AST SpaceMobile (ASTS) 17 May 222022 Q1 Earnings call transcript

Good day and thank you for standing by. Welcome to the AST SpaceMobile First Quarter 2022 Business Update Call. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. Please go ahead.

afternoon, good and you everyone. Thank

you Let presentation, X the Slide contains me our refer which Safe of to Harbor disclaimer.

During forward-looking forward-looking this statements. actual events current may statements and uncertainties. make on are to differ could are we and on cause factors result, assumptions, expectations today’s based and materially risks call. a subject to Many These call, statements as certain from the

and questions Annual For section any uncertainties, and Avellan, on about more you. maybe that Q&A put initial risks please Factors the SpaceMobile’s we forward-looking new from these Chairman will reliance the the the Securities for December obligation be of well. after Abel forward-looking to like XX-K and to and and AST ended our to I to as Exchange discussed Chief AST introduce specifically undue on by time-to-time. the XX, Report SpaceMobile filed with refer Form SEC would to Risk our on are that Readers with Commission in statements not Abel, information the to the our year our disclaims Sean call. Also, shareholders. Wallace documents With Officer, remarks, with submitted call CEO, company statements over other starting Financial XXXX that, and advance by update this section cautioned

you, Thank Scott.

directly company, modifying mission only patent take network is based I our SpaceMobile standard we For those cellular on first doing. what to of actually explain to the may the extensive space and you is devices are want who building our few to and operate portfolio. in broadband what with minutes new a mobile on be IP to global our AST

bring the opportunity market. very this unconnected. trillion engineers us by gaps and billions to to faced X participate space be subscribers are wireless eliminate X to a connectivity in large scientists to remain service We on today and believe billion and broadband the mission mobile the finally a Our who allowed annual

only update, we have X has take since through like it and short to our been you weeks While a that made progress, would now. I strong last public

Turning Slide update. industrialization and X, to technology

X to for we post-launch in Colorado target over in to supported In for the broadband participating U.S. be centers Japan, our this BlueWalker launch. Once we’re test summer milestone, X America operations. Africa, Asia. preparation XXX globally control have expected planned cellular We’re that BlueWalker date. by cellular the with completed in orbit, Europe, to and on South Maryland, and This X effort support ground BlueWalker been ready Australia operators have tests will

also ground approvals are putting in planned launch, granted to BlueWalker the by FCC recently support the X and FCC. experimental stations license, We summer was which space the including

facility, during expanding completion and X X per to for on had competitive the in extension patent our pending are X,XXX month. target up a production to our supporting support Texas We increased Site satellites of more claims XXXX than to target strong advantage. patent and We of

X, business Turning to Slide update.

an Telecom, operator Philippines subscribers. successfully have in new Globe XX.X added with a with We MOU million

million represented FCC months. obligation $XX the AST the an than not in recently We also the right, X, that United space-to-ground experimental B. frequencies. next have license And subscribers and and BlueWalker with agreements X.X spectrum testing more recently, now using by raise have MOUs. operators States We we had network whom equity Riley committed received low-band with XGPP equity billion Q/V-band for provides facility XX with mobile we capital cellular added a to over but the

all his for over X CFO, Severson, wanted the for thank to building AST retiring Tom last I Before I hand it and years. SpaceMobile time off, our

Financial growth of the over best brings me be X deep happy Chief transfer added now. next experience telecom, worked to the am to team Sean support to capital to let to financial last the introduce I growth. have find incoming market Wallace, to months and to our the Sean future for And that, our the Officer. With company. We He phase team partner now the to

Thanks, Abel.

Sorry about afternoon, my Good share and the I joining wanted that. to AST excitement team. everyone about

a As global cellular coverage an continue and liquidity update profound me on has given MNOs attracted large And how understand I continued the and I have ecosystem team a industry indicates plan, on ambitions activities the world’s impressed mobile that the congratulate has impact banker, of did strategic the AST financial connectivity more for strong providing unmodified mobile capability. on Rakuten. this I the of CFO talent. met team company has have by billion relationships total. been a deep phones. and standard was X.X project, the highlight as to that by to in I experienced of first most conclude leading solving I its to telecom Tower American we the quarter. milestones, subscribers to story today this have today, with meeting is discussed on call, In developed its want team the to such strong lead was management the has provide of this progress quickly work metrics the which globe that and potential support companies than telecom ambitious the towards the to making of as leading what probably a across Vodafone, series some a by important execution on bench focused broadband an significant comforted and critical in I directly that sponsorship faced innovative global problem and this of

