Q1 2026 AST SpaceMobile Inc Earnings Call

May 11, 2026

Speaker #1: Good day, and thank you for standing by. Welcome to AST SpaceMobile's first quarter 2026 business update. Please be advised that today's call is being recorded.

Operator: Good day, and thank you for standing by. Welcome to AST SpaceMobile's Q1 2026 business update. Please be advised that today's call is being recorded. I will now turn the conference over to Maxwell Colbert, Investor Relations Manager of AST SpaceMobile. Thank you. You may begin.

Speaker #1: I will now turn the conference over to Max Colbert, Investor Relations Manager of AST SpaceMobile. Thank you. You may begin.

Speaker #2: Thank you, and good afternoon, everyone. Today, I'm also joined by Chairman and CEO Abel Avellan, President Scott Wisniewski, and CFO and Chief Legal Officer Andy Johnson.

Maxwell Colbert: Thank you, good afternoon, everyone. Today, I'm also joined by Chairman and CEO, Abel Avellan, President Scott Wisniewski, and CFO and Chief Legal Officer, Andrew Johnson. Let me refer you to slide 2 of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year ending 31 December 2025 with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time.

Speaker #2: Let me refer you to slide 2 of the presentation, which contains our Safe Harbor disclaimer. During today's call, we may make certain forward-looking statements.

Speaker #2: These statements are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call.

Maxwell Colbert: These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year ending 31 December 2025 with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time.

Speaker #2: For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year ending December 31, 2025, with the Securities and Exchange Commission, and other documents filed by AST SpaceMobile with the SEC from time to time.

Speaker #2: Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. For those of you who may be new to our company and mission, there are nearly 6 billion mobile phones today around the world.

Maxwell Colbert: After our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. For those of you who may be new to our company and mission, there are nearly 6 billion mobile phones today around the world, but many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected to the global economy. The markets we are pursuing at AST SpaceMobile are massive, and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices, supported by our extensive IP and patent portfolio.

Speaker #2: But many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected to the global economy.

Speaker #2: The markets we are pursuing at AST SpaceMobile are massive, and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices.

Maxwell Colbert: The markets we are pursuing at AST SpaceMobile are massive, and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices, supported by our extensive IP and patent portfolio.

Speaker #2: Supported by our extensive IP and patent portfolio, it is now my pleasure to pass this over to Chairman and CEO Abel Avellan, who will go through our activities since our last public update.

Maxwell Colbert: It is now my pleasure to pass this over to Chairman and CEO, Abel Avellan, who will go through our activities since our last public update.

Speaker #3: Thank you, Max. AST SpaceMobile will start to 2026 reflect our progress in scaling manufacturing and production, mobile network operator partner expansion, ground network integration, multi-partner launch, and a fortress capital position.

Abel Avellan: Thank you, Max. AST SpaceMobile start to 2026 reflect our progress in scaling manufacturing and production, mobile network operator partner expansion, ground network integration, multi-partner launch, and a fortress capital position. This advancement across nearly all initiatives helped solidify why AST SpaceMobile is the only company whose technology is positioned to capture the direct-to-device cellular broadband opportunity in full. We continue to execute on key business objectives at the company transitioning from R&D stage to fully scaled operational deployment. On the manufacturing front, we have over half a million square feet of manufacturing and operations space globally as we continue to scale our manufacturing effort. We are in advanced stages of producing an assembly through BlueBird 33 with phased arrays completed through BlueBird 28. A detailed cadence of our 2025 and 2026 deployment plan is shown in the accompany quarterly presentation found on our IR website.

Speaker #3: These advancements across nearly all initiatives help solidify why AST SpaceMobile is the only company whose technologies position to capture the direct-to-device cellular broadband opportunity in full.

Speaker #3: We continue to execute on key business objectives at the company transitioning from R&D stage to fully scale operational deployment. On the manufacturing front, we have over half a million square feet of manufacturing and operations space globally as we continue to scale our manufacturing effort.

Abel Avellan: On the manufacturing front, we have over half a million square feet of manufacturing and operations space globally as we continue to scale our manufacturing effort. We are in advanced stages of producing an assembly through BlueBird 33 with phased arrays completed through BlueBird 28. A detailed cadence of our 2025 and 2026 deployment plan is shown in the accompany quarterly presentation found on our IR website.

Speaker #3: We're in an advanced stages of producing and assembly through Bluebird 33. We face a race completed through Bluebird 28, a detailed cadence of our 25 and 26 deployment plan is shown in the accompanying quarterly presentation found on our IR website.

Speaker #3: Our 95% vertically integrated manufacturing strategy is significant long-term advantage with our manufacturing team ramping up significantly over the past several quarters. I am thrilled to report that the leadership we have in place is now producing microns phase arrays stackable solid composite structure at an accelerating pace to support our target cadence of six fully assembled satellites per month.

Abel Avellan: Our 95% vertically integrated manufacturing strategy is significant long-term advantage with our manufacturing team ramping up significantly over the past several quarters. I am thrilled to report that the leadership we have in place is now producing microns, phased arrays, stackable satellite composite structure at an accelerating pace to support our target cadence of 6 fully assembled satellites per month. Our custom ASIC is designed to support up to 10GHz of processing bandwidth per satellite and is expected to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites, helping unlock true space-based cellular functionality and enabling native cellular capabilities that consumers now expect everywhere all the time. As a reminder, we're building the largest phased array in low earth orbit. We possess the ability to deploy significant power to orbit at a meaningful scale and competitive cost.

Speaker #3: Our custom ASIC is designed to support up to 10 gigahertz of processing bandwidth per satellite and is expected to nearly double the peak data speed recently achieved using our on-orbit Block 1 Bluebird satellites.

Abel Avellan: Our custom ASIC is designed to support up to 10GHz of processing bandwidth per satellite and is expected to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites, helping unlock true space-based cellular functionality and enabling native cellular capabilities that consumers now expect everywhere all the time. As a reminder, we're building the largest phased array in low earth orbit. We possess the ability to deploy significant power to orbit at a meaningful scale and competitive cost.

Speaker #3: Helping unlock true space-based cellular functionality and enabling native cellular capabilities that consumers now expect everywhere all the time. As a reminder, we're building the largest phase array in low Earth orbit.

Speaker #3: We possess the ability to deploy significant power to orbit and meaningful add a meaningful scale and competitive cost. This gives us an ample opportunity to scale our space-based cellular broadband constellation based on demand signals from our growing list of partners.

Abel Avellan: They give us an ample opportunity to scale our space-based cellular broadband constellation based on demand signal from our growing list of partners. That is a unique important concept for the direct-to-device industry, with even broader implications as space become an energy-rich and data-native industrial environment. We continue to leverage these advantages by driving innovation into every aspect of our satellite capabilities. We are deploying specific AI edge computing and AI spectrum management features for on-orbit capabilities to incorporate into novel AI platforms and maximize user experience. We currently expect to integrate these features into our next generation BlueBird satellites, targeting BlueBirds in production by year-end. Our multiple provider orbit and launch strategy feature orbit and launch aboard Blue Origin, SpaceX, and others.

Speaker #3: That is a unique, important concept for the direct-to-device industry, with even broader implications as space becomes an energy-rich and data-native industrial environment. We continue to leverage these advantages by driving innovation into every aspect of our satellite capabilities.

Speaker #3: We are deploying specific AI edge computing and AI spectrum management features for on-orbit capabilities to incorporate into novel AI platforms and maximize user experience.

Abel Avellan: We are deploying specific AI edge computing and AI spectrum management features for on-orbit capabilities to incorporate into novel AI platforms and maximize user experience. We currently expect to integrate these features into our next generation BlueBird satellites, targeting BlueBirds in production by year-end. Our multiple provider orbit and launch strategy feature orbit and launch aboard Blue Origin, SpaceX, and others.

Speaker #3: We currently expect to integrate these features into our next-generation BlueBird satellites, targeting BlueBirds in production by year-end. Our multiple provider orbital launch strategy features orbital launch aboard Blue Origin, SpaceX, and others.

Speaker #3: As a reflection of our multi-partner launch strategy, we're returning to the launchpad at the Cape Canaveral in mid-June. With Bluebirds 8, 9, and 10 aboard Falcon 9 launch vehicle.

Abel Avellan: As a reflection of our multi-partner launch strategy, we are returning to the launch pad at the Cape Canaveral in mid-June with BlueBird 8, 9, and 10 aboard a Falcon 9 launch vehicle. We are excited to get back to the launch pad very soon and are targeting approximately 45 satellites in orbit by year-end through a combination of our launch providers. Our ground-based gateway architecture act as a native extension of our network operator partners, interfacing directly with Nokia Innovis and MNO cores over standard 3GPP protocols. This means our gateways architecture and/or satellites network scales natively with 4G, 5G, and future 6G standards, reducing network integration complexity.

Speaker #3: We are excited to get back to the launchpad very soon. And our targeting in approximately 45 satellites in orbit by year-end. Through a combination of our launch providers.

Speaker #3: Our ground-based gateway architecture acts as a native extension of our network operator partners, interfacing directly with Nokia Innovice and MNO Cores. Our standard 3GPP protocols.

Abel Avellan: Our ground-based gateway architecture act as a native extension of our network operator partners, interfacing directly with Nokia Innovis and MNO cores over standard 3GPP protocols. This means our gateways architecture and/or satellites network scales natively with 4G, 5G, and future 6G standards, reducing network integration complexity.

Speaker #3: This means our gateway architecture and satellites network scale natively with 4G, 5G, and future 6G standards, reducing network integration complexity. We're actively scaling our ground network integration efforts around the world, including in the United States, Canada, United Kingdom, India, Brazil, Spain, Germany, France, Romania, Saudi Arabia, Japan, New Zealand, the Philippines, Côte d'Ivoire, Kenya, Nigeria, and Senegal.

Abel Avellan: We're actively scaling our ground network integration efforts around the world, including in the United States, Canada, United Kingdom, India, Brazil, Spain, Germany, France, Romania, Saudi Arabia, Japan, New Zealand, the Philippines, Cote d'Ivoire, Kenya, Nigeria, and Senegal, targeting a combined population of 2.9 billion people. It is an incredible feat to scale our business outside of the United States, an effort which requires significant scale and commitment from our company, our partners, and global regulators. We continue to make progress on partner and ecosystem network integration as we move closer to service activation in key partner markets. We're actively deploying hundreds of fixed cells per week. As part of this effort, we achieved satellite-to-satellite cellular broadband connectivity handoff without disrupting to the connectivity experience on the smartphones.

Speaker #3: Targeting a combined population of 2.9 billion people. It is an incredible feat to scale our business outside of the United States. An effort which requires significant scale and commitment from our company.

Abel Avellan: It is an incredible feat to scale our business outside of the United States, an effort which requires significant scale and commitment from our company, our partners, and global regulators. We continue to make progress on partner and ecosystem network integration as we move closer to service activation in key partner markets. We're actively deploying hundreds of fixed cells per week. As part of this effort, we achieved satellite-to-satellite cellular broadband connectivity handoff without disrupting to the connectivity experience on the smartphones.

Speaker #3: Our partners and global regulators. We continue to make progress on partner and ecosystem network integration as we move closer to service activation in key partner markets.

Speaker #3: We're actively deploying hundreds of fixed cell per week as part of this effort where achieved satellite-to-satellite cellular broadband connectivity handoff without disrupting to the connectivity experience on the smartphones.

Speaker #3: Additionally, we recently achieved peak data speed of an incredible 98.9 megabits per second using our in-orbit Block 1 satellites. This latest record was conducted over international waters directly to unmodified off-the-shelf smartphones.

Abel Avellan: Additionally, we recently achieved peak data speed of an incredible 98.9 Mb per second using our in-orbit Block 1 satellites. This latest record was conducted over international waters directly to unmodified off-the-shelf smartphones. This achievement is significant for several reasons. It further validates that our satellite technology is the only one specifically designed for space-based direct-to-device cellular broadband, achieving these speeds that our partners expect for the customer, no matter where they are located everywhere in the planet. We're just getting started. We expect our on-orbit Block 2 BlueBird satellite to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites when enabled with enough spectrum on a region-by-region basis.

Speaker #3: This achievement is significant for several reasons. It further validates that our satellite technology is the only one specifically designed for space-based, direct-to-device cellular broadband.

Abel Avellan: This achievement is significant for several reasons. It further validates that our satellite technology is the only one specifically designed for space-based direct-to-device cellular broadband, achieving these speeds that our partners expect for the customer, no matter where they are located everywhere in the planet. We're just getting started. We expect our on-orbit Block 2 BlueBird satellite to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites when enabled with enough spectrum on a region-by-region basis.

Speaker #3: Achieving this speed that our partners expect for the customer, no matter where they are located, everywhere in the planet. And we're just getting started.

