Q1 2022 NextNav Inc Earnings Call

May 12, 2022

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Operator: Good afternoon everyone, and welcome to NextNav's first quarter 2022 earnings conference call. Participating on today's call are Gary Parsons, NextNav's Chairman, Ganesh Pattabiraman, NextNav's co-founder and CEO, and Chris Gates, NextNav's Chief Financial Officer. Before we begin, please note that during today's presentation the company may make forward-looking statements either in our prepared remarks or in the associated question and answer session. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable, and may also relate to NextNav's future prospects, developments, and business strategies. In particular, such forward-looking statements include statements about NextNav's position to drive growth in its 3D geolocation businesses and expansion of its next-generation GPS platform.

Good afternoon, everyone and welcome to next naphtha first quarter 2022 earnings conference call participating on today's call are Gary Parsons next Nab Chairman Dinesh Pardon me Robin next <unk> co founder and CEO and Chris Gates next Naps, Chief Financial Officer before we begin please note.

Good afternoon, everyone, and welcome to NEXTNAP's First Quarter 2022 Earnings Conference Call. Participating on today's call are Gary Parsons, NEXTNAP's Chairman, Ganesh Pabiraman, NEXTNAP's Co-Founder and CEO , and Chris Gates, NEXTNAP's Chief Financial Officer.

Before we begin, please note that during today's presentation, the company may make forward-looking statements either in our prepared remarks or in the associated question and answer session.

And that during today's presentation. The company may make forward looking statements either in our prepared remarks or in the associated question and answer session. These statements, which involve risks and uncertainties relates to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and meals.

These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable, and may also relate to next-maps future prospects, developments, and business strategies.

Related to <unk> future prospects developments and business strategies.

In particular, such forward-looking statements include statements about NexNAP's position to drive growth in its 3D geolocation businesses and expansion of its next-generation GPS platform, the business plans, objectives, expectations, and intentions of NexNAP, NexNAP partnerships, and the potential success thereof in NexNAP's estimated and future business strategies, competitive position, industry environment, and potential growth opportunities.

Particular, such forward looking statements include statements about next naps positioned to drive growth and its three D. G O location businesses and expansion of its next generation G. P. S platform the business plans objectives expectations and intentions of next Nap next map partnerships and the potential success thereof, and next NAV estimate.

Operator: The business plans, objectives, expectations, and intentions of NextNav partnerships and the potential success thereof in NextNav's estimated and future business strategies, competitive position, industry environment, and potential growth opportunities. These statements are based on current expectations or beliefs and are subject to certain risks and uncertainties that may cause actual results to differ materially. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside NextNav's control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

The business plans, objectives, expectations, and intentions of NextNav partnerships and the potential success thereof in NextNav's estimated and future business strategies, competitive position, industry environment, and potential growth opportunities. These statements are based on current expectations or beliefs and are subject to certain risks and uncertainties that may cause actual results to differ materially. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside NextNav's control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

And future business strategies competitive position industry environment and potential growth opportunities. These statements are based on current expectations or beliefs and are subject to certain risks and uncertainties that may cause actual results to differ materially.

These statements are based on current expectations or beliefs and are subject to certain risks and uncertainties that may cause actual results to differ materially.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside next-knobs control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward looking statements are subject to known and unknown risks uncertainties assumptions and other factors many of which are outside <unk> control that could cause actual results to differ materially from the results discussed in the forward looking statements.

Operator: These risks, uncertainties, assumptions, and other important factors include, but are not limited to, the ability of NextNav to continue to gain traction in key markets and with notable platforms and partners both within the US and internationally, the ability of NextNav to grow and manage growth, profitability, maintain relationships with partners, customers, and suppliers, including with respect to NextNav's Pinnacle 911 solution and its TerraPoint network, and the ability to retain its management and key employees, the ability to maintain balance sheet flexibility and generate effectively deployed capital in line with its business strategies, the possibility that NextNav may be adversely affected by other economic, business, and/or competitive factors, including the impact of the ongoing COVID-19 coronavirus pandemic, other risks and uncertainties indicated from time to time in documents filed with the Securities and Exchange Commission by NextNav.

These risks, uncertainties, assumptions, and other important factors include, but are not limited to, the ability of NextNav to continue to gain traction in key markets and with notable platforms and partners both within the US and internationally, the ability of NextNav to grow and manage growth, profitability, maintain relationships with partners, customers, and suppliers, including with respect to NextNav's Pinnacle 911 solution and its TerraPoint network, and the ability to retain its management and key employees, the ability to maintain balance sheet flexibility and generate effectively deployed capital in line with its business strategies, the possibility that NextNav may be adversely affected by other economic, business, and/or competitive factors, including the impact of the ongoing COVID-19 coronavirus pandemic, other risks and uncertainties indicated from time to time in documents filed with the Securities and Exchange Commission by NextNav.

These risks, uncertainties, assumptions, and other important factors include, but are not limited to, the ability of NextMap to continue to gain traction in key markets and with notable platforms and partners, both within the US and internationally.

These risks uncertainties assumptions and other important factors include but are not limited to the ability of next map to continue to gain traction in key markets and with notable platforms and partners both within the U S and internationally the ability of next snap to grow and manage growth profitability maintained relationships with.

the ability of NextNAP to grow and manage growth profitability, maintain relationships with partners, customers, and suppliers, including with respect to NextNAP's Pinnacle 9-1-1 solution and its Terrapoint network, and the ability to retain its management and key employees.

Partners customers and suppliers, including with respect to your next Naps Pinnacle 911 solution and it's to your point network and the ability to retain its management and key employees.

The ability to maintain balance sheet flexibility and generate effectively deployed capital in line with its business strategies. The possibility that next now may be adversely affected by other economic business and or competitive factors, including the impact of the ongoing COVID-19 coronavirus pandemic.

The ability to maintain balance sheet flexibility and better rate effectively deploy capital in line with its business strategy. The possibility that next now may be adversely affected by other economic business and or competitive factors, including the impact of the ongoing COVID-19, coronavirus pandemic other risks and uncertainties indicated from time to time in <unk>.

Other risks and uncertainties indicated from time to time in documents filed with the Securities and Exchange Commission by NextNow.

<unk> filed with the Securities and Exchange Commission by next Nap.

Operator: New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. Risk factors that may impact our performance are identified in our most recent SEC filings. Following our prepared remarks, the Company will host an operator-led question and answer session. In addition, at the conclusion of today's call, a replay of our discussion will be posted to the Company's investor relations website. With that, I'll turn the call over to NextNav chairman Gary Parsons. Please go ahead.

New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. Risk factors that may impact our performance are identified in our most recent SEC filings. Following our prepared remarks, the Company will host an operator-led question and answer session. In addition, at the conclusion of today's call, a replay of our discussion will be posted to the Company's investor relations website. With that, I'll turn the call over to NextNav chairman Gary Parsons. Please go ahead.

New risks and uncertainties arise from time to time and it is impossible for us to predict these events or had any effect us.

New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.

You are cautioned not to place under reliance upon any forward-looking statements, which speak only as of the date made, and next now undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. Risk factors that may impact our performance are identified in our most recent SEC filings.

Cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made next NAV undertakes no commitment to update or revise the forward looking statements whether as a result of new information future events or otherwise risk factors that may impact our performance are identified in our most recent SEC filings.

Following our prepared remarks, the company will host an operator-led question-and-answer session. In addition, at the conclusion of today's call, a replay of our discussion will be posted to the company's Investor Relations website. With that, I'll turn the call over to next NAS Chairman, Gary Parsons. Please go ahead.

Following our prepared remarks, the company will host an operator last question and answer session. In addition at the conclusion of today's call a replay of our discussion will be posted to the company's investor relations website with that I'll turn the call over to <unk> Chairman Gerry Parsons. Please go ahead.

Gary Parsons: Well, thank you very much, operator, and welcome everybody to NextNav's first quarter earnings conference call. We're pleased to be here and to provide you an update on the business. And, of course, since we actually recently only spoke with many of you a few weeks ago on our fourth quarter call, I'll keep my overview and strategic comments fairly brief. Joining me on the call today, as you heard, is NextNav CEO Ganesh Pattabiraman and NextNav's CFO Chris Gates. To start the call, I'm going to provide, say, a quick overview of the quarter and then I'll pass it off to Ganesh and he'll offer a review of some of the more recent operational highlights. Chris will then wrap up the call with a look at the financials and we'll then open it up for Q and A.

Well. Thank you very much operator, and welcome everybody to next announced first quarter earnings Conference call.

Well, thank you very much operator and welcome everybody to next now's first quarter earnings conference call we're pleased to be here and provide you an update on the business and and of course, since we actually recently only spoke with many of you a few weeks ago on our fourth quarter call, I'll keep my overview and strategic comments fairly brief.

We're pleased to be here and to provide you an update on the business and then of course since we actually recently only spoke with many of you a few weeks ago on our fourth quarter call I'll I'll keep my overview and strategic.

All comments fairly brief.

Joining me on the call today, as you heard, is NextNAV's CEO , Ganesh Patapuraman, and NextNAV's CFO , Chris Gates. To start the call, I'm going to provide, say, a quick overview of the quarter, and then I'll pass it off to Ganesh, and he'll offer a review of some of the more recent operational highlights.

Joining me on the call today as you heard US next now CEO of top Ramen and next NAV CFO Chris.

Chris Gates to start the call I'm going to provide.

Overview of the quarter and then I'll pass it off think of Nash and Hill for a review of some of the more recent operational highlights Chris will then wrap up the call with a look at the financials and we'll then open it up for Q&A.

Chris will then wrap up the call with a look at the financials and we'll then open it up for Q&A.

Gary Parsons: As you will hear today, NextNav is off to a solid start in 2022. We're building off the momentum of last year. We delivered continued execution against our strategic plan in Q1. As Ganesh will discuss in greater detail, we expanded our partnership network and key areas such as E911 and gaming. For our Pinnacle service, we also added a new vertical, one we've talked about.

As you will hear today, NextNav is off to a solid start in 2022. We're building off the momentum of last year. We delivered continued execution against our strategic plan in Q1. As Ganesh will discuss in greater detail, we expanded our partnership network and key areas such as E911 and gaming. For our Pinnacle service, we also added a new vertical, one we've talked about.

As you will hear today, NextNAV is off to a solid start in 2022. We're building off of the momentum of last year. We delivered continued execution against our strategic plan in the first quarter.

You will hear today next Nab is off to a solid start in 2022.

Building off the momentum of last year, we delivered continued execution against our strategic plan in the first quarter.

As Ganesh will discuss in greater detail, we expanded our partnership network and key areas, such as E911 and gaming for our clinical service. We also added a new vertical, one we've talked about in the past sometimes, but really added something in the IoT or Internet of Things transportation space with agreement with last mile technology.

Initial discussed in greater detail, we expanded our partnership network and key areas such as E 911, and gaming for our clinical service. We also added a new vertical one we've talked about.

Gary Parsons: In the past, sometimes, but really added something in the IoT or Internet of Things transportation space with agreement with Last Mile Technology. As you'll hear more about this in a minute. This partnership is a great example of how the platform we've built, the ubiquitous resilient location services, can now continue to meet the needs of multiple industry verticals. We're also continuing to make progress on our TerraPoint build out. Notably, we continue to hold really detailed and earnest conversations with government officials as interest in protecting critical infrastructure and PNT or position navigation and timing systems gains traction along with the devastating war in Ukraine, which we all talked about, I guess we spoke about on the last earnings call. We told you last quarter that both the US.

In the past, sometimes but really added something in the Iot or internet of things transportation space with an agreement with last mile technologies.

As you'll hear more about this in a minute, you know, this partnership is a great example of how the platform we built, the ubiquitous resilient location services can now continue to meet the needs of multiple industry verticals.

You'll hear more about this in a minute. This partnership is a great example of how the platform. We built a ubiquitous resilient location services can now continue to meet the needs of multiple industry verticals.

We're also continuing to make progress on our TerraPoint build-out. Notably, we continue to hold really detailed and earnest conversations with government officials as interest in protecting critical infrastructure and P&T, or Position Navigation and Timing Systems gains traction along with the devastating war in Ukraine, which we've all talked about. I guess we spoke about on the last Ernie's call.

We're also continuing to make progress on our chair appoint buildout, notably we continue to hold really detailed and earn his conversations with government officials as interest in protecting critical infrastructure, and PMT or position navigation and timing systems gains traction along with the devastating.

And Ukraine, which we've all talked about I guess, we spoke about on the last earnings call.

We told you last quarter that both the U.S. and European government officials remain highly engaged in discussions around water now becoming very apparent vulnerabilities of GPS and identifying solutions to meet this growing concern.

We told you last quarter that both the U S and European government officials remain highly engaged in discussions around water now, becoming very apparent vulnerabilities of GPS and.

