Globalstar, Inc. (GSAT) 2025 Q4 法說會逐字稿

(Operator Instuctions)

（操作說明）

Good day and thank you for standing by. Welcome to the GlobalStar fourth quarter and full year 2025 earnings conference call. I would now like to hand the conference over to your speaker today, Rebecca Clary, CFO. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 GlobalStar 2025 年第四季及全年業績電話會議。現在我謹將會議交給今天的主講人，財務長麗貝卡‧克拉里。請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

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 Global Source SEC filings, including its most recent annual report on Form 10k and its other SEC filings, as well as today's earnings release.

在開始之前，請注意，今天的電話會議包含前瞻性陳述，旨在符合證券法規定的安全港條款。可能導致結果出現重大差異的因素已在 Global Source 向美國證券交易委員會提交的風險因素部分中進行了描述，包括其最新的 10-K 表格年度報告和其他美國證券交易委員會文件，以及今天的收益發布。

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中提及 EBITDA、調整後 EBITDA、自由現金流或調整後自由現金流，這些財務指標不符合美國通用會計準則 (US GAAP) 的規定，也不符合美國證券交易委員會 (SEC) 的規則和法規。這些非GAAP財務指標已在獲利報告中與最可比較的GAAP財務指標進行了核對，該報告可在我們的網站上查閱。

Today, I will walk through our fourth quarter and full year 2025 financial results, then discuss liquidity and our 2026 guidance. Starting with the full year, total revenue reached a record $273 million a 9% increase over 2024 and in line with our guidance. This marks our fourth consecutive year of record revenue.

今天，我將介紹我們 2025 年第四季和全年的財務業績，然後討論流動性和我們 2026 年的業績指引。從全年來看，總收入達到創紀錄的 2.73 億美元，比 2024 年成長 9%，符合我們的預期。這標誌著我們連續第四年創下營收紀錄。

Service revenue was $257.3 million up 8%, driven primarily by increased wholesale capacity services. Subscriber equipment revenue was $15.7 million up 24%, reflecting a higher volume of commercial IOT device sales.

服務收入為 2.573 億美元，成長 8%，主要得益於批發服務能力的提升。用戶設備收入為 1,570 萬美元，成長 24%，反映出商用物聯網設備銷售增加。

Turning to profitability, we generated income from operations of $7.4 million compared to a loss of $0.9 million in 2024. This improvement was due to higher revenue, as previously discussed, partially offset by increased operating expenses, including personnel costs to support our next generation infrastructure buildout, continued investment in XCOM ran development, and higher legal and professional fees.

從獲利能力來看，我們實現了 740 萬美元的營業收入，而 2024 年則虧損了 90 萬美元。如前所述，這項改善是由於收入增加，但部分被營運費用增加所抵消，其中包括支持我們下一代基礎設施建設的人員成本、對 XCOM 運行開發的持續投資以及更高的法律和專業費用。

During the year, operating expenses benefited from $3.9 million in employee retention credits received under the CARES Act, which were allocated between cost of services and MGNA. Net loss improved to $7.6 million from $63.2 million in 2024.

本年度，營運支出受益於根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 獲得的 390 萬美元員工留任補貼，這些補貼在服務成本和 MGNA 之間進行了分配。淨虧損從 2024 年的 6,320 萬美元改善至 760 萬美元。

This improvement was due primarily to the prior year, reflecting a non-recurring non-cash loss on extinguishment of debt related to the paydown of the 2023, 13% notes. We also benefited from favorable foreign currency remeasurement on intercompany balances and non-cash gains on the quarterly mark to market adjustment of our derivative assets. These items were partially offset by higher non-cash imputed interest related to the 2024 prepayment agreement.

這項改善主要歸功於前一年，反映了與償還 2023 年到期、票面利率 13% 的票據相關的債務清償產生的非經常性非現金損失。我們也受惠於公司間餘額的有利外幣重估以及衍生資產季度市值調整的非現金收益。這些項目被與 2024 年提前付款協議相關的較高非現金推定利息部分抵銷。

Adjusted EBITDA reached a record $136.1 million dollars, representing a 50% margin in line with our guidance. This increase over 2024 reflects higher revenue, partially offset by higher operating expenses, primarily due to investment and growth opportunities. Specifically, while we continue to enhance and develop our XCOM RAN product and service offerings, we incur costs in advance of revenue.

調整後 EBITDA 達到創紀錄的 1.361 億美元，利潤率為 50%，符合我們的預期。與 2024 年相比，這一成長反映了更高的收入，但部分被更高的營運費用所抵消，這主要是由於投資和成長機會。具體來說，在我們不斷改進和開發 XCOM RAN 產品和服務的同時，我們會在獲得收入之前產生成本。

Turning to Q4, total revenue was $72 million including $67.4 million of service revenue and $4.6 million from equipment sales. Service revenue increased 17% and equipment revenue increased 31% compared to Q4 2024. The revenue increase was driven primarily by wholesale capacity services, including performance bonuses earned in the quarter and additional service fees associated with network cost reimbursement.

