Latest / AST SpaceMobile Podcast / Anpanman - Sentiment Check

Transcript

Anpanman - Sentiment Check · AST SpaceMobile Podcast

• 0:06
  This is the AST Space Mobile podcast.
• 0:11
  Just basically from the phone, be seamless, regardless of where
• 0:14
  you are. We don't want the user even to
• 0:16
  know that it's connected by satellite.
• 0:21
  Listen, the opportunity that we have is very, very, very large.
• 0:24
  Large. Everyone, thanks for joining.
• 0:28
  What an absolutely brutal time. I'll be the first to say it.
• 0:33
  It's been rough. The stock for AST has been on a
• 0:39
  downward spiral from the April launch.
• 0:43
  And you know, obviously sentiment is is turned pretty
• 0:46
  negative. And yeah, so are we bottoming?
• 0:52
  Probably. But could we go further?
• 0:54
  Maybe. But but yeah, I figured I'd fire
• 0:58
  up a space. I only have actually not too
• 1:01
  long. I got to go pick up the kids,
• 1:03
  but I didn't want to just do a sentiment check.
• 1:06
  I mean, I think I haven't seen so much negativity in quite some
• 1:10
  time online, which is justified. I understand, you know,
• 1:14
  obviously investing and This is why investing is hard, right?
• 1:17
  Especially in single names, if you got to be able to stomach
• 1:22
  volatility and for things like high growth areas with a high
• 1:28
  level of beta and uncertainty like space sector, you're seeing
• 1:32
  that in spades where it's not just ASD.
• 1:35
  That's down 6.7% today. Let's see Firefly, which I think
• 1:40
  was up 20% pre market is down down 4.4%, Carmen down 6 1/2%,
• 1:47
  Intuitive Machines 4.4%, Planet Labs down 6.2%, Rocket Lab down
• 1:53
  4.2%. And yeah, so there's a number of
• 1:57
  space companies that are are down.
• 1:58
  And I think it probably has to do with AST to some extent
• 2:04
  because the company is a proxy, you know, when the stock is
• 2:08
  down, the sector does tend to to sell off a bit.
• 2:11
  And I think you've seen other names since the launch kind of
• 2:17
  come in as well. And so obviously the company is
• 2:20
  underperformed relative to the rest of the space sector, but
• 2:23
  but it is a an indication of sentiment or, or heavily weighs
• 2:28
  on sentiment. And so I think even, you know,
• 2:30
  while Rocket Lab did, I think it rallied when the Blue Origin
• 2:35
  second stage failed. Since rallying to the low 90s,
• 2:39
  it has come off down to 77. So yeah, there's a bit there's
• 2:43
  like some weird factor stuff going on today.
• 2:46
  For example, semiconductors, which has been a huge winner,
• 2:49
  optical components within within hardware has, has done really
• 2:54
  well. So those names are, are, are
• 2:55
  doing well today. Some of the quantum names are
• 2:59
  up. And then looking at nuclear, I
• 3:03
  mean those names are down. And so, but in space in
• 3:06
  particular, space is all down today.
• 3:08
  So yeah, we've got, we're at kind of an interesting point
• 3:13
  because I think obviously we've got earnings coming up on Monday
• 3:17
  and we're going to get an update from the company on production
• 3:21
  and shipping of the Bluebirds. And and so by then, hopefully
• 3:27
  we'll get a good sense of where we are on that first batch,
• 3:31
  whether that happens. You know, I think the company
• 3:34
  we're targeting approximately 30 days.
• 3:36
  So that puts us about a little over a week after earnings.
• 3:39
  But they will probably give us some insight and guidance into
• 3:43
  how that production is going. And, and if shipping those 3
• 3:48
  satellites is going to happen on time.
• 3:50
  And then, yeah, we've got launch happening shortly thereafter.
• 3:55
  And so from what I understand, I think integration into Falcon
• 3:58
  Nine that will take somewhere around 3 to 4 weeks.
• 4:01
  And so we could see a launch, as I understand, I think launch
• 4:04
  manifest is pointing to something in June and then
• 4:10
  you've got another two batches of three that will likely happen
• 4:14
  late June or early July and then August.
• 4:17
  And so, so yeah, there's a lot of things that are going on.
• 4:20
  And you know what could possibly change sentiment?
• 4:23
  I think the shipment of that batch is going to be important.