Gary Parsons: European government officials remain highly engaged in discussions around what are now becoming very apparent vulnerabilities of GPS and identifying solutions to meet this growing concern. We're beginning to see promising signs in terms of government interest, particularly as they contemplate how to deal with Russian interference with GPS in Europe and elsewhere. Since we last spoke, budgets in the United States have been finalized and money has been allocated to areas that are of importance to our business. The fiscal year 2022 budget approved by the US Congress includes ramped up funding for the Department of Transportation to examine next steps following their 2020 technology assessment, which we've spoken about in the past. Both DHS and DoD also secured designated funding, much of which was specifically allocated or targeted towards ensuring GPS resiliency.

European government officials remain highly engaged in discussions around what are now becoming very apparent vulnerabilities of GPS and identifying solutions to meet this growing concern. We're beginning to see promising signs in terms of government interest, particularly as they contemplate how to deal with Russian interference with GPS in Europe and elsewhere. Since we last spoke, budgets in the United States have been finalized and money has been allocated to areas that are of importance to our business. The fiscal year 2022 budget approved by the US Congress includes ramped up funding for the Department of Transportation to examine next steps following their 2020 technology assessment, which we've spoken about in the past. Both DHS and DoD also secured designated funding, much of which was specifically allocated or targeted towards ensuring GPS resiliency.

And find solutions to meet this growing concern.

We're beginning to see promising signs in terms of government interest, particularly as they complicate how to deal with Russian interference with GPS in Europe and elsewhere.

We're beginning to see promising signs in terms of government interest.

Italy as they contemplate how to deal with a Russian interference with GPS in Europe .

Elsewhere.

Since we last spoke, budgets in the United States have been finalized and money has been allocated to areas that are of importance to our business.

Since we last spoke our budgets in the United States have been finalized and money has been allocated to areas that are of importance to our business.

The fiscal year 22 budget approved by the U.S. Congress includes ramped up funding for the Department of Transportation to examine next steps following their 2020 technology assessment, which we've spoken about in the past.

Fiscal year 'twenty two budget approved by the U S. Congress includes ramped up funding for the department of transportation to examine next steps.

Knowing their 'twenty 'twenty technology assessment, which we've spoken about in the past.

Both DHS and DOD also secured designated funding, much of which was specifically allocated or targeted towards ensuring GPS resiliency. And we also saw the Open P&T Alliance, of which we are a member, this month publicly recognized the government's growing interest in P&T services.

Both D H F N D. O D also secure designated funding much of which was specifically allocated in our targeted towards ensuring GPS resiliency and we also saw the open P. N T Alliance of which we are a member this month publicly recognized the government's growing interest in PMT service.

Gary Parsons: And we also saw the Open PNT Alliance, of which we are a member, this month publicly recognized the government's growing interest in PNT services. Today we remain fully engaged with all of these efforts and assessments and expect to be an integral part of the government's roadmap to address these concerns. And of course I would also be remiss if I didn't remind you, of course, that the government funding and the full budgetary process through Congress is a drawn out affair and it does not produce quick results. Our VP of Government Affairs, Ed Mortimer, is closely involved in the ongoing discussions, ensuring our interests remain top of mind.

And we also saw the Open PNT Alliance, of which we are a member, this month publicly recognized the government's growing interest in PNT services. Today we remain fully engaged with all of these efforts and assessments and expect to be an integral part of the government's roadmap to address these concerns. And of course I would also be remiss if I didn't remind you, of course, that the government funding and the full budgetary process through Congress is a drawn out affair and it does not produce quick results. Our VP of Government Affairs, Ed Mortimer, is closely involved in the ongoing discussions, ensuring our interests remain top of mind.

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To date, we remain fully engaged with all of these efforts and assessments and expect to be an integral part of the government's roadmap to address these concerns and of course I would also be remiss if I didn't remind you.

To date, we remain fully engaged with all of these efforts and assessments and expect to be an integral part of the government's roadmap to address these concerns. And, of course, I would also be remiss if I didn't remind you

Of course, the government funding and the full budgetary process through Congress is a drawn-out affair, and it does not produce quick results. Our VP of Government Affairs, Ed Mortimer, is closely involved in the ongoing discussions, ensuring our interests remain top of mind.

Unfortunately, the government funding and the full budgetary process through Congress, there's a drawn out affair and it does not produce quick results, our VP of government affairs and Mortimer.

Mostly involved in the ongoing discussions ensuring our interest remain top of mind.

Gary Parsons: Because of the momentum we've built some thus far, and knowing that this isn't a quick process, we're taking a further look out into next year's budget process as well to ensure that these key topics remain in the conversation. So with that, let me turn the call over to Ganesh to provide you with the details about the quarter's progress.

Because of the momentum we've built some thus far, and knowing that this isn't a quick process, we're taking a further look out into next year's budget process as well to ensure that these key topics remain in the conversation. So with that, let me turn the call over to Ganesh to provide you with the details about the quarter's progress. Ganesh,

Because of them, the minimum we've built so thus far, and knowing that this isn't a quick process, we're taking a further look out into next year's budget process as well to ensure that these key topics remain in the conversation. So, with that, let me tell her to call over to Ganesh to provide you with the details about the quarters progress, Ganesh.

Because of the momentum we've built thus far and knowing that this isn't a quick process. We're taking a further look out into next year's budget process as well to ensure that these key topics remain in the conversation so with that let me turn the call over to going to ask you to provide you with the details about the quarter's progress goodness.

Ganesh Pattabiraman: Ganesh, thanks, Gary. Afternoon, everyone, and welcome to our Q1 earnings call. We feel pretty good about where the business stands today and are excited by the many opportunities we have in front of us in the first quarter. We continued to build off of our strong foundational work that we began last year, signing a slate of new partnerships while executing against the build of our Pinnacle and TerraPoint services. To begin with, let me dig into some of our key announcements. Starting with the Pinnacle service, we continue to build on our leadership position in the public safety space. As you may recall, back in January we announced a partnership with the major wireless carrier to provide vertical location for emergency calls to public safety answering points.

Ganesh Pattabiraman: thanks, Gary. Afternoon, everyone, and welcome to our Q1 earnings call. We feel pretty good about where the business stands today and are excited by the many opportunities we have in front of us in the first quarter. We continued to build off of our strong foundational work that we began last year, signing a slate of new partnerships while executing against the build of our Pinnacle and TerraPoint services. To begin with, let me dig into some of our key announcements. Starting with the Pinnacle service, we continue to build on our leadership position in the public safety space. As you may recall, back in January we announced a partnership with the major wireless carrier to provide vertical location for emergency calls to public safety answering points.

Thanks, Gary afternoon, everyone and welcome to our 1st quarter earnings call.

Thanks, Gary.

Afternoon, everyone and welcome to our first quarter earnings call.

We feel pretty good about where the business stands today and they're excited by the many opportunities we have in front of.

We feel pretty good about where the business stands today and they are excited by the many opportunities we have in front of us.

In the first quarter, we continue to build off of our strong foundational work that we began last year, signing a slate of new partnerships while executing against the build-up of our pinnacle and tear points service.

In the first quarter, we continued to build off a strong foundational work that we began last year signing.

Signing a slate of new partnerships, while executing against that build up our clinical and <unk> services to.

To begin with, let me dig into some of our key announcements, starting with the pinnacle service.

To begin with let me dig into some of our key announcements starting with the clinical service.

We continue to build on our leadership position in the public safety space. As you may recall, back in January , we announced a partnership with the major wireless carrier to provide vertical location. For emergency calls to the public safety access point.

We continue to build on our leadership position in the public safety space as you may recall back in January we announced a partnership with a major wireless carrier to provide vertical location for emergency calls to treat their public safety access points were.

Ganesh Pattabiraman: We're continuing to build on this foundation now, making the information more actionable for PSAPs and dispatchers by working with platform providers who enable that end of the service. We're excited about our expansion in the public safety space as our Pinnacle technology is adopted by key players in the ecosystem and is now able to provide the Z-axis vertical in information visually in a way that makes it understandable and actionable for PSAP operators by including an altimeter view which is really a visual way to show three dimensional data on a two dimensional map. To this end, we announced deals with both GeoComm and Next Generation Advanced. GeoComm is one of the leaders in map data and location intelligence for public safety.

We're continuing to build on this foundation now, making the information more actionable for PSAPs and dispatchers by working with platform providers who enable that end of the service. We're excited about our expansion in the public safety space as our Pinnacle technology is adopted by key players in the ecosystem and is now able to provide the Z-axis vertical in information visually in a way that makes it understandable and actionable for PSAP operators by including an altimeter view which is really a visual way to show three dimensional data on a two dimensional map. To this end, we announced deals with both GeoComm and Next Generation Advanced. GeoComm is one of the leaders in map data and location intelligence for public safety.

We're continuing to build on this foundation, now making the information more actionable for PSAPs and dispatchers by working with platform providers who enabled that end of the service.

Continuing to build on this foundation now, making the information more actionable for peace apps and dispatchers by working with platform providers, who enable debt end of the service.

We're excited about our expansion in the public safety space as our pinnacle technology is adopted by key players in the ecosystem and is now able to provide the z-axis vertical information visually in a way that makes it understandable and actionable for PSAP operators by including an altimeter view, which is really a visual way to show three-dimensional data on a two-dimensional map.

We're excited about our expansion in the public safety space at our clinical technologies adopted by key players in the ecosystem and is now able to provide the access vertical information recently in a way that makes it understandable and actionable for P. SAP operators by including an altimeter view, which is really a visual way to show at <unk>.

Dimensional data on a two dimensional map.

To this end, we announced deals with both Geo common Nextgen 911, mixing advanced 911.

To this end, we announced deals with both Geocom and NexGen 9-1-1, NexGen Advanced 9-1-1.

Geocom is one of the leaders in map data and location intelligence for public safety.

<unk> is one of the leaders in map data and location intelligence for public safety.

Ganesh Pattabiraman: Using local GIS data and building information, GeoComm systems can convert raw positioning mapping measurements received from wireless carriers into dispatchable locations including building name, street address, and other elements such as floor and room number. GeoComm systems are enabled with the ability to take indoor tactical map displays to the next level, automatically highlighting the vertical location from where the 911 call originated in a multi-story building.

Using local GIS data and building information, GeoComm systems can convert raw positioning mapping measurements received from wireless carriers into dispatchable locations including building name, street address, and other elements such as floor and room number. GeoComm systems are enabled with the ability to take indoor tactical map displays to the next level, automatically highlighting the vertical location from where the 911 call originated in a multi-story building.

Using local GIS data and building information, geocom systems can convert raw positioning measurements received from wireless carriers into dispatchable locations, including building name, street address, and other elements. Such as.

Using local Gis data and building information Geo Comm systems can convert raw positioning measurements received from wireless carriers into dispatch with locations, including building named Street address and other elements.

Such as Florida and room number.

<unk> systems are enabled with the ability to take indoor tactical map displays to the next level.

Geocomm systems are enabled with the ability to take indoor tactical map displays to the next level, automatically highlighting the vertical location from where the 911 call originated in a multi-story building.

Automatically highlighting the vertical location from Red to 911 call originated in a multi story building.

Ganesh Pattabiraman: Next Generation Advanced or 911 is a cloud-based next-generation 911 cloud platform. It's one of the fastest-growing platforms to allow for next-gen 911 and call handling solutions with major clients in California and Nevada. NGA's clients will now be able to natively show floor-level vertical information data of incoming calls across its ecosystem and display the location in both 2D and 3D formats. In turn, first responders will gain the confidence that they need and those they're dispatched to serve, needing to remain safe in emergency response instances. I'm also happy to report that our large E911 carrier integration project remains on schedule and we expect to have devices rollout with Z-axis capability later in the year so we feel pretty good about how that project is moving forward. Forward to.

Next Generation Advanced or 911 is a cloud-based next-generation 911 cloud platform. It's one of the fastest-growing platforms to allow for next-gen 911 and call handling solutions with major clients in California and Nevada. NGA's clients will now be able to natively show floor-level vertical information data of incoming calls across its ecosystem and display the location in both 2D and 3D formats. In turn, first responders will gain the confidence that they need and those they're dispatched to serve, needing to remain safe in emergency response instances. I'm also happy to report that our large E911 carrier integration project remains on schedule and we expect to have devices rollout with Z-axis capability later in the year so we feel pretty good about how that project is moving forward. Forward to.

Next generation advanced or 911 is a cloud based next generation 911 cloud platform. It's one of the fastest growing platforms to allow for Nextgen 911 call handling solutions with major clients in California and Nevada.

Next Generation Advanced, or 911, is a cloud-based Next Generation 911 cloud platform. It's one of the fastest growing platforms to allow for next-gen 911 and call handling solutions with major clients in California and Nevada. NGA's clients will now be able to natively show floor-level vertical information data of incoming calls across its ecosystem and display the location in both 2D and 3D format.

Engineers clients will now be able to natively.

Show floor level vertical information data of incoming calls across its ecosystem and display the location in both two D and TD format.

In turn, force responders will gain the confidence that they need and their dispatch to serve, needing to remain safe in the emergency response.

