Globalstar Inc (GSAT) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Globalstar second quarter 2025 earnings conference call.

大家好，感謝您的收看。歡迎參加 Globalstar 2025 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Rebecca Clary, CFO. Please go ahead.

現在，我想將會議交給今天的第一位發言人，財務長 Rebecca Clary。請發言。

Thank you, operator, and good afternoon, everyone. Before we begin, please note that today's call contains forward-looking statements intended to fall within the safe harbor provided under the securities laws. Factors that could cause the results to differ materially are described in the Risk Factors section of Globalstar's SEC filings, including its annual report on Form 10-K for the financial year ending 2024 and its other SEC filings as well as today's earnings release.

謝謝接線員，大家下午好。在開始之前，請注意，今天的電話會議包含前瞻性陳述，這些陳述旨在符合證券法規定的安全港規定。可能導致結果發生重大差異的因素已在 Globalstar 提交給美國證券交易委員會 (SEC) 的文件中的風險因素部分進行了描述，包括其截至 2024 財年的 10-K 表格年度報告、其他提交給美國證券交易委員會的文件以及今天的收益報告。

Also note that management may reference EBITDA, adjusted EBITDA, free cash flow or adjusted free cash flow on this call, which are financial measures not recognized under US GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in the earnings release, which is available on our website.

另請注意，管理層可能會在本次電話會議上提及EBITDA、調整後EBITDA、自由現金流或調整後自由現金流，這些財務指標並非美國公認會計準則 (US GAAP) 所認可。根據美國證券交易委員會 (SEC) 的規章制度，這些非公認會計準則 (non-GAAP) 財務指標已與財報中最可比較的公認會計準則 (GAAP) 財務指標進行調節，財報可在我們的網站上查閱。

I'll begin with a review of our financials before touching briefly on the expected impact of tariffs and our outlook. I'll then turn it over to Paul to cover key operational updates.

我將首先回顧我們的財務狀況，然後簡要地談談關稅的預期影響以及我們的前景。之後，我將把時間交給保羅，介紹關鍵的營運更新。

Overall, second quarter financial results were strong with solid growth in revenue, cash flows and profitability. Total revenue increased 11% to $67.1 million for the second quarter compared to the prior year period of $60.4 million. Service revenue increased 10%, driven primarily by wholesale capacity services, which benefited from the timing of service fees associated with the reimbursement of network-related costs that have increased following recent network expansion.

整體而言，第二季財務業績表現強勁，營收、現金流量和獲利能力均達到穩健成長。第二季總營收成長11%，達到6,710萬美元，去年同期為6,040萬美元。服務收入成長10%，主要得益於批發容量服務，該服務受益於與網路相關成本報銷相關的服務費的收取時間安排，這些成本在近期網路擴展後有所增加。

In commercial IoT, we are pleased to see continued growth in the average number of subscribers, propelled by a record number of gross activations over the last 12 months. We expect to see this momentum continue with the adoption of our two-way module, which Paul will cover later.

在商業物聯網領域，我們很高興看到平均用戶數量持續成長，這得益於過去12個月創紀錄的總啟動量。隨著雙向模組的普及，我們預計這一勢頭將持續下去，Paul稍後會詳細介紹。

The increase in revenue contributed to the net income generated during the second quarter as well as higher adjusted EBITDA, which rose to $35.8 million compared to $32.6 million in the prior year second quarter. Partially offsetting the benefit of higher revenue were certain cost increases, including expenses incurred to continue developing and enhancing XCOM RAN.

營收成長促成了第二季淨利的產生，並帶動了調整後息稅折舊攤銷前利潤（EBITDA）的上升，EBITDA 從去年同期的 3,260 萬美元增至 3,580 萬美元。部分成本增加（包括繼續開發和增強 XCOM RAN 所產生的費用）抵消了收入成長帶來的影響。

Higher cash costs to support XCOM negatively impacted the change in adjusted EBITDA by approximately $1.9 million and adjusted EBITDA margin by 300 basis points compared to the prior year's quarter. While we expected this upfront investment, we remain confident in the long-term profitability and strategic importance of this product offering.