Speaker #3: We expect our on-orbit Block 2 Bluebird satellites to nearly double the peak data speed recently achieved using our on-orbit Block 1 Bluebird satellites when enabled with enough spectrum on a region-by-region basis.

Speaker #3: AST SpaceMobile network operator partner of choice. For space-based cellular broadband because our bandpipe system integration solution works natively with existing terrestrial infrastructure and is designed to support space-based cellular broadband connectivity.

Abel Avellan: AST SpaceMobile is mobile network operator partner of choice for space-based cellular broadband because our Band 5 system integration solution work natively with existing terrestrial infrastructure and is designed to support space-based cellular broadband connectivity. Our ecosystem includes nearly 60 global MNO partners covering over 3 billion subscribers, including key partners like AT&T, Verizon, Vodafone, Rakuten, stc, Bell Canada, and Telus. Our commercial advancements have enabled us to secure over $1.2 billion in contracted revenue commitment from our commercial partners, and we plan to accelerate this as we further deploy our network. On the regulatory front, we're granted FCC authorization to operate our BlueBird satellite constellation commercially in the United States, enabling direct-to-device connectivity in the US on premium low-band spectrum in coordination with our partners Verizon, AT&T, and FirstNet.

Speaker #3: Our ecosystem includes nearly 60 global MNO partners covering over 3 billion subscribers including key partners like AT&T, Verizon, Vodafone, Rakuten, STC, Bell Canada, and Telus.

Speaker #3: Our commercial advancements have enabled us to secure over 1.2 billion in contracted revenue commitment from our commercial partners. And we plan to accelerate this as we further deploy our network.

Abel Avellan: Our commercial advancements have enabled us to secure over $1.2 billion in contracted revenue commitment from our commercial partners, and we plan to accelerate this as we further deploy our network. On the regulatory front, we're granted FCC authorization to operate our BlueBird satellite constellation commercially in the United States, enabling direct-to-device connectivity in the US on premium low-band spectrum in coordination with our partners Verizon, AT&T, and FirstNet.

Speaker #3: On the regulatory front, we're granted FCC authorization to operate our Bluebird satellite constellation commercially in the United States, enabling direct-to-device connectivity in the U.S. on premium low-band spectrum in coordination with our partners Verizon, AT&T, and FirstNet.

Speaker #3: The grant also reflects the FCC recognition of our ability to deliver direct-to-device cellular broadband connectivity from space and operate alongside terrestrial communication network. Further validating our unique technology and network design.

Abel Avellan: The grant also reflects the FCC recognition of our ability to deliver direct-to-device cellular broadband connectivity from space and operate alongside terrestrial communication network, further validating our unique technology and network design. We thank the current administration, the FCC, and Commissioner Carr for his leadership in bringing new technologies online to advance United States leadership in space. Our comprehensive spectrum strategy leverage our satellite technology, which is capable of tuning within approximately 1,100 megahertz of low-band and mid-band tunable MNO spectrum globally, including 45 megahertz of MSS lower mid-band spectrum and 60 megahertz of licensed S-band spectrum priority rights outside of North America. In particular, the 45 megahertz of L-band spectrum is currently unused, providing us with an ample opportunity to drive business against the use of that spectrum. Additionally, the lower mid-band L-band spectrum feature higher quality propagation characteristics when compared to other MSS frequencies.

Speaker #3: We thank the current administration the FCC and Commissioner Carr for his leadership in bringing new technologies online to advise the United States leadership in space.

Speaker #3: Our comprehensive spectrum strategy leveraged our satellite technology, which is capable of tuning within approximately 1,100 megahertz of low-band and mid-band tunable MNO spectrum globally, including 45 megahertz of MSF lower mid-band spectrum and 60 megahertz of licensed S-band spectrum priority right outside of North America.

Abel Avellan: Our comprehensive spectrum strategy leverage our satellite technology, which is capable of tuning within approximately 1,100 megahertz of low-band and mid-band tunable MNO spectrum globally, including 45 megahertz of MSS lower mid-band spectrum and 60 megahertz of licensed S-band spectrum priority rights outside of North America. In particular, the 45 megahertz of L-band spectrum is currently unused, providing us with an ample opportunity to drive business against the use of that spectrum.

Speaker #3: In particular, the 45 megahertz of L-band spectrum is currently in use, providing us with an ample opportunity to drive business against the use of that spectrum.

Speaker #3: Additionally, the lower mid-band L-band spectrum features higher-quality propagation characteristics when compared to other MSF frequencies. This means more opportunities to grow subscriber capacity and bring additional service to targeted markets around the world alongside our MNO partners.

Abel Avellan: Additionally, the lower mid-band L-band spectrum feature higher quality propagation characteristics when compared to other MSS frequencies.

Abel Avellan: This means more opportunities to grow subscriber capacity and bring additional service to targeted markets around the world alongside our MNO partners. We expect the combination of our satellite technology, featuring the largest phase array in low-Earth orbits and access to MNO shared spectrum, MSS spectrum, and AI spectrum management features will enable us to effectively multiply spectrum efficiencies and develop a completely new layer of connectivity on a global scale. The combination of building a native space-based cellular broadband network with our partner, First Integration Design, is second to none. We're supported by our extensive IP and patent portfolio of approximately 3,900 patents and patent-pending claims, and we successfully advanced from early-stage R&D to scale deployment of satellites and ground-based gateways.

Speaker #3: We expect the combination of our satellite technology, featuring the largest phased array in loaded orbits, and access to MNO-chair spectrum, MSF spectrum, and AI spectrum management features will enable us to effectively multiply spectrum efficiencies and develop a completely new layer of connectivity on a global scale.

Abel Avellan: The combination of building a native space-based cellular broadband network with our partner, First Integration Design, is second to none. We're supported by our extensive IP and patent portfolio of approximately 3,900 patents and patent-pending claims, and we successfully advanced from early-stage R&D to scale deployment of satellites and ground-based gateways.

Speaker #3: The combination of building a native space-based cellular broadband network with our partner first integration design is second to none. We're supported by our extensive IP and patent portfolio of approximately 3,900 patents and patent pending claims, and we successfully advanced from early-stage R&D to scale deployment of satellites and ground-based gateways.

Speaker #3: In closing, our company has key assets, including IP, manufacturing, partnerships, spectrum, and valid cash with approximately 3.5 billion to build and launch over 100 Bluebird satellites to enable global coverage of space mobile service.

Abel Avellan: In closing, our company has key assets including IP, manufacturing, partnerships, spectrum, and balance sheet cash with approximately $3.5 billion to build and launch over 100 BlueBird satellites to enable global coverage of a SpaceMobile service. Our team is focused, disciplined, and executing against our deployment plan. We're encouraged by the progress we are making and the momentum we see across our commercial, regulatory, and government initiatives. With that, I will turn the call back to Scott.

Speaker #3: Our team is focused, disciplined, and executing against our deployment plan. We're encouraged by the progress we are making and the momentum we see across our commercial, regulatory, and government initiatives.

Speaker #3: And with that, I will turn the call back to Scott.

Speaker #2: Thank you, Abel. Since our last business update 10 weeks ago, we have continued to execute against a broader commercialization priorities we laid out at the start of the year.

Scott Wisniewski: Thank you, Abel Avellan. Since our last business update 10 weeks ago, we have continued to execute against the broader commercialization priorities we laid out at the start of the year. Our key task leading the business is to leverage our revolutionary technology deployment and best-in-class partnerships to achieve our 2026 and 2027 revenue objectives as we build out the revenue platform for the company to maximize long-term shareholder value. The market pull for our network, the one we're deploying today, a global, resilient, space-based cellular broadband network with dual-use capabilities, it remains extremely strong. Against this backdrop, we have recently signed additional mobile network operator contracts and received additional U.S. government awards. First, we announced an agreement with Telus as our second partner in Canada, who also made an equity investment in ASTS. Telus and Bell will be our commercial partners in Canada.

Speaker #2: Our key task leading the business is to leverage our revolutionary technology deployment and best-in-class partnerships to achieve our 2026 and 2027 revenue objectives as we build out the revenue platform for the company to maximize long-term shareholder value.

Speaker #2: The market pull for our network, the one we're deploying today, a global resilient space-based cellular broadband network with dual-use capabilities, it remains extremely strong.

Scott Wisniewski: The market pull for our network, the one we're deploying today, a global, resilient, space-based cellular broadband network with dual-use capabilities, it remains extremely strong. Against this backdrop, we have recently signed additional mobile network operator contracts and received additional U.S. government awards. First, we announced an agreement with Telus as our second partner in Canada, who also made an equity investment in ASTS. Telus and Bell will be our commercial partners in Canada.

Speaker #2: Against this backdrop, we have recently signed additional mobile network operator contracts and received additional US government awards. First, we announced an agreement with Telus as our second partner in Canada who also made an equity investment in ASTS.

Speaker #2: Telus and Bell will be our commercial partners in Canada. And in Africa, we are pleased to be partnering with Axion Telecom, a pan-African operator in 11 different countries.

Scott Wisniewski: In Africa, we are pleased to be partnering with Axian Telecom, a Pan-African operator in 11 different countries, joining our existing agreements with Vodacom, Orange, and MTN. Our dialogue globally with mobile network operators has increased in both volume and depth, we've been building out the broad organizational capabilities to support the rollout of commercial services in these markets. Looking ahead, we expect additional MNO agreements to be signed with increasing velocity throughout 2026. On the US government side, we continue to grow the pipeline with 3 additional awards through prime contractors. These awards address 3 unique use cases across secure communications and non-communications capabilities, reflecting strong proof points ahead of larger contracts. Alongside further developing these important national security capabilities, including those related to Golden Dome, these awards are expected to contribute significantly to 2026 revenue objectives.

Speaker #2: Joining our existing agreements with Vodacom, Orange, and MTN. Our dialogue globally with mobile network operators has increased in both volume and depth, and we've been building out the broad organizational capabilities to support the rollout of commercial services in these markets.

Speaker #2: Looking ahead, we expect additional MNO agreements to be signed with increasing velocity throughout 2026. On the US government side, we continue to grow the pipeline with three additional awards through prime contractors.

Scott Wisniewski: On the US government side, we continue to grow the pipeline with 3 additional awards through prime contractors. These awards address 3 unique use cases across secure communications and non-communications capabilities, reflecting strong proof points ahead of larger contracts. Alongside further developing these important national security capabilities, including those related to Golden Dome, these awards are expected to contribute significantly to 2026 revenue objectives.

Speaker #2: These awards address three unique use cases across secure communications and non-communications capabilities reflecting strong proof points ahead of larger contracts. Alongside further developing these important national security capabilities, including those related to Golden Dome, these awards are expected to contribute significantly to 2026 revenue objectives.

Speaker #2: As a reminder, our goal across all our contracts is to develop capabilities that could grow into programs of record with billions of annual revenue potential in aggregate over the medium and long term for missions important to US national security.

Scott Wisniewski: As a reminder, our goal across all our contracts is to develop capabilities that could grow into programs of record with billions of annual revenue potential in aggregate over the medium and long term for missions important to US national security. As a commitment to these efforts, we've made significant progress expanding our organizational capabilities through AST SpaceMobile's wholly owned government and defense subsidiary. This alignment enables us to better allocate resources and expand our organizational capabilities to best serve the US government customer. Transitioning to revenue, we achieved nearly $15 million in reported revenue during Q1, again driven by milestone achievements under our US government contracts and commercial gateway deliveries to MNOs. On the commercial side, we saw execution with four different customers that contributed to revenue in the quarter.

Speaker #2: As a commitment to these efforts, we've made significant progress expanding our organizational capabilities, through AST SpaceMobile's wholly owned government and defense subsidiary. This alignment enables us to better allocate resources and expand our organizational capabilities to best serve the US government customer.

Scott Wisniewski: This alignment enables us to better allocate resources and expand our organizational capabilities to best serve the US government customer. Transitioning to revenue, we achieved nearly $15 million in reported revenue during Q1, again driven by milestone achievements under our US government contracts and commercial gateway deliveries to MNOs. On the commercial side, we saw execution with four different customers that contributed to revenue in the quarter.

Speaker #2: Transitioning to revenue, we achieved nearly $15 million in reported revenue during Q1, again driven by milestone achievements under our US government contracts and commercial gateway deliveries to MNOs.

Speaker #2: On the commercial side, we saw execution with four different customers that contributed to revenue in the quarter. With the hardware to deliver initial commercial services now in their respective regions across five continents, the ground readiness initiatives that Abel referenced are firmly underway.

