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Analyst
Greg Pendy
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 15on tracked calls
- Challenge rate
- 7%1 of 15 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right. See how we grade analysts on earnings-call questions.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 15 of 15 questions from 2 companies
LUNRIntuitive Machines, Inc.9 questions · 7 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
can you give us kind of what the most likely cadence right now is to get to 5 satellites?
Show response
Confirmed Altus-1 on Mission 3 in Q1 2027 and all 5 sats operational in 2028, with a pay-by-the-minute model plus add-on PNT revenue; direct.
So is that a reflection that there's significant demand in the market, I guess, for the services?
Show response
Reframed the pull-forward as aligning with Artemis 4 and solving a launch-capacity constraint rather than pure demand; renegotiated the launch with NASA.
Calendar 2026 Q1
the CapEx, that was around $9 million tied to the satellite, should that roughly round out to $30 million for the year?
Show response
McGrath did not confirm the $30 million figure, indicating CapEx will grow with increased satellite build volume; partial.
Can you just comment on maybe the competitive environment for the LTV? Has that changed?
Show response
Altemus said the LTV landscape is unchanged with the same 3 vendors and no new bidders added; direct.
Calendar 2025 Q4
how that demand for NSNS may have changed from where it was a year ago
Show response
Altemus pointed to international partnerships (Leonardo/Telespazio, JAXA) and rising national-security interest in lunar space domain awareness as demand drivers.
Calendar 2025 Q3
is there any regulatory risk on closing the deal or integration risk?
Show response
Steve expects a standard antitrust review (20 days to file, 30 days for the opinion), does not anticipate issues, and flagged a 9-12 month full integration.
Calendar 2025 Q2
Is there anything else on the global front that as the U.S. has to maintain the leadership position in space
Show response
Steve pointed to global ground-segment partnerships (ESA and others) and NASA's plan to commercialize the Madrid, Canberra and Goldstone deep space network sites.
Calendar 2025 Q1
can you just talk about the global competitive environment that you see evolving in that landscape
Show response
Steve characterized the emerging lunar data-relay market as collaborative on standards and interoperability rather than competitive today.
Calendar 2024 Q4
what type of flexibility would you have on that region to possibly push the data out further
Show response
Steve said IM-3's equatorial Reiner Gamma mission has several months of schedule flexibility, unlike the more constrained South Pole missions.
ASTSAST SpaceMobile, Inc.6 questions · 5 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
what stood out to get you guys to this stage, given it was pretty competitive with some other bidders out there
Show response
Abel cited being the only operator delivering broadband today, the ground-controlled architecture, and the long Rakuten partnership.
the backlog growing nicely to $1.3 billion, how much of that might be government?
Show response
Scott said government is a minority of the backlog today but the recent adds were primarily government and it should scale fastest.
Calendar 2026 Q1
what is the commissioning time period we should be thinking about until sort of the activation with service with MNOs?
Show response
Abel targeted 45 days from launch to MNO service, with plans to compress toward 2 weeks as later satellite batches deploy.
Calendar 2025 Q4
does that include what will likely be spectrum licensing fees, maybe around $20 million a quarter
Show response
Andy clarified spectrum licensing costs are capitalized until monetization begins (pending FCC approval) and are excluded from the quoted adjusted OpEx.
Calendar 2025 Q3
can you talk about given your partnership model, about how many large MNO opportunities are left out there in the market?
Show response
Scott said AST is not constrained by historical relationships; nearly all operators want to engage, excluding China, Russia and small restricted markets.
Calendar 2025 Q2
the cost of that transaction will be primarily asset-backed or financing when the outflows?
Show response
Scott confirmed the Ligado outflow is just north of $500M via nonrecourse SPV financing separate from operations, $420M due end of October and $100M in March 2026.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| LUNR Intuitive Machines, Inc. | 9 | 11%1 of 9 questions |
| ASTS AST SpaceMobile, Inc. | 6 | 0%none of 6 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 2 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 2 |
| 2025 Q4 | 2 | 0%none of 2 questions | 2 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 4 | 0%none of 4 questions | 2 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics6
- Demand5
- Geographic Expansion3
- Product Launch3
- Regulation Policy2
- M&A2
- Revenue Growth1
- Subscriber Growth1
- Capex Investment1
- Cost Pressure1
Show all 12 topics
- Capital Allocation1
- Guidance Reliability1