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    Christopher Quilty

    Research Analyst at Quilty Space

    Christopher Quilty is Co-CEO and President at Quilty Space, specializing in strategic financial analysis and advisory services across the satellite and space technology sectors. He has covered a wide array of companies in the space industry, including satellite manufacturers, launch providers, satcom operators, and upstream/downstream technology firms, and is widely recognized for his expertise—having been twice named a Wall Street Journal 'Best on the Street' analyst and having participated in over 30 capital markets transactions totaling more than $2.5 billion. Beginning his career as a sell-side equity analyst at Raymond James, where he spent two decades leading research in industrials, defense, communications, and space, Quilty co-founded Quilty Space (formerly Quilty Analytics) in 2016 to deliver specialized sector intelligence. He holds a B.S. in Systems Engineering from the U.S. Naval Academy and an MBA from the University of Chicago, and is a registered broker-dealer representative through StillPoint Capital, LLC.

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

    Christopher Quilty's questions to GILAT SATELLITE NETWORKS (GILT) leadership • Q1 2025

    Question

    Christopher Quilty asked a series of questions covering the basis for expected Sidewinder orders, details on a UAV terminal sale, balance sheet changes post-Stellar Blu acquisition, amortization guidance, the status of LEO gateway orders, and clarification on the full-year EBITDA guidance.

    Answer

    CEO Adi Sfadia and CFO Gil Benyamini addressed the questions. They confirmed Sidewinder orders are based on business already won by their service provider customers. Gil Benyamini explained the balance sheet changes resulted from acquisition accounting and guided to roughly $3.5 million in quarterly amortization. Adi Sfadia noted LEO gateway decisions are delayed but reiterated the full-year guidance is based on the reported $7.6 million Q1 adjusted EBITDA, not the organic figure.

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    Christopher Quilty's questions to GILAT SATELLITE NETWORKS (GILT) leadership • Q4 2024

    Question

    Christopher Quilty asked for a breakdown of the 2025 guidance, seeking clarity on growth drivers versus headwinds from Russia and Peru. He also inquired about NGSO power amplifier opportunities, Stellar Blu customer acquisition progress, Peru's profitability, defense R&D spending, the outlook for the commercial SkyEdge IV business, and IFC antenna technology trends.

    Answer

    CFO Gil Benyamini identified IFC and defense as the primary growth drivers for 2025, with some headwinds in Peru. He confirmed the company is pursuing large NGSO power amplifier opportunities. CEO Adi Sfadia stated they aim to secure new large customers for Stellar Blu in 2025. On R&D, both executives noted a significant investment increase in defense for new modems and features. Sfadia described the core SkyEdge IV network market as flattish pending new satellite launches but sees opportunity in cloud-based solutions. He also positioned Stellar Blu's single-beam antenna as the leading current technology.

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    Christopher Quilty's questions to GILAT SATELLITE NETWORKS (GILT) leadership • Q3 2024

    Question

    Christopher Quilty asked about the revenue timeline for the Iris² program, its relation to Gilat's cloud virtualization efforts, the current state of the cellular backhaul market, and the progress of the SES mPOWER rollout.

    Answer

    CEO Adi Sfadia projected that Iris² would be a 3-4 year development project with mostly NRE revenue initially. He confirmed that the SkyEdge IV cloud virtualization effort is happening in parallel. He characterized the cellular backhaul market as seeing projects shift to the right with no major new initiatives. Regarding SES mPOWER, he stated Gilat is well-positioned, supporting the launch and expecting more growth as SES expands its satellite deployment.

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    Christopher Quilty's questions to Spire Global (SPIR) leadership

    Christopher Quilty's questions to Spire Global (SPIR) leadership • Q1 2025

    Question

    Christopher Quilty sought to clarify the potential revenue impact from the expected increase in NOAA soundings, asking if revenue would scale proportionally. He also asked about the primary growth drivers for 2025 and 2026 post-Maritime sale and questioned if Spire would consider vertical integration for its Space Services business.

    Answer

    CEO Theresa Condor explained that while revenue will increase with more soundings, the price per sounding is subject to negotiation, though she expects the government to pay a reasonable price. She identified sales to government customers and the space reconnaissance (RF geolocation) business as key growth drivers. Condor stated that the company is currently focused on organic growth and execution, not vertical integration.

