、法國、羅馬尼亞、沙烏地阿拉伯、日本、紐西蘭、菲律賓、Côte d'Ivoire、肯亞、奈及利亞與塞內加爾，目標覆蓋合計 29 億人口。

It is an incredible fit to scale our business outside of the United States, an effort which requires significant scale and commitment from our company, our partners, and global regulators. We continue to make progress on partner and ecosystem network integration as we move closer to service activation in key partner markets.

在美國以外擴大我們的業務是一項極為契合的方向，但此舉需要公司、合作夥伴以及全球監管機構投入相當的規模與承諾。隨著我們更接近在關鍵合作夥伴市場啟動服務，我們在合作夥伴與生態系的網路整合方面持續取得進展。

We're actively deploying hundreds of fixed cells per week as part of this effort, we achieved satellite-to-satellite cellular broadband connectivity handoff without disrupting to the connectivity experience on the map.

作為此項工作的一部分，我們正以每週部署數百個固定小區的速度積極推進；我們已實現衛星對衛星的蜂巢式寬頻連線切換，且不會干擾地面上的連線體驗。

Additionally, we recently achieved peak data speed of an incredible 98.9 megabits per second using our in-orbit Block 1 satellites. This latest record was conducted over international waters directly to modify off-the-shelf smartphones. This achievement is significant for several reasons. It further validates that our satellite technology is the only one specifically designed for space-based direct-to-device cellular broadband.

此外，我們近期使用在軌 Block 1 衛星達成了驚人的 98.9 Mbps 峰值資料速率。這項最新紀錄是在國際水域上，直接連線至未經改裝的現成智慧型手機所完成。此一成果在多個層面具有重大意義。它進一步驗證，我們的衛星技術是唯一專為太空直連裝置蜂巢式寬頻所設計的技術。

Achieving these speeds that our partners expect for the customer no matter where they are located everywhere in the planet, and we're just getting started. We expect our on-orbit Block 2 BlueBird satellite to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites when enabled with enough spectrum on a region-by-region basis.

達成這些速度，才能滿足我們合作夥伴對客戶體驗的期待，無論客戶身在何處、在地球上的任何地方；而我們才剛剛開始。在按各地區取得足夠頻譜的情況下，我們預期在軌 Block 2 BlueBird 衛星可使近期以在軌 Block 1 BlueBird 衛星達成的峰值資料速率幾乎翻倍。

AST SpaceMobile is mobile network operator partner of choice for space-based cellular broadband because our bent-pipe system integration solution worked actively with existing terrestrial infrastructure and is designed to support a space-based cellular broadband connectivity.

AST SpaceMobile 是太空基行動蜂巢式寬頻的首選行動網路營運商（MNO）合作夥伴，因為我們的彎管式（bent-pipe）系統整合解決方案可主動與既有地面基礎設施協同運作，並且設計用於支援太空基行動蜂巢式寬頻連線。

Our ecosystem includes nearly 60 global MNO partners covering over 3 billion subscribers, including key partners like AT&T, Verizon, Vodafone, Rakuten, STC, Bell Canada, and Telus.

我們的生態系統包含近 60 家全球 MNO 合作夥伴，覆蓋超過 30 億名用戶，包括 AT&T、Verizon、Vodafone、Rakuten、STC、Bell Canada 與 Telus 等關鍵合作夥伴。

Our commercial advancements have enabled us to secure over $1.2 billion in contracted revenue commitment from our commercial partners and we plan to accelerate this as we further deploy our network.

我們在商業化方面的進展，使我們得以從商業合作夥伴取得超過 12 億美元的合約收入承諾，並計畫在進一步部署網路的同時加速推進。

On the regulatory front, we are granted FCC authorization to operate our BlueBird satellite constellation commercially in the United States enabling direct-to-device connectivity in the US on premium low-band spectrum in coordination with our partners, Verizon, AT&T, and FirstNet.

在監管方面，我們已獲得 FCC 授權，可在美國以商業方式營運我們的 BlueBird 衛星星座，並使我們能在與合作夥伴 Verizon、AT&T 與 FirstNet 協調下，於優質低頻段頻譜上在美國提供直連裝置（direct-to-device）連線。

The grant also reflects the FCC recognition of our ability to deliver direct-to-device cellular broadband connectivity from space and operate alongside the terrestrial communication network, further validating our unique technology and network design. We think the current administration the FCC and Commissioner Carr for his leadership in bringing new technologies online to advise United States leadership in space.

該項核准亦反映 FCC 認可我們具備自太空提供直連裝置蜂巢式寬頻連線、並可與地面通訊網路並行運作的能力，進一步驗證我們獨特的技術與網路設計。我們感謝現任政府、FCC，以及 Carr 委員在推動新技術上線、以協助美國在太空領域保持領導地位方面所展現的領導力。

Our comprehensive spectrum strategy leverage our satellite technology, which is capable of tuning within approximately 1,100 megahertz of low band and mid-band tunable MNO spectrum globally including 45 megahertz of MSS lower mid-band spectrum and 60 megahertz of licensed S-band spectrum priority rights outside of North America.

我們全面的頻譜策略運用我們的衛星技術；該技術可在全球約 1,100 兆赫的低頻段與中頻段、可調式 MNO 頻譜範圍內進行調諧，其中包括 45 兆赫的 MSS 低中頻段頻譜，以及在北美以外擁有優先權的 60 兆赫已授權 S 頻段頻譜。

In particular, the 45 megahertz of L-band spectrum is currently unused. Providing us with an ample opportunity to drive business against the use of that spectrum. Additionally, the lower mid-band L-band spectrum feature higher quality propagation characteristics when compared to other MSS frequencies. This means more opportunities to grow subscriber capacity and bring additional service to targeted markets around the world alongside our MNO partners.

特別是，這 45 兆赫的 L 頻段頻譜目前尚未被使用。這為我們提供了充足的機會，推動圍繞該頻譜使用的業務。此外，相較於其他 MSS 頻率，低中頻段的 L 頻段頻譜具有更高品質的傳播特性。這意味著我們有更多機會提升用戶容量，並與我們的 MNO 合作夥伴一道，將更多服務帶到全球目標市場。

We expect the combination of our satellite technology, featuring the largest phased array in low Earth orbit and access to MNO share spectrum, MSS spectrum, and AI spectrum management features will enable us to effectively multiply spectrum efficiencies and develop a completely new layer of connectivity on a global scale.

我們預期，結合我們的衛星技術（具備近地軌道中最大的相控陣列）以及對 MNO 共用頻譜、MSS 頻譜的存取與 AI 頻譜管理功能，將使我們能有效倍增頻譜效率，並在全球尺度上打造全新的連線層。

The combination of building a native space-based cellular broadband network with our partner, first integration design is second to none. We're supported by our extensive IP and patent portfolio of approximately 3,900 patents and patent-pending claims we successfully advanced from early-stage R&D to scale deployment of satellites and ground-based gateways.

結合與合作夥伴共同建置原生太空基行動蜂巢式寬頻網路，以及我們的優先整合設計，堪稱無出其右。我們擁有約 3,900 件專利與專利申請中的權利主張所構成的龐大 IP 與專利組合支援，並已成功從早期研發推進至衛星與地面閘道的規模化部署。

In closing, our company has key assets, including IP, manufacturing, partnerships, spectrum, and balance sheet cash with approximately $3.5 billion to build and launch over 100 BlueBird satellites to enable global coverage of SpaceMobile service.

總結而言，我們公司擁有關鍵資產，包括 IP、製造能力、合作夥伴關係、頻譜，以及約 35 億美元的資產負債表現金，用以建造並發射超過 100 顆 BlueBird 衛星，以實現 SpaceMobile 服務的全球覆蓋。

Our team is focused, disciplined, and executing against our deployment plan. We are encouraged by the progress we are making and the momentum we see across our commercial, regulatory, and government initiatives.

我們的團隊專注、嚴謹，並正依部署計畫執行。我們對所取得的進展以及在商業、監管與政府倡議方面所見到的動能感到振奮。

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. Since our last business update 10 weeks ago, we have continued to execute against the broader commercialization priorities we laid out at the start of the year. Our key task leading the business is to leverage our revolutionary technology deployment and best-in-class partnerships to achieve our 2026 and 2027 revenue objectives as we build out the revenue platform for the company to maximize long-term shareholder value.

謝謝你，Abel。自 10 週前我們上次的業務更新以來，我們持續推進年初所提出的更廣泛商業化優先事項。帶領業務的關鍵任務，是運用我們革命性的技術部署與同級最佳的合作夥伴關係，達成 2026 與 2027 年的營收目標，同時打造公司的營收平台，以最大化股東長期價值。

The market pull for our network, the one we're deploying today a global, resilient, space-based cellular broadband network with dual-use capabilities. It remains extremely strong. Against this backdrop, we have recently signed additional mobile network operator contracts and received additional US government awards.

市場對我們網路的拉動力——也就是我們今日正在部署的全球、具韌性、太空基行動蜂巢式寬頻網路，且具備軍民兩用能力——仍然極為強勁。在此背景下，我們近期簽署了更多行動網路營運商合約，並獲得更多美國政府獎項。

First, we announced an agreement with Telus as our second partner in Canada, who also made an equity investment in ASTS; Telus and Bell will be our commercial partner in Canada. And in Africa, we are pleased to be partnering with Axian Telecom, a pan-African operator in 11 different countries, joining our existing agreements with Vodacom, Orange, and MTN.

