AST SpaceMobile, Inc. (ASTS) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to AST SpaceMobile second 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 年第二季業務更新電話會議。請注意，今天的電話會議將被錄音。

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.

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

請參閱簡報第 2 頁，其中包含我們的安全港聲明。在今天的電話會議中，我們可能會做出某些前瞻性陳述。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的影響。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'll 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. The markets we are pursuing in 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 phones, supported by our extensive IP and patent portfolio.

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覆蓋缺口。此外，仍有數十億人缺乏行動寬頻，尚未連結到全球經濟。AST SpaceMobile 所追求的市場規模龐大，而我們要解決的問題十分重要，幾乎與每個人都息息相關。在此背景下，AST SpaceMobile 正在打造全球第一且唯一的太空行動寬頻網路，可直接與日常未經改裝的手機運作，並由我們龐大的智慧財產權與專利組合所支撐。

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. Our execution in 2026 continues to reinforce what we have believed since we created AST SpaceMobile and invented the space-based cellular broadband market. That combining differentiated technology, deep partnership with leading mobile network operators and a scale vertical integration position us to define the future of direct-to-device cellular broadband. Our space-based direct-to-device network will be the first of its kind to leverage low-band and mid-band spectrum with broadband speeds and native cellular application, combining a feature set and technology stack that puts us in a category of one.

謝謝你，Max。我們在 2026 年的執行持續印證了自我們創立 AST SpaceMobile 並開創太空行動寬頻市場以來的信念。也就是結合差異化技術、與領先行動網路營運商的深度合作，以及具規模的垂直整合，使我們得以定義直連裝置（direct-to-device）行動寬頻的未來。我們的太空直連裝置網路將是同類首創，能以寬頻速度與原生行動通訊應用，運用低頻段與中頻段頻譜；其功能組合與技術堆疊使我們成為獨一無二的存在。

From the beginning, we designed our network architecture alongside existing mobile network operators, not as a replacement of them. Rather than requiring operators to rebuild their infrastructure, our architecture and technology extend and complement their existing terrestrial network into space, allowing us to integrate efficiently while evolving alongside future 3GPP standards.

從一開始，我們就與既有的行動網路營運商共同設計網路架構，而非取代他們。我們的架構與技術不需要營運商重建基礎設施，而是將其既有的地面網路延伸並補強至太空，使我們能有效整合，同時隨著未來 3GPP 標準演進。

To put this concept simply, we are building the direct-to-device network of the future today in partnership with not in competition with mobile network operators. This new layer of connectivity that we are creating is not just for addressing gaps in terrestrial network but is to create a seamless connectivity experience wherever you live, work and travel anywhere on the planet.

簡而言之，我們正與行動網路營運商合作、而非競爭，在今天打造未來的直連裝置網路。我們所創造的這一層新連線能力，不僅用於彌補地面網路缺口，更是要在全球任何地方，無論您生活、工作或旅行，都能提供無縫的連線體驗。

Spectrum is another area where we believe we have significant competitive advantage. Through a combination of low-band spectrum contributed by our MNO partners and the spectrum we directly control, we are building access to the broadest spectrum portfolio in the industry with satellite technology capable of tuning approximately 1,150 megahertz for low-band and mid-band and in the future, C-band tunable spectrum globally.

頻譜是我們認為具備顯著競爭優勢的另一個領域。透過行動網路營運商（MNO）合作夥伴提供的低頻段頻譜與我們直接掌控的頻譜相結合，我們正在建立業界最廣泛的頻譜組合；並搭配可調諧約 1,150 兆赫（MHz）的低頻段與中頻段衛星技術，且未來可在全球提供可調諧的 C 頻段頻譜。

In the United States alone, we are on the path to approximately 100 megahertz of spectrum from a combination of MNO partner provided spectrum and our own access spectrum, which will be a lead that is difficult for others to match. In particular, we're combining our over 3,900 patents and patent pending claims intellectual property and very large phased arrays with our spectrum access. This provides greater network capacity, better coverage and significant flexibility as demands grow. We are confident that our comprehensive spectrum strategy is the winning one, giving us the tech needed to increase subscriber capacity and bring services to target market with our partner MNOs.

僅在美國，我們正朝向約 100 兆赫的頻譜規模邁進，來源包括 MNO 合作夥伴提供的頻譜與我們自有的可用頻譜；這將形成他人難以追趕的領先優勢。尤其是，我們將超過 3,900 件專利與專利申請中的智慧財產權，以及非常大型的相控陣列，與我們的頻譜使用權相結合。這可帶來更高的網路容量、更佳的覆蓋，以及在需求成長時的顯著彈性。我們相信我們全面性的頻譜策略是致勝之道，能提供提升用戶容量所需的技術，並與合作的 MNO 一起把服務帶到目標市場。

Direct-to-device cellular broadband is establishing itself as a new additional connectivity layer. Our differentiated in-orbit technology and scaled direct-to-device cellular broadband network serves as a resilient and reliable source of an additional and new connectivity layer serving commercial MNO partners and government agencies alike.

直連裝置行動寬頻正逐步確立為一個新的、額外的連線層。我們具差異化的在軌技術與具規模的直連裝置行動寬頻網路，提供一個具韌性且可靠的新增連線來源，可同時服務商業 MNO 合作夥伴與政府機構。

Incremental to delivering direct-to-device cellular broadband connectivity, our total addressable market is rapidly expanding. We see several growth opportunities across government communications and noncommunications opportunities, including radar, emergency response, Internet of Things, AI edge compute and other advanced connectivity solutions. We see these markets as beneficiaries of our space-based direct-to-device network.

除了提供直連裝置行動寬頻連線之外，我們的整體可服務市場（TAM）也在快速擴張。我們在政府通訊以及非通訊領域看到多項成長機會，包括雷達、緊急應變、物聯網、AI 邊緣運算及其他先進連線解決方案。我們認為這些市場都將受益於我們的太空直連裝置網路。

We recently received an award pending government approvals and final agreements with long-time partner, Rakuten, regarding the selection for participation in the low Earth Orbit Satellite Infrastructure Development Project or J-LEO in Japan, designing to address the Japanese and Asian markets with a total expected value of up to approximately USD1 billion in non-dilutive, non-debt government capital. This follows continued work with FirstNet emergency, the First Responder Network in the United States with partner AT&T and recent announcement with multiple governments through partners like Vodafone and Rakuten.

我們近期獲得一項獎項（尚待政府核准與最終協議），內容是與長期合作夥伴樂天（Rakuten）就日本「低地球軌道衛星基礎設施開發計畫」（J-LEO）的參與遴選達成共識，旨在服務日本與亞洲市場；其預期總價值最高可達約 10 億美元的非稀釋、非負債政府資金。此進展延續了我們與 AT&T 合作、為美國 FirstNet 緊急通訊（第一應變者網路）所做的持續工作，以及近期透過 Vodafone、Rakuten 等合作夥伴與多國政府的最新公告。

Our partner-first strategy positions us as the partner of choice for direct-to-device cellular broadband among mobile network operators. Our commercial ecosystem is growing with over 60 MNO partners who cover over 3 billion subscribers globally, including key partners like AT&T, Verizon, Vodafone, Rakuten, STC Group, Bell Canada and Telus.

我們以合作夥伴優先的策略，使我們成為行動網路營運商在直連裝置行動寬頻領域的首選合作夥伴。我們的商業生態系持續擴大，已擁有超過 60 家 MNO 合作夥伴，覆蓋全球超過 30 億名用戶，其中包括 AT&T、Verizon、Vodafone、Rakuten、STC Group、Bell Canada 與 Telus 等關鍵合作夥伴。

We are on the cusp of commercial deployment, and we prepare to scale our SpaceMobile service to everyday modified smartphones. With 13 spacecrafts in orbit and approximately 20,000 square feet of combined aperture hardware and approximately 50 gateways globally that are in various stages of completion, installation and planning, we prepare for beta service with key MNO partners in selected markets globally.

我們正處於商業部署的關鍵門檻，並準備將 SpaceMobile 服務擴大至日常改裝的智慧型手機。目前已有 13 艘太空船在軌運行，合計孔徑硬體約 20,000 平方英尺，並在全球擁有約 50 座地面閘道站，正處於不同階段的完工、安裝與規劃中；我們正與關鍵 MNO 合作夥伴在全球選定市場準備啟動 Beta 服務。

In the United States, we have deployed over 3,000 low-band cellular cells. We expect to deploy the remaining cells this year to light up the roughly 5,600 cellular cells that cover the United States. On network deployment, BlueBird 14 to 16 are undergoing final testing as their manufacturing assembly is nearly completed. The recent launch of BlueBird 11 to 13 demonstrates our ability to rapidly and repeatedly build, launch and deploy the largest phased array in low Earth orbit using advanced composite material for lighter and even bigger satellites. Our largest, newest, fully composite BlueBird satellites are operating as expected, and we prepare them for their communication and noncommunication missions for government and MNO applications.

在美國，我們已部署超過 3,000 個低頻段行動通訊小區（cells）。我們預期今年將部署剩餘的小區，以點亮約 5,600 個覆蓋全美的行動通訊小區。在網路部署方面，BlueBird 14 至 16 正進行最終測試，其製造組裝已接近完成。近期 BlueBird 11 至 13 的發射，展現了我們能夠快速且反覆地建造、發射並部署低地球軌道中最大的相控陣列，並採用先進複合材料以打造更輕、且更大型的衛星。我們最大、最新、全複合材料的 BlueBird 衛星運作符合預期，我們正為其政府與 MNO 應用的通訊與非通訊任務做準備。

Our ASIC chip is now in full production, and we are expecting to nearly double the peak data speed of 98.9 megabits per second achieved using our on-orbit Block 1 BlueBird satellites. As a reminder, our ASIC is designed to support up to 10 gigahertz of processing bandwidth per satellite, which is nearly 10 times improvement from our in-orbit Block 1 BlueBird satellite. Over time, we expect further gains of up to additional 10 times improvement in user experience through AI-enabled spectrum management.

