AST SpaceMobile, Inc. (ASTS) 2026 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to AST Space Mobile Third Quarter 2026 Business Update. Please be advised that today's call is being recorded.

大家好，感謝您撥冗等候。歡迎參加 AST Space Mobile 2026 年第三季業務更新電話會議。敬請注意，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 Space Mobile. Thank you. You may begin.

現在我將把會議交給 AST Space Mobile 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 與財務長；以及首席法務長 Andy Johnson。請各位參閱簡報第 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.

在今天的電話會議中，我們可能會做出若干前瞻性陳述。這些陳述係基於目前的預期與假設，因此可能受到風險與不確定性影響。許多因素可能導致實際事件與本次電話會議中的前瞻性陳述出現重大差異。

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. Also, after our initial remarks, we’ll be starting our Q&A section with questions submitted in advance by our shareholders. For those of you who may be new to our company 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.

如需瞭解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。此外，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。對於可能剛認識我們公司與使命的各位，目前全球約有近 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缺口。另外，仍有數十億人缺乏行動寬頻，尚未連結到全球經濟。

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

AST SpaceMobile 所追求的市場規模龐大，而我們要解決的問題至關重要，幾乎與每個人都息息相關。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，並由我們廣泛的智慧財產與專利組合提供支援。

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

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

Thanks Max. As always, our mission is simple to say and hard to do: to build the first and only space-based cellular broadband network accessible directly by everyday smartphones, designed for both commercial and government applications.

謝謝你，Max。如同以往，我們的使命說起來簡單、做起來很難：打造全球第一且唯一的太空行動寬頻網路，讓一般智慧型手機可直接連線使用，並同時為商業與政府應用而設計。

This quarter we made real progress on every front: service, launch capability, government and capital. Let me walk through it. If you remember only one message from today, make it this one. Four milestones defined this quarter.

本季我們在各個面向都取得了實質進展：服務、發射能力、政府與資本。我來逐一說明。如果各位今天只記住一個重點，就請記住這一句。本季由四項里程碑所定義。

First, service. We’re on track for nationwide intermittent service activation in the United States and other key markets before year end 2026. This is the moment we have been building towards. Second, launch. We announced Blacklift, our own 20-ton reusable rocket powered by the Miranda and Vera engines with launches starting in late 2028. Third, government. We secured dual-use commercial and government DPAS rating and we now have launches planned in ’27 and ’28 with SpaceX, Blue Origin and others, supporting a planned hundred satellites in orbit.

第一，服務。我們正按計畫在 2026 年底前於美國及其他關鍵市場啟動全國性間歇式服務。這正是我們一路努力邁向的時刻。第二，發射。我們宣布 Blacklift——我們自有的 20 噸級可重複使用火箭，由 Miranda 與 Vera 引擎提供動力，預計自 2028 年末開始發射。第三，政府。我們取得具商用與政府雙用途的 DPAS 評級，並且目前已規劃於 2027 與 2028 年由 SpaceX、Blue Origin 等合作夥伴執行發射，支援在軌部署百顆衛星的計畫。

Fourth, capital. We secured a billion dollars in non-dilutive subsidies from Japan, Minister of Internal Affairs and Communications for mid-band satellite manufacturing; and the number behind those milestones, $42.3 million in third quarter revenue, $3.2 billion in cash, cash equivalent and restricted cash, more than 100 BlueBirds under launch agreements and a production rate target of six per month in December.

第四，資本。我們獲得日本總務省提供的 10 億美元非稀釋性補助，用於中頻段衛星製造；而支撐上述里程碑的數字包括：第三季營收 4,230 萬美元、現金與約當現金及受限制現金合計 32 億美元、超過 100 顆 BlueBird 已簽署發射協議，以及 12 月每月 6 顆的產能目標。

Let me put this quarter in context. We advanced several important initiatives to support the global expansion of our network. We expect to work with all major mobile network operators in the United States and Europe that give us the potential commercial ecosystem in excess of our current agreement with over 60 mobile network operators representing over 3 billion subscribers globally.

讓我把本季放在更大的脈絡中說明。我們推進了多項重要計畫，以支援我們網路的全球擴張。我們預期將與美國與歐洲所有主要行動網路營運商合作，這將使我們的潛在商業生態系統超越目前與超過 60 家行動網路營運商（合計代表全球超過 30 億用戶）的合作協議規模。

On the manufacturing front, we’re transitioning to a full-scale ASIC integration with BlueBird 34 while advancing production through BlueBird 51. We made that choice deliberately because it substantially increased the capability of every satellite we build, and we expect to reach a production rate of 6 ASIC satellites per month in December of this year.

在製造方面，我們正於 BlueBird 34 轉向全面導入 ASIC 整合，同時推進至 BlueBird 51 的生產。我們是刻意做出這項選擇，因為它能大幅提升我們所打造的每一顆衛星的能力；我們預期在今年 12 月達到每月 6 顆 ASIC 衛星的產能。

Looking ahead, our priorities for ’26 and ’27 are advance service readiness across our initial markets, completely transition to ASIC-enabled production, scale constellation deployment, and be the direct-to-device partner of choice for mobile network operators, technology leaders and the US government.

展望未來，我們在 2026 與 2027 年的優先事項包括：提升初始市場的服務就緒度、全面轉換至支援 ASIC 的量產、擴大星座部署規模，並成為行動網路營運商、科技領導者與美國政府首選的直連裝置（direct-to-device）合作夥伴。

Let’s start with service. We expect initially intermittent nationwide coverage in key markets by year end 2026. We’re doing this by leveraging the strengths of our partners, their network infrastructure, their spectrum, their customer relationships combined with our technology leadership. The first step of our coverage rollout is with strategic partners in five markets, United States, Canada, Japan, Saudi Arabia and United Kingdom. I am also proud to share that with our partner AT&T; we validated the first ever satellite beam handover between ground-based and space-based cellular broadband networks.

先從服務談起。我們預期在 2026 年底前於關鍵市場先行提供全國性間歇式覆蓋。我們將透過結合合作夥伴的優勢來達成：他們的網路基礎設施、頻譜、客戶關係，再加上我們的技術領先地位。我們覆蓋擴展的第一步，將與五個市場的策略夥伴合作：美國、加拿大、日本、沙烏地阿拉伯與英國。我也很自豪地分享：我們與合作夥伴 AT&T 一起，驗證了史上首次在地面與太空行動寬頻網路之間的衛星波束切換（handover）。

This means for our customers moving seamlessly from a cell tower to a satellite on the phone already in your pocket. No other company has this capability. On spectrum, we’re combining shared MNO spectrum with our controlled MSS spectrum. On a market-by-market basis we’re targeting approximately 100 MHz of spectrum access in the United States and more than 60 MHz globally.

這代表我們的客戶可以在口袋裡現有的手機上，從基地台無縫切換到衛星。沒有任何其他公司具備這項能力。在頻譜方面，我們將共享的 MNO 頻譜與我們可控的 MSS 頻譜相結合。以各市場為單位，我們在美國的目標是取得約 100 MHz 的頻譜使用權，並在全球取得超過 60 MHz。

Now to manufacturing. We made a strategic decision to pull forward our next generation ASIC from BlueBird 50 to BlueBird 34. The ASICs deliver 10 times improvement in processing bandwidth compared with the Block 1 BlueBirds in orbit today. Today we’re in production through BlueBird 51 in Texas, with two factories running full shift to reach run-rate production. Every satellite we launch from BlueBird 34 onwards will be dramatically more capable 10 times and we expect to hit 6 satellites per month in December.

接著談製造。我們做出策略性決策，將下一代 ASIC 的導入從 BlueBird 50 提前至 BlueBird 34。相較於目前在軌的第一代（Block 1）BlueBird，ASIC 可帶來 10 倍的處理頻寬提升。目前我們在德州已推進至 BlueBird 51 的生產，兩座工廠以滿班運作以達到穩態量產。自 BlueBird 34 起我們發射的每一顆衛星，其能力都將大幅提升達 10 倍；我們預期在 12 月達到每月 6 顆衛星。

BlueBirds are now on the move. Let me walk through the timeline. In orbit today: BlueBirds 11, 12 and 13 have unfolded successfully and are in operation in space. September 2026, BlueBird 14, 15 and 16 shipped to the Cape and are awaiting their SpaceX launch date confirmation. November 2026, BlueBird 17, 18, 19 are expected to ship for a Blue Origin launch expected in early Q1. BlueBird 20, 21, 22, 23, 24 and 25 shipping during December and January for expected DPAS-rated dual-use launches during Q1 2027.

BlueBird 現在已開始推進部署。我來說明時間表。目前在軌：BlueBird 11、12 與 13 已成功展開，並在太空中運作。2026 年 9 月，BlueBird 14、15 與 16 已運抵卡納維爾角，正等待 SpaceX 確認發射日期。2026 年 11 月，BlueBird 17、18、19 預計將出貨以配合 Blue Origin 預計於第一季初的發射。BlueBird 20、21、22、23、24 與 25 將於 12 月與 1 月期間出貨，預計於 2027 年第一季進行具 DPAS 評級的雙用途發射。

Mid 2027, we’re targeting 45 BlueBirds in orbit. ’27 through ’28: we’re expecting an aggregated deployment of more than 100 BlueBirds under our launch agreements. Late 2028, Blacklift, our own rocket, begins launches. Our launch agreements now cover over 100 BlueBird satellites expected to be deployed between ’27 and ’28.

2027 年年中，我們目標是在軌達到 45 顆 BlueBird。2027 至 2028 年：依據我們的發射協議，預期累計部署超過 100 顆 BlueBird。2028 年末，Blacklift——我們自有火箭——開始執行發射。我們目前的發射協議涵蓋超過 100 顆 BlueBird 衛星，預計於 2027 至 2028 年間完成部署。

Let me spend a moment on Blacklift because it’s a defining step for the company. Blacklift is our purpose-built reusable rocket to deploy BlueBirds into low Earth orbit. It is a 20-ton vehicle able to carry up to five BlueBirds per launch with initial launches planned for late 2028. It uses the Miranda and Vera engines architecture with over a decade of development and proven flight heritage. Why this matters? It gives us greater control over launch availability and deployment schedules.

讓我花一點時間談談 Blacklift，因為這是公司具有指標意義的一步。Blacklift 是我們為將 BlueBirds 部署至近地軌道而量身打造的可重複使用火箭。它是一款 20 噸級載具，每次發射最多可搭載五顆 BlueBird，首批發射計畫於 2028 年底進行。它採用 Miranda 與 Vera 引擎架構，具備超過十年的研發歷程與經驗證的飛行履歷。為什麼這很重要？它讓我們能更有效掌控發射可用性與部署時程。

It offers attractive ownership economics over the long term. It complements it does not replace our launch agreements with SpaceX, Blue Origin and others for ’27 and ’28, and it gives us access to further launches for US government missions alongside our DPAS-rated programs. In short, regular, unconstrained access to orbit with attractive owners' economics. Our ambitions go beyond direct-to-device. We are positioned in AST SpaceMobile as the partner of choice for global mobile network operators, technology leaders and the United States government.