第四季總收入為 7,200 萬美元，其中包括 6,740 萬美元的服務收入和 460 萬美元的設備銷售收入。與 2024 年第四季相比，服務收入成長了 17%，設備收入成長了 31%。營收成長主要得益於批發容量服務，包括本季獲得的績效獎金和與網路成本補償相關的額外服務費。

We also saw contributions from growth and commercial IOT subscribers and device sales and revenue under our agreement with Parsons, partially offset by duplex and spot subscriber turn and lower XCOM RAN sales. Q4 loss from operations was $0.4 million a meaningful improvement from a $4.2 million loss from operations in Q4 2024.

我們也看到了成長和商業物聯網用戶以及根據我們與 Parsons 的協議進行的設備銷售和收入的貢獻，但部分被雙工和現貨用戶流失以及 XCOM RAN 銷售額下降所抵消。第四季營運虧損為 40 萬美元，較 2024 年第四季營運虧損 420 萬美元有了顯著改善。

I'd also note that cost of subscriber equipment sales included a $1.1 million charge related to tariffs on equipment imported and then re-exported to foreign subsidiaries where previously recorded duty drawbacks are no longer deemed probable of recovery.

我還想指出，用戶設備銷售成本包括 110 萬美元的費用，該費用與進口到外國子公司的設備關稅有關，而這些設備先前記錄的退稅現在被認為不太可能收回。

Q4 net loss was $10.6 million compared to $50.2 million in the prior year, with the improvement largely attributable to the same non-cash activity that impacted the full year period. Q4 adjusted EBITDA was $32.4 million, up 7% from the prior year's quarter. Turning to the balance sheet, we ended the year with $447.5 million in cash and cash equivalents, up from $391.2 million a year in 2024.

第四季淨虧損為 1,060 萬美元，而上年同期為 5,020 萬美元，這一改善主要歸功於影響全年業績的相同非現金活動。第四季調整後 EBITDA 為 3,240 萬美元，比上年同期成長 7%。從資產負債表來看，我們年底的現金及現金等價物為 4.475 億美元，高於 2024 年的 3.912 億美元。

Operating cash flows during 2025 were $621.7 million, which included $430.6 million received in connection with the infrastructure prepayment.

2025 年的營運現金流為 6.217 億美元，其中包括與基礎設施預付款相關的 4.306 億美元。

Capital expenditures were $550.4 million, primarily related to our commitments under the updated services agreements for the deployment of the saddle of the replacement satellites as well as the extended MSS network, which includes a new satellite constellation, expanded ground infrastructure, and increased global MFS licensing. Adjusted free cash flow for the year was $171.5 million, up from $131.9 million in 2024.

資本支出為 5.504 億美元，主要與我們根據更新的服務協議所做的承諾有關，包括部署替換衛星的鞍座以及擴展 MSS 網絡，其中包括新的衛星星座、擴展的地面基礎設施和增加的全球 MFS 許可。經調整後的本年度自由現金流為 1.715 億美元，高於 2024 年的 1.319 億美元。

2025 benefited from $45 million in accelerated service payments and higher ongoing service fees, partially offset by increased operating costs.

2025 年受惠於 4,500 萬美元的加速服務付款和更高的持續服務費，但部分被增加的營運成本所抵銷。

Our principal debt balance was $410 million at year end, down modestly from $417.5 million at the end of 2024. We're collecting scheduled recoupments of $34.6 million under the 2021 funding agreement, partially offset by $27.1 million in new issuance under the 2023 funding agreement.

截至年底，我們的本金債務餘額為 4.1 億美元，較 2024 年底的 4.175 億美元略有下降。根據 2021 年融資協議，我們將收回 3,460 萬美元的預定款項，但根據 2023 年融資協議，我們將發行 2,710 萬美元的新債券，部分抵銷了這筆款項。

Looking ahead to 2026, we expect total revenue between $280 million and $305 million with an adjusted EBITDA margin of approximately 50%. This outlook reflects our confidence in the continued growth trajectory of the business as we scale our next generation infrastructure and expand our commercial opportunities. With that, I'll turn the call over to Paul.

展望 2026 年，我們預計總營收在 2.8 億美元至 3.05 億美元之間，調整後的 EBITDA 利潤率約為 50%。這項展望反映了我們對公司業務持續成長的信心，我們將擴大下一代基礎設施規模並擴大商業機會。接下來，我將把電話交給保羅。

Thanks, Rebecca, and good morning, everyone. It's great to be with you today and I appreciate everyone joining us for our fourth quarter and full year 2025 update.

謝謝麗貝卡，大家早安。很高興今天能和大家在一起，感謝各位參加我們2025年第四季及全年業績更新會議。

2025 was a transformational year for GlobalStar. We closed the year with record full year revenue of $273 million representing a 9% increase year over year and delivered an adjusted EBITDA margin of 50%.

