Financial Data and Key Metrics Changes - The company reported $47 million in revenue for Q1 2025, exceeding expectations and showing a growth of over $4 million from Q4 2024 [6][27] - GAAP net loss before noncontrolling interests was $53 million for Q1 2025, compared to a loss of $23 million in Q1 2024 [27] - Adjusted EBITDA was negative $11 million for Q1 2025, down from a positive $8 million in Q1 2024 [28] - Basic and diluted EPS for Q1 was a loss of $0.21 per share, compared to a loss of $0.09 per share in Q1 2024 [30] Business Line Data and Key Metrics Changes - The Nucleic Acid Production (NAP) segment generated $29 million in revenue for Q1 2025, an increase of $1 million from Q4 2024 [6] - The Biologics Safety Testing (BST) segment reported $18 million in revenue for Q1 2025, up $3 million from Q4 2024 and flat compared to Q1 2024 [6][35] - The adjusted EBITDA margin for the BST segment was 70%, indicating strong performance [35] Market Data and Key Metrics Changes - Revenue by customer type in Q1 was 29% from biopharma, 28% from life science and diagnostics, 6% from academia, 7% from CDMO, and 30% through distributors [7] - Revenue by geography was 62% from North America, 15% from EMEA, 15% from Asia Pacific, and 8% from China [7] Company Strategy and Development Direction - The company is focused on a return to growth strategy and building a diversified franchise as a life science tool provider and clinical partner [10] - The strategy includes vertical integration in the NAP segment to enhance quality, speed, and cost efficiency [8] - The company aims to expand its product and service portfolio to drive long-term sustainable growth [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of transitioning from a COVID-driven revenue model to a more diversified business [39] - The company is closely monitoring trade dynamics and working to mitigate potential impacts from tariffs [39] - The cash position of $285 million is seen as sufficient to manage the reset period while focusing on long-term growth [40] Other Important Information - The company plans to publish its 2024 sustainability report, highlighting its commitment to sustainability and long-term strategic objectives [25] - The integration of recent acquisitions is progressing well, enhancing operational capabilities and supply chain control [32] Q&A Session Summary Question: Focus areas for new trials and reasons for discontinuation - Management noted that while preclinical programs were flat, clinical programs showed growth, indicating a focus on later-stage projects due to funding conservatism [44][46] Question: Drivers of incremental demand in the next 12-18 months - Incremental demand is expected from clinical progression, new business wins, and the transition from bulk reagent supply to comprehensive service offerings [48] Question: Opportunities for market share due to U.S. manufacturing - The company sees potential for market share growth as interest in U.S.-based manufacturing increases, particularly in the mRNA space [51][54] Question: Impact of U.S. policy changes on customer buying patterns - Customers are experiencing mixed impacts from government funding changes, with some securing long-term funding while others delay decisions [60] Question: Government work and exposure - The company has no direct government work currently, with past contracts fulfilled, but remains open to future opportunities [66] Question: Seasonality in BST revenue - Q1 is typically a high point for BST revenue, influenced by manufacturing cycles and strong performance in China [70][72]

Financial Data and Key Metrics Changes - AlTi generated $58 million in consolidated revenue for Q1 2025, representing a 14% year-over-year increase [8][23] - Adjusted EBITDA for the quarter was $9 million, up from $7 million in the same period last year, reflecting a 38% increase [8][25] - The company reported a net loss of $3 million on a GAAP basis, while adjusted net income was $3 million [25] Business Line Data and Key Metrics Changes - Revenue in the core Wealth Management and Capital Solutions segment rose 23% year-over-year, driven by a 10% increase in assets under management and advisement [8][23] - The Wealth and Capital Solutions segment generated $57 million in revenue, contributing significantly to overall growth [23][24] - Adjusted EBITDA for the Wealth and Capital Solutions segment was $19 million, reflecting a 34% margin [26] Market Data and Key Metrics Changes - The acquisition of Kontoora marks AlTi's entry into Germany, the world's third-largest ultra-high-net-worth market, with total assets in the Wealth and Capital Solutions segments reaching approximately $82 billion [11][12] - The company secured approximately $240 million in commitments from