從長期來看，它提供具吸引力的自有化經濟效益。它是補強而非取代我們與 SpaceX、Blue Origin 及其他夥伴在 2027 與 2028 年的發射協議，並讓我們在 DPAS 評級計畫的支持下，能為美國政府任務取得更多發射機會。簡而言之：以具吸引力的自有化經濟效益，獲得規律且不受限制的入軌通道。我們的雄心不僅止於直連裝置（direct-to-device）。在 AST SpaceMobile，我們已定位為全球行動網路營運商、科技領導者以及美國政府的首選合作夥伴。

In government, we were awarded an approximate $100 million US Space Force contract to advance space-based sensing capabilities. We now have 16 US government awards to date. Internationally, we’re growing our partnership strategy by combining S-band spectrum with IMT spectrum allocations in large international markets like Brazil.

在政府領域，我們獲得美國太空軍約 1 億美元的合約，用於推進天基感測能力。截至目前，我們已累計取得 16 項美國政府授標。在國際市場方面，我們正透過在巴西等大型國際市場結合 S 頻段頻譜與 IMT 頻譜配置，擴大我們的合作夥伴策略。

In technology, we operate the largest phased array low Earth orbit. Combined with our ASIC micron, they open a dramatically expanded addressable market across capabilities beyond direct-to-device, including in-orbit AI inference, space-based sensing and other applications around physical AI and this is showing up in our results.

在技術方面，我們營運的是近地軌道中最大的相控陣列。結合我們的 ASIC 微晶片，這些能力大幅擴展了可服務市場，涵蓋直連裝置以外的多種能力，包括在軌 AI 推論、天基感測，以及其他與實體 AI 相關的應用，而這也反映在我們的成果之中。

We remain on target for our full year 2026 revenue guidance of $150 million to $200 million, with an upside from recent contract signatures, and our balance sheet is strong: $3.2 billion in cash, cash equivalent and restricted cash, reinforced by USD1 billion in J-LEO non-dilutive subsidies with our partner Rakuten and a $1.2 billion non-dilutive additional quasi-governmental non-dilutive financing that is pipeline for 2027.

我們仍按計畫達成 2026 全年營收指引 1.5 億至 2 億美元，近期合約簽署亦帶來上行空間；同時我們的資產負債表強勁：現金、約當現金與受限制現金合計 32 億美元，並由與合作夥伴樂天（Rakuten）的 10 億美元 J-LEO 非稀釋性補助加以強化，另有 12 億美元額外的準政府性非稀釋融資正在推進中，預計於 2027 年落地。

With that I will turn the call over to Scott who will take you through our business update in more detail.

接下來我把電話會議交給 Scott，他將更詳細帶大家了解我們的業務更新。

We’ve made great strides advancing service readiness, manufacturing, growing our commercial and US government ecosystem, and ensuring regular, unconstrained access to orbit with BlackLift. I’ll highlight our progress and put into context the enormous opportunity to deliver space-based cellular broadband for our partners amidst a large and growing total addressable market.

我們在推進服務就緒度、製造能力、擴大商業與美國政府生態系，以及透過 BlackLift 確保規律且不受限制的入軌通道方面，都取得了重大進展。我將重點說明我們的進度，並在龐大且持續成長的可服務市場（TAM）背景下，說明為合作夥伴提供天基蜂巢式寬頻的巨大機會。

Demand for direct-to-device connectivity has grown significantly during 2026. Space-based cellular broadband connectivity and critical non-communication services like sensing and radar are considered must-have capabilities between wireless and defense ecosystems, and our BlueBird satellite platforms operate as a leading satellite technology platform capable of performing both. We believe that unconstrained access to orbit will be both a key differentiator among technology companies operating in space and the way to continue to address the very large, expanded TAM over time.

2026 年期間，對直連裝置連線的需求顯著成長。天基蜂巢式寬頻連線，以及感測與雷達等關鍵的非通訊服務，被無線與國防生態系視為必備能力，而我們的 BlueBird 衛星平台作為領先的衛星技術平台，能同時執行這兩類任務。我們相信，不受限制的入軌通道將同時成為太空科技公司之間的關鍵差異化因素，並是我們隨時間持續掌握龐大且擴張之 TAM 的方式。

What ultimately gave us conviction that building our own 20-ton rocket was feasible, and the timeline was set forth, was by starting from a place of strength, acquiring trusted and tested engine technology. The backbone of every rocket is its engines. The Miranda engine combines repeated successful testing, patent-protected propulsion technology, and maximum performance, making it the right engine to build a purpose-built rocket around.

最終讓我們確信自建 20 噸級火箭可行、並能確立時程的關鍵，在於我們從優勢出發：收購可信且經過驗證的引擎技術。每一枚火箭的骨幹都是其引擎。Miranda 引擎結合反覆成功測試、受專利保護的推進技術與最大化性能，使其成為打造專用火箭的最佳核心引擎。

The Miranda engine has conducted over 175 successful hot-fire tests for more than 4,200 seconds, the equivalent of about 20 full first-stage flights and completed a flight-like test at 110% performance of the 230,000 pounds of thrust engine. This was pushing the Miranda engine beyond nominal parameters where performance earns its marks. We are not buying just any rocket engine technology, nor are we starting from scratch. The Miranda engine leverages an architecture with over a decade of development and proven flight heritage, immediately kickstarting BlackLift’s development with a massive leap forward.

Miranda 引擎已完成超過 175 次成功熱點火測試，累計超過 4,200 秒，相當於約 20 次完整的一級飛行，並完成了在 23 萬磅推力引擎 110% 性能下的類飛行測試。這等於將 Miranda 引擎推至超出標稱參數的範圍，以性能實力證明其價值。我們並非購買隨便的火箭引擎技術，也不是從零開始。Miranda 引擎採用具備超過十年研發與經驗證飛行履歷的架構，能立即為 BlackLift 的研發帶來巨大的起跳式進展。

We’re doing this with Firefly, one of the few companies in the United States with a proven liquid engine of this scale, making their engine, intellectual property, and rocket technology both proven and scarce. They’ve also demonstrated repeated launch success to orbit with their Alpha rocket, whose engine IP is what the larger Miranda engines were built upon. They’ve also completed several missions for the US government and defense customers. They’re also the first and only private company to ever successfully land and operate spacecraft on the Moon, a monumental achievement for American dominance in space.

我們與 Firefly 合作；在美國，能提供此規模且已驗證之液體引擎的公司屈指可數，因此其引擎、智慧財產與火箭技術既經驗證又稀缺。他們也已透過 Alpha 火箭多次成功入軌發射，而 Alpha 的引擎 IP 正是更大型 Miranda 引擎的技術基礎。他們也已為美國政府與國防客戶完成多項任務。他們同時也是史上第一家、也是唯一一家成功在月球著陸並操作太空器的民營公司，這是美國在太空領域主導地位的一項里程碑式成就。

This transaction was structured carefully with a mix of proceeds in cash and stock and further payments over time alongside the significant value we expect to receive. Additionally, we are assessing our forward CapEx and expect to spend several hundred million dollars of incremental capex in 2027 associated with BlackLift and any upside associated with pulling forward internal project milestones as appropriate. Supplemental to our BlackLift news, we have new agreements with our external launch providers. External launch remains critical to our near- and medium-term network deployment objectives. These agreements now cover in total over 100 BlueBird satellites expected to be deployed cumulatively between 2027 and 2028 by launch providers with active manifest.

這筆交易經過審慎設計，以現金與股票的組合支付部分對價，並在未來隨時間推進進一步付款，同時對應我們預期可獲得的重大價值。此外，我們正在評估未來資本支出（CapEx），並預期於 2027 年因 BlackLift 相關投入而增加數億美元的增量資本支出，以及在適當情況下提前內部專案里程碑所帶來的任何上行投入。除 BlackLift 的消息外，我們也與外部發射供應商簽署了新協議。外部發射對我們短期與中期的網路部署目標仍至關重要。這些協議合計涵蓋超過 100 顆 BlueBird 衛星，預計由具備在手發射清單（manifest）的發射供應商於 2027 至 2028 年間累計部署。

We also have access to further launches for US government missions alongside our DPAS-rated program, the Defense Priorities and Allocation System, which helps assure that strategic resources for national security are timely available to meet current National Defense and Emergency Preparedness Program requirements. Take this as a signal that our on-orbit technology is strategic, innovative, and flexible, especially to meet the needs of the United States government.

在我們的 DPAS 評級計畫（國防優先與分配系統，Defense Priorities and Allocation System）支持下，我們也能為美國政府任務取得更多發射機會；該系統有助於確保國家安全所需的戰略資源能及時可用，以滿足現行《國防與緊急整備計畫》的需求。請將此視為一項訊號：我們的在軌技術具備戰略性、創新性與彈性，尤其能滿足美國政府的需求。

Our focus at AST SpaceMobile has always been on building a network capable of delivering cellular broadband connectivity everywhere, working in partnership with mobile network operators around the world.

AST SpaceMobile 的核心焦點始終是打造一個能在任何地方提供蜂巢式寬頻連線的網路，並與全球行動網路營運商攜手合作。

Today we have more than 60 MNO partners collectively covering over 3 billion subscribers. But what we have developed is much more than a satellite connectivity solution. Our differentiated technology, extensive intellectual property, vertically integrated manufacturing capabilities, global MNO ecosystem, comprehensive spectrum strategy, and sophisticated in-orbit platform position us to pursue opportunities across multiple industries. As our technology has matured, so has the breadth of the markets we can address.

目前我們擁有超過 60 家 MNO 合作夥伴，合計覆蓋超過 30 億名用戶。但我們所打造的遠不只是衛星連線解決方案。我們的差異化技術、廣泛的智慧財產、垂直整合的製造能力、全球 MNO 生態系、完整的頻譜策略，以及成熟的在軌平台，使我們得以在多個產業追求機會。隨著技術成熟，我們可切入的市場廣度也同步擴大。

Now anchored by the direct-to-device market, we’ve identified other leading industries where we’re already developing business like IoT services, radar and space-based sensing, secure communications, federal emergency services, sovereign funded networks, AI inference, and other applications around physical AI. Now let me highlight several of the most significant markets where we’ve made recent important traction.

在直連裝置市場作為核心支柱之下，我們也辨識出其他領先產業領域，且我們已在其中開展業務開發，例如 IoT 服務、雷達與天基感測、安全通訊、聯邦緊急服務、主權資金支持的網路、AI 推論，以及其他與實體 AI 相關的應用。接下來我將重點說明幾個我們近期取得重要進展的最具規模市場。

Our recently announced award for advanced sensing capabilities through the US Space Force will produce approximately $100 million in revenue. This is a small step towards a much larger program of record for AMTI, or Airborne Moving Target Indication, a capability which is highly strategic for the United States, and we believe to be a top priority for the Space Force.

我們近期宣布透過美國太空軍取得的先進感測能力授標，預計將帶來約 1 億美元營收。這只是邁向更大型的 AMTI（Airborne Moving Target Indication，空中移動目標指示）正式列裝計畫（program of record）的一小步；該能力對美國具有高度戰略性，我們也相信這將是太空軍的最高優先事項之一。

On the sovereign front, we are seeing a trend of large countries and regional bodies looking to replicate owned, resilient communications in orbit, driven by a desire for greater operational control over communications in their territory. This is a market we expect to deliver meaningfully in, and no better example than with our J-LEO initiative in Japan. With approximately $1 billion in funding to support a mid-band constellation and in-country traffic providing critical resilient communications to Japan, using architecture that lands traffic in country uniquely positions us to serve this need and into further connectivity layers to meet this demand.