• 4:27
  And the other thing that I mentioned yesterday is the
• 4:32
  return to operations for Blue Origin New Glenn, which I
• 4:37
  believe might happen sooner than the market thinks.
• 4:39
  I think obviously the skeptics are saying several months.
• 4:42
  I think looking at president, you're probably you know the,
• 4:47
  the what, what people are expecting at the aggressive time
• 4:52
  end of the timeline would be somewhere around 70 days, 7060
• 4:55
  days. But then I don't know, we're
• 4:58
  getting some some hints that perhaps Blue Origin is going to
• 5:01
  get returned to operations for New Glenn sooner than that.
• 5:06
  And so, so yeah, that's something else to look out for.
• 5:10
  But but yeah, what what might the company cover?
• 5:13
  I think obviously in the the quarterly update, it'll be good
• 5:17
  to hear any progress around production, the cadence
• 5:21
  production. You know, I think the company I
• 5:24
  remember catching up with management at launch and you
• 5:29
  know, we're at this point for staying at production that at
• 5:32
  some, some point we are going to hockey stick in terms of
• 5:35
  production. Now when when does that happen?
• 5:37
  Hopefully near term. But but as we all know,
• 5:41
  production when trying to create the machine that builds a
• 5:45
  machine that that takes some time there, there's going to be
• 5:47
  hiccups along the way. But but yeah, it is interesting.
• 5:50
  I think the narrative I know with the stock price coming down
• 5:54
  and sentiment being pretty awful, there are people always
• 5:57
  looking for, you know, the reasons why the stock price is
• 6:00
  down. And at least on the the hedge
• 6:05
  fund side, you know, the short interest has gone up.
• 6:07
  I think for people who are perhaps like the lazy kind of,
• 6:13
  you know, hedge funds that are shorting the stock, the
• 6:17
  narrative is pretty straightforward, right?
• 6:18
  Like the company Bluebird 7 was not put into proper orbit.
• 6:23
  So so you had that failure and then production cadence has been
• 6:27
  delayed and they're going through production hell.
• 6:29
  Some other what like Tesla went through or any number of
• 6:32
  companies when you're doing something brand new that hasn't
• 6:34
  been done before. And then you know, for, for the
• 6:39
  company that in terms of other things there that have put
• 6:42
  pressure or change the narrative or sentiment, you know, Rakatin,
• 6:46
  obviously people forget like we got FCC approval for a full
• 6:49
  constellation only a few weeks ago.
• 6:53
  And when that, that was announced, obviously Rakatan who
• 6:56
  had been planning to sell half their stake beginning in
• 6:59
  January. And they'd come off the board
• 7:02
  and we didn't know exactly how much they would sell or when
• 7:06
  they'd sell. But then they implemented their
• 7:07
  10B51 plan and indicated that they would sell half of their
• 7:12
  holdings, of which they are probably 2/3 of the way through
• 7:16
  that. And be quite honest, like what's
• 7:19
  Romania is not that not that much.
• 7:22
  And so that that kind of hit sentiment.
• 7:25
  And then of course, you know, the Global Star acquisition by
• 7:28
  Amazon, I think that's been an overhang as well.
• 7:32
  And you know, so for someone who is from the outside looking in,
• 7:37
  then you've got this confluence of all these things.
• 7:39
  Then, you know, if you were a hedge fund and and I guess you
• 7:43
  know, contemplating shorting, now's probably not a bad time to
• 7:46
  be short. But as we learned in the past,
• 7:49
  when you have these ingredients together of people who are
• 7:52
  tourists, who don't really know the sector.
• 7:54
  And we've seen this actually for some of our friends and space
• 7:58
  mob who are in the institutional side.
• 8:02
  It definitely sounds like there's a ton more activity on
• 8:04
  short sellers where, for example, the latest or not the
• 8:09
  latest, but the old rumor that that our satellites won't fit
• 8:13
  into a SpaceX fairing like that's been going around, which
• 8:17
  is kind of funny or not kind of funny.
• 8:18
  It's it's apparently absurd, but but that's been peddled.
• 8:23
  And then of course, you've got, you know, looking at some of
• 8:28
  these expert networks, there's been a flurry of activity of, of
• 8:32
  institutional investors who are connecting due diligence and
• 8:36
  asking, you know, outside experts or people who work in
• 8:39
  the industry about the company. Which typically you'll see that
• 8:43
  when a company is doing really well and people are perhaps
• 8:46
  contemplating going long or if things are going, you know, the
• 8:49
  stock price is not doing well and perhaps shorts are trying to
• 8:52
  gather more ammunition to, to press their position.