its designed proposed process stated to line volume efforts a satellites AST by AST are been assembly job procurement for These manufactured AST of Historically, key one materially up industrialized to fleet. is procurement expected satellites to scale parts, the we AST innovation ultimately enable production. manufacturing of have building in enable its goal is to satellite at cost enable state-of-the-art before, the development an of planned lower As our the to the of shop per up X meet a lower the speed a time month. process to of and and company have developing assembly facilities. costs satellites and

of this would goal, highlight the As like first to has part I team the some of during accomplished the activities quarter.

manufacturing retrofitted its ready is and to built First, testing has assembly reconfiguring the assembly progress and critical AST a remodeled house company assembly in the facility, clean from well and and the as support made satellite room designed line. to line. facility now the Texas house new has facility test The for and processes as AIT inventory

will integrate process to live second inventory continues an efforts pace, management believe the this support system and Our our of half to entire year. the ERP system and that at during go manufacturing we

Just all as across importantly, functions continue capital we investments offices. experienced to hire and make and leadership human

our support Let highlights months. is regarding for and ended first discuss cash our the more some We of believe me the this than $XXX.X sufficient cash. with cash liquidity quarter the expenditures. XX expenditures to in We million next

equity announcement the we As to regarding you saw runway raising variety our to continue capital a from liquidity. of evaluate extend our facility, B. Riley our efforts of recent committed

exploring have broad confident a on that range funding opportunities. of a and set wide we We are of focused options remain

million million, quarter, expenses operating XXXX, in $X.X including the versus first operating quarter had expenses non-cash million the fourth For of GAAP we respectively. and of of $X.X $XX.X $XX.X million

to and expect the other the million expand quarters. expenses BlueBird We increase costs several and to to development next The as program. in engineering that the research during to was quarter ramp X continue and the level related for development support costs up investments we $X.X infrastructure employee first and increased

For the X adjustments agreement. previously made capital to disclosed the connection first with of we includes $XX.X payment million, SpaceX multi-launch quarter, a for SpaceX in expenditures BlueWalker technical which services

earlier, investments our X are mentioned testing substantially I assembly completed BlueBird satellites. As to that, and with of for will have Scott. towards turn And back our the we turning it and BlueWalker production

Sean. Thanks,

off Before first to call address queue of the our few we questions, questions I please submitted start us of a could the with analyst of go Operator, ahead like question? would investors. the you by the to

you. Brian asked you the Toronto works from actually Thank definitively from will know that space? when technology

question. hour timing right to put – it’s That the process launch. the major opened the we the or which are two week And and the configuration. the into for a into we expecting. a After launched, obviously the phase the we final that through a expect go an launch or will a after something week would satellite know of operators. be that, within Brian, After its of with two basically successful and we launch. are that we know X-month two to satellite, for you, testing orbit within week a to That’s within after or within wait Thank that, deploy we basically will we is

U.S., around have the Africa, and including Europe, South the We America locations Asia, selected in globe Japan.

the partners. telecom will We testing with be selected doing

asked you. satellite? new will Thank it optimizing long to take to to Florida test system, continue then Christopher the if you and BWX satellite build BBX another serve not, would as from expect the if fails, how launch test next

Chris, systems, extensive success of all, have question. BlueWalker Thank have the and we X, for you, Well, we to of built first in testing many spacecraft position conducted the these to across satellite redundance into orbit.

that a incorporating many been X and X. the the after satellite, BlueWalker we during learnt that BlueWalker advancements our lessons program BlueWalker BlueBird next build had anticipate We Our the X. of test advancing of build be and launch alongside will BlueBird

Our anticipate, the advance BlueWalker be BBX. event of plan launch BlueBird the phase don’t a is satellites complication by in but of X will planned next with followed the are any that which continue satellite BlueWalker we with will our production to a X, even satellite currently

minimum asked, you the you. deal? Is financing what more terms? exercise Thank Netherlands about stock elaborate the the the option? to desired price Rick Can deals the to there is situation a from exercise

Abel, I why this? don’t take

go Yes, ahead.