在主權層面，我們看到一個趨勢：大型國家與區域性組織正尋求在軌道上複製自有、具韌性的通訊能力，背後驅動因素是希望對其領土內的通訊擁有更高的營運控制權。我們預期這將是一個能為我們帶來實質貢獻的市場，而我們在日本的 J-LEO 計畫就是最佳例證。約 10 億美元的資金將用於支持一個中頻星座，並透過在國內落地的流量，為日本提供關鍵且具韌性的通訊；採用將流量在國內落地的架構，使我們能以獨特方式滿足此需求，並延伸至更多連接層以回應這股需求。

This follows our continued work with FirstNet, our partner through AT&T, supporting emergency and first responder networks in the United States, and recent announcements with multiple governments through partners like Vodafone. A few notes on the mechanics of the J-LEO award, for modeling purposes we expect the funding to be made ahead of investment in spacecraft and launch, with the majority of proceeds received during 2027.

這也延續了我們與 FirstNet 的持續合作；FirstNet 透過 AT&T 作為我們的合作夥伴，支援美國的緊急應變與第一線救援人員網路，以及我們近期透過 Vodafone 等合作夥伴與多國政府所發布的多項公告。就 J-LEO 授標的運作機制而言，為便於建模，我們預期資金將在航太器與發射投資之前先行到位，且大部分款項將於 2027 年收取。

In consideration for this subsidy, the joint venture in which we will hold 49% of the equity will receive the revenue for three targeted exclusive markets in Asia. The remaining capacity of these subsidized satellites outside of Japan will operate as part of our global mid-band network and be available to our global partners in the normal course, with a low single-digit net revenue share to the joint venture.

作為此項補助的對價，我們將持有 49% 股權的合資企業，將取得亞洲三個指定之獨家目標市場的營收。日本以外、由補助衛星所提供的其餘容量，將作為我們全球中頻網路的一部分運作，並在正常業務過程中提供給我們的全球合作夥伴使用；合資企業將取得低個位數比例的淨營收分成。

Lastly, progress on gateway deliveries, commercial service, and executing milestones under our US government contracts reinforce our conviction in achieving our full-year 2026 revenue goals. As a result, we are reiterating our guidance of $150 million to $200 million on the year, and even with the expected Q4-weighted revenue build, we see potential upside to our guidance depending on the timing of certain milestones and the J-LEO program.

最後，閘道站交付、商業服務，以及我們在美國政府合約下里程碑的執行進展，強化了我們達成 2026 全年營收目標的信心。因此，我們重申全年 1.5 億至 2 億美元的指引；即便營收預期在第四季占比較高、呈現加速成長，我們仍視特定里程碑與 J-LEO 計畫的時程而定，認為指引存在上行空間。

Altogether, the pieces of our global space-based cellular broadband network are coming together alongside non-dilutive financing as we prepare for commercial service with our MNO partners and drive business in a large and growing total addressable market.

總體而言，隨著我們為與 MNO 合作夥伴展開商業服務做準備，並在龐大且持續成長的可服務總市場（TAM）中推動業務，我們的全球太空基蜂巢式寬頻網路各項要素正逐步到位，同時也搭配非稀釋性融資。

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

我現在很高興把電話會議交給 Andy，請他帶大家回顧我們的財務更新。

Thanks, Scott, and good afternoon, everyone. During the third quarter of 2026, we maintained focus on our strategic objectives by further fortifying our capital position and on a multitude of commercial, operational, and financial objectives.

謝謝你，Scott，各位下午好。在 2026 年第三季，我們持續聚焦於策略目標，進一步強化資本部位，並推進多項商業、營運與財務目標。

Revenue in Q3 came in consistent with our internal plans. As I previously noted, we expect revenues to build sequentially each quarter during 2026 with contributions from both commercial revenue, including gateway sales revenue, and US government milestones met.

第三季營收與我們的內部計畫一致。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（含閘道站銷售營收）以及達成的美國政府里程碑。

I am pleased to confirm that we remain on track to meet our full year 2026 revenue guidance of $150 million to $200 million. With respect to manufacturing, in September of this year we shipped BlueBirds 14, 15, and 16 to Cape Canaveral and are currently awaiting their SpaceX launch date confirmation. This month, in November of 2026, BlueBirds 17, 18, and 19 are expected to ship for a Blue Origin launch that we anticipate in early Q1 of 2027. Additionally, BlueBirds 20, 21, 22, 23, 24, and 25 are shipping during December and January for expected DPA-rated dual-use launches during Q1 of 2027.

我很高興確認，我們仍按計畫達成 2026 全年 1.5 億至 2 億美元的營收指引。就製造而言，今年 9 月我們已將 BlueBird 14、15 與 16 號運送至卡納維爾角，目前正等待 SpaceX 確認發射日期。本月，也就是 2026 年 11 月，BlueBird 17、18 與 19 號預計將出貨，搭配 Blue Origin 的發射，我們預期在 2027 年第一季初進行。此外，BlueBird 20、21、22、23、24 與 25 號將於 12 月與 1 月出貨，預計在 2027 年第一季進行符合 DPA 評級的雙用途發射。

Our manufacturing facilities in Midland are completely transformed and buzzing with activity to achieve a manufacturing cadence now of six ASIC satellites per month before the end of this year. That manufacturing progress positions us well to support our current network deployment plan targeting approximately 45 BlueBird satellites in orbit by the middle of 2027. Beyond ’27 through 2028, we anticipate reaching deployment of more than 100 BlueBirds under our current launch agreements and, in late 2028, we expect to bring BlackLift, our own rocket, to launch on a go-forward basis.

我們位於 Midland 的製造設施已徹底轉型，並以高度活躍的節奏運作，目標是在今年底前將製造節拍提升至每月 6 顆 ASIC 衛星。這項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 年年中前讓約 45 顆 BlueBird 衛星在軌運行。在 2027 年之後至 2028 年期間，我們預期在現有發射協議下部署超過 100 顆 BlueBird；並在 2028 年底，我們預期讓自有火箭 BlackLift 進入常態化的後續發射。

The strength of our balance sheet, further bolstered by July’s convertible debt offering, positions us not only to complete the full buildout 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 critical growth initiatives like securing additional access to orbit through our recently announced BlackLift 20-ton reusable rocket, which further vertically integrates AST SpaceMobile all the way to the launch pad.

我們的資產負債表實力，並在 7 月可轉換債發行後進一步強化，使我們不僅能完成超過 100 顆 BlueBird 衛星星座的完整建置與發射，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，也能推動關鍵成長計畫，例如透過近期公布的 BlackLift 20 噸級可重複使用火箭，取得更多進入軌道的能力，進一步將 AST SpaceMobile 垂直整合至發射台。

Our intentional focus on investing in the growth of our operations led to higher adjusted operating expenses in Q3 2026 as compared to Q2, consistent with our expectations as previously communicated during our second quarter 2026 earnings call in August 20.

我們有意識地聚焦於投資營運成長，導致 2026 年第三季的調整後營運費用較第二季提高；這與我們先前在 8 月 20 日的 2026 年第二季財報電話會議中所溝通的預期一致。

Now, moving to the operating and capital metrics slide, let’s review the key metrics for the third quarter in a bit more detail. On the first chart, for the third quarter of 2026 we incurred non-GAAP adjusted operating expenses of $133.6 million versus $119.1 million in the second quarter. Non-GAAP adjusted operating expenses exclude non-cash operating costs.

接著看營運與資本指標投影片，我們更詳細回顧第三季的關鍵指標。在第一張圖表中，2026 年第三季我們的非 GAAP 調整後營運費用為 1.336 億美元，第二季為 1.191 億美元。非 GAAP 調整後營運費用不包含非現金的營運成本。

The quarter-over-quarter increase of $14.5 million resulted primarily from a $1 million increase in adjusted cost of revenues due to higher revenue in the quarter, together with an $11 million increase in adjusted engineering service costs, a $1.2 million increase in adjusted general administrative costs, and a $1.3 million increase in R&D costs. Our Q3 2026 adjusted operating expenses, excluding adjusted cost of revenues, were $109.4 million compared to $95.9 million in Q2 of 2026.

季對季增加的 1,450 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 100 萬美元，另加上調整後工程服務成本增加 1,100 萬美元、調整後一般與行政成本增加 120 萬美元，以及研發成本增加 130 萬美元。我們 2026 年第三季的調整後營運費用（不含調整後營收成本）為 1.094 億美元，2026 年第二季為 9,590 萬美元。

This amount was within the $105 million to $115 million guidance for Q3 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, offset by a favorable one-time R&D tax credit in the amount of $4.5 million.

該金額落在我先前提供的第三季調整後營運費用 1.05 億至 1.15 億美元指引範圍內。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）、生產設施擴張；部分被一次性 450 萬美元的有利研發稅額抵減所抵銷。

Turning towards the second chart on this slide, our capital expenditures for the third quarter of 2026 were approximately $310 million versus approximately $610 million for the second 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 below the guidance of $350 million to $425 million that I provided during our last earnings call, primarily due to the timing-related shifts in launch payments.

再看本頁第二張圖表，2026 年第三季資本支出約為 3.10 億美元，第二季約為 6.10 億美元。該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構成，其餘則與設施及生產設備支出相關。本季金額低於我在上次財報電話會議中提供的 3.50 億至 4.25 億美元指引，主要原因是發射付款時點的移轉。

For the fourth quarter of 2026, we estimate that our adjusted operating expenses, excluding adjusted cost of revenues, will increase to the range of approximately $130 million to $140 million as we continue to absorb the full quarter of cost of our expanded workforce, continue growing talent across our organization to scale our efforts on commercial readiness, address our expanding TAM, pursue the monetization of our L- and S-band spectrum usage rights, and begin to ramp efforts related to our BlackLift rocket capability.

對於 2026 年第四季，我們估計調整後營運費用（不含調整後營收成本）將上升至約 1.30 億至 1.40 億美元區間；原因是我們將持續吸收擴編後人力的整季成本、持續在全組織擴大招募以擴張商業化準備工作、因應我們擴大的 TAM、推動 L 頻段與 S 頻段頻譜使用權的變現，並開始提升與 BlackLift 火箭能力相關的投入。

Following lighter-than-originally-anticipated CapEx spend in Q3, we expect our capital expenditures in Q4 of 2026 to be in the range of approximately $400 million to $500 million, primarily driven by the timing of launch payments which, as I’ve previously explained and evidenced by historical spend, varies from quarter to quarter. Importantly, our continued spend on growth-related CapEx reflects our increasing satellite production and our active orbital launch plans.

在第三季資本支出低於原先預期之後，我們預期 2026 年第四季資本支出約為 4.00 億至 5.00 億美元區間，主要由發射付款時點所驅動；如我先前所說明且從歷史支出可見，該時點會隨季度而變動。重要的是，我們持續投入與成長相關的資本支出，反映出我們衛星產量的提升以及積極的軌道發射計畫。

We continue to estimate that our 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 and corresponding launch that are used to validate performance and operations, and may increase as we work to continually expedite our launch schedules. Our cost-per-satellite estimates are subject to fluctuations based on dynamic geopolitical factors that could impact our cost.

