Jason Hall

They've developed some technology to help address that.

They're working really hard to build a differentiated business offering that can help cell service providers provide better coverage, and potentially with a lot less of these standalone terrestrial cell nodes that they need for 5G.

And it's starting to get to an inflection point.

We're seeing that shift from build-out to commercialization kick in.

Now, it only reported just under $15 million in revenue in the third quarter, but it landed $1 billion in contracted revenue commitments.

That's a big step towards bringing money in the door.

That's the thing that I think is the most compelling to me.

While a lot of other companies are doing the hard stuff of getting stuff into space, they just want to get cell signals into space and back.

They want to be able to address a real pain point that cell providers are dealing with.

Those customers are going to need a lot more capacity going forward.

The company expects to launch a satellite every one to two months.

By the end of next year, have between 45 and 60 satellites deployed.

Good news is, it has the resources to keep that going, with over $3 billion in liquidity.

I talked about the growing cash flows that are starting to accelerate to pay for it.

About $15 million in revenue last quarter.

They think they're going to finish the fourth quarter with maybe as much as $75 million in revenue in the second half of the year.

We're starting to see some build.

They have to ramp those revenue quickly.

The company spent $100 million in operating expenses last quarter.

I don't want to call 2026 a make-or-break year.