支持XCOM的現金成本上升，導致調整後EBITDA變動與去年同期相比下降約190萬美元，調整後EBITDA利潤率下降300個基點。雖然我們已預料到這筆前期投資，但我們仍然對該產品的長期獲利能力和策略重要性充滿信心。

Moving to the balance sheet. We ended the quarter with $308.2 million in cash on hand. Adjusted free cash flow for the six months ended June 30, 2025, was $77.9 million compared to $51.9 million at the prior year period, primarily reflecting higher service payments received under the updated service agreements during 2025.

再來看資產負債表。本季末，我們持有現金3.082億美元。截至2025年6月30日的六個月，調整後自由現金流為7,790萬美元，而去年同期為5,190萬美元，這主要反映了2025年根據更新的服務協議收到的服務費增加。

Before we turn to the outlook, I want to briefly revisit our view on the evolving tariff environment. We've conducted a thorough assessment. And based on what we know today, we believe Globalstar is well positioned to minimize any significant financial impact. Our global manufacturing and logistics footprint gives us flexibility to manage through potential headwinds. This includes the ability to shift production, leverage third-party logistics providers and where necessary, pass through incremental costs without affecting our competitive position. As a result, we continue to expect a relatively immaterial impact in the near term.

在展望未來之前，我想先簡單回顧一下我們對不斷變化的關稅環境的看法。我們已經進行了全面的評估。根據目前掌握的信息，我們相信Globalstar完全有能力將任何重大財務影響降至最低。我們遍布全球的製造和物流網絡使我們能夠靈活地應對潛在的不利因素。這包括轉移生產、利用第三方物流供應商，以及在必要時轉嫁增量成本，而不會影響我們的競爭地位。因此，我們預期短期內的影響仍然相對較小。

Given our results to date and expectations for the balance of the year, we are reiterating our full year 2025 outlook and continue to expect revenue in the range of $260 million to $285 million, and we anticipate adjusted EBITDA margin of approximately 50%.

鑑於我們迄今為止的業績和對今年剩餘時間的預期，我們重申對 2025 年全年的展望，並繼續預計收入在 2.6 億美元至 2.85 億美元之間，我們預計調整後的 EBITDA 利潤率約為 50%。

With that, I'd like to turn the call over to Paul.

說完這些，我想把電話轉給保羅。

Thank you, Rebecca, and good afternoon, everyone. It's great to be with you today, and I'm definitely pleased to update you on the progress we call. There has been significant progress in the Globalstar-Parsons commercial relationship.

謝謝麗貝卡，大家下午好。很高興今天能和大家見面，我非常高興向大家通報我們通話的進度。全球星公司和帕森斯公司的商業關係取得了重大進展。

We successfully completed their proof of concept, integrating our satellite network with their software-defined communications platform. That demonstration, which was conducted across three European ground stations, validated performance and operational readiness for real-world deployment.

我們成功完成了他們的概念驗證，將我們的衛星網路與他們的軟體定義通訊平台整合。此次演示在三個歐洲地面站進行，驗證了其性能和實際部署的運行準備。

I'm pleased to announce that following this milestone, we executed a capacity access agreement moving this partnership into the commercial phase, showcasing Globalstar's ability to deliver resilient, low-latency mission-critical for government and defense applications worldwide.

我很高興地宣布，繼這一里程碑之後，我們簽署了一項容量存取協議，將這項合作推向商業階段，展示了 Globalstar 為全球政府和國防應用提供彈性、低延遲關鍵任務的能力。

Another important development in the government sector is our growing engagement with US federal agencies. We recently entered into a cooperative research and development agreement with the US Army to evaluate our satellite-enabled edge processing solutions. This effort focuses on ultra-low size, weight and power devices designed for secure autonomous operation in challenging environments. It reflects our expanding presence in defense and government markets and the relevance of our network architecture for high-priority mission applications such as covert sensing and unmanned system support. We are excited about this opportunity and look forward to future phases of work.