我們仍然估計，我們的平均資本成本（包括直接材料以及我們由 90 多顆 BlueBird 衛星組成之星座的發射成本）將落在每顆衛星約 2,100 萬至 2,300 萬美元的區間；但不包含某些用於驗證性能與營運的初期衛星及其相應發射，且隨著我們持續加速發射時程，該成本可能上升。我們的單星成本估算會因動態地緣政治因素而波動，這些因素可能影響我們的成本。

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

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，可能因多種因素而延後，或可能無法實現。

Turning to revenue, in the third quarter we recognized revenue of $42.3 million, primarily driven by commercial gateway deliveries and various US government service milestone achievements. Our revenue increased sequentially and year-over-year in the third quarter as we expected due to the timing of gateway deployment at our commercial customers and the timing of completion of certain government contract milestones.

談到營收，第三季我們認列營收 4,230 萬美元，主要由商用閘道（gateway）交付以及美國政府各項服務里程碑達成所帶動。如我們預期，第三季營收較前一季及去年同期增加，原因在於商用客戶閘道部署時點，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 90 BlueBird satellites. Further, as we continue to launch and deploy our constellation, we will continue to support US government applications currently ongoing and accelerating as our constellation grows.

就商用營收創造而言，我們相信，透過約 45 至 60 顆 BlueBird 衛星的發射與營運，我們可在美國、歐洲、日本及其他策略市場等關鍵市場實現連續的 SpaceMobile 服務；而透過約 90 顆 BlueBird 衛星的發射與營運，則可涵蓋更多全球策略市場。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、且會隨星座擴大而加速的美國政府應用。

As we reiterated previously, 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. We continue to work on several Q4 revenue opportunities that will ultimately determine where we fall within our guidance range but have high confidence that revenue acceleration this quarter will result in achievement of our full year 2026 revenue guidance, with potential upside.

如我們先前重申，我們預期 2026 全年營收將落在 1.5 億至 2 億美元之間。鑑於我們業務本質上存在季度波動（包括合約簽署時點、設備銷售以及里程碑達成時點），我們在管理營收端時會以全年表現為重點。我們仍在推進數個第四季營收機會，這些機會最終將決定我們落在指引區間的哪一端；但我們高度有信心，本季營收加速將使我們達成 2026 全年營收指引，且可能有上行空間。

We expect revenue to continue to be driven by gateway deliveries; achievement of contracted milestones for the US government, MNO consulting services; and software licensing. 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, critical gateway equipment sales to our MNO partners in support of their anticipated commercialization efforts of our SpaceMobile service, and service and software revenues in connection with the activation of our commercial service provided by our existing and planned, deployed, and operational satellites.

我們預期營收將持續由閘道交付、美國政府已簽約里程碑達成、行動網路營運商（MNO）顧問服務，以及軟體授權所驅動。我們營收計畫的達成仍取決於若干或有事項，包括：與美國政府應用相關之 BlueBird 衛星成功發射與部署及其合約里程碑達成；向我們的 MNO 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；以及隨著我們既有與規劃中、已部署並可運作的衛星啟用商用服務而產生的服務與軟體收入。

Now, turning to the balance sheet as I previously reviewed with you on our Q2 earnings call in August, in July this year 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 was pivotal in allowing us to pursue additional access to orbit through the creation of our BlackLift rocket, which we expect to provide critical vertical integration of our business to the launch vehicle over the next couple of years.

接著談資產負債表，如我先前在 8 月的第二季財報電話會議中向各位回顧的，今年 7 月我們完成一筆可轉換債交易，發行總本金 11.5 億美元、票面利率 1.625%、2034 年到期的可轉換優先票據。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。這筆融資對我們至關重要，使我們得以透過打造 BlackLift 火箭來取得更多進入軌道的能力；我們預期在未來幾年，這將為我們的業務在發射載具方面提供關鍵的垂直整合。

Finally, on the final chart on this slide, inclusive of that $1.15 billion in gross proceeds from the convertible notes offering, our cash, cash equivalents, and restricted cash as of September 30, 2026, was over $3.2 billion. And with that, I’d like to thank you for your continued support as we continue executing on our commercial, operational, and financial objectives. We are in the midst of an exciting Q4 at AST SpaceMobile and look forward to sharing more on our progress with you, starting with this Thursday’s BlackLift unveiling event in New York City.

最後，在本頁投影片的最後一張圖表中，包含可轉換票據發行所取得的 11.5 億美元總募集款在內，截至 2026 年 9 月 30 日，我們的現金、約當現金及受限制現金超過 32 億美元。在此，我要感謝各位持續的支持，讓我們得以持續推進商業、營運與財務目標。AST SpaceMobile 正處於令人振奮的第四季，我們期待與各位分享更多進展，首先是本週四在紐約市舉行的 BlackLift 發表活動。

We hope you’ll join us for that milestone event, and with that, this completes the presentation component of our business update call, and I’ll pass it back to Max.

我們希望各位能一同參與這場里程碑活動；至此，我們的業務更新電話會議之簡報部分告一段落，我把時間交回給 Max。

Thank you, Andy. Before we go to the queue of analyst questions, we’d 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。在進入分析師提問隊列之前，我們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？

Kevin from Vancouver asks, when facing a launch supply constraint, do you plan on stockpiling satellites to be ready to ship, or will you slow down production to align with available launch capacity?

來自溫哥華的 Kevin 提問：在面臨發射供給受限時，你們是否計畫先囤積衛星以便隨時出貨，還是會放慢生產以配合可用的發射能力？

Thank you, Kevin. No, we do not stop production. As a matter of fact, that’s why we are on satellite 51. 14, 15, and 16 were shipped to the Cape, and they’re awaiting SpaceX launch date confirmation. 17, 18, 19 will be shipped during November. 21, 22, 23, 24, and 25 shipments will happen in December and January, and our plan is to continue with six a month. We are already on satellite 51 in production and all the way to satellite 28 in very final stage.

謝謝你，Kevin。不，我們不會停止生產。事實上，這也是為什麼我們已經做到第 51 顆衛星。第 14、15、16 顆已運到卡納維爾角（Cape），正在等待 SpaceX 確認發射日期。第 17、18、19 顆將於 11 月出貨。第 21、22、23、24、25 顆的出貨將在 12 月與 1 月進行，我們的計畫是持續維持每月 6 顆。我們目前已在生產第 51 顆衛星，並且一路到第 28 顆都已進入非常最後的階段。

Scott from North Carolina asks, could you expand on your relationship with non-MNO commercial customers such as Google and Meta?

來自北卡羅來納州的 Scott 提問：你們能否進一步說明與非 MNO 的商業客戶（例如 Google 與 Meta）之間的關係？

Well, Google is an investor, and we have been working with them for a long time. Meta owns WhatsApp, which has over 3.3 billion monthly active subscribers, and of course we’re very active with all the technology companies working on AI and AI everywhere to enable physical AI, and this is a very strategic relationship for us. And we obviously have a very unique capability that enables the ability to do inference on the satellites itself.

嗯，Google 是投資人，我們與他們合作已久。Meta 擁有 WhatsApp，其每月活躍用戶超過 33 億；當然，我們也非常積極與所有致力於 AI 與「AI 無所不在」的科技公司合作，以實現實體 AI（physical AI），這對我們而言是非常具策略性的關係。而且我們顯然具備非常獨特的能力，能夠在衛星本身進行推論（inference）。

And when you combine that with a very large, phased array with a constant latency into the satellite, that improves the performance of AI inferences exponentially, above and apart, that you basically enable AI everywhere into everything. Combined with the ability to connect very small form factor devices, phones or things that are smaller than phones, machines, cars, drones, and everything that requires AI to be able to function. So yeah, we’re working with Google, we’re working with Meta, we’re working with many other AI enablers in combining our very unique capability of very large, phased array with a lot of power, with a constant latency, minimum latency, to enable AI inferences.

當你把這點與一個非常大型的相控陣列（phased array）以及到衛星的穩定延遲（latency）結合起來，就能使 AI 推論的效能呈指數級提升；更進一步，你基本上就能讓 AI 無所不在、進入萬物。再加上能連接非常小型的裝置外形尺寸（form factor）設備——手機或比手機更小的裝置、機器、汽車、無人機，以及所有需要 AI 才能運作的事物。所以，是的，我們正與 Google 合作、與 Meta 合作，也與許多其他 AI 賦能者合作，把我們非常獨特的能力——具備高功率的大型相控陣列，以及穩定延遲、最低延遲——結合起來，以支援 AI 推論。

[Artishir] from Georgia asks, hello, I was very curious to see a filing for E-band phased array on our satellites. What’s the use case for these?

來自喬治亞州的 [Artishir] 提問：你好，我很好奇看到一份關於我們衛星上 E-band 相控陣列的申報文件。這些的使用情境（use case）是什麼？

I mean, good catch on following what we’re doing, regulatory speaking. We do have the ability to launch and operate the largest phased arrays ever put into orbit, and of course our team is extremely advanced on our RF capabilities, low-band, mid-band, and other coming bands including the E-band, and we plan to introduce this into our satellite roadmap. Part of our belief is that throughput and speed and lower latency are the key aspects of any infrastructure for direct-to-device.

我的意思是，你很敏銳，從法規申報的角度來看，確實有在追蹤我們在做什麼。我們確實有能力發射並運作迄今送入軌道的最大相控陣列；當然，我們團隊在射頻（RF）能力方面非常先進，涵蓋低頻段（low-band）、中頻段（mid-band），以及其他即將導入的頻段（包括 E-band），我們計畫把這些納入我們的衛星路線圖。我們的部分看法是，吞吐量、速度與更低延遲，是任何直連裝置（direct-to-device）基礎設施的關鍵要素。

We’re adding other bands into the architecture, and yes, we have done filings for even phased array capabilities to be combined with our cellular direct-to-device small-footprint terminals capability.

我們正在把其他頻段納入架構中；是的，我們也已就相控陣能力與我們的蜂巢式直連裝置（direct-to-device）小型終端能力結合，提交了相關申請文件。

Johan from New York asks how much of the new facility will support cellular broadband satellites versus defense, sensing, and other government-related satellite systems.

來自紐約的 Johan 詢問，新設施中有多少將支援蜂巢式寬頻衛星，相較於國防、感測及其他政府相關的衛星系統。

Thank you, Johan, for the question. Well, as you can see, the demand for our satellites is exponentially growing, as you saw in our announcement this morning from J-LEO in Japan. We have many other regions requesting a similar setup, and the way that we do this is these constellations can be reused for all the regions and they are all designed to be able to support all the applications that the satellites support. Obviously, everything anchored around D2D and the ability to connect to very small terminals like phones, but smaller, even smaller terminals as well.

