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Speaker 1: Hi, everyone in. A benf software engineer approached me and said, hey,

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Speaker 1: I've got an idea. Let's use computer vision and machine

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Speaker 1: learning on satellite images to identify and count up solar panels.

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Speaker 1: Whoa huge high five. No one actually knows how much

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Speaker 1: solar is installed around the world. Everybody has guesses, but

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Speaker 1: no one actually knows. So getting an actual tally would

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Speaker 1: be amazing, and checking back on a regular basis would

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Speaker 1: allow us to measure build out locally and globally. I

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Speaker 1: was in. So they built an initial algorithm and it worked.

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Speaker 1: It identified residential and commercial solar panels and filtered out

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Speaker 1: false positives like skylights, swimming pools and like awesome, Now

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Speaker 1: all we needed was images. Well, it turns out back

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Speaker 1: then coverage was incomplete. Satellites in orbit at the time,

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Speaker 1: we're not covering all geographies, and when they were it

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Speaker 1: was infrequent, like years between passes. So the attempt failed.

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Speaker 1: We were too early, I guess. We tried a few

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Speaker 1: more times, but were stopped short by issues with image

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Speaker 1: resolution and the computing power needed to process all that imagery.

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Speaker 1: This week on the show, We've got benef technology analysts

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Speaker 1: Sorrow Raza here to tell us how the satellite industry

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Speaker 1: has caught up. Now over a thousand small satellites scan

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Speaker 1: the Earth all day, every day and are matched by

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Speaker 1: several companies specializing in turning what those satellites see into

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Speaker 1: usable data, making our use case and countless other as possible.

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Speaker 1: Our discussion is based on a report titled Tiny Satellites

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Speaker 1: Spaces Next Frontier being IF. Users can get this report

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Speaker 1: on bf dot com, to BEANF mobile app and the

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Speaker 1: Bloomberg terminal. As a reminder, BENIF does not provide investment

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Speaker 1: or strategy advice, and you can hear the full disclaimer

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Speaker 1: at the end of the show. I'm Mark Taylor and

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Speaker 1: you're listening to switch on to BENF podcast. Sara, Hi,

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Speaker 1: thanks for joining us, Thank you for having me. Can

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Speaker 1: you start us off with a very basics, Just what

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Speaker 1: is a small satellite? So a small satellite is basically

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Speaker 1: anything below five DRAMs. Within that there are different kind

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Speaker 1: of variations. So you've got micro satellites that are below

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Speaker 1: a hundred kilograms, nano satellites that are below ten kilograms,

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Speaker 1: and you've even got pico satellites that are below one ram.

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Speaker 1: So why are they out there? Why are we seeing

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Speaker 1: these emerged into the market. So I think that's for

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Speaker 1: a variety of reasons. We have this demand for more data.

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Speaker 1: We want more data to analyze, we want more data

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Speaker 1: to visualize different things on maps and satellite imagery, so

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Speaker 1: I think the demand for this data is one of

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Speaker 1: the main reasons. And then something that you know has

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Speaker 1: kind of allowed this to happen is the continued improvement

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Speaker 1: in the miniaturization of subsystems sensus miniature computers, and a

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Speaker 1: lot of this innovation is obviously coming from adjacent sectors

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Speaker 1: such as the smartphone industry and consumer electronics. So it

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Speaker 1: seems like there's kind of two sides of this that

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Speaker 1: are pushing it. There's an improvement in technology that are

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Speaker 1: enabling the satellites to be made and sent into space,

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Speaker 1: and we'll get to that, But the other part is

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Speaker 1: a hunger there'st for more data. The third part, I

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Speaker 1: guess is though those two things are pushing to to

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Speaker 1: what end? Like what are people using this, you know,

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Speaker 1: new data for. So it's it's actually pretty interesting in

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Speaker 1: terms of the different use cases. It's based on the

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Speaker 1: different technologies, right, So you've got things like satellite imagery

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Speaker 1: that can help with precision agriculture for things like crop production,

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Speaker 1: soil seeding zones. This kind of optical imagery can also

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Speaker 1: help with fixed asset monitoring, such as you know for

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Speaker 1: oil and gas, well paid construction, change detection, pipeline maintenance. Again,

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Speaker 1: that can also have applications in you know, for renewables,

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Speaker 1: for the construction of wind farms, solar parks. I mean

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Speaker 1: that's just one technology, right, that's just using miniaturized cameras

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Speaker 1: on satellites. Can you help us out with that to

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Speaker 1: visualize what is actually happening here when you say it's

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Speaker 1: healthy to monitor of fixed asset and just fixed asset

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Speaker 1: could be like an oil well or a power plant

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Speaker 1: or something like that. How does it actually work? Obviously

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Speaker 1: you may be familiar with large geo station right satellites.