我們的 ASIC 晶片現已進入全面量產，我們預期可將使用在軌 Block 1 BlueBird 衛星所達成的 98.9 Mbps 峰值資料速度幾乎翻倍。提醒一下，我們的 ASIC 設計可支援每顆衛星最高達 10 GHz 的處理頻寬，較我們在軌的 Block 1 BlueBird 衛星提升近 10 倍。隨著時間推進，我們預期透過 AI 啟用的頻譜管理，使用者體驗可再提升最高達額外 10 倍。

Turning to manufacturing. We're in various stages of production and assembly through BlueBird 46, which is in line with the number of spacecrafts required for continuous coverage in key markets. A detailed cadence of our deployment plan is shown in the accompanying quarterly presentation found on our IR website. We continue to leverage our 95% vertically integrated manufacturing strategy to move at the pace and precision needed to scale a constellation of the largest satellites in LEO at a scale unprecedented in low Earth orbits.

接著談製造。我們正處於多個生產與組裝階段，進度已推進至 BlueBird 46，這與在關鍵市場達成連續覆蓋所需的航天器數量一致。我們部署計畫的詳細節奏已呈現在隨附的季度簡報中，可於我們的 IR 網站查閱。我們持續運用 95% 垂直整合的製造策略，以所需的速度與精準度擴建一個由近地軌道（LEO）最大型衛星所組成、且在低地球軌道規模前所未見的星座。

We currently have over 500,000 square feet of manufacturing and operations space globally, including our dedicated macro production facility to help accelerate satellite production as we ramp up into our target cadence of six fully assembled satellites per month. We recently unveiled plans for an additional 400,000 square feet of manufacturing and production space in Midland, Texas, and we prepare to further scale production for United States government and our extended TAM of commercial applications. We expect our global manufacturing and operations footprint will exceed 1 million square feet of manufacturing capability with over 900,000 square feet residing in the United States once completed. We are proud to be manufacturing the largest satellites in LEO here in the United States and in Texas, where bigger is better.

目前我們在全球擁有超過 50 萬平方英尺的製造與營運空間，包括我們專用的巨型量產設施，以協助在我們提升至目標節奏（每月 6 顆完成總裝的衛星）時加速衛星生產。我們近期公布在德州米德蘭（Midland, Texas）新增 40 萬平方英尺製造與生產空間的計畫，並準備進一步擴大產能，以服務美國政府以及我們擴展後的商業應用 TAM（總可服務市場）。我們預期全球製造與營運版圖在完成後將超過 100 萬平方英尺的製造能力，其中超過 90 萬平方英尺將位於美國境內。我們以能在美國、在德州製造 LEO 最大型衛星為榮，因為在這裡「越大越好」。

In summary, AST SpaceMobile is executing across every critical dimension of our business. We have expanded our commercial partner ecosystem now with over 60 MNOs partners globally who collectively cover over 3 billion subscribers. Our comprehensive spectrum strategy continues to strengthen across our satellite technology capable of tuning to approximately 1,150 megahertz of tunable spectrum with shared MNO spectrum and control MNO spectrum, totaling approximately 100-megahertz access in the US and over 60-megahertz access globally.

總結來說，AST SpaceMobile 正在我們業務的每一個關鍵面向上落實執行。我們已擴大商業合作夥伴生態系，目前全球 MNO（行動網路營運商）合作夥伴已超過 60 家，合計覆蓋超過 30 億名用戶。我們的全面頻譜策略持續強化；我們的衛星技術可調諧約 1,150 MHz 的可調頻譜，涵蓋與 MNO 共享的頻譜與受控的 MNO 頻譜，在美國合計約可取得 100 MHz 的存取頻寬，全球則超過 60 MHz 的存取頻寬。

As an early indicator of success from our expanding total addressable market of opportunities, we increased our revenue backlog to approximately $1.3 billion in aggregated contracted revenue, agreement with partners and contracts award with the US government. These opportunities are supported by our robust balance sheet of more than $3.7 billion, making us well positioned to lead the commercialization of space-based cellular broadband and create a significant long-term value for our shareholders.

作為我們擴大總可服務市場機會的早期成功指標，我們將營收積壓（revenue backlog）提高至約 13 億美元，包含彙總的已簽約營收、與合作夥伴的協議，以及美國政府授予的合約。這些機會由我們超過 37 億美元的強勁資產負債表所支撐，使我們具備良好定位以引領太空基行動寬頻的商業化，並為股東創造可觀的長期價值。

And with that, I will hand it over to Scott.

接下來，我把時間交給 Scott。

Thank you, Abel. Since our last investor update call, AST SpaceMobile has continued to make great progress in our commercialization efforts. I would like to take you through some of that progress across our MNO and government customers and put in context the business opportunity ahead of us, which only continues to increase at breathtaking speed. In the commercial ecosystem, we are viewed as the partner of choice for direct-to-device with mobile network operators, as evidenced by the ecosystem we have built with now over 60 MNO partners globally who collectively cover over 3 billion subscribers.

謝謝你，Abel。自上次投資人更新電話會議以來，AST SpaceMobile 在商業化推進方面持續取得重大進展。我想帶各位回顧我們在 MNO 與政府客戶方面的一些進展，並將我們面前的商機放在脈絡中說明；這個商機仍以驚人的速度持續擴大。在商業生態系中，我們被視為行動網路營運商直連終端（direct-to-device）的首選合作夥伴，這可由我們建立的生態系看出：目前全球 MNO 合作夥伴已超過 60 家，合計覆蓋超過 30 億名用戶。

Network deployment in key markets with strategic partners is well underway, and our challenge is how to balance deployment of our cellular broadband service into the next set of markets beyond the US, Canada, Europe, Japan, Saudi Arabia and the US government. We are balancing this today with active engagement with more than 20 mobile network operators across over 50 country markets. We are developing these markets together with our partners with an increasingly scaled and programmatic effort with services that are designed to be turned on as BlueBirds come online.

與策略夥伴在關鍵市場的網路部署正順利推進，而我們的挑戰在於如何在美國、加拿大、歐洲、日本、沙烏地阿拉伯以及美國政府之外，平衡將我們的行動寬頻服務部署到下一批市場。目前我們透過與超過 20 家行動網路營運商的積極互動來取得平衡，涵蓋超過 50 個國家市場。我們正與合作夥伴共同開發這些市場，並以日益規模化、制度化的方式推進；相關服務設計為可在 BlueBird 衛星上線時即刻啟用。

These efforts are going to manifest themselves not only in more market announcements with our partners, but also, importantly, progress in the delivery and setup of about 50 gateways across 20 markets. In fact, in Europe, you're already starting to see this infrastructure in action as we recently announced network integration and testing activities across several European countries with Vodafone, Orange, Telefonica, Vodafone Ukraine and Deutsche Telekom.

這些努力不僅將體現在與合作夥伴更多的市場公告上，更重要的是，將體現在約 50 座閘道站（gateway）於 20 個市場的交付與建置進展。事實上，在歐洲，你已開始看到這些基礎設施投入運作；我們近期宣布與 Vodafone、Orange、Telefonica、Vodafone Ukraine 以及 Deutsche Telekom 在多個歐洲國家展開網路整合與測試活動。

Meanwhile, the regulatory backdrop also continues to support our commercialization efforts and provides a window into how we expect the business to develop. While the US was an early leader on the regulatory front with full commercial service approvals delivered earlier this year, we are seeing good progress internationally in the UK, Japan, Brazil and other countries. Meanwhile, we have seen multiple countries provide commercial authorization to use our MSS spectrum assets, specifically in the S-band outside the United States. Altogether, these are strong signs of scaling our global cellular broadband network. More spectrum lanes of traffic for our network means more subscribers and better services when paired with our unique technology.

同時，監管環境也持續支持我們的商業化推進，並提供我們對業務發展方向的觀察窗口。美國在監管面向上是早期領先者，並於今年稍早核發完整商業服務核准；我們也看到英國、日本、巴西及其他國家在國際上取得良好進展。此外，我們看到多個國家已授予商業授權，允許使用我們的 MSS（行動衛星服務）頻譜資產，特別是在美國以外的 S 頻段。整體而言，這些都是我們擴大全球行動寬頻網路的強勁訊號。對我們的網路而言，更多的頻譜「車道」意味著更多用戶與更佳服務，尤其在結合我們獨特技術時更是如此。

Meanwhile, the US government customer has been a major focus for us, and we see great progress this quarter, both in terms of revenue capture and building the backlog. We drove revenue against several existing contracts and received three new contract awards. Our US government partners view our in-orbit technology as unique, strategic, innovative and flexible with communications and noncommunications capabilities.

同時，美國政府客戶一直是我們的重點之一，而本季我們在營收取得與積壓建立方面都看到顯著進展。我們在數項既有合約上推動了營收認列，並獲得三項新的合約授予。我們的美國政府合作夥伴認為我們的在軌技術具備獨特性、策略性、創新性與彈性，並同時具備通訊與非通訊能力。

We have foreshadowed the trend of small development contracts becoming larger contracts ahead of still larger operationalization of the capabilities through programs of record. Today, you can see that trend as we are announcing three new contract awards with funded near-term value of over $100 million in total expected during 2026 and 2027. We plan to talk more about these awards publicly soon, but they represent near-term capabilities that have been in development with the US Department of War for years and leverage our unique in-orbit technology to solve large strategic needs.