international wealth clients through its new private credit program [10] Company Strategy and Development Direction - AlTi aims to become the leading independent global multifamily office and OCIO platform, focusing on strategic acquisitions and organic growth [6][30] - The company is advancing a resource optimization program through a zero-based budgeting approach to align costs with strategic priorities [7][19] - AlTi is exiting non-core businesses to streamline operations and focus on high-conviction opportunities [7][21] Management's Comments on Operating Environment and Future Outlook - Management noted that despite significant market volatility, portfolios remained resilient due to broad diversification across asset classes [16] - The company is focused on maintaining stable allocations and using market volatility to deploy capital as attractive opportunities arise [17] - Management expressed confidence in the long-term growth potential driven by strategic partnerships and a strong organic growth pipeline [22][39] Other Important Information - The company has launched the 2025 Alti Global Social Progress Index to help clients align investments with social impact [18] - AlTi ended the quarter with $52 million in cash and no debt, evaluating financing alternatives for future growth [28][29] Q&A Session Summary Question: Can you discuss the zero-based budgeting efforts and provide a timeline for expected reductions? - Management indicated that the zero-based budgeting process is a line-by-line review across all segments, with implementation already underway and more details to be provided later in the year [33][35] Question: What are the expectations for growth in Germany and the M&A pipeline? - Management highlighted the importance of the German market and the successful integration of Kontoora, noting a strong pipeline for both organic growth and potential acquisitions [36][38] Question: What is the status of the real estate business? - Management confirmed that they are divesting from non-core real estate operations and expect to provide a definitive plan by the next call [42][43] Question: How is the company navigating market volatility and its impact on AUM? - Management expressed a relatively calm outlook, emphasizing a focus on high-quality risk assets and the ability to adapt to changing market conditions [44][46]

OncoCyte (OCX) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Welcome everyone and Welcome, everyone, and thank you for joining us to discuss OncoCyte's first quarter twenty twenty five results. If you have not seen today's shareholder letter, please visit OncoCyte's Investor Relations page at investors.oncoCyte.com. Today's prepared remarks build upon the information already shared in this robust letter. Joining us today are OncoCyte President and CEO, Josh Riggs Chief Science Officer, Ecky Schutz ...

Financial Data and Key Metrics Changes - The company reported total revenue of $164.6 million, an increase of 6.6% year-over-year, driven by growth at Rasmussen, APUS, and Hondros [16][18] - Adjusted EBITDA for the first quarter was $21.2 million, a 25% increase from the prior year, with an adjusted EBITDA margin of 12.9%, up from 11% [17][18] - Net income available to common shareholders was $7.5 million, compared to a net loss of $1 million in the prior year [17][20] - The company raised its full-year adjusted EBITDA guidance by $2 million to a range of $77 million to $87 million [5][9] Business Line Data and Key Metrics Changes - Rasmussen experienced a positive adjusted EBITDA swing from a loss of $2.6 million in Q1 2024 to a profit of $2.4 million in Q1 2025, with revenue increasing by 11.5% to $59.3 million [6][18] - APUS reported revenue of $83.9 million, a 4.1% increase, with net course registrations up 3.5% year-over-year [18][20] - Hondros saw revenue growth of 7.5% to $17.7 million, with total enrollment increasing by 10% [19][20] Market Data and Key Metrics Changes - The company noted an 8% year-over-year enrollment improvement at Rasmussen for Q2 2025, continuing a trend of positive enrollment growth [6][10] - At Hondros, enrollment increased by 13.5% year-over-year for Q2 2025 [10][23] - APUS conferred over 13,500 associate's or bachelor's degrees, with 66% of graduates being active duty military or veterans [12] Company Strategy and Development Direction - The company is focused on simplifying operations and plans to consolidate its three degree-granting institutions into a single entity by the end of 2025 [8][25] - The strategy includes optimizing program offerings and expanding nursing programs to meet growing demand in healthcare [25] - The company aims to redeem its preferred shares, which will save approximately $6 million in annual dividend expenses