2025年是GlobalStar的轉型之年。我們以創紀錄的全年營收 2.73 億美元結束了這一年，年增 9%，調整後的 EBITDA 利潤率為 50%。

These results reflect strong execution, operating discipline, and continued progress across every major dimension of our business. Throughout the year, we focused on scaling the core business while laying the foundation for our next phase of growth, and we believe our financial performance clearly reflects that balanced approach.

這些成果反映了我們業務各個主要面向強大的執行力、嚴謹的營運紀律和持續進步。在過去一年中，我們專注於擴大核心業務規模，同時為下一階段的成長奠定基礎，我們相信我們的財務表現清楚地反映了這種平衡的方法。

From a strategic perspective, we made meaningful advances across product innovation, infrastructure expansion, regulatory progress, and market diversification. One of the most important milestones during the year was the launch of two-way satellite IoT capabilities and the completion of the commercial rollout of our RM 200M module.

從策略角度來看，我們在產品創新、基礎設施擴建、監管進步和市場多元化方面取得了有意義的進展。今年最重要的里程碑之一是推出了雙向衛星物聯網功能，並完成了 RM 200M 模組的商業推廣。

This represents a significant expansion of our IOT portfolio, moving beyond one-way monitoring to enable reliable command and control for enterprise, government, and industrial customers. Two-way IOT meaningfully expands our addressable market, strengthens our partner-led go to market model, and enables higher value use cases where resilience, reliability, and confirmation are mission critical.

這標誌著我們的物聯網產品組合得到了顯著擴展，超越了單向監控，為企業、政府和工業客戶實現了可靠的指揮和控制。雙向物聯網顯著擴大了我們的目標市場，加強了我們以合作夥伴為主導的市場推廣模式，並實現了更高價值的應用場景，在這些場景中，彈性、可靠性和確認性至關重要。

At the same time, we continued to accelerate diversification across end markets. During 2025, we secured early government and defense wins, expanded our presence in agriculture, wildfire response, industrial IoT, and public safety, and built momentum across multiple verticals.

同時，我們繼續加快向終端市場多元化發展。2025 年，我們取得了早期政府和國防方面的成功，擴大了我們在農業、野火應對、工業物聯網和公共安全領域的業務，並在多個垂直領域建立了發展勢頭。

This diversification strategy is intentional and increasingly important as it reduces reliance on any single market while positioning Global Star to serve a broad range of customers with complex connectivity requirements.

這種多元化策略是經過深思熟慮的，而且越來越重要，因為它減少了對任何單一市場的依賴，同時使 Global Star 能夠服務具有複雜連接需求的廣泛客戶群。

In the government and events sector specifically, we achieved several important milestones with our partner Parsons. We completed a successful proof of concept, began customer trials, and are expanding our relationship to include private 5G solutions for the federal market. We also completed and are continuing to invest in XCOM RAN-based 5G research to evaluate high-capacity private wireless architectures for defense applications. Additionally, we are also pleased to highlight a recent development validating the strength of our broader connectivity platform.

具體到政府和活動領域，我們與合作夥伴 Parsons 共同取得了幾個重要的里程碑。我們已成功完成概念驗證，開始客戶試用，並將我們的合作關係擴展到聯邦市場的專用 5G 解決方案。我們也完成了基於 XCOM RAN 的 5G 研究，並將繼續投資於此，以評估用於國防應用的高容量專用無線架構。此外，我們也很高興地強調最近的一項進展，該進展驗證了我們更廣泛的連接平台的強大。

Fireworks, which was formerly XCOM Labs, was awarded a phase two Small Business Innovation contract worth $1.9 million from the Office of the Undersecretary of War to develop an advanced 5G system for challenging RF environments. As part of that effort, Fireworks selected GlobalStar as a technology partner, leveraging our XMM platform. This collaboration underscored the growing relevance of our technology beyond traditional satellite services and reflects confidence in our ability to support mission critical communications.

Fireworks（前身為 XCOM Labs）獲得了美國陸軍部副部長辦公室價值 190 萬美元的第二階段小型企業創新合同，用於開發適用於具有挑戰性的射頻環境的先進 5G 系統。作為這項工作的一部分，Fireworks 選擇 GlobalStar 作為技術合作夥伴，利用我們的 XMM 平台。此次合作凸顯了我們的技術在傳統衛星服務之外日益增長的重要性，也反映了我們對支援關鍵任務通訊能力的信心。

The initiatives reinforce the relevance of our architecture for defense and government use cases and demonstrate growing confidence in our ability to support high priority mission requirements.

這些措施強化了我們的架構在國防和政府應用場景中的相關性，並展現了我們對支持高優先任務需求的能力日益增長的信心。

Taken together, we believe these efforts are a meaningful expansion of our government and defense footprint, and we expect this area to become an increasingly important contributor to our business over time. And more broadly, we continue to see steady demand for our products and services with new customers and emerging use cases coming online as we execute against a clearly defined go to market strategy focused on scalable long-term growth.