我們先前已預告，小型開發合約將逐步演變為更大型的合約，並在後續透過正式建案（programs of record）將能力進一步作業化、規模化。今天你可以看到這個趨勢：我們宣布三項新的合約授予，已獲資金支持的近期價值合計超過 1 億美元，預計於 2026 年與 2027 年期間實現。我們計畫很快會就這些授予對外進一步說明；它們代表了與美國戰爭部（Department of War）多年來共同開發的近期能力，並運用我們獨特的在軌技術來解決重大的策略需求。

In general, the backdrop in size of the Golden Dome opportunity, coupled with the Arsenal of Freedom initiative remains very strong for companies that have unique capabilities that can be deployed in the near term and can move fast.

整體而言，「Golden Dome」商機的規模背景，加上「Arsenal of Freedom」倡議，對於具備可在近期部署、且能快速推進之獨特能力的公司而言，仍然非常強勁。

Now taking a step back, I want to take a moment to discuss the large addressable markets for the company beyond direct-to-device. We see the opportunity to leverage our unique platform that we have created to dramatically expand the company's total addressable market, leveraging our differentiated technology, deep intellectual property portfolio, vertically integrated manufacturing and, of course, the comprehensive spectrum strategy.

現在退一步來看，我想花點時間討論公司在直連終端（direct-to-device）之外的龐大可服務市場。我們看到有機會運用我們打造的獨特平台，藉由差異化技術、深厚的智慧財產權組合、垂直整合製造，以及當然還有全面的頻譜策略，來大幅擴展公司的總可服務市場。

In part, this is now possible because of the maturity of the business and our fortified balance sheet, utilizing the same spacecraft design and ground-based gateways that we're already scaling today. We believe each of these new additional end markets could ultimately become multibillion-dollar annual plus revenue opportunities for AST SpaceMobile.

部分原因在於，隨著業務成熟與資產負債表更為穩健，這件事如今成為可能；我們可沿用相同的航天器設計與地面閘道站，而這些正是我們今天已在擴張的項目。我們相信，這些新增的終端市場最終都可能成為 AST SpaceMobile 每年數十億美元以上營收的機會。

In the government and defense market, firstly, we've seen early traction around noncommunications, including radar. Our spacecraft are uniquely positioned to provide some of these services given the size of the array aperture, the frequencies we serve and our ability to deploy quickly a global capability for an order of magnitude lower cost than historically possible. This application is a majority of our US government revenue to date.

在政府與國防市場方面，首先，我們已在非通訊領域（包括雷達）看到初步進展。憑藉陣列孔徑的尺寸、我們所服務的頻率，以及能以較過往歷史可行成本低一個數量級的方式快速部署全球能力，我們的太空船在提供其中部分服務方面具備獨特優勢。迄今為止，這項應用占我們美國政府營收的大多數。

Secondly, and this will sound familiar, we have the ability to provide secure communications directly to low-profile, low-power devices. This means regular 3GPP devices, but also custom-designed handsets, existing radios, headsets, wearables and drones. This will be with a technology that is already showing broadband speeds of over 100 megabits per second to extremely low profile and sized devices. These applications will be new to the war fighter and greatly simplify and improve communications for them in the years to come. Each of these capabilities can be served with the same in-orbit network of AST SpaceMobile spacecraft, a combined capability that addresses the strategic needs of the US government customer for decades to come.

其次，這聽起來會很熟悉，我們具備直接向低外形、低功耗裝置提供安全通訊的能力。這意味著一般的 3GPP 裝置，也包括客製化設計的手持終端、既有無線電、耳機、穿戴式裝置與無人機。這將採用一項技術，該技術已在極低外形與小尺寸裝置上展現超過每秒 100 兆位元的寬頻速度。這些應用對作戰人員而言將是全新的，並將在未來數年大幅簡化並改善其通訊。上述每一項能力都可由同一套在軌的 AST SpaceMobile 太空船網路提供服務；這種整合能力可在未來數十年滿足美國政府客戶的策略需求。

And apart from defense, we also see a few more funded comms opportunities. First, we are seeing a trend with large countries or regional bodies looking to replicate owned in-orbit resilient communications. This is born from a desire to have increased operational control of communications over their territory. Given the AST SpaceMobile architecture of landing traffic in country, we are uniquely positioned to serve this need and to add additional layers for this demand with the Japan J-LEO preliminary award falling into this category.

此外，除國防之外，我們也看到更多已獲資金支持的通訊機會。首先，我們看到大型國家或區域組織正出現一股趨勢，希望複製自有的在軌韌性通訊能力。其背後動機是希望對其領土範圍內的通訊擁有更高的營運控制權。鑑於 AST SpaceMobile 的架構可在國內落地傳輸流量，我們具備獨特優勢來滿足此需求，並可為此需求增加額外層級；日本 J-LEO 的初步授標即屬於此類。

Second, federal emergency and backup is another market taking shape, which you can see from our announcement with Vodafone Ireland, but it has been long planned both in the US with FirstNet and in Japan. The 700-megahertz band, in particular, is viewed as a federal resiliency frequency and thus is an attractive match for our network. This capability could be used broadly for first responders and also as a large-scale backup during periods of network outage with Spain and Australia offering some notable recent outages that are driving political need for action.

第二，聯邦緊急應變與備援也是一個正在成形的市場，從我們與 Vodafone Ireland 的公告即可看出；但這在美國（FirstNet）與日本都已規劃多年。尤其是 700 兆赫頻段，被視為聯邦韌性頻率，因此與我們的網路高度匹配、具吸引力。此能力可廣泛用於第一線應變人員，也可在網路中斷期間作為大規模備援；西班牙與澳洲近期一些值得注意的斷網事件，正推動政治層面採取行動的需求。

Thirdly, IoT or Internet of Things is an attractive market for cellular and satellite operators, which positions us well to provide a unified service across both broadband and narrowband applications. With our controlled MSS frequencies, combined with extremely low-cost devices, this is another attractive use of our existing in-orbit network.

第三，IoT（物聯網）對行動與衛星營運商而言是具吸引力的市場，使我們能在寬頻與窄頻應用之間提供統一服務，定位良好。結合我們可控的 MSS 頻率與極低成本裝置，這也是我們既有在軌網路的另一項具吸引力的用途。

One final network I wanted to highlight today is space-based AI edge compute. As companies are starting to think about how to service this market in a big way, one of the key elements is the ability to deploy and control large structures in space, which is what we do. This is significant power to orbit at meaningful scale and with competitive cost. This provides clear cost and scale advantages for supplying power and compute in space.

今天我想最後強調的一個網路是太空端 AI 邊緣運算。隨著企業開始思考如何大規模服務此市場，其中一個關鍵要素是能在太空部署並控制大型結構，而這正是我們所擅長的。這代表能以具意義的規模、且具競爭力的成本，將顯著電力送入軌道。這為在太空供應電力與運算帶來明確的成本與規模優勢。

What you will see from us in the near term is stretching from a bent pipe network and building additional edge computing capabilities valuable to those networks. In total, all of these markets represent an expansion of our incredibly strong core direct-to-device total addressable market into new large markets, primarily on a funded basis, leveraging the incredible platform we have built.

短期內，你們將看到我們從彎管（bent pipe）網路延伸，並建置對這些網路有價值的額外邊緣運算能力。總體而言，所有這些市場都代表我們在極其強勁的核心「直連裝置」可服務市場（TAM）基礎上，擴展至新的大型市場；主要以已獲資金支持為基礎，並運用我們所打造的卓越平台。

Closing out with a quick discussion on Q2 revenue. We achieved over $30 million in revenue during the quarter, more than doubling our Q1 revenue. This was driven by a combination of milestone achievements under our US government contracts and commercial infrastructure for our mobile network operator partners.

最後簡要談一下第二季營收。本季我們達成超過 3,000 萬美元的營收，較第一季營收增加逾一倍。這主要由美國政府合約下的里程碑達成，以及為我們行動網路營運商合作夥伴提供的商業基礎設施所共同帶動。

Our commercial and government efforts to date serve as important milestones in our road map to much larger opportunities, each with potentially billions of dollars in revenue per year as we scale our business. In Q2 specifically, we delivered against 13 gateways to seven customers across five continents. And we remain confident in our ability to achieve our full year 2026 revenue goals and are reiterating our guidance of $150 million to $200 million, supported by contracted programs already underway together with our existing commercial and government pipeline.

迄今為止，我們在商業與政府端的努力是通往更大型機會的重要里程碑；隨著業務擴張，每一項機會每年都可能帶來數十億美元的營收。就第二季而言，我們向五大洲的七位客戶交付了 13 座閘道站。我們仍對達成 2026 全年營收目標充滿信心，並重申 1.5 億至 2 億美元的指引；該指引由已在進行中的已簽約計畫，以及我們既有的商業與政府管線所支持。

Altogether, we're very pleased with the progress we've made across the business. Commercial readiness continues to advance. Government demand continues to expand. Our deployment road map remains on track, and our operational capabilities continue to scale. These milestones reinforce our confidence as we prepare for commercial service and position AST SpaceMobile for meaningful long-term growth.

整體而言，我們對公司各面向所取得的進展感到非常滿意。商業化準備持續推進。政府需求持續擴大。我們的部署路線圖仍按計畫進行，營運能力也持續擴張。這些里程碑強化了我們在準備商業服務之際的信心，並使 AST SpaceMobile 具備實質的長期成長定位。

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

接下來我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 second quarter of 2026, we maintained focus by further fortifying our capital position, executing on our commercial objectives, accelerating our manufacturing cadence, leveraging our growing footprint in Texas and beyond, and expanding our total addressable market or TAM for additional applications, including US government secure communications and noncommunications, radar, emergency response, Internet of Things, AI edge compute and other advanced connectivity applications.

