Latest / AST SpaceMobile Podcast / Anpanman - Short Chat

Transcript

Anpanman - Short Chat · AST SpaceMobile Podcast

0:06
This is the AST Space Mobile podcast, just basically.
0:11
Turn your phone be seamless, regardless of where you are.
0:15
We don't want the user even to know that it's connected by
0:17
satellite. Listen, the opportunity that we
0:22
have is very, very, very large. Hey guys, how's it going?
0:30
I'm in my car waiting for my son's soccer practice, and I
0:35
figured I'd just start a chat. He actually is going to end, I
0:39
think in 30 minutes, although sometimes it goes late, so I'll
0:42
probably have to cut it off after that time.
0:44
But give me a thumbs up if you can hear me.
0:47
I know I was having issues earlier today.
0:50
Hopefully it's not going to be a problem tomorrow.
0:54
Maybe Twitter has figured it out.
0:55
But anyway. But yeah, I figured I'd just
0:58
throw up a space and we could just talk after a huge update
1:05
for AC, which is also trading nicely above 63 overnight.
1:12
You know, I think I think I caught up with Kook after the
1:16
market closed and we were just talking about how the
1:19
environment for risk right now is really good.
1:21
I mean, obviously we went through this massive period or
1:24
drawback drawdown when various Fed officials were saying they
1:30
weren't sure that, you know, rate cuts were in the cards for
1:35
December. And then, you know, you had the
1:37
government shutdown. And so there was uncertainty
1:39
around or a dirt, a lack of economic numbers.
1:43
And so you had all the you basically had the market looking
1:46
for a reason to pull back and people were concerned about AI
1:50
evaluations and whatever else you can throw in there.
1:52
But then and of course Japan as well.
1:56
Japan rates going up there. But then, of course, now Fast
2:01
forward just a few weeks later, it seems like in terms of AI,
2:07
the demand is there, you know, evaluations having corrected,
2:10
especially for high beta names, you know, 30 to 50%, which I
2:15
think we probably needed a bit of a pullback and reset in order
2:21
to community the rally. But but yeah, it was
2:23
interesting. There was a, there was a, a note
2:26
from a sell side firm yesterday which talked about how the
2:29
recent pull back in tech basically wiped out any gain
2:34
gains from a, you know, valuation multiples expanding
2:37
for the year. And so tech, all the
2:41
appreciation has been primarily, and I think this is for, you
2:44
know, tech leaders, but most of the appreciation for the year
2:47
has has come from earnings revisions, high, higher, right.
2:52
And so any notion of people saying at least, you know,
2:57
things are in a bubble and not justified, at least as of, you
3:02
know, this, this must be even pull back.
3:06
You had valuation multiples that were basically flat for the
3:08
year. So anyway, yeah, as as Kuka and
3:12
I were talking about, you know, we've got what seems to be
3:15
Besson, who's going to be lined up to be the next Fed chair.
3:18
Who's his comments today? He was saying that that he sees
3:24
growth next year and that inflation is going to come down.
3:27
I mean, he's basically giving himself the room to to cut rates
3:31
and to take rates even lower is what it seems like.
3:35
And so, you know, and then today, I think there was some
3:39
weak jobs data. I think private employers lay
3:43
off more people, which, you know, runs counter to the labor
3:48
market being hot. And then ISM prices came in
3:52
week, I think there was some reference, I think it was like
3:55
those prices were at the lowest level since 2023 or 2022 or
4:00
something like that. So it seems like we're all set
4:03
for a year end rally and you know, of course that can change,
4:07
but I think now you're seeing a return to risk in these high
4:13
beta names. And and so AC and of course the
4:17
rest of the space sector have redundant quite nicely over the
4:20
last two days. And it seems like that's going
4:22
to continue. And I think for the setup, which
4:26
is what people like to say, you know, for hedge funds, people
4:30
always talk about the setup meaning like, you know, a coming
4:33
quarter or some type of catalyst.
4:35
Well, the setup for AST is that you've got what seems to be a
4:38
pretty accommodative market backdrop and then you've got
4:44
Israel launch on December 15th, which is going to be, you know,
4:49
a positive catalyst. Obviously if the launch doesn't
4:52
go well, that that's not going to be good.
4:53
But unlike previous years where you kind of one shot type of
4:59
thing where you know it, whether that was like Blue Walker three
5:03
or the block 1, you know, the five Bluebirds going up on one
5:07
Falcon 9. In prior years you had you know
5:11
it, it, it would seem to be a binary event, which and for all
5:14
intents purposes, they were binary events.
5:17
Whereas here you've got FM 1 or what we what we'll call BB6
5:23
going up on December 15th. And it sounds like more and more
5:29
the more that we talk about it and do research, it seems like
5:32
that that particular satellite along with BB7, both of those
5:36
seem to be government oriented satellites and probably have
5:41
something to do with Halo. And so the reason why I think
5:46
partially those, those 2 satellites have taken so long,
5:49
BB 6 and then and then of course waiting for BB7 during why
5:53
they've taken so long is that the government, I think is the
5:55
ultimate customer of those two satellites.
5:57
And I believe the customer requirements around those two
6:02
satellites have continued to evolve, right?
6:05
And so even, you know, we've speculated that maybe Cape
6:12
Canaveral is not ready to process that satellite.
6:15
And so maybe that's why you don't send it or, you know,
6:18
there have been some speculation around, oh, what if there's
6:21
something that's found in testing, they have to go test it
6:24
again. Well, I'm not sure that's the
6:26
case. I think, I think this DB 7,
6:30
maybe some of the requirements, you know, if your customer is
6:34
the government and they say, Hey, I want you to jump as a, as
6:39
a supplier, you're going to say how high, right?
6:41
And, and I think if, if, and this is all my speculation, but
6:46
if there's any changes and requirements for that satellite,
6:49
that's, that's a pretty positive thing because it, that shows
6:51
that it's an important aspect or program for the government.
6:56
And so, so, yeah, we'll, we'll, we'll find out.
7:00
I mean, I think there is some speculation, you know, I mean,
7:03
it's not out of the ordinary that that's God participates in
7:07
investment conferences. He does from time to time, but
7:10
it is pretty rare, I think. I think UBS they did, they did
7:16
webcast it last year, but the company doesn't.
7:20
So there there's a little bit of push and pull.