我們認為，這些努力將顯著擴大我們在政府和國防領域的影響力，我們預計隨著時間的推移，這一領域將成為我們業務中越來越重要的貢獻者。更廣泛地說，隨著我們執行以可擴展的長期成長為重點的明確的市場進入策略，我們看到市場對我們的產品和服務的需求持續穩定，新的客戶和新興用例不斷湧現。

That growth is underpinned by our continued investment in our infrastructure. During the year, we made significant progress expanding our global ground station network across multiple continents. We believe these investments will strengthen capacity, improve redundancy, and enhance readiness for next generation services, including our C3 constellation. In parallel, we advanced our ITU financial commitments, completing 50% of the investment we pledged. These efforts are foundational and are expected to prepare our network to support future satellite capacity and expanded service offerings.

這一增長得益於我們對基礎設施的持續投資。年內，我們在擴展全球地面站網路方面取得了重大進展，我們的網路已覆蓋多個大洲。我們相信這些投資將增強能力、提高冗餘度，並提高對下一代服務（包括我們的 C3 星座）的準備程度。同時，我們推動了對國際電信聯盟的財務承諾，完成了我們承諾投資的 50%。這些努力是基礎性的，預計將使我們的網路為支援未來的衛星容量和擴大的服務範圍做好準備。

We also continue to advance the XCOM-RAN ecosystem. Boingo completed a proof-of-concept trial demonstrating the ability for XCOM-RAN to support next generation private 5G deployments, and we believe the integration platform into Boingo's private network portfolio highlights growing partner engagement and commercial relevance.

我們將繼續推進 XCOM-RAN 生態系統的發展。Boingo 完成了一項概念驗證試驗，證明了 XCOM-RAN 支援下一代專用 5G 部署的能力，我們相信，將平台整合到 Boingo 的專用網路產品組合中，凸顯了合作夥伴參與度的提高和商業相關性。

From team performance standpoint, momentum remains strong throughout the year.

從團隊表現來看，全年動能依然強勁。

Average commercial IOT subscribers increased 6% year over year while IOT hardware sales revenue grew 50% year over year. This growth reflects sustained demand across asset tracking, monitoring, and safety applications, as well as increasing adoption of higher value solutions enabled by two-way connectivity. We believe these trends demonstrate both the durability of our IOT business and the upside potential as new capabilities continue to scale.

商業物聯網用戶平均年增 6%，而物聯網硬體銷售收入較去年同期成長 50%。這一成長反映了資產追蹤、監控和安全應用領域的持續需求，以及雙向連接所帶來的更高價值解決方案的日益普及。我們認為這些趨勢既體現了我們物聯網業務的持久性，也顯示隨著新功能的不斷擴展，該業務還有很大的成長潛力。

The progress we made in 2025 reflects disciplined execution across multiple fronts from infrastructure and regulation to product innovation and market expansion. We're moving decisively from groundwork to growth, and we believe we have a strong foundation in place as we enter 2026. Looking ahead, we remain confident in the strength of our strategic roadmap and our ability to execute against it.

我們在 2025 年的進展反映了我們在基礎設施、監管、產品創新和市場擴張等多個方面嚴謹的執行。我們正果斷地從基礎工作轉向發展，我們相信，進入 2026 年，我們已經奠定了堅實的基礎。展望未來，我們對我們的策略路線圖的實力以及執行該路線圖的能力仍然充滿信心。

With key authorizations for C3 and continued progress across our ground network commercial momentum for two-way IoT capabilities and creating traction for excom RAM, we believe GlobalStar is uniquely positioned to deliver differentiated connectivity solutions that combine satellite innovation, licensed spectrum, and proprietary wireless technology.

憑藉 C3 的關鍵授權，以及我們在地面網路雙向物聯網功能方面的持續進展和為 excom RAM 創造的動力，我們相信 GlobalStar 擁有獨特的優勢，能夠提供結合衛星創新、授權頻譜和專有無線技術的差異化連接解決方案。

Finally, there's never been a more exciting time to be in space and the broader connectivity ecosystem. As demand continues to grow for resilient interoperable solutions that bridge satellite and terrestrial networks, we believe GlobalStar is ideally positioned to benefit from the convergence. One factor became increasingly clear last year proprietary, globally harmonized spectrum matters. Our licensed MSS spectrum remains a core differentiator and a foundational asset as the market evolves, whether it's traditional satellite communications, IOT, or D2D. Our dedication to global space spectrum can enable flexibility, reliability, and resiliency. The progress we achieved in 2025 reflects the talent and dedication of our global team, and we are energized by the momentum we are carrying into the year ahead.