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Speaker 1: These are you know, thousands kilometers above the Earth surface

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Speaker 1: and they kind of hover in a in a stationary orbit.

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Speaker 1: These kind of tiny satellites allbit in something called a

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Speaker 1: polar orbit. So you might have seen images of tons

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Speaker 1: of satellites in a ring around the Earth, and these

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Speaker 1: operate in a constellation form rather than independent large satellites.

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Speaker 1: The crucial difference which allows for a high revisit rate

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Speaker 1: over the same spots on the Earth and ultimately global coverage.

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Speaker 1: I remember a few years ago we were looking at

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Speaker 1: a few years ago, it's like six years ago now,

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Speaker 1: we were looking at getting some imagery to look at

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Speaker 1: solar panel build out. But the problem back then was

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Speaker 1: we would only get revisiting of a particular area with

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Speaker 1: the satellite technology available once every six months seven months.

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Speaker 1: But we've revisited it recently and the coverage can be daily.

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Speaker 1: Is that kind of what you're getting out here? Yeah, exactly,

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Speaker 1: So you can even get twice daily coverage to And

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Speaker 1: bear in mind this is dependent on the number of

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Speaker 1: these tiny satellites that you have in these rings around

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Speaker 1: the Earth. The more satellites you have in one of

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Speaker 1: these rings, the higher their revisit rate. So there's a

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Speaker 1: bunch of satellites in rings that essentially create a scanner

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Speaker 1: around the Earth exactly. And on top of these rings,

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Speaker 1: they all are usually flown in a low Earth orbit.

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Speaker 1: But if I wanted to launch a constellation of satellites myself,

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Speaker 1: is there space for me? So that's a great question.

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Speaker 1: There is space, the actual space, and space is a

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Speaker 1: bad one. There's there's a lot of space and space

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Speaker 1: so that there isn't much regulation currently on moving away

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Speaker 1: dead satellites, and E s A and NASA try to

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Speaker 1: regulate as much as they can. Everyone's main question is

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Speaker 1: once these small satellites finish their end of life, they

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Speaker 1: usually because they're so small, just burn up in the atmosphere.

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Speaker 1: So is there something on them to kick them out

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Speaker 1: of orbit in going into a descent. Most of these

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Speaker 1: CubeSats do have propulsion systems, and what they'll do is

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Speaker 1: they'll use their last little bit of fuel to propel

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Speaker 1: them into the atmosphere. So can you describe the basics

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Speaker 1: of what exactly is the small satellite value chain? I

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Speaker 1: would say there are roughly kind of seven stages to

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Speaker 1: this value chain. So you start with the satellite design.

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Speaker 1: That satellite design can usually come from the satellite operator.

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Speaker 1: Then you've got kind of the sensor manufacturing. Now, this sensor,

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Speaker 1: you know, can be from a research institute, a university,

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Speaker 1: a small company that's well versed in sense of manufacturing

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Speaker 1: for temperature atmospheric composition. Then you've got the satellite manufacturing,

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Speaker 1: which again is usually outsourced to a manufacturing company. Then

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Speaker 1: you've got launch services, ground operation, data and analytics and

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Speaker 1: end user sales. Now, what we're seeing with this value

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Speaker 1: chain is a lot of vertical integration. So operators like

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Speaker 1: Planet Inspire actually integrate all stages of the value chain

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Speaker 1: except launch services. Have they started data integration or data

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Speaker 1: analysis as well. Yes, So obviously we know that there

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Speaker 1: are separate companies like Orbital Insight, Descartet Labs, Chaos who

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Speaker 1: look at data analytics specifically, But a lot of these

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Speaker 1: satellite operators have seen right, instead of just providing people

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Speaker 1: with the raw data, why don't we just analyze it ourselves,

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Speaker 1: hire a couple of data scientists and do this ourselves.

