May 20th, 2026

The call conveyed clear early-stage commercial progress with notable quarter-over-quarter and year-over-year improvements: 5G chipset shipments rose 58% sequentially, revenue grew 287% year-over-year, and gross margin expanded significantly to 49%. The company secured a strategic reference platform agreement with a major satellite provider and broadened customer distribution, and it has access to capital programs to support growth. Offsetting these positives are modest absolute revenue and cash balances, a portion of Q1 revenue driven by a one-time licensing recognition, anticipated normalization of gross margins as product mix changes, and a planned operating expense ramp to roughly $8M per quarter starting in Q3 — all of which raise near-term cash burn and timing risk. On balance, the call points to meaningful momentum but also highlights early-stage risks that management plans to mitigate through disciplined execution and financing options.

Company Guidance

The company guided that 5G chipset commercialization should see continued sequential shipment growth (Q1 shipped 3,000 chipsets, +58% sequentially) with initial shipments to a major satellite partner on track to begin in H2 2026; gross margin is expected to normalize to the high‑30s to low‑40s (product margins ~35% initially, growing into the low‑40s) as product revenue overtakes services; operating spend will ramp in H2 with R&D increasing and a targeted quarterly operating expense run‑rate of about $8.0 million beginning in Q3; near‑term financials cited: Q1 revenue $1.9M (+$1.4M, +287% YoY) comprising +$0.4M product and +$1.0M services, cost of net revenue $1.0M (+$0.6M, +138%), gross margin ~49%, R&D $3.2M (-$0.9M, -23%), S&M $1.2M, G&A $2.7M; liquidity includes $7.2M cash, $2.4M receivables, $1.6M inventory, access to an ATM up to $75M and $125M remaining capacity on a $200M S‑3 shelf.