Caleb Henry

Caleb Henry asked about Iridium's positioning to win on the Shield IDIQ, given that 151 companies were awarded access, and where Iridium sees its specific opportunities.

Answer

CEO Matt Desch highlighted Iridium's 25+ year history of delivering high-quality service to the U.S. government, its role as a 'Milnet' or 'Space Data Network,' and its 130,000 endpoints relevant to Golden Dome. He also cited Iridium's highly regarded work with the Space Development Agency (SDA) in building ground infrastructure and operating satellites as a basis for addressing other government networks, both directly and ancillary to Shield, noting the addressable market is in the billions.

Caleb Henry asked what positions Iridium well to win in the SDA Shield IDIQ, given the large number of awarded companies.

Answer

CEO Matt Desch highlighted Iridium's long history of high-quality service to the government, its 130,000 global endpoints relevant to national security networks, and its highly regarded work with the SDA in building ground infrastructure and operating satellites. He believes this success positions them for other government networks.

Caleb Henry inquired about the Tanager fleet, specifically the planning for its monetization, and any further visibility into its future as a constellation. He also asked about the rapidly growing backlog, its average length, and how revenues are distributed from it over the next couple of years.

Answer

Will Marshall (Co-Founder, CEO & Director, Planet Labs) noted the one-year anniversary of Tanager-1 and its methane detection work with Carbon Mapper, identifying 3,000 emission sources. He highlighted two revenue opportunities with Carbon Mapper and California, seeing strong commercial and intelligence database potential, though it's still early for this new market. Regarding backlog, Mr. Marshall reiterated the 245% year-over-year growth. Ashley Fieglein Johnson (President & CFO, Planet Labs) attributed this increase to the large contracts with Japan and Germany, as well as additional seven-figure solutions contracts. She confirmed that larger satellite services contracts are recognized over multiple years, with specific percentages applying to the next 12 and 24 months.

Caleb Henry inquired about the future planning for monetizing the Tanager fleet and gaining more visibility into its potential as a future constellation. He also asked for details on the backlog's rapid growth, including its average length and how revenues are distributed from it, whether front-loaded or linear over the next few years.

Answer

Will Marshall (Chairman, Co-Founder, and CEO, Planet) noted the one-year anniversary of Tanager-1 and its significant methane detection work with Carbon Mapper, identifying 3,000 emission sources. He mentioned existing revenue opportunities with Carbon Mapper and California, seeing strong commercial and intelligence database potential, though acknowledging it's an early market. Regarding backlog, he reiterated its 245% year-over-year growth. Ashley Fieglein Johnson (President and CFO, Planet) explained that the increase was primarily driven by large contracts with Japan and Germany, along with additional seven- and eight-figure solutions contracts. She clarified that larger satellite services contracts are recognized over multiple years, with specific percentages provided for revenue expected within 12 and 24 months.

Caleb Henry asked if Planet anticipates increased U.S. government demand similar to the commercial weather sector and inquired about the launch timeline for the JSAT-dedicated satellites.

Answer

CEO William Marshall responded '100% yes' to anticipating increased government demand, driven by a focus on efficiency, and noted they are in active discussions with agencies. Regarding the launch timeline, he stated that Planet will first launch its own critical satellites for SkySat continuity, with the JSAT satellites to follow, primarily over the next 24 months.

Caleb Henry of Quilty Space asked about the lessons learned from the deorbited SkySat satellites that were in inclined orbits and how those lessons influence the planned orbital architecture for the next-generation Pelican fleet.

Answer

CEO Will Marshall explained that the key lesson was that inclined planes are very helpful for revisit cadence. Consequently, the Pelican constellation will replicate this architecture with a combination of sun-synchronous and inclined plane satellites. He also clarified that while some SkySats were deorbited, the overall fleet capacity has increased due to per-satellite efficiency improvements, so there is no accelerated pressure to refresh the fleet beyond the company's strategic motivation to upgrade its capabilities.

Caleb Henry of Quilty Space inquired about the reasons for faster growth in international markets, whether the decline in backlog was related to new customer trials, and if Planet has settled on a final size for the Pelican constellation.

Answer

CEO Will Marshall and President Ashley Whitfield Johnson attributed strong international growth to numerous large government deals and a strong product-market fit for sustainability initiatives abroad. Johnson clarified the backlog change was due to renewal timing and contract burn-down, not competitive pressure. Marshall explained the Pelican fleet size is filed for up to 32 satellites but will be throttled based on demand, with priorities being SkySat replenishment and adding new capabilities.

Caleb Henry of Quilty Space asked if the recently acquired S-band spectrum is already licensed nationally or if the licensing process is just beginning. He also inquired about the reason for an accelerated launch payment and whether the constellation plan involves a future Block III satellite design.