謝謝你，Johan，提出這個問題。如你所見，我們衛星的需求正呈指數型成長，正如你今天早上看到我們在日本與 J-LEO 的公告。還有許多其他地區也在要求類似的部署，而我們的做法是：這些星座可在各地區重複使用，且其設計能支援衛星所支援的所有應用。顯然，一切都以 D2D 以及連接到像手機這樣非常小的終端為核心，甚至也包括更小、再更小的終端。

So, these facilities, we don’t divide the facilities by application. We divide the facilities basically into how many satellites we can build a month, which we see demands of that continue to grow significantly in what we see in Japan, in Europe, in North America, in Canada, in Brazil, and many other regions. And for that, every satellite that we build will be designed to support all the applications in multiple bands, our low-band frequencies, where we anchor a lot around our cellular operator's partnership, mid-band, including our own spectrum holdings, L-band in the United States, Mexico, Canada, S-band in selected large markets like we have seen in Brazil. And other future spectrum that we all combine in order to have access to the most spectrum possible combined with the very large, phased arrays to enable direct-to-device connectivity, sensing which includes radar as well, and AI with particular focus on AI everywhere and physical AI.

因此，這些設施我們不會按應用來劃分。我們基本上是按每月能建造多少顆衛星來劃分；我們看到這方面的需求持續顯著成長，從日本、歐洲、北美、加拿大、巴西以及許多其他地區皆是如此。為此，我們建造的每一顆衛星都將被設計成可在多個頻段支援所有應用：低頻段（我們與行動營運商合作多以此為核心）、中頻段（包含我們自有的頻譜持有）、美國／墨西哥／加拿大的 L 頻段，以及在巴西等特定大型市場的 S 頻段。以及其他未來頻譜，我們將其整合，以取得盡可能多的頻譜，並結合非常大型的相控陣，以實現直連裝置連線能力、包含雷達在內的感測，以及 AI——特別聚焦於無所不在的 AI 與實體 AI。

And with that, I’d like to thank our shareholders for submitting those questions. Operator, let’s open up the call to analyst questions.

在此，我也要感謝我們的股東提交這些問題。接線員，讓我們開放給分析師提問。

(Operator Instructions) Colin Canfield, Cantor Fitzgerald.

（接線員指示）Colin Canfield，Cantor Fitzgerald。

Hey, thanks for the question. As you think about 2027 revenue building blocks, rough numbers, is it fair to think of, so if we break it apart into gateways, US government work, international work, and commercial service, assuming, call it, $100 million to $200 million of gateway work, maybe $200 million to $300 million of US government work, and then maybe, rough numbers, $100 million to $200 million of international work, and swing factor is commercial service to get to the midpoint, $500 million to $1 billion revenue opportunity.

嗨，謝謝讓我提問。當你們思考 2027 年營收的組成要素、以粗略數字來看，是否可以這樣理解：如果拆成閘道站（gateways）、美國政府業務、國際業務與商業服務，假設閘道站業務約 1 億到 2 億美元，美國政府業務約 2 億到 3 億美元，然後國際業務約 1 億到 2 億美元，而要達到中位數的變動因素（swing factor）是商業服務，從而形成 5 億到 10 億美元的營收機會。

So, as we think about those key building blocks, maybe can you sign on to kind of is that framework of maybe $500 million to a billion still kind of the right framework for 2027, $750 at the midpoint? And then in terms of as we think about what’s moving forward versus what’s pushing out, how do you think about the key dynamic factors to what to pull left? Thank you.

所以，當我們看這些關鍵組成要素時，你們是否認同：對 2027 年而言，5 億到 10 億美元這個框架仍大致正確，中位數約 7.5 億美元？另外，就哪些在推進、哪些在延後而言，你們如何看待把時程「往左拉」（pull left）的關鍵動態因素？謝謝。

Hey Colin, thanks for the question. So, you know, we stand behind our guidance on, you know, the 12 months following commercial service start, right? We see that approaching a billion dollars. And in terms of looking at calendar year next year, I think over $100 million-plus of gateway sales probably makes sense. We’re going to continue to build out our infrastructure. We’ve been doing a lot of that, so that makes sense. US government, you know, we hope to outperform, but we have, you know, just announced another $100 million contract today.

嗨 Colin，謝謝你的問題。所以你知道，我們仍然支持我們的指引，也就是商業服務開始後的 12 個月，對吧？我們看到那會接近 10 億美元。至於看明年的曆年，我認為超過 1 億美元以上的閘道站銷售大概是合理的。我們會持續擴建我們的基礎設施。我們已經做了很多，所以這是合理的。美國政府方面，我們希望能超預期表現；而且我們今天也剛宣布了另一份 1 億美元的合約。

And so, there’s going to be definitely $100 million-plus of government already executed just based on pipeline. And then commercial service revenue will come in with commercial service. And in international revenue, you know, we just announced J-LEO. We haven’t given a lot of feedback yet on accounting treatment for that, and we will, you know, probably in the coming months and leading into the next call.

因此，僅就管線而言，已執行的政府業務肯定會有 1 億美元以上。接著，商業服務營收會隨著商業服務推出而進來。至於國際營收，你知道，我們剛宣布了 J-LEO。我們目前還沒有就其會計處理方式提供太多回饋；我們會在接下來幾個月、並在下一次電話會議前逐步說明。

But I think, you know, as we approach the commercial service, we feel good about the following 12 months being at that approaching a billion dollars, or frankly even maybe in excess given our progress on the US government front. But otherwise, we’re not going to give, obviously, forward guidance on revenue. But I think your building blocks are generally right.

但我認為，隨著我們接近商業服務，我們對其後 12 個月接近 10 億美元的水準感到有信心；坦白說，考量我們在美國政府方面的進展，甚至可能超過。除此之外，我們當然不會提供營收的前瞻指引。但我認為你提出的組成要素大致是對的。

That's great. Thank you.

太好了。謝謝。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Thank you. So, Firefly began co-developing Eclipse with Northrop Grumman four years ago. But Blacklift is not going to do things like translunar injection. And so, can you just provide some examples of what you’re going to do to simplify production and also lower unit production costs for your mission, which only needs to get to LEO reliably and at the lowest possible cost?

謝謝。所以，Firefly 在四年前開始與 Northrop Grumman 共同開發 Eclipse。但 Blacklift 不會做像是月球轉移注入（translunar injection）這類事情。因此，你能否舉一些例子，說明你們將如何簡化生產、並降低任務的單位製造成本？你們的任務只需要可靠地到達近地軌道（LEO），並以盡可能低的成本達成。

Yeah, that’s a very good question. So, we are executing on Blacklift for a single-purpose mission, yes, lift BlueBirds into 550 km of orbit. There is no plan to go to the Moon. There’s no plan to go to Mars. There’s no plan to flip over in space. It is designed to simply, simply lift our satellites in the most effective and the fastest way possible. So, of course, we are piggybacking into over a decade of investment and research and development that was put into the engine technology and the tap-off engine technology that is basically the foundation of Firefly technology, for rockets that were used in the Alpha rocket, planned to be used in their Eclipse rockets.

是的，這是個非常好的問題。所以，我們是在為單一用途任務執行 Blacklift：沒錯，就是把 BlueBird 衛星送入 550 公里的軌道。沒有登月計畫，沒有登火星計畫，也沒有在太空中翻轉之類的計畫。它的設計就是單純、單純地以最有效率、最快的方式把我們的衛星送上去。當然，我們也承接了十多年在引擎技術與 tap-off 引擎技術上的投資與研發成果；這些基本上是 Firefly 技術的基礎，並已用於 Alpha 火箭，也計畫用於他們的 Eclipse 火箭。

And obviously we’re also working with them very, very closely in the final integration of Blacklift. But the simplification in our engineering philosophy, we have two key tenets in everything that we do on satellites and what we’ll do now on rocket: best step is no step, best part is no part, and simplicity. And this rocket is designed with everything that we’re doing in this rocket is designed with those three tenets on them.

而且很明顯地，我們也正與他們非常、非常緊密合作，完成 Blacklift 的最終整合。但在我們的工程哲學中，簡化是核心；我們在衛星以及現在在火箭上所做的一切，都遵循兩個關鍵信條：最好的步驟是不需要步驟（best step is no step）、最好的零件是不需要零件（best part is no part），以及簡單化。而這枚火箭的設計——我們在這枚火箭上所做的一切——都是以這三個信條為準則。

Okay, thank you, Abel. And then just for my one follow-up question, and I don’t know, maybe it’s best for Andy, but can you give rough timelines on when some of these components get paid to Firefly, the $400 million of cash, shares based on the forward VWAP, the amounts paid over three years for delivery of engines, and as well as the engineering support?

好的，謝謝你，Abel。接著我只有一個追問；我不確定是否由 Andy 回答比較合適，但你能否提供一些大致時程：這些款項何時支付給 Firefly，包括 4 億美元現金、依未來 VWAP 計算的股票對價、三年內為引擎交付所支付的款項，以及工程支援費用？

Sure. Real quick. The upfront cash and consideration in stock will be paid imminently, within days, and some of the shares will be held back in order to true up for that VWAP calculation. And then the service agreement will be paid out over three years, pretty much pro rata.

當然。我很快說明。預付款現金與股票對價將在極短時間內支付，幾天之內；另外，部分股票會先保留，以便就該 VWAP 計算進行最終調整（true up）。接著，服務協議的款項將在三年內支付，基本上按比例（pro rata）分攤。

And then the supply agreement will be paid out with a little upfront payment and then due at delivery of engines. So, it’s pretty straightforward. But importantly, we designed it to have a mix of cash and stock so that the upfront payment was a little lower so we could preserve capital for other things. And then we defer, you know, some of these payments over time as value is being delivered.

接著，供應協議會先支付一小筆預付款，然後在引擎交付時到期支付。所以，這相當直接明瞭。但重要的是，我們把它設計成現金與股票的組合，讓預付款稍微低一些，這樣我們就能保留資本用於其他事項。然後，隨著價值逐步交付，我們也把其中一些付款在時間上往後遞延。

Thank you, Scott.

謝謝你，Scott。

Tim Horan, Oppenheimer & Company.

Tim Horan，Oppenheimer & Company。

Thanks a lot, guys. Can you give as much detail or color as possible on the satellite manufacturing? It’s been delayed for a while, but it sounds like you’re extremely confident now in the delivery schedule. Can you just talk about, you know, what happened with the delay and why the confidence? Thank you.

非常感謝，各位。你們能否就衛星製造提供盡可能多的細節或補充說明？它已經延遲了一段時間，但聽起來你們現在對交付時程非常有信心。能否談談，延遲期間發生了什麼，以及為什麼現在有信心？謝謝。

Well, we announced we have the next batch of satellites waiting for confirmation on SpaceX’s exact launch date. We hope that to be imminent. We have three more satellites ready to ship this month, and we have six more the month after. So, we are at the rate of six per month starting in December for the ASIC configuration.

嗯，我們已宣布下一批衛星已在等待 SpaceX 確認確切的發射日期。我們希望那會很快發生。本月我們還有三顆衛星已準備好出貨，下個月還有六顆。因此，針對 ASIC 配置，我們從 12 月開始的產出節奏是每月六顆。

So, I think in satellite manufacturing, we are tracking very well our plan. We’re on satellite 51, as we mentioned in the previous remarks, and we are accelerating. We’re expanding with new facilities for government opportunities that we have in front of us. But we see our ability to manufacture be materializing in about six satellites per month, every month.

所以我認為在衛星製造方面，我們正非常良好地按計畫推進。如同先前發言提到的，我們目前做到第 51 顆衛星，而且正在加速。我們也在擴建新設施，以把握眼前的政府機會。但我們看到自身的製造能力正在落地成形，大約可以做到每個月、每月約六顆衛星。

Thank you. And then maybe just on the launch side, how firm are the launch commitments that you’ve received and how much visibility do you have on that over the next 12 months?