首先，我們宣布與 Telus 達成協議，成為我們在加拿大的第二家合作夥伴；Telus 亦對 ASTS 進行股權投資；Telus 與 Bell 將成為我們在加拿大的商業合作夥伴。在非洲方面，我們很高興與 Axian Telecom 合作；該公司為泛非營運商，業務遍及 11 個不同國家，並加入我們既有與 Vodacom、Orange 與 MTN 的合作協議。

Our dialogue globally with mobile network operators has increased in both volume and depth, and we've been building out the broad organizational capabilities to support the rollout of commercial services in these markets. Looking ahead, we expect additional MNO agreements to be signed with increasing velocity throughout 2026.

我們與全球 MNO 的對話在數量與深度上皆有所提升，同時我們也在建置廣泛的組織能力，以支援在這些市場推出商業服務。展望未來，我們預期在 2026 年將以更快速度簽署更多 MNO 協議。

On the US government side, we continue to grow the pipeline with three additional awards through prime contractors. These awards address three unique use cases across secure communications and noncommunications capabilities, reflecting strong proof points ahead of larger contracts. Alongside further developing these important national security capabilities, including those related to Golden Dome, these awards are expected to contribute significantly to 2026 revenue objectives.

在美國政府方面，我們持續透過主承包商新增三項獎項，擴大案源管線。這些獎項涵蓋安全通訊與非通訊能力的三種獨特使用情境，為更大型合約提供強而有力的驗證。在進一步發展這些重要的國家安全能力（包括與 Golden Dome 相關者）的同時，這些獎項預期將對 2026 年營收目標做出顯著貢獻。

As a reminder, our goal across all our contract is to develop capabilities that could grow into programs of record with billions of annual revenue potential in aggregate over the medium and long term for missions important to US national security.

提醒一下，我們在所有合約上的目標，是發展可成長為正式列裝計畫（programs of record）的能力；就中長期而言，這些能力在合計口徑下具備每年數十億美元營收潛力，並支援對美國國家安全至關重要的任務。

As a commitment to these efforts, we've made significant progress expanding our organizational capabilities through AST SpaceMobile's wholly owned government and defense subsidiary. This alignment enables us to better allocate resources and expand our organizational capabilities to best serve the US government customer.

為展現對這些工作的承諾，我們透過 AST SpaceMobile 全資持有的政府與國防子公司，在擴充組織能力方面取得重大進展。此一對齊使我們能更妥善配置資源並擴大組織能力，以最佳方式服務美國政府客戶。

Transitioning to revenue, we achieved nearly $15 million in reported revenue during Q1, again, driven by milestone achievements under our US government contracts and commercial gateway deliveries to MNOs.

談到營收，我們在第一季認列了接近 1,500 萬美元的營收，主要同樣由美國政府合約下的里程碑達成，以及向 MNO 交付商業閘道所帶動。

On the commercial side, we saw execution with four different customers that contributed to revenue in the quarter. With the hardware to deliver initial commercial services now in their respective regions across five continents, the ground readiness initiatives that Abel referenced are firmly underway.

在商業端，本季我們與四家不同客戶的執行進展對營收有所貢獻。隨著用於提供初始商業服務的硬體已在五大洲的各自區域就位，Abel 所提到的地面就緒（ground readiness）計畫正穩步推進。

This is an important step to have started during 2025 because it gives the teams on the ground time to prepare, deploy real hardware solutions for backhaul and integrate with customer network cores. This is a very significant operational effort that is an important leading indicator ahead of commercial service activation.

這是在 2025 年就啟動的重要一步，因為它讓地面團隊有時間準備、部署用於回傳（backhaul）的實體硬體解決方案，並與客戶的網路核心進行整合。這是一項非常重大的營運工作，也是商業服務啟用前的重要領先指標。

2026 revenue will benefit from this commercial deployment effort as we deliver against existing contractual orders and signed new contract wins, both of which show a deep pipeline.

隨著我們交付既有合約訂單並取得已簽署的新合約勝出案（new contract wins），而兩者皆顯示出深厚的案源管線，2026 年營收將受惠於這項商業部署工作。

Turning to revenue from our US government business, we executed across five existing contracts during the quarter, further demonstrating the in-orbit capabilities of our BlueBird satellites. To give you some additional color, we advanced the milestones under our prime contract with the Space Development Agency as part of the Europa Track 2 Commercial Solutions Program under HALO. This work is focused on delivering operationally relevant tactical communications capabilities directly to government and devices.

轉向美國政府業務的營收，本季我們在五份既有合約上持續執行，進一步展示我們 BlueBird 衛星在軌能力。補充一些細節：我們推進了與太空發展署（Space Development Agency）的主合約里程碑；該合約屬於 HALO 架構下的 Europa Track 2 商業解決方案計畫。此項工作聚焦於將具作戰相關性的戰術通訊能力，直接交付給政府與終端裝置。

We also advanced our communications efforts with milestones against contracts where Fairwinds is the prime contractor, some of which is a follow-on related to our previously demonstrated NTN tactical satcom capabilities. That field test showcased real-time connectivity to a Tactical Assault Kit over a VPN with multimedia streaming via the Tactical Assault Kit and secure multiparty video calls, all executed on standard unmodified smartphones with active participation from USINDOPACOM including representation from multiple branches of the United States Armed Services.

我們也在由 Fairwinds 擔任主承包商的合約上，透過里程碑推進我們的通訊工作，其中部分為延續先前已展示的 NTN 戰術衛星通訊能力。該次野外測試展示了透過 VPN 對戰術突擊套件（Tactical Assault Kit）的即時連線，並透過戰術突擊套件進行多媒體串流與安全的多方視訊通話；所有測試皆在標準、未經改裝的智慧型手機上完成，且有 USINDOPACOM 的積極參與，包括美國武裝部隊多個軍種的代表。

Lastly, we also continue to execute against our contract with the Space Development Agency through a prime contractor for noncommunications on-orbit testing and capability development.

最後，我們也持續透過一位主承包商，依據我們與太空發展署（Space Development Agency）的合約，執行非通訊的在軌測試與能力開發。

The progress we are seeing across both commercial and government activities supports our confidence in reiterating our 2026 revenue guidance of $150 million to $200 million. This outlook is supported by our existing contracted pipeline with additional upside potential from new government awards.

我們在商業與政府活動兩方面所看到的進展，支持我們有信心重申 2026 年營收指引為 1.5 億至 2 億美元。此展望由我們既有的已簽約案源管線所支撐，並且新取得的政府標案仍有額外上行潛力。

What we are seeing in the first half of 2026 is continued progress in building out the revenue base ahead of a large jump in 2027. As I described on the last call, we see the 2027 revenue opportunity approaching $1 billion, comprised of revenue both long-term contracted or highly recurring in nature. We expect this growth to be driven from, one, our scaled network in orbit for cellular broadband service as it becomes available in some of the largest markets worldwide; and two, providing one or more increasingly scaled use cases for the US government.

我們在 2026 年上半年看到的是：在 2027 年大幅跳升之前，營收基礎持續建立並取得進展。如同我在上次電話會議中所述，我們看到 2027 年的營收機會接近 10 億美元，包含長期合約或高度經常性質的營收。我們預期此成長將由兩項因素驅動：第一，當我們的在軌規模化網路於全球一些最大市場開始提供蜂巢式寬頻服務時；第二，為美國政府提供一項或多項日益規模化的使用情境。

Taken together, we are steadily executing across our key priorities, remaining focused on the critical near-term objectives like revenue generation, partner ecosystem, and scaled network deployment.

綜合而言，我們正穩健地推進各項關鍵優先事項，並持續聚焦於近期的關鍵目標，例如營收創造、合作夥伴生態系，以及規模化網路部署。

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，由他帶大家回顧我們的財務更新。

Thanks, Scott, and good afternoon, everyone. During the first quarter of 2026, we began executing against our annual revenue plan we continued our manufacturing expansion across our growing facilities in Texas and beyond, and importantly, as discussed on our 2025 year-end call in March, we took significant steps to raise critical capital to enable funding our constellation in support of our bold objectives in the months ahead.

謝謝你，Scott，各位下午好。在 2026 年第一季，我們開始執行年度營收計畫，並持續在德州及其他地區不斷擴張我們成長中的製造設施；更重要的是，如同我們在 3 月的 2025 年度結束電話會議中所討論，我們採取了重大步驟籌措關鍵資本，以在未來數月支持我們的星座計畫資金需求，推動我們宏大的目標。

Revenue in Q1 came in consistent with our internal plans. We expect revenue to build sequentially each quarter during 2026 with contributions from both commercial gateway revenue and US government contracts, which I will discuss further in just a moment. Importantly, we remain on track to meet our full-year 2026 revenue guidance of $150 million to $200 million.