政府領域另一項重要進展是我們與美國聯邦機構的合作日益密切。我們最近與美國陸軍簽署了一項合作研發協議，以評估我們基於衛星的邊緣處理解決方案。這項工作重點關注尺寸、重量和功耗極低的設備，這些設備旨在在具有挑戰性的環境下實現安全自主運作。這體現了我們在國防和政府市場不斷擴張的影響力，以及我們的網路架構對於隱蔽感知和無人系統支援等高優先任務應用的相關性。我們對此次合作機會感到興奮，並期待未來的工作。

These recent agreements represent a meaningful expansion of our existing governmental customer relationships, and we expect significant revenue contribution from this area of our business. We continue to see growing demand for our products and services with new customers and emerging use cases steadily coming online.

這些近期達成的協議標誌著我們現有政府客戶關係的顯著拓展，我們預計該業務領域將為我們帶來顯著的收入貢獻。隨著新客戶和新興用例的穩步湧現，我們對產品和服務的需求持續成長。

Over the past several quarters, we've been focused on executing a clearly defined strategy and go-to-market plan designed to capture these opportunities and to support long-term sustainable growth. That effort includes investments in core infrastructure, the launch of foundational new assets and the expansion of strategic partnerships, all of which are enabling innovative solutions that extend the value of our network.

過去幾個季度，我們一直專注於執行清晰的策略和市場規劃，以抓住這些機會並支持長期可持續成長。這些努力包括投資核心基礎設施、推出基礎性新資產以及拓展策略合作夥伴關係，所有這些都有助於我們開發創新解決方案，從而提升我們網路的價值。

To that end, we have made progress on several operational milestones. Globalstar has officially kicked off its global ground infrastructure program in preparation for the next-generation Extended MSS Network, also called our C-3 system.

為此，我們在多個營運里程碑上取得了進展。全球星已正式啟動其全球地面基礎設施計劃，為下一代擴展MSS網路（也稱為C-3系統）做好準備。

Milestone was achieved with the successful installation of a new 6-meter tracking antenna at our flagship ground station in Texas, our largest and longest operating site. This installation is part of a sweeping upgrade expected to add roughly 90 antennas across 35 ground stations in 25 countries. This expansion is designed to increase network capacity, resiliency and reach, ensuring robust service continuity in mission-critical environments.

我們位於德克薩斯州的旗艦地面站（也是我們規模最大、運營時間最長的站點）成功安裝了新的6米追蹤天線，標誌著我們邁出了新的里程碑。此次安裝是全面升級項目的一部分，預計將在25個國家的35個地面站增加約90根天線。此擴展旨在提升網路容量、彈性和覆蓋範圍，確保在關鍵任務環境中實現穩健的服務連續性。

In fact, recent widespread power outages in Spain and Portugal underscored the reliability of our satellite network, which remained operational while terrestrial networks went offline, demonstrating the vital role our expanding networks of ground stations play in ensuring continuous connectivity since our constellation is built with a distributed and multiple redundancies.

事實上，最近西班牙和葡萄牙發生的大面積停電凸顯了我們的衛星網路的可靠性，當地面網路離線時，我們的衛星網路仍然保持運行，這表明我們不斷擴大的地面站網路在確保持續連接方面發揮著至關重要的作用，因為我們的星座是採用分散式和多重冗餘構建的。

To complement our ground infrastructure build-out, we also signed a launch services agreement with SpaceX in June 2025 for the deployment of the second batch of nine satellites currently being constructed under our 2022 procurement agreement with MDA. We expect the first launch of these replacement satellites later this year and the second launch in 2026. These satellites are expected to replenish our existing second-generation constellation to ensure continuity of service.

為了補充我們的地面基礎設施建設，我們還在2025年6月與SpaceX簽署了一項發射服務協議，用於部署第二批九顆衛星，這些衛星目前正根據我們與MDA簽署的2022年採購協議建造。我們預計這些替代衛星將於今年稍後首次發射，第二次發射將於2026年進行。這些衛星預計將補充我們現有的第二代衛星星座，以確保服務的連續性。

Taken together, these milestones mark a period of focused execution across multiple fronts, domestically and internationally as well as commercial and government sectors. We're delivering on our promise to build a next-generation mobile satellite network that is global, resilient and scalable while opening new avenues for growth across our target verticals.