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    Christopher Quilty's questions to Spire Global (SPIR) leadership • Q3 2024

    Question

    Christopher Quilty asked for details on the Canadian wildfire deal, clarification on revenue recognition under the new Space Services accounting, whether the Q4 revenue figure is a blip or a new baseline, and the commercial strategy for the new OISL technology.

    Answer

    Chairman Peter Platzer described the Canadian deal as a prime contract for Spire with OroraTech as a payload subcontractor. CFO Leo Basola explained the new accounting is cash-flow neutral during the build phase but defers revenue recognition until data delivery begins. Basola confirmed Q4 is a 'blip' and that growth will resume from that point, with the baseline resetting at a potentially higher growth rate post-maritime sale. Platzer acknowledged the OISL question's foresight but did not detail a commercial strategy.

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

    Christopher Quilty's questions to AST SpaceMobile (ASTS) leadership • Q1 2025

    Question

    Christopher Quilty of Quilty Space followed up on the operational status of the first Block 2 satellite, the transition to ASICs, the composition of the H2 revenue guidance, and the profitability of gateway sales.

    Answer

    CEO Abel Avellan confirmed the first Block 2 satellite is a fully operational production unit, not a pathfinder, and that the initial batches use FPGAs before a shift to ASICs. Executive Scott Wisniewski detailed that the H2 revenue guidance is a balance of milestone-based government contracts and commercial revenue from gateways and initial service. CFO Andy Johnson clarified that gateways are sold at a low margin, not as a loss leader, and that the quarterly guidance has potential upside.

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    Christopher Quilty's questions to AST SpaceMobile (ASTS) leadership • Q3 2024

    Question

    Christopher Quilty of Quilty Space sought clarification on whether the potential 'hundreds of millions' in government revenue would be from hardware or services. He also asked if the government would require a bespoke ground system or could use existing infrastructure.

    Answer

    Executive Scott Wisniewski clarified that the revenue figure represents a long-term potential for what would be primarily services contracts, stemming from the four contract awards to date. Chairman and CEO Abel Avellan added that the U.S. ground infrastructure is largely built and that the government has been testing and using their satellites via a dual-use setup, sharing the commercial infrastructure for government applications.

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    Christopher Quilty's questions to BlackSky Technology (BKSY) leadership

    Christopher Quilty's questions to BlackSky Technology (BKSY) leadership • Q1 2025

    Question

    Christopher Quilty asked about the nature of Gen-3 investments, the steady-state operating expenses post-LeoStella, the reason for a sequential decline in Imagery & Analytics revenue, and the rationale for the Q4 commercial launch of Gen-3.

    Answer

    CEO Brian O'Toole and CFO Henry Dubois clarified that investments are mainly R&D, and Q1 OpEx is a good run-rate. The revenue dip was attributed to timing and customers awaiting Gen-3. O'Toole explained the Gen-3 rollout includes an early access program in the summer, with full commercial availability in Q4 to ensure sufficient capacity and infrastructure.

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    Christopher Quilty's questions to BlackSky Technology (BKSY) leadership • Q4 2024

    Question

    Christopher Quilty asked for details on how revenue from the EOCL contract will ramp with Gen-3 deployment, whether it's on a per-satellite basis or through larger step-ups. He also inquired about potential exposure to government budget cuts and if any other major cost increases are expected in 2025.

    Answer

    CEO Brian O'Toole clarified that EOCL revenue is not tied to individual satellites but is based on layered subscription services for the entire constellation. He expects a revenue step-up later in the year as the government adds new service packages for Gen-3 capacity on top of the existing Gen-2 contract. Regarding costs, O'Toole stated that no other large step-ups are anticipated, and the company will maintain its discipline of keeping costs relatively flat compared to revenue growth.

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

    Christopher Quilty's questions to KVH INDUSTRIES INC \DE\ (KVHI) leadership • Q1 2025

    Question

    Christopher Quilty of Quilty Space inquired about the composition of LEO service margins, the optimization of Starlink plans, the rationale behind new access charges, and the sustainability of record terminal shipment growth. He also asked about the company's strategy for land-based market expansion, the financial impact timeline of the U.S. Coast Guard contract loss, and plans for the stock buyback program.