第一季營收與我們內部計畫一致。我們預期 2026 年每一季營收將逐季成長，來源包括商業閘道（gateway）營收與美國政府合約，我稍後會進一步說明。重要的是，我們仍按計畫達成 2026 全年營收指引 1.5 億至 2 億美元。

With respect to manufacturing, we continue to progress toward the achievement of our goals to support our active escalating launch schedule through the end of this year and beyond. We currently have BlueBird 11 to BlueBird 33 in advanced stages of assembly with phased arrays completed through BlueBird 28. Our manufacturing progress positions us well to support our launch target of approximately 45 BlueBird satellites in orbit by the end of 2026.

在製造方面，我們持續朝達成目標邁進，以支援今年底及之後我們積極且逐步加速的發射時程。目前 BlueBird 11 至 BlueBird 33 已進入組裝後期階段，且相控陣列已完成至 BlueBird 28。我們的製造進度使我們具備良好條件，以支援在 2026 年底前約 45 顆 BlueBird 衛星在軌的發射目標。

The strength of our balance sheet positions us to complete the full buildout and launch of a constellation of over 100 BlueBird satellites to provide worldwide SpaceMobile service while also funding the deployment of our controlled spectrum bands on a global basis monetizing the capabilities of our proprietary technology to capture the evolving commercial opportunities related to artificial intelligence, enhancing investment in government space opportunities in the United States, reducing our higher interest debt, and pursuing opportunistic investments to accelerate our SpaceMobile services and capabilities.

我們強健的資產負債表使我們得以完成超過 100 顆 BlueBird 衛星星座的全面建置與發射，以提供全球 SpaceMobile 服務；同時也能資助我們在全球部署受控頻譜頻段，將我們專有技術的能力變現以掌握與人工智慧相關、持續演進的商業機會；加大對美國政府太空機會的投資；降低我們較高利率的債務；並進行具機會性的投資，以加速我們的 SpaceMobile 服務與能力。

AST SpaceMobile is proud to be the creator and leader in the direct-to-device industry, and we continue making investments to move quickly and responsibly to bring space-based cellular broadband connectivity and directly to unmodified smartphones. Our intentional focus on investing in operational growth led to higher adjusted operating expenses in Q1 of 2026 consistent with our expectations previously communicated during our fourth-quarter and full-year 2025 earnings call.

AST SpaceMobile 以成為直連裝置（direct-to-device）產業的創造者與領導者為榮，我們持續投資，以快速且負責任地將太空基礎的蜂巢式寬頻連線直接帶到未經改裝的智慧型手機。我們刻意聚焦於營運成長投資，使 2026 年第一季調整後營運費用上升，符合我們先前在 2025 年第四季與全年財報電話會議中所溝通的預期。

Moving to the operating and capital metrics slide, let's review the key metrics for the first quarter in more detail.

接著看營運與資本指標投影片，我們更詳細檢視第一季的關鍵指標。

On the first chart, for the first quarter of 2026, we incurred non-GAAP adjusted operating expenses of $91.2 million versus $95.7 million in the fourth quarter of 2025. As a reminder, non-GAAP adjusted operating expenses exclude noncash operating costs, including depreciation and amortization, and stock-based compensation. The quarter-over-quarter decrease of $4.5 million resulted primarily from a $17.6 million decrease in adjusted cost of revenues due to lower revenue in the quarter together with a $1.9 million decrease in R&D costs, partially offset by a $9.2 million increase in adjusted engineering services costs and a $5.8 million increase in adjusted general and administrative costs.

在第一張圖表中，2026 年第一季我們的非 GAAP 調整後營運費用為 9,120 萬美元，相較 2025 年第四季的 9,570 萬美元。提醒一下，非 GAAP 調整後營運費用排除非現金營運成本，包括折舊與攤銷，以及以股份為基礎的薪酬。季對季減少 450 萬美元，主要來自：因本季營收較低而使調整後營收成本減少 1,760 萬美元，以及研發成本減少 190 萬美元；部分被調整後工程服務成本增加 920 萬美元與調整後一般及行政費用增加 580 萬美元所抵銷。

Our Q1 2026 adjusted operating expenses, excluding adjusted cost of revenues were $79.8 million compared to $66.8 million in Q4 of 2025, which is within the $70 million to $80 million guidance for adjusted operating expenses previously provided. The primary drivers of the increase versus the prior quarter were growth in our workforce, including contractors and consultants, our expanded production facilities and other professional fees, including legal fees related to our spectrum usage rights transactions and regulatory initiatives.

我們 2026 年第一季的調整後營運費用（不含調整後營收成本）為 7,980 萬美元，相較 2025 年第四季的 6,680 萬美元，落在先前提供的調整後營運費用指引 7,000 萬至 8,000 萬美元範圍內。相較前一季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（包括與我們頻譜使用權交易及監管倡議相關的法律費用）。

Turning towards the second chart on this slide, our capital expenditures for the first quarter of 2026 were approximately $257 million versus approximately $407 million for the fourth quarter of 2025. This figure was made up primarily of capitalized direct materials and labor for our Block 2 BlueBird satellites with the balance relating to facility and production equipment expenditures. This amount was below the quarterly guidance of $350 million to $425 million that I provided during our last earnings call due to a change in the timing of launch contract payments, which will now be reflected in our Q2 guidance.

再看本頁第二張圖表，2026 年第一季資本支出約為 2.57 億美元，相較 2025 年第四季約 4.07 億美元。此金額主要由 Block 2 BlueBird 衛星的資本化直接材料與人工構成，其餘則與設施及生產設備支出相關。由於發射合約付款時點改變（將改在第二季反映於指引中），本季金額低於我在上次財報電話會議所提供的單季指引 3.5 億至 4.25 億美元。

For the second quarter of 2026, we estimate that our adjusted operating expenses, excluding adjusted cost of revenues will increase to the range of approximately $85 million to $95 million as we further absorbed the full quarter cost of our recently expanded workforce and continued growing talent across our organization to scale our efforts 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 年第二季，我們預估調整後營運費用（不含調整後營收成本）將增加至約 8,500 萬至 9,500 萬美元，因為我們將進一步吸收近期擴編人力的整季成本，並持續在全組織招募與培育人才，以擴大我們在設計、製造、發射與營運不斷成長的衛星星座方面的投入，同時推動我們 L 頻段與 S 頻段頻譜使用權的變現。

We expect our capital expenditures to increase in Q2 of 2026 to a range of $575 million to $650 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.

我們預期 2026 年第二季資本支出將增加至 5.75 億至 6.5 億美元，主要由近期發射相關付款時點所驅動；如我先前所說，這些付款會因季度而異。

To put this quarterly increase in capital expenditures into context, had the launch payments been made in Q1 like we originally planned instead of making them in Q2, our guidance for Q2 capital expenditures would have remained in the same general range as Q1.

為了讓大家理解本季資本支出增加的背景：若發射付款如我們原先規劃在第一季支付，而非改在第二季支付，則我們對第二季資本支出的指引將大致維持在與第一季相同的區間。

Importantly, our continued spend on growth-related CapEx reflects our increasing satellite production in active orbital launch plans. We continue to estimate that the average capital costs, including direct materials and launch costs, for our constellation of over 90 Block 2 BlueBird satellites will fall in the range of $21 million to $23 million per satellite, excluding certain initial satellites that are used to validate performance and operations.

重要的是，我們持續在成長相關資本支出（CapEx）上的投入，反映我們衛星產量提升以及積極的在軌發射計畫。我們仍估計，對於超過 90 顆 Block 2 BlueBird 衛星的星座，其平均資本成本（包含直接材料與發射成本）將落在每顆 2,100 萬至 2,300 萬美元區間，不包含用於驗證性能與營運的部分初期衛星。

Our cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors that could impact our costs. As a reminder, the timing of the changes in our adjusted operating expenses and capital expenditures, as I have just described, could be delayed or may not be realized due to a variety of factors.

我們對每顆衛星成本的估計，可能因動態地緣政治因素而波動，進而影響成本。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無法實現。

In the first quarter, we recognized revenue of $14.7 million, primarily driven by commercial gateway deliveries and various US government service milestone achievements. Our revenue declined during the first quarter as we expected due to the timing of gateway deployment to our commercial customers and the timing of completion of certain government contract milestones.

第一季我們認列營收 1,470 萬美元，主要由商業閘道交付以及多項美國政府服務里程碑達成所帶動。如我們預期，第一季營收下滑，原因在於對商業客戶的閘道部署時點，以及部分政府合約里程碑完成時點的安排。

With respect to revenue generation, we believe we can enable continuous SpaceMobile service across key markets such as the United States, Europe, Japan, and other strategic markets with the launch and operation of approximately 45 to 60 BlueBird satellites and additional strategic worldwide markets with the launch and operation of approximately 90 BlueBird satellites.

就營收創造而言，我們相信，透過發射並營運約45至60顆BlueBird衛星，我們可在美國、歐洲、日本及其他關鍵策略市場實現SpaceMobile服務的連續覆蓋；而透過發射並營運約90顆BlueBird衛星，亦可擴展至更多全球策略市場。

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.

此外，隨著我們持續發射並部署星座，我們也將持續支援目前正在進行的美國政府應用，並在星座規模擴大之際加速推進。

As we discussed in our Q4 2025 earnings call, we expect to generate full-year 2026 revenue in the range of $150 million to $200 million. We managed the top line with a focus on full-year performance given the quarterly variability inherent in 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.