綜上所述，這些里程碑標誌著我們在國內外以及商業和政府部門等多個領域集中精力執行的時期。我們正在兌現承諾，建立一個全球化、高彈性且可擴展的下一代行動衛星網絡，同時為我們的目標垂直領域開闢新的成長途徑。

And as we look ahead, we remain confident in the strength of our strategic road map and our ability to execute against it. We believe the foundational investments we're making today across our space and ground infrastructure, commercial partnerships and technology innovation are positioning us to serve a growing number of high-value applications across industrial, commercial and government markets, whether it's enhancing connectivity in hard-to-reach areas, enabling autonomous platforms at the edge or supporting mission-critical communications, we believe our solutions are increasingly aligned with evolving needs of our customers.

展望未來，我們對策略路線圖的力度和執行能力依然充滿信心。我們相信，我們目前在太空和地面基礎設施、商業合作夥伴關係和技術創新方面進行的基礎性投資，將使我們能夠服務工業、商業和政府市場中越來越多的高價值應用。無論是增強偏遠地區的連結性、在邊緣啟用自主平台，還是支援關鍵任務通信，我們都相信我們的解決方案將越來越契合客戶不斷變化的需求。

Our recently introduced RM200 two-way module continues to show a promising trajectory with proof of concepts advancing rapidly and across a broad and diverse customer base. With over 50 partners currently testing the module, we're already seeing strong interest around key applications, including oil and gas operators optimizing remote asset management, military and defense organizations seeking resilient edge communications through remote control and management and MVNOs interested in bringing hybrid connect -- many others.

我們近期推出的 RM200 雙向模組持續展現出良好的發展勢頭，概念驗證正在快速推進，並涵蓋了廣泛而多樣化的客戶群。目前已有超過 50 個合作夥伴對該模組進行測試，我們已經看到一些關鍵應用領域表現出濃厚的興趣，包括優化遠端資產管理的石油和天然氣運營商、尋求透過遠端控制和管理實現彈性邊緣通訊的軍事和國防組織，以及有意引入混合連接的行動虛擬網路營運商 (MVNO) 等等。

We believe the RM200's easy integration and powerful two-way edge communications are positioning us firmly for growth in multiple high-value sectors. Many of these markets exist today, and we will compete favorably in both price and functionality.

我們相信，RM200 的便利整合和強大的雙向邊緣通訊能力將幫助我們在多個高價值領域實現穩健成長。目前，許多此類市場已經存在，我們將在價格和功能方面保持競爭優勢。

In addition to expanding our satellite capabilities, we're actively advancing our XCOM RAN platform, which represents a critical entry point into the terrestrial wireless markets. As we continue development of this software-defined end-to-end solution, we're encouraged by the strong technical validation and increasing interest from prospective partners. XCOM RAN is engineered to deliver lower latency, enhanced spectral efficiency, ease of deployment and dynamic spectrum sharing, and we believe it has the potential to significantly expand our addressable market by enabling future hybrid satellite terrestrial network architectures.

除了擴展我們的衛星能力外，我們還在積極推進XCOM RAN平台，這是進入地面無線市場的關鍵切入點。隨著我們持續開發這款軟體定義的端到端解決方案，強大的技術驗證和潛在合作夥伴日益增長的興趣令我們倍受鼓舞。 XCOM RAN旨在提供更低的延遲、更高的頻譜效率、易於部署和動態頻譜共享，我們相信，透過支援未來的混合衛星地面網路架構，它有潛力顯著擴展我們的潛在市場。

We remain committed to bring this differentiated technology to market with necessary near-term investments to support long-term value creation. Our broader go-to-market approach centered on flexibility, interoperability and resilience position us well to support the convergence of satellite and terrestrial networks.

我們將繼續致力於將這項差異化技術推向市場，並進行必要的短期投資，以支持長期價值創造。我們以靈活性、互通性和彈性為中心的更全面的市場推廣策略，使我們能夠更好地支援衛星和地面網路的整合。

And finally, we're proud to have led the way across multiple satellite services, and we're excited about what lies ahead. Our network and architecture in the right place at the right time. And we think that what's becoming readily apparent in the market is having proprietary spectrum matters most. Our advantage and differentiation from our competitors is our globally harmonized globally licensed spectrum.