• 8:56
  So, but in terms of set up, like I think with the low implied
• 9:03
  volatility, the all time high short interest and sentiment
• 9:07
  being really no really low, I think we got the ingredients for
• 9:11
  what should be a pretty spectacular rally.
• 9:14
  I think over the coming weeks and and the summer, especially
• 9:18
  with all these launches lined up.
• 9:20
  Obviously like, you know, the company has to get satellites up
• 9:23
  and you know, will they get to an approximate 45 satellites in
• 9:26
  orbit that is an aggressive timeline or aggressive target, I
• 9:31
  think. And, and we've talked about this
• 9:33
  in the past where it is a reach goal.
• 9:35
  And if they can get these nine satellites off on Falcon 9 and
• 9:40
  then resume operations on Blue Origin, New Glen with the
• 9:44
  ability to launch 6 satellites at a time.
• 9:45
  And obviously we've already got 6 orbiting the Earth right now,
• 9:49
  then you, you can see a path to get 45 approximately.
• 9:52
  But you know, if they get to 40 or if they get to 35 or high
• 9:56
  30s, is that going to make a big difference?
• 9:59
  In my opinion, I don't think it will, right?
• 10:01
  Because I think ultimately what's going to matter the most
• 10:05
  at the end of the year is the exit velocity of production
• 10:08
  cadence, right? And so if they're getting to the
• 10:12
  point where they're confidently producing 6 satellites a month
• 10:16
  by call it June, July, August, and, and we're able to do that
• 10:21
  consistently and they actually, you know, fingers crossed they
• 10:24
  actually raise a raise the number of satellites they were
• 10:27
  able to produce on a monthly basis, then that's what's really
• 10:30
  going to matter, right? Because ultimately, if you're
• 10:33
  able to produce 6 satellites a month, you know that that's a
• 10:38
  that in, in terms of building out the constellation, that's
• 10:42
  the number you're really focused on, right?
• 10:44
  So 6 * 12 that's obviously you know that that's 72, right?
• 10:49
  And we need, let's see here, you know, we need, we need 45 to 60
• 10:58
  for decent coverage. And then, you know, beyond that,
• 11:01
  then you get into improving performance, right?
• 11:04
  And beyond that, if you're able to get to say, let's see here,
• 11:11
  if we can bump up from 6 to from 6 to 8 satellites per month,
• 11:16
  then you're, you're building on an annualized basis 96, right.
• 11:19
  And then you know, Scott has talked about the possibility or
• 11:23
  tooling and getting additional 4 space to get up to call it 10
• 11:27
  satellites a month and that's 120 a year, right?
• 11:30
  And so the key thing you hear is getting to your production
• 11:33
  cadence that you know, once, once you're able to consistently
• 11:39
  produce satellites, test them and get them out the door and
• 11:41
  obviously get them launched, that's what's going to be the
• 11:45
  most important thing. And and I think for the company
• 11:47
  to reiterate 45, approximately 45, they still see that stretch
• 11:51
  goal as a possibility even with the set back of Bluebird 7 not
• 11:55
  getting into orbit and Blue Origin obviously on hold for now
• 12:01
  until the FAA concludes its investigation.
• 12:04
  But from what I, what I've heard is I think, I think Blue Origin
• 12:10
  has a very good sense of what the problem the failure was for
• 12:14
  the stage 2 New Glenn. And so yeah, I think, I think
• 12:18
  they may return to operation sooner than the market is
• 12:21
  pricing in. But but yeah, anyway, sentiment
• 12:25
  sucks. It is what it is, I hope.
• 12:28
  And no one wants to hear this, of course.
• 12:29
  But key thing is during times like this, like it's a, it's a
• 12:34
  stark reminder not to be over leveraged, not to be over your
• 12:37
  skis. Cause stuff like this can
• 12:38
  happen, right? Like draw downs where sentiments
• 12:40
  bad and, and you have a stock underperforming.
• 12:45
  And this is where like from a sentiment and, or from a mental
• 12:49
  standpoint, it can really screw with you, right?