如同我們在2025年第四季財報電話會議中所討論的，我們預期2026年全年營收將落在1.5億至2億美元之間。鑑於我們業務固有的季度波動性（包括合約簽署時點、設備銷售以及里程碑達成時點），我們在管理營收時更著重於全年表現。因此，我們認為以全年為基礎評估我們的營收表現最為恰當。

As we continue advancing our launch and network activation initiatives, we expect revenue to grow meaningfully each subsequent quarter this year. 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，我們預期今年每一個後續季度的營收都將顯著成長。我們預期營收將持續由閘道（gateway）交付、美國政府合約里程碑達成、對行動網路營運商（MNO）的顧問服務所驅動，且在認列初期商用服務營收方面可能帶來上行空間。季度營收很可能會因里程碑達成與客戶活動時點而出現顯著波動。

I'd like to remind you that 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 this year.

我想提醒各位，我們認為今年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。

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不確定因素，包括：Block 2 BlueBird衛星成功發射與部署（與美國政府應用相關的合約里程碑達成）、向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可運作衛星所提供之商用服務啟用相關的服務收入。

Finally, on the final chart on the slide, our cash, cash equivalents, and restricted cash as of March 31, 2026, and was approximately $3.5 billion, 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.

最後，在投影片的最後一張圖表中，截至2026年3月31日，我們的現金、約當現金及受限制現金約為35億美元，其中包含我們於2月透過可轉換公司債發行所募集的資金；該可轉債票面利率為2.25%、期限10年，換股的有效行使價格為每股116.30美元。

Our balance sheet continues to provide us with financial flexibility to make further investments to expedite the timing of and augment the capabilities of our SpaceMobile service. Consistent with our last update, we do not have any plans to pursue additional convertible debt in 2026.

我們的資產負債表持續為我們提供財務彈性，使我們能進一步投資，以加速並強化SpaceMobile服務的時程與能力。與我們上次更新一致，我們在2026年沒有計畫再發行額外的可轉換債務。

In closing, we're off to a solid start to the year at AST SpaceMobile and critically, our 2026 objectives fully remain in place. With full recognition of a significant amount of hard work ahead of us, revenue is in a plan and satellite manufacturing is increasing to support our orbital launch campaign.

總結而言，AST SpaceMobile今年開局穩健，更重要的是，我們2026年的目標仍完全維持不變。在充分認知前方仍有大量艱鉅工作之下，營收正依計畫推進，衛星製造也在加速，以支援我們的軌道發射計畫。

We look forward to sharing successful launch milestones with you in Q2 and throughout the second half of 2026.

我們期待在第二季以及2026年下半年期間，與各位分享成功的發射里程碑。

Thank you for your continued support as we continue the hard work of connecting the unconnected at AST SpaceMobile. And with that, this completes the presentation component of our business update call, and I'll pass it back to Scott.

感謝各位持續支持AST SpaceMobile連結未連結人群的艱鉅工作。至此，我們的業務更新電話會議之簡報部分告一段落，我將把時間交回給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.

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。

Operator, could you please start us off with the first question?

接線員，請先從第一個問題開始，好嗎？

Scott from Indiana asked, historically, guidance for Block 2 BlueBird has targeted peak download speeds of 120 megabits for a second, presumably requiring your proprietary basic chips. In the last quarterly update, it was stated that FMI, which does not have this ASIC chip is expected to greatly exceed 120 megabits peak download speeds. Can you clarify current expectations on how FM1 versus ASIC enabled BlueBirds are expected to perform.

來自印第安納州的Scott提問：歷史上，對Block 2 BlueBird的指引目標為峰值下載速度120 Mbps（每秒百萬位元），推測需要你們專有的基頻晶片。在上一季更新中提到，FMI（其並未搭載該ASIC晶片）預期將大幅超越120 Mbps的峰值下載速度。你們能否釐清目前對FM1相較於搭載ASIC的BlueBird，其預期效能表現？

Thank you, Scott, for the question. Well, this morning, we did announce that from the middle of nowhere in the middle of the ocean on international water, we did achieve big data rates, very close to 100 megabits per second as we -- into standard device without any modification to the device.

謝謝你，Scott，提出這個問題。今天早上我們確實宣布，我們在公海的國際水域、遠離人煙之處，使用標準裝置且不需對裝置做任何修改，就達成了非常高的數據速率，接近每秒100 Mbps。

Neither require any firmware or software upgrade to the device. This device as is today. With the BB6, which is already in orbit and BB8, 9, and 10, we expect to nearly double that capacity. We think that this, in addition to AI features that we will implement into the satellites, large block of spectrum that we'll be adding to the network, particularly the L-band and the S-band MSS spectrums that -- we plan to add into the constellation.

也不需要對裝置進行任何韌體或軟體升級。這台裝置就是今天現況。透過已在軌的BB6，以及BB8、9與10，我們預期可將該容量幾乎翻倍。我們認為，這再加上我們將導入衛星的AI功能，以及我們將加入網路的大頻寬頻譜區塊，特別是我們計畫納入星座的L頻段與S頻段MSS頻譜。

And AI spectrum management features that help us to multiply deeper set performance of the network make this a complete change of what is possible, far, far ahead of any other technology that is attempted to enter the market.

以及AI頻譜管理功能，協助我們倍增並深化網路效能，將徹底改變可達成的可能性，遠遠領先任何其他試圖進入市場的技術。

Andrew from New York asks, you have repeatedly emphasized that you are in a race against yourself in the field of D2C broadband technology, given the increasing attempts by other companies to enter the market, is this still true?

來自紐約的Andrew提問：鑑於其他公司愈來愈多嘗試進入市場，你們一再強調在D2C（直連手機）寬頻技術領域，你們是在與自己賽跑；這點現在仍然成立嗎？

And what leads do you currently see over your competitors? What role do your patents play in keeping the competition at bay?

你們目前認為相較競爭對手有哪些領先優勢？你們的專利在阻擋競爭方面扮演什麼角色？

Thank you, Andrew. That's a great question. What we always from the very, very beginning, have focused on delivering cellular broadband and for which you need a very large array. You need spectrum, and you need the ability to integrate that to partners' MNOs.

謝謝你，Andrew。這是個很好的問題。從一開始，我們始終專注於提供蜂巢式寬頻；要做到這點，你需要非常大的天線陣列。你需要頻譜，也需要能與合作夥伴的MNO進行整合的能力。

On that end, we have a very unique position we had access through our MNO partners to around 3 billion subscribers. We are delivering broadband capacity provided, obviously, there is enough spectrum attached to the satellites today with in orbit satellites.

在這方面，我們擁有非常獨特的地位：透過我們的MNO合作夥伴，我們可觸及約30億用戶。只要衛星具備足夠的頻譜，我們就能提供寬頻容量，而這些能力已由目前在軌衛星所支援。

As I said earlier, we are on the hundreds of megabits already. We plan to nearly double that we continue to activate 8, 9, and 10, and we launch them in the next few weeks.

如我先前所說，我們已達到數百Mbps的水準。隨著我們持續啟用8、9與10號衛星，並在未來幾週內發射它們，我們計畫將此幾乎翻倍。

And then when you put in perspective that -- when you combine a very, very large satellite array with significant block of spectrums, there are a combination between IMT, MNO partner provider spectrum with our own MSS.

當你把這放在脈絡中看——當你把非常、非常大的衛星陣列與可觀的頻譜區塊結合起來，其中包含IMT、MNO合作夥伴提供的頻譜，以及我們自有的MSS頻譜。

We have access to more spectrum than anybody else also. So we believe that as of today, we are the only technology that have a space-based cellular broadband capability, given the size and our architecture on the 3,900 patent and patent pending claims that we have around our technology.

我們也比任何人都能取得更多頻譜。因此，我們相信截至今日，鑑於我們的規模與架構，以及我們圍繞該技術所擁有約3,900項已核准與申請中的專利/專利申請權利項，我們是唯一具備太空基蜂巢式寬頻能力的技術。

Ben from Virginia asks, can you update us on your composite readiness specifically? Are you now manufacturing all structural carbon fiber reinforced polymer components and reflector is entirely in-house? And if not, is the plan to?

來自維吉尼亞州的Ben提問：你們能否特別更新一下複合材料的就緒狀況？你們現在是否已將所有結構用碳纖維增強聚合物（CFRP）組件與反射器完全改為內部自製？若尚未，是否計畫如此？

Thank you, Ben, for the question. Listen, the way that we stack the satellites is think about tuned accounts where you put three of them one on top of another on the Falcon 9 up to eight of them on the Blue Origin and New Glenn rocket or up to five of them in the Vulcan ULA rocket, so that structure is our design.

謝謝你，Ben，提出這個問題。你看，我們堆疊衛星的方式，是以可調式的堆疊配置來思考：在 Falcon 9 上可以把三顆一顆疊一顆地堆在一起；在 Blue Origin 的 New Glenn 火箭上最多可到八顆；在 ULA 的 Vulcan 火箭上最多可到五顆，所以這個結構就是我們的設計。

It was a very, very difficult design to achieve because everything that you have in terms of mask and multiplied by the G of the rocket. So you have an extraordinary amount of forces that get applied to the bolt-on satellites in the stack. But the answer is yes.