    Answer

    CEO Brent Bruun and CFO Anthony Pike addressed the questions. Pike confirmed that strong LEO margins are primarily driven by the underlying bandwidth, not just value-added services. Bruun explained that while current Starlink plans are optimized, KVH will implement a terminal access charge later in the year, following Starlink's lead to manage network load. He also stated that while the record pace of terminal sales may not continue indefinitely, the addressable market has expanded significantly, mitigating saturation risk. Regarding land-based expansion, the existing sales team is handling it without new hires for now. On the Coast Guard contract, executives clarified the revenue impact of approximately $2.5 million per quarter will create a negative year-over-year variance through Q3. Finally, Bruun noted that the company is actively buying back shares daily and expects a larger buyback amount to be reported in the next quarter.

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    Christopher Quilty's questions to KVH INDUSTRIES INC \DE\ (KVHI) leadership • Q3 2024

    Question

    Christopher Quilty of Quilty Space inquired about the dynamics of vessel growth, specifically the mix between new Starlink activations and existing VSAT units, and the impact of the company's bundling strategy. He also asked about the Starlink sales pipeline, its potential to expand the total market, the rationale for entering the land-based market, the runoff timeline for the prepaid Starlink commitment, rising inventory levels, the future R&D spending run rate, and the go-to-market strategy for the new OneWeb service.

    Answer

    CEO Brent Bruun clarified that the company is not simply "shedding" VSAT units; rather, more than half of commercial Starlink terminals are being bundled with VSATs in a hybrid solution. He confirmed the shift in reporting from terminals to vessels to reflect this hybrid reality. Bruun stated the Starlink pipeline is robust, expanding the addressable market, and that entering the adjacent land market was a simple strategic step given existing infrastructure. He anticipates the prepaid Starlink commitment will run off mostly in 2025. Executive Anthony Pike explained that the inventory increase was driven by raw materials for a final manufacturing build-out and a nearly $2 million increase in Starlink inventory. Both executives indicated that the current R&D and operating expense levels are sustainable, with a focus on further efficiencies. Regarding OneWeb, Bruun described it as "early days," positioning it as another potential component in a hybrid network solution rather than a direct competitor to Starlink.

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    Christopher Quilty's questions to Telesat (TSAT) leadership

    Christopher Quilty's questions to Telesat (TSAT) leadership • Q1 2025

    Question

    Christopher Quilty of Quilty Space asked for details on Telesat's government go-to-market strategy, the next major development milestones for the Lightspeed constellation, and the strategic importance of having electronically steerable antennas (ESAs) for the in-flight connectivity market. He also questioned the potential scale of future LEO backlog agreements compared to the significant Viasat deal.

    Answer

    President and CEO Daniel Goldberg detailed a multi-pronged government strategy focused on allied nations, utilizing direct engagement in Canada and a foreign-mitigated entity in the U.S., while also partnering with established integrators. Key upcoming milestones include a critical design review, more landing station announcements, and the launch of a new satellite operations facility by year-end. Regarding the backlog, Goldberg acknowledged the Viasat contract is very significant but expressed optimism for securing other nine-figure deals with commercial players and meaningful commitments from government customers.

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    Christopher Quilty's questions to Telesat (TSAT) leadership • Q4 2024

    Question

    Christopher Quilty of Quilty Space asked for clarification on the future trajectory of the enterprise GEO business decline, the profile of remaining customers, and the drawdown schedule for government debt related to Lightspeed.

    Answer

    President and CEO Daniel Goldberg explained that the enterprise business will continue to face headwinds from LEO competition, particularly in maritime, as well as the end-of-life of certain satellites like Anik F2 and F3. He noted that the overall shift from GEO to LEO will persist. Executive Andrew Browne clarified that the government debt would be drawn down in line with capital expenditures for the Lightspeed program.

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    Christopher Quilty's questions to Telesat (TSAT) leadership • Q3 2024

    Question

    Christopher Quilty asked about management's primary focus now that financing is complete, the reasons for Q3's cost variability, and the confidence level in avoiding ground segment delays similar to those experienced by competitors.

    Answer

    CEO Dan Goldberg stated that with financing secured, management's time is now fully dedicated to program execution, customer engagement, and hiring. The Q3 cost variability was attributed to the lumpy nature of a NASA contract and the timing of capitalized engineering expenses. Goldberg expressed high confidence in the ground segment rollout, noting that major contracts are in place and that the initial 5-6 landing stations needed for testing within two years are on schedule, distinguishing their situation from competitors.

