AST SpaceMobile, Inc.

Q1 2026 Earnings Call — May 11, 2026

Analyst Name (Firm): Chris Scholl (UBS) Executive Name (Title): Management

Now that you've had a few weeks to digest, can you just walk us through what happened with Bluebird 7 and what gives you comfort? This will not repeat going forward, and that new one can scale accordingly. And last quarter, you mentioned you began to integrate your satellites with another heavy launch vehicle, and I believe I heard you say ULA earlier. Where does the integration process stand, and could we see you rely upon them this year? Is this more a consideration for 27 and beyond? Thank you.

Executive Name (Title): Management

So, you know, we were pretty open on Bluebird 7, you know, the day of. You know, we knew what happened immediately, and we were very open on what it is. And at the end of the day, remember, we have 333 satellites in advanced stage of production at the factory. So while it was a loss, we're on to the next. So, yeah, I would say that we're working closely with Blue. They're working through the investigation. An upper stage anomaly like this is not uncommon early in programs. And, you know, we feel optimistic about them getting back to the pad soon. When you look at their cadence for the year, you know, we all know that they landed their booster, which was a great milestone for their cadence. And now they have two boosters, you know, sitting in their integration facility ready to get into the cycle. So we think the outlook there looks good. And like I said, we're optimistic. And on the second part of the question, you know, we mentioned that we have contracts with SpaceX and Blue Origin and others. We're also doing some integration activities in there with others to get ready for potential launches. And so, listen, we've designed the rocket, as you know, in our business strategy to be launch vehicle agnostic, and we're buyers of launch and across the entire heavy launcher footprint. So we were prepared for this years ago with our strategy. We think we selected the right partners, and we've got good partners on top of that that we're working with.

Analyst Name (Firm): Scott Searle (Rath Capital Partners) Executive Name (Title): Management

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

Executive Name (Title): Management

So the first part of the question on Blue, no, there hasn't been a publicly disclosed timeline. But like I said, these sorts of investigations are pretty commonplace. And there's been some, you know, good track record recently. So with other launchers, we've had similar issues. So, listen, we think we're really focused on our next launch, obviously, with Falcon 9 and the next three Bluebirds. But like I said, we're optimistic with Blue Origin. And I think, you know, we'll be in a good position there. But as you know, we have a multi-launcher strategy. That's been the strategy from the get-go. And in terms of – what was the second question again, Scott?

Oh, Scott, just in terms of the number of MNOs you would expect to be live with, you know, provided you've got 45 satellites up in the sky in the fourth quarter, you know, how many carriers, how many covered subs should we be thinking about in terms of – that are adjustable from day one of launch?

Well, it's a global network, as you know. So we put a lot more disclosure in our remarks today about the regions we're focused on and the countries we're focused on. So all in all, where we are currently doing ground integration efforts, some which are quite advanced, like in the United States and other countries in Europe, some others that are getting started. It's a pipeline. There's a lot of countries to focus on. But just on the countries listed in our deck, you see a population coverage of about 2.9 billion. So in terms of how we prioritize amongst that, you've heard from us before, key markets like the U.S., Canada, U.K., Japan, Saudi. So we're looking at that list, and it's growing every day, but we wanted to give a little bit more incremental detail today with that in our deck and in our remarks on the other countries we're focused on.

Analyst Name (Firm): Michael Funk (Bank of America) Executive Name (Title): Management

Yeah, great. Thank you for the question. So I want to go back to the launch target. I think you talked last quarter about stacking up to eight satellites per launch. And so just wondering about the hurdles, authorizations required to get to the eight. And then, Abel, earlier in the call, you mentioned – you know, deploying AI edge computing features, I think, in the next generation of satellite. And I want to get a better understanding of how that's going to improve either the efficiency or performance of next generation satellites.