to diverse flexible, to and as look as at as equity preserving really commercial future. it’s while institutions, capital also and we a well whether partners regular it’s of building access satellites. gives financial issue I equity It’s our sell markets of of existing will plans to volume Class agreement with going continue variety B. It’s the from million capital to function price line with our This hybrid to extremely way governmental sources performance continue maintaining Riley measurement fund our of credit for debt to said liquidity markets, capital the as production our various earlier, equity XX a Riley BlueBird efficient over cash And but into not for a raising highly period. X% it at discount The the of average our A through trading shares access but a accessible stock right, our an to up B. additional known tried is through common the us capital. committed of provides what’s us Thanks. the to and and obligation months, the incremental weighted facility. with $XX or of

potentially from asked, a Thank on satellites BlueBird any launch? you plans you. Terry to transport do Georgia single multiple have

planned Yes, our we our launch strategy have the together carefully development with satellites. of

launch. be For to us, launch it’s on able multiple critical satellites a to single

be vehicles us We launch multiple – providers which saw access in to multiple have order on flexibility. order We us have ramp to done give to based to agnostic, production. allowed in launch up

be large will satellites. can we support vehicles that using expect multiple BlueBird that launch We

We many service encouraged vehicles providers. and into from that are by very other are coming launch large the launch SpaceX

available? stockpiling Arizona since chain? How vendor creating resilient have components from your many problems critical havoc pandemic have supply you. a been began. asked is Have only Steve components? been supply single these Thank How you chain the

something Yes. supply obviously important. is Well, chain very

our engaged components for had actively third-party constellations. subsystems are agreements satellites. all and materials secure for We vendors the BlueWalker major supply the to We with for

items and that will system. lead the for continue in all we invest to We the have require long

also available have chain systems using configurable recent We now. the mitigated are FPGAs and and by supply that

supply – We on that our continue potential despite chain any to can will we feel execute plan issues. we

Arizona from Are needed by of concerns Steve caused for about you. any gas causing semiconductor neon the the shortages the Russian asked. Thank builds? availability invasion Ukraine, BlueBird

our configurable on I and which are satellites based FPGA, basically flexible. said have basing before, Yes. we’re

we’re which potential will for are not semiconductors. our TSMC exposed technology own our looking the BlueBird Delay we shortages to chips of So be using based on ones, market ASICs.

part BlueBird of So second on the first the will own our be will be which development. is based own ones FPGA, our on based ASIC,

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

with Instructions] [Operator Kraft Bryan Deutsche from first Bank. question Our comes

You may proceed.

rising wondering B. for rate afternoon. of few. how raising environment? timing Riley. launch? of bit in the good a this for the given could any does you all. summer. BlueBird about equity attractiveness this had the finally, X point if the satellite guess, specificity alternatives And I I what that And guess, you a thinking share the first, timing the you at talk launches? around for I I you capital raising BlueWalker deal I issuing separately, with at was little like light look you know could then you’re Thank said the additional Hi, relative the if And about other versus commercial capital narrow have? you. Can then, timing

that. take I’ll Bryan. Thanks,

You to want take that?

ahead, Go Scott.

I’ll Bryan, use the on first I other the of use the equity take equity question guess versus of capital. and

alluded I think sources we’re sources of put said, other us, pieces, Sean at small as to, capital, think this of those we of for in set I stage, place diverse eager too. available capital. a equity. we And a have as to of And few

something can at we It’s sure for quarter’s can we something tool. BlueBird’s. it’s So our million to make want for capital, to at use us, $XXX end and flexible this preserve that is we election, a use our

So in year thing I good fit it we also to back available pocket, and are us. of we’ll a our this to pieces think is use see have capital other this as small and

BlueWalker I mean the call Bryan, weeks of was on needs to about little on way the timing pad, to I’ll a it, clarity bit think for leave up second I specificity. X timing, X satellite launch. question, to The that. our the think, we before launch is give

comfortable little the summer and think internal reaffirming tighter, And going how a felt timeline. our about final as go is our that’s can You testing but work we towards we through we that, satellite planning.