最後，我們很自豪能夠在多項衛星服務領域保持領先地位，並對未來充滿期待。我們的網路和架構在正確的時間出現在了正確的位置。我們認為，市場上越來越明顯的一點是，擁有專有頻譜至關重要。我們的優勢和與競爭對手的不同之處在於我們擁有全球統一的授權頻譜。

With our recently announced agreements on rollouts and increased engagement with US federal agencies, we believe we're laying the groundwork for meaningful growth across a diverse set of verticals. We anticipate the launch of the satellites under our MDA procurement agreement that will further enhance our service continuity and performance. The progress we've made reflects the talent and dedication of our global team, and we're energized by the momentum we're building across commercial and government markets alike.

憑藉我們近期宣布的部署協議以及與美國聯邦機構加強的合作，我們相信我們正在為在多個垂直領域實現有意義的成長奠定基礎。我們預計根據MDA採購協議發射的衛星將進一步提升我們的服務連續性和效能。我們所取得的進展體現了我們全球團隊的才華和奉獻精神，我們在商業和政府市場所取得的良好發展勢頭也讓我們充滿活力。

So thanks again for joining us today. Thanks for your continued support of Globalstar, and we look forward to updating you on our progress in the quarters to come.

再次感謝您今天的參與。感謝您一直以來對 Globalstar 的支持，我們期待在未來幾季向您報告我們的進展。

I'll now turn the call back to the operator for Q&A.

我現在將電話轉回給接線員進行問答。

(Operator Instructions) Michael Ridgeway, Robertson Stevens.

（操作員指示）邁克爾·里奇韋，羅伯遜·史蒂文斯。

A couple of questions. I'll go through them one at a time, if possible, and you can stop me any time you'd like. But any updates developmentally on the international retail opportunity for terrestrial? I know that's been -- you've been working on it for quite some time. So any additional color on progress there would be great.

有幾個問題。如果可以的話，我會一個一個講，你可以隨時打斷我。不過，關於地面電視的國際零售機會，有什麼進展嗎？我知道你已經為此努力了很長時間。所以，如果能提供一些進展方面的補充資訊就更好了。

Yeah. So I mean, as you know, selling into enterprise, there can be long sales cycles. But I would say that all our interactions are going in the right direction. We are actually making progress on more than just the initial applications on multiple fronts. And so there's definitely an opportunity for expansion in that business.

是的。所以，如你所知，面向企業銷售可能會有很長的銷售週期。但我想說，我們所有的互動都在朝著正確的方向發展。實際上，我們在多個方面都取得了進展，而不僅僅是最初的應用。所以，這項業務肯定有擴展的機會。

The other thing that's cool is n53, our spectrum band, which originally, we built the XCOM RAN technology on CBRS, but the opportunity to include that, it's increasingly part of the conversation as people see that having that band really allows for mission-critical applications that you know that, that spectrum there.

另一件很酷的事情是 n53，我們的頻譜帶，最初，我們在 CBRS 上構建了 XCOM RAN 技術，但將其納入其中的機會越來越成為討論的一部分，因為人們看到擁有該頻段確實可以實現關鍵任務應用程序，你知道，那個頻譜就在那裡。

I've said this all along, it was something I experienced at Qualcomm, too. When you're launching some new technology, it's often hard to know when the customer is going to push the go button. usually doesn't have to do with the technology of the product. Often, it's something to do with other aspects of the customer's business. And it's important for the customers we're talking to, the capabilities we have, including the one that we mentioned initially. And like I said, I think that there's actually more opportunity rather than less there.

我一直這麼說，我在高通也經歷過。當你推出一項新技術時，通常很難知道客戶何時會按下「開始」按鈕。這通常與產品技術無關。通常，這與客戶業務的其他方面有關。對於我們正在溝通的客戶來說，我們擁有的能力，包括我們最初提到的能力，都很重要。正如我所說，我認為實際上機會更多，而不是更少。

Are there any other engagements and other verticals that you can point to that might flesh out a few more use cases?

您能否指出其他可以充實更多用例的參與和其他垂直領域？

Yeah. So we're working on some government stuff. And actually, we've now gotten to the point, given that we've had the time to do additional development to go more into horizontal marketplace. So we're actually talking to some companies that are in the business of rolling out networks for locations that have high demand. And we've been through lab testing, and we're in the process of discussing initial deployments and proofs of concept. So that's actually going well.