謝謝。另外在發射端，你們已取得的發射承諾有多穩固？未來 12 個月你們對此有多少能見度？

So, we feel very good. I mean, we have a lot of contracted launch. Our launch with Blue Origin looks very promising. They’re getting back to the pad very soon. And then we also have this DPAS rating that gives us access to government priority launch. So, we’ve got a good mix of launch providers now. We’ve signed more launch. We’ve recently received that DPAS rating, and we’ve got more available if we want to go pursue it.

所以我們感覺非常好。我的意思是，我們有很多已簽約的發射。我們與 Blue Origin 的發射看起來非常有希望。他們很快就會回到發射台。此外，我們也取得了 DPAS 評級，讓我們能取得政府優先發射資源。所以我們現在有很好的發射供應商組合。我們也簽了更多發射合約。我們最近拿到 DPAS 評級，如果我們想要去爭取，還有更多可用的資源。

Very helpful. Thanks.

非常有幫助。謝謝。

Chris Quilty, Quilty Space.

Chris Quilty，Quilty Space。

Thanks. Just wanted to follow up. I think you mentioned for the upcoming New Glenn launch, it’s three satellites, which is below the rocket’s capacity. Is that due to, you know, the availability of satellites, or is that a risk mitigation as they return to flight?

謝謝。我想追問一下。我記得你們提到即將到來的 New Glenn 發射是三顆衛星，低於火箭的載荷能力。這是因為衛星供應量的可用性，還是因為他們復飛時的風險緩解考量？

That is a risk mitigation as they return to flight. We obviously have satellites to launch all the way to satellite '28 in the very early launch from Blue Origin coming back to launch. We do not want to put more than three satellites on the immediate launch.

那是因為他們復飛時的風險緩解。顯然我們有足夠的衛星可以一路發射到第 28 顆衛星，配合 Blue Origin 很早期的復飛發射。我們不想在第一個發射任務上放超過三顆衛星。

Fair enough. And as a follow-up on the Blacklift, do you intend to use Firefly’s existing launch pads or do you intend to build your own launch pad? And question, you know, if the latter, is there the availability of, you know, government financing with the government’s increasing focus on increasing launch access?

了解。再追問 Blacklift，你們打算使用 Firefly 現有的發射台，還是打算自建發射台？另外，如果是後者，考量政府愈來愈重視提升發射可近性，是否有政府融資可用？

Yeah, I think the administration had a very clear mandate of multiplying by an order of magnitude the number of launches a year. We are very happy with the support that we’re getting in terms of launch pads, upgrading them.

是的，我認為本屆政府有非常明確的指示：把每年的發射次數提高一個數量級。就發射台與其升級而言，我們對目前獲得的支持感到非常滿意。

First launches are going to be upgrades on existing launch which Firefly already have prearranged for their Eclipse configuration. But the answer for that, Chris, is both. We plan to use existing launch, Wallops will require an upgrade that we can fit in the time frame that we have, but we’re also working on additional two locations as part of the execution of Blacklift.

首批發射將會是在既有發射設施上進行升級，而 Firefly 針對其 Eclipse 配置已事先安排好。但答案是，Chris，兩者都會。我們計畫使用既有發射設施；Wallops 需要升級，我們可以在既定時程內完成；同時，作為 Blacklift 執行的一部分，我們也在推進另外兩個地點。

And would you look at locations outside the US for launch?

那你們會考慮在美國以外的地點進行發射嗎？

Not initially.

一開始不會。

Got it. Fair enough. Thanks, guys.

明白了。可以理解。謝謝各位。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

Thanks. Good afternoon. If I could, first wanted to see if you could expand on the additional pipeline of approximately $1.2 billion non-dilutive US quasi-government financing. You know, if you could just talk about maybe what that is, how firm it is, you know, what can the funding be used for. And then separately, you mentioned several hundred million in incremental CapEx during ’27 to support the BlackLift program. What does the incremental CapEx look like post-2027 roughly? Obviously, it’s early days, and can you just maybe talk high level if there would be other incremental OpEx that would be significant over the next couple of years to support the program?

謝謝。下午好。如果可以的話，首先想請你們進一步說明約 12 億美元的額外管線：非稀釋性的美國準政府融資。你們能否談談那是什麼、確定性有多高、資金可用於哪些用途？另外，你們提到在 27 年期間為支持 BlackLift 計畫會有數億美元的增量資本支出（CapEx）。那麼 2027 年之後，大致上的增量 CapEx 會是什麼樣子？當然現在還很早期，也請你們從高層次談談，未來幾年是否還會有其他顯著的增量營運費用（OpEx）來支持該計畫？

I guess maybe a lot of it would be capitalized but just wondering if you could provide any color there. And how do you think about -- I know that BlackLift is also about flexibility and controlling your own launch, but I think, you know, it also gives you owner’s economics. So, I was wondering if you could talk about how you think about the break-even point economically in terms of, you know, the number of launches or how long it might take you to break even on the program versus using commercial.

我猜其中很多可能會資本化，但想請你們提供一些補充說明。另外你們如何看待——我知道 BlackLift 也關乎彈性與掌握自有發射能力，但我想它也帶來自有者經濟效益。所以我想請你們談談，從經濟角度你們如何看待損益兩平點，例如需要多少次發射、或相較於使用商業發射，大概需要多久才能在該計畫上達到損益兩平？

Thanks, Bryan. What was the first question again? Remind me?

謝謝，Bryan。第一個問題是什麼來著？提醒我一下？

The first one was if you could just expand on the quasi-government financing, just what is that, how firm is it kind of locked in at this point or is it something you're pursuing, but is it still TBD?

第一個是想請你們進一步說明準政府融資：那是什麼、確定性有多高、目前是否已大致鎖定，或是你們正在爭取但仍待定（TBD）？

Well, the $1.2 billion that we referenced in pipeline for quasi-governmental financing is very serious. It’s comprised of a couple different pieces. A few small components are subsidies that are active, in particular two programs one of which we’ve received, another that is in process and then the balance is, think of it as first-lien or CapEx-support type of debt. And so those are one of those is done awaiting final approval. The much larger piece is something that is kind of a six-plus month timeframe, puts us kind of in the middle of 2027.

嗯，我們提到的那 12 億美元準政府融資管線是非常認真的。它由幾個不同部分組成。其中有一些較小的部分是正在進行中的補助，特別是兩個計畫：其中一個我們已經收到，另一個正在流程中；其餘部分則可視為第一順位擔保（first-lien）或支援資本支出（CapEx-support）類型的債務融資。其中一項已完成，目前在等待最終核准。而更大的一塊則大約需要六個月以上的時間，時間點大概落在 2027 年年中。

So those are all pieces of paper that we’re evaluating on their merits but very active, and at a minimum through kind of initial transaction approval committees and that sort of thing. So that’s a very real pipeline, one we’ve worked for a very long time, and it’s important to us to protect shareholder value. And you can see that, in fact, with the announcement today with J-LEO with a billion dollars coming in in non-dilutive financing. So that’s going to be a huge focus for us, as you would expect, as it should be.

所以這些都是我們正在就其條件優劣進行評估的文件，但進展非常活躍，至少都已經走到初步交易核准委員會之類的階段。因此這是一條非常真實的管線，我們投入了很長時間去耕耘；而且對我們而言，保護股東價值非常重要。你也可以從今天與 J-LEO 的公告看出來：有 10 億美元的非稀釋性融資進來。所以這將會是我們非常重要的重點，如你所預期，也確實應該如此。

And that’s how that pipeline is comprised. And then in terms of go-forward CapEx, I think we said for 2027 we see several hundred million dollars of incremental CapEx for BlackLift, and those are things as you would expect, equipment, facilities, development materials, test equipment, manufacturing equipment, and initial investments in the infrastructure you’ll need to get these things going, whether it’s at the launch pad, launch site, or transportation. So those are the kind of things we’ll be doing in 2027.

這就是該管線的組成方式。接著就未來的資本支出（CapEx）而言，我想我們提到過，對於 2027 年，我們預期 BlackLift 會有數億美元的增量資本支出；這些項目如你所料，包括設備、設施、開發材料、測試設備、製造設備，以及為了讓這些事情啟動所需的基礎設施之初期投資，不論是在發射台、發射場，或是運輸方面。所以這些就是我們在 2027 年會做的事情。

And anything we can do to accelerate, I mean we’re going to move, we’ve already been in planning stages and even spending money in the last several months. So this is something that we’re going to move lightning fast on and we’re going to look for any opportunity to accelerate. And at this point I don’t think we want to give guidance on 2028.

而任何我們能做來加速的事情，我是說我們會推進；我們其實已經在規劃階段，甚至在過去幾個月也已經開始花錢了。所以這是我們會以極快速度推動的事情，我們也會尋找任何可以加速的機會。而在這個時間點，我不認為我們想對 2028 年給出指引。

And then owner’s economics, I think that’s pretty well understood in the industry. You know, there are prices out there today for launch that have very high margins given kind of the shortage we experience. And, you know, I think launch prices in the market coming down 75% to reach an owner’s economics is very feasible and frankly probably much more so. We’ll talk about that more at our Thursday event and going forward. But the opportunity for owner’s economics here is very, very interesting to us and a key part of the transaction.

接著談到自有經濟性（owner’s economics），我認為這在產業內已經相當清楚。你知道，鑑於我們所經歷的供給短缺，目前市場上有一些發射價格具有非常高的毛利。而且，你知道，我認為要達到自有經濟性，讓市場發射價格下調 75% 是非常可行的，坦白說甚至可能更可行。我們會在週四的活動以及後續再更深入談這件事。但這裡的自有經濟性機會對我們而言非常、非常有吸引力，也是這筆交易的關鍵部分。

And that math is pretty simple. We’ll make investments, and after a period of time, especially as we access this expanded TAM, we’ll start to see those benefits in a big way.

而這個算式其實很簡單。我們會進行投資，過一段時間之後，特別是當我們切入這個擴大的 TAM（總可服務市場）時，我們將會以很大的幅度開始看到那些效益。

Michael Funk, Bank of America.

Michael Funk，美國銀行。

Yeah, thank you for the questions, guys. I want to go back to Firefly and the next-generation engines. I think you mentioned Miranda, and they also have Vera next generation. So, the Alpha engine, I think they’ve had about a 57% success rate with that engine. So, you know, first, what gives you confidence in the next-generation engines?

好的，謝謝各位回答問題。我想回到 Firefly 和下一代引擎。我想你們提到了 Miranda，他們也有下一代的 Vera。所以 Alpha 引擎，我想他們用那顆引擎的成功率大概是 57%。所以，你知道，首先，是什麼讓你們對下一代引擎有信心？

And then, you know, I’m sure you’ll give us more details on Thursday. But, you know, with your own program for the full rocket assembly and reusability, I think only two companies, SpaceX and China, actually have shown success, and Rocket Lab has been trying for a while and have not really proven full reusability kind of beyond size of Falcon 9. So just wondering what gives you confidence in that component of the exercise as well. And then I’ll have one follow-up, please.