謝謝你，Scott，各位下午好。在 2026 年第二季，我們持續聚焦：進一步強化資本部位、推進商業目標、加快製造節奏、運用我們在德州及其他地區日益擴大的據點，並擴大我們的可服務市場（TAM）以涵蓋更多應用，包括美國政府安全通訊與非通訊（雷達）、緊急應變、物聯網、AI 邊緣運算及其他先進連線應用。

Revenue in Q2 came in consistent with our internal plans. As I've previously noted, we expect revenue to build sequentially each quarter during 2026 with contributions from both commercial revenues, primarily gateway sales revenue and US government contracts. I am pleased to confirm that we remain on track to meet our full year 2026 revenue guidance of $150 million to $200 million.

第二季營收符合我們的內部計畫。如我先前所提，我們預期 2026 年每一季營收將逐季成長，來源包括商業營收（主要為閘道站銷售收入）以及美國政府合約。我很高興確認，我們仍按進度達成 2026 全年 1.5 億至 2 億美元的營收指引。

With respect to manufacturing, BlueBirds 14 to 16 are ready to ship shortly, while BlueBird 17 through BlueBird 46 are in various stages of production and assembly as we continue scaling our production capabilities, building the largest phased arrays in low earth orbit. Our manufacturing progress positions us well to support our current network deployment plan, targeting approximately 45 BlueBird satellites in orbit by early 2027.

就製造而言，BlueBird 14 至 16 即將可出貨；而 BlueBird 17 至 BlueBird 46 正處於不同的生產與組裝階段。我們持續擴大產能，打造近地軌道中最大的相控陣列。我們的製造進展使我們能良好支援目前的網路部署計畫，目標是在 2027 年初前讓約 45 顆 BlueBird 衛星在軌運行。

The strength of our balance sheet, further bolstered with last month's convertible debt offering, positions us not only to complete the full build-out and launch of a constellation of over 100 BlueBird satellites to provide worldwide SpaceMobile service and deploy our controlled spectrum bands on a global basis, but also to pursue an expanding universe of growth initiatives and secure additional access to orbit for our space-based cellular broadband network, including partnerships and/or acquisitions to further vertically integrate our business and mitigate risks associated with third-party launch providers. Our intentional focus on investing in the growth of our operations led to higher adjusted operating expenses in Q2 2026 as compared to Q1, consistent with our expectations as previously communicated during our first quarter of 2026 earnings call in May.

我們資產負債表的強勁實力，加上上月的可轉換公司債發行進一步強化，使我們不僅能完成超過 100 顆 BlueBird 衛星星座的全面建置與發射，以提供全球 SpaceMobile 服務並在全球範圍部署我們可控的頻譜頻段；同時也能追求日益擴大的成長計畫版圖，並為我們的太空端蜂巢式寬頻網路取得更多進入軌道的管道，包括透過合作夥伴關係及／或併購，以進一步提升垂直整合程度，並降低與第三方發射供應商相關的風險。我們有意識地聚焦投資營運成長，導致 2026 年第二季的調整後營運費用較第一季提高，符合我們在 5 月 2026 年第一季財報電話會議中先前溝通的預期。

Now moving to the operating and capital metrics slide. Let's review the key metrics for the second quarter in a bit more detail. On the first chart, for the second quarter of 2026, we incurred non-GAAP adjusted operating expenses of $119.1 million versus $91.2 million in the first quarter. Non-GAAP adjusted operating expenses exclude noncash operating costs and insurance proceeds in connection with our BlueBird 7 loss. The quarter-over-quarter increase of $27.9 million resulted primarily from an $11.9 million increase in adjusted cost of revenues due to higher revenue in the quarter, together with a $12.3 million increase in adjusted engineering service costs, a $3.1 million increase in adjusted general and administrative costs and a $600,000 increase in R&D costs.

接著來看營運與資本指標投影片。我們更詳細地回顧第二季的關鍵指標。在第一張圖表中，2026 年第二季我們的非 GAAP 調整後營運費用為 1.191 億美元，相較第一季的 9,120 萬美元。非 GAAP 調整後營運費用排除非現金營運成本，以及與 BlueBird 7 損失相關的保險理賠收入。季對季增加 2,790 萬美元，主要來自：因本季營收較高而使調整後營收成本增加 1,190 萬美元；以及調整後工程服務成本增加 1,230 萬美元、調整後一般及行政成本增加 310 萬美元，與研發成本增加 60 萬美元。

Our Q2 2026 adjusted operating expenses, excluding adjusted cost of revenues, were $95.9 million compared to $79.8 million in Q1 of 2026. This amount was near the high end of the $85 million to $95 million guidance for Q2 adjusted operating expenses that I 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, other professional fees and critical investments relating to artificial intelligence.

我們 2026 年第二季的調整後營運費用（不含調整後營收成本）為 9,590 萬美元，相較於 2026 年第一季的 7,980 萬美元。該金額接近我先前提供之第二季調整後營運費用 8,500 萬至 9,500 萬美元指引區間的上緣。相較前一季增加的主要驅動因素包括我們人力規模的成長（含承包商與顧問）、擴增的生產設施、其他專業費用，以及與人工智慧相關的關鍵投資。

Turning towards the second chart on this slide. Our capital expenditure for the second quarter of 2026 was approximately $610 million versus approximately $257 million for the first quarter. This figure was made up primarily of payments made in connection with multiple launch contracts, capitalized direct materials and labor for our BlueBird satellites with the balance relating to facility and production equipment expenditures. This amount for the quarter was just below the midpoint of the guidance of $575 million to $650 million that I provided during our last earnings call, which assumed a significant launch payment in Q2 that was originally scheduled to be paid in the first quarter.

接著看本頁投影片的第二張圖表。我們 2026 年第二季的資本支出約為 6.10 億美元，相較第一季約為 2.57 億美元。此數字主要由多項發射合約相關付款、BlueBird 衛星的資本化直接材料與人工成本所構成，其餘則與設施及生產設備支出相關。本季金額略低於我在上次財報電話會議提供之 5.75 億至 6.50 億美元指引區間的中點；該指引假設第二季會有一筆原本排定於第一季支付的重大發射款項於第二季支付。

For the third quarter of 2026, we estimate that our adjusted operating expenses, excluding adjusted cost of revenues will increase to the range of approximately $105 million to $115 million as we continue to absorb the full quarter of cost of our expanded workforce and continue growing talent across our organization to scale our efforts to address our expanding TAM as well as pursue the monetization of our L- and S-band spectrum usage rights.

對於 2026 年第三季，我們估計調整後營運費用（不含調整後營收成本）將增加至約 1.05 億至 1.15 億美元區間，因我們將持續吸收擴編人力的整季成本，並持續在全組織擴大招募與培育人才，以擴大我們的投入來因應不斷擴張的 TAM，同時推進 L 頻段與 S 頻段頻譜使用權的變現。

For the full year of 2026, we expect adjusted OpEx, excluding adjusted cost of revenues to average approximately $100 million per quarter or $400 million total for the year. Consistent with average quarterly CapEx spend during the first half of 2026, we expect our capital expenditures in Q3 of 2026 to be in the range of approximately $350 million to $425 million primarily driven by the timing of launch payments, which, as I previously explained and evidenced by the first half of this year do vary from quarter-to-quarter.

就 2026 年全年而言，我們預期調整後 OpEx（不含調整後營收成本）平均每季約 1.00 億美元，全年合計約 4.00 億美元。依據 2026 年上半年平均每季 CapEx 支出水準，我們預期 2026 年第三季資本支出約落在 3.50 億至 4.25 億美元區間，主要受發射付款時點所驅動；如我先前所說，且從今年上半年可見，該時點確實會因季度而異。

Importantly, our continued spend on growth-related CapEx reflects our increasing satellite production and our 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 BlueBird satellites will fall in the range of approximately $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 CapEx 上的投入，反映出我們衛星產量的提升以及積極的軌道發射計畫。我們仍估計，包含直接材料與發射成本在內、由 90 多顆 BlueBird 衛星組成之星座的平均資本成本，約落在每顆 2,100 萬至 2,300 萬美元區間；不包含用於驗證效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. And as a reminder, changes in our adjusted operating expenses and capital expenditure, as I've 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，可能會因動態地緣政治因素影響成本而出現波動。並提醒各位，如我剛才所述，我們調整後營運費用與資本支出的變動，可能因多種因素而延後，或未必能實現。

Turning to revenue. In the second quarter, we recognized revenue of $31.5 million, primarily driven by commercial gateway deliveries and various US government service milestone achievements. Our revenue increased sequentially and year-over-year in the second 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.

接著談營收。第二季我們認列營收 3,150 萬美元，主要由商用閘道（gateway）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，第二季營收無論較前一季或較去年同期皆有所增加，原因在於閘道部署給商用客戶的時點，以及部分政府合約里程碑完成時點的影響。

With respect to commercial 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 nine BlueBird satellites. Further, as we continue to launch and deploy our constellation, we will continue to support US government applications currently ongoing and accelerating as our constellation grows.

就商用營收的產生而言，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、日本等關鍵市場及其他策略市場提供連續的 SpaceMobile 服務；而透過發射並營運約 9 顆 BlueBird 衛星，亦可覆蓋其他額外的全球策略市場。此外，隨著我們持續發射並部署星座，我們將持續支援目前正在進行的美國政府應用，且會隨星座擴大而加速。

As we reiterated in our Q1 2026 earnings call, we expect to generate full year 2026 revenue in the range of $150 million to $200 million. 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.