是的。我們正在做一些政府的工作。實際上，考慮到我們有時間進行額外的開發，以便更深入地進入橫向市場，我們現在已經到了這個階段。我們實際上正在與一些致力於在高需求地區部署網路的公司洽談。我們已經進行了實驗室測試，目前正在討論初步部署和概念驗證。所以一切進展順利。

As I said in the past, our development process in order to be focused, we focused on the initial customer and did co-development with them. And then we did kind of incremental development to get to this horizontal model. We will undoubtedly have some incremental development with some of these new customers, adding specific features for them. But that actually is all looking good as well.

正如我之前所說，為了保持專注，我們的開發流程首先關注的是初始客戶，並與他們共同開發。之後，我們進行了漸進式開發，最後形成了這個橫向模式。毫無疑問，我們也會與一些新客戶進行漸進式開發，為他們增加特定的功能。目前看來，這一切進展都很好。

So I'm very optimistic about where we're headed. But like I said, these things sometimes have long sales cycles and sometimes when it's brand new, you got to get the first one out there, and it's not necessarily because of the tech. So we're working on some government stuff and actually we've now gotten to the point, given that we've had the time to do additional development to go more into horizontal marketplace. So we're actually talking to, some.

所以我對我們的發展方向非常樂觀。但就像我說的，這些東西有時銷售週期很長，有時是全新的，你必須先把第一台產品推出去，這不一定是因為技術。所以我們正在研究一些政府項目，實際上，考慮到我們有時間進行額外的開發，以便更深入地進入橫向市場，我們現在已經到了這個階段。所以我們其實正在和一些人洽談。

XCOM RAN, in the past, you've talked about that as being a potentially licensable technology. Anything that you can speak to there with respect to how efforts are going? Or I know that will be a long cycle market as well, but it sounds like the efficiencies are there and the technology is there. Any initial interest or conversations going on in that realm?

XCOM RAN，您之前曾提到過，它是一項潛在的可授權技術。能談談目前進展如何嗎？我知道這會是一個長週期市場，但聽起來效率已經很高，技術也已經成熟。目前在這方面有什麼初步興趣或洽談嗎？

I mean we started out that way and looked at licensing, and it was hard. It's Open RAN based. And as I think everybody has seen that just generic Open RAN suppliers, especially the kind of newcomers haven't really done that well. I think they overinvested in markets before they were ready.

我的意思是，我們一開始就是這樣，考慮授權，這很困難。它基於Open RAN。我想大家都看到了，普通的Open RAN供應商，尤其是那些新來者，表現並不好。我認為他們在市場做好準備之前就投入了過多資金。

So I don't -- it really would take us getting to the point where we're in at MNOs, it's starting to cause pressure on some of the bigger suppliers to see whether they're interested in licensing. I would say though that the way that we're focused on the product and that industrial WiFi is a competitor, and we are doing great jobs on a set of applications where we really can actually save a fair amount of money, not just have performance improvements.

所以我認為，這確實需要我們進入行動網路營運商的領域，這開始給一些較大的供應商帶來壓力，看看他們是否有興趣獲得授權。不過我想說，我們專注於產品，而工業WiFi是我們的競爭對手，我們在一系列應用上做得很好，這些應用實際上可以節省相當多的資金，而不僅僅是性能的提升。

Now I'm not sure we need it. Like we have the end-to-end stuff. Even there are parts of the system that we were buying software from third parties, building our own software sort of end-to-end now. So I think we're in a really good position. And it may not just be product sales. We're looking at even potentially Network as a Service models going forward, and that can wrap in the spectrum play as well. So making it much easier to get licensing revenue around that as well.

現在我不確定我們是否需要它。就像我們擁有端到端的東西一樣。甚至系統中有些部分我們之前從第三方購買軟體，現在我們自己建立了端到端的軟體。所以我認為我們處於非常有利的地位。而且可能不只是產品銷售。我們甚至正在考慮未來潛在的網路即服務模式，這也可以涵蓋頻譜業務。這樣一來，獲得許可收入也會變得容易得多。

Great. Two more quick ones, if I may. Any updates on terrestrial licenses internationally or any road map that you can provide progress points for this year and/or next?