這是一個非常、非常難達成的設計，因為你所有的東西在質量上都要再乘上火箭的 G 值。因此，堆疊中以螺栓固定的衛星會承受極其巨大的作用力。但答案是肯定的。

We are now producing the rate. We own all the IP or how this is done. We are extending -- we did grow -- we have over 1,000 people dedicated to build these composite structures all across our satellites. And we are now also extending and automating and robotizing how we do these structures in Midland.

我們現在正在提升產出速率。我們擁有所有相關的智慧財產權（IP），也就是這套做法如何實現。我們正在擴充——我們確實成長了——我們有超過 1,000 人專注於在我們所有衛星上打造這些複合材料結構。而且我們現在也在 Midland 擴展、導入自動化與機器人化來製作這些結構。

All of this to achieve and keep our six satellite per month fully assembled every month, where the composite structure, it is a very, very important aspect of what we needed to do. So we are fully vertically integrated. We own the IP, we control the manufacturing of everything on our satellites around 95% of the bill of material from the composite structures, the new composite structures.

這一切都是為了達成並維持我們每月完整組裝六顆衛星的目標；其中複合材料結構是我們必須做到的一個非常、非常重要的面向。因此我們是完全垂直整合的。我們擁有 IP，並掌控我們衛星上幾乎所有項目的製造，約占物料清單（BOM）的 95%，包括複合材料結構與新的複合材料結構。

How you see that the -- in the pictures of the manufacturing, they turn from aluminum structures to composite than what they look back. And then -- but we also own and control everything down to our ASIC in the supply chain of how we build and produce our satellites.

你在製造照片中看到的——它們從鋁製結構轉為複合材料，然後回頭看它們的外觀。然後——但我們也擁有並掌控供應鏈中一路到我們 ASIC 的所有環節，包含我們如何建造與生產衛星。

Scott from Indiana also asked, any perspective you can share on progress made related to Golden Dome, HALO Europa or other government contracts?

來自印第安納州的 Scott 也問到：關於 Golden Dome、HALO Europa 或其他政府合約的進展，你能分享任何觀點嗎？

I'll take that one. So as I said in my remarks, the backdrop for US government contracts is -- continues to be really strong. We most recently saw budget request for the Space Force of over $70 billion, which was by far the largest, and there was a heavy emphasis on space activities.

我來回答這題。如同我在發言中提到的，美國政府合約的整體背景——仍然非常強勁。我們最近看到太空軍（Space Force）的預算請求超過 700 億美元，這是迄今最大的一次，而且對太空活動有很重的著墨。

So it's a good environment for our capability to be maturing. And we've been doing a lot of both communications and noncommunications with the agencies who are the big buyers right now of space capabilities. So this is the right backdrop. We have the right capability.

所以這對我們能力的成熟是一個很好的環境。而且我們一直在與各機構進行大量的通訊與非通訊方面合作；這些機構目前是太空能力的主要買家。因此這是正確的背景。我們也具備正確的能力。

Remember, we're currently deploying the largest ever phased arrays in low earth orbit, and that gives us really an unprecedented capability to go to regular, small, low-profile handsets as well as do RADAR capabilities. And when you look at the backdrop of awards and budgets over the last three to six months, there's been a real strong uptick as expected in the Space Force budget and in allocations related to golden dome.

請記得，我們目前正在近地軌道部署史上最大的相控陣列，這讓我們具備前所未有的能力：既能連接一般、小型、低外形的手持終端，也能提供雷達（RADAR）能力。而當你看過去三到六個月的得標與預算背景，太空軍預算以及與 Golden Dome 相關的撥款，確實如預期出現非常強勁的上升。

And specifically, we're in a stage now where RFPs are being issued, awards are being made for key elements of Golden Dome that will relate to us, things that you see that are space-based radar and others. So this is a really big moment for us. You're going to see some revenue coming in through US government that's going to be a big contributor to our 2026 revenue.

具體而言，我們目前正處於 RFP（徵求提案）發出、關鍵要素開始決標的階段；這些與我們相關的 Golden Dome 要素，包括你看到的天基雷達等項目。所以這對我們來說是一個非常重要的時刻。你將會看到透過美國政府帶來的部分營收，並且會成為我們 2026 年營收的重要貢獻來源。

And for 2027 those awards that we'll receive or expect to receive over the next six months are going to be very significant to that effort.

而對 2027 年而言，我們在未來六個月內將取得或預期取得的那些獎項（合約），對這項工作也會非常關鍵。

And with that, I'd like to thank our shareholders for submitting those questions.

另外，我也要感謝我們的股東提交這些問題。

Operator, let's open up the call to analyst questions now.

接線員，現在請開放分析師提問。

(Operator Instructions) Chris Schoell, UBS.

（接線員指示）Chris Schoell，UBS。

Great. Now that you've had a few weeks to digest, can you just walk us through what happened with BlueBird 7 and what gives you comfort this will not repeat going forward and that New Glenn can scale accordingly?

很好。現在你們已經有幾週時間消化了，能否帶我們梳理一下 BlueBird 7 發生了什麼事？以及是什麼讓你們有信心未來不會再發生、而且 New Glenn 能夠相應擴大規模？

And last quarter, you mentioned you began to integrate your satellites with another heavy launch vehicle. And I believe I heard you say ULA earlier. Where does the integration process stand? And could we see you rely upon them this year? Is this more a consideration for '27 and beyond?

另外，上季你們提到已開始把衛星與另一款重型運載火箭進行整合。我想我剛才聽到你提到 ULA。目前整合流程進展到哪裡？我們今年會看到你們依賴他們嗎？還是這更多是針對 2027 年及以後的考量？

Hey, Chris. I'll dive in. So we were pretty open on BlueBird 7, the day of. We knew what happened immediately and we were very open on what it is. And at the end of the day, remember, we have 33 satellites in advanced stage of production at the factory. So it was a loss, we're on to the next.

嗨，Chris。我來深入說明。關於 BlueBird 7，我們在當天就相當公開透明。我們立刻就知道發生了什麼，也非常坦率地說明了狀況。而且歸根結底，請記得，我們工廠裡有 33 顆衛星正處於先進的生產階段。所以這是一個損失，但我們會繼續往下一個前進。

So yeah, I would say that we're working closely with Blue. They're working through the investigation in upper stage anomaly like this is not uncommon early in programs and we feel optimistic about them getting back to the pad soon.

所以，是的，我會說我們正與 Blue 密切合作。他們正在針對上面級異常進行調查；在計畫初期，這類情況並不少見，我們對他們很快能回到發射台感到樂觀。

And when you look at their cadence for the year, we all know that they landed the booster, which was a great milestone for the cadence and now they have two boosters, sitting in their integration facility ready to get into the cycle. So we think the outlook there looks good.

而且當你看他們今年的節奏，我們都知道他們成功回收了助推器，這是提升發射節奏的一個重要里程碑；現在他們有兩具助推器，正放在整合設施裡，準備進入循環。所以我們認為那邊的前景看起來不錯。

And like I said, we're optimistic. And on the second part of the question, we mentioned that we have contracts with SpaceX and Blue Origin and others. We're also doing some integration activities in there with others to get ready for potential launches.

如我所說，我們是樂觀的。至於問題的第二部分，我們提到我們與 SpaceX、Blue Origin 以及其他夥伴都有合約。我們也正在與其他夥伴進行一些整合工作，以便為潛在的發射做好準備。

And so listen, we've designed the rocket, as you know, in our business strategy to be launched vehicle agnostic, and we're buyers of launch across the entire heavy launcher. Footprint. So we were prepared for this years ago with our strategy. We think we selected the right partners, and we've got good partners on top of that we're working with.

所以你看，正如你所知，在我們的商業策略中，我們把火箭（發射）設計成不依賴特定運載工具（launch vehicle agnostic），而我們是在整個重型運載火箭版圖中採購發射服務的買方。版圖。因此，我們多年前就以這個策略做好了準備。我們認為我們選對了合作夥伴，而且在此之上，我們也正與很好的夥伴一起合作。

Scott Searle, ROTH Capital Partners.

Scott Searle，ROTH Capital Partners。

Thanks for taking my question. Maybe just a quick follow-up. Is there a timeline associated with the FAA investigation on when you would expect that to be concluded? And then looking to the expected commercial launch of services at the end of this year, how many MNOs are you expecting to be live at launch? And what are you guys thinking about in terms of the ground station number that we should be expecting by the end of calendar '26?

謝謝讓我提問。也許簡單追問一下。FAA 的調查是否有一個時間表，你們預期何時會結案？另外，展望今年底預期的商用服務發射，屆時你們預期會有多少家 MNO（行動網路營運商）上線？以及就地面站數量而言，你們預期到 2026 年底大概會是多少？

So hey, Scott, to the first part of the question on blue, no, there hasn't been a publicly disclosed timeline. But like I said, these sorts of investigations are pretty commonplace. And there's been some good track record recently. So with other launches we've had similar issues.