Executive Name (Title): Management

Let me answer the first question. As I explained earlier in the call, we do have now the technology that we are manufacturing that at rate, which is basically the technology to be able to stack multiple launches, multiple satellites in a single launch. The way that we do it is basically on New Glenn, we can stack up to eight. In Vulcan, we can stack up to five. And in Falcon 9, we can stack up to three. And this is self-contained. The structure is full compulsive. It is manufactured under an IP. We are also growing. We have over a thousand people dedicated to build these structures where they're very, very difficult to build and test. But we are now very close to getting six of them every month and being able to stack it with each of the different launch partners.

To your second question about AI, we are not in the play of hyperscaler systems in space, but what we are incorporating to our satellites, which you will start seeing in the production batches towards the end of the year, is the ability to edge compute and load AI capabilities on board that can be very efficiently integrated also to the UEs for a variety of uses around AI. And if you relate to AI spectrum management, basically as you fly, you have resources to do to administrate dynamically basically power and spectrum. As you know, we can tune within 1100 megahertz of the spectrum and then we have blocks of the spectrum with our MNO partners that's called IMT spectrum that we can tune country by country, location by location.

And also we had our MSS, and the AI Spectrum Management is a system behind all of that that basically predict traffic, predict location, predict where people are, and then allocate that very, very intelligently. Remember, on a satellite, you have 2,800 square kilometers of view of what's going on underneath you, and AI basically has the ability to predict where the traffic will be as the satellites move and dynamically allocate resources into the satellite. That's typically the power or a spectrum. And the end result of that is that the perceived use of perception of what amount of spectrum it is used and how efficient it is, it is a multiple. So you basically can play with the whole field of view in how you allocate dynamically the spectrum square kilometer by square kilometer.

Analyst Name (Firm): Mike Crawford (B-Rally Securities) Executive Name (Title): Management

Thank you. Just to clarify, with the AST5000 ASIC, that's been expected to enable 120 megabits per second peak data speeds, but is it the AI spectrum management that gets you up closer to 200 megabits per second by year end? And then also on the non-communications capabilities that you're developing in conjunction with the SDA, would we be correct in assuming we're talking about mid-band military radars, so that's something that we're not going to see with the initial Bluebirds that are launching now, but once you incorporate L-band and, excuse me, S-band into the satellites?

Executive Name (Title): Management

Let me talk with the defense capability. I will not be able to describe it on this forum, but basically it's a non-communication capability that uses the same hardware that we use on our commercial satellites. And that's being used today. And as Scott mentioned, they're using it today. They plan to extend practically how they use it. And that is a non-communication application for defense purposes. And before we leave that topic, Mike, it's important to note that that does not require mid-band spectrum. That's something we can do with low-band spectrum, which we've deployed today, right?

Correct. Then as it relates to the ASIC, the ASIC is complete. It's been incorporated into the production line. The ASIC basically allowed us to upgrade the amount of bandwidth we can manage for each satellite. So on the FPGA satellites, we had a run of one gigahertz of a spectrum. With the ASIC satellite, we have 10 gigahertz of a spectrum. So it's a factor of 10 increase in number of gigahertz that can be constantly used per satellite. The big data rates are actually not dependent on the FPGA or ASIC. That's how many of those connections you can have simultaneously. And do not rely on the AI in order to get to the 100 megabits per second that we have on an FPGA satellites that are actually the smaller initial satellites. And we expect to double the 98 megabits per second that we have as we are using the BB6, which is already orbit and the A9 and 10 that we will launch here very quickly. That will not require the ASIC or the AI management and that's pure big data rate per cell. The AI management is basically, it's a way to intelligently distribute that big pipe of 10 gigahertz or one gigahertz, depending on the version of the satellite, intelligently where the users are and predicting where the users are going to be in order to allocate a slide of that 10 gigahertz where the traffic is needed. And do it dynamically and proactively using an AI engine of our own.