Scott Wisniewski: With the hardware to deliver initial commercial services now in their respective regions across five continents, the ground readiness initiatives that Abel referenced are firmly underway. This is an important step to have started during 2025 because it gives the teams on the ground time to prepare, deploy real hardware solutions for backhaul, and integrate with customer network cores. This is a very significant operational effort that is an important leading indicator ahead of commercial service activation. 2026 revenue will benefit from this commercial deployment effort as we deliver against existing contractual orders and sign new contract wins, both of which show a deep pipeline. Turning to revenue from our US government business, we executed across 5 existing contracts during the quarter, further demonstrating the in-orbit capabilities of our BlueBird satellites.

Speaker #2: This is an important step to have started during 2025 because it gives the teams on the ground time to prepare, deploy real hardware solutions for backhaul, and integrate with customer network cores.

Speaker #2: This is a very significant operational effort that is an important leading indicator ahead of commercial service activation. 2026 revenue will benefit from this commercial deployment effort as we deliver against existing contractual orders, and sign new contract wins, both of which show a deep pipeline.

Scott Wisniewski: This is a very significant operational effort that is an important leading indicator ahead of commercial service activation. 2026 revenue will benefit from this commercial deployment effort as we deliver against existing contractual orders and sign new contract wins, both of which show a deep pipeline. Turning to revenue from our US government business, we executed across 5 existing contracts during the quarter, further demonstrating the in-orbit capabilities of our BlueBird satellites.

Speaker #2: Turning to revenue from our US government business, we executed across five existing contracts during the quarter, further demonstrating the in-orbit capabilities of our Bluebird satellites.

Speaker #2: To give you some additional color, we advanced milestones under our prime contract with the Space Development Agency as part of the Europa Track 2 commercial solutions program under Halo.

Scott Wisniewski: To give you some additional color, we advanced milestones under our prime contract with the Space Development Agency as part of the Europa Track 2 Commercial Solutions program under HALO. This work is focused on delivering operationally relevant tactical communications capabilities directly to government end devices. We also advanced our communications efforts with milestones against contracts where Fairwinds is the prime contractor, some of which is a follow-on related to our previously demonstrated NTN tactical SATCOM capabilities. That field test showcased real-time connectivity to a Tactical Assault Kit over a VPN with multimedia streaming via the Tactical Assault Kit and secure multi-party video calls, all executed on standard, unmodified smartphones with active participation from U.S. INDOPACOM, including representation from multiple branches of the United States Armed Services.

Speaker #2: This work is focused on delivering operationally relevant tactical communications capabilities directly to government end devices. We also advanced our communications efforts with milestones against contracts where Fairwinds is the prime contractor, some of which is a follow-on related to our previously demonstrated NTN tactical SATCOM capabilities.

Scott Wisniewski: We also advanced our communications efforts with milestones against contracts where Fairwinds is the prime contractor, some of which is a follow-on related to our previously demonstrated NTN tactical SATCOM capabilities. That field test showcased real-time connectivity to a Tactical Assault Kit over a VPN with multimedia streaming via the Tactical Assault Kit and secure multi-party video calls, all executed on standard, unmodified smartphones with active participation from U.S. INDOPACOM, including representation from multiple branches of the United States Armed Services.

Speaker #2: That field test showcased real-time connectivity to a tactical assault kit over a VPN, with multimedia streaming via the tactical assault kit and secure multiparty video calls.

Speaker #2: All executed on standard unmodified smartphones, with active participation from US Indopaycom, including representation from multiple branches of the United States Armed Services. Lastly, we also continued to execute against our contract with the Space Development Agency through a prime contractor for non-communications on-orbit testing and capability development.

Scott Wisniewski: Lastly, we also continue to execute against our contract with the Space Development Agency through a prime contractor for non-communications on-orbit testing and capability development. The progress we are seeing across both commercial and government activities supports our confidence in reiterating our 2026 revenue guidance of $150 million to $200 million. This outlook is supported by our existing contracted pipeline with additional upside potential from new government awards. What we are seeing in the H1 of 2026 is continued progress in building out the revenue base ahead of a large jump in 2027. As I described on the last call, we see the 2027 revenue opportunity approaching $1 billion, comprised of revenue both long-term contracted or highly recurring in nature.

Speaker #2: The progress we are seeing across both commercial and government activities supports our confidence in reiterating our 2026 revenue guidance of $150 million to $200 million.

Speaker #2: This outlook is supported by our existing contracted pipeline with additional upside potential from new government awards. What we are seeing in the first half of 2026 is continued progress in building out the revenue base ahead of a large jump in 2027.

Scott Wisniewski: This outlook is supported by our existing contracted pipeline with additional upside potential from new government awards. What we are seeing in the H1 of 2026 is continued progress in building out the revenue base ahead of a large jump in 2027. As I described on the last call, we see the 2027 revenue opportunity approaching $1 billion, comprised of revenue both long-term contracted or highly recurring in nature.

Speaker #2: As I described on the last call, we see the 2027 revenue opportunity approaching a billion dollars, comprised of revenue both long-term contracted or highly recurring in nature.

Speaker #2: We expect this growth to be driven from, one, our scaled network in orbit for cellular broadband service as it becomes available and some of the largest markets worldwide, and two, providing one or more increasingly scaled use cases for the US government.

Scott Wisniewski: We expect this growth to be driven from, one, our scaled network in orbit for cellular broadband service as it becomes available in some of the largest markets worldwide. Two, providing one or more increasingly scaled use cases for the US government. Taken together, we are steadily executing across our key priorities, remaining focused on the critical near-term objectives like revenue generation, partner ecosystem, and scaled network deployment. I'm now happy to pass the call over to Andy to walk through our financial update.

Speaker #2: Taken together, we are steadily executing across our key priorities, remaining focused on the critical near-term objectives like revenue generation, the partner ecosystem, and scaled network deployment.

Speaker #2: I'm now happy to pass the call over to Andy to walk through our financial update.

Speaker #1: Thanks, Scott, and good afternoon, everyone. During the first quarter of 2026, we began executing against our annual revenue plan. We continued our manufacturing expansion across our growing facilities in Texas and beyond, and importantly, as discussed on our 2025 year-end call in March, we took significant steps to raise critical capital to enable funding our constellation in support of our bold objectives in the months ahead.

Andrew Johnson: Thanks, Scott. Good afternoon, everyone. During Q1 of 2026, we began executing against our annual revenue plan. We continued our manufacturing expansion across our growing facilities in Texas and beyond. Importantly, as discussed on our 2025 year-end call in March, we took significant steps to raise critical capital to enable funding our constellation in support of our bold objectives in the months ahead. Revenue in Q1 came in consistent with our internal plans. We expect revenue to build sequentially each quarter during 2026, with contributions from both commercial gateway revenue and US government contracts, which I will discuss further in just a moment. Importantly, we remain on track to meet our full year 2026 revenue guidance of $150 to 200 million.

Speaker #1: Revenue in Q1 came in consistent with our internal plans. We expect revenue to build sequentially each quarter during 2026, with contributions from both commercial gateway revenue and U.S. government contracts, which I will discuss further in just a moment.

Andrew Johnson: Revenue in Q1 came in consistent with our internal plans. We expect revenue to build sequentially each quarter during 2026, with contributions from both commercial gateway revenue and US government contracts, which I will discuss further in just a moment. Importantly, we remain on track to meet our full year 2026 revenue guidance of $150 to 200 million.

Speaker #1: Importantly, we remain on track to meet our full-year 2026 revenue guidance of $150 to $200 million. With respect to manufacturing, we continue to progress toward the achievement of our goals to support our active escalating launch schedule through the end of this year and beyond.

Andrew Johnson: With respect to manufacturing, we continue to progress toward the achievement of our goals to support our active escalating launch schedule through the end of this year and beyond. We currently have BlueBird 11 to BlueBird 33 in advanced stages of assembly, with phased arrays completed through BlueBird 28. Our manufacturing progress positions us well to support our launch target of approximately 45 BlueBird satellites in orbit by the end of 2026.

Speaker #1: We currently have Bluebird 11 to Bluebird 33 in advanced stages of assembly, with phased arrays completed through Bluebird 28. Our manufacturing progress positions us well to support our launch target of approximately $45 Bluebird satellites in orbit by the end of 2026.

Speaker #1: The strength of our balance sheet positions us to complete the full build-out and launch of a constellation of over 100 Bluebird satellites to provide worldwide space mobile service while also funding the deployment of our controlled spectrum bands on a global basis monetizing the capabilities of our proprietary technology to capture the evolving commercial opportunities related to artificial intelligence, enhancing investment in government space opportunities in the United States, reducing our higher interest debt, and pursuing opportunistic investments to accelerate our space mobile services and capabilities.

Andrew Johnson: The strength of our balance sheet positions us to complete the full build-out and launch of a constellation of over 100 BlueBird satellites to provide worldwide SpaceMobile service, while also funding the deployment of our controlled spectrum bands on a global basis, monetizing the capabilities of our proprietary technology to capture the evolving commercial opportunities related to artificial intelligence, enhancing investment in government space opportunities in the United States, reducing our higher interest debt, and pursuing opportunistic investments to accelerate our SpaceMobile services and capabilities.

Speaker #1: AST SpaceMobile is proud to be the creator and leader in the directed device industry, and we continue making investments to move quickly and responsibly to bring space-based cellular broadband connectivity directly to unmodified smartphones.

Andrew Johnson: AST SpaceMobile is proud to be the creator and leader in the direct-to-device industry, and we continue making investments to move quickly and responsibly to bring space-based cellular broadband connectivity directly to unmodified smartphones. Our intentional focus on investing in operational growth led to higher adjusted operating expenses in Q1 of 2026, consistent with our expectations previously communicated during our Q4 and full year 2025 earnings call. Moving to the operating and capital metrics slide, let's review the key metrics for Q1 in more detail. On the first chart, for Q1 of 2026, we incurred non-GAAP adjusted operating expenses of $91.2 million versus $95.7 million in Q4 of 2025. As a reminder, non-GAAP adjusted operating expenses exclude non-cash operating costs, including depreciation and amortization and stock-based compensation.

Speaker #1: Our intentional focus on investing in operational growth led to higher adjusted operating expenses in Q1 of 2026, consistent with our expectations previously communicated during our fourth quarter and full-year 2025 earnings call.

Speaker #1: Moving to the operating and capital metrics slide, let's review the key metrics for the first quarter in more detail. On the first chart for the first quarter of 2026, we incurred non-GAAP adjusted operating expenses of $91.2 million versus $95.7 million in the fourth quarter of 2025.

Andrew Johnson: Moving to the operating and capital metrics slide, let's review the key metrics for Q1 in more detail. On the first chart, for Q1 of 2026, we incurred non-GAAP adjusted operating expenses of $91.2 million versus $95.7 million in Q4 of 2025. As a reminder, non-GAAP adjusted operating expenses exclude non-cash operating costs, including depreciation and amortization and stock-based compensation.

Speaker #1: As a reminder, non-GAAP adjusted operating expenses exclude non-cash operating costs, including depreciation and amortization and stock-based compensation. The quarter-over-quarter decrease of $4.5 million resulted primarily from a $17.6 million decrease in adjusted cost of revenues due to lower revenue in the quarter, together with a $1.9 million decrease in R&D costs, partially offset by a $9.2 million increase in adjusted engineering services costs and a $5.8 million increase in adjusted general and administrative costs.

Andrew Johnson: The quarter-over-quarter decrease of $4.5 million resulted primarily from a $17.6 million decrease in adjusted cost of revenues due to lower revenue in the quarter, together with a $1.9 million decrease in R&D costs, partially offset by a $9.2 million increase in adjusted engineering services costs and a $5.8 million increase in adjusted general and administrative costs. Our Q1 2026 adjusted operating expenses, excluding adjusted cost of revenues, were $79.8 million compared to $66.8 million in Q4 2025, which is within the $70 to 80 million guidance for adjusted operating expenses previously provided.

Speaker #1: Our Q1 2026 adjusted operating expenses excluding adjusted cost of revenues were $79.8 million, compared to $66.8 million in Q4 of 2025, which is within the $70 to $80 million guidance for adjusted operating expenses previously provided.

Speaker #1: The primary drivers of the increase versus the prior quarter were growth in our workforce, including contractors and consultants, our expanded production facilities, and other professional fees including legal fees related to our spectrum usage rights transactions and regulatory initiatives.

Andrew Johnson: The primary drivers of the increase versus the prior quarter were growth in our workforce, including contractors and consultants, our expanded production facilities, and other professional fees, including legal fees related to our spectrum usage rights transactions and regulatory initiatives. Turning towards the second chart on this slide, our capital expenditures for Q1 2026 were approximately $257 million versus approximately $407 million for Q4 2025. This figure was made up primarily of capitalized direct materials and labor for our Block 2 BlueBird satellites, with the balance relating to facility and production equipment expenditures.

Speaker #1: Turning towards the second chart on this slide, our capital expenditures for the first quarter of 2026 were approximately $257 million versus approximately $407 million for the fourth quarter of 2025.