如同我們在 2026 年第一季財報電話會議中重申的，我們預期 2026 年全年營收將落在 1.50 億至 2.00 億美元區間。鑑於我們業務本質存在季度波動（包含合約簽署時點、設備銷售與里程碑達成時點），我們在管理營收時更著重全年表現。

As a way to be helpful and for the avoidance of doubt, we expect revenue in each quarter to continue to grow sequentially but will likely be weighted towards the fourth quarter. As a result, we believe our revenue performance is best evaluated on a full year basis. We expect revenue to continue to be driven by gateway deliveries, achievement of contracted milestones for the US government, MNO consulting services and with potential upside related to the recognition of initial commercial service revenue. The achievement of our revenue plan remains subject to several contingencies, including the successful launch and deployment of our BlueBird satellites related to US government applications and those contractual milestone achievements.

為了提供協助並避免疑義，我們預期各季營收將持續逐季成長，但可能會更偏重於第四季。因此，我們認為以全年基礎評估營收表現最為合適。我們預期營收將持續由閘道交付、美國政府合約里程碑達成、MNO 顧問服務所驅動，並可能因初期商用服務營收的認列而帶來上行空間。我們營收計畫的達成仍取決於若干不確定因素，包括與美國政府應用相關之 BlueBird 衛星成功發射與部署，以及相關合約里程碑的達成。

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.

向我們的 MNO 合作夥伴銷售關鍵閘道設備，以支援其對 SpaceMobile 服務預期商業化的推進，以及與我們既有與規劃中已部署並投入營運之衛星所提供的商用服務啟用相關的服務營收。

Now turning to the balance sheet. With this backdrop, in July, we executed a convertible debt transaction for $1.15 billion aggregate principal amount of 1.625% convertible senior notes due in 2034. As part of the transaction, we purchased a capped call hedge to increase the effective conversion price to $149.20 per share, a price well above our all-time high trading price. This financing allows us to pursue an expanding universe of growth opportunities, further continue vertical integration efforts and secure additional access to orbit for our space-based cellular network. The notes have our lowest coupon ever at 1.625%, providing cost-efficient capital with effective dilution of less than 2%.

接著看資產負債表。在此背景下，我們於 7 月完成一筆可轉換債交易，發行本金總額 11.5 億美元、票面利率 1.625%、2034 年到期之可轉換優先票據。作為交易的一部分，我們買入上限買權（capped call）避險工具，將有效轉換價格提高至每股 149.20 美元，該價格遠高於我們歷史最高交易價格。此融資使我們得以追求不斷擴大的成長機會版圖，進一步推進垂直整合工作，並為我們的太空蜂巢式行動網路取得更多軌道進入權。該票據為我們歷來最低票息 1.625%，提供具成本效率的資金，且有效稀釋低於 2%。

Finally, on the final chart on this slide, on a pro forma basis, inclusive of that $1.15 billion in gross proceeds from the convertible notes offering, our cash, cash equivalents and restricted cash as of June 30, 2026, was over $3.7 billion. In closing, we are making progress on all fronts in accomplishing our near-term objectives. The hard work across the organization continues with revenue building on plan for 2026 satellite manufacturing increasing to support our orbital launch campaign and increasing applications within our rapidly expanding TAM. We look forward to sharing additional achievements with you during Q3 and throughout the second half of 2026.

最後，在本頁投影片的最後一張圖表中，以備考（pro forma）基礎計入該次可轉債發行的 11.5 億美元總募集款後，截至 2026 年 6 月 30 日，我們的現金、約當現金及受限制現金超過 37 億美元。總結而言，我們在達成短期目標的各方面皆持續取得進展。全組織的努力仍在持續：營收依計畫推進、2026 年衛星製造產能提升以支援我們的軌道發射計畫，以及在快速擴張的 TAM 中應用情境增加。我們期待在第三季以及 2026 年下半年期間，與各位分享更多成果。

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。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。

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？

David from New Jersey asks, how should investors think about the expected timing of meaningful government revenue? And could you expand some more on the radar capabilities of the constellation?

來自新澤西州的 David 問：投資人應如何看待有意義的政府營收預期出現的時間點？另外，你能否再多談一些該星座的雷達能力？

Thank you, David. As we said in our remarks, we're making good progress on these contracts, including over $100 million of contract awards in the last couple of months. So consistent with how we've always talked about it, these are kind of initial phases as we scale up the opportunity, and the government wants to see you perform against that.

謝謝你，David。正如我們在發言中所說，我們在這些合約上進展良好，包括在過去幾個月內獲得超過1億美元的合約授標。因此，與我們一貫的說法一致，這些算是我們在擴大機會規模時的初期階段，而政府希望看到你在這方面的履約表現。

And of course, we're really uniquely able to perform given the size of our satellite, our technology, the fact that we're in orbit, the fact that we're vertically integrated. And what we're seeing is that this opportunity is going to start scaling up into a recurring multibillion dollar a year opportunity starting in 2027.

當然，考量到我們衛星的尺寸、我們的技術、我們已在軌運行，以及我們是垂直整合的，我們具備非常獨特的執行能力。而我們看到的是，這個機會將自2027年起開始擴大規模，成為每年數十億美元、可重複發生的機會。

Lydon from New Zealand asked, how does ASTS' ownership of spectrum assets affect the company?

來自紐西蘭的Lydon提問：ASTS持有頻譜資產會如何影響公司？

Thank you, Lydon, for the question. Well, spectrum is like fuel for our business. But of course, also how efficient is the machine to utilize that fuel is super important. So it's the combination of the very large phased array supported by over 3,600 patent and patent pending claims, a very large phased array, the power of that phased array and access to MNO partner spectrum and our own spectrum, is what makes that fuel really be very efficient, the power in terms of creating additional lines of revenue to our government.

謝謝你，Lydon，提出這個問題。嗯，頻譜就像是我們業務的燃料。但當然，機器使用這些燃料的效率有多高也非常重要。因此，關鍵在於多項因素的組合：由超過3,600項已核准與申請中的專利權利要求所支撐的超大型相控陣列、這個相控陣列的功率，以及取得MNO合作夥伴的頻譜與我們自有頻譜的存取權；這些共同讓這些「燃料」能被非常有效率地使用，並在為政府客戶創造額外營收來源方面展現其威力。

As Scott presented in our brief today, I mean, this is allowing us to actually scale up into a multitude of new applications that create a multiplication of our TAM, our current TAM from D2D to seven more new applications that really multiply the addressable TAM that we have today. So ownership of spectrum is super strategic for us. We were the first company in direct-to-device that started this trend of direct-to-device operators to own spectrum. But we had the largest combined spectrum access when you combine our MNO partners spectrum plus our own spectrum in addition to a very large phased array with a lot of power that creates that fuel that creates multiple lines of capabilities for our company.

正如Scott今天在我們的簡報中所展示的，這讓我們得以實際擴展到多種新應用，進而倍增我們的TAM，將目前從D2D延伸到另外七項新應用，真正放大我們今天可觸及的TAM。因此，持有頻譜對我們而言極具策略性。我們是直連裝置（direct-to-device）領域第一家開啟「直連裝置營運商持有頻譜」這股趨勢的公司。而且，當你把我們MNO合作夥伴的頻譜加上我們自有頻譜，再加上具備高功率的超大型相控陣列，我們擁有最大的綜合頻譜存取能力；這些燃料帶來多條能力線，為公司創造多元能力。

Kevin from Vancouver asked, what kind of demand drivers are you seeing to trigger the massive 400,000 square feet of manufacturing expansion in Texas? How many BlueBirds per month are you aiming to produce?

來自溫哥華的Kevin提問：你們看到哪些需求驅動因素，促使德州進行高達40萬平方英尺的製造擴張？你們目標每月要生產多少顆BlueBird？

Well, we're currently getting to six per month. We want to expand that in order to be able to supply enough capacity for our government and nongovernment applications. So with the additional 400,000 square feet of manufacturing, we would be close to 1 million square feet of manufacturing facility. We want to continue expanding our capability of producing them to even larger satellites that allow us to support communications, radar, GPS, AI, cloud computing, IoT and other very strategic applications that we have. And that's why we are investing very efficiently in extending our capability of manufacturing in Texas to close to 1 million square feet of manufacturing.

我們目前正提升到每月六顆。我們希望擴大產能，以便為政府與非政府應用提供足夠容量。因此，新增40萬平方英尺的製造空間後，我們的製造設施將接近100萬平方英尺。我們希望持續擴大生產能力，並進一步製造更大型的衛星，使我們能支援通訊、雷達、GPS、AI、雲端運算、IoT以及其他我們所擁有的高度策略性應用。這就是為什麼我們以非常有效率的方式投資，將德州的製造能力擴充到接近100萬平方英尺。

Lydon from New Zealand asks, does ASTS believe other countries will come forward with their own FirstNet or J-LEO programs that ASTS can support?

來自紐西蘭的Lydon提問：ASTS是否認為其他國家會推出自己的FirstNet或J-LEO計畫，並由ASTS提供支援？

Thank you, Lydon. Yes, we see the J-LEO project as a real proof point for how countries, large countries are thinking about their own infrastructure. This is infrastructure they can control and get access to. And we think that -- and we see others thinking about it. So this is a trend that's going to play out, we think, multiple times in the coming years. And this is really a new layer of communication that gives governments and nations access to capabilities that they access and can control.

謝謝你，Lydon。是的，我們將J-LEO專案視為一個重要的驗證案例，顯示各國、尤其是大國，如何思考其自身的基礎設施。這是他們可以掌控並取得存取權的基礎設施。我們認為——而且我們也看到其他國家正在思考這件事。因此，我們認為這是一個趨勢，未來幾年將會多次上演。而這確實是一個新的通訊層，讓政府與國家能取得他們可存取且可控的能力。

And in particular, the 700-megahertz band is one that we've put on the satellite in order to be able to address opportunities like this, both in the US and Europe and in other places like Latin America as well. 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.

特別是700 MHz頻段，我們已將其納入衛星設計，以便能夠因應這類機會，涵蓋美國、歐洲以及拉丁美洲等其他地區。另外，我也要感謝股東提交這些問題。接線員，現在請開放電話會議讓分析師提問。

(Operator Instructions) Greg Pendy, Clear Street.