• 12:50
  Because obviously the markets themselves, whether it's S&P,
• 12:54
  Dow, Russell, they're all up today, NASDAQ and you've got a
• 12:58
  number of different sectors that have continued to perform even
• 13:02
  in this uncertainty with Iran. So for example, I was looking at
• 13:07
  SanDisk, Micron, Western Digital and Seagate and all these other
• 13:12
  storage and memory companies, which you can, you can bought,
• 13:15
  you can pay someone to buy these companies a few years ago.
• 13:18
  But with the advent of the rush for AI and building out data
• 13:23
  centers, they've done extremely well.
• 13:25
  And so, yeah, this is what happens in the market.
• 13:28
  Like some, some sectors become really hot, some sectors become
• 13:31
  cold space. Overall, I would say is is
• 13:35
  taking an A pretty decent breather after having a pretty
• 13:39
  high, a pretty big rally in January on the excitement
• 13:43
  around, you know, defense spending and of course the
• 13:46
  SpaceX IPO, which by the way, like that's still happening in
• 13:49
  the next few weeks. And so it's not as if the
• 13:53
  interest has gone away from the sector, but but I think some of
• 13:56
  the momentum and fast money has left the sector and as you know,
• 14:01
  dribbled into some of these other areas.
• 14:03
  I mean, even Intel of all companies, where again, you
• 14:06
  couldn't pay someone to buy Intel.
• 14:07
  But given the Trump administration's, you know,
• 14:12
  essential, like government backing and and then, of course,
• 14:16
  you know, interest from Apple and others to to build their
• 14:19
  chips at fabs domestically until it's rallied tremendously,
• 14:22
  right. And so things can change on a
• 14:25
  dime. And I would just say that, you
• 14:27
  know, for those people who are, who are upset and you know, are
• 14:32
  calling for blood and like management, they should be
• 14:34
  communicating well, we've got earnings on Monday.
• 14:37
  So that's in, you know, there was some folks saying that
• 14:41
  management should communicate more.
• 14:43
  Well, we, we did get PR right after the failure of Bluebird,
• 14:47
  getting Bluebird 7 getting put into orbit and what I think that
• 14:51
  was like April 20th. And then we got FCC approval and
• 14:54
  they put out APR April 20th. But now the company's an acquire
• 14:57
  period, right? And so they are, they can't say
• 15:01
  anything until Monday, unless of course, there's like some
• 15:05
  material news, which there might be in the next few days, but,
• 15:09
  but we'll find out soon enough. And what I'm looking forward to
• 15:12
  is update on government contracts.
• 15:16
  You know, I think we're down the sweet spot of additional work
• 15:19
  around Golden Dome. Will there be an update around
• 15:22
  the 1.1 billion of contracted revenue backlog that we have?
• 15:27
  My guess is there there might be, but who knows.
• 15:32
  And then, you know, do we get any updates around M&O
• 15:37
  contracts, you know, different agreements?
• 15:40
  Yeah, there's a whole host of things to to be updated on.
• 15:44
  But one other thing I didn't want to mention is that for
• 15:48
  launch there, there is a, there is and I've talked about this, I
• 15:52
  think it was yesterday, but there is a wrinkle around SpaceX
• 15:55
  where because of the way that our multi launch agreement is
• 16:01
  structured, we actually don't have an ability to disclose that
• 16:04
  we are flying on SpaceX until closer to launch.
• 16:08
  And so even if you look at the like the Block one launch and
• 16:14
  you know, the, the, the announcement of when that was
• 16:16
  going to happen and then of course, successful launch of the
• 16:18
  the Block 1 Bluebirds, we don't actually in the graphics we show
• 16:21
  SpaceX, but we actually don't refer to SpaceX.
• 16:24
  And I've looked at other companies and some follow
• 16:28
  similar, similar, you know, they, they have these similar
• 16:32
  restrictions where they may not be able to talk about SpaceX or
• 16:35
  if it's a ride share, you can talk about SpaceX being a ride
• 16:37
  share or ViaSat, which I think is a, is a, you know, old school
• 16:41
  SpaceX customer. They can actually talk
• 16:43
  specifically about being on a Falcon 9 Heavy.
• 16:45
  But yeah, I mean, I think to some of the folks out there who
• 16:50
  are worried that we don't have SpaceX launches, we have them.