7:21
I think some of these banks don't like having these, these
7:28
investor conferences, you know, webcast unless the company puts
7:32
pressure on them. But then also the companies may
7:35
volunteer, may not want, you know, these, these events to be
7:39
webcast. But I think here Scott's
7:41
presenting next Monday. And so there's some speculation,
7:46
which I think is probably justified, like maybe we'll have
7:48
some news prior to that Monday. Of course, that's very a a space
7:55
mob type of behavior, setting yourself up for disappointment.
7:58
But but yeah, I mean, they're, they're actually could be some
8:03
news part of that, but I guess we'll find out and that's OK.
8:06
But going back to what I was saying before, you know, Israel
8:10
launching on December 15th, that's going to be positive it,
8:13
you know, if if something goes wrong with that launch, of
8:16
course that would not be good. But at the same time, you know,
8:20
the company, that's why the company has raised this massive
8:23
amount of capital and has what now is I think up to BB19 in
8:29
production. And so if something happens
8:33
there, you've got BB7 that's going to launch shortly after
8:36
and then you've got BB9 through 11, sorry, BB8 through 10 and
8:43
then 11 through 13, that will be ready soon.
8:46
And so whether that happens by the end of December, which gets
8:49
them to a six month production cadence or if that happens in
8:53
January, we'll see you. But I think those two batches
8:58
may, may happen, maybe, you know, may, may get launched
9:02
sometime in February. But anyway, yeah, but it's good
9:07
to see, I, I was looking at Twitter and it's good to see
9:12
that Blue Origin is making significant progress there,
9:16
there. It seems like the production
9:19
cadence there is, is full steam ahead.
9:20
And so I think the market's going to be surprised.
9:23
I think I, I remember everyone was skeptical that Blue Origin,
9:26
I remember this past year when they were having production
9:28
issues and I, I think David Limp in 2024 was saying for 2025 they
9:34
expected like 6 to 8 launches. But of course, you know when,
9:41
when the 1st, when the first launch happened in January and
9:44
they didn't land the booster, then basically those plans went
9:47
out the window. But now that they landed this
9:52
second New Glenn, then maybe that 6 to 8 or or whatever, I
9:56
forget what the exact number was, but I, I know it's like
9:58
closer to 10 than five. Maybe that happens in 2026.
10:03
And so if that's the case, then that's a huge positive for AST.
10:10
Obviously, some, some amount of those launches will be for
10:13
Kuiper and the US government. But I guess now there's some
10:17
speculation bubbling as to whether or not the moon, moon
10:23
Lander is going to be ready for this next Blue Origin New Glen
10:28
mission in January. And so you know, it, it's kind
10:32
of funny these these these programs, sorry, the launch
10:35
vehicles, you can kind of have this like funny dance where the
10:39
vehicle has to be ready, but then your customers have to be
10:42
ready. And often times the vehicle can
10:44
be ready and then the customer is not ready.
10:46
And then the launch provider has to then go try to find customers
10:51
to go fill capacity. And so that's how sometimes it's
10:55
kind of funny, like customers will be on standby and when
11:00
somebody doesn't show up, then you end up being able to fill.
11:04
And I'm, I'm assuming it's somewhat discounted rate, but
11:07
you're able to fill, fill in as a, as a customer on, on a given
11:11
launch. And so I think for next year,
11:15
because Blue Origin is, is for all intensive purposes has
11:19
become a viable, you know, rocket.
11:22
And yeah, maybe to get to a normal cadence, they obviously
11:25
want to be able to refurbish boosters, but then they're
11:28
building so many boosters then that it may not be an issue
11:31
anyway. But but I think, you know, it'll
11:35
be interesting to see what happens with DV7, if that's
11:39
actually rideshare on the SpaceX Falcon 9, or if, if it's going
11:43
to end up on a new Glen and maybe with like a few other
11:47
Block 2 Bluebirds as well. And then, yeah, we'll see.
11:53
I mean, I think it's, it's interesting.
11:56
The reason why I mention this is like, I think last year ula had
12:00
a rocket that was ready and they had to go.
12:03
They had to launch it as part of a, an RFP for the government
12:06
requirement and a milestone. And the, the customer wasn't
12:12
ready, but they ended up having to launch it anyway.
12:15
And, and I think they were able to fill that or not fill
12:18
completely fill the firing. But they were finding somebody.
12:20
They are, no, actually it was they, they put up their own test
12:23
satellite. And so they basically sent up an
12:26
empty rocket. I remember talking to AST
12:29
management about it because that was kind of an example that they
12:34
pointed to where there is capacity out there and and some
12:37
of it is, you know, even though things might be booked, things
12:41
capacity does free up from time to time if customers aren't
12:44
ready. And so, yeah, we could see, we
12:47
could see, of course it's going to depend on production getting
12:51
to the right cadence, but we could see some additional
12:54
launches in the coming year. If, if, if for example, Blue
13:00
Origin is able to, to get all those rockets ready.
13:03
But anyway, yeah, it's what an interesting day.
13:07
Let's it's funny, like how I, I looked at his, his tweet and
13:12
then of course, I tweeted it to where we talked about or he
13:15
talks about how stock price, stock price can change sent
13:20
investor sentiment. And I guess he, he periodically
13:24
quote tweets that. And if you it's like a nested
13:26
tweet, if you go back to the original 1, I think it was like
13:28
June 2024 or something like that.
13:32
Yeah, I think it was June 2024. But it is funny because like
13:36
today, and I'm not going to name names, but there's people out
13:39
there who as of you know, Monday, Tuesday, there are quite
13:43
a few people who were were pretty in.
13:47
Look, I get people who are upset and are not feeling great and
13:51
that's fine. Like that's totally natural.
13:52
But then there's people who were almost like militant, like
13:57
really upset with management. They're like, hey, you didn't
14:00
tell us, give us an update on BB7.
14:03
And yeah, that they were basically calling for blood.
14:07
And of course, like stock, the stock price when it's down or it
14:13
has several down days like that can do pretty weird things to
14:16
people. I think some of some people and
14:19
me included, you know, I think, I think I've been on this five
14:23
year journey for so long and I've just kind of seen
14:25
everything where nothing really fazes me anymore.
14:29
Like I've I've, you know, it's, I have a big position still.
14:35
And I've, I've also taken some profits over the over, you know,
14:38
starting with the warrant redemption because I had to, but
14:42
because I was able to lock in some wins here and there, I kind
14:46
of desensitized these like big moves down and big.
14:50
And obviously like the moves up are great and big moves down.