(接線員指示) Greg Pendy，Clear Street。

Can you kind of share with us on the Rakuten JV? I know it's in advanced discussions. But what stood out to get you guys to this stage, given it was pretty competitive with some other bidders out there. What do you think you offer to the table that really kind of moved you guys along in that process?

你們能否分享一下與Rakuten合資（JV）的情況？我知道目前正處於深入討論階段。但在外面還有其他競標者、競爭相當激烈的情況下，是什麼讓你們走到這一步？你們認為你們能提供哪些關鍵價值，讓整個流程推進到現在這個階段？

Thank you, Greg, for the question. Well, we are the only platform that has demonstrated and is delivering today broadband capability. That is one key factor. The other one is the architecture that we offer allow nations and regulatory bodies to basically keep all the data and all the management of the infrastructure on the ground. And third, the partnership with Rakuten over many years that we have with them as a leading Japanese company that have been partnered with us for many years. So -- but fundamentally, we have the only platform that can deliver broadband that is in operation and that has demonstrated the ability to basically deliver seamless connectivity between terrestrial and space on a scalable basis.

謝謝你，Greg，提出這個問題。嗯，我們是唯一一個已經證明、且目前正在交付寬頻能力的平台。這是一個關鍵因素。第二是我們提供的架構，讓各國與監管機構基本上可以把所有資料與基礎設施的管理都留在地面端。第三是我們與Rakuten多年來的合作夥伴關係；他們是日本領先企業，且多年來一直與我們合作。所以——但從根本上說，我們擁有唯一能交付寬頻、已在運行、並已證明能以可擴展方式在地面與太空之間提供無縫連接的平台。

Great. That's very helpful. And is there any way you can kind of give us an idea -- I know you don't break it out, so if you don't want to do that. But the backlog growing nicely to $1.3 billion, how much of that might be government?

很好。這非常有幫助。另外，有沒有辦法讓我們大概了解一下——我知道你們不會拆分揭露，所以如果你不想也沒關係。但積壓訂單（backlog）成長得很好，達到13億美元，其中大概有多少可能來自政府？

I would say it's -- a minority of it is government. The adds were primarily government, but the overall backlog, a minority of it is government. But I would say that we expect that one to scale in the near term most significantly.

我會說——其中政府占比是少數。新增的部分主要來自政府，但整體積壓訂單中，政府仍是少數占比。不過我會說，我們預期這一塊在短期內會最顯著地擴大。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Of these first 46 BlueBirds that you have under partial stage of construction now, how many of these are already have or are targeted to have L-band or S-band connectivity installed on the Microns? And then how should we think of the spectrum mix of a full 90 satellite constellation?

在你們目前處於部分建造階段的前46顆BlueBird中，有多少顆已經安裝或目標將在Microns上安裝L頻段或S頻段連接能力？另外，我們應該如何看待完整90顆衛星星座的頻譜組合？

Mike, I mean, we are producing roughly at a rate of six per month in terms of Microns. We are on Micron 46. We're starting the production of the mid-band capability later this year for start launching very early in '27, the urban capability. So the current Microns are low-band systems.

Mike，我是說，就Microns而言，我們目前的產出速度大約是每月六顆。我們現在做到Micron 46。我們將在今年稍晚開始生產中頻段能力，以便在27年初開始發射、也就是城市能力。所以目前的Microns是低頻段系統。

And then my second question is, how does this potential US MNO joint venture affect your discrete agreements with AT&T and Verizon and as well as with T-Mobile that you don't have an agreement with?

那我的第二個問題是，這個潛在的美國MNO合資案，會如何影響你們與AT&T和Verizon的個別協議，以及與你們尚未簽署協議的T-Mobile之間的關係？

Thanks, Mike. Well, our existing agreements are not affected. And frankly, as we said when this was announced, the joint venture, frankly, frees up a third and fourth customer for us in the United States. So we were happy and supportive of it.

謝謝，Mike。嗯，我們現有的協議不受影響。而且坦白說，正如我們在宣布時所說，這家合資企業，坦白說，為我們在美國釋放出第三與第四個客戶。所以我們對此感到高興並予以支持。

Ultimately, we are carrier agnostic, right? Our network is good for all operators. We have strong partners, and those partners are important to us. But as markets grow and mature, we expect to be available to all operators. So this is really consistent with the strategy we put forward two years ago when Verizon joined with AT&T to support us. And going forward with the joint venture, we look forward to partnering with them as well. But existing agreements and the lead we have in the market for delivering cellular broadband, that's unaffected.

最終，我們對電信業者是中立的，對吧？我們的網路對所有營運商都適用。我們有強大的合作夥伴，而這些夥伴對我們很重要。但隨著市場成長並走向成熟，我們預期能夠向所有營運商提供服務。因此，這其實與我們兩年前提出的策略一致，當時 Verizon 與 AT&T 一起加入支持我們。而隨著合資企業往前推進，我們也期待與他們合作。但現有協議以及我們在提供行動寬頻方面的市場領先地位，都不受影響。

Colin Canfield, Cantor Fitzgerald.

Colin Canfield，Cantor Fitzgerald。

As we put into the building blocks on revenue for '27, just rough numbers here. It seems like there's probably $100 million to $200 million of gateway support, $100 million to $200 million of government -- US government support and maybe $100 million of international government support.

在我們把 2027 年營收的組成要素放進模型時，這裡先用粗略數字。看起來可能有 1 億到 2 億美元的閘道支援、1 億到 2 億美元的政府——美國政府支援，以及或許 1 億美元的國際政府支援。

As we think about the upside to that framework, can you just maybe refresh investors on how to think about rev rec for commercial service? And essentially, what are you hearing from commercial operators about pushing revenue or allowing AST to recognize revenue with a partial deployment of Constellation?

當我們思考這個框架的上行空間時，你能否幫投資人再複習一下，該如何看待商業服務的收入認列？以及本質上，商業營運商對於在星座僅部分部署的情況下，推動營收或允許 AST 認列營收，你們聽到的是什麼？

Colin, so I mean, first of all, what we're hearing from operators that they want the service now. And so we are pushing extremely hard. You've seen our comments on beta, getting that out the door to demonstrate scaled capabilities and then start rolling out commercial service with as little as 45 satellites in orbit. So we're racing towards that with our strategic partners, really as many partners as we can simultaneously race towards that with.

Colin，我的意思是，首先，我們從營運商那裡聽到的是，他們現在就想要這項服務。所以我們正在非常努力地推進。你也看到我們對 beta 的評論——把它推出去，以展示可規模化的能力，然後在軌道上只要有 45 顆衛星就開始推出商業服務。因此我們正與策略夥伴一起全力衝刺，實際上也會與盡可能多的夥伴同時一起朝這個目標衝刺。

And yes, rev rec will begin. I don't want to commit to anything, but generally speaking, revenue recognition should begin for commercial service when commercial service begins, right? So when that happens next year, that will start being recognized.

而且是的，收入認列會開始。我不想承諾任何事情，但一般來說，商業服務的收入認列應該會在商業服務開始時開始，對吧？所以當明年發生時，就會開始認列。

And the other components of revenue, I would say you're generally accurate. That gateway is in excess of $100 million as we continue to grow that. Government revenue, we hope, will greatly exceed your number, but that's still being played out now, and we'll have more announcements in the near term on that. And commercial services revenue, of course, is what we're all playing for, and we're very excited and expect that to ramp quickly once we get going.

至於其他營收組成，我會說你的判斷大致正確。隨著我們持續擴張，閘道相關金額會超過 1 億美元。政府營收方面，我們希望會大幅超過你提到的數字，但目前仍在推進中，近期也會就此有更多公告。當然，商業服務營收才是我們大家真正要爭取的，我們非常興奮，並預期一旦啟動就會快速爬升。

Got it. Got it. And then for the international government opportunities, if you can just maybe talk about the market structure that you expect in Germany as well as the rest of Europe. Maybe how do you think about kind of customer appetite to multisource supply chains? And if they're not multi-sourcing, what sort of milestones do you think it takes for them to kind of secure their supply chain? And specifically, we're talking about IRIS.

了解。了解。那關於國際政府機會，你能否談談你預期德國以及歐洲其他地區的市場結構？也許你如何看待客戶對多來源供應鏈的偏好？如果他們不採多來源，你認為需要達成哪些里程碑，才能讓他們去確保其供應鏈？而且具體來說，我們談的是 IRIS。

Well, I think Colin, there is a lot there, of course, because there's a lot of different markets. But what we can do in the defense market, which is comms and noncommunication services with a very unique technology in orbit is attractive to a lot of parties. And we see the trend playing out in other sectors that are perhaps less strategic capabilities where international governments are placing bets around services. And we think over time, those governments will turn their attention to larger scaled services like what we can do because having that capability is a very powerful thing. And you see that, obviously, with the J-LEO preliminary award. So I would say this is a trend to watch for us over time.

嗯，我想 Colin，這裡面當然有很多層面，因為市場非常多元。但我們在國防市場能做的事情——也就是通訊與非通訊服務，並且在軌道上具備非常獨特的技術——對許多單位都很有吸引力。我們也看到在其他產業領域出現趨勢：在那些可能沒那麼屬於戰略能力的領域，國際政府正在對服務進行押注。我們認為隨著時間推移，這些政府會把注意力轉向像我們能提供的、更大規模的服務，因為擁有那種能力是非常強大的。你也可以從 J-LEO 的初步授標中明顯看到這點。所以我會說，這是一個值得我們長期關注的趨勢。

I won't speak to individual markets, but certainly, Europe and NATO and you can see how it's playing out through the MSS process in Europe with them prioritizing certain types of providers who have European operations, et cetera. So those are all trends we're positioning ourselves around. And it starts with our tech, but also, it's very important, as Abel said, that we have good partners like with Rakuten in Japan and Vodafone in Europe, and that really facilitates our access to the opportunities in a way you don't see elsewhere.