Analyst Name (Firm): Brian Graf (Deutsche Bank) Executive Name (Title): Management

Hi. Good afternoon. Apologies for the multi-part kind of long question, but I really had a few questions I wanted to ask you around launch. I guess first, do you have contracted launch capacity to do an average of basically one launch per month from June through December? I think that's what you need to do in order to get close to that 45 number. And then how diversified is the launch mix? And what if you can only do, say, one more New Glenn launch this year? Could you still get close to that 45 number? You know, I don't know if this is the first time I think you've mentioned Vulcan. So I was wondering, you know, how much launch you were able to secure there and if that could fill that gap in. And then it sounds like you've made great progress on the manufacturing side. With 11 through 33 in production, is the next batch of satellites going to be ready to ship for, say, a July launch? And then the last thing I wanted to ask you about is on the stacking, do you sort of need to work your way up to the max of those ranges? In other words, you know, on the next new blend, can you go right to eight or do you have to or would you prefer to say do three or four to make sure it goes smoothly and then, you know, five to six and then go to seven to eight? Or are you just going to kind of fill these things up going forward?

Executive Name (Title): Management

So, yes, we do have contracted launch capacity to meet our target for 2026. And the way to think about it is basically, you know, a handful of Blue Origin launches and a handful of SpaceX or equivalent launches. And that's what gets us to the approximately 45. You know, we know that Blue Origin just suffered an anomaly, right? But we're optimistic about their return to the pad and the fact that they have two boosters is a massive support for the cadence that we have always expected and that we have contracted. So that's how we think about the mix and how we get to that 45 number. On the manufacturing side, we definitely have capacity to keep knocking out launches one after another, absolutely. You can see that on the page in the deck. So given where we are, we expect to have more satellites each month to be ready for launch. And we'll, of course, as we have, update the public, you know, 30 to 60, 90 days ahead of launch as those are down selected and confirmed. And then on stacking, I think you pretty much captured it, Brian. I mean, we expect on the next New Glenn we'll launch four satellites.

Part of that is kind of ramping into the stacking capability and also, of course, managing where they are in the program. But, you know, we're very mature now in the three-stack, and we're going to be doing that very shortly, and the four-stack likely shortly thereafter. And then, yeah, six, seven, eight, you know, that's how we get to our constellation size, right? That's why we've selected the vehicles we have and plan to make use of as much of the capacity of each of the rockets as we have available.

Analyst Name (Firm): Brian Graf (Deutsche Bank) Executive Name (Title): Management

If I could just ask one follow-up, where does ULA fit into that? You mentioned a handful of Luarge and a handful of SpaceX. Is Vulcan sort of the backup, or are you going to use them as well? Just curious, you know, why that came into the conversation today.

Executive Name (Title): Management

Our strategy has always been to have many launch providers, right, and so I put that in that category. We've been developing other heavy launch providers for some time, and we'll have more updates as appropriate. But right now, you know, we plan to use Blue Origin and SpaceX in equivalence to the MAX.

Analyst Name (Firm): Louie DePalma (William Blair) Executive Name (Title): Management

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

Executive Name (Title): Management

Listen, that's a complicated transaction in the sense that that capacity and that capability, it is already on the phones through the iPhones. Basically, we see that capability as a SOS emergency system. Our focus is broadband. Our focus is, of course, that broadband will come as we enable spectrum in a combination of our partner spectrum in low-band and then later our mid-band low-band spectrum in the L-band. We see that that's a complete different proposition and different. And quite frankly, nobody is nowhere close to the capability that we have technically to deliver hundreds of megabits directly to a phone from something that is flying at 70,000 miles per hour, 500 kilometers above you. And that competitive advantage of that capability is unique, and that's what we make available to our MNO partners.

Analyst Name (Firm): Louie DePalma (William Blair) Executive Name (Title): Management

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

Executive Name (Title): Management

I think the... Talking about peak and average is tricky because it also depends on what is transiting through the applications on the phone. So that's why we tend to focus on peak. But the peak data rate for our larger BB6, which is in orbit, and A9 and 10, it is approximately double of what we disclosed this morning. So you're talking about closer to the 200 megabits per second. And that's big. And average, it depends where you're transiting, is it small packages, packages, or large packages, and how you interact. But in terms of network capacity, it's pretty much double of what we disclosed this morning, around double of what we disclosed this morning.