starting in 2026 [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth prospects, citing strong enrollment trends and improved profitability [13][25] - The company acknowledged challenges in the Graduate School segment due to government budget uncertainties but maintained overall revenue guidance [9][24] - Management highlighted the effectiveness of marketing initiatives and the resilience of military and healthcare education sectors [52][53] Other Important Information - The company plans to sell two corporate buildings with anticipated net proceeds of over $20 million, expected to close in Q3 2025 [8][21] - Cash flow from operations was $37 million, significantly up from $20.7 million in the prior year [20] Q&A Session Summary Question: Impact of tuition assistance portal downtime on margins and enrollments - Management indicated that the impact was minimal, with registrations increasing by 3.5% in Q1 and guidance for 5.5% in Q2 [27][30] Question: Guidance for Graduate School EBITDA losses - Management stated that they cannot provide specific guidance on Graduate School losses but are confident in the overall adjusted EBITDA guidance [32][34] Question: Enrollment growth expectations for Rasmussen - Management noted that they do not provide individual institution guidance but are pleased with the momentum at Rasmussen [39][40] Question: Revenue synergies from consolidation - Management has not provided specific revenue synergy numbers but highlighted the benefits of combining nursing programs across institutions [82][83] Question: Interest expense in Q2 - Management confirmed that the higher interest expense includes the preferred redemption premium [88] Question: Fixed versus variable costs at Rasmussen - Management indicated a 60% flow-through of revenue increases to EBITDA, with potential for higher flow-through as optimization continues [96]

Financial Data and Key Metrics Changes - In Q1 2025, GAAP revenue was $306 million and adjusted operating income was $101 million, representing a margin of 33%, both exceeding the high end of guidance [7][17] - Annualized sequential revenue growth for the quarter was 1.1% and net revenue retention improved to 87% for the second consecutive quarter [17][18] - The company ended the quarter with $143 million in cash and cash equivalents, and carried $1.24 billion in gross debt, with a net leverage ratio of 2.5 times trailing twelve months adjusted EBITDA [24] Business Line Data and Key Metrics Changes - The upmarket segment grew 3% year over year, now representing 71% of the business, while the downmarket segment declined 10% year over year [18][19] - The million-dollar cohort saw sequential and year-over-year growth in total ACV and average ACV per customer [8] - The operations business grew double digits year over year, with data as a service solutions showing strong traction, with new logos up 24% year over year [20] Market Data and Key Metrics Changes - The company reported that 80% of its marketing revenue now comes from upmarket clients, indicating a strategic shift towards larger enterprises [14] - The downmarket business is expected to contract further, with guidance indicating a decline in the high negative teens for 2025 [81] Company Strategy and Development Direction - The company is focused on building a go-to-market intelligence platform, changing its trading symbol from ZI to GTM to reflect this commitment [6][14] - The launch of Go-To-Market Studio aims to unify go-to-market data and enhance operational efficiency across sales and marketing teams [12][29] - The strategy includes reallocating resources from downmarket to upmarket, which is expected to yield better growth and profitability outcomes [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the trajectory of the business, noting no significant impact from the current economic environment on customer behavior [17][41] - There is a cautious approach in guidance due to broader economic uncertainties, but confidence remains in the upmarket growth potential [24][94] - The company is seeing improved retention rates in the upmarket segment, which is expected to drive future growth [89][110] Other Important Information - The company repurchased 8.6 million shares at an average price of $11.05, with an additional $500 million share repurchase authorization approved [21][22] - Operating cash flow for Q1 was $119 million, with unlevered free cash flow at $125 million, a margin of 41% [22] Q&A Session Summary Question: Why now on the change around the name and ticker? - Management indicated that the platform has expanded to serve a broader range of roles beyond just sales, necessitating a change in branding to reflect this evolution [27][28] Question: Can you bifurcate net revenue retention