14:53
Like it sucks, but it's not the end of the world because like I
14:56
have this such an A deep understanding and, and I accept
15:00
like this company is inevitable. Like, yeah, things things might
15:03
get delayed by a week or a month, whatever it is, but it's,
15:07
you know, the company's marching in One Direction.
15:10
You know, he's like, just just think about the bet that a Bell
15:15
and Scott made on Blue Origin. And they were right.
15:19
Like that program is unbelievable.
15:21
And, and like the narrative around launch, you know, it's
15:25
Blue Origin was like the laughing stock and SpaceX was
15:28
the gold standard. And and they still are, don't
15:32
get me wrong. But but now it's like, oh, Blue
15:34
Origin, New Glenn, like, and that, you know, after they they
15:38
announced they had this successful launch, then they
15:40
announced like, oh, we're going to do all these upgrades and
15:42
we're going to roll out this heavy vehicle.
15:45
And then they, they rolled out all the different programs
15:49
they're doing, whether that's lunar Lander and, you know, some
15:51
of these other things as well. But but yeah, I just kind of
15:55
view like we're going to have this, this volatility of the
15:58
market. And, and obviously like our ride
16:00
is up to 100 was, was fueled by this push of high beta names,
16:06
right? And so, yeah, the company
16:08
obviously there was, they're making progress, but then part
16:11
of it is just the market pulling forward expectations of high
16:15
growth names, right? Like you saw these modular
16:18
nuclear companies trading much higher just based off of the
16:22
fact that people are are kind of betting on the fact that AI is
16:28
going to drive this insatiable demand for power.
16:31
And so anything that generates power, it's going to, you know,
16:34
that that can do that cleanly and in an economical way.
16:37
You know, people are looking for ways to invest.
16:39
And so, so that's what happened to ASC in, in October through
16:43
the middle of October. And then of course, you had this
16:44
like de risking, which is natural, right?
16:47
And it sucks. Like I remember I, I personally
16:50
had like some speculative calls and like those got evaporated.
16:54
But that's part of the game. Like if you take short term bets
16:58
and and you're right on the company's prospects, but then
17:03
the macro overwhelms it. Like that's the game.
17:06
Like you accept those losses and it's like, OK, you know, I I
17:10
made a bet and I was riding on one thing, but it doesn't matter
17:13
because macro matters more in in those instances where it's a de
17:17
risky environment. And so that's on me.
17:20
Like I'm not going to go after management and say, why aren't
17:23
you communicating more? You should be executing more or
17:26
whatever it is. It's like put yourself in a bell
17:28
shoes. Like all he cares about is
17:31
executing like the guys never sold a single share in the
17:33
company. As a matter of fact, like he,
17:35
he, he rolled his when the stock pulled back, he's like, oh
17:38
great, you know what I'm going to, I'm going to roll my collar
17:41
higher so I don't have to sell shares Because he had entered
17:44
into this, this small transaction for like 3% of his
17:47
shares in order to lock in something.
17:51
And then, but then he, you know, with the pullback, he was like,
17:54
you know what, I'm going to, I'm going to strike this collar
17:56
higher, which is great. But I think, you know, when
17:59
people are, you can tell when people are perhaps like they're
18:04
over invested or they're just not emotionally, maybe they're
18:08
too emotionally invested as well.
18:09
Like, and this is one of the things where I, I always try to
18:13
tell people it's like, you need to zoom out.
18:14
Like people harped on AST. I know there and of course bears
18:20
too. They're oh, you know, the stock
18:21
is at 100 and now it's at 50. It's a 50% drawdown and the
18:25
stock is shit, right? And but it's like, oh, wait a
18:27
second. If I look at the space sector,
18:30
everybody had a 40 to 50% drawdown or AI names or quantum
18:36
names or whatever you pick. Like everything was down.
18:39
And but yet it's somehow like the company's fault.
18:42
Yeah. And so I get it.
18:44
Like the company as of two No 3 weeks ago now was expecting like
18:50
BB7 to be ready for shipment, you know, by the end of the
18:54
month. And that didn't that didn't come
18:56
to fruition. But we don't know why.
18:59
Like we can speculate and it'll be up to the company to update
19:02
folks. And I'm sure they will do
19:04
course, which that tweet I thought was like pretty damn
19:08
bullish where they showed the three launch vehicles and said,
19:12
you know, we're going to update you guys soon.
19:14
And so to me, that seems like we're going to get something
19:19
this or next week about when BB7 is going to, you know, when
19:24
that's going to get shipped and it's going to launch.
19:25
And by the way, like that's something that we should all be
19:27
looking forward to. Because I mean, I'm hope, I
19:30
mean, on the one hand, I want, I hope BB7 launches in December,
19:34
but I don't think that's, I don't think it's likely.
19:36
And I think for my family's sake would probably be hard, a hard
19:40
sell to try to go down to the Cape Canaveral on Christmas or
19:43
or so, which is, you know, if they were able to somehow pull
19:47
that off, which you know, we're at the beginning of December, I
19:49
think it's going to be take too long to they're not going to
19:52
have enough time to integrate that into a Falcon 9 fairing.
19:55
But but yeah, I mean, I'm looking forward to a January
19:59
launch and seeing a bunch of you guys down there for BB7, which
20:04
will be amazing time. I mean, imagine like we're there
20:08
in January, great launch and then.
20:11
And then they're going to say, hey, you guys can come back in
20:13
February for these two other launches that are going to
20:15
happen where there's going to be two batches of three, which is
20:18
great. Or maybe they'll be 6 on one
20:22
Blue Origin New Glen, which candidly like that would be
20:25
amazing. I to see to be able to go see
20:28
new Glen launch and then land their Brewster.
20:31
Although I guess from where we are in the Cape, we probably
20:33
won't be able to see the booster landing like like you see Falcon
20:37
9 boosters land near the, the, the viewing area.
20:41
But anyway, but yeah, it's, I guess going back to my original
20:45
point, like it is interesting. Yeah, stock price changes
20:49
sentiment, you know, people were crying bloody murder and, you
20:53
know, railing on management on Monday and Tuesday or, and part
20:59
of Tuesday. And then and then of course,
21:01
like things turned around and, and there's no, no one's upset
21:06
and everyone's kicking it easy. And then they've kind of,
21:10
they're able to zoom out because the stock is doing well and they
21:12
realize like, Oh yeah, the space is hard.
21:14
And some of this stuff takes time.