最後，現在是投身太空和更廣泛的互聯生態系統的最佳時機。隨著對能夠連接衛星網路和地面網路的彈性互通解決方案的需求不斷增長，我們相信 GlobalStar 處於理想的位置，可以從這種融合中受益。去年，專有的、全球統一的頻譜的重要性變得越來越明顯。隨著市場的發展，無論是傳統衛星通訊、物聯網或 D2D，我們獲得許可的 MSS 頻譜仍然是核心差異化優勢和基礎資產。我們對全球空間頻譜的投入能夠帶來靈活性、可靠性和韌性。我們在 2025 年的進展體現了我們全球團隊的才華和奉獻精神，我們對未來一年所保持的勢頭充滿信心。

Thank you again for joining us today and for your continued support of GlobalStar. We look forward to updating you on our progress in the quarters to come, and I'll now turn the call back to the operator for Q&A.

再次感謝您今天蒞臨本節目，也感謝您一直以來對環球之星的支持。我們期待在接下來的幾個季度向您報告我們的進度，現在我將把電話轉回給接線員進行問答環節。

(Operator Instructions)

（操作說明）

Thank you. As a reminder to ask a question, and our first question comes from Edison Yu, Deutsche Bank. Your line is open.

謝謝。提醒大家提問，我們的第一個問題來自德意志銀行的餘生愛迪生。您的線路已開通。

Thank you for taking our questions. Congratulations on progress and apologies about any background noise. First, I want to bring up, a topic to you, Paul. There's been a lot of excitement about data centers in space.

感謝您回答我們的問題。恭喜取得進展，並對可能產生的背景噪音表示歉意。首先，我想和你談一個話題，保羅。人們對太空資料中心非常感興趣。

I think it's probably something maybe you don't want maybe tackle directly as as as a company but just curious on your thoughts about the the idea of doing this and potentially some maybe ancillary opportunities that that could evolve from that.

我認為這可能是貴公司不想直接處理的事情，但我很好奇您對這個想法的看法，以及可能由此產生的一些輔助機會。

Yeah, I mean, obviously we're very focused on direct to sell and IoT and and not really on the data center side and obviously with all the demand for compute and AI and the difficulties people are having building data centers and power being an issue, I understand why people are excited about it and certainly it creates another reason for. Needing launch capacity, which there's going to be increasingly more launch capacity, as new vendors come online, so I understand sort of how the industry got excited about it. I mean, I think there's a lot of technical challenges to it, obviously maintenance is a lot harder, upgrades a lot harder, cooling and so forth are hard in space, so.

是的，我的意思是，顯然我們非常專注於直接銷售和物聯網，而不是資料中心方面。顯然，考慮到對計算和人工智慧的需求，以及人們在建造資料中心時遇到的困難和電力問題，我理解為什麼人們對此感到興奮，這當然也為資料中心的發展創造了另一個理由。我們需要更大的發射能力，而且隨著新的供應商上線，發射能力也會越來越大，所以我可以理解為什麼業界對此感到興奮。我的意思是，我認為這其中有很多技術挑戰，顯然維護起來要困難得多，升級也困難得多，太空中的冷卻等等都很困難。

Yeah, but this is a great technical challenge for people and certainly an interesting thing. And if you're a science fiction fan, it kind of maps out to a lot of things people have talked about over the years and, about what humanity will do in space. So it's exciting, but yeah, it's definitely not our focus area.

是的，但這對人們來說是一個很大的技術挑戰，也絕對是一件很有趣的事。如果你是科幻迷，那麼它在某種程度上與人們多年來討論的許多事情以及人類將在太空中做的事情不謀而合。所以這很令人興奮，但是，這絕對不是我們的重點領域。

Understood. And then, I've been switching gears. What should we think about? How should we think about the next milestones for C3 constellation? Is there anything this year that you would, that would call out that would be in particular, of particular importance?

明白了。然後，我開始轉換思路。我們該考慮些什麼？我們該如何看待C3星座的下一個里程碑？今年有沒有什麼特別重要、值得一提的事？

Yeah, I mean, we just did the critical design review, so that's, a very important portion of making sure that the system design, and holistically the entire system. Is designed well, and, we will need to do a lot of work in terms of network, ground network build out, obviously a lot of work going on the regulatory side, and, discussion are advancing well, and, regulators are excited about the capabilities that Global Star has already brought to market, either by ourselves or with our partners. A lot of, you know.

是的，我的意思是，我們剛剛完成了關鍵設計評審，這是確保系統設計以及整個系統整體性的一個非常重要的環節。設計精良，但我們需要在網路建置方面投入大量精力，顯然在監管方面也有很多工作要做，討論進展順利，監管機構對 Global Star 已經推向市場的能力感到興奮，無論是我們自己還是與合作夥伴共同實現的。很多，你知道的。

SOS and these kinds of emergency capabilities and it's been demonstrated over and over. So, as we go to C3 things only get better, more capabilities and so forth, more satellites in orbit and so yeah, we're, we are continuing to just tick off, grind away, all these launches. It's not a high-level thing. It's a, it's really, you got to be on top of every single little detail, and that's what the teams have been doing. And so, it's, yeah, it's not one thing, it's sort of many things across the board to get done.