Andrew Johnson: Turning towards the second chart on this slide, our capital expenditures for Q1 2026 were approximately $257 million versus approximately $407 million for Q4 2025. This figure was made up primarily of capitalized direct materials and labor for our Block 2 BlueBird satellites, with the balance relating to facility and production equipment expenditures.

Speaker #1: This figure was made up primarily of capitalized direct materials and labor for our Block 2 BlueBird satellites, with the balance relating to facility and production equipment expenditures.

Speaker #1: This amount was below the quarterly guidance of $350 to $425 million that I provided during our last earnings call, due to a change in the timing of launch contract payments, which will now be reflected in our Q2 guidance.

Andrew Johnson: This amount was below the quarterly guidance of $350 to 425 million that I provided during our last earnings call due to a change in the timing of launch contract payments, which will now be reflected in our Q2 guidance. For Q2 2026, we estimate that our adjusted operating expenses, excluding adjusted cost of revenues, will increase to the range of approximately $85 to 95 million as we further absorb the full quarter cost of our recently expanded workforce and continue growing talent across our organization to scale our efforts to design, manufacture, launch, and operate our growing satellites constellation, as well as pursue the monetization of our L-band and S-band spectrum usage rights.

Speaker #1: For the second quarter of 2026, we estimate that our adjusted operating expenses excluding adjusted cost of revenues will increase to the range of approximately $85 to $95 million as we further absorb the full quarter cost of our recently expanded workforce and continue growing talent across our organization to scale our efforts to design, manufacture, launch, and operate our growing satellites' constellation as well as pursue the monetization of our L and S band spectrum usage rights.

Andrew Johnson: For Q2 2026, we estimate that our adjusted operating expenses, excluding adjusted cost of revenues, will increase to the range of approximately $85 to 95 million as we further absorb the full quarter cost of our recently expanded workforce and continue growing talent across our organization to scale our efforts to design, manufacture, launch, and operate our growing satellites constellation, as well as pursue the monetization of our L-band and S-band spectrum usage rights.

Speaker #1: We expect our capital expenditures to increase in Q2 of 2026 to a range of $575 to $650 million primarily driven by the timing of launch payments related to our near-term launches which, as I've previously explained, vary from quarter to quarter.

Andrew Johnson: We expect our capital expenditures to increase in Q2 of 2026 to a range of $575 to 650 million, primarily driven by the timing of launch payments related to our near-term launches, which as I previously explained, vary from quarter to quarter. To put this quarterly increase in capital expenditures into context, had the launch payments been made in Q1 like we originally planned, instead of making them in Q2, our guidance for Q2 capital expenditures would have remained in the same general range as Q1. Importantly, our continued spend on growth-related CapEx reflects our increasing satellite production and active orbital launch plans.

Speaker #1: To put this quarterly increase in capital expenditures into context, had the launch payments been made in Q1 like we originally planned instead of making them in Q2, our guidance for Q2 capital expenditures would have remained in the same general range as Q1.

Andrew Johnson: To put this quarterly increase in capital expenditures into context, had the launch payments been made in Q1 like we originally planned, instead of making them in Q2, our guidance for Q2 capital expenditures would have remained in the same general range as Q1. Importantly, our continued spend on growth-related CapEx reflects our increasing satellite production and active orbital launch plans.

Speaker #1: Importantly, our continued spend on growth-related CapEx reflects our increasing satellite production and active orbital launch plans. We continue to estimate that the average capital costs, including direct materials and launch costs, for our constellation of over 90 Block 2 BlueBird satellites will fall in the range of $21 million to $23 million per satellite, excluding certain initial satellites that are used to validate performance and operations.

Andrew Johnson: We continue to estimate that the average capital costs, including direct materials and launch costs for our constellation of over 90 Block 2 BlueBird satellites, will fall in the range of $21 million to $23 million per satellite, excluding certain initial satellites that are used to validate performance and operations. Our cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors that could impact our costs. As a reminder, the timing of the changes in our adjusted operating expenses and capital expenditures, as I have just described, could be delayed or may not be realized due to a variety of factors. In the first quarter, we recognized revenue of $14.7 million, primarily driven by commercial gateway deliveries and various U.S. government service milestone achievements.

Speaker #1: Our cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors that could impact our costs. As a reminder, the timing of the changes in our adjusted operating expenses and capital expenditures is, I have just described, could be delayed or may not be realized due to a variety of factors.

Andrew Johnson: Our cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors that could impact our costs. As a reminder, the timing of the changes in our adjusted operating expenses and capital expenditures, as I have just described, could be delayed or may not be realized due to a variety of factors. In the Q1, we recognized revenue of $14.7 million, primarily driven by commercial gateway deliveries and various U.S. government service milestone achievements.

Speaker #1: In the first quarter, we recognized revenue of $14.7 million, primarily driven by commercial gateway deliveries and various U.S. government service milestone achievements. Our revenue declined during the first quarter, as we expected, due to the timing of gateway deployment to our commercial customers and the timing of completion of certain government contract milestones.

Andrew Johnson: Our revenue declined during Q1, as we expected, due to the timing of gateway deployment to our commercial customers and the timing of completion of certain government contract milestones. With respect to revenue generation, we believe we can enable continuous SpaceMobile service across key markets such as the United States, Europe, Japan, and other strategic markets with the launch and operation of approximately 45 to 60 BlueBird satellites and additional strategic worldwide markets with the launch and operation of approximately 90 BlueBird satellites. As we continue to launch and deploy our constellation, we will continue to support U.S. government applications currently ongoing and accelerating as our constellation grows. As we discussed in our Q4 2025 earnings call, we expect to generate full year 2026 revenue in the range of $150 million to $200 million.

Speaker #1: With respect to revenue generation, we believe we can enable continuous space mobile service across key markets such as the United States, Europe, Japan, and other strategic markets with the launch and operation of approximately 45 to 60 Bluebird satellites, and additional strategic worldwide markets with the launch and operation of approximately 90 Bluebird satellites.

Speaker #1: Further, as we continue to launch and deploy our constellation, we will continue to support U.S. government applications currently ongoing and accelerating as our constellation grows.

Andrew Johnson: As we continue to launch and deploy our constellation, we will continue to support U.S. government applications currently ongoing and accelerating as our constellation grows. As we discussed in our Q4 2025 earnings call, we expect to generate full year 2026 revenue in the range of $150 million to $200 million.

Speaker #1: As we discussed in our Q4 2025 earnings call, we expect to generate full-year 2026 revenue in the range of $150 million to $200 million.

Speaker #1: We manage the top line with a focus on full-year performance, given the quarterly variability inherent in our business, including the timing of contract signings, equipment sales, and milestone achievements.

Andrew Johnson: We manage the top line with a focus on full year performance, given the quarterly variability inherent in our business, including the timing of contract signings, equipment sales, and milestone achievements. We believe our revenue performance is best evaluated on a full year basis. As we continue advancing our launch and network activation initiatives, we expect revenue to grow meaningfully each subsequent quarter this year. We expect revenue to continue to be driven by gateway deliveries, achievement of contracted milestones for the US government, MNO consulting services, with potential upside related to the recognition of initial commercial service revenue. Quarterly revenue will likely vary significantly depending on achievement of milestones and the timing of customer activities. I'd like to remind you that we believe that approximately half of a revenue opportunity within our commercial pipeline this year is already booked or contracted.

Speaker #1: As a result, we believe our revenue performance is best evaluated on a full-year basis. As we continue advancing our launch and network activation initiatives, we expect revenue to grow meaningfully each subsequent quarter this year.

Speaker #1: We expect revenue to continue to be driven by gateway deliveries, achievement of contracted milestones for the U.S. government, M&O consulting services, with potential upside related to the recognition of initial commercial service revenue.

Andrew Johnson: We expect revenue to continue to be driven by gateway deliveries, achievement of contracted milestones for the US government, MNO consulting services, with potential upside related to the recognition of initial commercial service revenue. Quarterly revenue will likely vary significantly depending on achievement of milestones and the timing of customer activities. I'd like to remind you that we believe that approximately half of a revenue opportunity within our commercial pipeline this year is already booked or contracted.

Speaker #1: Quarterly revenue will likely vary significantly depending on achievement of milestones and the timing of customer activities. I'd like to remind you that we believe that approximately half of the revenue opportunity within our commercial pipeline this year is already booked or contracted.

Speaker #1: The remaining portion consists of a combination of advanced-stage opportunities that have not yet been signed, as well as net new business we expect to secure over the course of this year.

Andrew Johnson: The remaining portion consists of a combination of advanced stage opportunities that have not yet been signed, as well as net new business we expect to secure over the course of this year. The achievement of our revenue plan remains subject to several contingencies, including the successful launch and deployment of Block 2 BlueBird satellites related to U.S. government applications contractual milestone achievements, critical gateway equipment sales to our MNO partners in support of their anticipated commercialization efforts of SpaceMobile service, and service revenues in connection with the activation of our commercial service provided by our existing and plan deployed and operational satellites.

Speaker #1: The achievement of our revenue plan remains subject to several contingencies, including the successful launch and deployment of Block 2 BlueBird satellites related to U.S.

Andrew Johnson: The achievement of our revenue plan remains subject to several contingencies, including the successful launch and deployment of Block 2 BlueBird satellites related to U.S. government applications contractual milestone achievements, critical gateway equipment sales to our MNO partners in support of their anticipated commercialization efforts of SpaceMobile service, and service revenues in connection with the activation of our commercial service provided by our existing and plan deployed and operational satellites.

Speaker #1: government applications, contractual milestone achievements. Critical gateway equipment sales to our M&O partners in support of their anticipated commercialization efforts of space mobile service, and service revenues in connection with the activation of our commercial service provided by our existing and planned deployed and operational satellites.

Speaker #1: Finally, on the final chart on the slide, our cash, cash equivalents, and restricted cash as of March 31, 2026, was approximately $3.5 billion. Inclusive of cash raised in February via the convertible notes offering with a $2.25% 10-year coupon at an effective strike price of $116.30 per share.

Andrew Johnson: Finally, on the final chart on the slide, our cash equivalents, and restricted cash as of 31 March 2026 was approximately $3.5 billion, inclusive of cash raised in February via the convertible notes offering with a 2.25% tenure coupon at an effective strike price of $116.30 per share. Our balance sheet continues to provide us with financial flexibility to make further investments to expedite the timing of and augment the capabilities of our SpaceMobile service. Consistent with our last update, we do not have any plans to pursue additional convertible debt in 2026. In closing, we're off to a solid start to the year at AST SpaceMobile, and critically, our 2026 objectives fully remain in place.

Speaker #1: Our balance sheet continues to provide us with financial flexibility to make further investments to expedite the timing of and augment the capabilities of our space mobile service.

Andrew Johnson: Our balance sheet continues to provide us with financial flexibility to make further investments to expedite the timing of and augment the capabilities of our SpaceMobile service. Consistent with our last update, we do not have any plans to pursue additional convertible debt in 2026. In closing, we're off to a solid start to the year at AST SpaceMobile, and critically, our 2026 objectives fully remain in place.

Speaker #1: Consistent with our last update, we do not have any plans to pursue additional convertible debt in 2026. In closing, we're off to a solid start to the year at AST SpaceMobile, and critically, our 2026 objectives fully remain in place.

Speaker #1: With full recognition of the significant amount of hard work ahead of us, revenue is building on plan, and satellite manufacturing is increasing to support our orbital launch campaign.

Andrew Johnson: With full recognition of a significant amount of hard work ahead of us, revenue is building on plan, and satellite manufacturing is increasing to support our orbital launch campaign. We look forward to sharing successful launch milestones with you in Q2 and throughout H2 2026. Thank you for your continued support as we continue the hard work of connecting the unconnected at AST SpaceMobile. With that, this completes the presentation component of our business update call, and I'll pass it back to Scott.

Speaker #1: We look forward to sharing successful launch milestones with you in Q2 and throughout the second half of 2026. Thank you for your continued support as we continue the hard work of connecting the unconnected at AST SpaceMobile.

Speaker #1: And with that, this completes the presentation component of our business update call, and I'll pass it back to Scott.

Speaker #2: Thank you, Andy. Before we go to the Q&A of analyst questions, we'd like to address a few of the questions submitted by our investors.

Scott Wisniewski: Thank you, Andy. Before we go to the queue of analyst questions, we would like to address a few of the questions submitted by our investors. Operator, could you please start us off with the first question?

Speaker #2: Operator, could you please start us off with the first question?

Operator: Scott from Indiana asks, historically, guidance for Block 2 BlueBird has targeted peak download speeds of 120 megabits per second, presumably requiring your proprietary ASIC chips. In the last quarterly update, it was stated that FM1, which does not have this ASIC chip, is expected to greatly exceed 120 megabits peak download speeds. Can you clarify current expectations on how FM1 versus ASIC-enabled BlueBirds are expected to perform?