In turn first responders will gain the confidence that the need and dose they are dispatched to serve meaning to remain safe and emergency response instance.

I'm also happy to report that our large E 911 carrier integration project remains on schedule.

I'm also happy to report that our large E911 carrier integration project remains on schedule.

And we expect to have devices roll out with Z-axis capability later in the year. So we feel pretty good about how that project is moving forward too.

And we expect to have the license rollout vx's capability later in the year. So we feel pretty good about how that project is moving forward.

Ganesh Pattabiraman: As you can see, we've established or continue to establish a solid foundation in public safety market and we'll continue to look to identify additional opportunities moving forward. Beyond this, we are also expanding our footprint in the gaming and Metaverse space. Here we're working to expand into augmented reality, where we see vast opportunities to align ourselves and provide best-in-class location authentication and vertical location services to this fast-growing and nascent market. Similar to our previously announced agreement with Echo3D, we recently signed a partnership with Widow Games, a gaming development company that's closing the gap between the physical and digital worlds. Widow Games is bringing NextNav's 3D geolocation capabilities to their application, enabling more immersive virtual experiences tied to the real environment of the users and leveraging location verification to validate transactions.

As you can see, we've established or continue to establish a solid foundation in public safety market and we'll continue to look to identify additional opportunities moving forward. Beyond this, we are also expanding our footprint in the gaming and Metaverse space. Here we're working to expand into augmented reality, where we see vast opportunities to align ourselves and provide best-in-class location authentication and vertical location services to this fast-growing and nascent market. Similar to our previously announced agreement with Echo3D, we recently signed a partnership with Widow Games, a gaming development company that's closing the gap between the physical and digital worlds. Widow Games is bringing NextNav's 3D geolocation capabilities to their application, enabling more immersive virtual experiences tied to the real environment of the users and leveraging location verification to validate transactions.

As you can see, we've established or continue to establish a solid foundation in the public safety market, and we'll continue to look to identify additional opportunities moving forward.

As you can see we've established our continue to establish a solid foundation and public safety market and we'll continue to look to identify additional opportunities moving forward.

Beyond this, we are also expanding our footprint in the gaming and metaverse space. Here, we're working to expand into augmented reality where we see vast opportunities to align ourselves and provide best-in-class location authentication and vertical location services to this fast-growing and nascent market.

Beyond this we are also expanding our footprint in the gaming and Medicare space.

Third we're working to expand into augmented reality, where we see vast opportunities to align ourselves and provide best in class location authentication and vertical location services to this fast growing and nascent market.

Similar to our previously announced agreement with Echo 3D, we recently signed a partnership with Widowgames, a gaming development company that's closing the gap between the physical and digital world.

Similar to our previously announced agreement with Deca three D. We recently signed a partnership with video games and gaming development company that is closing the gap between the physical and digital worlds.

Video games is bringing NextNAS 3D geolocation capabilities to their application, enabling more immersive virtual experiences tied to the real environment of users, and leveraging location verification to validate transactions and interact with users.

Games is bringing next NAFTA treaty geolocation capabilities to their application, enabling more immersive virtual experiences tied to the real environment of users and leveraging location verification to validate transactions.

Ganesh Pattabiraman: Interactions in the Metaverse. The application of our technology in this way is the first to be truly able to authenticate location in the Metaverse with the use of vertical location, which can prevent location spoofing for something like an NFT treasure or the purchase of a landmark or property in a virtual real estate mobile game. It also enable unique gaming experiences in augmented reality, providing different experiences depending on the floor you're at. As part of this opportunity, Pinnacle Technology will be integrated into Widow Games marquee titled Geopoly mobile game that couples buying, upgrading, and selling digital properties tied to the real world with real-time virtual events. Our technologies actually helping them to validate the location including the vertical dimension and timestamps of users to authenticate attendance, verify transactions, and prevent in-game location-based spoofing through geofencing and geolocation.

Interactions in the Metaverse. The application of our technology in this way is the first to be truly able to authenticate location in the Metaverse with the use of vertical location, which can prevent location spoofing for something like an NFT treasure or the purchase of a landmark or property in a virtual real estate mobile game. It also enable unique gaming experiences in augmented reality, providing different experiences depending on the floor you're at. As part of this opportunity, Pinnacle Technology will be integrated into Widow Games marquee titled Geopoly mobile game that couples buying, upgrading, and selling digital properties tied to the real world with real-time virtual events. Our technologies actually helping them to validate the location including the vertical dimension and timestamps of users to authenticate attendance, verify transactions, and prevent in-game location-based spoofing through geofencing and geolocation.

And interactions in the man hours.

The application of our technology in this way is the first truly able to authenticate location in the mid <unk> with the use of vertical locations, which can prevent location spoofing.

The application of our technology in this way is the first to be truly able to authenticate location in the metaverse with the use of vertical location, which can prevent location spoofing for something like an NFT treasure or the purchase of a landmark or property in a virtual real estate mobile game. It will also enable unique gaming experiences in augmented reality, providing different experiences depending on the floor.

For something like an F T treasurer or the purchase of a landmark a property in the virtual real estate.

Again, it will also enable unique game experiences and augmented reality, providing different experiences depending on the floor here at.

As part of this opportunity, Pinnacle Technology will be integrated into Widow Games' marquee titled Geopoly, a mobile game that couples buying, upgrading and selling digital properties tied to the real world with real-time virtual delivery.

As part of this opportunity clinical technology will be integrated into video games marquee titles, Geopolitik mobile game, the couples buying upgrading and selling digital properties tied to the real world with real time virtual events.

Our technologies actually helping them to validate the location, including the vertical dimension in time stamps of users to authenticate attendance verify transactions and prevent in game location based spoofing through.

Our technology is actually helping them to validate the location, including the vertical dimension and timestamps of users to authenticate attendance, verify transactions, and prevent in-game location-based boofing.

Through geofencing and geolocation, the positioning of specific users in the real world will enable location-based virtual experiences and rewards, authenticating users' presence at virtual events, and facilitating interactions with other users in the same location.

Through Geo fencing and Geo location the positioning of specific uses in the real world will enabled location based virtual experiences and rewards authenticating users presence at virtual events and facilitating interactions with other users in the same location.

Ganesh Pattabiraman: The positioning of specific users in the real world will enable location-based virtual experiences and rewards, authenticating users' presence at virtual events and facilitating interactions with other users in the same location.

The positioning of specific users in the real world will enable location-based virtual experiences and rewards, authenticating users' presence at virtual events and facilitating interactions with other users in the same location.

Ganesh Pattabiraman: And finally, while you've heard us talk about gaming and public safety before, and as Gary mentioned, we're also making moves into other logically aligned spaces where our technology and services can help businesses grow and diversify. One exciting area for us is IoT. Just a few weeks ago we announced a partnership with Last Mile Technology. They're a provider of proprietary asset movement and sensor-based event analysis services to enhance vertical location capabilities for their asset tracking solutions. Last Mile partners with a large number of key providers to enable IoT solutions. With e-commerce services exploding during the pandemic, we view this partnership as a natural next step in expanding the Pinnacle use case.

And finally, while you've heard us talk about gaming and public safety before, and as Gary mentioned, we're also making moves into other logically aligned spaces where our technology and services can help businesses grow and diversify. One exciting area for us is IoT. Just a few weeks ago we announced a partnership with Last Mile Technology. They're a provider of proprietary asset movement and sensor-based event analysis services to enhance vertical location capabilities for their asset tracking solutions. Last Mile partners with a large number of key providers to enable IoT solutions. With e-commerce services exploding during the pandemic, we view this partnership as a natural next step in expanding the Pinnacle use case.

And finally, while you heard us talk about gaming and public safety before, and as Gary mentioned, we're also making moves into other logically aligned spaces where our technology and services can help businesses grow and diversify. One exciting area

And finally, while you've heard us talk about gaming and public safety before and as Gaye mentioned, we're also making moves into other logically align spaces, where our technology and services can help businesses grow and diversify.

One exciting area for us is Iot.

Just a few weeks ago, we announced a partnership with last mile technologies.

They are a provider of proprietary asset movement in sensor event analysis services to enhance vertical location capabilities for their asset tracking solutions.

Last mile partners with a large number of key providers to enable Iot solutions.

With E Commerce services exploding during the pandemic, we view this partnership as a natural next step in expanding clinical use case.

Ganesh Pattabiraman: Our partnership with Last Mile enables organizations to precisely visualize and understand the three-dimensional movement of business critical assets via API, web, or mobile application applications to strengthen operations, security, and data-driven decision making. This can be done without complex and expensive localized on-premise infrastructure or hardware that would otherwise be required to provide site location intelligence. Beyond these exciting additions, we have a lot of other partnerships at various stages of development that we will surely keep you updated as they progress. Now turning to TerraPoint, we continue to make solid progress building towards the launch of this technology. Expenditures are expected to be modest in 2022 as we optimize the commercial transmitter design, conduct site selections, and overall network planning.

Our partnership with Last Mile enables organizations to precisely visualize and understand the three-dimensional movement of business critical assets via API, web, or mobile application applications to strengthen operations, security, and data-driven decision making. This can be done without complex and expensive localized on-premise infrastructure or hardware that would otherwise be required to provide site location intelligence. Beyond these exciting additions, we have a lot of other partnerships at various stages of development that we will surely keep you updated as they progress. Now turning to TerraPoint, we continue to make solid progress building towards the launch of this technology. Expenditures are expected to be modest in 2022 as we optimize the commercial transmitter design, conduct site selections, and overall network planning.

Our partnership with last mile enables organizations to precisely visualize and understand it see dementia movement of business critical assets, while API web or mobile applications to strengthen operations security and data driven decision making.

This can be done with complex and expensive localized on premise infrastructure on hardware that could otherwise be required to provide type location intelligence.

Beyond these exciting additions we have a lot of other partnerships at various stages of development.

That should keep you updated as they progress.

Now turning to <unk> point, we continue to make solid progress building towards the launch of this technology.

Now, turning to PowerPoint, we continue to make solid progress building towards the launch of this technology.

Expenditures are expected to be modest in 2022 as we optimize the commercial transmitter design, conduct site selections and overall network planning.

Expenditures are expected to be modest in 2022, as we optimize the commercial transmitter design conduct site selections and overall network planning.

Ganesh Pattabiraman: Our strong balance sheet and license spectrum holding allows us to maintain control over the pace and scope of that activity from both the capital and technology perspective. As Gary mentioned, we continue to see growing government interest to address GPS and location services vulnerabilities stemming from the unfortunate events in Ukraine. We remain in active discussions with government officials both here in the US and internationally and expect to be an integral part of these roadmap to address these concerns. As we noted last quarter, we're participating in the European Commission's Joint Research Center Alternate Positioning, Navigation and Timing Conference evaluation in Ispra, Italy on 18 May, which is next week. They'll be hosting the Demo Day where we will be showcasing our technology to the European Union officials.

Our strong balance sheet and license spectrum holding allows us to maintain control over the pace and scope of that activity from both the capital and technology perspective. As Gary mentioned, we continue to see growing government interest to address GPS and location services vulnerabilities stemming from the unfortunate events in Ukraine. We remain in active discussions with government officials both here in the US and internationally and expect to be an integral part of these roadmap to address these concerns. As we noted last quarter, we're participating in the European Commission's Joint Research Center Alternate Positioning, Navigation and Timing Conference evaluation in Ispra, Italy on 18 May, which is next week. They'll be hosting the Demo Day where we will be showcasing our technology to the European Union officials.

Our strong balance sheet.

And licensed spectrum, holding allows us to maintain control over the pace and scope of that activity from both the capital and technology perspective.

and licensed spectrum holding allow this to maintain control over the pace and scope of that activity from both the capital and technology perspective.

As Gary mentioned, we continue to see growing government interest to address GPS and location services vulnerabilities stemming from the unfortunate events in Ukraine.

As Gary mentioned, we continue to see growing government interests to address GPS and location services, one abilities stemming from the unfortunate events in from in Ukraine.

We remain in active discussions with government officials, both here in the U S and internationally and expect to be an integral part of these roadmap to address these concerns.

We remain in active discussions with government officials, both here in the U.S. and internationally, and expect to be an integral part of this roadmap to address these concerns.

As we noted last quarter, we're participating in the European Commission's joint research center, alternate positioning, navigation and timing conference evaluation.

As we noted last quarter, we are participating in the European Commission's Joint Research centre alternate positioning navigation and timing.

Conference evaluation in Italy.

On May 18th, which is next week, they'll be hosting the demo day where we will be showcasing our technology to the European Union.

On May 18th which is next week there'll be hosting the demo day, then we will be showcasing our technology to the European Union officials.

Ganesh Pattabiraman: We expect the full report coming out of Ispra with results of the demonstration similar to the Department of Transportation's demonstration, to be released later this summer. We'll be sure to update you on this and our performance as more information is made available. In addition to the demonstration at Ispra, Italy, Ed Mortimer, our VP of Government Affairs, and I will be flying to the UK and European Union next week to meet with senior government officials to make further progress on PNT resilience. I'm also excited to note that I've been asked by NASA to participate in a panel on the Positioning, Navigation, and Timing Workshop the following week on 25 May, and I'll be specifically speaking to the current P and T needs and how technologies like NextNav can meet those needs today and in the future.