Analyst Name (Firm): Chris Quilty (Quilty Space) Executive Name (Title): Management

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

Executive Name (Title): Management

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

Analyst Name (Firm): Chris Quilty (Quilty Space) Executive Name (Title): Management

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

Executive Name (Title): Management

It is a combination, and a lot related, as the government has made it public by themselves, around the Golden Dome. But we are basically a... in all aspects of government usage were present from FirstNet, from the classified to all the way to the golden dome. So for communication and non-communication capabilities. We see ourselves as a very important asset to our government, multi-utility. And as I said, this has been years developing for them that use it today and respect a very significant growth in revenue and opportunity in all aspects of government usage of our technology.

Analyst Name (Firm): Greg Pendi (ClearStreet) Executive Name (Title): Management

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

Executive Name (Title): Management

Currently, you know, we do it on the first satellite. I mean, these satellites are the largest satellite space arrays ever deployed, so it took longer than it would take on the coming satellite. So the target is 45 days. That's what we are planning with the MNOs. Every time that we launch in 45 days, we should be using either 5G or 4G connectivity through them. But as we keep launching, we plan to reduce that timeframe to 45 days all the way down to two weeks. We don't want to promise that in the early batches of satellites.

Analyst Name (Firm): Greg Pendi (ClearStreet) Executive Name (Title): Management

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

Executive Name (Title): Management

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

at this time.

Executive Name (Title): Management

Thank you, Operator. We want to thank all of our shareholders and research analysts for joining the call. Really appreciate it. Have a great week. Thank you. And this concludes today's conference, and you may disconnect your lines

at this time.

We thank you for your participation.

Q4 2025 Earnings Call — March 2, 2026

Griffin Voss (B Riley Securities): Hey, good afternoon. Thanks for taking my question. So, first I just want to talk about, you know, this expanding TAM that you talked about with the dual use capabilities and government contracts. Do you see any scenario where you build and launch future BlockBird satellites with different payloads that might be exclusively for government customers or applications?

Abel (Executive): Listen, the satellites are really designed to manage all these applications in a single platform. So we do not need multiple satellites for multiple payloads. The core applications for our government contracts for our partnership with the MNOs are all possible through the same platform, which are in fact already being used in combination of the two. So we want to maximize and take advantage of a platform that can be used simultaneously for the two times.

Got it. Okay, understood, Abel. Thanks for that. And then this second one for me, you know, you always mention your thousands of patents and you talked about on this call, you know, your expertise in building and deploying massive structures in low Earth orbit that could be used for, you know, myriad opportunities and, you know, you specifically call out these burgeoning opportunities in AI. You called that out with the convertible rays too. But you have this one specific patent that's been of interest to us for a while for thermal management systems for structures in space. And that's a patent that describes a process for satellites wherein heat is dissipated locally at each antenna. and heat could be directed to each antenna assembly during periods of extreme cold. So just curious if you could maybe elaborate on that specifically as well as, you know, your other capabilities and how that could, you know, potentially be used for opportunities in data centers in space or why that makes, you know, ASG satellites attractive for those types of capabilities.

Yeah, no, absolutely. I mean, there are many key enablers that needed to be designed by us and deployed in patent in order to solve probably the most difficult problem, which is connecting broadband regular handsets. So for that, we needed to develop and vertically integrate 95% of our technology, have the technology to produce a low-cost power. That's a very significant size. We are on a factor of 10 lower per square meter power production of what historically manufacturers had been using, the size of the satellite. And then the ability to generate power at a low cost per square meter, and then being able to dissipate, and effectively run a lot of wattage per square meter within the power constraints of the space. So we have, that's where we have built up a significant portfolio of IP. That is a particular, I think you hit it right, that's a particular technology that enable a lot of things. Then when we talk about the ability to manage the spectrum using AI capabilities, we call it spectrum, AI spectrum management, the ability to use these satellites, not only for communications, but other applications like radar.