嗨，Scott，關於第一部分、關於 Blue 的問題，沒有，目前沒有公開披露的時間表。但如我所說，這類調查相當常見。而且最近也有一些不錯的案例紀錄。所以在我們其他的發射中，也曾遇到過類似問題。

So listen, we think -- we're really focused on our next launch, obviously, with Falcon 9 and the next three BlueBirds. But like I said, we're optimistic with Blue Origin and I think we'll be in a good position there. But as you know, we have a multi launcher strategy. That's been the strategy from the get-go.

所以請聽我們說，我們認為——顯然我們非常專注於下一次發射，包括 Falcon 9 以及接下來三顆 BlueBird。但如我所說，我們對 Blue Origin 抱持樂觀，我認為我們在那方面會處於有利位置。但如各位所知，我們採取多發射載具策略。這從一開始就是我們的策略。

And in terms of -- what was the second question again, Scott?

至於——Scott，第二個問題是什麼來著？

Just in terms of the number of MNOs you would expect to be live with provided you got 45 satellites up in the sky in the fourth quarter. How many carriers -- how many covered subs should we be thinking about in terms of -- that are addressable from day one of launch?

主要是關於如果你們在第四季把 45 顆衛星送上天，預期會有多少家 MNO 上線。就電信商數量而言——就涵蓋的用戶數而言——我們應該從發射第一天起，思考可觸達的規模大概是多少？

Well, it's a global network, as you know. So we put a lot more disclosure in our remarks today about the regions we're focused on and the countries we're focused on. So all in all, where we are currently doing ground integration efforts, some of which are quite advanced like in the United States and other countries in Europe.

嗯，這是一個全球網路，如你所知。因此我們今天在發言中，對我們聚焦的區域與國家提供了更多揭露。總體而言，就我們目前正在進行地面整合工作的地方來看，其中一些已相當先進，例如在美國，以及歐洲的其他國家。

Some others that are getting started. It's a pipeline. There's a lot of countries to focus on. But just on the countries listed in our deck, you see a population coverage of about 2.9 billion.

還有一些才剛開始。這是一個管線。有很多國家需要聚焦。但僅就我們簡報中列出的國家而言，你會看到人口覆蓋約 29 億。

So in terms of how we prioritize amongst that, you've heard from us before, key markets like the US, Canada, UK, Japan, Saudi. So we're looking at that list, and it's growing every day, but we want to give a little bit more incremental detail today with that in our deck and in our remarks on the other countries we're focused on.

至於我們如何在其中排定優先順序，你們之前也聽我們說過，美國、加拿大、英國、日本、沙烏地等關鍵市場。所以我們在看這份清單，而且它每天都在增加；但我們今天希望在簡報與發言中，對我們聚焦的其他國家提供更多增量細節。

Michael Funk, Bank of America.

美國銀行（Bank of America）的 Michael Funk。

Yes. Great. Thank you for the question. So I want to go back to sort of launch target. I think you talked last quarter about stacking up to eight satellites per launch. And so just wondering about the hurdles, authorizations required to get to the eight.

是的。很好。謝謝讓我提問。我想回到發射目標這一塊。我記得你們上季提到每次發射最多可堆疊到 8 顆衛星。所以想請教，要達到 8 顆所需克服的障礙、以及需要哪些核准/授權？

And then Abel, earlier in the call, you mentioned deploying AI edge computing features, I think, the next generation of satellite. And I want to get a better understanding of how that's going to improve the efficiency or performance of next-generation satellites?

另外 Abel，你在稍早的電話會議中提到在下一代衛星上部署 AI 邊緣運算功能。我想更了解這將如何提升下一代衛星的效率或效能？

Yeah. Let me answer for the first question. As I explained earlier in the call, we do have now the technology that we are manufacturing that at rate, which is basically the technology to be able to stack multiple launches, multiple satellite in a single launch.

好的。我先回答第一個問題。如我在會議前面解釋的，我們現在確實已具備相關技術，而且正在以量產速度製造；基本上就是能在單次發射中堆疊多顆衛星的技術。

The way that we do it is basically -- on New Glenn, we can stack up to eight. In Vulcan, we can stack up to five. And in Falcon, we can stack up to three. And this is self-contained structurally full composite. It is manufactured under an IP. We are also growing. We have over 1,000 people dedicated to build these structures where they are very, very difficult to build and test. But we are now very close to getting six of them every month and being able to stack it with each of the different launch partners.

我們的做法基本上是——在 New Glenn 上，我們最多可堆疊到 8 顆。在 Vulcan 上最多可堆疊到 5 顆。在 Falcon 上最多可堆疊到 3 顆。而且這是一個自成一體、具結構性的全複合材料（full composite）方案。它是在我們的智慧財產（IP）之下製造。我們也在擴張。我們有超過 1,000 人專注於建造這些結構，因為它們非常、非常難以製造與測試。但我們現在已非常接近每月能做出 6 套，並能與各家不同的發射合作夥伴進行堆疊整合。

To your second question about AI, we are not in the play of hyperscaler systems in space. But what we are incorporating to our satellites, which you will start seeing in the production batches towards the end of the year is the ability to edge compute and load AI capabilities on board that can be very efficiently integrated also to the US for a variety of users around AI.

至於你第二個關於 AI 的問題，我們並不是在太空中打造 hyperscaler 系統的那種玩法。但我們正在把能力整合進衛星中——你們會在今年底前後的量產批次開始看到——也就是在軌邊緣運算的能力，並在衛星上載入 AI 能力；這也能非常有效率地與美國（US）端整合，供各類 AI 使用者使用。

And is it related to AI spectrum management, basically, as you fly, you have resources to do to administrate dynamically basically power and spectrum. As you know, we can tune within 1,100 megahertz of spectrum, and then we have blocks of spectrum with our MNO partners that's called IMT spectrum that we can tune country by country, location by location.

這是否與 AI 頻譜管理有關？基本上，當你在飛行時，你有資源可以動態地管理功率與頻譜。如你所知，我們可以在 1,100 兆赫的頻譜範圍內進行調諧；此外，我們與 MNO 夥伴也有稱為 IMT 頻譜的頻段區塊，可依國家、依地點進行調諧。

And also, we had our MSS. And the AI spectrum management is a system behind all of that basically predict traffic, predict location, predict where people are and then allocate that very, very intelligently. Remember, on a satellite, you have 200 square kilometers of view of what's going on, on the need AI basically has the ability to predict where the traffic will be as the satellites move and dynamically allocate resources into this outlet.

另外，我們也有 MSS。而 AI 頻譜管理基本上是一套在這一切背後的系統，用來預測流量、預測位置、預測人群所在，然後非常、非常智慧地進行配置。請記得，在一顆衛星上，你有 200 平方公里的視野可以看到需求狀況；AI 基本上能在衛星移動時預測流量會出現在哪裡，並動態把資源分配到這個輸出端。

That's typically the power or spectrum. And the end result of that is that we perceived user perception of what amount of spectrum it is use of how efficient it is. It is a multiple because you basically can't play with the whole field of view in how you allocate dynamically the spectrum a square kilometer by square kilometer.

那通常就是功率或頻譜。而最終結果是，我們對使用者的體感——可用頻譜量、使用效率——會有明顯提升。這是一個倍數級的提升，因為你基本上可以在整個視野範圍內，以每平方公里為單位動態分配頻譜。

Mike Crawford, B. Riley Securities.

B. Riley Securities 的 Mike Crawford。

Just to clarify, with the AST5000 ASIC, has been expected to enable 120 megabit per second peak data speeds, but is it the AI spectrum management that gets you up closer to 200 megabits per second by year-end? And then also on the noncommunications capabilities that you're developing in conjunction with the FDA.

我想確認一下，AST5000 ASIC 原本預期可達到每秒 120 兆位元（megabit per second）的峰值資料速率；但是否是 AI 頻譜管理讓你們在年底前能更接近每秒 200 兆位元？另外，關於你們與 FDA 合作開發的非通訊能力。

Would I be -- would we be correct in assuming we're talking about mid-band military radars. So that's something that we're not going to see with the initial BlueBirds that are launching now, but once you incorporate L-band and excuse, S-band into the satellites?

我是否可以——我們是否可以正確地假設——你們談的是中頻段（mid-band）的軍用雷達？所以這不是我們會在目前即將發射的初期 BlueBird 上看到的，而是要等你們把 L-band，抱歉，S-band 納入衛星之後？

Yeah. Let me talk with the defense capability. I will not be able to describe it on this forum, but basically, is a noncommunication capability that use the same hardware that we use on our commercial satellites. And that's been in use today. And as Scott mentioned, the use today, they plan to extend drastically how they use it, and that is a noncommunication application for defense purposes.

是的。我先談國防能力。我無法在這個場合描述細節，但基本上這是一種非通訊能力，使用的是我們商用衛星上相同的硬體。而且這項能力今天已在使用中。如 Scott 提到的，他們目前的使用方式，計畫將大幅擴展；而那是一種用於國防目的的非通訊應用。

And before we leave that topic, Mike, it's important to note that, that does not require mid-band spectrum. That's something we can do with low-band spectrum, which we've deployed today, right.

