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    Colin Canfield • Cantor Fitzgerald

    Colin Canfield's questions to AIRO Group Holdings, Inc. (AIRO) leadership

    Colin Canfield's questions to AIRO Group Holdings, Inc. (AIRO) leadership • Q2 2025

    Question

    Colin Canfield of Cantor Fitzgerald inquired about the demand landscape for Arrow's drone pipeline, comparing the U.S. and European markets. He also asked about the growth drivers for the avionics segment, including partnerships with Joby and L3Harris, and sought clarity on the working capital outlook. In a follow-up, he asked about the company's strategy regarding alternative PNT (Position, Navigation, and Timing) and the distinction between GNSS and GPS.

    Answer

    CEO Joe Burns addressed the questions, stating that while Europe currently leads in drone revenue, U.S. demand is accelerating, particularly for small and medium tactical ISR drones. He highlighted that avionics growth is driven by both OEM integrations, like the Joby Aviation partnership, and retrofits. Burns also detailed the company's advanced alternative PNT capabilities, noting their systems can navigate in GPS-denied environments. CFO Dr. Maria Pilipiv added that working capital needs are expected to increase in the second half of the year to support drone and avionics production.

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    Colin Canfield's questions to AST SpaceMobile Inc (ASTS) leadership

    Colin Canfield's questions to AST SpaceMobile Inc (ASTS) leadership • Q2 2025

    Question

    Colin Canfield of Cantor Fitzgerald questioned how technology partnerships affect spectrum acquisition and pricing. He also asked for the timeline on the competitive process for the growing government opportunity and how ASTS considers teaming with "neo-prime" defense contractors like Anduril.

    Answer

    Founder, Chairman & CEO Abel Avellan explained that ASTS's technology makes satellite spectrum more valuable by enabling its use with standard cell phones, creating a massive opportunity. President & Chief Strategy Officer Scott Wisniewski noted that government contract awards could occur this year. Avellan added that the technology's applicability to drones and vehicles opens up opportunities with various partners for both communication and non-communication use cases.

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    Colin Canfield's questions to AST SpaceMobile Inc (ASTS) leadership • Q1 2025

    Question

    Colin Canfield of Cantor Fitzgerald inquired about the drivers of higher launch costs, the company's spectrum strategy regarding EchoStar and FCC sharing rules, and details about the new DIU government contract.

    Answer

    Executive Scott Wisniewski and CFO Andy Johnson explained that higher launch costs are due to an accelerated timeline to meet market demand and the impact of tariffs, prioritizing speed to orbit. CEO Abel Avellan detailed the dual-spectrum strategy, using MNO-partnered low-band for broad access and owned mid-band for capacity. Scott Wisniewski clarified the DIU contract is an incubator for various government agencies to test and accelerate use cases, with a potential value in the low tens of millions.

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    Colin Canfield's questions to AST SpaceMobile Inc (ASTS) leadership • Q4 2024

    Question

    Colin Canfield from Cantor Fitzgerald inquired about the chipset engineering team's structure, the progression of non-GAAP OpEx, the ability to win government contracts, and the status of the Ligado deal.

    Answer

    CEO Abel Avellan clarified their proprietary ASIC chip is for satellites only and requires no handset modifications. CFO Andrew Johnson projected OpEx would remain consistent with Q4 levels, with falling R&D costs offset by investments in commercial functions. He also noted the $43 million government contract revenue is milestone-based and that the Ligado deal is 'tracking nicely' within the agreed-upon timeframe.

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    Colin Canfield's questions to Amentum Holdings Inc (AMTM) leadership

    Colin Canfield's questions to Amentum Holdings Inc (AMTM) leadership • Q2 2025

    Question

    Colin Canfield sought details on the expected proceeds and valuation of the Rapid Solutions divestiture and asked for a breakdown of the quarterly book-to-bill ratio, including joint ventures.

    Answer

    CFO Travis Johnson confirmed the Rapid Solutions sale price is $360 million, with expected after-tax proceeds of approximately $325 million, which will be used to accelerate deleveraging. He stated the Q2 book-to-bill was 0.9x on both a reported and imputed basis, noting that the strength in JV awards was concentrated in Q1.