We expect the full report coming out of Ispra with results of the demonstration similar to the Department of Transportation's demonstration, to be released later this summer. We'll be sure to update you on this and our performance as more information is made available. In addition to the demonstration at Ispra, Italy, Ed Mortimer, our VP of Government Affairs, and I will be flying to the UK and European Union next week to meet with senior government officials to make further progress on PNT resilience. I'm also excited to note that I've been asked by NASA to participate in a panel on the Positioning, Navigation, and Timing Workshop the following week on 25 May, and I'll be specifically speaking to the current P and T needs and how technologies like NextNav can meet those needs today and in the future.

We expect the full report coming out of ISPRA with the results of the demonstration similar to the Department of Transportation's demonstration to be released later this summer.

We expect the full report coming out of <unk> with the result.

Of the demonstration.

Similar to the department of Transportation's demonstration to be released later this summer.

We'll be sure to update you on this and our performance as more information is made available.

We will be sure to update you on this in our performance as more information is made available.

In addition to the demonstration at ISPRA, Italy, Ed Mortimer, our VP of Government Affairs, and I will be flying to the UK and European Union next week to meet with senior government officials to make further progress on PNT.

In addition to the demonstration that is Italy.

Ed <unk>, our VP of government affairs, and I will be flying to the U K and European Union next week to meet with senior government officials to make further progress on PNT resilience.

I'm also excited to note that I've been asked by NASA to participate in a panel on position navigation and timing workshop the following week on May 25th.

I'm also excited to note that I've been asked by not that too.

Participated in a panel on position navigation and timing workshop. The following week on May 25.

and I'll be specifically speaking to the current P&T needs and how technologies like Nexmaps can meet those needs today and in the future.

And that'll be specifically speaking to the current PMT need then how technologies like <unk> can meet those needs today and in the future.

Ganesh Pattabiraman: This is just one of the many efforts we have underway with NASA, and I look forward to continuing to collaborate with them. With that, let me turn things over to Chris for a review of our financials.

This is just one of the many efforts we have underway with NASA, and I look forward to continuing to collaborate with them. With that, let me turn things over to Chris for a review of our financials. Chris,

This is just one of the many efforts we have underway with NASA, and I look forward to continuing to collaborate with NASA.

This is just one of the many efforts we have underway with NASA and I look forward to continuing to collaborate with them.

With that, let me turn things over to Chris for a review of our financials.

With that let me turn things over to Chris for a review of our financials Chris.

Chris Gates: Chris, thanks Ganesh, and thank you everyone for joining us today. We're happy to talk to you about our progress in the first quarter as well as what makes us excited about the rest of the year. Getting into the numbers, our top line illustrates the beginning of the results from customers and platforms that we signed in 2021. In the first quarter, we recognized GAAP revenue of $1.2 million, resulting in an operating loss of $16 million. For the first quarter, now that includes approximately $900,000 in depreciation and amortization and $7.2 million in stock-based compensation expense. Our net loss for the period was $9.7 million, and in addition to the previous non-cash charges, included a non-cash income element of $6.4 million related to the change in the fair value of our warrant liability.

Chris Gates: thanks Ganesh, and thank you everyone for joining us today. We're happy to talk to you about our progress in the first quarter as well as what makes us excited about the rest of the year. Getting into the numbers, our top line illustrates the beginning of the results from customers and platforms that we signed in 2021. In the first quarter, we recognized GAAP revenue of $1.2 million, resulting in an operating loss of $16 million. For the first quarter, now that includes approximately $900,000 in depreciation and amortization and $7.2 million in stock-based compensation expense. Our net loss for the period was $9.7 million, and in addition to the previous non-cash charges, included a non-cash income element of $6.4 million related to the change in the fair value of our warrant liability.

Thanks, Good afternoon, and thank you everyone for joining us today.

Thank you everyone for joining us today, we're happy to talk to you about our progress in the first quarter as well as what makes us excited about the rest of the year.

Happy to talk to you about our progress in the first quarter.

As well as what makes us excited about the rest of the year.

Getting into the numbers, our top line illustrates the beginning of the results from customers and platforms that we signed in 2021. In the first quarter, we recognized gap revenue of $1.2 million, resulting in an operating loss of $16 million for the first quarter. Now, that includes

Getting into the numbers, our topline illustrates the beginning of the results from customers and platforms that we signed in 2021.

In the first quarter, we recognized GAAP revenue of $1 $2 million, resulting in an operating loss.

$16 million for the first quarter now that includes.

Approximately $900,000 in depreciation and amortization.

Approximately $900000 depreciation and amortization and $7 2 million in stock based compensation expense.

and $7.2 million in stock-based compensation expense. Our net loss for the period was $9.7 million, and in addition to previous non-cash charges included a non-cash income element of $6.4 million related to the change in the fair value.

Our net loss for the period was $9 7 million.

And in addition to the previous noncash charges included a noncash income element of $6 $4 million related to the change in the fair value of our warrant liability.

of our warrant liability. Our total operating expenses were 17.2 million and again including 7.2 and non-cash stock-based comp expense and 0.9 million in DNA.

Chris Gates: Our total operating expenses were $17.2 million, and again including $7.2 million in non-cash stock-based comp expense and $0.9 million in R&D. Our balance sheet remains debt-free, and at quarter-end we had $93.8 million in cash, providing us with ample capital and balance sheet flexibility as we work into 2022 and beyond.

Our total operating expenses were $17.2 million, and again including $7.2 million in non-cash stock-based comp expense and $0.9 million in R&D. Our balance sheet remains debt-free, and at quarter-end we had $93.8 million in cash, providing us with ample capital and balance sheet flexibility as we work into 2022 and beyond.

Our total operating expenses were $17 2 million again, including seven two.

Non cash stock based comp expense.

Zero point $9 billion and DNA.

Our balance sheet remains debt-free on a quarter end. We had $93.8 million in cash, providing us with ample capital and balance sheet flexibility as we work into 2022 and beyond.

Our balance sheet remains debt free and at quarter end, we had $93 $8 million in cash providing us with ample.

Capital and balance sheet flexibility as we as we work into 2022 and beyond.

Chris Gates: Now, in terms of outlook, as we've discussed in the past, we remain optimistic about the adoption of our service, and as Ganesh and Gary highlighted earlier on call, we're seeing that continue to expand. We're also pleased that the implementation of our service with our first national wireless carrier customer for E911 is proceeding on schedule. We'd like to continue to remind investors, however, that as we grow our service, there is likely to be lumpiness in our revenue due to the time between adoption of our service and scaled up usage, and the near term significance of certain large customers, including an E911. As we transition to scaled operations, we expect to finish 2022 with a meaningful revenue run rate with variability around significant platform contracts and integration. Additionally, 911 customers and potential government contracts.

Now, in terms of outlook, as we've discussed in the past, we remain optimistic about the adoption of our service, and as Ganesh and Gary highlighted earlier on call, we're seeing that continue to expand. We're also pleased that the implementation of our service with our first national wireless carrier customer for E911 is proceeding on schedule. We'd like to continue to remind investors, however, that as we grow our service, there is likely to be lumpiness in our revenue due to the time between adoption of our service and scaled up usage, and the near term significance of certain large customers, including an E911. As we transition to scaled operations, we expect to finish 2022 with a meaningful revenue run rate with variability around significant platform contracts and integration. Additionally, 911 customers and potential government contracts.

Now, in terms of outlook, as we've discussed in the past, we remain optimistic about the adoption of our service, and as Ganesh and Gary highlighted earlier in our call, we're seeing that continue to expand. We're also pleased that the implementation of our service with our first national wireless carrier customer for E911 is proceeding on schedule. We'd like to continue to remind investors, however, that as we grow our service, there is likely to be lumpiness in our revenue due to the time between adoption of our service and scaled usage.

Now in terms of outlook because we've discussed in the past we remain optimistic about the adoption of our services as Ganesh and Gary highlighted earlier call, we're seeing that continue to expand.

We're also pleased that the implementation of our service with our first national wireless carrier customer for Eni in one one is proceeding on schedule and we'd like to continue to remind investors. However that as we grow our service there is likely to be lumpiness in our revenue due to the time between adoption of our service and scaled usage.

and the near-term significance of certain large customers, including an E911, as we transition to scaled operation.

In the near term significance of certain large customers, including in the 911 as we transition to scaled operations.

We expect to finish 2022 with a meaningful revenue run rate with variability around significant platform contracts and integration. Additionally, not only one customers and potential government contracts as we've emphasized.

We expect to finish 2022 with a meaningful revenue run rate with variability around significant platform contracts and integration. Additionally, not all in one customers and potential government contracts.

Chris Gates: As we've emphasized in the past, we maintain an extraordinary foundation for our business, including a deployed national network, 2.4 billion MHz POPs spectrum asset, novel intellectual property, and of course our balance sheet. And finally, final note, while we're watching inflation closely and do anticipate somewhat higher employee and equipment costs, we do not expect these effects to be material at this time. We're also closely monitoring potential supply chain issues and again, while not material to our business at this time, we are lengthening our horizons for pre-ordering certain long-lead components. With that, I'd like to open up.

As we've emphasized in the past, we maintain an extraordinary foundation for our business, including a deployed national network, 2.4 billion MHz POPs spectrum asset, novel intellectual property, and of course our balance sheet. And finally, final note, while we're watching inflation closely and do anticipate somewhat higher employee and equipment costs, we do not expect these effects to be material at this time. We're also closely monitoring potential supply chain issues and again, while not material to our business at this time, we are lengthening our horizons for pre-ordering certain long-lead components. With that, I'd like to open up. The call for your questions

As we've emphasized in the past, we maintain an extraordinary foundation for our business, including the deployed National network $2 4 billion megahertz pop spectrum asset novel intellectual property and <unk>.

We maintain an extraordinary foundation for our business, including the deployed national network, 2.4 billion megahertz pop spectrum asset novel intellectual property and of course our balance.

Of course, our balance sheet.

And finally, final note, while we're watching inflation closely and do anticipate somewhat higher employee and equipment costs,

Finally, the final note.

While we're watching inflation closely and do anticipate somewhat higher employee in equipment costs. We do not expect these effects to be material at this time.

We do not expect these effects to be material at this time. Uh, we're also closely monitoring potential supply chain issues. Uh, and again, while not material to our business at this time, we are lengthening our horizon for pre-ordering certain long lead components.

We're also closely monitoring potential supply chain issues.

While not material to our business at this time, we are lengthening our horizon for preordering certain long lead components.

With that, I'd like to open up the call for your question.

With that I'd like to open up the call for your questions.

Operator: The call for your questions at this time. If you'd like to ask a question, simply press star followed by the number one on your telephone keypad. Again, that is star one for any questions. We'll pause for just a moment to compile the Q&A roster.

Operator: at this time. If you'd like to ask a question, simply press star followed by the number one on your telephone keypad. Again, that is star one for any questions. We'll pause for just a moment to compile the Q&A roster.

At this time, if you'd like to ask a question, simply press star followed by the number one on your telephone keypad. Again, that is star one for any questions. We'll pause for just a moment to compile the Q&A roster.

At this time I'd like to ask a question simply press star followed by the number one on your telephone keypad again that is star one for any questions well pause for just a moment to compile the Q&A roster.

Operator: Our first question will come from the line of Timothy Horan with Oppenheimer. Please go ahead.

Our first question will come from the line of Timothy Horan with Oppenheimer. Please go ahead.

Timothy Horan: Hey, guys, questions? Any, maybe, update on traction internationally with other countries?

Hey, guys a few questions.

Hey, guys, those are questions. And you maybe update on the tracks internationally with other countries. You know, secondly, can you maybe just talk about, you know, do you think you're on track or, you know, ahead or behind what your expectations were? And maybe, you know, lastly, can you give us, you know, a rough idea? I know you mentioned a sizable run rate by the end of the year of revenue. Can you give us maybe some color around the altery? Thanks a lot.

And then maybe update on the <unk>.

Traction internationally with.

All the countries.

Timothy Horan: Secondly, can you maybe just talk about do you think you're on track or ahead or behind what your expectations were? And maybe lastly, can you give us a rough idea? I know you mentioned a sizable run rate by the end of the year in revenue. Can you give a minimum, maybe some color around all three?

Secondly, can you maybe just talk about do you think you're on track or ahead or behind what your expectations were? And maybe lastly, can you give us a rough idea? I know you mentioned a sizable run rate by the end of the year in revenue. Can you give a minimum, maybe some color around all three?

Secondly, can you maybe just talk about.

Do you think you're on track or ahead or behind what your expectations were and maybe.

Lastly, can you give us.

You know rough idea I know you've mentioned a sizeable run rate by the end of the year on revenue can you give me some color around the pipeline.

