Total Revenue Q1 2024

Increased from $0 in Q1 2023 to $500,000 in Q1 2024 " "

The revenue jump is due to recognizing revenue for the first time from completing performance obligations under a U.S. government contract, whereas there were no such agreements in Q1 2023. " "

Total Revenue Q1 2025

Increased by $0.2 million (44%) from $0.5 million in Q1 2024 to $0.7 million in Q1 2025 "

The increase is driven by a $0.4 million rise from the resale of gateway equipment to a mobile network operator, which offset a $0.2 million decline in revenue from government contract agreements, reflecting a shift in revenue mix compared to the prior period. "

Cash Flow Q1 2024

Operating cash outflow increased by $10.4 million (from $37.7M to $48.1M), investing outflow increased by $24.2 million (from $15.4M to $39.6M), and financing provided $212.2 million, resulting in a net cash increase of $124.3 million compared to a $53.6 million decrease in Q1 2023 " " "

The change in cash flow is attributable to an increased working capital requirement ($26.7M) and higher investments in property and equipment, offset by significant financing activities including proceeds from Convertible Notes ($104.8M) and a Common Stock offering ($107.7M), marking a strategic emphasis on funding satellite development and infrastructure. " " "

Cash Flow Q1 2025

Operating cash outflow decreased by $19.6 million (from $48.1M to $28.5M), investing outflow increased by $80.9 million (from $39.6M to $120.5M), and financing inflows increased by $243.7 million (from $212.2M to $455.9M), resulting in a cash position of $874.5M at Q1 2025 compared to Q1 2024 " "

The Q1 2025 cash flow reflects improved operational efficiency via a $28.2M decrease in working capital requirements, yet significantly higher capital expenditures (including advance payments for satellite materials) and robust financing through debt ($338.0M increase) and minor stock-based proceeds, illustrating an aggressive push to scale satellite network capabilities. " "

Balance Sheet Q1 2024

Cash and cash equivalents increased from $85.6M to $209.9M; long-term debt increased from $59.3M to $160.8M; Additional Paid-In Capital grew from $288.4M to $373.8M " " "

The balance sheet changes were driven by strong financing activities—proceeds from Convertible Notes ($104.8M) and a Common Stock offering ($107.7M)—which boosted cash while increasing long-term debt, and the raised capital supported asset investments and satellite infrastructure improvements. " " "

Balance Sheet Q1 2025

Cash increased from $567.5M to $874.5M; Property & Equipment, net increased from $337.7M to $450.8M; Long-Term Debt rose from $155.6M to $462.2M; Additional Paid-In Capital increased from $969.0M to $1,103.9M " " " " "

The Q1 2025 balance sheet improvements are linked to major capital infusions from a convertible notes offering ($403M) and ATM facility proceeds ($55M), along with stock issuance (raising $40.5M and settling convertible notes for $115.6M), which resulted in higher asset values and increased debt levels to finance ongoing satellite development and network commercialization. " " " " "

Income Statement Q1 2024

Revenue of $0.5M (up from $0); Engineering expenses increased by $3.0M (18%), General & Administrative costs increased by $2.4M (25%), R&D costs declined by $12.1M (74%), while Depreciation and Amortization surged by $18.2M (1051%); Net loss increased by $3.4M (21%) " " "

The income statement in Q1 2024 reflects the initiation of revenue from a U.S. government contract, while operational costs such as engineering and G&A increased to support mission operations; significant reductions in R&D expenses follow major project completions and the sharp rise in depreciation is due to commencing depreciation on the BW3 test satellite. " " "

Income Statement Q1 2025

Revenue increased by $0.2M (44% growth to $0.7M); Engineering expenses up by $7.7M (39% increase), G&A increased by $6.1M (50%), R&D costs grew by $2.9M (68%), Depreciation decreased by $9.0M (45% drop); Net loss increased by $23.8M (60%) to $63.6M total loss "

The Q1 2025 income statement shows further revenue improvement driven by gateway equipment resale, yet operating expenses escalated sharply due to higher headcount and increased satellite development costs. Additionally, an unfavorable $21.4M swing in warrant liabilities (from a gain to a loss) and lower depreciation expenses contributed to a substantially higher net loss compared to Q1 2024. "

Adjusted Operating Expenses

Q3 2025

no prior guidance

$50,000,000 "

no prior guidance

Capital Expenditures

Q3 2025

no prior guidance

$225,000,000 to $300,000,000 "

no prior guidance

Revenue Opportunity

FY 2025

$50,000,000 to $75,000,000 "

$50,000,000 to $75,000,000 "

no change

Satellite Costs

FY 2025

$21,000,000 to $23,000,000 "