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    Colin Canfield's questions to Amentum Holdings Inc (AMTM) leadership • Q3 2025

    Question

    Colin Canfield of Cantor Fitzgerald asked for clarification on the JV-adjusted book-to-bill ratio and inquired about the future pipeline for Amentum's Space Force and NASA contracts. He also sought insights into the building blocks for FY26 EBITDA growth across key segments like defense, nuclear, and international.

    Answer

    CFO Travis Johnson clarified that the imputed book-to-bill was 1.8x for the quarter, including joint ventures. CEO John Heller and COO Steve Arnette detailed a robust pipeline, highlighting the Golden Dome initiative and the Artemis II mission as key future opportunities. Management expressed confidence in the FY26 trajectory, driven by strong underlying business momentum and alignment with well-funded government priorities.

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    Colin Canfield's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership

    Colin Canfield's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q2 2025

    Question

    Colin Canfield of Cantor Fitzgerald questioned the potential production scale for the X-58 Valkyrie, the feasibility of doubling revenue in three years, the potential for a services-based model, and the company's approach to securing rare earth minerals.

    Answer

    CEO Eric DeMarco stated that current Valkyrie production capacity is 50 units per year, with a planned capability to expand to 100. He agreed that doubling revenue in three years is possible in an 'upside case.' He also noted that international partners currently prefer to buy aircraft and integrate their own systems, and that Kratos actively manages its rare earth mineral supply chain through rigorous internal and vendor checks.

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    Colin Canfield's questions to Redwire Corp (RDW) leadership

    Colin Canfield's questions to Redwire Corp (RDW) leadership • Q2 2025

    Question

    Colin Canfield of Cantor Fitzgerald inquired about the balance between accounting controls and engineering complexity following the Q2 EAC charge, the conditions required to reinstate adjusted EBITDA guidance, and the due diligence process for the Edge Autonomy acquisition, particularly regarding its future free cash flow potential.

    Answer

    CEO Peter Cannito explained that the volatility of firm-fixed-price development contracts can lead to EAC adjustments due to unforeseen technical challenges. He stated that this variability, combined with government budget uncertainty, led to the withdrawal of EBITDA guidance. CFO Jonathan Baliff affirmed that accounting controls have improved and that the Edge Autonomy acquisition, which has historically been free cash flow positive, is expected to continue this trend and reduce the company's overall exposure to developmental contract risks.

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    Colin Canfield's questions to Redwire Corp (RDW) leadership • Q1 2025

    Question

    Colin Canfield asked about the expected free cash flow cadence for organic Redwire through 2025 and the mechanics of recovering costs from unfavorable Estimate at Completion (EAC) adjustments.

    Answer

    Jonathan Baliff, CFO, stated that cash flow is expected to improve as delayed revenues are recognized and milestone payments are received. Peter Cannito, CEO, explained that EACs are sometimes 'growing pains' from developing novel technologies. He compared it to the ROSA platform, which had early variability but is now stable, suggesting costs from development can be recouped in future production-phase orders.

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    Colin Canfield's questions to CACI International Inc (CACI) leadership

    Colin Canfield's questions to CACI International Inc (CACI) leadership • Q4 2025

    Question

    Colin Canfield from Cantor Fitzgerald inquired about the assumptions in the FY26 guidance regarding a continuing resolution (CR) and whether a faster budget process could drive results to the high end. He also asked about the margin progression towards Investor Day targets.

    Answer

    President and CEO John Mengucci explained the guidance range accounts for various funding scenarios, with a full-year CR pushing results toward the low end and a faster budget process moving them toward the high end. CFO Jeffrey MacLauchlan addressed margin progression, noting a typical pattern of lower margins in the first half of the fiscal year and higher margins in the second half, consistent with prior years.

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    Colin Canfield's questions to CACI International Inc (CACI) leadership • Q3 2025

    Question

    Colin Canfield asked about the budget cadence contemplated in CACI's Investor Day targets, particularly regarding expertise versus technology, and inquired about the potential speed and nature of supplemental funding outlays.