Speaker #3: Scott from Indiana asks, 'Historically, guidance for Block 2 Bluebirds has targeted peak download speeds of 120 megabits per second, presumably requiring your proprietary ASIC chips.'

Speaker #3: In the last quarterly update, it was stated that FM1, which does not have this ASIC chip, is expected to greatly exceed 120 megabits peak download speeds.

Speaker #3: Can you clarify current expectations on how FM1 versus ASIC enable Bluebirds are expected to perform?"

Speaker #2: Thank you, Scott, for the question. Well, this morning we did announce that, from the middle of nowhere, in the middle of the ocean, on international waters, we did achieve peak data rates very close to 100 megabits per second.

Abel Avellan: Thank you, Scott, for the question. Well, this morning we did announce that from the middle of nowhere, in the middle of the ocean on international water, we did achieve peak data rates very close to 100 Mb per second into a standard device without any modification to the device, neither requiring any firmware or software upgrade to the device. This device as is today. With the BB6, which is already in orbit, and BB8, 9, and 10, we expect to nearly double that capacity.

Speaker #2: As we into standard device without any modification to the device. Neither require any firmware or software upgrade to the device. This device as is today.

Speaker #2: With the BB6, which is already in orbit, and BB8, 9, and 10, with spec to nearly double that capacity. We think that this, in addition to AI features with the satellites, large blocks of spectrum that we will be adding to the network—particularly the LVAN and the SVAN MSS spectrums that we plan to add into the constellation—and AI spectrum management features that help us to multiply deeper performance of the network, make this a complete change of what is possible.

Abel Avellan: We think that this, in addition to AI features that we will implement into the satellites, large block of spectrum that we'll be adding to the network, particularly the L-band and the S-band MSS spectrums that we plan to add into the constellation, and AI spectrum management features that help us to multiply the perceived performance of the network, make this a complete change of what is possible, far ahead of any other technology that is attempting to enter the market.

Speaker #2: Far, far ahead of any other technology that is attempting to enter the market.

Operator: Andreas from New York asks, you have repeatedly emphasized that you are in a race against yourself in the field of D2C broadband technology. Given the increasing attempts by other companies to enter the market, is this still true? What lead do you currently see over your competitors? What role do your patents play in keeping the competition at bay?

Speaker #3: Andrew is from New York asks, "You have repeatedly emphasized that you are in a race against yourself in the field of D2C broadband technology.

Speaker #3: Given the increasing attempts by other companies to enter the market, is this still true? And what leads do you currently see over your competitors? What role do your patents play in keeping the competition at bay?

Speaker #2: Thank you, Andreas. That's a great question. Well, we always, from the very, very beginning, have focused on delivering cellular broadband, and for that you need a very large array.

Abel Avellan: Thank you, Andreas. That's a great question. Well, we always, from the very, very beginning, have focused on delivering cellular broadband, for which you need a very large array, you need spectrum, and you need the ability to integrate that to partners MNOs. On that end, we have a very unique position. We had access through our MNO partners to around 3 billion subscribers. We are delivering broadband capacity, provided obviously there is enough spectrum attached to the satellites today with in-orbit satellites. As I said earlier, we are on the hundreds of megabits already. We plan to nearly double that as we continue to activate 8, 9, and 10 as we launch them in the next few weeks.

Speaker #2: You need spectrum. And you need the ability to integrate that to partners' MNOs. On that end, we have a very unique position. We had access through our MNO partners to around 3 billion subscribers.

Speaker #2: We are delivering broadband capacity, provided obviously there is enough spectrum attached to the satellites. Today, we're in-orbit satellites. As I said earlier, we are on the hundreds of megabits already.

Abel Avellan: We are delivering broadband capacity, provided obviously there is enough spectrum attached to the satellites today with in-orbit satellites. As I said earlier, we are on the hundreds of megabits already. We plan to nearly double that as we continue to activate 8, 9, and 10 as we launch them in the next few weeks.

Speaker #2: We plan to nearly double that as we continue to activate A9 and 10 as we launch them in the next few weeks. And then, when you put in perspective that, when you combine a very, very large satellite array with a significant block of spectrums that are a combination between IMT, MNO, partner provider spectrum, with our own MSS, we have access to more spectrum than anybody else also.

Abel Avellan: When you put in perspective that when you combine a very, very large satellite array with significant block of spectrum, there are a combination between IMT, MNO partner provider spectrum with our own MSS. We have access to more spectrum than anybody else also. We believe that as of today, we are the only technology that have a space-based cellular broadband capability, given the size and our architecture and the 3,900 patent and patent pending claims that we have around our technology.

Speaker #2: So, we believe that as of today, we are the only technology that has space-based cellular broadband capability. Given the size and our architecture, and the 3,900 patent and patent-pending claims.

Speaker #2: That we have around our technology.

Operator: Ben from Virginia asks, can you update us on your composite readiness specifically? Are you now manufacturing all structural carbon fiber reinforced polymer components and reflectors entirely in-house? If not, is the plan to?

Speaker #3: Ben from Virginia asks, "Can you update us on your composite readiness specifically? Are you now manufacturing all structural carbon fiber reinforced polymer components and reflectors entirely in-house?"

Speaker #3: And if not, is the plan to?

Speaker #2: Thank you, Ben, for the question. Listen, the way that we stack the satellites is, think about tuna cans where you put three of them, one on top of another, on the Falcon 9; up to eight of them on the Blue Origin New Glenn rocket; or up to five of them on the Vulcan ULA rocket.

Abel Avellan: Thank you, Ben, for the question. Listen, the way that we stack the satellites is think about tuna cans where you put 3 of them, one on top of another on the Falcon 9, up to 8 of them on the Blue Origin and New Glenn rocket, or up to 5 of them in the Vulcan ULA rocket. That structure is our design. It was a very, very difficult design to achieve because everything that you have in term of mass get multiplied by the G of the rocket. You have extraordinary amount of forces that get applied to the bottom satellites in that stack. The answer is yes, we are now producing them at rate. We own all the IP of how this is done.

Speaker #2: So, that structure is our design. It was a very, very difficult design to achieve, because everything that you have in terms of mass gets multiplied by the G of the rocket.

Abel Avellan: That structure is our design. It was a very, very difficult design to achieve because everything that you have in term of mass get multiplied by the G of the rocket. You have extraordinary amount of forces that get applied to the bottom satellites in that stack. The answer is yes, we are now producing them at rate. We own all the IP of how this is done.

Speaker #2: So, you have an extraordinary amount of forces that get applied to the bottom satellites in that stack. But the answer is yes, we are now producing them at rate.

Speaker #2: We own all the IP of how this is done. We are extending, we did grow, we have over 1,000 people dedicated to build these composite structures all across our satellites.

Abel Avellan: We are extending. We did grew. We have over 1,000 people dedicated to build these composite structures all across our satellites. We are now also extending and automating and robotizing how we do these structures in Midland. All of this to achieve and keep our 6 satellites per month fully assembled every month. Where the composite structure, it is a very, very important aspect of what we needed to do. We are fully vertically integrated. We own the IP. We control the manufacturing of everything on our satellites, around 95% of the bill of material from the composite structures, the new composite structures. That how you see that the, in the pictures of the manufacturing, they turn from aluminum structures to composite. That where they look black.

Speaker #2: And we are now also extending, automating, and robotizing how we do these structures in Midland. All of this is to achieve and keep our six satellites per month fully assembled every month.

Abel Avellan: Where the composite structure, it is a very, very important aspect of what we needed to do. We are fully vertically integrated. We own the IP. We control the manufacturing of everything on our satellites, around 95% of the bill of material from the composite structures, the new composite structures. That how you see that the, in the pictures of the manufacturing, they turn from aluminum structures to composite. That where they look black.

Speaker #2: Where the composite structure is a very, very important aspect of what we needed to do. So we are fully vertically integrated. We own the IP.

Speaker #2: We control the manufacturing of everything on our satellites—around 95% of the bill of material—from the composite structures, the new composite structures. That's how you see that in the pictures of the manufacturing, they turn from aluminum structures to composite; that's why they look black.

Speaker #2: And then, but we also own and control everything down to our ASIC in the supply chain of how we build and produce our satellites.

Abel Avellan: We also own and control everything down to our ASIC, in the supply chain of how we build and produce our satellites.

Operator: Scott from Indiana also asks, any perspective you can share on progress made related to Golden Dome, HALO Europa, or other government contracts?

Speaker #3: Scott from Indiana also asks, 'Any perspective you can share on progress made related to Golden Dome, Halo Europa, or other government contracts?'

Speaker #4: I'll take that one. So, as I said in my remarks, the backdrop for the U.S. government contracts continues to be really strong. We most recently saw a budget request for the Space Force of over $70 billion.

Scott Wisniewski: I'll take that one. As I said in my remarks, you know, the backdrop for US government contracts is, continues to be really strong. We most recently saw a budget request for the Space Force of over $70 billion, which was by far the largest, and there was a heavy emphasis on space activities. It's a good environment for our capability to be maturing, and we've been doing a lot of both communications and non-communications with the agencies who are the big buyers right now of space capabilities. This is the right backdrop. We have the right capability. Remember, we're currently deploying the largest ever phased arrays in low Earth orbit, and that gives us really an unprecedented capability to go to regular, small, low-profile handsets as well as do radar capabilities.

Speaker #4: Which was by far the largest. And there was a heavy emphasis on space activities. So it's a good environment for our capability to be maturing.

Speaker #4: And we've been doing a lot of non-communications with the agencies who are the big buyers right now of space capabilities. So this is the right backdrop.

Scott Wisniewski: This is the right backdrop. We have the right capability. Remember, we're currently deploying the largest ever phased arrays in low Earth orbit, and that gives us really an unprecedented capability to go to regular, small, low-profile handsets as well as do radar capabilities.

Speaker #4: We have the right capability. Remember, we're currently deploying the largest-ever phased arrays in low Earth orbit, and that gives us really an unprecedented capability to go to regular, small, low-profile handsets, as well as do radar capabilities.

Speaker #4: And when you look at the backdrop of awards and budgets over the last three to six months, there's been a real strong uptick, as expected, in the Space Force budget.

Scott Wisniewski: When you look at the backdrop of awards and budgets over the last 3 to 6 months, there's been a real strong uptick, as expected, in the Space Force budget and in allocations related to Golden Dome. Specifically, you know, we're in a stage now where RFPs are being issued, awards are being made for key elements of Golden Dome that'll relate to us, things that you see that are space-based radar and others. This is a really big moment for us. You're gonna see some revenue coming in through US government that's gonna be a big contributor to our 2026 revenue.

Speaker #4: And in allocations related to Golden Dome, and specifically, we're in a stage now where RFPs are being issued, awards are being made, for key elements of Golden Dome that'll relate to us.

Speaker #4: Things that you see that are space-based radar and others. So this is a really big moment for us. You're going to see some revenue coming in through U.S. government that's going to be a big contributor to our 2026 revenue.

Speaker #4: And for 2027, those awards that we'll receive or expect to receive over the next six months are going to be very significant to that effort.

Scott Wisniewski: For 2027, those awards that we'll receive or expect to receive over the next 6 months are gonna be very significant to that effort. With that, I'd like to thank our shareholders for submitting those questions. Operator, let's open up the call to analyst questions now.

Speaker #4: And with that, I'd like to thank our shareholders for submitting those questions. Operator, let's open up the call to analyst questions now.

Speaker #3: Thank you. We will now be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad.

Operator: Thank you. We will now be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing these star keys. One moment please while we poll for questions. Our first question comes from the line of Christopher Schoell with UBS. Please proceed with your question.

Speaker #3: A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys.

Speaker #3: One moment, please, while we pull for questions. Our first question comes from the line of Chris Scholl with UBS. Please proceed with your question.

Speaker #5: Great. Thank you for taking the questions. Now that you've had a few weeks to digest, can you just walk us through what happened with BlueBird 7 and what gives you comfort?

Christopher Schoell: Great. Thank you for taking the questions. Now that you've had a few weeks to digest, can you just walk us through what happened with BlueBird-7 and what gives you comfort this will not repeat going forward and that New Glenn can scale accordingly? Last quarter, you mentioned you began to integrate your satellites with another heavy launch vehicle, and I believe I heard you say ULA earlier. Where does the integration process stand, and could we see you rely upon them this year? Is this more a consideration for 2027 and beyond? Thank you.

Speaker #5: This will not repeat going forward, in that New Glenn can scale accordingly. And last quarter, you mentioned you began to integrate your satellites with another heavy launch vehicle.

Christopher Schoell: Last quarter, you mentioned you began to integrate your satellites with another heavy launch vehicle, and I believe I heard you say ULA earlier. Where does the integration process stand, and could we see you rely upon them this year? Is this more a consideration for 2027 and beyond? Thank you.