SOS 等緊急救援能力已經反覆驗證。所以，隨著我們邁向 C3 階段，情況只會越來越好，能力也會更強等等，更多的衛星會在軌道上運行，所以是的，我們，我們正在繼續一步一步地推進所有這些發射。這不是什麼高層次的事。真的，你必須掌控每一個細節，而這正是各隊一直在做的事。所以，是的，這不是一件事，而是很多方面的事情需要完成。

Indeed. Last one for me just on XCOM brand you made some progress since, last quarter with, Boingo.

的確。最後，我想說的是 XCOM 品牌，你們自上個季度以來就與 Boingo 合作取得了一些進展。

Can you just remind us of indicate kind of what specific customer KPIs were kind of validated or that you found to be very encouraging as part of this process and is this, does this give you more confidence in getting future pipeline, before I come back? Thank you.

您能否提醒我們一下，在這個過程中，哪些特定的客戶KPI得到了驗證，或者您認為哪些指標非常令人鼓舞？這是否讓您對未來的銷售管道更有信心？謝謝。

Yeah, so, I mean the kinds of things that people are obviously looking for the ability to get a lot of throughputs in a dense environment, so that was the thing that we always touted about the. The technology in the beginning, but, with Boingo, one of the other things that's really cool is that we can run the system over DS distributed antenna systems, so we can overlay that and a DAS system generally just gives you more coverage but not more capacity.

是的，我的意思是，人們顯然在尋找能夠在密集環境中獲得高吞吐量的能力，所以這正是我們一直以來所大力宣傳的。這項技術最初是這樣，但有了 Boingo，另一個很酷的功能是我們可以在 DS 分散式天線系統上運行該系統，因此我們可以將其疊加到 DAS 系統上，而 DAS 系統通常只能提供更大的覆蓋範圍，但不能提供更大的容量。

But because we can process the data from each radio node or head, we can actually then increase the capacity in the system as well. And then there's other things that we've demonstrated in the warehouse automation. Space and you know in terms of ease of deployment and the fact that if you cluster us in a given area it doesn't really take down you know capacity of the whole system it still shares the capacity of all the radio nodes that are there so.

但是，由於我們可以處理來自每個無線電節點或頭的數據，因此我們實際上也可以提高系統的容量。此外，我們也展示了倉庫自動化方面的其他一些技術。空間方面，你知道，就部署的便利性而言，而且如果你把我們聚集在某個特定區域，它並不會真正降低整個系統的容量，它仍然共享所有無線電節點的容量。

That that kind of capability and those kind of KPIs are super important and then obviously just getting to commercial hardness you know we spent a lot of testing this system under you know difficult circumstances and we have been able to prove to very demanding customers that this system is commercially ready and so in terms of the hype.

這種能力和這種關鍵績效指標非常重要，然後顯然，要達到商業上的穩健性，你知道，我們花費了大量時間在困難的環境下測試這個系統，並且我們已經能夠向要求非常苛刻的客戶證明，這個系統已經具備商業應用能力，所以就炒作而言。

My focus on warehouse automation back in and now we're looking at what are the uses obviously with the cyber both the military use cases and with going because we're talking about airport stadiums, convention centers, places that are. High density of users, and not to mention one of those military bases as well. So, I think you know pipeline is definitely growing. We're excited by some of the go to market partners that we have, I know like we said on in terms of the parts as well, looking at the 5G for defense and other. Government. So, these pipelines are great. And then as we look out there going to be a lot of demand for connectivity for things like physical AI and so forth, and we're upset by those opportunities when we're in the warehouse of ambitious space.

我重新專注於倉庫自動化，現在我們正在研究它的用途，顯然包括網路安全、軍事用途以及機場、體育場、會議中心等場所。用戶密度高，而且附近還有一座軍事基地。所以，我想你應該知道，管道肯定在成長。我們對一些市場推廣合作夥伴感到興奮，我知道就像我們之前提到的，在零件方面也是如此，我們正在關注國防和其他領域的 5G 技術。政府。所以，這些管道很棒。然後，當我們展望未來時，會發現對實體人工智慧等連接方式的需求很大，而當我們身處雄心勃勃的太空倉庫時，這些機會讓我們感到不安。

There's a lot of robotics, so upload down the information is important and certainly through COVID and latency are going to be important, aspects of that.

機器人技術應用廣泛，因此資訊上傳非常重要，而且在新冠疫情期間，資訊延遲等因素也至關重要。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Our next question comes from Mike Crawford, B. Riley Securities. Your line is open.

謝謝。下一個問題來自 B. Riley Securities 的 Mike Crawford。您的線路已開通。

Thank you. Good morning. Could you, help walk through the utility of having both MSS and terrestrial 5G flexibility with your {SM} spectrum and as well as perhaps maybe how we should think about any potential interference issues?