    Answer

    CEO John Mengucci detailed several factors supporting CACI's long-range plan, including strong book-to-bill, a large backlog providing clarity, a favorable FY25 CR, and significant potential funding from reconciliation bills. He reiterated confidence in the 3-year targets. CFO Jeff MacLauchlan added that while details are pending, supplemental funding would likely benefit both O&M and R&D-funded work.

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    Colin Canfield's questions to Viasat Inc (VSAT) leadership

    Colin Canfield's questions to Viasat Inc (VSAT) leadership • Q1 2026

    Question

    Colin Canfield (referred to as Colin Cantino in the transcript) asked how TMT giants are shaping D2D conversations regarding capital and spectrum, how a shared infrastructure coordinator would approach pricing given recent market events, and if there was a timeline for an announcement.

    Answer

    CEO & Chairman Mark Dankberg used the cell tower analogy to explain that a shared infrastructure utility can attract third-party capital by being insulated from carrier-specific competition. He emphasized Viasat's technical approach is more productive and can cover more spectrum, which lowers costs for all participants. He declined to give a specific timeline for an announcement but suggested it was not far in the future.

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    Colin Canfield's questions to Viasat Inc (VSAT) leadership • Q4 2025

    Question

    Colin Canfield from Cantor Fitzgerald sought clarity on the expected revenue ramp from the ViaSat-3 F2 and F3 satellites, how to think about contracted revenue additions, and the building blocks for free cash flow in fiscal 2027.

    Answer

    Chairman and CEO Mark Dankberg explained that revenue will fill as platform counts and bandwidth usage per platform grow, rather than through pre-sold transponder backlogs. Chief Financial Officer Garrett Chase added that the 200 basis point margin expansion goal is a 3-year target driven by integration synergies. While declining to give specific 2027 guidance, he confirmed the key drivers for future free cash flow are EBITDA growth, a significant reduction in CapEx post-ViaSat-3, and disciplined working capital management.

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    Colin Canfield's questions to Viasat Inc (VSAT) leadership • Q3 2025

    Question

    Colin Canfield from Cantor Fitzgerald sought details on the $200 million CapEx reduction, particularly the launch savings for ViaSat-3, asked about the ramp-up of the Space Force PLEO award, and inquired about Inmarsat's role in the alternative Positioning, Navigation, and Timing (PNT) market.

    Answer

    CEO Mark Dankberg clarified that launch savings from a different launch vehicle configuration were a small part of the total CapEx reduction. CFO Garrett Chase added that the savings came from broader capital efficiency, timing deferrals, and synergy realization. Dankberg noted that for PLEO, Viasat is currently packaging partner LEO services for government applications and that the company is pursuing regional and augmentation opportunities in the PNT market to counter jamming threats.

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    Colin Canfield's questions to Leidos Holdings Inc (LDOS) leadership

    Colin Canfield's questions to Leidos Holdings Inc (LDOS) leadership • Q2 2025

    Question

    Colin Canfield of Cantor Fitzgerald sought a refreshed view on the company's multi-year growth and margin expansion outlook, asking specifically about accelerating civil growth and the potential for margin expansion beyond the updated guidance.

    Answer

    CEO Thomas Bell highlighted a robust $70 billion pipeline, with three-quarters being new or takeaway work, which should drive future growth. CFO Chris Cage expressed satisfaction with the raised mid-13s adjusted EBITDA margin guidance but was not yet prepared to commit to further expansion from that level, though he noted levers for improvement remain. He identified managed health services and FAA opportunities as key drivers for civil growth.

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    Colin Canfield's questions to Leidos Holdings Inc (LDOS) leadership • Q1 2025

    Question

    Colin Canfield from Cantor Fitzgerald asked about opportunities from the supplemental defense bill, the outlook for share repurchases after the recent ASR, and the company's strategy on portfolio divestitures.

    Answer

    CEO Tom Bell identified FAA modernization, border security, and the 'Golden Dome' missile defense shield as key opportunities. He also stated the $500M ASR completes most of the 2025 repo plan for now, and that only minor divestitures are being considered as the portfolio is well-positioned. CFO Chris Cage added that demand for unmanned maritime capabilities is at record levels.