Speaker #5: And I believe I heard you say ULA earlier. Where does the integration process stand? And could we see you rely upon them this year, or is this more a consideration for '27 and beyond?

Speaker #5: Thank you.

Speaker #4: Hey, Chris. I'll dive in. So, we were pretty open on BlueBird 7 the day of. We knew what happened immediately, and we were very open on what it is.

Scott Wisniewski: Hey, Chris, I'll dive in. You know, we were pretty open on BlueBird-7, you know, the day of. You know, we knew what happened immediately, and we were very open on what it is. At the end of the day, remember, we have 30 through 33 satellites in advanced stage of production at the factory. While it was a loss, we're onto the next. Yeah, I would say that we're working closely with Blue Origin. They're working through the investigation. An upper stage anomaly like this is not uncommon early in programs. You know, we feel optimistic about them getting back to the pad soon.

Speaker #4: And at the end of the day, remember, we have 30 through 33 satellites in advanced stage of production at the factory. So, while it was a loss, we're on to the next.

Speaker #4: So yeah, I would say that we're working closely with Blue. They're working through the investigation. An upper stage anomaly like this is not uncommon early in programs.

Scott Wisniewski: Yeah, I would say that we're working closely with Blue Origin. They're working through the investigation. An upper stage anomaly like this is not uncommon early in programs. You know, we feel optimistic about them getting back to the pad soon.

Speaker #4: And we feel optimistic about them getting back to the pad soon. And when you look at their cadence for the year, we all know that they landed the booster, which was a great milestone for their cadence.

Scott Wisniewski: When you look at their cadence for the year, you know, we all know that they landed their booster, which was a great milestone for their cadence. Now they have two boosters, you know, sitting in their integration facility, ready to get into the cycle. We think the outlook there looks good. Like I said, we're optimistic. On the second part of the question, you know, we've mentioned that we have contracts with SpaceX and Blue Origin and others. We're also doing some integration activities in there with others to get ready for potential launches. Listen, we've designed the rocket, as you know, and our business strategy to be launch vehicle agnostic, and we're buyers of launch and across the entire heavy launcher footprint.

Speaker #4: And now they have two boosters sitting in their integration facility, ready to get into the cycle. So we think the outlook there looks good.

Speaker #4: And, like I said, we're optimistic. And, on the second part of the question, we mentioned that we have contracts with SpaceX and Blue Origin, and others.

Scott Wisniewski: On the second part of the question, you know, we've mentioned that we have contracts with SpaceX and Blue Origin and others. We're also doing some integration activities in there with others to get ready for potential launches. Listen, we've designed the rocket, as you know, and our business strategy to be launch vehicle agnostic, and we're buyers of launch and across the entire heavy launcher footprint.

Speaker #4: We're also doing some integration activities in there with others to get ready for potential launches. And so, listen, we've designed the rocket, as you know, in our business strategy to be launch vehicle agnostic.

Speaker #4: And we're buyers of launch and across the entire heavy launcher footprint. So we were prepared for this years ago with our strategy. We think we selected the right partners.

Scott Wisniewski: We were prepared for this years ago with our strategy. We think we selected the right partners, and we've got good partners on top of that that we're working with.

Speaker #4: And we've got good partners on top of that that we're working with.

Speaker #5: Okay. Great. Thank you.

Christopher Schoell: Okay, great. Thank you.

Speaker #3: Thank you. Our next question comes from the line of Scott Cyril with Ask Capital Partners. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Scott Searle with ROTH Capital Partners. Please proceed with your question.

Scott Searle: Hey, good afternoon. Thanks for taking the question. Maybe just a quick follow-up. Is there a timeline associated with the FAA investigation of when you would expect that to be concluded? Then looking to the expected commercial launch of services at the end of this year, how many MNOs are you expecting to be live at launch? What are you guys thinking about in terms of the ground station number that we should be expecting by the end of calendar 2026?

Speaker #6: Hey, good afternoon. Thanks for taking the question. Maybe just a quick follow-up: Is there a timeline associated with the FAA investigation—of when you would expect that to be concluded?

Speaker #6: And then, looking to the expected commercial launch of services at the end of this year, how many MNOs are you expecting to be live at launch?

Speaker #6: And what are you guys thinking about in terms of the ground station number that we should be expecting by the end of calendar '26?

Speaker #4: So, hey, Scott. To the first part of the question on Blue, no, there hasn't been a publicly disclosed timeline. But like I said, these sorts of investigations are pretty commonplace.

Scott Wisniewski: Hey, Scott. To the first part of the question on Blue, no, there hasn't been a publicly disclosed timeline. Like I said, these sorts of investigations are pretty commonplace. There's been some, you know, good track record recently, so, with other launchers who have had similar issues. Listen, we think, we're really focused on our next launch, obviously, with Falcon 9 and the next three BlueBirds. Like I said, we're optimistic with Blue Origin and I think, you know, we'll be in a good position there. As you know, we have a multi-launcher strategy. That's been the strategy from the get-go. In terms of, what was the second question again, Scott?

Speaker #4: And there’s been some good track record recently, too, with other launchers who have had similar issues. So, listen, we think—we’re really focused on our next launch, obviously, with Falcon 9 and the next three Bluebirds.

Scott Wisniewski: Listen, we think, we're really focused on our next launch, obviously, with Falcon 9 and the next three BlueBirds. Like I said, we're optimistic with Blue Origin and I think, you know, we'll be in a good position there. As you know, we have a multi-launcher strategy. That's been the strategy from the get-go. In terms of, what was the second question again, Scott?

Speaker #4: But like I said, we're optimistic with Blue Origin, and I think we'll be in a good position there. But as you know, we have a multi-launcher strategy—that's been the strategy from the get-go.

Speaker #4: And in terms of, what was the second question again, Scott?

Speaker #6: Oh, Scott. Just in terms of the number of MNOs you would expect to be live with, provided you got 45 satellites up in the sky in the fourth quarter, how many carriers, how many covered subs should we be thinking about in terms of that are addressable from day one of launch?

Scott Searle: Scott, just in terms of the number of MNOs you would expect to be live with. You know, provided you got 45 satellites up in the sky, in Q4, you know, how many carriers, how many covered subs should we be thinking about in terms of that are adjustable from day one of launch?

Scott Wisniewski: Well, it's a global network, as you know, so we put a lot more disclosure in our remarks today about the regions we're focused on and the countries we're focused on. All in all, where we are currently doing ground integration now, efforts, some which are quite advanced, like in the United States and other countries in Europe, some others that are getting started. It's a pipeline. There's a lot of countries to focus on. Just on the countries listed in our deck, you see a population coverage of about 2.9 billion. In terms of how we prioritize amongst that, you've heard from us before, key markets like the US, Canada, UK, Japan, Saudi.

Speaker #4: Well, it's a global network, as you know. So we put a lot more disclosure in our remarks today about the regions we're focused on, and the countries we're focused on.

Speaker #4: So, all in all, we are currently doing ground integration efforts—some of which are quite advanced, like in the United States and other countries in Europe, and some others that are just getting started.

Speaker #4: It's a pipeline. There are a lot of countries to focus on, but just on the countries listed in our deck, you see a population coverage of about 2.9 billion.

Scott Wisniewski: There's a lot of countries to focus on. Just on the countries listed in our deck, you see a population coverage of about 2.9 billion. In terms of how we prioritize amongst that, you've heard from us before, key markets like the US, Canada, UK, Japan, Saudi.

Speaker #4: So in terms of how we prioritize amongst that, you've heard from us before—key markets like the US, Canada, UK, Japan, Saudi. So we're looking at that list.

Scott Wisniewski: We're looking at that list and it's growing every day, but we wanted to give a little bit more incremental detail today with that, in our deck and in our remarks on the other countries we're focused on.

Speaker #4: And it's growing every day. But we want to give a little bit more incremental detail today with that in our deck and in our remarks on the other countries we're focused on.

Speaker #6: Great. Thanks so much.

Scott Searle: Great. Thanks so much.

Scott Wisniewski: Thanks.

Operator: Thank you. Our next question comes from the line of Michael Funk with Bank of America. Please proceed with your question.

Speaker #3: Thank you. Our next question comes from the line of Michael Funk with Bank of America. Please proceed with your question.

Speaker #6: Yeah, great—yeah, thank you for the question. So I want to go back to the launch target. I think you talked last quarter about stacking up to eight satellites per launch.

Michael Funk: Yeah, great. Yes, thank you for the question. I wanna go back to the launch target. I think you talked last quarter about stacking up to 8 satellites per launch. Just wondering about the hurdles, authorizations required to get to the 8. Abel Avellan, earlier in the call, you mentioned, you know, deploying AI edge computing features, I think, in the next generation of satellite. Wanna get a better understanding of how that's going to improve either the efficiency or performance of next generation satellites.

Speaker #6: And so, just wondering about the hurdles and authorizations required to get to the eight. And then, earlier in the call, you mentioned deploying AI edge computing features, I think, in the next generation of satellite.

Michael Funk: Abel Avellan, earlier in the call, you mentioned, you know, deploying AI edge computing features, I think, in the next generation of satellite. Wanna get a better understanding of how that's going to improve either the efficiency or performance of next generation satellites.

Speaker #6: And I want to get a better understanding of how that's going to improve either the efficiency or performance of next-generation satellites.

Speaker #4: Yeah. Let me answer first the first question. As I explained earlier in the call, we do have now the technology. And we are manufacturing that at rate.

Abel Avellan: Yeah. Let me answer first the first question. As I explained it earlier in the call, we do have now the technology, and we are manufacturing that at rate. Which is basically the technology to be able to stack multiple launches, multiple satellites in a single launch. The way that we do it is basically on New Glenn, we can stack up to 8. In Vulcan, we can stack up to 5, and in Falcon 9, we can stack up to 3. This is a self-contained structure. It's full composite. It is manufactured under our own IP. We are also growing. We have over 1,000 people dedicated to build these structures. Well, they are very difficult to build and test.

Speaker #4: Which is basically the technology to be able to stack multiple launches, multiple satellites in a single launch. The way that we do it is, basically on New Glenn, we can stack up to eight.

Abel Avellan: In Vulcan, we can stack up to 5, and in Falcon 9, we can stack up to 3. This is a self-contained structure. It's full composite. It is manufactured under our own IP. We are also growing. We have over 1,000 people dedicated to build these structures. Well, they are very difficult to build and test.

Speaker #4: In Vulcan, we can stack up to five. And in Falcon 9, we can stack up to three. And this is a self-contained structure. It's full composite.

Speaker #4: It is manufactured under NIP. We are also growing. We have over 1,000 people yet dedicated to build these structures where they are very, very difficult to build and test.

Abel Avellan: We are now very close to getting 6 of them every month and being able to stack it with each of the different launch partners. To your second question about AI, we are not in the play of hyperscaler systems in space. What we are incorporating to our satellites, which you will start seeing in the production batches towards the end of the year, is the ability to edge compute and load AI capabilities on board that can be very efficiently integrated also to the UEs for a variety of uses around AI. As it relate to AI spectrum management, basically, as you fly, you have resources to do to administrate dynamically. They're basically power and spectrum.

Speaker #4: But we are now very close to getting six of them every month and being able to stack it with each of the different launch partners.

Speaker #4: To your second question about AI, we are not in the play of hyperscaler systems in space. But what we are incorporating to our satellites, which you will start seeing in the production batches towards the end of the year, is the ability to edge compute and load AI capabilities onboard that can be very efficiently integrated also to the UEs for a variety of uses around AI.

Abel Avellan: What we are incorporating to our satellites, which you will start seeing in the production batches towards the end of the year, is the ability to edge compute and load AI capabilities on board that can be very efficiently integrated also to the UEs for a variety of uses around AI. As it relate to AI spectrum management, basically, as you fly, you have resources to do to administrate dynamically. They're basically power and spectrum.

Speaker #4: I received related to AI spectrum management. Basically, as you fly, you have resources to administrate dynamically, that’s basically power and spectrum. As you know, we can tune within 1,100 megahertz of spectrum.

Abel Avellan: As you know, we can tune within 1,100 megahertz of a spectrum. We have blocks of a spectrum with our MNO partners, that's called IMT spectrum, that we can tune country by country, location by location. Also we had our MSS. The AI spectrum management is a system behind all of that that basically predict traffic, predict location, predict where people are, and then allocate that very, very intelligently. Remember, on a satellite, you have 2,000 square kilometers of view of what's going on underneath you. AI basically has the ability to predict where the traffic will be as the satellites move and dynamically allocate resources into the satellite. That's typically the power or a spectrum.

Speaker #4: And then we have blocks of a spectrum with our MNO partners, that's called IMT spectrum, that we can tune country by country, location by location.

Speaker #4: And also, we had our MSS. And the AI spectrum management is a system behind all of that that basically predicts traffic, predicts location, predicts where people are, and then allocates that very, very intelligently.