Answer

Founder, Chairman & CEO Abel Avellan confirmed the country-by-country licensing process for S-band is starting now. President & Chief Strategy Officer Scott Wisniewski stated the accelerated launch payment was a matter of financial flexibility and not related to provider delays. Regarding future satellites, management described the strategy as building a flexible "mesh" network that can be expanded based on demand, rather than a rigid plan for a Block III.

Caleb Henry of Quilty Space asked about the implementation of the Ligado spectrum, the manufacturing purpose of the new Barcelona facility, and the planned rollout of ground gateways.

Answer

CEO Abel Avellan explained that the company's core technology and ASICs already support the mid-band spectrum from the Ligado deal, requiring no major design changes. He clarified that the Barcelona facility produces high-reliability components, while final satellite integration occurs in Texas. Executive Scott Wisniewski noted that fewer gateways are needed due to the large satellite size and that the rollout is focused on key markets like the U.S., Europe, and Japan.

Caleb Henry of Quilty Analytics asked for clarification on how many Block 1 satellites would be launched before the switch to Block 2. He also inquired about the required ground network rollout, such as the number of teleports, and the anticipated satellite capacity for the ISRO launch vehicle.

Answer

Chairman and CEO Abel Avellan clarified that the company has already switched to producing Block 2 satellites, which are 3.5x larger than the five Block 1 satellites currently in orbit. For the ground network, he stated that four ground stations are ready for U.S. operations, with regional gateways being established with Vodafone for Europe and Rakuten for Japan. He also confirmed the ISRO launch would use their largest rocket but emphasized enthusiasm for Blue Origin's New Glenn, which can carry up to eight satellites.

Caleb Henry of Quilty Space asked for technical specifications on the Eros constellation (resolution, revisit rate, size), clarification on what 'strategic investments' the recent funding would be used for, and the key drivers behind the significant growth in the international backlog.

Answer

CEO Brian O’Toole described Eros as a very high-resolution multispectral satellite system leveraging new technologies developed over the past two years, with constellation size based on market demand. He clarified that 'strategic investments' include AI, the Eros initiative, and potential opportunities like Golden Dome, while stressing a continued focus on reaching free cash flow. O'Toole confirmed that international business is growing faster than domestic, driven by accelerating demand as the Gen 3 constellation comes online.

Caleb Henry sought clarification on the baseline size of the Gen-3 constellation, the acquisition of the partner stake in LeoStella, the focus of LeoStella going forward, the structure of the Luno A contract, and the growth potential of the non-Earth imaging (NEI) market.

Answer

CEO Brian O'Toole clarified that the baseline plan is to maintain a 12-14 satellite constellation to ensure hourly monitoring. He confirmed BlackSky acquired its partner's stake in LeoStella to optimize Gen-3 production, with LeoStella now primarily focused on BlackSky's needs. Regarding Luno A, he noted BlackSky is well-positioned as both a prime contractor and a potential data vendor to other winners. Finally, he confirmed NEI is a high-demand growth area with multiple seven-figure contracts already secured.

Caleb Henry asked for visibility on how Telesat Lightspeed's operating expenses are expected to trend through 2026. He also sought an update on the availability timeline for user terminals from partners like KEST and whether they will be ready for the service launch. Finally, he inquired about the potential for Lightspeed to participate in the Golden Dome defense network initiative.

Answer

President & CEO Daniel Goldberg stated that Lightspeed operating expenses, driven by headcount, will continue to ramp into 2026 as both technical and commercial teams scale, though specific guidance was not provided. He confirmed that all user terminals, including flat panel antennas from partners like KEST, are expected to be available before the commercial service launch. Regarding Golden Dome, Goldberg described it as 'too far out and too speculative' but believes Lightspeed is well-positioned to contribute if Canada participates in the network-of-networks architecture.

Caleb Henry of Quilty Space asked a follow-up question on the sovereignty topic, seeking to identify which specific Canadian government defense programs could be significant revenue drivers for Telesat Lightspeed.

Answer

President and CEO Daniel Goldberg identified the long-standing Enhanced Satellite Communications Project (ESCP) as a key program to watch. He also pointed to recent policy announcements from Canada's major political parties that emphasize increased defense spending, Arctic sovereignty, and dual-use technologies like satellites, which he believes reinforces the strong alignment between Lightspeed's capabilities and Canada's national priorities.

Caleb Henry questioned the progress on Lightspeed's gateway deployment following the Intellian antenna contract, the potential for interoperability with the U.S. military's PWSA constellation, and any possible overlap with Europe's IRIS² network.

Answer

CEO Dan Goldberg and CFO Andrew Browne clarified the Intellian order covers 27 gateways and that site mapping is well underway globally. Goldberg expressed confidence in Lightspeed's interoperability with U.S. military constellations, noting the intentional selection of common suppliers like TSAT for optical links and Aalyria for software. While not directly involved in IRIS², he believes interoperability is likely given the shared Ka-band spectrum and Airbus's role as the OISL manufacturer.