Q2 Financials:
🔹 Revenue: $1.16M (Est. 5M) 😐
🔹 EPS: $(0.41) (Est. -$0.21) 😐
Guidance (2H’25):
🔹 Revenue: $50M–$75M from government & commercial customers
Operational Highlights:
🔹 Pro forma cash, equivalents & restricted cash: >$1.5B (post convertible notes & ATM)
🔹 Plan to deploy 45–60 satellites by 2026 for continuous service in US, Europe, Japan & other markets
🔹 Expect ≥5 orbital launches by end of Q1’26; launches every 1–2 months in 2025–26
🔹 Nationwide intermittent service in US by end of 2025; UK, Japan, Canada in Q1’26
🔹 6 satellites in orbit (5 operational, 1 test)
🔹 Completed assembly of microns for phased arrays for 8 Block 2 BlueBird satellites; targeting 40 satellites equivalent of microns by early 2026
🔹 Expanded spectrum strategy: acquiring 60 MHz global S-Band rights + long-term access to 45 MHz L-Band in US/Canada
🔹 Partnerships with >50 mobile operators globally (~3B subscribers); 8 US Gov’t contracts to date
🔹 Raised $575M from 7-year convertible notes (2.375% coupon, $120.12 conversion price)
🔹 Secured $100M equipment financing + $550M term loan for spectrum payments
Other Metrics:
🔹 Net Loss: $(99.4M)
🔹 OpEx: $74.0M
🔹 Cash & Equivalents: $923.6M (+5.7% QoQ)
CEO Commentary:
🔸 “We are on track with a fully-funded plan to deploy 45–60 satellites into orbit by 2026, enabling full voice, data & video services from space to everyday smartphones.”