When you combine that with the ability to store, manage data in a way that uses the spectrum very, very efficiently, it opened a lot of other opportunities on the TAM that we have. We believe the largest TAM is in broadband, through broadband, directly to the handset, where you will be basically becoming what I call the third leg of communications. You have Wi-Fi, you have cellular and now you have space. And our belief is to participate at a scale in a way that is meaningful for our global operators, the broadband capability is essential. And it's something that we have now. I mean, that's what we have with the satellite that we're deploying right now. And we're extremely happy of the performance that we see on our VB6 in the new 2400 square feet platform that we just launched.

Got it. Thanks for all the color, Abel. I'll hand it off here and hop back in the queue. Thanks for taking my questions.

Colin Canfield (Cancer Fitzgerald): Thank you for the question. As we parse out the comments that you talked about on 2028 revenue potential, just kind of thinking about the bull bear of what you said, so multiple versus 1 billion of potential in 27, which suggests, you know, let's call it 1.5 to 3 for 28. How does the team kind of think about the mix of opportunities between government and B2B customers? And then kind of within B2B, how do you think about tech discussions between communications intelligent and then intelligence and on-orbit compute thank you.

Management: Thanks, Colin. I'll take that. So we put forward our expectations for revenue in 2026, building on, you know, the high end of our guidance that we achieved in 2025. And then we stated a goal for 2027. So we did not state anything for 2028. So I'll keep my comments to 2027. But I think what we see is as we get this platform on a full year run rate and we're able to put the consumer business, the D2D communications business in place in some of the most favorable markets globally, and then you put that alongside our government applications, getting some time to mature and some potential contract wins we're chasing. That's how we got to that 2027 goal number. And we think that, you know, that's probably, you know, more weighted towards commercial based on that framework. But, of course, upside, I think if government does better. And as you go out into 2028 and later in the decade, ultimately, we do think that our commercial business is going to be bigger. That's always been the premise. So commercial, I think, at scale should be bigger than government. We think that market's really attractive. We think all the demand drivers will attract for commercial.

The seven, eight years of the company are intact and growing stronger by the day. But the government business is also very attractive. And as we said, with all the various use cases we're tracking, there's potential for multiple billions of annual revenue through those use cases as well. So we see a really bright picture. I'd say it's largely consistent with how we've always seen it, although governments trended up over the last year or two. But that's how we see the mix playing out. And, you know, I think that's, you know, as we're deploying and as you saw, we put out a number of customer announcements today, we see the strength of that demand as strong as ever. Thank you. I appreciate it.

And then as we think of the progression of growth, is it fair to use the 4Q performance as a baseline for 2026 and then growing from there? Or is the commentary in terms of growth for 2026 more aligned with just growing from the...

Management: The way I think about it is, you know, before we initiate commercial service here, we're doing revenue that's kind of earlier stage, right? So the commercial revenue is not as consistent and the government revenue is building nicely, but much lower than where it can be. So quarter to quarter, I wouldn't say we're planning on building quarter to quarter. I think think about it annually, like Andy put it in his speech. It's really about an annual target. And so I think at least doubling where we hit in 2025 is the right way to think about it, with, of course, upside as we launch commercial service. But quarter to quarter, at least in the next few quarters, before commercial service comes into play in the second half of 2026, that's how to think about it is, you know, we're putting commercial infrastructure in place and we're performing against our government pipeline. That's great. Thank you.

Brian Graff (Deutsche Bank): Hi, good afternoon. I'm just trying to understand the manufacturing side a little bit better. Would you mind providing just some color on how many satellites beyond BB-7 are built and ready to ship today, and maybe how many you expect to be built and ready to ship by mid-year? I know you talked about the microns, and those are the hardest part, but I think there is some assembly that takes some time beyond the microns themselves. And then, you know, just related to that, I mean, you know, I think, you know, clearly the manufacturing pace is somewhat behind where you had expected it to be. Perhaps you could maybe just give us some appreciation for the kinds of things that maybe took longer than you had expected and whether you think you've now worked through all those issues and you're kind of accelerated or accelerating the pace up to where, you know, you had expected it to get to. Thank you.