• 16:54
  They're they're they're on the manifest and we are on the
• 16:58
  schedule. You can go see it on any number
• 17:01
  of of sites that follow launch. And so we have two I believe
• 17:08
  that are already on the schedule and a third one will probably
• 17:11
  pop up soon. But but yeah, we're, we're only,
• 17:16
  you know, yes, it's, it sucks it's May 5th, but we're only a
• 17:21
  few days away from the May earnings update.
• 17:23
  And then from that point on, only a few days away from the
• 17:26
  first batch shipment. Unless, you know, that changes
• 17:29
  unless it gets pulled forward or unless it, you know, gets
• 17:32
  delayed a little bit either wouldn't surprise me.
• 17:35
  But yeah, that's kind of where we are.
• 17:37
  So anyhow, I think it's important for people to take a
• 17:43
  deep breath. This stuff happens these like
• 17:46
  highly volatile names, you can have multiple drawdowns like
• 17:50
  this. I think specifically for AST
• 17:51
  think we've had and reformed trader kind of how they did this
• 17:57
  before, but we've had multiple 40 to 50% drawdowns, which if
• 18:01
  you're a trader, then it can be good, right?
• 18:05
  Or if you trade things around, it can be good.
• 18:07
  Or if you're a long term holder, you kind of just ride through
• 18:10
  it, right? And, and it's just, it's a, it's
• 18:14
  a feature. It's not a bug.
• 18:16
  It's just part of investing. And, and I think this is the
• 18:19
  part where when things are going well and, and, you know, stock
• 18:23
  prices are going up and your portfolio is at all time highs,
• 18:25
  which, you know, mine was in January, which was, which was,
• 18:29
  you know, wonderful. But now I'm back down to call it
• 18:33
  flat for the year or slightly down.
• 18:37
  That's OK. Like I've been through this
• 18:38
  multiple times and I'm prepared for it.
• 18:40
  And so in my mind, when thinking about, you know, putting things
• 18:46
  in context where the company, where the company is relative to
• 18:49
  where it was the year before or the year prior, you know, we
• 18:52
  have AFCC approval for full consolation.
• 18:56
  We are now producing Block 2 satellites that are about to be
• 19:00
  shipped. You know, we're about to launch,
• 19:04
  you know, go into the full launch campaign, which, you
• 19:06
  know, I, I've said this multiple times, but it's been delayed, of
• 19:08
  course for various reasons. But you know, some of the issues
• 19:11
  that we've come across specifically like stacking
• 19:15
  that's been solved. And so yeah, it's an exciting
• 19:17
  time. And we've got, you know, if you,
• 19:20
  if you are having a tough time mentally, I think it's good to
• 19:24
  go back to let me see my, the Catalyst tracker that I that I
• 19:28
  update periodically and just kind of go through that and see
• 19:31
  where, where we've come and the milestones that we've hit and
• 19:35
  then things that are coming up, right.
• 19:37
  So you know, the next three batches of Bluebirds that's
• 19:42
  basically BB8 through 1011 through 1314 through 16.
• 19:47
  Those are going to be, you know, launched within June, July,
• 19:52
  August time frame. Then after that, I think we'll
• 19:54
  probably see our first full fully loaded Blue Origin new
• 19:57
  Glen launch. And then you've got, of course,
• 20:01
  in this quarter probably some updates are on Golden Dome.
• 20:05
  But yeah, there's, there's quite a few things here which it's
• 20:08
  pinned on my profile for those that that know or, or I haven't
• 20:14
  seen it before, actually, you can go through this.
• 20:17
  But anyway, yeah, it's a crummy time.
• 20:20
  Don't get, you know, there's no, there's no two ways about it,
• 20:24
  not to trigger coat anything. But for those that have, you
• 20:27
  know, invested in the company for multiple years, this is just
• 20:31
  part of the process. And, and you know, I've, I've
• 20:34
  said in my career, the the biggest wins that I've ever had
• 20:37
  are the ones that have tested my resolve the most.
• 20:39
  And that always has and confuses to hold true.
• 20:44
  But I guess on a separate note, something interesting, there is
• 20:48
  an article that's coming out, coming out on Bloomberg.
• 20:49
  I haven't read it. They they independently went to
• 20:53
  various members of Space Mob and and interviewed us and I think
• 20:57
  it'll be an interesting article. Hopefully.