by upmarket versus downmarket? - Upmarket retention continues to improve, while downmarket remains impaired but stable [31][32] Question: What is the current status of CoPilot's ACV? - CoPilot is growing at an expected rate, with significant upsell opportunities [35] Question: How is the company managing the downmarket business? - The downmarket business is expected to contract further, but management is comfortable with the current trajectory [81][82] Question: What is the appetite for M&A versus share buybacks? - The company will be opportunistic with M&A but is currently focused on share buybacks due to undervaluation [84] Question: How is the company addressing the evolving go-to-market landscape? - The company is leveraging AI and third-party data to enhance its offerings and improve customer engagement [50][105]

Financial Data and Key Metrics Changes - First quarter revenue was $134 million, at the high end of guidance of $125 million, driven by stronger sell-through [12] - Non-GAAP operating expenses decreased by 26% year over year to $62 million from $83 million [13][16] - Reported gross margin was 32.3%, with an adjusted gross margin of 35.5% excluding a one-time sale [15][16] - Non-GAAP loss per share was $0.12, while GAAP loss per share was $0.30 [14] - Adjusted EBITDA loss was reduced by nearly 50% year over year to negative $16 million [14] Business Line Data and Key Metrics Changes - Revenue from the retail channel was $94 million, accounting for 70% of Q1 2025 revenue, up from 68% in Q1 2024 [13] - Revenue from GoPro's website, including subscription and service revenue, was $40 million, representing 30% of Q1 2025 revenue, down from 32% in Q1 2024 [13] - Subscription and service revenue grew 4% year over year to $27 million, with an average revenue per user (ARPU) growth of 5% [14] Market Data and Key Metrics Changes - Sell-through was approximately 440,000 units, down from 530,000 units in the prior year period, primarily due to macroeconomic issues and competition in Asia Pacific [15] - In Asia, revenue was down 54%, significantly impacted by competition and macroeconomic factors in China, Japan, and South Korea [29][38] - The U.S. sell-through was down 10% year over year, while sell-in was up 7% year over year [27] Company Strategy and Development Direction - The company aims to continue strategic investments in product innovation to return to growth and diversify its supply chain, including exploring domestic production [6][8] - GoPro plans to launch tech-enabled motorcycle helmets in partnership with AGV, targeting a significant market opportunity [10] - The company is focused on launching new products while preserving cash to repay debt and drive growth and profitability [23] Management's Comments on Operating Environment and Future Outlook - Management expects revenue and unit sales in 2025 to be lower than in 2024 due to an uncertain macro environment and competition [20] - The company anticipates a return to camera unit growth in 2026, alongside subscriber and revenue growth [8] - Management highlighted the importance of protecting intellectual property and is prepared to litigate if necessary [8] Other Important Information - The company ended Q1 2025 with $70 million in cash and marketable securities, including a $25 million draw on its asset-based loan [16] - Inventory decreased by 27% year over year to $96 million, marking the first sequential decline in inventory since 2018 [14] Q&A Session Summary Question: Sources of stronger sell-through in the quarter - Management indicated that there was no pull-forward demand; sales were linear throughout the quarter [26] Question: Sell-through dynamics in the U.S. and Asia - Management noted that Asia's decline was primarily due to macroeconomic issues and competition, particularly in China, Japan, and South Korea [29][38] Question: Tariff situation and inventory sourcing - Management confirmed that the tariff impact on cameras entering the U.S. is zero due to diversified production outside of China [34] Question: Dynamics in Asia and competition - Management highlighted that nationalistic trends and increased competition in China have impacted sales, while the U.S. market showed improvement [38] Question: Plans for stock price changes - Management expressed confidence that continued performance improvements would positively impact stock price without the need for a reverse stock split [41]

Hallador Energy Company (HNRG) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Good afternoon. Thank you for attending Hallador Energy's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this call may be recorded. I'd now like to turn the conference over to Sean Mazuric, the company's Investor Relations Advisor with Elevate ...