21:15
I mean, and that's part of the, that's part of, you know, you're
21:20
not, you're not invested in a company that's making widgets
21:23
and selling it to Walmart. Like that's the, the critical
21:27
path items that if you're making a widget and your, your
21:31
constraints, you're, you know, you're selling something that
21:34
you can fix and you, you make it on, on earth and you sell it to
21:37
retail. Like that's a very different
21:38
problem than, for example, doing really complex hard stuff that's
21:43
going to go up in space And once it's in space, like you can't
21:46
change it. And if you have a customer like
21:48
U.S. government, Department of War, SDA and they're coming up
21:52
with last minute changes to the satellite, what are you going to
21:55
do? Are you going to say, no, you
21:56
can't do that. We're not going to change the
21:58
satellite for you because we told retail investors and
22:01
institutional investors that we need to get this out the door by
22:03
the end of November. So go screw yourself.
22:05
No, of course not. You're going to tell the
22:07
government like, oh, you want me to change some of these things
22:11
in the salary room when you add more capabilities and it's going
22:14
to take another week or two or whatever it is.
22:16
Sure, sure, I'll do it because I want to, you know, if this is
22:22
important, I want to be in good graces and have, you know, the
22:26
ability to be one of those batch two companies for Golden Dome,
22:30
right, Which I think like on Golden Dome, there's I think
22:36
there's like two programs which AST space mobile is believes
22:40
that they are well positioned to get.
22:43
And and you know, we'll obviously find out.
22:46
I don't think, I don't think in the next few weeks, but I think
22:51
that those Golden Dome awards will probably be you know, we'll
22:54
probably start maybe we'll hear some rumors in the next coming
22:56
weeks, but it seems like that's going to happen sometime in
22:59
January or February. And so, yeah, I mean, people sit
23:03
tight. I think it is funny.
23:06
You know, stock price does change sentiment and and stock
23:12
price is down a few percent then this the the folks who wine will
23:16
be back out of the woodwork. But it is funny like there are
23:19
some people who on on Monday, like re management and then
23:24
today are like, this is the best thing since sliced bread, which
23:29
on the one hand, like it's it's kind of funny.
23:31
And sometimes it's like, you know, take for your own sanity
23:34
when when people are posting this negative stuff, it can be
23:38
grading and it can impact you too, because it's like you're
23:41
dealing with your own ability to compartmentalize, like, oh, the
23:45
stock is down, whatever it is over a few weeks, like 1020,
23:48
thirty, 4050%. And then people are just, you
23:52
know, just like this guy, Doctor Schulz, I forget his name, but
23:56
this this random short that came out of nowhere.
23:57
And he's just like putting out just random senseless BS like
24:03
every day. And and he's getting more
24:04
desperate because the stock keeps going up in his face.
24:08
But yeah, when you see, when I see this stuff, I just block it
24:11
or just mute it because it's just kind of nonsense, right?
24:15
I mean, unless you're what I mean, one good thing is that
24:21
some of these people who and I I talk about Reddit as well, like
24:25
when, when there is bloody murder on the, the space mobile
24:27
Reddit or certain people are really upset.
24:30
Usually that is a bottoming signal.
24:32
It's just like this pivotal capital guy who's a short
24:35
whenever he gloats and, you know, tries to rub it in
24:38
people's faces that the stock is down.
24:41
He has been the best Contra indicator out there.
24:46
I don't think there's anyone better.
24:47
And so I hope he doesn't ever go away.
24:50
But but yes, I mean, sometimes it's like it is good to good to
24:55
have these, these people who get upset and you know, they hand
24:59
wring and they shake their fists at me independent for all their
25:03
ills. And you know, probably they're
25:05
they're they're long, like short dated options, maybe long calls
25:10
and they're upset because the trade has gone against them,
25:13
right. And and that happens.
25:14
And either you can be you can accept responsibility for
25:18
putting on that trade in in the macro, overwhelmed it.
25:21
And so you're stuck or, or you, yeah, you get upset, you get
25:29
upset and you, you want the company to do PRS and do
25:33
whatever it takes to somehow get the stock back up, which doesn't
25:35
make any sense. Like it's the company's going to
25:38
execute like this. This company in particular, if
25:40
you're, if you want a really we're coming that's over
25:44
promotional, that's going to put fluff out there like this is not
25:47
for you. You know, the the company is
25:51
engineering focused focus on business execution.
25:55
You know, there there's going to be delays, as I said before, and
25:57
things are going to happen in their own time and they're going
26:00
to do it right. It's like it's a very different
26:02
approach. They're not going to throw
26:03
spaghetti up against the wall, you know, throw up satellites
26:06
and and see if they work and if they, they get bricked, like no
26:09
problem, we'll just throw out more.
26:11
These are like until they get to, you know, a, a full blown
26:17
production cadence and automation, which eventually
26:20
they'll get to or more of the process automated.
26:23
Like they they've got to take their time.
26:24
They got to be careful, right? But yeah, there's a lot of, I
26:28
mean, I've learned a lot from various face small people about
26:32
production and you know what it takes.
26:35
And I think, you know, one of the things that we were debating
26:38
the other day is like for the satellites, you have to you, you
26:42
typically put them into a, an environmental chamber and you
26:46
like bake, bake them and then freeze them and keep doing that
26:49
over many cycles to see if the components all hold up.
26:52
And, and you know, from that process, I, for example, I think
26:56
Blue Walker three, through that process, they found out that one
26:59
of the metals they were using, the microns just wasn't cutting
27:01
it. And so if you guys were recall
27:04
like that, Blue Walker 3 was supposed to launch in November
27:07
of 2021 and they basically had to go back to the drawing board
27:10
and use a different metal. I think it was some type of
27:13
aluminum and that put the that put the program back quite a
27:18
bit. I mean, they didn't launch blue
27:19
Walker 3 until September 2022, but that was a make or break
27:24
thing. Like they couldn't send up a
27:26
satellite and have it not work. You know, if you have like a, if
27:31
you have a infinite amount of capital and you know the means
27:35
to do do all that stuff, then sure, you can like kind of be
27:38
like SpaceX and and iterate quickly and have a lot of
27:41
failures. But you know, AST space mobile,
27:43
probably it's more or not probably it definitely fits more
27:47
along the lines of the same culture as Blue Origin where you
27:50
want to do it right the first time and do it right always.