We’re on point. final but with parts and a various on steps before, talked we not And to have is we’ve subject and about contractual subsystems can within always SpaceX waiting or occur. this at considerations as commitments any timing changes range, timing

that company technical and is So launch the of a right as for very now. highest checklist to timeline process are detailed, us, doing that the managing priority we very

but And us, our we So last from reaffirm timing. last there. we updating summer on was everybody to the for forward look timeline. due change the BlueBird in in jump question course, call. I’ll then No

to satellites very focused those supply in mentioned, and that’s We’re infrastructure. goal facilities month, goal towards on our that we we’re achieve and our chain XXXX. and deliver and have two of Site a Abel working up the six building a investing getting to X, for to

scale will ramp that is be towards up XXXX. goal. important raising And And to global So during coverage. for the very us, our achieve that we’re XXXX intent a constellation to to level and thereafter, year

Thanks, actually? we Scott. first When the would expect BlueBirds launched to be

the So of those now, on top making investment XXXX we’re and launch one. construction announced we’re of to haven’t we first plan that our starting we when in this year yet

very Okay. Thanks much.

Thank you.

with comes next Analytics. Quilty Quilty question from Our Chris

proceed. may You

Thanks, guys.

ask Just from Christopher wanted to before. clarify, the Florida I not question did

build on First what you the to the out And invest infrastructure CapEx? question, for staging roll of terms the testing? do you testing is have sort as BlueBird out to satellite, the in gateway of what

or gateway BlueWalker gateways for Chris, for are X the referring to you constellation?

Just for BlueWalker.

Okay.

And that we we ground testing. we Maryland, get gateway spacecraft to basically getting three – XX much as know, are telemeter speak And control BlueWalker, for have Australia. for then have approval basically, stations Colorado SEC So you online we approximately and to the then we centers, control got our the recently as for pretty have reasons. access

gateways. Q/V been testing access States, through do in phones Midland So the gateways just here to and in the spectrum for And our we the that got. for United in for assigned experimental have we cell we Hawaii license have also, directly

this summer. broadband be using take the directly will our all to designed that time next handsets of for on to And satellite capability planned launch. our So is launch it basically

the you that move handles CapEx? to station can you who BlueBirds, your fronted responsible remind And it. that Is ground is AST us, Or by partners? for spending? as Got that

fulfilled the by be locations to an Yes, agreement typically location of the it the gateways where antennas the Tower do the owned place carrier-neutral American the American We we either operator neutral by owned the actually of a Tower itself. of is agreement having operator. part actually that, the the gateways and in actual for CapEx, all gateways. had or with we NOVs, by install Typically, court to carry interconnection

you Great. on you and testing user migrate links the usage once us remind how through both fully obviously, a ITU And the do the experimental approved eventually links the gateway of can go operational feeder you to spectrum? FCC,

spectrum. spectrum Yes. the Well, we you seller-operator have or of our the on filings then, know, approvals provide ITU of use as use every our country and own the for their the

So States, spectrum cellular respect That’s they the in very our in doing spectrum, – in from the a gateways with United that have are country locations. order a our the satellite license. starting we that They connect operator in the process operator the where V-band, up that the the to been – is be will basic And gateways, many use with Those they are we will area is in partner in their be we their be first American satellite. of using with to don’t have – partner And countries, setup. gateways to have the work case to regulatory process actively subject own then to working will Tower to operations. Q/V-band what that co-located us. That for seems deploy.

country experimental by from system. we We’re country, very grants for FCC. of we the by the encouraged license getting got But continue our operations these

using satellite links, you or new specific of terms the the feeder ensure their testing have EchoStar those strength also optimally that that’s the on think to What either relatively X. deployment, Q/V-band And to I in feeder done links? testing testing, a gateway ground Jupiter is of

Yes.

feeder links these are in to Just it gateways. mean, for put I context, the

redundancy. few are within for very of coverage the You need small a you United these kilometers. area two, very, get And redundancy, the in add three States, to – links

are a your where get you that allowed of spectrum. then gateways to these – type coverage very us operators. has cellular the group – basically because through where And the of installations cellular of of significant amount cellular V-band universal actually we have they So you done into designed we gateways amount the spectrum capacity it’s gateways we is interconnect of to the already. place have and attractive

got equipment BlueWalker procured testing will of launch from this basically to with that access the we And license We FCC. have experimental continue the we we them the that with the and spectrum. X have