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    Colin Canfield's questions to Leidos Holdings Inc (LDOS) leadership • Q4 2024

    Question

    Colin Canfield asked about Leidos's assumptions for the FY'26 defense budget request and how potential top-line increases might flow through to its programs.

    Answer

    CEO Thomas Bell responded that he has no firm expectations yet, but emphasized Leidos is focused on both capturing new opportunities and helping the DoD unlock savings through efficiency programs like Defense Enclave Services. He stated the company's growth pillars are based on enduring demand, independent of a specific budget top-line.

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    Colin Canfield's questions to Iridium Communications Inc (IRDM) leadership

    Colin Canfield's questions to Iridium Communications Inc (IRDM) leadership • Q2 2025

    Question

    Colin Canfield of Cantor Fitzgerald asked about the commercial growth strategy, particularly how to think about partnerships with large tech companies. He also inquired about the growth waterfall for the PNT business in the drone market and how Iridium maintains its competitive moat in PNT.

    Answer

    CEO Matthew Desch explained that the commercial growth model is expanding from proprietary solutions to standards-based products (5G/6G), which will open up a much larger market of terrestrial IoT players. He described government PNT growth as a 'stepwise function' based on regional deployments. He attributed the PNT moat to its global L-band LEO architecture, which offers unique advantages and has no capacity constraints, positioning it against mainly regional alternatives.

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    Colin Canfield's questions to Iridium Communications Inc (IRDM) leadership • Q1 2025

    Question

    Colin Canfield from Cantor Fitzgerald asked about lessons learned from past economic shocks in 2008 and 2020, the company's total government exposure beyond direct contracts, and the pricing mechanics and strategic view of its PNT (Position, Navigation, and Timing) services in a national security context.

    Answer

    CEO Matt Desch recounted that Iridium's growth trajectory was largely unaffected by the 2008 and 2020 economic shocks due to the critical nature of its services. He estimated that indirect government business through commercial channels is likely in the single digits as a percentage of total revenue. Regarding PNT, he emphasized its unique global capability to protect against GNSS jamming, noting that interest from governments and commercial entities has been 'exploding' as the need for resilient timing and location services becomes more critical.

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    Colin Canfield's questions to Iridium Communications Inc (IRDM) leadership • Q4 2024

    Question

    Colin Canfield of Cantor Fitzgerald asked how future constellation plans might interact with the $3 billion free cash flow target through 2030 and about the capitalization of R&D. He also sought clarity on the revenue growth dynamics with the large IoT customer beyond 2025 and how customers weigh national security in their purchasing decisions.

    Answer

    CEO Matt Desch clarified that current capitalized R&D is for the NTN Direct service, not a new constellation, which is a post-2030 consideration. He explained that the large IoT partner's shift to monthly plans creates short-term subscriber volatility but is expected to grow their user base and Iridium's revenue long-term. He affirmed that national security is a key strength, with Iridium deeply embedded in critical government solutions.

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    Colin Canfield's questions to Planet Labs PBC (PL) leadership

    Colin Canfield's questions to Planet Labs PBC (PL) leadership • Q1 2026

    Question

    Colin Canfield of Cantor Fitzgerald asked about the components of Planet's free cash flow, questioning the drivers of working capital benefits and the cash terms for the pipeline of large, JSAT-like satellite services deals.

    Answer

    President & CFO Ashley Fieglein Johnson acknowledged the Q1 positive free cash flow as a significant milestone. She explained that working capital can be lumpy quarter-to-quarter due to large contracts but affirmed the company is focused on a path to sustainable free cash flow generation within the next 24 months through capital-efficient growth.

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    Colin Canfield's questions to Planet Labs PBC (PL) leadership • Q4 2025

    Question

    Colin Canfield asked about the dynamics of achieving positive free cash flow, including working capital and CapEx assumptions, and inquired about the size of the bid pipeline for new satellite services opportunities.

    Answer

    CFO Ashley Whitfield Johnson explained that FY26 is a peak CapEx year, but cash burn is expected to be halved due to front-loaded cash payments from the JSAT contract, keeping them on a 24-month path to positive free cash flow. CEO William Marshall added that while he couldn't provide a specific number for the satellite services pipeline, demand from various countries is strong and has accelerated since the JSAT deal was announced.

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