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

    Christopher Quilty's questions to Iridium Communications (IRDM) leadership • Q1 2025

    Question

    Christopher Quilty from Quilty Space asked about the margin profile shift in engineering contracts from build-out to service, the company's high inventory levels, the long-term impact of NTN Direct on the hardware business model, and opportunities to accelerate adoption of new maritime and aero safety services.

    Answer

    CEO Matt Desch explained that engineering margins are fixed and consistent, regardless of the shift from build-out to service. CFO Vince O'Neill noted that existing inventory helps mitigate near-term tariff impacts. Matt Desch added that while NTN Direct will reduce hardware revenue over time, this aligns with their strategy of using low-margin hardware to drive high-margin service revenue. He also hinted at early-stage ideas to accelerate safety service adoption but declined to provide public details yet.

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    Christopher Quilty's questions to Iridium Communications (IRDM) leadership • Q4 2024

    Question

    Christopher Quilty of Quilty Space inquired about the maritime market, asking if Starlink's growth is creating new backup service opportunities for Iridium. He also asked about the 2025 growth drivers for the commercial voice business and the status of securing the FAA as a customer for Aireon.

    Answer

    CEO Matt Desch explained that Starlink could be expanding the total addressable market for maritime connectivity, and Iridium's GMDSS service is also expanding to smaller vessels. He identified push-to-talk as the primary driver for the seasonal voice business. Regarding Aireon, he noted renewed interest from the U.S. government in modernizing air traffic control, which could create new opportunities with the FAA.

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    Christopher Quilty's questions to Iridium Communications (IRDM) leadership • Q3 2024

    Question

    Chris Quilty asked about the timing of aviation safety service certification and partner product releases. He also questioned the maritime market dynamics for GMDSS given the rise of LEO competitors like Starlink and sought an explanation for the sequential change in maritime Certus subscribers and ARPU.

    Answer

    CEO Matt Desch confirmed aviation certification is on track for this year, with partner products starting to be advertised and installations expected in 2025. He positioned Iridium Certus as the preferred companion service for maritime, even for Starlink users, due to its reliability and new integrated GMDSS terminals. CFO Tom Fitzpatrick attributed the maritime subscriber and ARPU dynamics to channel instability during a market transition, combined with seasonality.

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    Christopher Quilty's questions to Globalstar (GSAT) leadership

    Christopher Quilty's questions to Globalstar (GSAT) leadership • Q4 2024

    Question

    Christopher Quilty from Quilty Space requested an explanation of the current regulatory landscape and recent filings related to the big LEO MSS spectrum.

    Answer

    CEO Paul Jacobs explained that competitors with less optimal spectrum solutions are actively seeking access to new spectrum. He asserted that Globalstar is in a strong position due to its 30-year history of active spectrum use and its high-priority status in coordination matters, which provides a significant advantage against these competitive efforts.

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    Christopher Quilty's questions to EchoStar (SATS) leadership

    Christopher Quilty's questions to EchoStar (SATS) leadership • Q3 2024

    Question

    Christopher Quilty asked why EchoStar opted not to join the ViaSat-led MSSA spectrum-pooling initiative and inquired about the go-to-market strategy for its direct-to-device technology, particularly how it plans to achieve chipset adoption where others have failed.

    Answer

    President and CEO Hamid Akhavan stated that EchoStar has no need to join the MSSA as it possesses adequate, globally available S-band spectrum rights of its own. For direct-to-device, he explained the strategy is to adhere strictly to 3GPP standards (5G Release 17/18), which allows chipset makers to leverage the scale and economics of the mainstream mobile industry, making adoption more logical and economically viable than a proprietary approach.

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    Christopher Quilty's questions to VIASAT (VSAT) leadership

    Christopher Quilty's questions to VIASAT (VSAT) leadership • Q2 2025

    Question

    Christopher Quilty of Quilty Space sought clarification on the 'multi-tenant' satellite concept, the customer pipeline for the 'condo sat' model, and whether any United Airlines aircraft had been removed from Viasat's order backlog.

    Answer

    Chairman and CEO Mark Dankberg distinguished between a true multi-tenant model for the standards-driven D2D market and a 'condosat' model for GEO broadband, which Viasat has successfully used with partners before. He confirmed they have more such partnerships in the works. Regarding the backlog, he stated it would be presumptive to remove aircraft and that Viasat's forecasts reflect their understanding of all customer plans.

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