I if the just where And access to you. on your you’re the used shortage Antonov a typically due transport on Thank Were one been location Texas satellites? moved of using which in – a of bit on ground war, you to there’s using question Ukraine can, satellites. final to planning aircraft, Or planning air already given transport? transport for are

use planning we’re – is ground X actually to built. already BlueWalker container No, for transportation. The

We to Midland will It trip. will day, day Canaveral. be X from Cape talking X.X be

bring to we We we the that. baseline are six towards with it also the U.S. also But launches, capability. that to the to are train to the month launch contact on rails into ground at connect plan beginning, for train per our and in system based facility, transportation city get our plan satellites we use

Great. Thank you.

you. Thank

from Our with Scotiabank. Coello next question comes Andres

with proceed may You your question.

with a into example, do with MOUs you Telefónica opportunity? with Yes. in well. America an on everything it to goes much. did the How wireless you all wondering for translate you. differently, I’m players? Millicom, obligation actually you translate all business over, them put other if wireless business over the carrier you into very your will Or once if opportunity MOUs, the a how those translate could and world, actually working the imply Thank start by carriers testing is Latin How MOUs comment if

Thanks. comment any MOUs. Just around the

Yes.

on – and being is network. terms by participating share based MNO the revenue by service revenue operator’s we of partner they’re where share, barrier MOUs MNO. Well, by By large, participating partner, the a Okay. our the basically generated inside the that

gets So network. service capability, message they the to is advertising sending user text through on by market they And We capability. by that. the coverage spectrum. in there revenue provide out a that the service. retail the operator is means generated when based the provide on retain sell and that, a is split the the the other of user retail The or They the

also subscribers, through When is agreed that what or priced access – we we through it’s and you when number get depends have the subs kind whatever you have we service we what the between operators service revenue services around do located, that the referring you ourselves, it subscribers, those the to count MOUs. is. Then factors. to is which where a of that that whatever between access service contrary, to say and in of to serve places become work that retail is through MOUs, billion X.X subscribers agreements connectivity can on us the get we this a live share that we there the go are based time. retail on have then a So and have billion X.X other target there all are accessible And no SpaceMobile, plan, people they the If you’re that’s agreement. us, operators that basis – pricing on

is broadband three-quarter world noticing. So capitalize of and without of with of the XX% do technology. the not have half MNO the X through you our do billion surface several XX% that you That’s Within have agreements cellular have we population fundamental our that these how have surface, broadband. approximately the not people air of air

working obligation Thank understanding carrier you out? the optional. I pull still – if services? with start the just once to mean can an you. your your create is you there testings, but successful, once is they a deliver positive by and clear commitment constellation And using the MOUs if or ready, testing have you your is towards to the clarify, Or just

will one. take this I Sure.

and commitments our agreements our So, and MOUs vary.

of but of is them are interests. agreements, purpose not. to binding of are align agreements, them these of Some The some course,

and be for the though, saw side industry. ones through. They that this in us as signing will not commercial there the country, each and also the to we been the capacity have point, launching good as advance. and We since Abel thinking the telecom business took in definitive they in in are case. these agreements put get terms in development place XXXX seller for years generate At technology the Those in that service closer typical approvals don’t that or through you of regulatory ensure participate to

So, that we with we some others clear and agreements agreements definitive agreements that those other and more binding to among MOUs. are have the And pricing terms. are make clear levels SLAs into want are commercial

a is step before any given that next So, we launch commercial service country. in

you Very Thank much. very clear.

Thank you.

Our next with question Park Morgan Landon comes Stanley. from

may proceed. You

enterprise wondering Thanks the everyone. taking out ahead. How opportunities Hi was we the in or guys B the here guys what from opportunity you any of market you are for markets? think start And the about role eligible funding can receive military do I potentially it’s government see the of just side in of terms there, the you to side program questions. if terms you in could be non-consumer whether play the in also that type thinking U.S.? those expect on do the you to

Okay. Well, the other number consumer that significant besides of opportunity. obviously we opportunities a see