然後，你知道，我相信你們週四會提供更多細節。但就你們自己的完整火箭組裝與可重複使用（reusability）計畫而言，我想只有兩家公司——SpaceX 和中國——實際上展現了成功，而 Rocket Lab 嘗試了一段時間，且在 Falcon 9 這種尺寸以上的完整可重複使用方面，並沒有真正證明。所以只是想了解，是什麼也讓你們對這個部分的執行有信心。然後我還有一個追問，謝謝。

Yeah, I think if you see, if history repeats itself, every successful launch company had started with a smaller rocket and then upsized it and basically abandoned the smaller rocket and stayed with the bigger rocket. And that’s simply part of the development cycle. So what we have done here is basically bypass all that process, which takes anywhere between seven and ten years.

是的，我想如果你看歷史是否會重演，每一家成功的發射公司都是先從較小的火箭開始，然後再放大尺寸，基本上放棄小火箭而轉向較大的火箭。而那只是開發週期的一部分。所以我們在這裡所做的，基本上是繞過了整個流程，而那通常需要 7 到 10 年。

Historically those numbers have significantly come down if you see the eight launch companies that now exist in China and how long have they taken to get to orbit.But that’s basically the normal process of learning an engine, developing a rocket, and then basically upsizing it. That’s what basically every successful launch provider has gotten into.

從歷史來看，如果你看看現在中國存在的八家發射公司，以及他們花了多久到達入軌，這些數字已經顯著下降。但那基本上就是學習引擎、開發火箭，然後再把尺寸放大的正常流程。這基本上是每一家成功的發射供應商都走過的路。

So, we structured this in a way that we bypass all of that we get owner’s economics for the engine. In other words, we had acquired the IP with certain, we didn’t set the parameters but we had acquired the IP to manufacture the engines and use exactly the same technology, which is now hot-fired over 150 times, ready to fly in terms of qualification and testing that have gone through. And that’s the foundation of any rocket development. I mean, not to oversimplify, you can think about a rocket as a big tank that feeds engines to put things in a certain payload.

所以，我們以一種方式來架構這件事：我們繞過所有那些流程，並且在引擎上取得自有經濟性。換句話說，我們取得了相關的智慧財產權（IP）；我們沒有設定那些參數，但我們取得了製造引擎的 IP，並使用完全相同的技術——該技術目前已經進行超過 150 次熱點火（hot-fired），就已完成的資格認證與測試而言，已經具備飛行條件。而那就是任何火箭開發的基礎。我的意思是，不要過度簡化，你可以把火箭想成是一個大型燃料箱，供應引擎，將東西送到某個特定的載荷。

So, engine is the core of the system. And then we are partnering with Firefly also on the engineering and integration of the remaining of the system from first stage, second stage, and third stage, which they have done something similar with other companies. But our focus is basically simplify that design. Simplify the way that these rockets are designed and built. Take advantage of the very extensive manufacturing capability, industrial capacity that we have built, especially around composite.

所以，引擎是系統的核心。接著我們也與 Firefly 合作，進行系統其餘部分的工程與整合，包括第一級、第二級與第三級；他們曾與其他公司做過類似的事情。但我們的重點基本上是簡化那個設計。簡化這些火箭的設計與建造方式。並利用我們已建立的非常廣泛的製造能力與工業產能，特別是在複合材料方面。

I mean, our satellites, if you see them and you see them stack up, they’re not that dissimilar to a first stage for a rocket. And we’re reusing all of that capability in order to manufacture at rate all the composite material that gets used in the rocket. I mean, the satellites are all composite now. All the structures are all composite now. And this rocket is all composite as well.

我的意思是，我們的衛星，如果你看它們、看它們堆疊起來，其實和火箭的第一級並沒有那麼不同。而我們正在重用所有這些能力，以便能夠以量產速度製造火箭所使用的所有複合材料。我的意思是，衛星現在全部都是複合材料。所有結構現在也都是複合材料。而這枚火箭也同樣全部採用複合材料。

Thank you for all the detail. I look forward to hearing more on Thursday. In previous quarters, you mentioned a billion-dollar run-rate target for, call it, quarters after commercial availability. Can you reiterate that target, or has that target changed?

謝謝你提供這麼多細節。我期待週四聽到更多內容。在之前的幾個季度，你們提到在商用可用性之後的幾個季度，有一個年化（run-rate）10 億美元的目標。你能重申那個目標嗎？還是那個目標已經改變了？

Yeah, Mike, we still believe that the revenue opportunity is approaching a $1 billion in the 12 months following commercial service launch. And in fact, given the progress on the government front and on the international front, we feel increasingly confident about that. But it is based on the 12 months after commercial service launch.

是的，Mike，我們仍然相信，在商業服務啟動後的 12 個月內，營收機會接近 10 億美元。而且事實上，鑑於政府端與國際端的進展，我們對此愈來愈有信心。但這是以商業服務啟動後的 12 個月為基礎。

Great. Thank you, both your time.

太好了。謝謝你們兩位撥冗。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Good evening, Abel, Scott, and Andy. For the planned trials for the intermittent service prior to year-end, are these trials contingent on 16 active satellites, or will the trial still proceed with 13? And also, will these trials be broadly available to wireless customers, or will it be for a very select user pool? Thanks.

晚安，Abel、Scott 和 Andy。對於年底前規劃的間歇性服務（intermittent service）試驗，這些試驗是否取決於 16 顆在軌運作衛星，還是即使只有 13 顆也會照常進行？另外，這些試驗會廣泛提供給無線客戶使用，還是只會針對非常少數的用戶群？謝謝。

Hey, Louie. So, the coverage that we’re lighting up for our top partners in a few key markets is providing the service to them. So, what they’re going to see is the combination of gateways working, spectrum available, and nationwide availability when a satellite is overhead. So that’s a very key step here, and that’s what we can do, right. So, providing beta to the end user that’s with our customer. And so those trials we see as happening in early 2027 after we’ve provided this initial availability.

嗨，Louie。所以，我們在幾個關鍵市場為我們的頂級合作夥伴點亮的覆蓋，正在向他們提供服務。所以他們將會看到的是：閘道站（gateways）運作、頻譜可用，以及當衛星在頭頂通過時的全國可用性之組合。所以這是非常關鍵的一步，而這也是我們能做到的事情，對吧。因此，向我們客戶所服務的終端用戶提供 beta 測試。而我們認為這些試驗會在 2027 年初、在我們提供這個初始可用性之後發生。

So, we think that those beta trials are best with about 25 satellites, although there’s some flexibility there. But for us, our long-held target has been to light up that network for them, and that’s what we’re focused on right now, with beta to follow shortly thereafter and early in the year.

所以，我們認為這些 Beta 測試以大約 25 顆衛星進行是最理想的，雖然在這方面仍有一些彈性。但對我們而言，我們長期以來的目標一直是為他們點亮那個網路，而這正是我們目前專注的重點；Beta 將在其後不久展開，並在年初進行。

Thanks, Scott. And the team previously discussed the $21 million to $23 million cost per BlueBird satellite. How does this range potentially change with BlackLift?

謝謝你，Scott。團隊先前也討論過每顆 BlueBird 衛星的成本為 2,100 萬至 2,300 萬美元。在 BlackLift 的影響下，這個區間可能會如何變動？

So, we’re doing a big unveiling this week, and we hope you or someone from your team can attend, Louis. But, you know, with owner’s economics, obviously we expect those numbers to be way lower as we reach rate and as we start launching this rocket ourselves. So that’s really the whole intent, right. And so today launch is a significant majority of our unit cost. So yes, with that launch coming down, we do expect our $21 million to $23 million range to be much lower, frankly, based on kind of apples-to-apples satellite tech.

所以，我們這週會有一個大型揭幕活動，我們希望你或你團隊中的某位成員能出席，Louis。不過你知道，從自有經濟效益（owner’s economics）的角度來看，隨著我們達到量產節奏、並開始由我們自己發射這枚火箭，我們顯然預期那些數字會低很多。所以這就是整個用意，對吧。而目前發射成本占我們單位成本的相當大一部分。所以是的，隨著發射成本下降，我們確實預期 2,100 萬至 2,300 萬美元的區間會顯著降低，坦白說，在以同等（apples-to-apples）的衛星技術作比較的前提下。

So that’s how to think about it. But we will sharpen those numbers for you in the weeks to come. But think about it that way.

這就是該如何理解。不過在接下來幾週，我們會把這些數字為你們進一步精準化。但就先用這個方式來思考。

Excellent. Thanks, everyone.

太好了。謝謝各位。

David Barden, New Street Research.

David Barden，New Street Research。

Hey guys, thanks so much for taking the questions. I guess first, Abel, could you elaborate a little bit on the materiality of what it means to shift the manufacturing to an ASIC basis, you know, beyond like the 10 times? Does that mean, is this like for the laypeople would this be the equivalent of you know, the V4 evolution of what the BlueBird could be? And that’s going to be coming in Satellite 31, which I guess under the current cadence would be a 2028 type of evolution. And what does that mean in terms of service capability and capacity? That’d be super helpful.

各位好，非常感謝讓我提問。我想先問 Abel，你能否再多談一點，把製造轉向以 ASIC 為基礎的重大性，除了「提升 10 倍」之外？這是否意味著——用一般人能理解的方式——這相當於 BlueBird 可能演進到的 V4 版本？而這會在第 31 顆衛星上實現；我想以目前的節奏來看，這大概會是 2028 年左右的演進。那在服務能力與容量方面，這代表什麼？如果能說明會非常有幫助。

And then if I could go backwards, apologies, but I learned an awful lot about satellite trajectories and orbital clearances after the BlueBird 11 failed to kind of get to where it was supposed to get when it was supposed to get there. And so, the question becomes, what, if anything, have you had to do to the rest of the satellite manufacturing capability to prevent that from happening again? Or was it all a secret plan to test orbital elevations, you know, with a satellite, and maybe we will see it again? That’d be helpful, thank you.

然後如果我可以回頭問一個問題，先說抱歉，但在 BlueBird 11 沒能在預期時間到達預期位置之後，我學到了很多關於衛星軌跡與軌道許可（orbital clearances）的知識。所以問題是：為了避免再次發生，你們是否對其餘衛星的製造能力做了任何調整？還是說這其實是個祕密計畫，用一顆衛星來測試軌道高度，你知道的，也許我們還會再看到一次？謝謝，若能說明會很有幫助。

I'm not sure if you are referring to BB11 or BB7.

我不確定你指的是 BB11 還是 BB7。

11.

11。

Okay, so BB7 was part of the last batch. 11, 12, or 13, they all deployed successfully and are in operation. BB11 took longer. We needed to literally take it to spin in order to warm it up and open it, and that took longer than the other two satellites that were open, deployed, and put in operation within weeks of the launch. BB11 took longer, but successful open and it is in operation today.

好的，所以 BB7 是上一批的一部分。11、12 或 13 都已成功部署並正在運作。BB11 花的時間比較久。我們確實需要讓它進行自旋（spin）來把它加熱並打開，這比另外兩顆衛星花更久；那兩顆在發射後數週內就已打開、部署並投入運作。BB11 花得比較久，但已成功打開，且目前正在運作。

That do not have any change to any of our designs or any difference with the old satellites that are in build. So, they’re going to be the same as the 13 that are successfully operating. In terms of the materiality of the ASIC, I mean, this is the most advanced ASIC we believe to be in orbit. It’s a 7-nanometer ASIC that basically multiplies by 10 the amount of processing power per spacecraft. You basically go from 1 gigabit per second, 1 gigahertz of processing spectrum, to 10 gigabit of processing spectrum. So, what it means is more traffic per satellite. What it means is a lower cost per gigabyte delivered to an end user. That’s why it’s important that we do this transition as a multiplier on capacity per spacecraft.