我不會評論個別市場，但可以確定的是，歐洲與北約，你也能看到它如何透過歐洲的 MSS 流程在發展——他們優先考量某些類型、在歐洲有營運的供應商等等。所以這些都是我們正在布局的趨勢。這從我們的技術開始，但同時也非常重要——正如 Abel 所說——我們有像日本的 Rakuten、歐洲的 Vodafone 這樣優質的合作夥伴，這確實讓我們能以其他地方看不到的方式取得這些機會。

Michael Funk, Bank of America.

Michael Funk，美國銀行。

So first, ex Blue Origin, how many launches do you have contracted for the remainder of 2026 and 2027? And what is the stack ability on those vehicles?

首先，排除 Blue Origin 之外，你們在 2026 年剩餘期間以及 2027 年一共簽約了多少次發射？這些載具的堆疊能力（stack ability）如何？

We have 10 launches booked with two different providers, and we're targeting a cadence of every month or two on average. Beyond that, we've been providing disclosure about two months in advance as we get launch down-selected.

我們已向兩家不同的供應商預訂了 10 次發射，並以平均每一到兩個月一次的節奏為目標。此外，隨著我們完成發射的最終選定，我們一直在發射前約兩個月提供相關揭露。

I think with Blue Origin, I think we're all watching that. We were sad to see what happened in May, but they've made tremendous progress to date in both turning around the pad and getting resolution recently on the root cause for the anomaly. And so they're targeting this year. We're not betting on that necessarily. We'll be happy if they do it, but we're not betting on that in our numbers. And with a mix of launches, we think we can get to early 2027 for our initial 45 satellites.

至於 Blue Origin，我想大家都在關注。我們對 5 月發生的事情感到遺憾，但他們迄今在整修發射台以及近期釐清異常的根本原因方面都取得了巨大進展。因此他們的目標是在今年。我們不一定把這件事納入押注。如果他們能做到我們會很高興，但我們的數字並沒有把它算進去。而透過多元的發射組合，我們認為可以在 2027 年初達成首批 45 顆衛星。

That was great. And then on build cost per satellite, can you tell me where you are today and where you see that trending over the next 12 months?

很好。接著關於每顆衛星的製造成本，你能告訴我你們目前在哪個水準，以及你預期未來 12 個月的趨勢嗎？

Yes. Cost per satellite, Michael, is the question.

可以。Michael，你問的是每顆衛星的成本。

That's correct, yes.

沒錯，是的。

We've been consistent now for several quarters that we are falling between $21 million and $23 million per satellite. And that includes launch, that includes our direct labor and so forth. And we track that each quarter and roll it up. So that's consistent. I think that that is over the life of the constellation. So some of the initial satellites may exceed, but over time in our planning and so forth, that range holds up for the first constellation. And then we continue to look at ways to take cost out as we continue to engage with launch providers and acquire more launches, the economics scale better in that way. So over time, we'd hope to bring that cost down, but that's been consistent in that $21 million to $23 million range currently. And over the life of the 90 satellites, we feel good with that number.

我們已經連續好幾個季度保持一致的說法：每顆衛星成本落在 2,100 萬到 2,300 萬美元之間。這包含發射，也包含我們的直接人力等。我們每季都會追蹤並彙總。所以這是穩定一致的。我認為這是以整個星座的生命週期來看。因此，部分初期衛星可能會高於此區間，但隨著時間推移，在我們的規劃等方面，這個區間對第一個星座仍然成立。此外，我們也持續尋找降本方式；隨著我們持續與發射供應商合作並取得更多發射，經濟性會以那種方式更具規模效益。所以長期來看，我們希望能把成本再降下來，但目前仍穩定在 2,100 萬到 2,300 萬美元的區間。而以 90 顆衛星的整體生命週期來看，我們對這個數字很有信心。

Chris Schoell, UBS.

Chris Schoell，瑞銀（UBS）。

Great. You mentioned the expanding TAM, and you cited AI edge computing, federal emergency and IoT. Can you just help us better understand what needs to be done operationally to tap into some of these markets? And any rough sense on the timeline there? And as you think about targeting these areas, how should we think about funding needs? Will you continue to be opportunistic? Or do you have much of what you need for the foreseeable future?

很好。你提到可服務市場總量（TAM）正在擴大，並舉了 AI 邊緣運算、聯邦緊急應變以及 IoT 的例子。你能否協助我們更好地理解，為了切入其中一些市場，在營運層面需要做哪些事情？以及大致的時間表是什麼？另外，當你們思考鎖定這些領域時，我們應該如何看待資金需求？你們會繼續採取機會主義的方式嗎？或者就可預見的未來而言，你們已經擁有大部分所需資源了？

Yes. Chris, I mean, all these opportunities are basically on the back of the architecture we have, which is basically fundamentally the largest capacity to generate power in space and the largest game, antenna gain per spacecraft. So basically, we are piggybacking in the space architecture we have and also on the gateway architecture we have. In AI compute, we are starting to add that capability into our satellites.

是的。Chris，我的意思是，所有這些機會基本上都建立在我們現有的架構之上；而這個架構從根本上來說，具備在太空中發電的最大容量，以及每顆衛星器的最大天線增益。所以基本上，我們是在既有的太空架構以及我們的閘道（gateway）架構之上延伸。在 AI 運算方面，我們正開始把這項能力加入到我們的衛星中。

We mentioned that we're on satellite 46 in production now. We're starting to add the compute capability on satellite 47, 48, so later in the year, we integrate it to our system. IoT, radar, emergency and dedicated constellations or specialized constellations like the one in Japan, they are already part of the architecture and we have it. So these are incremental opportunities, basically taking advantage of what we have built on our intellectual property.

我們提到目前正在生產第 46 顆衛星。我們開始在第 47、48 顆衛星上加入運算能力，因此在今年稍晚會把它整合進我們的系統。IoT、雷達、緊急應變以及專用星座或特殊星座（例如日本的那個），它們已經是架構的一部分，我們也已具備。因此，這些基本上是增量機會，利用我們在智慧財產上已建構的成果來加以發揮。

Great. If I can just fit in one more. You mentioned the path to 100 megahertz of spectrum in the US and 60 megahertz globally. Can you just clarify how much you have access to today? And what are the alternatives you have for securing those additional airwaves to reach these levels?

很好。如果我可以再問一個。你提到在美國達到 100 MHz 頻譜、全球達到 60 MHz 頻譜的路徑。你能否釐清一下你們目前可使用的頻譜有多少？以及為了取得額外頻段以達到這些水準，你們有哪些替代方案？

Yes. I mean we can tune our -- between low-band and mid-band, we had around close to 1,200 megahertz of capacity that we can tune our satellites. We can do this per country. And in addition to that, also, we can tune our own and control MSS spectrum. So the 100 megahertz of spectrum is roughly what you see from our acquisition of spectrum through Ligado plus access to spectrum of our MNO partners here in the United States.

是的。我的意思是，我們可以在低頻段與中頻段之間調諧（tune）我們的系統——我們大約有接近 1,200 MHz 的容量可供調整到我們的衛星上。我們可以按國家逐一進行。此外，我們也可以調諧並掌控我們自有的 MSS 頻譜。因此，所謂 100 MHz 的頻譜，大致就是你們看到的：來自我們透過收購 Ligado 所取得的頻譜，加上我們在美國這裡的 MNO 合作夥伴所提供可供使用的頻譜。

Overseas is on a country-by-country basis. You know we had a joint venture in Europe with Vodafone. 21 of the top 25 operators in Europe have indicated they want to partner with us in accessing that capacity. So when we talk about spectrum, we're talking about the collection of our own spectrum and the spectrum that the MNOs make available to our satellites.

海外則是逐國而定。你知道我們在歐洲與 Vodafone 有一家合資企業。歐洲前 25 大營運商中有 21 家表示希望與我們合作以取得該容量。所以當我們談到頻譜時，我們指的是我們自有頻譜與各家 MNO 提供給我們衛星使用的頻譜之集合。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

On prior calls, you discussed the target for 2027 revenue to approach $1 billion. And given the different puts and takes and the backlog of $1.3 billion now, how should we think of modeling next year's revenue and beyond?

在先前的電話會議中，你們討論過 2027 年營收目標接近 10 億美元。考量不同的正負因素以及目前 13 億美元的積壓訂單（backlog），我們應該如何建模明年的營收以及之後的走勢？

Louie, so the principles there were based on a full year -- the first full year of commercial service. So we still -- nothing's changed on our expectation and our goal of reaching -- approaching $1 billion of revenue in our first year of commercial service. So next year, the way to think about it is still really strong opportunity in government that could contribute to probably as much as half of that. Still good infrastructure revenue like we have this year. And then as commercial service comes online, ramping into the balance of that. So we still feel really good about that number. It's just a question of when we kick it off and when we hit the run rate.

Louie，那些原則是以完整年度——也就是商業服務的第一個完整年度——為基礎。所以我們仍然——對於在商業服務第一年達到、接近 10 億美元營收的預期與目標，沒有任何改變。因此，對明年的思考方式仍是：政府端有非常強的機會，可能貢獻其中多達一半。仍會有像今年一樣不錯的基礎設施營收。然後隨著商業服務上線，逐步爬坡補足其餘部分。所以我們對那個數字仍然很有信心。只是問題在於我們何時啟動，以及何時達到穩態營收（run rate）。

Great. And you discussed the beta trials. What is the timing in terms of when consumers will be able to trial your network? I know that you don't want to speak on behalf of your carrier partners, but have they given any sense on when the generic AT&T and Verizon customers will be able to test out the service? And related to that, if there are like 25 satellite in orbit from a general location in the United States, what percentage of the day will a satellite be overhead such that consumers will be able to connect to your network?