Management: Yeah. I think we are at a point where you see that acceleration. We certainly see that in the manufacturing of the key building block, which is the micron, so which we are on satellite 30. We are on target to at least be ready to chip this year 60 satellites, with a minimum of 45 into orbit. So we went through a phase and, you know, just a year ago, the satellites were three and a half times smaller. They were already very big. They were the biggest ever launched. These ones are three and a half times bigger. And those will be six and seven. By that, basically, what is something that help us to accelerate our cadence of satellites in orbit is we are able to stack them. And that stack is difficult, you know. You need to be able to stack either three, four, six, or eight satellites. And that is near completion. So that's where you will... You see batches of six in the getting out of the factory very soon here.

And, okay, so on the stacking, if I may, just in layman's terms, are you saying that there are specific engineering things that you had to figure out in order to get the stacking right? Or are you just saying that, you know, getting that many done at once so that you could stack and get it ready for a combined launch took some time? Just if you don't mind clarifying.

Management: Getting them ready for a combined launch is the ability of, I mean, you're talking about something like a five-story building worth of satellites. Stacking them in either blocks of three of them, four, six of eight. But that process is completed. And the next batch of six, you see the pictures in the deck that we put in the AR deck. And we pass that phase as we get ready to resume the achievements to the gate.

Thank you. If I may sneak one more in, I know you said that BB7 is expected to go up this month and then, you know, launches every one to two months. Could we expect possibly a launch with multiple satellites in April, or is it likely to be two months post the Mars launch?

Management: Yes. I mean, the All further launches are in a stack configuration. We don't have any more single launches like we did on BB6 and BB7. This next coming launch is super important for us as basically allows to reuse the first stage of the new Glenn, which is the only platform commercial that exists that can actually stack eight of our satellites. There are other platforms that stack six or three, but with the new Glenn, we get the maximum amount of satellites per launch. And that ability is becoming available with the new satellites. And, Brian, I'd just add, you know, we expect to ship that next batch in April. So depending on timing and, of course, under ideal conditions, it's about three weeks or so to launch from there. So we're not going to speculate on launch timing for that, but we look like we're going to be in a position to ship those in April. And you can see that on page 10 in our deck.

Great. Thank you.

Louis de Palma (William Blair): Good evening, Abel, Scott, and Andy. Congrats on all of the partnership announcements and the progress with your constellation. First, I was wondering, are you in Barcelona for the conference? And will there be more announcements this week besides what you've already announced? Are you... Are you holding back certain announcements?

Scott (Executive): Yeah, we are in a conference room in Barcelona, so it's great to do the call this quarter on the road. But, yeah, we had a flurry of announcements today, and, yeah, you can expect more for the rest of the week as well.

Excellent. And my second question is, what service level – will your network support when you launch the different beta offerings in the summer? Will there be different phases in terms of the service capabilities as more satellites come online? Or should the initial beta that launches whenever that takes place, will that have close to a true 5G experience?

Abel (Executive): Yeah, the way to think about this is peak data rate. So what peak data rate you can expect on the phone will be directionally proportional to the amount of spectrum that we get allocated. And with some partners we have between our spectrum and their spectrum, enough to around 100 megahertz and you can think you can put a multiple of that number of megahertz to think about what is the big data rate today we're managing between three and four bits per hertz so so that multiple is in that order. So the initial launch of commercial services is with the lower end of that. As the allocated spectrum, it will be less. But as we enable more spectrum, which the satellites support them now, they have great flexibility to keep adding spectrum and keep adding and later even combining low-band spectrum with mid-band spectrum. then you see the peak data rates keep enhancing. So that's the way to think about the key performance metrics as we launch services.

Thanks. That makes sense, Abel. And one financial question. For the $1 billion revenue goal for 2027, how much of that is customer or subscriber usage based versus being like minimum revenue commitments that are contractually obligated with your MNO partners such that like if you actually are able to get like between the 45 and 50 satellites online by the end of the year, how much of that $1 billion is then, like, already in the bag, so to speak?

