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    Christopher Quilty • Quilty Analytics

    Christopher Quilty's questions to Gilat Satellite Networks Ltd (GILT) leadership

    Christopher Quilty's questions to Gilat Satellite Networks Ltd (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 Ltd (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 Ltd (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 Inc (SPIR) leadership

    Christopher Quilty's questions to Spire Global Inc (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 Inc (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 Inc (ASTS) leadership

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

    Christopher Quilty's questions to Iridium Communications Inc (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 Inc (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 Inc (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 Inc (GSAT) leadership

    Christopher Quilty's questions to Globalstar Inc (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 Corp (SATS) leadership

    Christopher Quilty's questions to EchoStar Corp (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 Inc (VSAT) leadership

    Christopher Quilty's questions to Viasat Inc (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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