$21,000,000 to $23,000,000 per satellite "

no change

Launch Cadence

FY 2025

no prior guidance

six to eight satellites every forty-five to sixty days "

no prior guidance

Satellite Production and Launch Cadence

In Q4 2024, production targets were outlined with 40 Block 2 BlueBird satellites and a ramp‐up to 6 satellites per month " " " ; in Q3 2024, scaling in Midland and multi-launch agreements targeting 60 satellites were discussed. " "

Q2 2025 highlights advanced assembly of additional Block II satellites, a manufacturing cadence of 6 per month, and a robust launch cadence (e.g., one launch every 45–60 days) to support continuous coverage. " " "

Increased production readiness and improved launch planning, reflecting more mature production and scheduling. " " "

Government Contracts and Strategic Partnerships

Q4 2024 detailed a fifth government contract and strategic MNO partnerships with major operators " " , while Q3 2024 noted selections by SDA and contracts with multiple U.S. government agencies along with partnerships with Rakuten and Vodafone. " "

Q2 2025 reports eight U.S. government contracts with milestone achievements and expanded non-dilutive capital as well as robust commercial partnerships with over 50 MNOs globally. " " "

Consistent expansion and strengthening of both government contracts and commercial partnerships across periods. " " "

Financial Health, Capital Expenditures, Funding Strategies

In Q4 2024, cash was reported around $567.5 million with convertible notes and moderate capex (around $86 million) " " ; Q3 2024 noted a cash balance exceeding $500 million and capex around $26.5 million with expectations of increased spending. " "

Q2 2025 shows a dramatically improved liquidity position with over $1.5 billion on hand, significantly higher capex at $323 million driven by satellite production ramp-up and strategic launch payments, and new convertible note funding. " " " "

Improved liquidity and an aggressive increase in capital deployment to accelerate production and launch capabilities. " " " "

Regulatory Approvals and Spectrum Authorization

Q4 2024 mentioned obtaining FCC STA approval and agreements for lower mid-band spectrum to enhance subscriber capacity " " " ; Q3 2024 focused on filing with the FCC and preparing ground network rollouts and regional gateway partnerships. " "

Q2 2025 emphasizes acquiring 60 MHz of global S-band spectrum with a strategic country-by-country regulatory approval process, complementing the existing L-band strategy and strengthening the overall spectrum approach. " " "

Evolving regulatory progress with an enhanced spectrum strategy that integrates additional bands and detailed acquisition plans. " " "

Strategic Spectrum Acquisition

Q4 2024 briefly noted an agreement to access a large block of high-value, lower mid-band spectrum operated by partners " ; Q3 2024 did not mention this topic.

Q2 2025 provides in-depth coverage of acquiring the 60 MHz global S-band, including its strategic value, integration with other spectrum, financing details, and its role in expanding global network capacity. " " " "

New focus with increased strategic and financial detail compared to previous periods, emerging as a key asset for global capacity. " " " "

Commercial Agreements with Mobile Network Operators

Q4 2024 covered agreements with approximately 50 MNOs and detailed the long-term Vodafone partnership in Europe " " " " ; Q3 2024 highlighted definitive agreements with AT&T and progress with 45+ MNO partners covering 2.8 billion subscribers. " " "

Q2 2025 reiterates a strong network of over 50 MNO partners representing nearly 3 billion subscribers, maintaining a 50-50 revenue share model and emphasizing rollout plans in key markets (e.g., U.S., UK, Japan, Canada). " "

Consistently robust and expanding commercial agreements, with continuous emphasis on the revenue share model and market rollout. " "

Technology Development, Cost Increases, ASIC Integration Challenges

Q4 2024 described successfully transitioning from FPGA to ASIC with completed chip validation, alongside increased capex due to satellite production and equipment investments " " " ; Q3 2024 detailed ASIC development (AST5000), increased satellite costs, and a timeline for ASIC integration. " " "

Q2 2025 focuses on satellite manufacturing improvements and mentions cost increases (e.g., higher capital expenditures and operating costs), with ASIC integration largely in the pipeline and no explicit discussion of significant challenges. " "

Continued technological advancements with rising production costs, while ASIC integration challenges are less emphasized in Q2 2025, suggesting progress is on track. " "

Legacy Revenue-Sharing and Deal Structure Complexities

Q4 2024 and Q3 2024 did not address legacy revenue-sharing or deal structure complexities [N/A].

Q2 2025 introduces a discussion affirming the longstanding 50-50 revenue share model, emphasizing the value of spectrum provided by partners, and clarifying legacy deal structures. "

Newly introduced in the current period, providing clarification on established deal structures and reaffirming long-held revenue-sharing principles. "