Thanks, a lot.

Gary Parsons: Well, let me hit some of it and obviously we'll get to Chris on any sort of run rate expectations or other things like that, because as you know, we're not providing guidance right now. And most of it's because we're at still an early stage in this fluctuation where you get lumpiness associated with large contracts or platform integrations. I think, actually I even mentioned the very first call that we had after becoming public that as we looked into 2022 specifically, most of what we'd be seeing would be hopefully platform adoption, new partnerships, new marketing, and our ability to successfully penetrate, you know, things like public safety, gaming, IoT, other things like that. And certainly we've been very pleased with what we're now seeing out of the government, but that has not yet, you know, turned itself into, you know, identifiable government contracts.

Well, let me hit some of it and obviously, we'll we'll get to Chris on any sort of.

Well, let me hit some of it and obviously we'll get to Chris on any sort of, you know, run rate expectations or other things like that, because we, as you know, we're not providing guidance right now. And most of it, that's because we're, you know, at still early stage and this fluctuation where you get lumpiness associated with large contracts or platform integrations. I think actually I even mentioned.

Run rate expectations or other things like that because we as you know we're not providing guidance right now and most of that's because they're still.

Still early stage in this fluctuation, where you get lumpiness associated with large contracts or platform integrations, I think actually I I even mentioned.

the very first call that we had after becoming public, that as we looked into 2022,

The very first call that we had after becoming public that as we look into 'twenty 'twenty. Two specifically most of what would be seen would be hopefully platform adoption, new partnerships, new marketing and our ability to successfully.

Specifically, most of what would be seen would be hopefully platform adoption, new partnerships, new marketing, and our ability to successfully penetrate, you know, things like.

Right.

Things like public safety gaming Iot other things like that and certainly we've been very pleased with what we're now seeing it out of the government but.

public safety, gaming, IoT, other things like that, and certainly we've been very pleased with what we're now seeing out of the government, but that has not yet, you know, turned itself into, you know, identifiable government contracts.

But that has not yet turned itself into identifiable government contracts on the international front, let me turn it over to Ganesh on that I mean, clearly where we're continuing to work very closely with metcom over in Japan.

Gary Parsons: On the international front, let me turn it over to Ganesh on that. I mean, you know, clearly we're, we're continuing to work very closely with MetCom over in Japan. That's moving along very, very nicely right now. And as you even saw from Ganesh's, you know, presentation, Europe has woken up very much to this issue and we're trying to move into that area as quickly as we can, too. Ganesh.

On the international front, let me turn it over to Ganesh on that. I mean, you know, clearly we're, we're continuing to work very closely with MetCom over in Japan. That's moving along very, very nicely right now. And as you even saw from Ganesh's, you know, presentation, Europe has woken up very much to this issue and we're trying to move into that area as quickly as we can, too. Ganesh.

On the international front, let me turn it over to Ganesha on that. I mean, you know, clearly we're continuing to work very closely with Metcom over in Japan. That's moving along very, very nicely right now. And as you even saw from Ganesha's presentation, Europe has woken up very much to this issue, and we're trying to move into that area as quickly as we can to Ganesha.

That's moving along very very nicely right now and as you even saw from <unk> presentation.

Europe has woken up very much to this issue and we're trying to move into that area as quickly as we can to Ganesh.

Ganesh Pattabiraman: Yeah, Gary. I mean, I think, Tim, yes, that's on the international front. Certainly we are seeing.

Ganesh Pattabiraman: Yeah, Gary. I mean, I think, Tim, yes, that's on the international front. Certainly we are seeing. A greater set of activities both in Europe and the UK on strengthening their PNT capabilities across the board. That's part of the reason why Ed and I are headed out there to meet with some of these officials because we do see. Meaningful activities happening there. This, coupled with the trial or the technology evaluation at Ispra, we think will set the framework for a larger. Push in Europe and UK to enable these types of capabilities.

Yeah, Gary I mean, I think Tim yes.

Yeah, Gary, I mean, I think, Tim, yes, that's on the international front. Certainly, we are seeing

On the international front, certainly we are seeing.

Ganesh Pattabiraman: A greater set of activities both in Europe and the UK on strengthening their PNT capabilities across the board. That's part of the reason why Ed and I are headed out there to meet with some of these officials because we do see.

Uh huh.

a greater set of activities both in Europe and the UK on strengthening their P&T capabilities across the board. That's part of the reason why Ed and I are headed out there to meet with some of these officials because we do see

Greater set of activities both.

In Europe , and the U K.

<unk>.

Strengthening their PNT capabilities.

The board that's part of the reason why Ed and I are.

Headed out there to to meet with some of these officials because we do see.

Ganesh Pattabiraman: Meaningful activities happening there. This, coupled with the trial or the technology evaluation at Ispra, we think will set the framework for a larger.

Meaningful.

activities happening there, this coupled with the trial or the technology evaluation that is brought.

Activities happening there.

Could this coupled with the.

That trial in R&D technology evaluation that is growth.

we think will set the framework for a larger

Think will set the framework for a larger.

Ganesh Pattabiraman: Push in Europe and UK to enable these types of capabilities.

Pushing in Europe , and U K two to enable these types of capabilities.

Ganesh Pattabiraman: In Japan, we're actually quite pleased with the progress that our partner, MetCom, is making in that market. I think we expect to have some further announcements later this year on how they're faring. But I think suffice it to say right now we see, both on the spectrum front that the Japanese government is allocating to MetCom and the Pinnacle rollout.

And in Japan, you know, we're actually quite pleased with the progress that our partner, Metcom, is making in that market. I think we expect to have some further announcements later this year on how they're faring, but I think suffice it to say right now, we see both on the spectrum front that the Japanese government is allocating to Metcom. And the pinnacle roll out.

And.

In Japan, we're actually quite pleased with the progress that our partner, MetCom, is making in that market. I think we expect to have some further announcements later this year on how they're faring. But I think suffice it to say right now we see, both on the spectrum front that the Japanese government is allocating to MetCom and the Pinnacle rollout.

In Japan, we're <unk>.

Actually quite pleased with the progress that our partner Metcom is making in that market I think we expect to have some further announcements later this year on how theyre.

Ferring, but I think suffice it to say right now.

Both on the spectrum front.

Japanese government is allocating to <unk> com.

And the pinnacle rollout.

Ganesh Pattabiraman: We're seeing quite good progress and some of the trial activities that they are currently undergoing.

We're seeing quite good progress and some of the trial activities that they are currently undergoing.

We're seeing.

we're seeing quite good progress and some of the trials.

Quite good progress in some of the trial activities that they're they have currently underlying.

Gary Parsons: And Ganesh, we probably also want to note because we focus, because of the issues in Europe and Ukraine, a lot on this critical infrastructure stuff and the governmental interest in TerraPoint there as a backup GPS resiliency. But actually internationally, we're getting an awful lot of interest as well in the Pinnacle side. And we're in conversations with a number of countries on how they may be able to utilize the Pinnacle service, which does not require a spectrum asset to get underway. And so, and certainly even the MetCom thing in Japan is going to be expected to move forward with the Pinnacle services well too.

Hey, agonist, we'd probably also want to note because.

Hey, we probably also want to note because we focus the cause of the issues in Europe , then Ukraine a lot on this critical infrastructure stuff and the governmental interest in TerraPoint. There is a backup GPS, but actually internationally, we're getting off a lot of interest as well in the technical side.

We focus the cause of the issues in Europe in Ukraine, a lot on this critical infrastructure stuff in the governmental interest in Terra point, there as a backup GPS or let me say, but actually internationally, we're getting an awful lot of interest as well in the clinical side.

And we're in conversations with a number of countries on how they may be able to utilize the Pinnacle Service, which does not require a spectrum assets to get underway. And so, and certainly even the Metcom thing in Japan is going to be expected to move forward with the Pinnacle Service as well too. Yeah, you want to address me.

And we are in.

In conversations with a number of countries on how they may be able to utilize the technical service, which which does not require a spectrum asset to get underway and so and certainly then the metcom thing in Japan is going to be expected to move forward with the clinical service as well too.

Gary Parsons: Did you want to address anything else?

Did you want to address anything else?

You want to address anything else.

Okay.

Chris Gates: I don't think so, Gary. I think you captured it pretty well. You know, I think one of the things to keep in mind is part of the reason we're a little cautious about providing.

I don't think so Gary, I think you captured it pretty well. You know, I think one of the things to keep in mind is...

I don't think that Gary I think you captured it pretty well.

I think I wanted to take to keep in mind that.

Part of the reason, we're a little cautious about providing.

Part of the reason we're a little cautious about providing, you know, especially quarterly specific concepts is you get a deal that moves the quarter or even a few months if it's closing at the end of the quarter and it can have a meaningful impact. So, you know, we are seeing appetite. We are, you know, we are finding customers and we are seeing, you know, our revenue base and customer base underneath that growing.

Chris Gates: You know, especially quarterly specific concepts is you get a deal that moves a quarter or even a few months if it's closing at the end of a quarter, and it can have a meaningful impact. So, you know, we are seeing appetite, we are, you know, we are signing customers and we are seeing, you know, our revenue base and customer base underneath that growing. We still want to maintain a little bit of caution in terms of specificity in that direction, really, for that reason.

You know, especially quarterly specific concepts is you get a deal that moves a quarter or even a few months if it's closing at the end of a quarter, and it can have a meaningful impact. So, you know, we are seeing appetite, we are, you know, we are signing customers and we are seeing, you know, our revenue base and customer base underneath that growing. We still want to maintain a little bit of caution in terms of specificity in that direction, really, for that reason.

Especially quarterly specific.

Concepts as you get a deal that moves a quarter or even a few months if its closing at the end of the quarter and it can have a meaningful impact.

So we are seeing appetite. We are you know we are signing customers and we are seeing.

Our revenue base and customer base underneath that growing.

We still want to maintain a little bit of caution in terms of

We still want to maintain a little bit of caution in terms of spec.

specificity in that direction really for that reason.

Specificity in that direction really for that reason.

Timothy Horan: You know, I understand. Chris, I was just wondering if you can give us some color on the run rate at the end of the, you know, 12 months or 18 months or, you know, I know you said a material run rate. Just any more color around what you meant by that?

You know I understand Chris I was just wondering if you can give us some color on the run rate at the end of the 12 months or 18 months there.

You know, I understand Chris, I was just wondering if you can give us some color on the run rate at the end of the, you know, 12 months or 18 months or, you know, I know you said a new material run rate just any more color around what you meant by that.

I know you said a material run rate just any more color around what you mean by that.

I think not at this second, but we understand the very strong interest in that. What we don't want to do is provide something that is

I think.

Chris Gates: I think not at this second, but we understand the very strong interest in that. What we don't want to do is, you know, provide something that.

Chris Gates: I think not at this second, but we understand the very strong interest in that. What we don't want to do is, you know, provide something that. You know, is. You know, isn't working in the right direction with the business. I think we want to, you know, make sure when we do start putting expectations like that out there formally, that they are extremely well founded with a great degree of predictability about the timing and the, you know, in the scope.

I think not not at the second.

But we understand that very strongly interested.

We understand that very strong interest in that we what we don't want to do is.

Provide something that.

Chris Gates: You know, is.

As it is.

Chris Gates: You know, isn't working in the right direction with the business. I think we want to, you know, make sure when we do start putting expectations like that out there formally, that they are extremely well founded with a great degree of predictability about the timing and the, you know, in the scope.

Uh huh.

isn't working in the right direction with the business. I think we wanna make sure when we do start putting expectations like that out there formally, that they are extremely well-founded with a great degree of predictability about the timing and the scope.

Isn't working in the right direction with the business I think we want to make sure when we do start putting expectations like that out there.

Formerly that they are extremely well founded with a great degree of predictability about the timing.

And the scope.

Timothy Horan: Okay. And then lastly, from me, are the partnerships, the economics, and the partnerships and the setup of the partnerships, are they kind of falling in place how you expected? You know, are they better? Are they worse? But yeah, you know, any call around. I know you have a lot of them.

Okay, and then lastly from me.

Okay, and then lastly for me, are the partnerships, the economics in the partnerships, and the setup of the partnerships, are they kind of falling in place how you expected? Are they better? Are they worse? But any call around, I know you have a lot of them.

Are the partnerships the economics on the partnerships and the setup of the partnership so they kind of falling in place how you expected a better or the worse, but any color around I know you have a lot of them.

Chris Gates: You know, I think, Ganesh, Ganesh, do you want to get into that?

You know, I think you can ask, do you want to do you want to get into the slide? Yeah. Yeah. I mean, I, I think Tim in in the.

Yeah.

Yeah can I ask do you want to do you want to get into that.

Ganesh Pattabiraman: Yeah, I can provide.

Chris Gates: Yeah.

<unk> yeah.

Ganesh Pattabiraman: I mean, I think, Tim.

Ganesh Pattabiraman: I mean, I think, Tim. In the categories that we defined for. Public safety, gaming, and IoT, I would say it's largely consistent with the frameworks that we've talked about. I will say that in the public safety aspect.

