Financial Data and Key Metrics Changes - The company reported non-GAAP adjusted cash operating expenses of $44.9 million for Q1 2025, an increase from $40.8 million in Q4 2024, driven by higher R&D and administrative costs [27][28]. - Capital expenditures for Q1 2025 were approximately $124 million, up from $86 million in Q4 2024, primarily for materials and launch contracts [28][29]. - The company ended Q1 2025 with $874.5 million in cash, a significant increase from $567.5 million at the end of Q4 2024, due to successful financing initiatives [34][35]. Business Line Data and Key Metrics Changes - The company plans to deploy over 60 satellites during 2025 and 2026, with five orbital launches scheduled over the next six to nine months [7][17]. - Gateway equipment bookings reached $13.6 million in Q1 2025, with expectations of approximately $10 million in bookings per quarter throughout 2025 [20]. Market Data and Key Metrics Changes - The company is focusing on key markets such as the United States, Europe, and Japan for initial service activation, leveraging partnerships with major mobile network operators [13][19]. - The company received special temporary authority from the FCC for FirstNet direct-to-device satellite connectivity, enhancing its service offerings for public safety [14][20]. Company Strategy and Development Direction - The company is at an inflection point, accelerating the launch and scaling of its network while beginning to recognize revenue from commercial and government contracts [6][17]. - The strategy includes a dual approach of utilizing low-band spectrum in partnership with MNOs and acquiring mid-band spectrum to enhance service capabilities [61][62]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to execute at scale, citing strong demand for space-based cellular broadband connectivity [10][31]. - The company anticipates a revenue opportunity in 2025 ranging from $50 million to $75 million, contingent on successful satellite launches and gateway equipment sales [33]. Other Important Information - The company is working on non-dilutive financing options from quasi-governmental sources, with potential funding exceeding half a billion dollars [36]. - The company is also exploring an equipment loan facility of $50 million to $100 million to support manufacturing expansion [35]. Q&A Session Summary Question: Any further details to share on the Legato transaction? - The transaction involves acquiring usage rights for 45 megahertz of mid-band spectrum in the U.S., which is seen as crucial for enhancing service capabilities [39][40]. Question: What is the outlook for the defense use case? - Government demand for space-based solutions is surging, with several contract awards validating the technology and opening paths for revenue [42][43]. Question: Do you plan to submit any proposals for the $25 billion Golden Dome project? - The company believes its technology is well-positioned to contribute to national security goals outlined in the Golden Dome project [45][46]. Question: Are shareholders expected to be invited to future launches? - Shareholders will be invited to future launches, although the upcoming launch in India will not accommodate attendees [47]. Question: What are the short-term plans for Europe following recent communication outages? - The service aims to provide cellular broadband connectivity directly to devices, enhancing safety during emergencies [49][50]. Question: Can you give an update on the commercial launch in the U.S.? - A commercial service is expected to be available by early 2026, with ongoing discussions with carriers like AT&T and Verizon [96].