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    Chris Quilty

    Research Analyst at Quilty Space

    Chris Quilty is Co-CEO and President at Quilty Space, specializing in independent research and advisory services for the satellite and space industry. He covers a broad spectrum of companies including satellite operators, prime contractors, launch providers, component suppliers, and leading space technology firms, and is credited with participation in over 30 capital markets transactions worth more than $2.5 billion and twice receiving Wall Street Journal 'Best on the Street' analyst honors. Quilty began his career as a sell-side analyst at Raymond James, where he spent 20 years producing hundreds of sector and company reports before founding Quilty Space (formerly Quilty Analytics) in 2016. He holds a BS in Systems Engineering from the United States Naval Academy and an MBA from the University of Chicago, is a Registered Representative with StillPoint Capital, and recognized as a top-performing analyst in the space sector.

    Chris Quilty's questions to GILAT SATELLITE NETWORKS (GILT) leadership

    Chris Quilty's questions to GILAT SATELLITE NETWORKS (GILT) leadership • Q2 2025

    Question

    Chris Quilty of Quilty Space asked about the Stellar Blue order pipeline, particularly with Panasonic, the impact of the SES/Intelsat merger on order flow, dynamics in the cellular backhaul market, the pricing and margin impact of the virtualized SkyEdge Four platform, and progress on the WaveStream NGSO order.

    Answer

    CEO Adi Sfadia stated that certification with Panasonic is nearly complete and orders are expected soon. He acknowledged a slowdown in cellular backhaul but highlighted the virtual platform's agility, with a significant margin impact expected around 2027. CFO Gil Benyamini confirmed software-only pricing is similar to the hardware model but with superior margins. Sfadia also noted the WaveStream NGSO order is progressing with ongoing deliveries and more orders anticipated.

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    Chris Quilty's questions to AST SpaceMobile (ASTS) leadership

    Chris Quilty's questions to AST SpaceMobile (ASTS) leadership • Q2 2025

    Question

    Chris Quilty of Quilty Space asked if government satellite inclination requirements are complementary to the commercial constellation or if separate orbits are needed. He also inquired if U.S. government contracts preclude deals with other Five Eyes nations and if a government-specific satellite block was being considered.

    Answer

    Founder, Chairman & CEO Abel Avellan stated there is significant interest in dual-use of the satellites but could not comment on specific orbits. He confirmed there is no exclusion from working with Five Eyes nations, though the current focus is the U.S. He also noted that government capabilities are already designed into the current satellites, with necessary features incorporated over a year ago.

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    Chris Quilty's questions to KVH INDUSTRIES INC \DE\ (KVHI) leadership

    Chris Quilty's questions to KVH INDUSTRIES INC \DE\ (KVHI) leadership • Q2 2025

    Question

    The analyst inquired about Starlink terminal activation numbers, the use of the AgilePlans program for OneWeb and Starlink, differences between OneWeb and Starlink customers, projected GEO costs, service margin outlook, details of the upcoming Starlink renewal, Commvox attachment rates, and the impact of end-market trends on demand.

    Answer

    The company provided Starlink subscriber numbers, explaining that AgilePlans are primarily used for the more expensive OneWeb terminals. They noted OneWeb customers seek diversity from Starlink. GEO costs are expected to be stable for the year despite a Q2 dip. Service margins are projected to remain in the 35-40% range, supported by LEO growth. The new Starlink deal will incorporate a monthly terminal access charge. Commvox subscribers are around 600-700 with an expected increase in attachment rates. The company has not observed any significant impact from global shipping trends or tariffs on customer demand.

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    Chris Quilty's questions to KVH INDUSTRIES INC \DE\ (KVHI) leadership • Q2 2025

    Question

    Chris Quilty of Quilty Space asked about several key operational metrics, including Starlink terminal activations, the use of the AgilePlans program for OneWeb, and the customer profile for OneWeb versus Starlink. He also inquired about the service margin outlook given the LEO/GEO mix, the status of the Starlink data pool renewal, the impact of new access fees, and the attachment rate for the Commvox gateway. Finally, he questioned the impact of broader macroeconomic shipping trends on demand.

    Answer

    CFO Anthony Pike provided details on Starlink additions, noting the total was just short of 4,000 including hybrids, and explained that AgilePlans are used more for higher-cost OneWeb terminals due to their price. CEO Brent Bruun added that OneWeb customers often seek service diversity from Starlink. Pike clarified that GEO costs are fixed annually but had a temporary dip in Q2, and that service margins should remain in the 35-40% range as growing LEO margins offset pressure on the legacy GEO business. Bruun confirmed renewal discussions with Starlink are underway and will incorporate a new monthly terminal access charge. He also clarified Commvox subscribers were closer to 600-700 and stated the company has not seen an impact from global shipping trends on demand.

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    Chris Quilty's questions to KVH INDUSTRIES INC \DE\ (KVHI) leadership • Q4 2024

    Question

    Inquired about the OneWeb service, specifically terminal pricing and customer motivation. Also asked about the competitive positioning of the CommBox product, the rate of VSAT churn and associated cost management, base CapEx, and the outlook for free cash flow in 2025.

    Answer

    The company stated that OneWeb customers value network diversity, justifying the higher terminal cost (2x Starlink). They believe their CommBox product is competitive, with new security features planned, and is applicable to new land markets. VSAT churn has stabilized, and costs are being managed through reduced bandwidth commitments and using refurbished hardware, leading to lower CapEx. They are aiming for positive free cash flow in 2025.

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    Chris Quilty's questions to Iridium Communications (IRDM) leadership

    Chris Quilty's questions to Iridium Communications (IRDM) leadership • Q2 2025

    Question

    Chris Quilty of Quilty Analytics asked if new Certus mid-band products would contribute to IoT growth in the second half. He also inquired about the PNT customer acquisition model, the expected revenue split between commercial and government PNT users, and the reason for the decline in government voice subscribers.

    Answer

    CEO Matthew Desch confirmed that new Certus products are part of the expected H2 IoT growth. For PNT, he described an evolving pricing model and a customer adoption cycle that starts with trials before scaling, noting the government could be at least half of the PNT business. He attributed the government voice subscriber decline to an internal billing transition between DISA and the Space Force, clarifying it doesn't reflect the service's strategic value.

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    Chris Quilty's questions to Planet Labs PBC (PL) leadership

    Chris Quilty's questions to Planet Labs PBC (PL) leadership • Q1 2026

    Question

    Chris Quilty of Quilty Space addressed the news about potential cuts to the NRO's EOCL program, asking for any insight into the situation and its potential impact on Planet.

    Answer

    CEO Will Marshall acknowledged the situation was analogous to the NASA budget discussion, emphasizing Planet's strong partnership with the NRO and NGA. He stated that the administration's broader push to leverage commercial services is a positive trend and that, while specifics are in flux, he believes the opportunities in Washington D.C. outweigh the risks for Planet.

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