I think Tim.

The.

Ganesh Pattabiraman: In the categories that we defined for.

In the categories that we defined for public safety, gaming, and IOT, I would say it's largely consistent with the frameworks that we've talked about. I will say that in the public safety aspect, we, you know, we, we are seeing product expansion.

In the categories that we defined for.

Ganesh Pattabiraman: Public safety, gaming, and IoT, I would say it's largely consistent with the frameworks that we've talked about. I will say that in the public safety aspect.

Public safety gaming.

In Iot I would say, it's largely consistent with the framework that we've talked about I will say that in the public safety aspect we.

Ganesh Pattabiraman: We are seeing product expansion. And so the altimeter view that we talked about provides a visualization capability for.

We are seeing product expansion. And so the altimeter view that we talked about provides a visualization capability for. For the desktop side. There, it's a slightly different model. But. It is.

We are seeing product expansion.

And so, you know, the altimeter view that we talked about provides a visualization capability for the...

And so.

The altimeter viewed that we talked about provides visualization capability for.

The.

Ganesh Pattabiraman: For the desktop side. There, it's a slightly different model.

For the desktop side.

For the desktop side and there it's a slightly different model

And they're slightly different models.

Ganesh Pattabiraman: But.

But.

Ganesh Pattabiraman: It is.

Go ahead and say it, Ganesh. It's richer and more positive for us on that front than what you get from the individual first responders. Right. It is because it's on the desktop side. It is a higher value, and it is also on a per seat or per user per month type of model, similar to an MAU, but with larger dollars.

It is going to go ahead, and say I'm going to ask it it it's richer and more and more positive for us on that front.

Gary Parsons: Go ahead and say it, Ganesh. It's richer and more and more positive for us on that front than what you get from the individual first responder.

In April for those bonds or so yeah. It is.

Ganesh Pattabiraman: Right? It is because it's on the desktop side. It is a higher value, and it is also on a per seat or per user.

Ganesh Pattabiraman: Right? It is because it's on the desktop side. It is a higher value, and it is also on a per seat or per user. Per month type of model, similar to an MAU, but. With larger dollars associated with it. So, I think we feel positive on that front because it again shows expansion on one of the segments as we get deeper and deeper integrated into those tasks.

Because it's on the desktop side it is a.

Our higher value and it is also on a per seat or per user.

Ganesh Pattabiraman: Per month type of model, similar to an MAU, but.

Per month type of model, some similar to an Mou, but but.

Ganesh Pattabiraman: With larger dollars associated with it. So, I think we feel positive on that front because it again shows expansion on one of the segments as we get deeper and deeper integrated into those tasks.

The larger dollars associated with it. So so I think I think we all feel.

So, so I think, I think we feel positive on that front because it is again shows expansion on the on one of the segments as we get deeper and deeper integrated into those types.

Positive on that front because it is again shows expansion on the on one of the segments as we get deeper and deeper integrated into those platforms.

Gary Parsons: Yeah. I think, you know, overall, I mean the lone worker type things, which are a public safety even if it's in a non-public safety environment, all of those appear to be aligned with what we're seeing out of the 911 contract, consistent with what we, you know, mentioned to you folks before in the past. So I think those things are going forward. The place where I think we're going to have to get more volume, because those things tend to need volume before they become really economic, is in the data analysis, analytics, and anything that's associated with advertising and marketing things. So the jury's still out on those, but we have no reason to expect that they won't also follow the patterns that we have seen.

Yeah, and I think, you know, overall, I mean, the loan worker type things, which are a public safety, even if it's in a non-public safety environment, all of those appear to be aligned with what we're seeing out of the 9-1-1 contract, consistent with what we've, you know, mentioned to you folks before in the past, so I think those things are going forward. The place where I think we're going to have to get more volume, because those things tend to need volume before they become really economic, is in the data analytics.

Yeah, and I think that overall I mean, the loan the loan book those type things, which are public safety, even if it's in a nonpublic safety environment all of those appear to be aligned with what we're seeing out of the 911 contract consistent with what we mentioned.

I mentioned to you folks before in the past so I think those things are going forward.

Place, where I think we're gonna have to get more volume.

Because those things tend to need volume before they become really economic is then the data analytics.

on anything that's associated with advertising and marketing things, so the jury is still out on those, but we have no reason to expect that they won't also follow the patterns that we have seen.

Anything thats associated with advertising and marketing things. So we'll jury's still out on those but we have no reason to expect that they they won't also followed the pattern that we've seen.

Timothy Horan: Thanks, guys.

Thanks, guys.

Operator: Your next question will come from the line of Mike Crawford with B. Riley. Please go ahead.

Your next question will come from the line of Mike Crawford with B Riley. Please go ahead.

Mike Crawford: Thank you. What were your customer bookings and customer billings in the quarter? Is that something you intend to provide consistently or was that just a one-off last quarter?

Thank you. What were your customer bookings and customer billings in the quarter? Is that something you intend to provide consistently or was that just a one-off last quarter?

Thank you what were your customer bookings and customer billings in the quarter and is that something you intend to provide consistently or was that just a one off last quarter.

Gary Parsons: Hey Mark, you want to hit that one?

Chris Gates: Hey Mark,

Gary Parsons: you want to hit that one?

Hey, Mark do you want to get that one yes.

I think it's something we intend to provide on an annual basis and but probably not on a quarterly basis again due to somewhat the kind of unevenness we referenced earlier. I think we felt that, you know, provided it provides a good sort of.

Chris Gates: Yeah, this is Chris here. I think it's something we intend to provide on an annual basis, but probably not on a quarterly basis. Again, due to somewhat the kind of unevenness we referenced earlier. I think we felt that, you know.

Sure I think I think it's something we intend to provide on an annual basis.

But probably not on a quarterly basis again due to somewhat.

Kind of unevenness, we referenced earlier I think we felt that.

It provided.

Chris Gates: It provides a good sort of capture at year-end of sort of what happened over the entire year-end year, but on a quarter-to-quarter basis. I don't anticipate providing that.

It provides a good sort of capture at year-end of sort of what happened over the entire year-end year, but on a quarter-to-quarter basis. I don't anticipate providing that.

It provides a good sort of.

capture at year-end is sort of what happened over the entire year, but on a quarter to quarter basis, I don't anticipate providing that.

Capture at year end is sort of what happened over the entire year, but on a quarter to quarter basis.

Don't anticipate providing.

Provided that.

Mike Crawford: Well, given that one customer was 97% of revenue in the quarter, and receivables went to almost zero, can we assume that bookings and billings were extremely low in the first quarter.

Well.

Well, given that one customer was 97% of revenue in the quarter and receivables went to almost zero, can we assume that?

Given that one customer was 97% of revenue in the quarter end receivables went to almost zero can we assume that.

The bookings and billings were extremely low in the first quarter.

bookings and billions were extremely low in the first quarter.

We did, we did collect, we did collect, I think you'll see on our cash flow statement, we did collect significant accounts receivable in the quarter and it did not have, did not have huge billings for the period. That is correct.

Chris Gates: We did, we did collect. We did collect. I think you'll see on our cash flow statement, we did collect significant accounts receivable in the quarter, and it did not have, did not have huge billings for the period. That is correct.

We did we did collect.

We did collect.

You'll see on our cash flow and our cash flow statement, we did collect significant accounts receivable.

In the quarter and it did not have.

Did not have huge billings for the period that is correct.

Mike Crawford: Okay, maybe just one more.

Okay, maybe just one more.

Gary Parsons: Sure, sure, Mike. And I will also say that if we get into any of these government contract types things, we'll also try to at least when we, you know, recognize what those are or tell you what those contracts might be, it'll be important to say over what period of time we expect them to go because then that'll give you a feel for how the flow of the actual revenue will run. So we'll hopefully do that if there are any one-offs like that. But other than that, I think the yearly or annual basis is probably the best way to do it.

Sure sure Mike and I'll also say that is if we get into any of these government contract type things.

Sure, sure, Mike. And I'll also say that if we get into any of these government contract-type things...

We'll also try to at least when we recognize what those are or tell you what those contracts might be, it'll be important to say over what period of time we expect them to go because then that'll give you a feel for how the flow of the actual revenue will run. So we'll hopefully do that if there are any one offs like that. But other than that, I think the yearly or annual basis is probably the best way to do it.

We will also try to at least when we you know.

Recognize what those are or tell you what those contracts might be it'll be important to say over what period of time, we expect them to go because then that will give you a feel for how the flow of the actual revenue will run. So we will hopefully do that if there are any one offs like that but other than that I think the the yearly our annual basis is probably the best way to do it.

Chris Gates: Yeah, Gary. Especially with milestone basis payments. Yeah, you know, that becomes, that becomes part of the consideration. We wanted to give a little bit of a forward look into what we had done in the fourth quarter. As we kind of work through the first quarter, of course we've been delivering against some of those activities. You know, one may imagine that there would be milestone based payments that are, you know, yet to emerge.

Yes, Gary, especially with milestone based payments.

Yeah, Gary, especially with milestone based payments. Yeah, you know, that becomes that becomes part of the consideration. So we wanted to give a little bit of a forward look into into what we had done in the fourth quarter. And then as we kind of work through the first quarter, of course, we've been delivering again.

Yeah, you know that because that becomes part of the consideration. So we wanted to give a little bit of a forward look into and to what we had done in the fourth quarter.

And then as we kind of worked through the first quarter of course, we've been delivering against.

Some of those activities, one may imagine that there would be milestone based payments that are yet to emerge as we take some of those products into service.

Some of those activities.

One may imagine that there would be milestone based payments that are yet to emerge.

Chris Gates: As we take some of those products into service.

As we take some of those products into service.

Gary Parsons: Yeah, Mike, you said you had another one.

Yeah, and Mike You said you had another one.

Mike Crawford: Yeah, I have a couple related to the business. First, the stock-based comp was high at $7 million in the first quarter. Is there an expectation that that's going to get back down to like $1 million a quarter, or what should we be thinking about that for this year and the future?

Yeah, I have a couple of related to the business, but just first the stock based comp was high at 7 million in the first quarter is there an expectation that that's going to get back down to like a million a quarter or what should we.

Yeah, I have a couple related to the business, but just first, the stock-based comp was high at 7 million in the first quarter. Is there an expectation that that's going to get back down to like a million a quarter, or what should we be thinking about that for this year and the future? Yeah, that's going to come back down. That was kind of a...

If you're thinking about that for this year the future yes.

Chris Gates: Yeah, that's going to come back down. You know, that was kind of a one time in annual recognition there, and then you'll see with new hiring periodic stock based comp. We'll be sure to continue to report that. We do think that's important to call out so you can kind of understand what the cash impact on our financials really looks like, what our real, you know, kind of cash operating expenses look like. We don't anticipate that magnitude at stock based comp to be returned.

Yes.

You're going to come back down.

That was that was kind of a.

One time annual.

you know, one-time annual recognition there, and then you'll see with new hiring, periodic stock-based comps, and we'll be sure to continue to report that. We do think that's important to call out, so you can kind of understand what the cash impact on our, you know, financials really looks like, what our, you know, what our real, you know, kind of cash operating expenses look like, but we don't anticipate that magnitude at stock-based comps to be repeated.

Recognition, there and then youll see with new hiring.

Riyadh ex stock based comp and we'll be sure to continue to report that.

We do think that's important to call out. So you can kind of understand what the cash impact on our.

Financials really it looks like what our what our real kind of cash operating expenses look like but we don't anticipate that magnitude at stock based comp.

To be repeated.

Jamie Perez: Not.

Mike Crawford: Not. Repeated in, say, Q1 of next year either.

Mike Crawford: Repeated in, say, Q1 of next year either.

And not repeated in say Q1 next year either.

Okay.

That, I don't, it's hard to look that far into the future, frankly, on that matter because it's subject to so many assumptions.

Chris Gates: That, that I don't. It's hard to look that far into the future, frankly, on that matter because it's subject to so many assumptions.

Is that.

That I don't.

Hard to look that far into the future frankly.

Matter, because it's subject to so many assumptions.

Gary Parsons: Okay, well, how many people, how many people we're adding to the headcount as we're ramping the business, that will happen some, you know, obviously some impact on that as well too.

Mike Crawford: Okay,

Gary Parsons: well, how many people, how many people we're adding to the headcount as we're ramping the business, that will happen some, you know, obviously some impact on that as well too.

Okay. Well, the biggest notion is how many people were adding to the headcount as we're ramping the business. That will have some, you know, obviously some impact on that as well too.

Okay.

How many people how many people, we're adding to the head count as we're ramping the business that will have some obviously some impact on that as well too.

Mike Crawford: All right. Just turning to more.

Mike Crawford: All right. Just turning to more. Pleasant matters. On TerraPoint, you're optimizing your commercial transmitter design and network planning.

All right, I'm just turning to more pleasant matter. So on Terrapoint, you're optimizing your commercial transmitter design and network planning. So I'm going to go ahead and do that.