謝謝。早安.您能否幫忙解釋一下，在您的{SM}頻譜中同時擁有MSS和地面5G靈活性有何益處，以及我們應該如何考慮任何潛在的干擾問題？

Yeah, so obviously we bleep out the fact that in the future there's a lot of synergy between warehouse automation and the fact that you can track using IOT satellite IOT anywhere you go and cover a complete supply chain logistics. So those kinds of things are obviously super interesting, but it's also just the fact that because of a system that means that we have spectrum globally and so for, companies that are and partners that are looking to, have some kind of terrestrial capability anywhere in the world, the fact that have that, have this.

是的，所以很顯然，我們會忽略這樣一個事實：未來倉庫自動化與物聯網衛星追蹤技術之間存在著很大的協同效應，無論你走到哪裡，都可以追蹤整個供應鏈物流。所以這些事情顯然非常有趣，但更重要的是，由於有了這個系統，我們擁有了全球頻譜，因此，對於那些希望在世界任何地方擁有某種地面能力的公司和合作夥伴來說，擁有這種能力就意味著擁有了這一點。

That's not to say that we've got authorization that we believe that we can go get those to the extent that our partner is professed in that as well. So, it's nice energy just a global nature, a global harmonized nature of it, from an interference standpoint, yeah, I mean, the idea is that if you are. And cellular recovery or we're running a terrestrial network on that spectrum.

這並不是說我們已經獲得了授權，或者我們認為我們可以獲得這些授權，就像我們的合作夥伴也聲稱擁有這些授權一樣。所以，這是一種很好的能量，它具有全球性、全球和諧性，從幹擾的角度來看，是的，我的意思是，這個想法是，如果你是。我們正在進行蜂窩網路恢復，或者我們正在該頻譜上運行地面網路。

If a device is not, it needs to go to it could also go to the terrestrial network as well. So either managing the which frequency bands are being used, which time is being used, or also what system do you does. Users need to use at a different time and our satellite modems, although they start out the first version of the two modems doesn't have multi-mode capability and that's we're working on that right now. So that, that's going to certification and so forth. So, they will have multimode capability very quickly and that'll be able to manage both and of course we support the terrestrial, modes.

如果設備不是，則需要連接到地面網絡，也可以連接到地面網路。所以，要嘛管理正在使用的頻段，要嘛管理正在使用的時間，要嘛也要管理你使用的系統。使用者需要在不同的時間使用我們的衛星數據機，雖然它們最初是兩個數據機中的第一個版本，但它們不具備多模功能，而這正是我們目前正在努力的方向。所以，接下來就要進行認證等等。因此，它們很快就會具備多模式能力，能夠管理兩種模式，當然我們也支援地面模式。

Okay, thank you Paul. Actually, it's a little difficult to hear you because your line's breaking up a little bit. I'll just ask one final question, but can GlobalStar share any targeted launch windows for the replenishment satellites this year?

好的，謝謝你，保羅。實際上，我有點聽不清楚你的聲音，因為你的線有點斷斷續續的。我最後再問一個問題，GlobalStar 能否公佈今年補給衛星的預定發射窗口？

We have, we're not updating, we're saying second quarter this year for the 1st launch and second half for the, second launch.

我們沒有更新消息，我們說的是今年第二季度進行第一次發布，下半年進行第二次發布。

Excellent, thank you.

太好了，謝謝。

Thank you.

謝謝。

Thank you. As a reminder, if you have a question, and our next question comes from Gregory Pendy, Clear Street. Your line is open.

謝謝。再次提醒，如果您有任何問題，我們的下一個問題來自 Clear Street 的 Gregory Pendy。您的線路已開通。

Hey guys, thanks for taking my question and congrats in 2025. I just wanted to zero in on the IOT offering. Can you remind us of your services went live for two-way communications? I assume, I believe it was somewhat mid-quarter and in addition, it looks like from your, RPU you haven't, changed pricing. Is that correct? And is that the likely to continue going forward? Thanks.

大家好，謝謝你們回答我的問題，也恭喜你們2025年一切順利。我只想專注於物聯網產品。請問貴公司的雙向通訊服務何時上線？我推測，應該是在季度中期，而且，從你的 RPU 來看，你似乎沒有改變定價。是這樣嗎？這種情況未來會持續下去嗎？謝謝。

Sure, so what's going on the two-way system is that our customers are actually building out their solutions right now, so you won't see revenues, from two-way IOT in any significant amount right now, and these, the customers are in the process of, validating their end to end systems and so forth, so it's still a little bit more that the. The module went commercial. It's tested, it's hardened, it's in mass production now, and really it's just, we're waiting on the customers to finish their applications because these are built into some other device.

當然，目前雙向系統的情況是，我們的客戶正在建立他們的解決方案，因此您現在不會看到來自雙向物聯網的任何顯著收入，而且這些客戶正在驗證他們的端到端系統等等，所以目前的情況仍然比預期要好一些。該模組已投入商業應用。它已經過測試、經過強化，現在已經量產，現在我們只是在等待客戶完成他們的申請，因為這些產品是整合到其他設備中的。

Okay, so is it fair to say that that wasn't benefiting the subscribers too in the quarter because you had a decent growth and.