在離開這個主題之前，Mike，重要的是要指出，那不需要中頻段頻譜。那是我們用低頻段頻譜就能做到的，而我們今天已經部署了，對吧。

Correct. Then as you relate to the ASIC, the ASIC is complete. It's been incorporated into the production line. The ASIC basically allowed us to upgrade the amount of bandwidth, we can manage with the for each satellite. So on the FPGA satellites, we had around 1 gigahertz of spectrum.

沒錯。接著談到 ASIC，ASIC 已經完成。也已納入量產線。ASIC 基本上讓我們能提升每顆衛星可管理的頻寬量。因此在 FPGA 衛星上，我們大約有 1 GHz 的頻譜。

With the ASIC satellites, we have 10 gigahertz of spectrum, so it's a factor of 10 increase on number of gigahertz that can be constantly used per satellite.

在 ASIC 衛星上，我們有 10 GHz 的頻譜，所以每顆衛星可持續使用的 GHz 數量提升了 10 倍。

The big data rates are actually not dependent on the FPGA or ASIC. That's how many of those connections you can have simultaneously and do not rely on the in order to get to the 100 megabits per second that we have satellites that are actually the smaller initial satellites, and we expect to double the 98 megabit per second that we have.

大數據速率其實不取決於 FPGA 或 ASIC。而是取決於你能同時建立多少這類連線，並且不需要依賴它們就能達到我們目前的 100 Mbps；我們的衛星其實是較小的初代衛星，而我們預期把目前的 98 Mbps 翻倍。

If we are using the BB6, which is an already orbit and the 8, 9, and 10 that we will launch here very quickly. That do not require the ASIC or the AI management, and that's pure big data rate per cell. The AI management is basically when you -- is a way to intelligently distribute that big pipe of 10 gigahertz or 1 gigahertz, depending on the version of the satellite intelligently where the users are and predicting where the users are going to be in order to allocate a slide of that 10 gigahertz where the traffic is needed and do it dynamically and proactively using an AI agent of our own.

如果我們使用 BB6（它已經在軌道上），以及我們將在這裡很快發射的 8、9、10 號。那些不需要 ASIC 或 AI 管理，那就是每個小區的純大數據速率。AI 管理基本上是——是一種以智慧方式分配那條 10 GHz 或 1 GHz 的大管道（取決於衛星版本）的方法：根據使用者所在位置並預測使用者將前往的位置，來分配那 10 GHz 中的一部分到需要流量的地方，並用我們自有的 AI 代理以動態、主動的方式來完成。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

Hi, good afternoon. Apologies for the multipart kind of long question, but I really had a few questions I wanted to ask you around launch. I guess first, do you have contracted launch capacity to do an average of basically one longer month from June through December because I think that's what you need to do in order to get close to that 45 number, and then how diversified is the launch mix?

嗨，下午好。抱歉這是一個多段、偏長的問題，但我確實有幾個想就發射相關向你請教的問題。我想先問，你們是否已簽約取得足夠的發射能量，能在 6 月到 12 月期間平均基本上每個多月一次，因為我認為你們需要這樣才能接近 45 這個數字；另外，發射組合的多元化程度如何？

And what if you can only do, say, one more New Glenn launch this year? Could you still get close to that 45. I don't know, this is the first time I think you've mentioned Vulcan. So I was wondering how much launch you were able to secure there and if that could fill that gap in.

如果今年你們只能再做一次 New Glenn 的發射，會怎麼樣？你們還能接近 45 嗎？我不確定，但我想這是你們第一次提到 Vulcan。所以我想知道你們在那邊能確保多少發射量，是否可以補上這個缺口。

And then it sounds like you've made great progress on the manufacturing side. With 11 through 33 in production, is the next batch of satellites going to be ready to ship per se, a July launch?

另外，聽起來你們在製造端進展很大。在 11 到 33 號正在生產的情況下，下一批衛星是否會準備好出貨，例如對應 7 月的發射？

And then the last thing I wanted to ask you about is on the stacking, do you sort of need to work your way up to the max of those ranges? In other words, on the next New Glenn, can you go right to 8? Or do you have to -- or would you prefer to say, do 3 or 4 to make sure it goes smoothly, and then 5 to 6 and then go to 7 to 8, or are you just going to kind of fill these things up going forward?

最後我想問的是堆疊（stacking）方面，你們是否需要逐步提升到那些區間的上限？換句話說，下一次 New Glenn 你們能直接上到 8 顆嗎？還是你們必須——或你們會偏好先做 3 或 4 顆以確保順利，然後 5 到 6，再到 7 到 8；或者你們接下來會直接把這些都盡量裝滿？

Hey, Bryan. So yes, we do have contracted launch capacity to meet our target for 2026. And the way to think about it is basically a handful of login launches and a handful of SpaceX or equivalent launches, and that's what gets us to the approximately 45 we know that Blue Origin just suffered an anomaly, right, but we're optimistic about the return of the pad. And the fact that they land -- they have two boosters is a massive support for the cadence that we have always expected and then we have contracted. So that's how we think about the mix and how we get to that 45 number.

嗨，Bryan。是的，我們確實已簽約取得足夠的發射能量，以達成我們 2026 年的目標。思考方式大致是：少數幾次 New Glenn 的發射，加上少數幾次 SpaceX 或同等供應商的發射，這樣就能讓我們達到約 45 次；我們知道 Blue Origin 剛發生異常事件，但我們對發射台恢復運作仍抱持樂觀。而且他們能回收——他們有兩枚助推器，對我們一直預期、也已簽約的發射節奏是很大的支撐。所以我們就是這樣看待組合，以及如何達到 45 這個數字。

On the manufacturing side, we definitely we have capacity to keep knocking out launches one after another. absolutely. You can see that on the page in the deck. So given where we are, we expect to have more satellites each month to be ready for launch.

在製造端，我們絕對有產能可以持續一發接一發地把發射所需的衛星做出來，絕對沒問題。你可以在簡報的那一頁看到。所以以我們目前的進度來看，我們預期每個月都會有更多衛星準備好可供發射。

And we'll, of course, as we have update the public 30 to 60, 90 days ahead of launch as those are down selected and confirmed.

當然，隨著發射任務被篩選並確認，我們也會在發射前 30 到 60、90 天向大眾更新。

And then on stacking, I think you pretty much captured it, Bryan. I mean, we expect on the next New Glenn, we'll launch four satellites. Part of that is kind of ramping into the stacking capability and also, of course, managing where they are in the program. But we're very mature now in the 3 stack, and we're going to be doing that very shortly and the 4 stack likely shortly thereafter. And then yes, 6, 7, 8, that's how we get to our constellation size, right? That's why we've selected the vehicles we have and plan to make use of as much of the capacity of each of the rockets as we have available.

至於堆疊，我想你基本上已經抓到重點了，Bryan。我的意思是，我們預期下一次 New Glenn 會發射四顆衛星。其中一部分是逐步提升堆疊能力，當然也要管理它們在整個計畫中的進度位置。但我們現在在 3 顆堆疊上已非常成熟，我們很快就會做，之後不久也很可能會做 4 顆堆疊。然後是的，6、7、8 顆——這就是我們達到星座規模的方式，對吧？這也是我們選擇這些運載火箭的原因，並計畫在可用情況下盡可能使用每枚火箭的運力。

That's very helpful, Scott. If I could just ask one follow-up. Where does ULA fit into that? You mentioned a handful of large and handful of SpaceX is Vulcan sort of the backup, or are you going to use them as well? Just curious why that came into the conversation today.

這很有幫助，Scott。如果我可以再追問一個問題。ULA 在其中扮演什麼角色？你提到少數幾次大型發射與少數幾次 SpaceX，那 Vulcan 是備援方案嗎，還是你們也會使用它？只是好奇為什麼今天會提到它。

Well, our strategy has always been to have many launch providers, right? And so I put that in that category. We've been developing other heavy launch providers for some time, and we'll have more updates as appropriate. But right now, we plan to use Blue Origin and SpaceX and equivalents to the max.

嗯，我們的策略一直都是要有多家發射供應商，對吧？所以我把它歸在那一類。我們也已經開發其他重型運載供應商一段時間了，之後在適當時機會有更多更新。但目前，我們計畫把 Blue Origin、SpaceX 以及同等供應商的能力用到最大。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Good afternoon, Abel, Scott, and Andy. Abel, Scott, and Andy, what do you view as the impact of Amazon's acquisition of Globalstar. And do you view any potential partnership opportunities with Amazon as they seem to be very much in the early stages of entering this industry.

下午好，Abel、Scott 和 Andy。Abel、Scott 和 Andy，你們如何看待亞馬遜收購 Globalstar 的影響？另外，鑑於亞馬遜似乎仍處於進入這個產業的早期階段，你們是否看到與亞馬遜潛在的合作機會？

Listen, we do a complicated transaction in the sense that capacity and the capability, it is already on the phones through the iPhones. And basically, we see that capability as an SOS emergency system. Our -- and we also see that here really at the end of the day to provide broadband, you need to have hundreds of megahertz of spectrum allocated.

聽著，這是一筆複雜的交易，因為就容量與能力而言，它已經透過 iPhone 在手機上實現了。基本上，我們把那項能力視為 SOS 緊急系統。而且我們也認為，歸根結底要提供寬頻，你需要分配到數百 MHz 的頻譜。

So we're obviously here talking about, in the case of Globalstar on a very small fraction of that. So we don't see that changing dramatically in the foreseeable future of what the capability is today. And we don't see any real change of the landscape at least for the next seven years.