Financial Data and Key Metrics Changes - The company reported a revenue of $7.3 million for Q1 2025, which remained flat due to a seasonal inventory drawdown despite a 15% growth in patient demand [38][39] - Cost of Goods Sold (COGS) from continuing operations increased to $2.7 million from $1.4 million in Q1 last year, attributed to increased sales of Lactorsi [47] - Research and Development (R&D) expenses decreased by 14% to $24.4 million, reflecting savings from reduced co-development with Junshi [48] - Selling, General and Administrative (SG&A) expenses decreased by 35% to $26 million, primarily due to lower headcount and non-recurring charges from the previous year [48] Business Line Data and Key Metrics Changes - The company is now focused solely on its innovative oncology business, with Lactorsi being the only FDA-approved treatment for metastatic recurrent locally advanced nasopharyngeal carcinoma [6][8] - Lactorsi is projected to grow to approximately $150 million to $200 million annually over the next three years, providing non-dilutive funding for the development pipeline [8][9] - The commercial team has successfully remapped territories and updated customer assignments post-UDENYCA divestiture, with a focus on driving growth in appropriate NPC patients [37][38] Market Data and Key Metrics Changes - The company noted a significant number of patients still receiving non-preferred chemotherapy and off-label immuno-oncology treatments, indicating a market opportunity for Lactorsi [38] - The NCCN guidelines now place Lactorsi in a preferred position for recurrent and metastatic patients, which the company is actively promoting to healthcare providers [38][41] Company Strategy and Development Direction - The company’s strategy is anchored around three core pillars: Lactorsi, CHS-114 (a selective CCR8 cytolytic antibody), and casdosoketogue (an anti-IL-27 antibody) [6][12][13] - The company aims to expand Lactorsi's indications through partnerships and combination therapies, enhancing its market presence and revenue potential [10][11] - The focus on innovative oncology is expected to drive long-term value for shareholders while addressing significant unmet medical needs in cancer treatment [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to navigate recent FDA changes and emphasized the importance of strong development expertise in adapting to regulatory environments [52][56] - The company anticipates that the restructuring of the sales force will lead to accelerated growth in Q2 and beyond, despite transitional challenges faced in Q1 [60][68] - Management highlighted the promising clinical data for CHS-114 and its potential to address PD-1 resistance, which could significantly impact treatment paradigms in oncology [30][36] Other Important Information - The company completed the divestiture of UDENYCA, receiving $483 million in upfront cash and repurchasing $170 million of convertible notes [43][44] - The net cash from these transactions is expected to provide substantial liquidity for ongoing operations and development initiatives [44] Q&A Session Summary Question: What needs to happen for a significant inflection point for Lactorsi? - Management noted that increased awareness among providers and ongoing clinical trials will be crucial for driving adoption and market share [51][56] Question: Can you clarify patient demand for Lactorsi? - Demand is defined as actual patient growth, with a 15% increase in end-user demand reported, indicating strong physician engagement [65][66] Question: Will the Salesforce restructure impact future projections? - The impact of the restructure was primarily felt in Q1, but management expects Q2 and Q3 to be growth periods for the brand [68] Question: Are there any competitor molecules that have proven the efficacy of CCR8 targeting? - Management indicated that while selectivity is a challenge, there are emerging data points suggesting the relevance of CCR8 targeting in certain tumor types [72][75]

Financial Data and Key Metrics Changes - Real estate FFO was $2.95 per share in Q1 2025, compared to $2.91 in the prior year, indicating a slight increase [5] - Domestic and international operations contributed $0.14 of growth, driven by a 5% increase in lease income [6] - First quarter funds from operation were $1 billion or $2.67 per share, compared to $1.33 billion or $3.56 per share last year [7][8] - The prior year results included $0.81 per share in after-tax net gains, primarily from the sale of the company's remaining ownership interest in ABG [8] Business Line Data and Key Metrics Changes - The occupancy rate for malls and premium outlets was 95.9%, an increase of 40 basis points year over year [6] - The mills occupancy was 98.4%, an increase of 70 basis points compared to the prior year [6] - Average base minimum rents for malls and outlets increased by 2.4% year over year, while mills increased by 3.9% [7] Market Data and Key Metrics Changes - Mall and premium outlet retailer sales per square foot were $7.33 for the quarter [7] - Domestic NOI increased by 3.4% year over year, while portfolio NOI, including international properties at constant currency, grew by 3.6% for the quarter [7] Company Strategy and Development Direction - The company completed the acquisition of luxury outlet malls in Florence and San Remo, Italy, and opened its first outlet in Jakarta, Indonesia [4] - Development projects underway have a net cost of $944 million with a blended yield of 9%, with approximately 40% being mixed-use projects [10] - The company announced a dividend of $2.1 per share for Q2, a year-over-year increase of 5% [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operating environment, noting