Alright, and just turning to more.

Mike Crawford: Pleasant matters. On TerraPoint, you're optimizing your commercial transmitter design and network planning.

A pleasant matter so on terror point.

You're optimizing your commercial transmitter design.

And network planning so.

So, what do you mean optimizing it for supply chain or to lower the bomb or what exactly are you doing there?

Uh huh.

Well, you mean, optimizing it for supply chain or to lower the burden or.

Mike Crawford: How do you mean, optimizing it for supply chain or to lower the bond, or?

How do you mean, optimizing it for supply chain or to lower the bond, or? What exactly are you doing there?

Mike Crawford: What exactly are you doing there?

Or what have you, but what exactly youre doing there.

Gary Parsons: Taking this. You want to hit that because it's actually a number of different things.

Gary Parsons: Taking this. You want to hit that because it's actually a number of different things. Yeah,

You don't want to hit that because it's actually a number of different things. Yeah. Yeah, it is. It is a variety of factors. I mean, it is to taking into account sort of the, the, uh, you know, some of the changes in our.

Nancy do you want to get that because it's actually a number of different things yeah. Yeah. It is it is a variety of factors I mean, it is to taking.

Ganesh Pattabiraman: Yeah, yeah, it is a variety of factors. I mean, it is taking into account sort of.

Ganesh Pattabiraman: yeah, it is a variety of factors. I mean, it is taking into account sort of.

Taking into account sort of.

Ganesh Pattabiraman: The.

The. You know, some of the changes in our sort of the supply chain, it is also for, you know, ensuring the form factor, et cetera, are. Small enough from a cost perspective. It's a variety of those factors that are continuing to occur. Obviously, I think we gave you that update just two months ago. I think the point is that process is continuing right now. It's not completed, and we expect that to, to. Again, get finalized throughout the rest of the year, along with the network planning and sort of the. Market assessment. That is also a parallel set of activities that are going on.

The the.

Ganesh Pattabiraman: You know, some of the changes in our sort of the supply chain, it is also for, you know, ensuring the form factor, et cetera, are.

Some of the changes in our.

Sort of the supply chain.

sort of the supply chain. It is also for ensuring the form factor, et cetera, are small enough from a cost perspective. And so it's a variety of those factors.

It is also for you.

Ensuring the form factor et cetera are.

Ganesh Pattabiraman: Small enough from a cost perspective. It's a variety of those factors that are continuing to occur. Obviously, I think we gave you that update just two months ago. I think the point is that process is continuing right now. It's not completed, and we expect that to, to.

Small enough to from a from a cost perspective.

And so it's a variety of those factors.

Uh, that, you know, are continuing to occur. Obviously, I think, I think we gave you that update just 2 months ago. So I think the point is that that process is continuing right now. It's not completed and we expect that to.

And that are continuing to occur obviously I think I think we gave you that update just two months ago. So I think the point is that that process is continuing right now it's not completed.

And we expect that to.

Again, get finalized throughout the rest of the year along with the network planning and

Ganesh Pattabiraman: Again, get finalized throughout the rest of the year, along with the network planning and sort of the.

Again get finalized through throughout the rest of the year along with.

The network planning and sort of the.

market assessment that is also a parallel set of activities.

Ganesh Pattabiraman: Market assessment. That is also a parallel set of activities that are going on.

Market assessment that is also a parallel set of activities that are going on.

Mike Crawford: Thank you. You mentioned the 2.4 billion MHz POPs of low band spectrum you have in the US, but of that 8 MHz holdings.

Mhm and then thank you and then.

Mike Crawford: Thank you. You mentioned the 2.4 billion MHz POPs of low band spectrum you have in the US, but of that 8 MHz holdings.

And then, thank you. And then, you mentioned the 2.4 billion megahertz pop, so a little bit of inspection that you have in the U.S. But of that, thank you.

You mentioned, the $2 4 billion megahertz Pops of urban inspection you have in the U S but of.

Of that.

eight megahertz, coldings.

Hey, Megahertz holdings.

Mike Crawford: You really need five to an accurate SharePoint plan. Are you taking or what should we expect, should be the next steps that you take to maybe look to get some additional value out of the other 3 MHz spectrum, the other 900 million MHz POPs, which is spectrum.

You really need five to an accurate SharePoint plan. Are you taking or what should we expect, should be the next steps that you take to maybe look to get some additional value out of the other 3 MHz spectrum, the other 900 million MHz POPs, which is spectrum.

You really need five two.

You really need fives to enact your PowerPoint plan, so.

Inaccurate carefully.

So.

Or are you taking or what should we expect should be the next steps that you take to maybe look to get some additional value out of the other three megahertz of spectrum and the other 900 million megahertz Pops of spectrum.

Are you taking or what should we expect should be the next steps that you take to maybe look to get some additional value out of the other three megahertz spectrum, the other 900 million megahertz pop spectrum?

Gary Parsons: Yeah, let me address that one, Mike, because that's probably not something we can talk about right now at this point. We're not, you know, at a stage where we think that's the appropriate comment. We certainly look at it very heavily and are exploring a number of different options on that front. Right now it's more important for us to get the initial product rolled out on it. That's solid for the 5 megahertz, and you know, well, that's one of those announcements where you'll just have to get it when you get it. We don't want to foreshadow anything.

Yeah, Let me, let me address that one Mike because that that's probably not something we can talk about right now at this point, we're not at a stage, where we think that's the appropriate comment we certainly look at it very heavily and are exploring a number of different.

Yeah, let me address that one, Mike, because that's probably not something we can talk about right now at this point. We're not at a stage where we think that's the appropriate comment. We certainly look at it very heavily and are exploring a number of different options on that front.

Options on that front.

But right now, it's more important for us to get the initial product rolled out on it, so that's solid for the five megahertz. And, you know, well, that's one of those announcements where you'll just have to get it when you get it. We don't want to foreshadow anything.

But right now it's more important for us to get the.

The initial product rolled out on it so that's solid for the five megahertz and you know.

Well, that's one of those announcements where you'll you'll just have to get it when you get it we don't want to foreshadow anything.

Mike Crawford: Okay, thank you, Gary. Thank you, everyone.

Okay. Thank you Gary Thank you everyone.

Operator: Again, for any questions, press Star one. Your next question will come from the line of Jamie Perez with RF Lafferty. Please go ahead.

Again for any questions Press Star one your next question will come from the line of Jamie <unk> with R. F. Lafferty. Please go ahead.

Again, for any questions, press star one. Your next question will come from the line of Jamie Carras with RF Laperty. Please go ahead.

Okay.

Jamie Perez: Good day everybody. Thanks for taking my question. You mentioned the headcount, and I know you have a few projects. Do you need to increase headcount to get some of these projects for Pinnacle rolled out? Are you going to be subcontracting or doing the work yourself for some of these projects?

Good day everybody, thanks for taking my question. You mentioned the headcount and I know you have a few projects. Do you need to increase headcount to get some of these projects for Pinnacle rolled out? Are you going to be subcontracted or doing the work yourself?

Good day, everybody and thanks for taking my.

My question, you mentioned, the head count and I know you have a few projects.

Do you need to increase head count to get some of these projects for pinnacle rolled out.

Are you gonna be subcontracted not doing the work right yourself for some of these projects.

Ganesh Pattabiraman: Are you referring to. Yeah, Jamie, just. Are you referring to sort of some of the product expansion stuff that we're talked about?

Are you referring to some of the product expansion stuff that we have talked about?

Our U S.

Yes, Jamie are you, referring to sort of some of the product expansion stuff that we've talked about.

Jamie Perez: Right, like the E911 products.

Jamie Perez: Right, like the E911 products. Mentioned? My. Yeah,

Probably like the E-911 products mentioned yet my yeah yeah no we're we're fully staffed for that those types of projects currently I mean all the the Stein customers we don't anticipate you know we're not.

Probably like the 8911.

Products.

Jamie Perez: Mentioned?

Gary Parsons: My.

Oh mentioned yet.

Ganesh Pattabiraman: Yeah, yeah, no, we're fully staffed for that. Those types of projects currently. I mean, all the Stein customers, we don't anticipate, you know, we're not waiting on headcount to deliver on them. I think where you see our headcount increasing is really on some of the business development.

Ganesh Pattabiraman: yeah, no, we're fully staffed for that. Those types of projects currently. I mean, all the Stein customers, we don't anticipate, you know, we're not waiting on headcount to deliver on them. I think where you see our headcount increasing is really on some of the business development. Sales enablement, customer support, types of factors because that's. We're obviously. Gearing up for sort of the volume of.

Yeah.

No.

Were fully staffed for that those types of projects currently I mean, all the sign customers we don't anticipate.

We're not.

waiting on headcount to deliver on them. I think where you see our headcount increasing is really on some of the business development, sales enablement, customer support types of factors because that's we're obviously you know gearing up for

Waiting on head count to deliver on them.

I think where you see our head count increasing Israeli on some of the business development.

Ganesh Pattabiraman: Sales enablement, customer support, types of factors because that's. We're obviously.

Sales enablement customer support types of factors because that's.

We're obviously.

Ganesh Pattabiraman: Gearing up for sort of the volume of.

Gearing up for sort of the volume of.

Ganesh Pattabiraman: Customers that we anticipate, and also the new verticals and markets that we are.

Customers that we anticipate, and also the new verticals and markets that we are. Going after. I think that's really where a lot of our expansion is. For the projects and the customers that we have signed, et cetera, I mean, that's some of the. Beauty of the system is the platform more or less remains the same. It's the same SDK and API for a lot of the gaming and the IoT types of applications. 911 is a slightly different beast, and that's where there's a large integration.

customers that we anticipate and also the new verticals and markets that we are going after. So I think that's really where a lot of our expansion is. And so for the projects and the customers that we have signed, etc. I mean, that's some of the.

Customers that we anticipate and also.

The new.

Verticals and markets that we are.

Ganesh Pattabiraman: Going after. I think that's really where a lot of our expansion is. For the projects and the customers that we have signed, et cetera, I mean, that's some of the.

Going after so I think thats really been a lot of our expansion.

So for the projects and that's the customers that we have signed et cetera.

That's some of the.

the system is the platform more or less remains the same. It's the same SDK and API for a lot of the gaming and the IoT types of applications. 911 is a slightly different beast and that's where there's a large integration and...

Ganesh Pattabiraman: Beauty of the system is the platform more or less remains the same. It's the same SDK and API for a lot of the gaming and the IoT types of applications. 911 is a slightly different beast, and that's where there's a large integration.

The beauty of the system is the platform more or less remains the same it's the same SDK and API for a lot of the.

Gaming in the Iot types of applications 901 is a slightly different beast, and Thats, where theres, a large integration and.

Ganesh Pattabiraman: Of course that's where we are able to charge an NRE that goes with it.

Of course that's where we are able to charge an NRE that goes with it.

And.

of course that's where we are able to charge and then RE that goes with it but those projects are well-staffed and we have no sort of

Of course, that's where we are able to charge.

And then already that goes with it but.

Ganesh Pattabiraman: Those projects are well staffed, and we have no sort of.

Those projects are well staffed, and we have no sort of. Waiting for any hires to execute on them.

Those those projects are.

Well staffed and we have no sort of.

Ah.

<unk>.

Ganesh Pattabiraman: Waiting for any hires to execute on them.

Our reading for any hires to execute on them.

Alright.

Need a little bit.

Gary Parsons: Yeah, a little bit of what you were asking on are we outsourcing it or something like that. If you'll note from a number of the partnerships and platforms that even Ganesh announced in public safety, we could have probably gone out and say, hey, we want to do, you know, move vertically up the chain and try to provide that same application ourselves. We're not trying to do that. We are trying to arm and equip those folks that are already providing, for example, mapping services or CAD software to the answering points, PSAPs for the public safety dispatchers, and things like that. There is a little bit of assistance to make sure they use it well and manifest a really good product, but we're not going to go try to build that product ourselves.

Yes, a little bit of what you were asking on the <unk> outsourcing it or something like that if you will note from a number of the partnerships and platforms that even the ganache announced in public safety, we could have probably gone out and say hey, we want to do move vertically up the chain in.

Yeah, a little bit of what you were asking on, on, are we outsourcing it or something like that? If you'll note from a number of the partnerships and platforms that even the Ganesh announced in public safety.

We could have probably gone out and say, hey, we want to do, you know, move vertically up the chain and try to provide that same application ourselves. We're not trying to do that. We are trying to arm and.

Try to provide that same application ourselves, we're not trying to do that.

We are trying to arm and equip the.

those folks that are already providing, for example, mapping services or CAD software to the answering points, the PSAPs for the public safety dispatchers and things like that.

Those folks that are already providing for example, mapping services or CAD software to the answering points the peace apps for the public safety dispatchers and things like that.

So there's a little bit of assistance to make sure they use it well and manifest a really good product.

There's a little bit of assistance to make sure they use it well and manifest a really good product, but we're not going to go try to build that product ourselves. So yes that.