Abel Avellan: The AI spectrum management is a system behind all of that that basically predict traffic, predict location, predict where people are, and then allocate that very, very intelligently. Remember, on a satellite, you have 2,000 square kilometers of view of what's going on underneath you. AI basically has the ability to predict where the traffic will be as the satellites move and dynamically allocate resources into the satellite. That's typically the power or a spectrum.

Speaker #4: Remember, on a satellite, you have 2,800 square kilometers of view of what's going on in the next view. And AI basically has the ability to predict where the traffic will be as the satellites move, and dynamically allocate resources into the satellite.

Speaker #4: That's typically either power or a spectrum. And the end result of that is that the perceived user perception of what amount of spectrum is used and how efficient it is—it is a multiple, because you basically can play with the whole field of view in how you allocate dynamically the spectrum, square kilometer by square kilometer.

Abel Avellan: The end result of that is that the perceived user perception of what amount of spectrum it is used or how efficient it is a multiple. Because you basically can play with the whole field of view in how you allocate dynamically the spectrum, square kilometer by square kilometer.

Speaker #6: Great. Thank you so much for that.

Michael Funk: Great. Thank you so much for that.

Speaker #3: Thank you. Our next question comes from the line of Mike Crawford with B. Riley Securities. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Mike Crawford with B. Riley Securities. Please proceed with your question.

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

Speaker #6: Thank you. Just to clarify, what's the AST 5000 ASIC? That's been expected to enable 120 megabit per second peak data speeds. But is it the AI spectrum management that gets you up closer to 200 megabits per second by year-end?

Speaker #6: And then also, on the non-communications capabilities that you're developing in conjunction with the SDA, would I be—would we be correct in assuming we're talking about mid-band military radar?

Mike Crawford: Also on the non-communications capabilities that you're developing in conjunction with the SDA, would we be correct in assuming we're talking about mid-band military radar, so that's something that we're not gonna see with your initial BlueBirds that are launching now, but once you incorporate L-band and, excuse me, S-band into the satellites?

Speaker #6: So that's something that we're not going to see with the initial BlueBirds that are launching now, but once you incorporate L-band—excuse me, S-band—into the satellites?

Speaker #4: Yeah. Let me start with the defense capability. I will not be able to describe it on this forum. But basically, it's a non-communication capability that uses the same hardware that we use on our commercial satellites.

Abel Avellan: Yeah. Let me start with the defense capability. I will not be able to describe it on this forum. Basically, it's a non-communication capability that use the same hardware that we use on our commercial satellites. That's been in use today. As Scott mentioned, they're using it today. They plan to extend drastically how they use it. That is a non-communication application for defense purposes.

Speaker #4: And that's been in use today. And as Scott mentioned, they're using it today. They plan to extend drastically how they use it. And that is a non-communication application for defense purposes.

Speaker #4: The.

Speaker #3: And before we leave that topic, Mike, it's important to note that that does not require mid-band spectrum. That's something we can do with low-band spectrum, which we're deploying, which we've deployed today, right?

Scott Wisniewski: Before we leave that topic, Mike, it's important to note that that does not require mid-band spectrum. That's something we can do with low-band spectrum, which we're deploying, which we deploy today, right?

Speaker #4: Correct. Then, as it relates to the ASIC, the ASIC is complete. It's been incorporated into the production line. The ASIC basically allowed us to upgrade the amount of bandwidth we can manage for each satellite.

Abel Avellan: Correct. As it relate to the ASIC, the ASIC's complete. It's been incorporated into the production line. The ASIC basically allow us to upgrade the amount of bandwidth we can manage for each satellites. On the FPGA satellites, we had around 1 GHz of spectrum. With the ASIC satellite, we have 10 GHz of spectrum. It's a factor of 10 increase on number of gigahertz that can be constantly used per satellite. The big data rates are actually not dependent on the FPGA or ASIC. That's how many of those connections you can have simultaneously and do not rely on the AI in order to get to the 100 Mbps that we have on an FPGA satellites that are actually the smaller initial satellites.

Speaker #4: So on the FPGA satellites, we had a run of 1 gigahertz of spectrum. With the ASIC satellite, we had 10 gigahertz of spectrum.

Speaker #4: So it's a factor of 10 increase in the number of gigahertz that can be constantly used per satellite. The peak data rates are actually not dependent on the FPGA or ASIC.

Abel Avellan: It's a factor of 10 increase on number of gigahertz that can be constantly used per satellite. The big data rates are actually not dependent on the FPGA or ASIC. That's how many of those connections you can have simultaneously and do not rely on the AI in order to get to the 100 Mbps that we have on an FPGA satellites that are actually the smaller initial satellites.

Speaker #4: That's how many of those connections you can have simultaneously. And do not rely on the AI in order to get to the 100 megabits per second that we have on FPGA satellites that are actually the smaller initial satellites.

Speaker #4: And we expect to double the 98 megabits per second that we have. If we are using the BB6, which is already in orbit, and the A9 and 10 that we will launch here very quickly, they do not require the ASIC or the AI management.

Abel Avellan: We expect to double the 98 Mb per second that we have. We are using the BB6, which is already orbit, and the A9 and 10 that we will launch here very quickly. That do not require the ASIC or the AI management, and that's pure big data rate per se. The AI management is basically when you is a way to intelligently distribute that big pipe of 10 GHz or 1 GHz, depending on the version of the satellite, intelligently where the users are and predicting where the users are going to be in order to allocate a slice of that 10 GHz where the traffic is needed. Do it dynamically and proactively, using a AI agent of our own.

Speaker #4: And that's pure peak data rate per cell. The AI management is basically when you—it's a way to intelligently distribute that big pipe of 10 gigahertz or 1 gigahertz, depending on the version on the satellite, intelligently where the users are and predicting where the users are going to be in order to allocate a slice of that 10 gigahertz where the traffic is needed.

Abel Avellan: The AI management is basically when you is a way to intelligently distribute that big pipe of 10 GHz or 1 GHz, depending on the version of the satellite, intelligently where the users are and predicting where the users are going to be in order to allocate a slice of that 10 GHz where the traffic is needed. Do it dynamically and proactively, using a AI agent of our own.

Speaker #4: And do it dynamically and proactively using our own AI engine.

Mike Crawford: Okay. Thank you very much.

Speaker #6: Okay. Thank you very much.

Mike Crawford: Okay. Thank you very much.

Speaker #3: Thank you. Our next question comes from the line of Brian Graff with Deutsche Bank. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Bryan Kraft with Deutsche Bank. Please proceed with your question.

Speaker #7: Hi. Good afternoon. Apologies for the multi-part kind of long question. But I really had a few questions I wanted to ask you around launch.

Bryan Kraft: Hi, good afternoon. Apologies for the multi-part kind of long question, I really had a few questions I wanted to ask you around launch. I guess first, do you have contracted launch capacity to do an average of basically 1 launch per month from June through December? I think that's what you need to do in order to get close to that 45 number. How diversified is the launch mix? What if you can only do, say, 1 more New Glenn launch this year? Could you still get close to that 45? You know, I don't know. This is the first time I think you've mentioned Vulcan. I was wondering, you know, how much launch you were able to secure there and if that could fill that gap in.

Speaker #7: I guess, first, do you have contracted launch capacity to do an average of basically one launch per month from June through December? Because I think that's what you need to do in order to get close to that 45 number.

Speaker #7: And then, how diversified is the launch mix? And what if you can only do, say, one more New Glenn launch this year? Could you still get close to that 45?

Bryan Kraft: How diversified is the launch mix? What if you can only do, say, 1 more New Glenn launch this year? Could you still get close to that 45? You know, I don't know. This is the first time I think you've mentioned Vulcan. I was wondering, you know, how much launch you were able to secure there and if that could fill that gap in.

Speaker #7: I don't know. This is the first time I think you've mentioned Vulcan, so I was wondering, how much launch you were able to secure there?

Speaker #7: And if that could fill that gap in? And then it sounds like you've made great progress on the manufacturing side. With 11 through 33 in production, is the next batch of satellites going to be ready to ship for, say, a July launch?

Bryan Kraft: It sounds like you've made great progress on the manufacturing side. With 11 through 33 in production, is the next batch of satellites gonna be ready to ship for, say, a July launch? The last thing I wanted to ask you about is on the stacking, do you sorta need to work your way up to the max of those ranges? In other words, you know, on the next New Glenn, can you go right to 8, or do you have to, or would you prefer to, say, do 3 or 4 to make sure it goes smoothly and then, you know, 5 to 6, and then go to 7 to 8? Are you just gonna kind of fill these things up going forward? Thank you.

Speaker #7: And then the last thing I wanted to ask you about is, on the stacking, do you sort of need to work your way up to the max of those ranges?

Speaker #7: In other words, on the next New Glenn, can you go right to eight? Or do you have to, or would you prefer to, say, do three or four to make sure it goes smoothly?

Bryan Kraft: In other words, you know, on the next New Glenn, can you go right to 8, or do you have to, or would you prefer to, say, do 3 or 4 to make sure it goes smoothly and then, you know, 5 to 6, and then go to 7 to 8? Are you just gonna kind of fill these things up going forward? Thank you.

Speaker #7: And then 5 to 6, and then go to 7 to 8? Or are you just going to kind of fill these things up going forward?

Speaker #7: So thank you.

Speaker #4: Hey, Brian. So yes, we do have contracted launch capacity to meet our target for 2026. And the way to think about it is basically a handful of Blue Origin launches and a handful of SpaceX or equivalent launches.

Scott Wisniewski: Hey, Bryan. Yes, we do have contracted launch capacity to meet our target for 2026. The way to think about it is basically, you know, a handful of Blue Origin launches and a handful of SpaceX or equivalent launches. That's what gets us to the approximately 45. You know, we know that Blue Origin just suffered an anomaly, right? We're optimistic about their return to the pad. The fact that they land, they have two boosters is a massive support for the cadence that we have always expected and that we have contracted. That's how we think about the mix and how we get to that 45 number.

Speaker #4: And that's what gets us to the approximately 45. We know that Blue Origin just suffered an anomaly, right? But we're optimistic about their return to the pad.

Scott Wisniewski: That's what gets us to the approximately 45. You know, we know that Blue Origin just suffered an anomaly, right? We're optimistic about their return to the pad. The fact that they land, they have two boosters is a massive support for the cadence that we have always expected and that we have contracted. That's how we think about the mix and how we get to that 45 number.

Speaker #4: And the fact that they land, they have two boosters, is a massive support for the cadence that we have always expected. And then we have contracted.

Speaker #4: So that's how we think about the mix, and how we get to that 45 number. On the manufacturing side, we definitely—yeah, we have capacity to keep knocking out launches one after another.

Scott Wisniewski: On the manufacturing side, we definitely have capacity to keep knocking out launches one after another. Absolutely. You can see that on the page in the deck. Given where we are, we expect to have more satellites each month to be ready for launch. We'll of course, as we have, update the public, you know, 30 to 60, 90 days ahead of launch as those are down selected and confirmed. On stacking, I think you pretty much captured it, Bryan. I mean, we expect on the next New Glenn, we'll launch 4 satellites. Part of that is kind of ramping into the stacking capability and also, of course, managing where they are in the program.

Speaker #4: Absolutely. You can see that on the page in the deck. So, given where we are, we expect to have more satellites each month to be ready for launch.

Speaker #4: And we’ll, of course, as we have, update the public 30, 60, 90 days ahead of launch, as those are down-selected and confirmed.

Scott Wisniewski: We'll of course, as we have, update the public, you know, 30 to 60, 90 days ahead of launch as those are down selected and confirmed. On stacking, I think you pretty much captured it, Bryan. I mean, we expect on the next New Glenn, we'll launch 4 satellites. Part of that is kind of ramping into the stacking capability and also, of course, managing where they are in the program.

Speaker #4: And then on stacking, I think you pretty much captured it, Brian. I mean, we expect on the next New Glenn, we'll launch four satellites.

Speaker #4: Part of that is kind of ramping into the stacking capability, and also, of course, managing where they are in the program. But we're very mature now in the three-stack.

Scott Wisniewski: You know, we're very mature now in the 3-stack and we're gonna be doing that very shortly. The 4-stack likely shortly thereafter. Yeah, 6, 7, 8, you know, that's how we get to our constellation size, right? That's why we've selected the vehicles we have and plan to make use of as much of the capacity of each of the rockets as we have available.

Speaker #4: And we're going to be doing that very shortly. And the four-stack, likely shortly thereafter. And then, yeah, six, seven, eight—that's how we get to our constellation size, right?

Speaker #4: That's why we've selected the vehicles we have and plan to make use of as much of the capacity of each of the rockets as we have available.

Speaker #7: That's very helpful, Scott. If I could just ask one follow-up: Where does ULA fit into that? You mentioned a handful of Blue Origin, a handful of SpaceX.