27:53
So so yeah, with that, with that type of culture, like it's going
27:57
to be it's you're going to have delays and things are going to
28:01
take time. And, and even in SpaceX culture,
28:03
like I always joke about not joke, but you know, Starship,
28:07
when they first announced Starship in the presentations,
28:10
one must talked about how Starship would be landing people
28:14
on Mars in 2022. And of course, like here we are
28:20
basically at 2026 and you know, that that that spacecraft is
28:25
still going through iterations and, and has is probably some
28:30
distance away from actual consistent, you know, commercial
28:34
viability and, and the cadence. So all the stuff takes time.
28:38
And so I think like people, yeah, just take, just keep that
28:41
in mind. Like this, this again, this
28:42
company is not making widgets from Walmart.
28:45
It's making like groundbreaking, never been done before
28:52
satellites that are going to go around the earth that are going
28:54
to affect your mobile phone and deliver broadband service.
28:56
Like it's, it's unheard of Stuff like even it's something that
28:59
Sterling can't do right. And Sterling has arguably the
29:03
most seasoned and, and some of the best engineers out there.
29:07
And yet, you know, they're they're struggling and what can
29:10
do to struggle just given kind of the design pass that they've
29:13
gone down. But but yeah, I think and I see
29:18
Kook out listening. Yeah, we we talked about, I
29:21
think the environment, you know, couldn't be better.
29:24
I mean, obviously there could be like some surprises that come
29:27
out of left field and you never know, like maybe a hot inflation
29:30
number comes out, but it seems like all the ingredients are
29:34
there. You you've got it seems, you
29:36
know, December most likely is going to be a rate cut.
29:39
And just given some of the economic numbers have come out,
29:42
the Fed is probably going to be a bit more balanced versus
29:45
trying to be hawkish. And, you know, we're going to
29:48
wait and see what the data is. I mean, they're obviously going
29:50
to say they're going to wait and see what the data says.
29:51
But but you know, that that could be kind of a moot point
29:57
with, with power becoming lame duck and, you know, you're
30:01
you're going to have a new fed that's going to be a bit more
30:04
dovish or accommodating. And so that's going to be, I
30:08
think, a positive for all risk assets.
30:09
And, and so when you combine that with, you know, an
30:12
accommodative environment with all these positive cals that are
30:17
coming up for ASD space mobile, yeah, the next two to three
30:21
months are going to be pretty, pretty solid, I think.
30:24
And, you know, I, I've been tweeting some like memes about
30:27
like that, you know, unblurring the, the photo for, you know, a
30:34
bell on the factory floor. And then, you know, that the
30:36
Microns actually shows cash or like I tweeted the meme tonight
30:39
of just like, Oh yeah, ESTs is $1000 stock, which obviously
30:43
like it's not near term, but in the next few years, I certainly
30:46
think that's potentially, potentially in the cards, right?
30:49
And so, yeah, I mean, 2026 it we always talk about like the guy
30:56
who those NFL players who run 99 yards and then they they drop
31:01
the football right at the 1 yard line for lack of focus or
31:04
concentration or they get scared, you know, whatever it
31:06
is, right? They just do stupid shit.
31:09
And, and we're at that, we're at the 1 yard line, you know, full
31:14
speed with the football. And that's what 2026 represents.
31:18
I mean, what is it? We're December 3rd?
31:21
Like we're just like a few weeks, 28 days away from a new
31:28
year when the thing that you know, the, the, the preparation
31:33
for this company and, and all the suffering that people have
31:37
gone through for the last five years.
31:38
Like we're at this point where you've got this multi launch
31:41
campaign. It's going to be with 30
31:44
different, sorry, three different launch providers.
31:48
And excitingly, one of those is going to be Blue Origin, New
31:51
Glenn. That could take, you know,
31:53
anywhere between 6:00 to 8:00 of these the the new block two
31:56
satellites up and the company's going to target, you know,
31:59
they're saying 45 to 60 by the end of the year.
32:01
Let's just let's just say 45 to be conservative.
32:05
But yeah, service is going to be up and running.
32:06
And you've got Vodafone, AT&T, Verizon, Saudi Telecom.
32:11
Now you know Rakuten, you've got all these guys that are coming
32:17
to the bet and talking about rolling out commercial service
32:20
in 2026. And then you got these.
32:23
What's cool is you got these DUSTAS which came out what 2
32:26
weeks ago, was it 2 weeks ago for testing in Ireland through
32:31
Vodafone. And then of course, Mexico,
32:33
which is Alton, which is the government owned M&O that's
32:39
trying to utilize unused 700 megahertz spectrum to, to
32:43
provide 100% connectivity across Mexico.
32:46
And that's, that's going to be massive, right?
32:48
Like there's, there's so many people who are unconnected in
32:51
Mexico and, and you know, terrestrial coverage is so much
32:54
spotty, but having that I think is a, is a public utility
32:58
basically is going to be massive, right?
33:00
And so, and this is only that by the way, I remember talking to
33:04
Scott, maybe it was like in 2023, he had mentioned this idea
33:08
about Mexico and, and the government, you know, all, all
33:13
time in its previous iteration, I think it was a privately owned
33:16
company that went bankrupt because they were trying to
33:19
build out terrestrial towers. And then they basically ran out
33:21
of money, just like Charlie Ergen over at Echostar slash
33:24
Dish networks, because it's, it's an expensive endeavor,
33:28
right? Like trying to stand up a
33:30
facilities based new M&O that that's a really expensive
33:34
proposition. And so that that company went
33:37
bankrupt. And I believe the Mexican
33:38
government, that's how they were able to or I mean not by choice,
33:42
but they, they took it over and they had of course, you know,
33:46
these valuable 700 megahertz licenses, which 700 megahertz is
33:50
like the gold standard, like cream of the crop 4 cellular
33:54
spectrum. And they have it that covers the
33:58
entire entirety of Mexico. And so that's going to be a huge
34:00
opportunity for ASC. And so I think in the coming
34:04
months, you know, we'll, we'll get more of these definitive
34:08
agreements. Bell Canada, you know, they've,
34:11
they pretty much like if you listen to their earnings call
34:14
like that, that agreement seems like it's already signed.
34:17
It's just maybe it, it, it won't be, it's not going to be active
34:21
until some conditions are met. And then, you know, we've been
34:25
speculating maybe Eddie Salat out of Abu Dhabi, perhaps that
34:30
could be another one. And there's a whole host of
34:32
others, of course, but but yeah, 2026, it's going to be exciting.
