Many are trying to work out how realistic you've got. Satellites into space did that on September the 12th. There are more to be built. Plenty more. How are you on this journey? Well, we've been at this, and thank you for having us. But we've been at this for about seven years now. Our network is purpose-built just for the space-based cellular broadband opportunity, and it's purpose-built for the operators. So, we've been working with many of these operators for over five years now. And you mentioned a few. We have many more abroad as well. And so, for us, the first step was to launch these first five commercial satellites. We'll have more to come starting in Q1 2025. And our goal is to get about 45 to 60 in the U.S. in order to provide 24/7 commercial service to your phone with no modifications here from. Scott, thanks for coming on Bloomberg.

Technology. Your ability to serve the world directly correlates to this constellation in orbit, right? So from that perspective, just explain to us the timeline for expansion a bit, but your ability to serve those markets on Earth, right. Well, we importantly, our low-Earth orbit network, which like you said, means we're global. And that's a problem in that you need many satellites. But once you're operational, you can service many markets. And that's why we've put together this network of 45 plus partnerships globally with the mobile network operators who cover collectively over 2.8 billion subscribers. So that network is something that we want to build quickly. Our partners want to build quickly. It's a service we want to bring to market, and we're going to start doing better service with these first five satellites 30 plus minutes a day. As soon as we continue to commission the satellites here in orbit.

So from there, we're vertically integrated, which we think is very important. Yes, for what we're doing, we're based in Texas. We have our key hubs here in the United States, in addition to being publicly traded and based here. And so for us, getting that factory at full speed, we believe our capacity is up to six satellites a month. And these are big satellites, very specialized for this application. We're going to be building those very rapidly. We've announced that we're an interest action for the next 17, and we need to get to that 45 to 60 number as soon as we can. So that is interesting. Caroline and I were at Rocket Lab Friday for a special show. And what I found so fascinating about that is that their limiting factor is not their ability to build rockets and launch. It's the customers sending things up. So what is your limiting factor? It sounds like you can build. Is it your launch provider?

What's kind of the limit on growth? Yeah, for us, again, going back to being vertically integrated, we control most of the inputs to the supply chain and in manufacturing. So for us, we've had a lot of success so far this year raising capital. We control the manufacturing and supply chain, and we have great partners, some of which you just put up on the screen. So we believe that the ball is largely in our court. Still a lot to work through, but we control most of the inputs of production and the ability to deliver the service. And we're in a race to get it up to orbit as soon as possible. Talking of capital that you've managed to raise, I mean, you're potentially going to sell more stock. We're up 300% year to date. You have been the best-performing Russell 2000 name, record highs, 1300 percent up from its previous low, but 30% of the outstanding shares are shorted.

What do you say to those shorts who are worried about the ability to make this discussion a reality? Right. Well, we think what we have is very highly differentiated technology and excellent partners that we've been in the space that you're competing against. Yes, exactly. So what we're doing is very different. Cellular broadband from space is very different from associate text. So we think that we're very useful to the operators who have partnered with us. We're very we're going to provide a service that's very, very important to the consumer. You know, when our phone doesn't work, it weighs very heavy in our pocket. So we think that the demand for our service is very significant. And we know we're pushing as fast as we can. Our stock has performed well on the back of, I think, our success this year. But for us, we have to produce for our shareholders and for our customers, and we're very eager to do that.

As we discussed on the capital side, we've announced success with the US government as a customer and prepayments with many of our top providers, customers who will get initial access to our network. So for us, the stock has performed well, but we've saw no offerings in 2025 and 2024, and we plan to stick with that. Scott, I'm sorry, I'm pushing my luck with time, but the team knows that I'm excited about this area. Explain how it works from a revenue split perspective. So if I use my phone in my pocket, your partnering with the carrier AT&T, it's your constellation and your technology, but you need to kind of split who's making money in the transaction. Explain that very quickly, please. Or an organizing principle from the beginning has been a revenue share. So we provide a service that's unique. It's supplemental to the coverage that our partners provide, and it's a service

that'll be provided through that partner. So for us, our organizing principle has been revenue share with all of our customers. There are many ways to go to market that are very interesting, and we'll be flexible by market. But at its core, we want to drive new revenue, new growth, help our customers reduce churn by making their service more valuable. And in that process, we share the revenue.

The Cellular Space Race

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