太好了。請容許我再問兩個問題。請問國際地面牌照有什麼最新進展嗎？或者您能提供今年和/或明年的進展點嗎？

Yeah. I mean -- so we got Mexico. That was the most recent one. The regulatory team has been really focused on getting the authorizations for the C-3 higher power systems. That's where our biggest priority is. So we don't think there's any issues with getting the international terrestrial licenses. It's been reasonably kind of a run-of-the-mill process, nothing extravagant that needed to be done. And it's really just a question of spending the human resource and then the money to actually pay whatever needs to be paid and the maintenance fees and so forth.

是的。我的意思是——我們最近獲得了墨西哥的許可。監管團隊一直專注於取得C-3高功率系統的授權。這是我們的首要任務。所以我們認為獲得國際地面許可證不會有任何問題。整個過程相當普通，不需要做任何特別的事情。實際上，問題只是人力資源的投入，以及實際支付所需費用和維護費用等的資金。

So I think that will come as we continue to build out and find that there's opportunities to do international sales around that because obviously, we're very interested to sell into international customers who have the need for the fact that we have globally harmonized spectrum.

因此，我認為，隨著我們不斷拓展業務並發現有開展國際銷售的機會，這種情況將會實現，因為顯然，我們非常有興趣向有需要的國際客戶銷售我們擁有全球統一頻譜。

In that sense, does the license authorization in Spain kind of act as a proxy for the rest of Europe? Or is it more complicated than that?

從這個意義上來說，西班牙的執照授權是否在某種程度上代表了歐洲其他地區？還是說情況比這更複雜？

Yeah. I mean, it's a little more complicated. Every country has got different things with them and wireless isn't totally homogeneous across Europe. But it's a great example. And by the way, I may have said this previously, but the fact that we had the spectrum in Spain was the way that it worked during Mobile World Congress in Barcelona, when we had our own spectrum and everybody else didn't, we were able to be over the air, just really made the point of how valuable having spectrum that we control and know that it's clear and really made that point for us and made a point for others.

是的。我的意思是，這有點複雜。每個國家都有不同的情況，而且整個歐洲的無線技術也不完全統一。但這是一個很好的例子。順便說一句，我之前可能說過，我們在西班牙擁有頻譜，就像在巴塞隆納世界移動通信大會上那樣，當時我們有自己的頻譜，而其他人都沒有，我們卻能夠通過無線方式進行通信，這真正體現了擁有我們控制的頻譜是多麼寶貴，並且知道這些頻譜是透明的，這不僅為我們自己，也為其他人證明了這一點。

Fantastic. One more, if I may. Going back to the satellite portion of the business. Can you talk about -- there have been some challenges in the last few months or really most of this year around the concept of spectrum sharing and license -- dual licenses around spectrum. Can you talk at all maybe at a simplistic technical level about the feasibility of spectrum sharing and whether or not it's even something that can happen in your eyes?

太棒了。如果可以的話，我再問一個問題。回到衛星業務部分。您能否談談過去幾個月，或者今年大部分時間裡，圍繞著頻譜共享和許可證（頻譜雙許可證）的概念，存在一些挑戰。您能否從簡單的技術層面談談頻譜共享的可行性，以及在您看來這是否有可能實現？

Yeah. I mean, -- so there have been a lot of statements made about how the system work and the utilization of the spectrum. And there's a lot of misinformation that's out there about sort of how the spectrum is used. But from a technical standpoint, there are people making the claim that you just layer multiple CDMA systems on top of each other.

是的。我的意思是，關於該系統如何運作以及頻譜利用率的說法有很多。關於頻譜的使用方式，也存在著許多錯誤訊息。但從技術角度來看，有人聲稱，你只需要將多個 CDMA 系統疊加在一起。

Of course, we built those. I'll be back in the Qualcomm days. So my technical team is probably the best in the world at that. And unless it's all optimized together, it doesn't work. Like you get near far problems, if you remember that old thing and the things need to be controlled together. So that doesn't make sense.