But we're not going to go try to build that product ourselves. So, yes, we're getting the leverage from the platforms and the partners rather than having to try to build that much infrastructure or headcount ourselves.

Gary Parsons: Yes, we're getting the leverage from the platforms and the partners rather than having to try to build that much infrastructure or headcount ourselves.

Yes, we're getting the leverage from the platforms and the partners rather than having to try to build that much infrastructure or headcount ourselves.

We're getting the leverage from the platforms and the partners rather than having to try to build that much.

Infrastructure or the head count ourselves.

Jamie Perez: All right, if I can understand this, basically you're going to support. Basically you have what it takes to support the developers in integrating your product into their application.

Alright, so if I could understand this, basically you're going to support the – basically you have what it takes to support the developers in integrating your product into their applications. Is that – alright, okay. Now, as far as the last amount of technology, is it – is this the – you know, what – next now, is it going to be replaced the old RFID chips that they used to put on shipping containers? Because I know those were only two dimensions, you have a three-dimensional application.

Alright, sorry, if I can understand is basically are you going to support that basically you have what it takes to support the developers and integrating the product into their.

Gary Parsons: Yeah.

The case is that alright.

Jamie Perez: Now, as far as the Last Mile Technology, is this, you know, what NextNav is, is it going to be replacing the old RFID chips that they used to put on shipping containers? Because I know those were only two dimensions. You have a three-dimensional application. Is that the end goal, the end game, to be able to find?

Now as far as the last mile technology. It is it is this.

You know what next now visit I'm going to be the place. They are old RFID chips that are used to put on shipping containers.

Because I know those were only two dimensions.

Dimensional application is that the.

Is that the end game to be able to have a final game?

N go young game to be able to yes.

Ganesh Pattabiraman: Yeah, I mean, I would say broadly, I guess.

Yeah.

I mean, I would say broadly, I guess...

I would say broadly I guess.

Ganesh Pattabiraman: Jamie, that you know, I think.

Jamie, that you know, I think.

Jamie.

Jamie, I think in a lot of these cases, what we're providing is complementary capabilities to allow for the third dimension to be enabled. In the last mile technology case specifically, they are using primarily LTE and SIGFOX types of technologies along with

I think.

Ganesh Pattabiraman: In a lot of these cases, what we're providing is complementary capabilities to allow for the third dimension to be enabled. In the Last Mile Technology case specifically, they are using primarily.

In a lot of these cases, what we're providing is complementary capabilities to allow for the third dimension to be enabled. In the Last Mile Technology case specifically, they are using primarily.

Lot of these cases, what we're providing is a complementary capabilities to.

Now for the third dimension to be enabled in.

In the last mile Technology case, specifically there.

They are using primarily.

Ganesh Pattabiraman: LTE and Sigfox types of technologies along with GPS, et cetera. There, we're providing the third dimension to that platform. What is important is that platform actually gets into a lot of different types of asset tracks, types of applications that you talked about. It is certainly possible that some of these markets and verticals, they are, you know, RFID given its expense and large localized infrastructure. You know, there are folks that we are in discussions with who like the idea of an infrastructure-free deployment and enablement for an IoT tracking types of situation. I think that may happen over the natural course of time. Certainly, that's a possibility.

LTE and Sigfox types of technologies along with GPS, et cetera. There, we're providing the third dimension to that platform. What is important is that platform actually gets into a lot of different types of asset tracks, types of applications that you talked about. It is certainly possible that some of these markets and verticals, they are, you know, RFID given its expense and large localized infrastructure. You know, there are folks that we are in discussions with who like the idea of an infrastructure-free deployment and enablement for an IoT tracking types of situation. I think that may happen over the natural course of time. Certainly, that's a possibility.

LTE in sync box types of technologies.

Along with <unk>.

GPS et cetera, so there were providing the third dimension.

So, there, we're providing the third dimension to that platform. And what is important is that platform actually gets into a lot of different types of asset tracking, types of applications that you talked about. It is certainly possible that some of these markets and verticals, they are, you know,

To that platform and what is important is that platform actually gets into a lot of different types of asset tracking types of applications that you've talked about it is certainly possible that some of these.

Markets and verticals.

They are.

RFID given its expense and large localized infrastructure. You know, there are folks that we are in discussions with who like the idea.

RFID given its expense.

And <unk>.

Large localized infrastructure.

There are folks that we have.

In discussions with two who like the idea.

and infrastructure-free deployment and enablement for IoT tracking.

And infrastructure free.

Deployment and enablement of floor for an Iot tracking.

Types of situations.

And so I think that may happen over the natural course of time.

And so I think that may happen.

Over the natural course of time.

Certainly that's a possibility.

Jamie Perez: Now you mentioned the end market data analytics is something that you decide against any other end markets, that's interesting, like defense, automotive, that might be something of that, of sort of send NextNav to level.

Now you mentioned the end market data analytics is something that you decide against. Any other end markets that's interested like defense, automotive that might be something of data sort of send next nap to next level?

Now you mentioned the end markets data analytics is something that you decided against any other end markets.

That's interesting like defense automotive that might be something of that sort of a sun next snap to next level.

Ganesh Pattabiraman: Oh yeah. I mean, we are again in discussions and working with many of those verticals.

Well, yes, I mean, so we are again.

in discussions and working with many of those verticals.

In discussions and working with many of those verticals.

Ganesh Pattabiraman: In terms of the.

In terms of the. Automotive or the drones and EVTOL types of use cases. I mean, we are continuing to see, you know, lots of different. Partners wanting to leverage our technology to enable that capability because, again, they need that reliable position, navigation, timing service in the urbanized areas. I think we're seeing good momentum there and, you know, course of time we will announce those. And. Continue to see traction there.

In terms of the the automotive or the drones and the tall types of use cases, I mean that we are continuing to see, you know, lots of different.

In terms of the.

<unk>.

Ganesh Pattabiraman: Automotive or the drones and EVTOL types of use cases. I mean, we are continuing to see, you know, lots of different.

The automotive or the drones and <unk> types of use cases.

We are continuing to see.

Lots of different.

Ganesh Pattabiraman: Partners wanting to leverage our technology to enable that capability because, again, they need that reliable position, navigation, timing service in the urbanized areas. I think we're seeing good momentum there and, you know, course of time we will announce those.

partners wanting to leverage our technology to enable that capability because, again, they need that reliable position navigation timing service in the urbanizing.

Partners wanting to leverage our technology.

To enable that.

Capability, because again they need that reliable.

Position navigation timing service in the urban IC areas.

And so I think we're seeing good momentum there, and over the course of time we will announce those.

And so so I think we're seeing good.

Momentum that and.

For some time, we will announce those.

Ganesh Pattabiraman: And.

And.

Ganesh Pattabiraman: Continue to see traction there.

Continue to.

See traction there.

Jamie Perez: Now, some of these partnerships you just announced during the quarter.

So somebody's a partnership you just announced and during the quarter.

Now, some of these are partnerships you just announced during the quarter.

Jamie Perez: Are they signed contracts? I mean, what's the terms on those contracts as far as the durations, and are they one time fees or licensing fees?

Are they signed contracts? I mean, what's the terms on those contracts as far as the durations, and are they one time fees or licensing fees?

Are they sign contracts I mean, what's the what's the terms on those contracts as far as the durations.

Are they signed contracts? I mean, what's the terms on those contracts as far as the durations, and are they one-time fees or?

And are there.

One time fees or.

Licensing fees.

Okay.

Ganesh Pattabiraman: Yeah, I don't know if we can specifically talk of specific contracts. I will say they are consistent with the frameworks that we've talked about in the past in terms of.

Ganesh Pattabiraman: Yeah, I don't know if we can specifically talk of specific contracts. I will say they are consistent with the frameworks that we've talked about in the past in terms of. You know, in the public safety arena, you know, it may be a monthly active user type of model, or as I just mentioned in the desktop side, it's a, you know, essentially a per seat type of model.

Yeah, I don't know if we can specifically talk of specific contracts. I will say they are consistent with the frameworks that we've talked about in the past in terms of, you know, in the, in the public safety arena, you know, it may be a monthly active user type of model, or, or as I just mentioned in the.

Yes, I don't know if we can specifically talk of specific contracts I will say they are consistent with the framework that we've talked about in the past in terms of.

Ganesh Pattabiraman: You know, in the public safety arena, you know, it may be a monthly active user type of model, or as I just mentioned in the desktop side, it's a, you know, essentially a per seat type of model.

In the public safety Arena maybe.

Monthly active user type of model or as I, just mentioned and the desktop site itself.

Essentially a per seat type of model.

In the and.

Ganesh Pattabiraman: Similarly, on the gaming side, on the IoT side, it varies a little bit depending on the application too.

Similarly, on the gaming side, on the IoT side, it varies a little bit depending on the application too. A perfect type of per API request type of model to something that's more.Active usage. I think all of those frameworks remain consistent with what we talked about in the past. We don't see significant deviations there.

Similarly on the <unk>.

gaming side. On the IoT side, it varies a little bit depending on the application to

<unk> side on the Iot side, it really is a little bit.

Depending on the application to two.

Ganesh Pattabiraman: A perfect type of per API request type of model to something that's more.

Perfect type of offer API request type of model to something Thats more.

Ganesh Pattabiraman: Active usage. I think all of those frameworks remain consistent with what we talked about in the past. We don't see significant deviations there.

Active usage.

So I think all of those frameworks remain consistent with what we've.

So I think all of those frameworks remain consistent with what we talked about in the past we don't see.

Significant deviations there.

Jamie Perez: All right, that's all the questions I have. Thank you for taking my questions and answering them.

All right, that's all the questions I have. Thank you for taking my questions and answering them.

Alright, that's all the questions I have thank you for taking my questions and answering them alright, absolutely. Thanks, Jamie.

Ganesh Pattabiraman: Absolutely.

Gary Parsons: Thanks, Jamie.

Operator: There are no further questions at this time. I'll turn the conference back over for any closing remarks.

And there are no further questions at this time. I'll turn the conference back over for any closing remarks.

There are no further questions at this time I will turn the conference back over for any closing remarks.

Gary Parsons: Well, thanks very much, operator, and for everyone who dialed in to listen. I mean, admittedly it's been a kind of brutal marketplace out there for everybody and the stock market recently, and we'll hopefully see some of these impacts moderate over time here. We're continuing to move forward with our strategy. We see everything that every action and reaction that we're seeing in the marketplace convinces us that we're on the right track. There's an acceptance of the services and capabilities, both the Z-axis capabilities and then the fuller TerraPoiNT backup resilient GPS, three-dimensional location capabilities. All of those as part of the main story remain consistent. Obviously, we've got to get these platforms up and operational to turn into scaling so that the revenue that will then follow the magnitude of the opportunity as well, too.

Well, thanks very much operator and for everyone who dialed in to listen. I mean, admittedly, it's been a kind of brutal marketplace out there for everybody in the stock market recently and we'll hopefully see some of these impacts moderate over time here.

Well, thanks, very much operator, and for everyone, who dialed in to listen I mean, admittedly, it's been a kind of brutal marketplace out there for everybody and in the end the stock market recently, and we'll hopefully see some of these impacts.

Moderate over time here, but.

we're continuing to move forward with our strategy. We see everything that every action and reaction that we're seeing in the marketplace convinces us that we're on the right track. There's an acceptance of the services and capabilities, both the Z-Axis capabilities and then the Fuller TerraPoint.

We're continuing to move forward with our strategy, we see everything that every action and reaction that we're seeing in the marketplace convinces us that we're on the right track there is an acceptance of the services and capabilities.

The access capabilities and then the solar tariff point.

backup, resilience, GPS, three-dimensional location capabilities. All of those, as part of the main story, remain consistent. Obviously, we've got to get these platforms up and operational to turn into scaling so that the revenue that will then follow the magnitude of the opportunity as well, too. But we look forward to breaking you again on next month, next quarter's call. And hopefully, you guys...

Backup resilient GP.

GPS.

The dimensional location capabilities all of those as part of the main story remained consistent obviously, we've got to get these platforms up and operational to turn into scaling.

The revenue the wall, then followed the magnitude of the.

Entity as well too, but we look forward to briefing you again on next.

Gary Parsons: We look forward to breaking you again on next, next month, next quarter's current call, and hopefully you guys have a good day.

We look forward to breaking you again on next, next month, next quarter's current call, and hopefully you guys have a good day.

Next month next quarter's call.

And hopefully you guys have a good day.

Operator: Ladies and gentlemen, that does conclude today's call. Thank you all for joining. You may now disconnect.

Ladies and gentlemen that does conclude today's call. Thank you all for joining you may now disconnect.

Ladies and gentlemen, that does conclude today's call. Thank you all for joining. You may now disconnect.

Operator: Please wait. The conference will begin shortly.

Please wait the conference will begin shortly.

Please wait, the conference will begin shortly.

[music].

Sure.

Yes.

[music].

Yes.

Okay.

No.

Yes.

[music] Arena.

Yes.

[music].

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