IoT, large United that people that said areas the in we believe to that, people of FCC, live the very regardless fixed connectivity is defense there Xe relates move universally handsets, very, a other to is not what work is opportunity. type there in consumer the us, both of political question, it providing having and to X.XX a means on that the cellular There a lot and we is But to they that country. every live sure However, nothing. work, universal going a of is continents, get where other important countries, that’s We do, in largest the we where billion X the which and will that, connections opportunity wireless places on your where directly every from more type connectivity, day connectivity any and that billion connection. of is obviously, are To whole believe make there in to do beyond plan be citizen connectivity goes participate into that and extending available in progress opportunity yes, the as in the in to for States. opportunities

do the we but we is our on primarily as yes, to able opportunity, of other consumer course, All network. will So, to there retail, be we models have based many verticals develop connect. are our plan tap that

out you Are or offer attractive that. you follow-up government how the your stand particular markets? the think of Just – would markets And yield capacity particularly about that there and any you is market, against to that consumer as a would use cases some on any that? within higher on thinking enterprise do there those are

Yes. It’s Scott here.

large So, as a this after very relative are Abel it’s new to satellite those And going company satellite market to opportunities the even a market. be said, it’s of a little for right, legacy unique market, nice. wireless opportunities if some

one that developing those many key partners about. depending are depending really on really our opportunity. our talking are very the also region. towards. are IoT But enterprise are mass verticals the when and They MNO company other market partners you of It’s like we at MNO the government, on So, good

really are opportunities are strong. there that So,

intentionally is interest on And then, have we outside and on strong lot interest because terminal without mass ones We a We fact our might get be there. we obviously, resiliency, of opportunity. but network cornerstone the of the a real non-interest a functions that the want mass the highlighted course, opportunity, of market which the to focus emergency get best inbounds backup. not market of remains even

that for Great. color. Thanks

of feeder on lines? just terms feeder channel links questions the to How the the some is feeder in of each size regarding will gigahertz satellite many Moving on for follow-ups links. what sort have? those And

Yes.

feeder around four links. satellite, to up per have, XX We gigahertz polarization. feeder is per Each link

on have between of polarizations per in operators. locations two the and to size – the into network gateways feeder the the on or then the the connect country. down core we two we Typically, – have or they depending on country, down those three antenna, spacecraft We gateways of down links where bring

Okay.

do level gigahertz think polarizations. four So, do links you of can it’s XX links? up in What and feeder your modulation two of to type you

Well, the then to the so the basically former, modulations spacecraft into way gateway. is have designed that translated it frequency being app transparent to the the phone and to a basically the be system coming from same is that to bring down we

the will that downlink spacecraft. spacecraft the you the are the from phone the phone the to on and So, modulation see to classical from

the actually that So, the on there bent same – it’s a pipe, UE. get it’s is you modulation

am you or have the what feeder – expecting? modulation so Yes. will are how links – wondering same just that I what – the is – what’s so the and

Right. Yes.

on in So, factors, bits per per between hertz bits the X per per it’s uplink. bits X X.X downlink but on hertz hertz and hertz the and many between it X depends somewhere to bits

– That’s the link, you saying? Great. feeder uplink are the being

from is – into uplink the the spacecraft. phone the The is

Okay. expense And can’t the BlueBird you expense I Great. know reiterated – I in of program, the the on given if guidance have top. seen issues parts don’t industry. Thank we the you. up other But

there occurring what you reasonable do over next risk to are XX that you over come you of gives any And through So, the think some months? the confidence of is inflation months, that not that amount see time? going XX

are we of vertically mean our integrated. highly all, technology, first Well, I for

system, in mostly the flight self-contained We every is computers, cells, which have reaction torques, wheels, component micron spacecraft a panels. control the of is that in from solar

cost. our we of we vertically keep – costs the and integrated as So, order to makes keep in control sense are as think

of only the had very that Our we we a BlueWalker costs but X, that the the agreement is the known, substantial constellation. have and in provisioning build this well point for at with advancement not for of parts place is this

the bases last on satellites. we for for cost So, the reiterate – call, BlueBird our BlueWalker

in So point. this we those no see at change

risk there – in expense those next you quite the significant confident over you numbers? upside year, do or any feel see the your is in mind So, that to

given parts. We feel those quite are procurement confident phase where on the we of

Great. that comfortable And get Sean, you for perhaps sort just to just and more what with you your the on company that company of into one attracted last discussed? to opportunity diligence can the you, side did you any question has go the

industry I as to gave a contacts but extensive think tough I banker it’s do I this long time. call, the quite I for over you an a had I – mean it’s in have a overview.