34:37
And one thing I think, you know, someone wanted an investor,
34:43
institutional investor recently had spoken to the company and,
34:47
and it sounds like, you know, that there's going to be a lot
34:50
of news in the in the coming months and which makes sense,
34:53
right? Like you've got a company now
34:55
that in previous years there wasn't much to discuss because
34:59
it was for all intensive purposes like as an engineering
35:02
project. But now we're at a point where
35:06
you got your, your commercial partners that are coming out
35:09
with marketing that are, are basically prepping the beach
35:12
head for a roll out of Commercial Services.
35:15
You've got 9, you know, government contract awards,
35:19
which are going to get you to expand.
35:20
And then perhaps you can add two more of which are going to be
35:23
Golden Dome, like 2 areas that that AST is trying to address.
35:27
And then you've got you. So then you've got low launches,
35:33
very visible launches that are going to be happening 1:00 to
35:36
2:00 every month over the course of the next 12 months.
35:40
Yeah, there's a lot going on. And then, you know, we're not
35:42
even talking about like the regulatory picture, which is I
35:45
think I mentioned this in, in the, the, the talk last night,
35:48
but the FCC comment period for a TS SES application for U.S.
35:55
market access that that comment period I think closes on
35:58
December 5th. And so you've seen some activity
36:00
in the docket where obviously you know, it's SpaceX and
36:04
T-Mobile have complained or try to slow down the process, which
36:07
I think they're basically pounding sand at this point.
36:10
But that process is going to close and then that that starts
36:14
the clock for approval and approval.
36:17
I think on average, you know, if there's no issues, maybe you've
36:22
got a bacon some time for the holidays.
36:24
But but we know Chairman Carr is he really wants to get these
36:27
things going pretty quickly. You could see approval for ACS
36:31
application sometime at the end of January or perhaps you know,
36:34
in February. And so that I mean, that's a
36:37
huge catalyst, right? Because then then you don't have
36:40
to keep going back for St. as to do testing or launch.
36:43
I mean, now you've got like full authority to put up an entire
36:46
constellation of, you know, whether they grant the full 248
36:50
satellites. I mean, we'll, we'll see.
36:52
But then you, it's up to you, you like you just easily go on
36:55
to these things and and start service.
36:58
And so that that's going to be pretty massive.
36:59
I think if you were to ask any of us back in 2021-2022, that
37:06
was, that was like the all clear, like if we get FCC
37:10
approval for U.S. market access, that means like everything has
37:13
gone swimming swimmingly well. And now it's just a matter of,
37:17
you know, getting to a point where we're not talking about
37:20
launching satellites, we're talking about generating
37:22
revenue. Like instead of focusing on
37:25
getting consolation up and you know, rockets going up and, and
37:28
all those things like we're actually talking about like, oh,
37:30
how do we, how much money are we going to make and what do
37:34
revenue productions look like and what does option look like?
37:37
And and you know how many day, what percentage your day passes,
37:41
what percentage are monthly add on fees or what percentage are
37:46
embedded as part of a premium plan.
37:48
And so that's on the commercial side.
37:49
And then, you know, how many first net users are there on the
37:53
government side to then, you know, obviously this type of
37:57
service I think is going to be, is going to be just part of the
38:00
plan for whatever first start selling to 1st responders.
38:04
And yeah, you should also include Verizon in that because
38:07
I think the most recent FCC filings have been indicated that
38:12
Verizon's probably going to adopt this for their frontline
38:15
service. And then, and then when you
38:19
shift over to the defense side, you know, it's on, I guess it's
38:24
unclear how much specificity or, or detailed we have on whatever
38:30
the government programs are. But if you guys will recall, I
38:33
think in the B of A, the B of A like chat with Scott, you know,
38:38
he, he views government revenues next year being in the hundreds
38:42
of millions or maybe maybe 100 million or some some, you know,
38:47
number north of that or or multiple of that.
38:49
We'll see. But yeah, I mean, I think as
38:53
we've we've all discussed, I think that government
38:55
opportunity is going to be the biggest initially and for the
38:59
short term. And then of course commercials
39:01
going to overwhelm that, you know, perhaps two to three years
39:03
from now, which I mean that that's the beauty of having
39:07
technology that's still use where it's commercial and you're
39:11
building it for commercial purposes, but it's also relevant
39:13
for the government. And so and that that's, yeah,
39:16
that's the type of stuff that the government likes where they
39:19
don't have to actually fund these expensive programs.
39:22
These programs can actually stand on their own and have
39:25
commercial viability and then and then they're able to, you
39:28
know, use services on top of that.
39:33
But yeah, so pretty exciting time.
39:37
I mean, I think as we head into the end of this year, yeah, I, I
39:44
think there's, I mean, me personally and, and I think for,
39:49
for most people, yeah, it's an exciting time.
39:55
I think. I think what's interesting is
39:59
we're we're starting to get a bit more press.
40:00
And, you know, I was telling Kook earlier today, the
40:03
narrative is completely changed where before people would say
40:07
like this market, like, well, the technology, it doesn't make
40:11
sense, like how you can connect to a regular mobile phone or an
40:15
existing mobile phone like that. That was kind of over people's
40:17
heads. And even if that's the case,
40:20
like I don't even know if the market's big enough, but now
40:22
we've moved on. Like now people just assume that
40:25
Starlink is going to connect to mobile phones pretty easily,
40:27
which they are going to be able to connect to phones, newer
40:30
ones, and the connection's going to be pretty decent.
40:33
And you know, when, when there is a good connection, But those
40:37
satellites that are flying in very low Earth orbit, but then,
40:41
you know, they're not going to be able to penetrate walls.
40:43
You know, it'll be questionable if you could use it in certain
40:47
instances, perhaps like in your car or wherever, but the people
40:52
just assume like that's that's it's a it's a given, like it's
40:55
going to happen, right? And so it's, it's pretty crazy,
40:58
like how far we've come. And, and I think what I was
41:03
saying about the press is that, you know, there's a few people
41:06
like I know Chris who's down there in the audience, like he's
41:10
working on potentially doing something around telling space
41:14
mop story, which I think would be pretty tremendous.
41:17
And, and some of us have actually gotten pinged by
41:21
journalists from major publications to to talk about
41:24
the story. And so I think, yeah, it's kind
41:28
of like all these things are, are coming to a head, right.