strong demand despite some uncertainties related to tariffs and inventory levels [20][21] - The company reaffirmed its full-year 2025 real estate FFO guidance range of $12.4 to $12.65 per share, expecting results to trend towards the middle of the range [12] - Management indicated that while there are uncertainties, the overall consumer sentiment remains stable, and they are cautiously optimistic about future sales [51][53] Other Important Information - The company completed 12 secured loan transactions totaling approximately $2.6 billion, with a weighted average interest rate of 5.73% [11] - The company is actively managing its capital allocation strategy to adapt to diverse macroeconomic cycles [5] Q&A Session Summary Question: What conversations are being had with retailers regarding leasing? - Management noted that only four deals were affected by tariff concerns from one European retailer, indicating strong overall demand [15][20] Question: What is the inventory perspective for retailers? - Retailers have about a month to decide on inventory sourcing from China, with many reducing exposure to Chinese imports [32][33] Question: How is the company approaching tenant negotiations amid uncertainty? - Management stated that it is business as usual, with strong demand and constrained supply, and they are not making significant changes to lease negotiations [39] Question: What is the outlook for department store closures? - Management does not expect major changes in department store closures, as it varies by retailer and their reliance on private label goods [95] Question: How is the luxury tenant market performing? - Management reported that luxury tenants are generally stable, with some brands performing well while others are updating their offerings [113]

Financial Data and Key Metrics Changes - In Q1 2025, non-GAAP adjusted cash operating expenses were $44.9 million, up from $40.8 million in Q4 2024, reflecting an increase of $4.1 million due to higher R&D and administrative costs [28][29] - Capital expenditures for Q1 2025 were approximately $124 million, compared to $86 million in Q4 2024, driven by costs related to satellite manufacturing and launch contracts [30] - The company ended Q1 2025 with $874.5 million in cash, a significant increase from $567.5 million at the end of Q4 2024, primarily due to funds raised from convertible notes and an ATM facility [36] 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 [6][16] - Gateway equipment bookings in Q1 2025 amounted to $13.6 million, 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] 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 satellite services [5][16] - The strategy includes a focus on vertical integration and rapid satellite manufacturing to meet the growing demand for space-based cellular broadband connectivity [8][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to execute at scale, with expectations for revenue to ramp up towards the end of 2025 and into 2026, estimating a revenue opportunity of $50 million to $75 million for 2025 [34][38] - The management highlighted the importance of connectivity as a human right and the company's mission to provide reliable broadband services, especially in emergency situations [16][52] Other Important Information - The company is working on a strategic acquisition of spectrum rights, which is expected to enhance its service capabilities in the U.S. market [41][42] - The company is also exploring non-dilutive financing options to support its operational plans, including potential funding from quasi-governmental sources [37] Q&A Session Summary Question: Any further details to share on the Legato transaction? - The company is acquiring usage rights for 45 megahertz of mid-band spectrum in the U.S., which is seen as crucial for enhancing service capabilities [41][42] Question: What is the outlook for the defense use case? - Government demand for space-based solutions is increasing, and the company has secured several contracts that validate its technology and open paths for revenue [44][45] Question: Do you plan to submit any proposals for the announced $25 billion Golden Dome project? - The company believes its technology can significantly contribute to the goals outlined in the Golden Dome project [46][47] Question: Are shareholders expected to be invited to future launches this fall? - The company plans to invite shareholders to future launches, although the upcoming launch in July will not include invitations due to logistical reasons [48][49] Question: What are the short-term plans for Europe following recent communication outages? - The company aims to provide cellular broadband connectivity directly to devices, enhancing safety during emergencies, and is working with Vodafone for service distribution in Europe [50][52] Question: Can you discuss the nature of the higher launch costs? - Higher launch costs are attributed to increased demand for rapid service deployment and tariff impacts on materials, but the company remains focused on expediting satellite launches [55][56] Question: How does the spectrum strategy impact MNO agreements? - The company maintains a focus on user experience while enhancing service capabilities through a combination of low-band and mid-band spectrum [66][67] Question: What is the status of beta tests with carrier partners? - Initial activations have begun in the U.S., Europe, and Japan, with successful video capabilities demonstrated, indicating readiness for broader service offerings [72][73] Question: When might we see a commercial launch in the U.S.? - A commercial service is expected to be available by early 2026, with ongoing discussions for agreements with major carriers [92][93]