好的，那麼可以公平地說，由於你們本季實現了不錯的成長，但這並沒有為訂閱用戶帶來好處嗎？

Subscribers, right, no, that's still one-way systems, predominantly.

訂閱者，對吧？不，那仍然是單向系統，主要如此。

Okay, very helpful. Thanks a lot.

好的，很有幫助。多謝。

Sure.

當然。

Thank you. And our next question comes from Logan Lillehaug, Craig-Hallum. Your line is open.

謝謝。下一個問題來自克雷格-哈勒姆的洛根·利勒豪格。您的線路已開通。

Hey guys, Logan on for George here this morning. You mentioned the contribution from Parsons in the quarter. I was hoping you could just talk kind of broadly about how the government pipeline has shaped up, over the past few quarters and just kind of what you're seeing there.

大家好，我是Logan，今天早上代George為您報道。您提到了帕森斯公司本季的貢獻。我希望您能大致談談過去幾季政府專案的發展情況，以及您目前看到的情況。

And kind of on that note as we think about the longer-term guidance how would you frame sort of what's considered in there from in terms of government contribution?

說到這裡，當我們考慮長期指導方針時，您會如何闡述其中考慮的政府貢獻方面的內容？

Okay, so the pipeline, I mean, there's sort of two aspects to it. It's the things that we are already talking about, working about, working with them on, and then there's some other newer opportunities that, we're still in the process of value and having contracted very large and the refills we're headed focused on the on the government opportunities there we haven't made any announcement about the what those news or the side except the sense that the growth in the.

好的，這條管道，我的意思是，它有兩個面向。這些都是我們已經在討論、正在努力、正在與他們合作的事情，此外還有一些新的機遇，我們仍在評估其價值，並且已經簽訂了非常大的合同，我們正在專注於政府方面的機遇，我們還沒有就這些消息或方面發布任何公告，除了增長的跡象。

Contract come from the idea that we will expand to other regions and we get as other regions come on our mind and so that's the near term and then as they ship their solution into the devices, then we get the revenue from revenue but predominantly today it's the build out of the network to support other regions of the world.

合約源自於我們將業務拓展到其他地區的想法，我們會根據其他地區的發展情況制定合同，這是近期計劃。隨著他們將解決方案交付到設備中，我們將獲得收入，但目前的主要工作是建立網路以支援世界其他地區。

Got it. Just one other really quick one, can you just remind us of you on the upgrade of the ground infrastructure for the, longer-term MSS Network?

知道了。還有一個問題，您能否提醒我們一下，您之前是否參與了長期 MSS 網路地面基礎設施的升級工作？

Yeah, I mean, it's, so one good metric is we committed to the ITU of spending $2 billion on extending the network and we're halfway through that and that includes money that went into the satellites as well, but you know it gives you a sense of. How far along we are that those build outs are going quite well on the on the ground side we're the company's pretty experienced in doing these kinds of things we had to do it for the, original launch of the original wholesale business for our current so we know how to do this pretty well.

是的，我的意思是，一個很好的衡量標準是，我們向國際電信聯盟承諾投入 20 億美元用於擴展網絡，我們已經完成了一半，這其中也包括投入到衛星上的資金，但你知道，這能讓你感受到一些事情。目前這些建設工作進展順利，公司在實際操作方面經驗豐富，我們當初在批發業務的初期階段就做過類似的事情，所以我們很擅長做這件事。

And we've been making continuous announcements as different countries come online. I mean, you can see sort of a laundry list if you look through the press releases of all the places that are up and going now.

隨著不同國家陸續上線，我們一直持續發佈公告。我的意思是，如果你翻閱所有正在運作的機構的新聞稿，你就能看到一份長長的名單。

Yes, okay, got it, thank you.

好的，明白了，謝謝。

Sure, thank you.

當然，謝謝。

Thank you. I'm showing no further questions at this time. I would like to turn the conference back to Paul Jacobs for closing remarks.

謝謝。我目前沒有其他問題要問。我謹將會議交還給保羅‧雅各布斯，請他作閉幕致詞。

Well, thanks everybody again for joining us. It was a great year. A lot of stuff going on and I really want to say thank you to our partners, our customers, and really to all the employees at GlobalStar. You guys have done an excellent job this year, really focused in on getting stuff done, and that obviously reflects the final, results that our investors are looking for. So we will continue to execute and look forward to talking to you. About our progress and our growth going forward. So thanks everybody again.

再次感謝大家的參與。這是很棒的一年。最近發生了很多事情，我真的想對我們的合作夥伴、客戶以及GlobalStar的所有員工表示感謝。你們今年做得非常出色，真正專注於把事情做好，這顯然反映了我們的投資者所期待的最終結果。所以我們會繼續推進，期待與您洽談。關於我們所取得的進展以及未來的發展方向。再次感謝大家。

Thank you. We apologize if you experienced any technical issues today. This concludes today's conference call. Thank you for participating and you may now disconnect.

謝謝。如果您今天遇到任何技術問題，我們深表歉意。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。