• 21:00
  I'm not sure how it's going to paint all this if we're like
• 21:02
  whack jobs are crazy, but it is a truly as all of you know,
• 21:06
  because you've been part of it. It's been a very unique story
• 21:09
  and community, but I think that articles coming out this this
• 21:12
  Friday, May 8th. So keep an eye out for it.
• 21:16
  The reason why I know is that the, the journalist too, who
• 21:19
  interviewed various people reached out to me to make sure
• 21:23
  from a Fact Check perspective that some of the things that
• 21:26
  they, they're going to put in the article, which again, I
• 21:28
  didn't read the whole thing. I, I haven't seen the article,
• 21:30
  but they gave me a few points to make sure that what they're
• 21:33
  putting in is accurate. And so, so that'll be
• 21:37
  interesting. Of course, I would have rather
• 21:40
  this article come out, you know, when stock was at 100 or 120
• 21:44
  versus 64. But then again, it goes back to
• 21:48
  that old meme, like once there's more awareness out there and
• 21:50
  people read about ASD space Mobile and, and learn about this
• 21:56
  community. You know, it's like that meme
• 21:59
  where people are kicking themselves that they didn't buy
• 22:01
  it when the stock's at 1:30. But then of course when it goes
• 22:05
  to like 63, no one wants to touch it.
• 22:08
  And they're like, aha, I told you so.
• 22:09
  And then of course when the stock goes to 200 or 300, they,
• 22:12
  they have regret again. And so perhaps that dynamic is
• 22:16
  going to play itself out once again, which, you know, it, it
• 22:20
  happens every time with AST like we have this, we go into this
• 22:23
  like big draw down, people feel awful, sentiments bad, you know,
• 22:28
  folks are calling for the heads of management.
• 22:31
  And then lo and behold, you know, some positive catalyst
• 22:34
  come out and the company executes and then we reach an
• 22:37
  all time high once again and, you know, reach our previous all
• 22:41
  time high. But anyway, yeah, I just wanted
• 22:44
  to just do a quick space and just say that sentiment.
• 22:49
  It sucks and everybody's feeling bad, but this is part of
• 22:53
  investing that you take the good with the bad.
• 22:55
  And it sucks to see, you know, SanDisk hitting all time highs.
• 23:01
  I should have bought that name instead of this name.
• 23:02
  But but yeah, that's, that's investing.
• 23:05
  It's like the the the the old grocery store analogy where you
• 23:12
  you try it, you see a line that's moving faster and you can
• 23:14
  you switch lines and then the line that you just left is all
• 23:16
  of a sudden moving way faster. And so, yeah, it's important to
• 23:21
  know what you own, right? And so this is my primary
• 23:23
  investment. I have the highest confidence in
• 23:26
  it. And I think it has, you know,
• 23:28
  AST space mobile has a tremendous amount of upside.
• 23:30
  And so this is where I made my bed.
• 23:33
  So anyway, I've got to go pick up the kids from school.
• 23:36
  So hope everyone is doing OK and yeah, on days like this,
• 23:41
  sometimes it's good to go to the go out to the yard, do your yard
• 23:45
  work that you've been putting off for a long time.
• 23:47
  Go hang out with your kids, go touch grass, go watch a movie or
• 23:50
  something. But yeah, and make sure that
• 23:54
  you're not on margin because that's being on margin works on
• 23:58
  yourself is the quickest way to Financial Rd.
• 24:00
  So with that, Allen's base and we'll catch up again soon.
• 24:04
  Thanks everyone. Thanks for listening to the AM
• 24:08
  AST Space Mobile Podcast. If you enjoyed this episode and
• 24:11
  you'd like to help support the podcast, please share it with
• 24:14
  others, post about it on social media, or leave a rating and
• 24:18
  review. To catch all the.
• 24:19
  Latest news about AST Space Mobile, make sure to subscribe.
• 24:23
  Thanks again and I'll see you next time.
• 24:29
  We're doing something very, very big and acting with this
• 24:32
  technology we can really affect billion lives.
• 24:35
  AFT Space globally is the only company that has full technology
• 24:39
  to deliver cellular broadband connectivity directly from
• 24:43
  space. To be everyday smartphone.
• 24:45
  People will just basically turn their phone and be seamless,
• 24:49
  regardless of where you are. We don't want the user even to
• 24:52
  know that it's connected by satellite.
• 24:55
  Our role is to bring this into reality, always in partnership
• 24:58
  with the MMO. Listen, Waffles.