這並未導致我們任何設計變更，也不會讓正在建造中的舊款衛星有任何差異。所以，它們會與目前成功運作的 13 顆相同。至於 ASIC 的重大性，我的意思是，我們相信這是目前在軌道上最先進的 ASIC。這是一顆 7 奈米 ASIC，基本上把每艘太空器的處理能力提升 10 倍。你基本上是從每秒 1Gb、1GHz 的處理頻譜，提升到 10Gb 的處理頻譜。所以這代表每顆衛星可以承載更多流量。這代表交付給終端用戶的每 GB 成本更低。這就是為什麼我們要做這個轉換：它能作為每艘太空器容量的倍增器。

Scott Searle, Roth Capital Partners.

Scott Searle，Roth Capital Partners。

Good afternoon. Thanks for taking the questions. Maybe just to follow up, on the Sovereign Constellation front, with the success now of J-LEO, it sounds like there are other inbound interests of similar size and magnitude. I’m wondering if you could maybe provide some parameters around the number of potential engagements that you have, the size or maybe timeline would we see another one of these materialize in ’27?

午安。謝謝讓我提問。也許追問一下，在主權星座（Sovereign Constellation）方面，隨著 J-LEO 現在的成功，聽起來還有其他規模與量級相近的意向正在進來。我想請問你們是否能提供一些參數：你們目前潛在接洽的數量、規模，或時間線——我們是否可能在 2027 年看到另一個這樣的重要案子落地？

And second, on the spectrum front, in terms of spectrum strategy, there’s obviously been a little bit of a frenzy going on in the world over the last couple of quarters. You guys have been able to employ a very spectrum-light model in terms of partnering with the carriers, but you also have some of your own spectrum. So I’m wondering, as you think about it from a high level over the next couple of years, is there a particular amount of capital that you’re thinking about allocating for various spectrum needs, whether it’s domestically or in international markets?

第二個問題是頻譜方面：就頻譜策略而言，過去幾個季度全球顯然出現了一些「搶頻」的熱潮。你們透過與電信商合作，採用相對「輕頻譜」（spectrum-light）的模式，但你們也擁有部分自有頻譜。所以我想問，從未來幾年的高層角度來看，你們是否有在考慮為各種頻譜需求配置特定資本額，不論是在國內或國際市場？

Thanks, Scott. So, on the sovereign constellation front, you know, J-LEO is a great, great model. There’s a lot of real clear things there that others are seeking and will seek to reproduce. It makes a lot of sense, right? How do you gain a level of sovereign operational control when you don’t have a national champion building satellites? And of course, there’s no one building satellites as large as we have. So, for us, yes, we see there’s a lot of fruit there.

謝謝你，Scott。在主權星座方面，你知道，J-LEO 是一個非常、非常好的模式。其中有許多非常清楚的要素，是其他人正在尋求、也將會尋求複製的。這很合理，對吧？當你沒有國家級冠軍（national champion）來建造衛星時，你要如何取得一定程度的主權營運控制？當然，也沒有人在建造像我們這麼大的衛星。所以對我們而言，是的，我們看到那裡有很多可摘取的果實（fruit）。

Of course, the US is the biggest sovereign constellation opportunity, and that’s our work with the Department of Defense, and so that’s very significant. But in terms of international, I think we’d probably size it as about a handful of active conversations. Some have been going on for a long time, some are newer. And so, these are things that I think will play out over a multiyear timeframe. But I would be shocked if the strategy hasn’t reproduced often over the next five to ten years, including even in the near term.

當然，美國是最大的主權星座機會，而那就是我們與國防部的合作，因此那非常重要。但就國際而言，我想我們大概會把它評估為大約少數幾個正在進行的積極對話。有些已經談了很久，有些比較新。因此，我認為這些事情會在一個多年期的時間範圍內逐步發展。但如果在未來五到十年內——甚至在近期——這個策略沒有被頻繁複製，我會非常驚訝。

And that’s a big reason of what we’re doing with BlackLift, right? I mean, we see these opportunities just rolling out in front of us. We see ourselves and our assets as uniquely positioned and that’s why we’re going after it. And that’s really it. I mean, if you’re a G20 country, why would you not do this? Makes perfect sense.

而這也是我們推動 BlackLift 的一個重要原因，對吧？我的意思是，我們看到這些機會正一個接一個地在我們面前展開。我們認為我們自己以及我們的資產具備獨特的定位，因此我們才會去追逐它。大概就是這樣。我的意思是，如果你是一個 G20 國家，你為什麼不做這件事？完全說得通。

And then on spectrum, I think what you’re seeing from us is just the fact that we were first movers both on using cellular spectrum and the ecosystem was built around 60 mobile network operators, 3 billion subs globally, and then with the L-band acquisition, followed by the S-band ITU filing, which has already borne a lot of fruit. I think we were very fortunate to move fast on both those fronts.

接著在頻譜方面，我認為你們從我們這裡看到的，主要就是我們作為先行者：一方面率先使用行動通訊頻譜，而整個生態系是圍繞著 60 家行動網路營運商、全球 30 億用戶所建立；另一方面則是 L 頻段的收購，接著是 S 頻段的 ITU 申報，而這些都已經帶來了相當多的成果。我認為我們很幸運能在這兩個面向都快速行動。

Going forward, we’re never going to be the top tick on spectrum buys, of course, but we’ll be smart and we’re following that organic strategy, and we don’t have a bucket of capital laid out or anything like that. We’re just going to be really smart with how we set up partnerships. And you see that just in the last five days with both the Firefly Miranda deal and the J-LEO deal. So that’s how to think about what we’ll do around spectrum, Scott.

展望未來，我們當然不會在頻譜收購上出到最高價，但我們會很精明，並且遵循那個有機成長策略；我們也沒有預先規劃一大筆資本預算或類似安排。我們只會非常聰明地去建立合作夥伴關係。而你在過去五天就能看到這點，無論是 Firefly Miranda 交易，還是 J-LEO 交易。所以，Scott，這就是我們在頻譜方面會怎麼做的思考方式。

Great, thanks so much.

很好，非常感謝。

Michael Filatov, Berenberg.

Michael Filatov，Berenberg。

Hi, guys. Thanks for taking my question. First one here. The press release frames the J-LEO contract as $1 billion of non-dilutive funding, but the 10-Q shows AST subscribing about $1.4 billion of preferred shares in the JV over three years. So, I’m wondering if you could help us understand what the net cash benefit to AST would be after that subscription and after the satellite sales and the licensing fee it receives back from RAST. And then are the J-LEO satellites part of the roughly 90-satellite plan, or in addition to it?

嗨，各位。謝謝讓我提問。第一個問題。新聞稿將 J-LEO 合約描述為 10 億美元的非稀釋性資金，但 10-Q 顯示 AST 在三年內將在合資企業中認購約 14 億美元的優先股。所以我想請你們協助我們理解：在完成該認購、以及衛星銷售與從 RAST 收回的授權費之後，AST 的淨現金效益會是多少？另外，J-LEO 的衛星是約 90 顆衛星計畫的一部分，還是額外增加的？

Yeah. So, the short answer is, and the disclosure is not perfect, of course, but there’s a lot of puts and takes. But net, net, net, the net subsidy to AST to build out satellites, and both materials and launch is that $1 billion figure. So, there’s puts and takes both ways, some cash, some non-cash capital, but basically the contribution to AST of cash to subsidize satellites and launch is that figure that’s quoted.

是的。簡短回答是——當然，相關揭露並不完美——但其中有很多相互抵銷的項目。不過整體來看，AST 用於建造衛星（包含材料與發射）的淨補貼金額，就是那個 10 億美元的數字。所以雙方都有一些加減項，有些是現金、有些是非現金資本，但基本上，提供給 AST、用來補貼衛星與發射的現金貢獻，就是引用的那個數字。

Understood. And then on the press release you said, you know, work with all major MNOs in the US and Europe. And so, there’s obviously one big carrier in the US who you don’t have a definitive partnership with at the moment, so I’m wondering if they’re included, I presume they are and through what route you would be working with those partners, whether it be through the joint venture or like you have with AT&T and Verizon. Thanks.

了解。另外，新聞稿中你們提到，會與美國與歐洲所有主要的行動網路營運商（MNO）合作。但顯然美國有一家大型電信業者目前你們還沒有明確的合作夥伴關係，所以我想問他們是否也包含在內——我猜是包含——以及你們會透過什麼途徑與這些夥伴合作，是透過合資企業，還是像你們與 AT&T 和 Verizon 的合作模式一樣？謝謝。

Well, I will say that our approach partner first, create an ecosystem where the operators that have over 6 billion subscribers across the world is paying fruit to us. I don’t want to comment about future relationships, but I will say that there is not a major operator around the globe that is not very, very focused on seeing how they work with us. And at this point I will leave it at that. I mean, we’re very bullish about what’s going on in Europe.s

我想說的是，我們的做法是先以合作夥伴為優先，建立一個生態系，讓全球擁有超過 60 億用戶的營運商為我們帶來成果。我不想評論未來的合作關係，但我可以說，全球沒有任何一家主要營運商不非常、非常專注於如何與我們合作。目前我就先說到這裡。我的意思是，我們對歐洲正在發生的事情非常看好。s

We’re very bullish about what is going on here in the United States and around the world. And our approach of partnering with the ecosystem that holds 6 billion subscribers, holds many thousands of megahertz that would cost hundreds of billions in spectrum, and the ability to reach 3 billion subscribers with one click away, is very unique, and we think that the best approach and the fastest approach to market is to partner with the global operators.

我們也非常看好美國以及全球正在發生的事情。而我們與擁有 60 億用戶的生態系合作的方式——該生態系掌握了數千 MHz 的頻譜，若要購買可能要花費數千億美元；並且能夠以一鍵之遙觸達 30 億用戶——這是非常獨特的。我們認為最佳、也是最快的上市（go-to-market）方式，就是與全球營運商合作。

And we will continue to focus on that. We’ll continue. That’s why we’re investing in our own launch. We see significant demand increasing towards our satellite architecture and our business model.

我們會持續專注於此。我們會繼續。這也是為什麼我們要投資自有的發射能力。我們看到市場對我們的衛星架構與商業模式的需求正在顯著增加。

Understood. Thank you.

了解。謝謝。

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

謝謝。我們已到達問答環節的結束。現在我將把電話會議交回給 Max Colbert 作結語。

Thank you, operator. We want to thank all of our shareholders and research analysts for joining the call. We’re looking forward to our BlackLift unveiling event on Thursday. We hope to see you there as well as via the webcast which will be hosted on our investor relations website. Until then, thank you 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。我們期待週四的 BlackLift 發表揭幕活動。我們也希望能在現場見到各位，或透過我們投資人關係網站上的網路直播參與。在此之前，謝謝各位，祝各位本週剩餘時間愉快。

Operator, this concludes today’s call.

接線員，今天的電話會議到此結束。

Thank you. And this concludes today's call. You may disconnect your line at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。