Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $73.8 million, representing growth over the prior year's third quarter and reaching a record quarterly amount [3] - Year-to-date total revenue was $201 million, reflecting a 6% increase compared to the same period last year [6] - Adjusted EBITDA margin for Q3 was 51%, with a year-to-date margin of 52%, indicating strong profitability despite significant investments [5][6] Business Line Data and Key Metrics Changes - Wholesale capacity services revenue increased due to the timing of service fees related to network cost reimbursements [3] - Commercial IoT service revenue grew, with average subscribers reaching 543,000, a 6% increase from the prior year's third quarter [3] - Equipment revenue from commercial IoT device sales surged by 60% compared to the prior year's third quarter [4] Market Data and Key Metrics Changes - Gross activations for commercial IoT devices were up 40% year-over-year, with total units increasing by 100% on a quarterly basis compared to the prior year [17] - The global availability of the two-way commercial IoT module, RM200M, has been achieved, enhancing connectivity options [17] Company Strategy and Development Direction - The company is making strategic investments in XCOM and Next Generation products, focusing on infrastructure commitments to support wholesale services [9] - The development of the C3 satellite system and global ground network expansion is ongoing, with significant investments in new tracking antennas [15] - The company aims to leverage its globally harmonized spectrum for competitive advantage in the satellite and terrestrial communications ecosystem [12] Management's Comments on Operating Environment and Future Outlook - Management reiterated the full-year 2025 outlook, expecting revenue in the range of $260 million to $285 million and an adjusted EBITDA margin of approximately 50% [9] - The company is optimistic about the growth potential in government-related opportunities and the commercial IoT sector [16] Other Important Information - The company ended Q3 with cash and cash equivalents of $346.3 million, demonstrating strong liquidity [6] - Adjusted free cash flow for the nine-month period was $133.3 million, significantly up from $74.5 million in the prior year [8] Q&A Session Summary Question: Can the ground segment improvements for the C3 constellation be used by the existing constellation? - Yes, the antennas are specific for the C3 system, but existing satellite antennas are already in place [23] Question: What is the timing for the first batch of launches for the replacement constellation? - No new indications have been provided for the launch timing, but an updated launch window is being confirmed for the first half of 2026 [25] Question: Can you define the global harmonized spectrum holdings in terms of megahertz? - The company has 16.5 megahertz on the S-band, almost 9 on the L-band, and over 300 megahertz on the C-band [26] Question: What is the latest data on XCOM RAN performance versus industrial Wi-Fi? - XCOM RAN shows significantly better reliability and performance, with improved economics for large area applications [28] Question: How should investors think about the return profile of XCOM RAN assets? - Margins are good, and growth is expected from both existing and new customers, with a significant addressable market [40] Question: What is the revenue model behind XCOM RAN implementations? - The model includes equipment sales, spectrum usage, and an annuity component from software licenses, with potential for network as a service in the future [47]