當然，這些都是我們開發的。我回想起在高通的日子。所以我的技術團隊在這方面可能是世界上最好的。除非所有組件都一起優化，否則根本行不通。就像你遇到遠近光的問題一樣，如果你還記得那個老問題，所有組件都需要一起控制。所以這毫無意義。

It makes sense to the regulators either. And I think when the regulators are looking at these claims that are being made, what we've done not just now, but over the past 30 years in terms of running the system and creating new opportunities with it and saving lives and expanding and investing. I think all of those things weigh heavily. And we've had great relationships with the FCC so far and with the foreign regulators as well. So I feel confident about the position that we're in.

對監管機構來說，這也很合理。我認為，當監管機構審視這些說法時，他們不僅要考慮現在，還要考慮過去30年來我們在運行這個系統、創造新機會、拯救生命、擴張和投資方面所做的努力。我認為所有這些都意義重大。到目前為止，我們與聯邦通訊委員會（FCC）以及外國監管機構都保持著良好的關係。因此，我對我們目前的處境充滿信心。

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley 證券。

Just a quick follow-up for me on the XCOM RAN. I'm just curious if there's any way to kind of quantify or pinpoint how much more development work you expect? Or I guess, if there's ongoing development work you're doing with this initial customer? Or is it really just a function of that customer waiting for the right time to pull the trigger there?

關於XCOM RAN，我只想簡單跟進一下。我很好奇，有什麼方法可以量化或精確地說明您預計還需要多少開發工作嗎？或者，您是否正在與這位初始客戶進行持續的開發工作？或者，這只是客戶在等待適當的時機來採取行動？

So the way that it looks right now is that there's some incremental opportunities and there's some small amounts of development that's going into the incremental opportunities. The big acoustic fulfillment center technology is done, and it's been through a lot of testing. And so I think from a technical standpoint there, not much more to do. And now we're looking at kind of the next set of places to get into some deep vertical. And as I said, we're also working now more horizontally. We've gotten to the point where we have enough functionality that we can provide it horizontally as well. So we're doing that.

所以目前看來，有一些漸進式的機會，也有一些小規模的開發正在推進這些漸進式的機會。大型聲學履行中心的技術已經完成，並且經過了大量測試。所以我認為從技術角度來看，已經沒什麼好做的了。現在我們正在尋找下一批可以深入垂直領域的項目。正如我所說，我們現在也在進行更橫向的開發。我們已經擁有了足夠的功能，可以橫向提供這些功能。所以我們正在這樣做。

And the other thing that we did on the development side, and we're not 100% done, but getting close -- of the software stack that we were buying from third parties, and we've been working on our own versions of that as well, and that will provide some cost savings.

我們在開發方面做的另一件事，雖然還沒有 100% 完成，但已經接近完成了——我們從第三方購買的軟體堆疊，我們也一直在開發自己的版本，這將節省一些成本。

I am showing no further questions at this time. I would now like to turn it back to Paul Jacobs, CEO, for closing remarks.

我現在沒有其他問題了。現在，我想請執行長保羅·雅各布斯（Paul Jacobs）作最後發言。

Great. Well, thanks, everyone, for joining us on the call. Hopefully, our excitement about the future is coming through. There's a lot of good. And going, and we just continue to have a drumbeat of whether it's new customers, new operational milestones met, working out on kind of building out our future road map as well. It feels like a good time. The team is executing very well, and I think we're making our customers happy.

太好了。好的，謝謝大家參加我們的電話會議。希望我們對未來的興奮之情能夠傳遞下去。有很多好消息。而且，我們一直在努力爭取新客戶，實現新的營運里程碑，並制定未來的路線圖。感覺這是一個美好的時刻。團隊執行力很強，我認為我們正在讓客戶感到滿意。

So we look forward to talking to you about more of these milestones met in the future and more interesting things that we're going to do together. And yes, I look forward to it, and I want to just say thanks for your support to date. And yes, stay tuned with us.

我們期待與大家分享未來取得的更多里程碑，以及我們將共同創造的更多精彩之處。是的，我非常期待，也想感謝大家迄今為止的支持。是的，請繼續關注我們。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。今天的節目到此結束。您可以斷開連線了。