Bryan Kraft: That's very helpful, Scott. If I could just ask one follow-up. Where does ULA fit into that? You mentioned handful of Blue Origin, handful of SpaceX. Is Vulcan sort of the backup, or are you gonna use them as well? Just curious, you know, why that came into the conversation today.

Speaker #7: Is Vulcan sort of the backup? Or are you going to use them as well? Just curious why that came into the conversation today.

Speaker #4: Well, our strategy has always been to have many launch providers, right? And so I put that in that category. We've been developing other heavy launch providers for some time.

Scott Wisniewski: Well, our strategy has always been to have many launch providers, right? I put that in that category. We've been developing other heavy launch providers for some time, and we'll have more updates as appropriate. Right now, you know, we plan to use Blue Origin and SpaceX and equivalents to the max.

Speaker #4: And we'll have more updates as appropriate. But right now, we plan to use Blue Origin and SpaceX, and equivalents, to the max.

Speaker #7: Okay. Thank you.

Bryan Kraft: Okay. Thank you.

Operator: Thank you. Our next question comes from the line of Louie DiPalma with William Blair. Please proceed with your question.

Speaker #3: Thank you. Our next question comes from the line of Louis Dupalma with William Blair. Please proceed with your question.

Speaker #8: Good afternoon. Abel, Scott, and Andy. Abel, great. Abel, Scott, and Andy, what do you view as the impact of Amazon's acquisition of Globalstar?

Louie DiPalma: Good afternoon, Abel, Scott, and Andy. Abel.

Scott Wisniewski: Hey. How you doing, Louie?

Louie DiPalma: Great. Abel, Scott, and Andrew Johnson, what do you view as the impact of Amazon's acquisition of Globalstar? Do you view any potential partnership opportunities with Amazon as they seem to be very much in the early stages of entering this industry?

Speaker #8: And do you view any potential partnership opportunities with Amazon, as they seem to be very much in the early stages of entering this industry?

Speaker #4: Listen, we did a complicated transaction in the sense that that capacity and that capability, it is already on the phones through the iPhones. And basically, we see the capability as an SOS emergency system.

Abel Avellan: Listen, that's a complicated transaction in the sense that that capacity and that capability, it is already on the phones through the iPhones. Basically, we see that capability as a SOS emergency system. We also see that here, really, at the end of the day, to provide broadband, you need to have hundreds of megahertz of a spectrum allocated. We're obviously here talking about, in the case of Globalstar, on a very small fraction of that. We don't see that changing dramatically in the foreseeable future of what the capability is today. We don't see any real change of the landscape, at least for the next several years.

Speaker #4: And we also see that here, really, at the end of the day, to provide broadband you need to have hundreds of megahertz of spectrum allocated.

Abel Avellan: We also see that here, really, at the end of the day, to provide broadband, you need to have hundreds of megahertz of a spectrum allocated. We're obviously here talking about, in the case of Globalstar, on a very small fraction of that. We don't see that changing dramatically in the foreseeable future of what the capability is today. We don't see any real change of the landscape, at least for the next several years.

Speaker #4: So we're obviously here talking about, in the case of Globalstar, a very small fraction of that. So we don't see that changing dramatically in the foreseeable future of what that capability is today, and we don't see any real change or the landscape, at least for the next several years.

Abel Avellan: When you think about some of our partners and you combine their spectrum, IMT 3GPP already on the phone spectrum that they are allocating to us, plus our 50 megahertz of spectrum in MSS, either on the L-band and the S-band, you're talking about, in some cases with some partners, all the way up to 100 megahertz of allocated spectrum. Our focus is broadband. Our focus is, of course, that broadband will come as we enable spectrum in a combination of our partner spectrum in low band and then later our mid band, low band spectrum in the L-band. We see that as a complete different proposition and different.

Speaker #4: When you think about some of our partners, and you combine their spectrum—IMT 3GPP, already on the phone spectrum that they are allocating to us—plus our 50 megahertz of spectrum in MSS, either on the LVAN and the SVAN, you're talking about, in some cases with some partners, all the way up to 100 megahertz of allocated spectrum.

Speaker #4: So, our focus is broadband. Our focus is, of course, that broadband will come as we enable spectrum in a combination of our partner spectrum in low band, and then later, our mid-band low band spectrum in the LVAN.

Abel Avellan: Our focus is broadband. Our focus is, of course, that broadband will come as we enable spectrum in a combination of our partner spectrum in low band and then later our mid band, low band spectrum in the L-band. We see that as a complete different proposition and different.

Speaker #4: We see that that's a completely different proposition—different, and quite frankly, nobody is anywhere close to the capability that we have, technically, to deliver hundreds of megabits directly to a phone.

Abel Avellan: We quite frankly, nobody is nowhere close in to the capability that we have technically to deliver hundreds of megabits directly to a phone from something that is flying at 70,000 miles per hour, 500 kilometers above you. That competitive advantage of that capability is unique, and that's that what we make available to our MNO partners.

Speaker #4: From something that is flying at 70,000 miles per hour, 500 kilometers above you, and that competitive advantage and that capability is unique, and that's what we make available to our M&O partners.

Speaker #8: Great. And another question following up on the trial that was announced this morning, that generated the peak downlink of 99 megabits per second. Do you have a sense of what the average downlink would look like for Block 2 satellites when you and your partners launch the trials later this year?

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

Speaker #4: Yeah, I think the talk about peak and average is tricky because it also depends on what is transiting through—the applications on the phone.

Abel Avellan: Yeah. I think the Talk about peak and average is tricky because it also depends on what is transiting through the applications on the phone. That what we tend to focus about peak. The peak data rate for our larger BB6, which is in orbit, and 8, 9, and 10, it is approximately double of what we disclosed this morning. You're talking about closer to the 200 megabits per second. That's peak. Average, it depend what you're transiting. Is it small packages or large packages, and how you interact. In terms of network capacity, it is pretty much double of what we disclosed this morning. Around double of what we disclosed this morning.

Speaker #4: So, that's what we tend to focus on about peak. But the peak data rate for our larger BB6, which is in orbit, and A9 and 10—it is approximately double what we disclosed this morning.

Speaker #4: So you're talking about closer to the 200 megabits per second, and that's peak. And average, it depends what you're transiting—if this is small packages or large packages—and how you interact.

Abel Avellan: You're talking about closer to the 200 megabits per second. That's peak. Average, it depend what you're transiting. Is it small packages or large packages, and how you interact. In terms of network capacity, it is pretty much double of what we disclosed this morning. Around double of what we disclosed this morning.

Speaker #4: But in terms of network capacity, it's pretty much double what we disclosed this morning—around double, or what we discussed this morning.

Speaker #8: Great. Thanks, everyone.

Louie DiPalma: Great. Thanks, everyone.

Operator: Thank you. Our next question comes from the line of Chris Quilty with Quilty Space. Please proceed with your question.

Speaker #3: Thank you. Our next question comes from the line of Chris Quilty with Quilty Space. Please proceed with your question.

Chris Quilty: Thanks, guys. I just wanted to do a quick follow-up on the, excuse me, the non-communication satellite effort on the defense side. You know, since your satellites were specifically designed as a communication platform, does that imply that you're gonna have to do, you know, large redesign of satellites in adding things like optical cross links and onboard processing and pointing mechanisms? If so, is that something that would be customer, you know, NRE funded or something that, you know, you're footing the capital for?

Speaker #9: Thanks, guys. I just want to do a quick follow-up on—excuse me—the non-communication satellite effort on the defense side. Since your satellites were specifically designed as a communication platform, does that imply that you're going to have to do a large redesign of satellites and add things like optical cross-links, onboard processing, and pointing mechanisms?

Speaker #9: Or if so, is that something that would be customer NRE-funded, or something that you're putting the capital for?

Speaker #4: Hey, Chris. I mean, we didn't start working with our department award this year, not even last year. This has been many, many, many, many years in the coming.

Abel Avellan: Hey, Chris. I mean, we didn't start working with our department award this year, not even last year. This has been many years in the coming. All the capabilities that they require are already built in what we are producing on the line. There will be additions per the request that I'm not permitted to discuss. Basically, the core capability of what they're using, it was incorporated many years back.

Speaker #4: So all the capabilities that they require are already built in, in what we are producing on the line. There will be additions after the request that are not permitted to discuss.

Speaker #4: But basically, the core capability of what they're using was incorporated many years back.

Speaker #9: Great. And speaking of government defense budgets, assuming the administration gets through this reconciliation package, there's a huge generational budget increase. Can you name the specific programs where you think AST has an opportunity to target?

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

Speaker #9: Or are you expecting that most of your opportunities are going to be on the classified side?

Speaker #4: It is a combination, and a lot have to—a lot related as the government make a public by themselves around the golden dome. But we are basically, in all aspects of government usage, we're present from FirstNet, from the classified to all the way to the golden dome.

Abel Avellan: It is a combination, and a lot related as the government have made it public by themselves around the Golden Dome. We are basically in all aspects of government usage, we're present from FirstNet, from the classified all the way to the Golden Dome for communication and non-communication capabilities. We see ourselves as a very important asset to our government, multi-utility. As I said, this has been years developing for them. They're using it today, and we expect a very significant growth in revenue and opportunity in all aspects of government usage of our technology.

Speaker #4: So, for communications and for communication and non-communication capabilities, we see ourselves as a very important asset to our government—multi-utility. And as I said, this has been years developing for them; they're using it today, and we expect a very significant growth in revenue and opportunity in all aspects of government usage.

Abel Avellan: We see ourselves as a very important asset to our government, multi-utility. As I said, this has been years developing for them. They're using it today, and we expect a very significant growth in revenue and opportunity in all aspects of government usage of our technology.

Speaker #4: Of our technology.

Speaker #9: All right. Thank you.

Chris Quilty: All right. Thank you.

Speaker #3: Thank you. Our next question comes from the line of Greg Pandy with ClearStreet. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Greg Pendy with Clear Street. Please proceed with your question.

Speaker #10: Hey, guys. Just a real quick one. When you do hit 45 satellites on the launch side, what is the commissioning time period we should be thinking about?

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

Speaker #10: And tell us, sort of, the activation with service with M&Os.

Speaker #4: Yeah. Currently, are we doing it on the first satellites? I mean, these satellites are the largest satellite phased arrays ever deployed. So it took longer than it will take on the coming satellites.

Abel Avellan: Yeah. Currently, we do it on the first satellites. I mean, these satellites are the largest satellites phased arrays ever deployed. It took longer that it would take on these coming satellites. The target is 45 days. That's what we are planning with the MNOs. Every time that we launch in 45 days, we should be using either 5G or 4G connectivity through them. As we keep launching, we plan to reduce that timeframe from 45 all the way down to two weeks. We don't want to promise that in the early batches of satellites.

Speaker #4: So the target is 45 days. That's what we are planning with the M&O. So every time that we launch, in 45 days, we should be using either 5G or 4G connectivity through them.

Speaker #4: And but as we keep launching, we plan to reduce that timeframe from 45 all the way down to two weeks. We don't want to promise that in the early batches of satellites.

Speaker #10: Great. And then just one more. As you're looking at this multi-launch strategy, plan, and adding new launch partners, any thoughts, if Neutron from Rocket Lab is available in 2027, on what type of capacity—and if that would be a potential other partner in the launch strategy?

Greg Pendy: Great. Just one more. As you're looking at this multi-launch strategy plan and adding new launch partners, any thoughts if Neutron from Rocket Lab is available in 2027 on what type of capacity and if that would be a potential other partner in the launch strategy?

Scott Wisniewski: Hey. Yeah, we're not going to comment on other launch providers, but you've heard our commentary today about who we're looking at. We like launch providers. We like to launch with them. Our satellites are designed to fit in all the standard 5-meter fairings and larger ones as well. I think that's what we'll say at this time.

Speaker #11: Hey, yeah, we're not going to comment on other launch providers. But you've heard our commentary today about who we're looking at. But we like launch providers.

Speaker #11: We like to launch with them. Our satellites are designed to fit in all the standard five-meter fairings and larger ones as well. So, I think that's what we'll say at this time.

Speaker #10: Okay, great. I appreciate it. Thanks.

Greg Pendy: Okay, great. I appreciate it. Thanks.

Speaker #3: Thank you. And we have reached the end of the question-and-answer session. I would now like to turn the floor back over to Scott Wisniewski for closing remarks.

Operator: Thank you. We have reached the end of the question-and-answer session. I would now like to turn the floor back over to Scott Wisniewski for closing remarks.

Speaker #11: Thank you, operator. We want to thank all of our shareholders and research analysts for joining the call. Really appreciate it. Have a great week.

Scott Wisniewski: Thank you, operator. We want to thank all of our shareholders and research analysts for joining the call. Really appreciate it. Have a great week.

Operator: Thank you. This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.