Scott (Executive): Sure. So remember, we're at $1.2 billion contracted backlog right now, which we're very proud of and is a testament to, you know, how we've built the ecosystem with our partners and how confident our partners are in the business that we're building, right? But that is still past. very, very low number compared to what our expectations are for the revenue potential of the business. So while it's a good indicator, that backlog, which again is over $1.2 billion at this point, but in terms of its contribution to each individual year, it'll be a minority for sure. So if we're – in terms of a goal of $1 billion, you know, you can think of that in the low hundreds of millions, you know, somewhere 100 to 300 range depending on the year.

Great. Thanks, Scott. Thanks, everyone.

Chris Scholl (UBS): Great. Thank you. Looking at your new disclosure, it appears your services gross margins are around 90%. Is this a good way to think about the business longer term? And as revenue generation starts to kick in, can you just remind us how you're thinking about operating leverage and where you believe steady state EBITDA margins can reach for the business? Thank you.

Management: Yeah, we've been pretty consistent about this over time. And when you look at the history of the satellite industry, when it's been performing well, it has margins in the 80-plus percent range. And even today, if you look across the market, there are businesses with 90-plus percent flow-through margins in certain segments of their business. They just might not report it that way. So this has just tremendous operating leverage in it, and we've always known that off a fixed cost base. So as we've built the business, nothing's really changed. I mean, we struggle to find true variable cost in a meaningful way, and this is compounded by the fact that, remember, our go-to-market strategy is with the revenue share. So that is a big way that we even get greater leverage in the business and make it not just wholesale but super wholesale. So at this point, you know, our flow-through margins and our operating leverage, we think over time could contribute to any bit of margin, you know, in the 90% area or higher.

Great. Thank you. If I can just fit in one more. I recognize the 10K talks about 90 satellites supporting your longer-term business goals, but does your ability to raise capital maybe incentivize you to perhaps go beyond what is contemplated in the original business plans?

Andy (Executive): I think having that flexibility, I mean, the market, the capital markets have been wonderful for us over the past year. So that's absolutely the case. But the reality is when we get our constellation built, we're going to get leverage in the P&L to actually be cash flow positive from operations. So we don't feel like at this point we need to look beyond what we've raised right now. It provides us the flexibility to make additional investments, opportunistic, and some of the other things that we're doing on our spectrum strategy. But the real goal is to generate revenue and profit from the constellation as we get a launch. So that's kind of how we're thinking about it right now, but it's certainly nice to have the balance sheet fortified the way it is.

Okay, great. Thank you.

Greg Appendi (Clear Street): Hey, guys. Thanks for taking my question. Just a real quick one. On the operating expenses that you outlined, could you just remind us what you said, and does that include what will likely be spectrum licensing fees, maybe around 20 million a quarter? Or lease, I'm sorry, spectrum lease payments?

Andy (Executive): Yeah, this is Andy. So it's a bit of a walk here. You've got, you know, sort of the GAAP OPEX, which includes the normal non-cash items, which we adjust out, which we've talked about. And then from there, we also have the cost of revenues, which, you know, when we get to service, we'll move into a more traditional COGS service. P&L that you'd be more used to there. But then when you net that out, my commentary was that we were just slightly over where we were in Q3 of 25 and right in that guidance that I gave for Q4 in the mid-60s. It does not include spectrum costs, as you described, for licensing, given that those are capitalized until we actually start monetizing that asset. And, of course, we're at the point where we're awaiting FCC approval. So we will speak to that as a specific item when it comes time to kind of build that into the operating expense. But right now, apples to apples, that's been out during the course of 2015.

Very helpful. Thanks a lot.

Management: And we have reached the end of the question and answer session. And therefore, I'll now turn the call back over to Scott Wisniewski for closed remarks.

Scott (Executive): Thank you, Operator. And we want to thank all of our shareholders and research analysts for joining the call. We hope to see many of you down in Florida at our upcoming launch. Thank you. Bye.

And this concludes today's conference and you may disconnect your lines

at this time.

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