所以很明顯地，我們在這裡談到的——以 Globalstar 的情況來說——只占其中非常小的一部分。因此，在可預見的未來，我們不認為這會對目前的能力造成重大改變。而且至少在未來七年內，我們也不認為競爭格局會有任何實質變化。

When you think about some of our partners, and you combine their spectrum, IMT-3GPP already on the phone spectrum that they are allocated to us, plus our 50 megahertz of spectrum either on the L-band and the brand you're talking about, in some cases, with some partners all the way up to 100 megahertz of allocated spectrum. So our focus is broadband.

當你想到我們的一些合作夥伴，並把他們的頻譜結合起來：IMT-3GPP（已在手機上的頻譜、他們分配給我們的部分），再加上我們在 L 頻段的 50 MHz 頻譜，以及你所談到的那個頻段；在某些合作夥伴的情況下，分配的頻譜甚至可達 100 MHz。所以我們的重點是寬頻。

Our focus is -- of course, the broadband will come as we enable spectrum in a combination of our partner spectrum in L-band and then later, our mid-band low-band spectrum in the L-band, we see that as a complete different proposition and different and quite frankly, nobody is nowhere close into the capability that we have technically to deliver hundreds of megabits directly to a phone from something that is flying at 70 per hour 500 kilometers above you. And that competitive advantage of the capability is unique, and that's we make available to our MNO partners.

我們的重點是——當然，寬頻會隨著我們啟用頻譜而到來：把合作夥伴在 L 頻段的頻譜與我們的頻譜結合，之後再加入我們的中頻段、低頻段頻譜；在 L 頻段我們把它視為完全不同的命題，而且坦白說，無論在技術能力上，沒有人接近我們：能把數百 Mbps 直接從距離你上方 500 公里、以每小時 70 英里飛行的東西傳到手機上。而這種能力所帶來的競爭優勢是獨一無二的，我們也把它提供給我們的 MNO 合作夥伴。

Great. And another question, I'm following up on the trial that was announced this morning that generated the peak downlink of 99 megabits per second, do you have a sense of what the average downlink would look like for Block 2 satellites when you -- and your partners launch the trials later this year?

很好。另外一個問題，我想追問今天早上宣布的那項試驗，該試驗達到 99 Mbps 的下行峰值速率。當你們與合作夥伴在今年稍晚啟動 Block 2 衛星的試驗時，你們對平均下行速率大概會是什麼樣子有概念嗎？

Yeah. I think the -- talk about peak and average is tricky because also it depends on what is transiting through the applications on the phone. So that's what we tend to focus about peak. But the big data rate for our larger BB6, which is in orbit and 8, 9, and 10. It is approximately double of what we disclosed this morning.

是的。我認為——談峰值和平均值其實很棘手，因為也取決於手機上的應用程式正在傳輸什麼內容。所以我們通常更聚焦在峰值。但就我們較大型的 BB6（已在軌道上，包含 8、9、10 號）而言，其資料速率大約是我們今天早上披露數字的兩倍。

So you're talking about closer to the 200- megabits per second. And that peak. And on average, it depends what you're transiting the small packages or larger packages and how you interact. But in term of network capacity is pretty most double of what we disclosed this morning -- around double of what we called this morning.

所以你指的是更接近每秒 200 兆位元。而那是峰值。至於平均值，則取決於你傳輸的是小封包或較大封包，以及你如何互動。但就網路容量而言，基本上是我們今天早上披露的——大約兩倍，也就是今天早上所說的約兩倍。

Chris Quilty, Quilty Space.

Chris Quilty，Quilty Space。

I just wanted to do a quick follow-up on the -- excuse me, the noncommunication satellite effort on the defense side, since your satellites were specifically designed as a communication platform -- does that imply that you're going to have to do large redesign of satellites and adding things like optical cross-links and onboard processing and pointing mechanisms or -- and if so, is that something that would be customer and refunded or something that you're putting the capital for?

我想就——不好意思——國防端的非通訊衛星工作做個快速追問。由於你們的衛星是明確以通訊平台為設計——這是否意味著你們需要對衛星做大幅重新設計，並加入像是光學星間鏈路、星上處理與指向機構等功能？或者——如果是的話，這會由客戶出資並報銷，還是由你們投入資本來承擔？

Hey, Chris. I mean, we are -- we didn't start working with our department award this year, not even last year. This has been many, many years in the coming. So all the capabilities that they require are already built in, in what we are producing on the line. There will be additions as per the request that are not permitted to discuss. But basically, the core capability of what they're using, it was incorporated many years back.

嗨，Chris。我的意思是，我們——我們不是今年才開始配合這個部門的授標，甚至也不是去年。這已經籌備了很多很多年。所以他們所要求的所有能力，都已經內建在我們產線正在生產的產品中。會依照要求再做一些增補，但這些內容不被允許討論。但基本上，他們所使用的核心能力，早在很多年前就已納入。

Great. And speaking of government defense budgets, assuming the administration gets through this reconciliation package, there's a huge generational budget increase, can you name the specific programs where you think ASP has an opportunity to target, or are you expecting that most of your opportunities are going to be on the classified side?

很好。談到政府國防預算，假設政府通過這個協調（reconciliation）方案，預算將出現巨大的世代性增加。你能否指出你認為 ASP 有機會切入的具體計畫？還是你預期大多數機會會在機密領域？

It is a combination, and a lot have to -- a lot related as the government has made a public by themselves around the Golden Dome. But we are basically in all aspects of government usage were present from FirstNet, from the classified to all the way to the Golden Dome.

這兩者都有，而且很多——很多都與政府自己已公開提到的「Golden Dome」相關。但基本上，在政府使用的各個面向我們都有參與，從 FirstNet、從機密項目一直到 Golden Dome。

So for communications and for communication and no communication capabilities. We see ourselves as a very important asset. To our government, multi-utility. And as I said, this is -- have been years developing for them. They're using it today, and we expect a very significant growth in revenue and opportunity in all aspects of worm and usage of our technology.

也就是在通訊，以及通訊與非通訊能力方面。我們認為自己是政府非常重要的資產，具備多用途。如我所說，這是——多年來為他們開發的成果。他們今天就已在使用，我們預期在各個面向的（國防）使用以及我們技術的應用上，營收與機會都會顯著成長。

Greg Pendy, Clear Street.

Greg Pendy，Clear Street。

Hey, guys. Just a real quick one. When you do hit 45 satellites on the launch side, what is the commissioning time period we should be thinking about until sort of the activation with service with MNOs?

嗨，各位。很快一個問題。當你們在發射端達到 45 顆衛星時，我們應該如何看待從部署到完成調試（commissioning），直到與行動網路業者（MNO）啟用服務的時間週期？

Yeah. Currently, we do it on the first satellite. I mean, these are the largest satellites, phased arrays ever deployed. So it took longer than it will take on the coming satellite. So the target is 45 days.

是的。目前我們在第一顆衛星上是這樣做的。我的意思是，這些是迄今部署過最大的相控陣列衛星。所以花的時間比後續衛星會花的更久。因此目標是 45 天。

That's what we are planning with the MNOs. Every time that we launch in 45 days, we should be using either 5G or 4G connectivity through them. But as we keep launching, we plan to reduce that time frame for 45. All the way down to two weeks, we don't want to promise that in the early batches of satellites.

這也是我們與 MNO 規劃的節奏。每次發射後 45 天，我們就應該能透過他們使用 5G 或 4G 連線。但隨著我們持續發射，我們計畫把 45 天的時間窗縮短，一路降到兩週；不過我們不想在早期批次的衛星上就承諾這點。

Great. And then just one more. As you're looking at this multi-launch strategy plan and adding new launch partners, any thoughts if Neutron from Roget Labs is available in 2027 on what type of capacity and if that would be a potential other partner in the launch strategy?

很好。再一個問題。在你們採取多次發射策略、並新增發射合作夥伴的規劃下，如果 Roget Labs 的 Neutron 在 2027 年可用，你們對其運力類型有何看法？它是否可能成為發射策略中的另一個合作夥伴？

Yeah. We're not going to comment on other launch providers, but you've heard our commentary today about who we're looking at. But we're -- we like launch providers. We like to launch with them. Our satellites are designed to fit in all the standard 5-meter faring and larger ones as well. So we -- I think that's what we'll say at this time.

是的。我們不會評論其他發射服務供應商，但你今天已聽到我們對正在評估對象的說法。不過我們——我們喜歡發射服務供應商，也喜歡與他們合作發射。我們的衛星設計可適配所有標準 5 公尺整流罩以及更大的整流罩。所以——我想目前我們就先說到這裡。

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

謝謝。問答環節到此結束。現在我想把時間交回給 Scott Wisniewski 作結語。

Thank you, operator. We want to thank all of our shareholders and research analysts for joining the call. Really appreciate it. Have a great week.

謝謝你，接線員。我們要感謝所有股東與研究分析師參與本次電話會議。非常感謝。祝各位本週愉快。

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

謝謝。今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。