很好。你也談到了 beta 測試。就時間點而言，消費者何時能夠試用你們的網路？我知道你不想代表你們的電信營運商夥伴發言，但他們是否有提供任何時間上的概念，例如一般的 AT&T 與 Verizon 用戶何時能測試這項服務？另外相關地，如果在美國某個大致區域上空有約 25 顆衛星在軌，則一天之中有多少比例的時間會有衛星在頭頂上方，使得消費者能連上你們的網路？

Thanks, Louie. So getting the capability ready for consumers is something that we're targeting for later in 2026. How we go to market with that, how we use that, of course, like you said, we're going to defer to our partners and there'll be announcements on that in the right way. But we're very focused on enabling that. And there's a lot that you can do separate, apart from the space.

謝謝，Louie。因此，讓消費者可用的能力就緒，是我們鎖定在 2026 年稍晚的目標。至於我們如何上市（go to market）、如何使用它，當然如你所說，我們會交由合作夥伴來對外說明，並會以適當方式發布相關公告。但我們非常專注於把這件事做成。而且有很多事情可以在不依賴太空端的情況下分開推進。

So those two are kind of separate. And so while we've historically said 25 satellites is the right way to think about it, we have great flexibility there on how we do beta. So for us, it's all about racing forward towards putting satellites in the air and then racing towards getting a scaled beta available because, of course, the steps from a scaled beta to commercial service is pretty quick. It's just a function of satellites in orbit. And in terms of our -- about 25 satellites, like you said, that's -- there's a lot of variance there, but think about it as about half the day coverage.

所以這兩者算是相對獨立的。因此，雖然我們過去一直說以 25 顆衛星來思考是合適的方式，但在如何進行 beta 測試方面，我們有很大的彈性。對我們而言，重點就是加速把衛星送上天，並加速推出可規模化的 beta，因為從可規模化的 beta 到商業服務的步驟其實相當快。這主要取決於在軌衛星數量。至於——你提到約 25 顆衛星——那裡面有很大的變動空間，但可以把它想成大約一天有一半時間的覆蓋。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

I guess I wanted to ask you just on the JV. How do you expect to work with the JV in the US? Do you expect the 50/50 revenue share model to still be the revenue model for you with the JV?

我想我想問的是關於合資企業（JV）。你們預期在美國會如何與 JV 合作？你們是否預期 50/50 的營收分成模式仍會是你們與 JV 之間的營收模式？

And separately, are you in talks with T-Mobile or Deutsche Telekom over partnerships given that you're conducting integration and testing with Deutsche Telekom? And obviously, they're the parent company of T-Mobile. Anything you could share on that would be great.

另外，你們是否正在與 T-Mobile 或德意志電信（Deutsche Telekom）洽談合作夥伴關係，因為你們正在與德意志電信進行整合與測試？而且顯然他們是 T-Mobile 的母公司。若能分享任何相關資訊將非常感謝。

Bryan, listen, we expect to be working with all operators in the United States and all major operators in Europe. We did announce 60 mobile operators around the globe with access to around 3 billion devices on a global basis. So as it relates specifically to the United States, we -- as Scott explained, we plan to keep the contracts that we have with our current partners the way they are and expanding the relationship into all of them, both through the JV and directly with each one of them.

Bryan，聽著，我們預期會與美國所有營運商以及歐洲所有主要營運商合作。我們確實已宣布全球約 60 家行動營運商，可在全球範圍內觸及約 30 億台裝置。因此，就美國市場而言——如 Scott 所解釋——我們計畫維持與現有合作夥伴的合約條款不變，並透過 JV 以及直接與各家合作夥伴合作兩種方式，擴大與他們所有人的關係。

Chris Quilty, Quilty Analytics.

Chris Quilty，Quilty Analytics。

We just finally got visibility on the upper C-band. And I was wondering, is that upper C-band kind of a reference design in your current ASIC? Or is that going to have to be Rev 2 when that spectrum becomes available at the end of the decade?

我們終於看到了上段 C 頻段的能見度。我想請問，上段 C 頻段是否算是你們目前 ASIC 的一種參考設計？還是說要等到該頻譜在本十年末可用時，才需要到 Rev 2？

Chris, no, we are working -- that C-band is already built into our ASIC architecture. And we're working on a third generation that will include both the L-band, MSS, mid-band and C-band.

Chris，不是，我們正在進行——那個 C 頻段已經納入我們的 ASIC 架構。而且我們正在開發第三代，將同時涵蓋 L 頻段、MSS、中頻段以及 C 頻段。

So a question on the chip will be a single chip, but does it still -- do you still need to have different satellite designs because of the antenna requirements in order to support the multiple bands? Or is there a way to collapse that in the future?

所以關於晶片的問題會是單一晶片，但它是否仍然——為了支援多個頻段，你們是否仍需要因天線需求而採用不同的衛星設計？或者未來有沒有辦法把它整合起來？

No, no, we're keeping different phased arrays per block of spectrum. So you have the low band, the mid-band and in the future, the C-band is also being incorporated to the satellites.

不，不，我們會針對每個頻譜區塊維持不同的相控陣列。所以你會有低頻段、中頻段，而未來 C 頻段也會被納入衛星。

Got it. And a follow-up. You didn't answer David's question from earlier about the government radar applications. And maybe I'll just ask, is that -- are we talking active or passive applications? And is this using your spectrum or government spectrum?

了解。還有一個追問。你們先前沒有回答 David 關於政府雷達應用的問題。我想直接問：我們談的是主動式還是被動式應用？以及這是使用你們的頻譜，還是政府的頻譜？

The radar application in United States is using government spectrum. And that takes advantage of our very large phased array and the sensitivity of the satellites, which is a capability that is already built and in orbit for the government.

美國的雷達應用使用的是政府頻譜。這會利用我們非常大型的相控陣列以及衛星的靈敏度；這是一項已經建置完成並在軌運行、可供政府使用的能力。

And with that L-band spectrum already designed in?

而且那個 L 頻段頻譜也已經納入設計了？

Our major application is for radar is in the lower bands.

我們雷達的主要應用是在較低頻段。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

I wanted to follow up on the dedicated constellation front. The J-LEO opportunity seems very exciting. I'm wondering if you could address a little bit the architectural approach in terms of how much commonality and you can leverage existing infrastructure from gateways and otherwise as you build out that constellation. And as part of that, I think Japan has committed $1 billion in capital. What is the capital requirement from the AST standpoint?

我想追問一下專用星座的部分。J-LEO 的機會看起來非常令人振奮。我想請你們談談架構上的做法：在建置該星座時，從閘道站等既有基礎設施到其他方面，有多少共通性可以沿用與槓桿？另外，據我了解日本已承諾投入 10 億美元資本。從 AST 的角度來看，所需資本是多少？

And then you've hinted at other opportunities globally. I'm wondering if you could provide some color in terms of other opportunities that are percolating either from a regional perspective or maybe the number of opportunities.

此外你們也暗示在全球還有其他機會。我想請你們提供一些背景，說明其他正在醞釀的機會——不論是從區域角度，或是機會的數量。

Scott, the satellites flagged Japanese are basically identical than the rest of the constellation. And the way that this is planned is as they are flagged as Japanese satellites, they can be used anywhere in the world using the same architecture of gateways and the rest of the American constellation, the vast majority of the satellites. So these represent roughly half on the investment on those satellites in capital that is non-dilutive and non-debt for global usage of these satellites, but with a flag, a Japanese satellite for that subset of satellites.

Scott，被標示為日本的那些衛星，基本上與星座中其他衛星是相同的。規劃方式是：它們雖然被標示為日本衛星，但可以在全球任何地方使用，並沿用相同的閘道站架構以及美國星座其餘部分（也就是絕大多數衛星）的架構。因此，這些衛星約代表其衛星資本投資的一半，且這部分資金是非稀釋、非負債的，用於這些衛星的全球使用；只是其中一部分衛星會以「日本衛星」的旗標標示。

Great. And any other opportunities that are percolating that you can address in terms of number of opportunities or potential timeline for other similar types of dedicated sovereign constellations?

很好。那還有沒有其他正在醞釀的機會，你們可以談談，例如機會數量或其他類似的專用主權星座的潛在時程？

Scott, yes, we don't want to comment on that, but there are other discussions with other parties. And frankly, if you think about it, having communications capabilities that are resilient and in your control, I don't know why a G20 country wouldn't want this kind of capability given the price. So I think that we see this as an attractive place for us to continue to build out our network and partner in the way that we've been very good at it. And you see this playing out a little bit, I think, in the earth observation arena.

Scott，是的，我們不想對此發表評論，但確實還在與其他方進行討論。坦白說，如果你想一想，擁有具韌性且由你掌控的通訊能力，我不明白為什麼任何一個 G20 國家在這樣的價格下會不想要這種能力。所以我認為，對我們而言，這是一個很有吸引力的領域，讓我們能持續擴建網路，並以我們一直很擅長的方式進行合作。而你也會看到這在地球觀測領域有一些類似的發展。

But as it relates to comms and our other capabilities, which is a much bigger opportunity and much more strategic, I think you're going to see a lot of this over time because I just don't understand why a major country wouldn't want this capability.

但就通訊以及我們其他能力而言——這是一個更大的機會、也更具策略性——我認為隨著時間推移，你會看到更多這類情況，因為我實在不理解為什麼一個主要國家不會想要這種能力。

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

問答環節到此結束。現在我想把時間交還給 Max Colbert 作結語。

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

謝謝，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。我們非常感謝各位，祝各位本週剩餘時間愉快。

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。