41:32
And so we're, we're going to have once in 2026 when the
41:35
service is rolled out and, and people are more familiarized
41:38
with AST space mobile, folks are going to look back on, on all
41:43
these crazy people from who are posting about it in 2021-2022,
41:48
2023-2024, 25 and be like, well, why didn't I believe in that?
41:53
Why didn't, why didn't you tell me about it?
41:57
Which, you know, I, it's, I think we're at this point where
42:00
it's, it doesn't like, it's not too late.
42:02
Like the stocks at 50 and the market cap is 20 billion.
42:05
Like it's like we, we harp about how legato spectrum is probably
42:10
worth, you know, 12 to 15 billion.
42:12
Like you're getting the company, the commercial and government
42:15
business for 5 billion, right. And and the company also has
42:18
like 3 billion in cash, obviously has it has a
42:20
commutable debt too. But but if you think about the
42:24
opportunity and and how big how this company is going to be the
42:28
largest wireless operator in the world by subscribers, obviously,
42:32
you know, as a wholesaler, it's not going to have those direct
42:35
relationships with all the customers.
42:36
But you know, it'll be serving billions of customers
42:42
potentially at some point in the future.
42:43
And, you know, obviously some, you know, when people try to
42:46
come back with an argument, say, well, I don't know how much
42:49
capacity the satellites will have.
42:50
Well, it's like, yeah, not everybody's going to be using
42:52
the satellites all the time. It's just like, you know, there
42:56
was this guy Dan TMT, who I respect a lot.
42:59
He's a big echo star bull, but he was saying, I don't know,
43:02
like how much people are actually going to use the
43:05
service or pay $5 to use the service.
43:08
Like what do you mean? You know, like if you if you do
43:12
the parallel to a mobile phone, you use your mobile phone
43:17
primarily in places where there's Wi-Fi, whether it's at
43:19
your work or at your house. And that's probably 85 to 90% of
43:23
the time that you're using your phone, it's it's within Wi-Fi.
43:26
But then that 5 to 10% time that you use it or whatever 5 to 15%
43:32
of the time that you use it outside, you pay.
43:34
And I'm going to I pay, you know, Verizon over 100 bucks to
43:39
use my phone for a very short period of time throughout any
43:43
given day. And so you pay a premium for the
43:47
time that you want to have connectivity that's outside of
43:49
your house when it's easy. And so, So what you're telling
43:52
me is that in, in dead zones, you know, in and around New
43:57
York, or if I'm traveling to like, if I want to go camping,
44:01
but I want to be in, you know, I've got to check my stock
44:03
prices, right? You're telling me I won't pay 5
44:06
to $10 a month more for that? Or if, if my kid has an Apple
44:10
Watch and they get lost, like I wouldn't, you know, my, my wife
44:13
would kill me for not paying 5 to $10.00 for that.
44:17
So I think people underestimate that, right?
44:18
And then, and then also it's like, imagine the company
44:22
selling basically like connectivity services, but also
44:26
insurance and they're selling it many times over for every
44:28
satellite, right? Like not everybody's utilizing
44:31
the service. And so you can sell it many
44:33
times over. Like this is the most, you know,
44:37
efficient and high return on investment, you know,
44:41
infrastructure that'll be out there.
44:43
And of course, like IoT, they'll be IoT uses.
44:46
I think AT&T's CEO today, Stanky was saying that, you know,
44:50
obviously satellite's not going to replace terrestrial, but one
44:53
area where it probably will is, is IoT.
44:56
And you know, IoT devices like, yeah, there's 6 billion
45:00
subscribers in the world, but me IT devices will there be in two
45:04
to three years? There's probably going to be a
45:05
multiple of that many multiples of that, right?
45:08
In our house, we have I, I'm, I'm kind of embarrassed to say
45:15
this, but I've got like 12 air tags already, which I, I put on
45:18
everything. And so imagine like a company
45:21
that has corporate assets that they want to keep track of or,
45:25
or a farmer that's keeping track of various conditions throughout
45:29
their field. And yeah, they're, they're also
45:31
checking hydration and, you know, different things where
45:35
you're, you're basically you want the entire farm so you can
45:37
effectively manage it. You want it to be connected.
45:40
And that farm happens to be in an area outside of coverage.
45:43
Like that's the opportunity. And then you've got drones and
45:46
you've got, you know, cars what have robots, whatever it is,
45:51
right? So, yeah, there's, there's a
45:54
lot, there's a lot. And I'm now I'm rambling.
45:57
Anyway, yeah, that's, that's the space.
46:02
My my son's probably going to be done soon, although they're, it
46:05
seems like they're running late. So I'm going to check.
46:08
This is a very random space, but, and it wasn't really short,
46:11
but I'm going to check and see if people have questions like I
46:14
always do. Let's see the first comment.
46:18
I'm not going to name names, but Kook is a kook.
46:20
Yes, that's right. That that's from the Kook
46:22
report. For those that don't know, I
46:24
joked about it. Kook is a different type of
46:27
animal. He's hell bent on owning the
46:32
most shares that he can and and holding with a Kung Fu grip
46:37
until the end of time. And so he, he's a different
46:40
animal. And, and you have to be a sort
46:41
of kind of crazy to do that. And, and because he's that
46:46
certain kind of crazy, the volatility, I think he it weighs
46:49
heavily on him. So he's a very particular kind
46:52
of animal. I don't, I don't think, I don't
46:55
recommend people live that way, by the way, because you have to
46:58
be a certain kind of crazy. But but yeah, he's, he's
47:01
one-of-a-kind which we're we're blessed to have him.
47:04
Let's see. John John Lee Cooper, those
47:09
negative comments and sentiment are usually bottom or near
47:11
bottom indicators. It's always been that way.
47:14
Also when the RSI is in the dumps on the monthly, you have
47:17
to get aggressive and buy shares.
47:19
False. The companies doing that they
47:21
can to bring it IIA 100% agree with you.
47:23
Jonathan. Yes, sent the the negative
47:27
sentiment for lungs and and you know, the the guys who celebrate
47:32
the short sellers when they get really confident and complacent.
47:37
I mean, it works with ways, right?
47:38
When when they're rubbing it in her face, like, that's usually
47:41
the bomb, too. But I agree for those people
47:44
that are more trading oriented. Yeah, like, try to fight the
47:48
urge. My old portfolio manager, when
47:50
he first started the hedge fund industry told me a very simple
47:53
rule. When a stock is red, you buy,
47:56
and when the stock is green, you sell and don't do the opposite.