team that in checks, who industry. time a industry did wireless either of and who operators talk career, regulatory market, the a about as to a the satellite. And to I XX of a with the opportunity see lot experts project. something is have able you industry market to something always be people incredibly spent to or of a different do entire knew don’t had number very analyze an I try was do billion So, expensive was know downlink projects help And of saw with equipment understanding from it or almost world industry in but I the customer this go had around my X and to exciting will variety the to and gap. the technology, take cellular to been able who And the continue it. after similar, the very, to where and challenge getting the it I XX

made exciting and etcetera, people, opportunity. industry with discussions and finance, work of lot regulatory, It’s very me comfortable. very, a So,

Thanks Thanks questions. Great. taking that much color. for for very the

Instructions] B. may next Securities. Griffin question Riley Sir, proceed. with Boss [Operator comes you Our from

my for taking Thanks Hey. question.

Lynk in just service said you was any Vodafone then front? on includes provide on really come a Just conversations color on me, I staying you up you know market, And the could at the MNOs? understand your with in commercial only I curious, remind seeing are And that but timeline or the partnership with least that large exclusivity front, at starts? very your I have at X-year is competition, player could it’s market when MNO there believe them in you of. So, the all, I that similarly, does moment out have they begin exclusivity.

take Sure. will I that. Hi Griffin,

Vodafone, one different mutual the XX With X-year first. around their second in that world exclusivity at correct, are markets service you initiation. So, the starts

So, into don’t we it was starts period of with And but into, years run players we X-year that service other players time. run in initiation. this terms other at signed that ago, really

differentiated a from mobile solving the network the we stages the It’s I – past. with who as lot satellites is mobile opportunity, early this relationships operators historically company. success think bad like the have network many operators experiences had the and of Sean them problems of with that highlighted, have have building in saw of the really an the

that few the the so under one can network have well, today. multiple their And last belt that’s subscribers adding in success have over see and it’s and or XXX operators more months, you of some mobile whom over had always resonated we of more hundreds

So, I think our opportunity resonates very well.

anyone think at growing, when it’s I network year really is the with that’s the thinking and and summer exciting – opportunity, our after, they don’t we really mobile operators and we launch and with about the time. network as approach plan are working are volume our But to against the for we the next constellation mobile benchmarking else operators this that one not see. year

Thanks it. really Scott. helpful. That’s Got

any either those obviously, struck the them had then. more have have come but in to the to extent you to November since since mean conversations you know was. again back numerous sticking didn’t of have sort you AST if and MNOs of a and I that, – up progress guys at or had bit can the then. and like here, XXXX, T-Mobile sort ongoing jumping petitions know XXXX back that I at And MNOs the as so think other anything with you MNOs deny service. filed I the validated both mean, service conversations with And the speak of about guys time end if did agreements to of Verizon I Do FCC it little – had guys you I to two all?

Sure.

we for to that’s their us think want docket supports not where market. So, We year I more than unexpected the ago sure, where around the folks positions multiple lay relative were the typically filings they sit and in we that think something the providers now U.S. U.S. out the really the our conversations very and And today. providers. well. of announced distribution U.S. our to those interesting any nature particular, is approach. But coverage fits given of not in for with think – of country the market, the any have I but solution it’s solution market for FCC a And

think three ourselves. need big have a certainly the So, I for will

Got it.

the more know business of a more lot. call, I just Thanks that great. That’s said last BWX maybe were we that. investment. mentioned earlier a one little And you with in And update for Sean the on completed million investment Okay. you should one overall than quick substantially assume $XX me. then

any you at of as just to whether that to wanted in or BWX trying investments a understood I are When make end am I you say So, QX? we mean get the should that right just investment, of for I of sure better correctly. all? QX substantially does sense additional completed assume with now at

to referring was That of as today.

Understood.

a guys. Thanks Okay. lot

Thank over for call you. back At no this questions. now showing closing time, would I I management remarks. to further turn am to like the

Great. operator. Thank you,

company phone is designed want for the for joining rest broadband the analysts everyone for a to week. their cellular shareholders today. both hope pocket research I network your Our of great thank in a space-based I the has building and questions. use everyone of And the

Thank you. call. conference Thank today’s participating. This concludes you for

disconnect. may You now