48:00
And if you just adhere to that rule, you'll generate additional
48:03
returns, which is true. So just keep that in mind.
48:09
Let's see. How do you see the first launch
48:11
of the bigger satellite risk wise deployment etcetera?
48:15
That's a good question. I mean this is a new, this is a
48:17
new spacecraft and we don't have flight heritage like we do with
48:23
the Block 1 satellites. But I mean you've got to the
48:27
engineering talent and the people at ACC Mobile like you
48:31
know they've they've gone 6 for six essentially in terms of
48:34
unfolding satellites. And so I expect that street to
48:39
continue. They do a tremendous amount of
48:42
testing on the ground of the unfolding mechanisms.
48:46
They the current satellite design actually has less folds
48:51
to unfold and less hinges to fail.
48:54
And so it's actually a simpler design even though it's bigger.
48:58
And so there will be a bit more stress when the satellite
49:01
unfolds because things are just much bigger, but there's less
49:05
steps to do that. And so I think that's going to
49:09
be in terms of complexity and risk, like this satellite should
49:14
be less risky. And so we'll find out.
49:18
But I think it's important to understand that, you know, the
49:21
engineers at AST, there's a ton of people there that have a
49:25
tremendous amount of experience. And of course, there's new
49:27
people as well. There's also people focused on,
49:30
it's almost like working at Toyota or one of the, you know,
49:34
Japanese car companies, There are people there that are
49:37
focused on simplifying and, and taking costs out, right,
49:40
simplifying the design. So there's less potential for,
49:44
you know, less complexity for failure and then also lowering
49:47
cost. And so unlike, you know, some of
49:50
these programs that have launched satellites to Geo, you
49:53
know, virus sat has been one of the victims of this where they,
49:56
you know, they relied on Boeing as a prime and then the
49:59
satellite was like so complex that it didn't unfold properly
50:04
and, and basically was a was a dud, right.
50:06
And so that's something that the company has been focused on and,
50:10
and could you just kind of focus on it?
50:11
And the great thing about being vertically integrated is that,
50:15
you know, you because you do all that stuff in house, you can
50:18
make changes and adapt pretty quickly.
50:21
You don't have to, you're not doing stuff by purchase order
50:24
through a prime and having to deal with that bureaucracy.
50:27
So, so that I mean, obviously BB 6 is going to be first of its
50:31
kind to, to go up, but I feel very confident.
50:35
I will say when I the first launch that I went to for a blue
50:39
Walker three, I remember Cook and I were in the elevator with
50:43
one of the engineers. They these were these are like
50:46
some of the white haired engineers, like just guys who've
50:49
had a ton of experience and probably mentoring a lot of
50:53
people on the floor. But they, they were in the
50:56
elevator with us. They had no idea who we were.
50:58
It was like just do these two random dudes and they're looking
51:01
at us. They didn't know that we were
51:02
these like crazy social media people, but I remember us asking
51:07
like, hey, how do you guys feel about it?
51:08
And they were supremely confident.
51:11
Like they're like, yeah, there's not going to be any problems.
51:13
It's going to go off. And they were like relaxed about
51:15
it, which I I would have been kind of, I mean, I no, probably
51:19
I would have been semi OK, but Cook would have been in a basket
51:22
case if that was like if he'd engineer it.
51:25
But they were, they didn't express any hesitancy.
51:30
They were supremely confident, right.
51:32
And I remember, of course, that evening, which was very late,
51:37
going to being on the bus and I was sitting by a bell and I, I,
51:41
I turned him and I was like, hey, so how do you sleep?
51:43
You know, how did you sleep last night?
51:45
And he, he turned to me and looked at me and said, I slept
51:48
like a baby. Like he, he was like not nervous
51:53
at all. And, and people know this like
51:55
obviously there was, there are many more people for the block
51:57
one launch. Like the guy was, he's like a
52:00
cool operator. He's he was totally confident in
52:03
his team and, and what the, the, the work they had done.
52:05
And so, yeah, I'm confident. I'm confident in what he's
52:10
doing, what the team is doing. And I think this, the satellite
52:14
DB6 and every iteration thereafter is going to be a
52:18
success. Let's see here.
52:26
Does our model slash slats apply for artificial intelligence,
52:30
Leo? Do we have the capability since
52:31
power water or the large threshold reoccurring cost?
52:35
So that's a good question. As we all learned in the last
52:38
earnings call. And it's funny because like I
52:40
think we all, because there's so much stuff going in the market
52:43
and people are going through your different emotions.
52:46
We all forget, like during Q3 they talked about how they have
52:49
AI software that's going to maximize the efficiency of the
52:53
satellites. But the other thing that came
52:55
out is, you know, obviously data centers are this new hot thing.
52:58
AST has all the ingredients for that.
53:00
We have the largest arrays of solar arrays in in lower throw
53:05
of it. We've got these phased arrays
53:06
for communications. We have processors, yeah, you
53:10
could see putting in hard drives or whatever, you know, storage
53:13
devices you want in there. And you can run data centers
53:16
too. But actually, you know what, I'm
53:18
going to have to cut it because I see my son coming out and we
53:21
got to get home. But thanks everyone for joining.
53:23
This was fun and I'm glad that it actually worked.
53:28
Please come back and join me for tomorrow.
53:30
I'll be actually hosting the Co CEOs of stratacritical, which is
53:35
a a company that I have a position in and you know, I
53:38
think is quite interesting and and you know, I'm not saying
53:42
people should invest in it, but you know, come by and learn.
53:44
It should be, I think an entertaining space.
53:48
I'll be looking to learn more about the company too.
53:50
And so I'm also trying to hope to or I'm hoping to have more of
53:54
these with a few other management teams as well, but.
54:00
Thanks for listening to the AST Space Mobile podcast.
54:03
If you enjoyed this episode and you'd like to help support the
54:06
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media, or leave a rating and review.
54:12
To catch all the latest news about AST Space Mobile, make
54:16
sure to subscribe. Thanks again and I'll see you
54:18
next time. We're doing something very, very
54:24
big and acting with this technology, we can really affect
54:27
billion lives. AFT Space Mobile is the only
54:30
company that has proven technology to deliver several
54:34
broadband connectivity directly from space.
54:37
To do everyday smartphone. People will just basically turn
54:40
their phone can be seamless regardless of where you are.
54:44
We don't want the user even to know that it's connected by
54:46
satellite. Our role is to bring this into
54:50
reality, always in partnership with the animals.
54:59
Listen, Waffles.