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Speaker 1: Is there consolidation amongst the startups right now, or you know,

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Speaker 1: somebody like Lackheed or some other incombment going to come

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Speaker 1: in and buy up all these startups. What's really interesting

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Speaker 1: is we're seeing a lot of consolidation M and A

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Speaker 1: in the manufacturing stage of the value chain. So we're

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Speaker 1: seeing these large aerospace companies like Boeing, air Bus, Lockheed,

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Speaker 1: Northrop Grumman. We're seeing them acquiring some of the leading

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Speaker 1: manufacturers specifically in tiny satellites. So some of these startups Boeing,

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Speaker 1: you know, has got Millennium Space Systems Airbus took sorry

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Speaker 1: satellite technology, Northrop Grumman took orbital A, t K max

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Speaker 1: A took Space Systems Laurel, and these kind of startups

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Speaker 1: were really coming up with innovative techniques to manufacture CubeSats

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Speaker 1: and nanosatellites on a large scale. So do you see

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Speaker 1: there's the future of this industry that it's just going

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Speaker 1: to be consolidated amongst the old in comments, or do

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Speaker 1: you think these startups will grow into fully fledged competitors

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Speaker 1: to those other players. I think in terms of satellite

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Speaker 1: operators such as planets by a Satellogic Capella, I do

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Speaker 1: see those growing. In terms of the manufacturing companies, I

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Speaker 1: see a lot of those getting acquired by larger aerospace companies.

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Speaker 1: And my reasoning for that is that the satellite operators

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Speaker 1: have a unique skill set and engineering capability that they've

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Speaker 1: kind of honed in on on their niche kind of

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Speaker 1: area g h G SAT for greenhouse gas emissions, monitoring,

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Speaker 1: blue field for methane more monitoring, state logic for optical sensors.

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Speaker 1: Whereas with the manufacturing startups there in a field that's

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Speaker 1: extremely competitive with these large aerospace companies really dominate eating

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Speaker 1: of the industry in the manufacturing a bit of the

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Speaker 1: value chain. A lot of those are just getting acquired,

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Speaker 1: you know, sort of every sort of month. Is there

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Speaker 1: a theme in the types of companies that are getting

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Speaker 1: brought every month? So I think the acquisitions that are

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Speaker 1: happening are of these tiny startups that are manufacturing cubes ats.

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Speaker 1: So the startups that are getting miniaturized components from various

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Speaker 1: subsectors and creating these these CubeSats on a mass sort

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Speaker 1: of production scale. Let's change directions and move into large

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Speaker 1: Can you tell us how these things get up into

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Speaker 1: space in the first place. As a child the eighties,

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Speaker 1: you know, I'm used to seeing big rackets go up

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Speaker 1: in the space every once in a while, But apparently

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Speaker 1: that is not the case. That these things fly up

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Speaker 1: in in droves quite often, Is that right? Yeah? So,

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Speaker 1: I think one of the largest subsectors of the space

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Speaker 1: industry that has changed the most is the launch industry.

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Speaker 1: In parallel with these developments in satellites and senses, there

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Speaker 1: are a bunch of innovations with in launch vehicles, and

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Speaker 1: I think this is what's led to not only a

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Speaker 1: higher number of commercially procured launches, but also a higher

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Speaker 1: number of satellites launched in general. And I think that's

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Speaker 1: due to the fact that these launch vehicles are now

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Speaker 1: becoming reusable, especially stage one of the rockets and ride sharing,

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Speaker 1: as these satellites are so tiny, you can fit many

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Speaker 1: satellites onto one launch vehicle. And I think in twenty

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Speaker 1: seventeen a hundred and four satellites were launched on one rocket,

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Speaker 1: which is, you know, the highest in history. There was Planet, right, yeah,

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Speaker 1: so the majority of those were Planet from an Indian

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Speaker 1: polar launch vehicle. But that there are companies like SpaceX

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Speaker 1: who have created things like the Small Sat ride share program,

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Speaker 1: a specialized program for these startups with these small satellites

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Speaker 1: who you know, just need to get two cube SATs

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Speaker 1: weighing five kilograms each up into space, who want to

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Speaker 1: just jump on a rocket and pay a pretty small price.

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Speaker 1: So the barrier to entry has really really come down,

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Speaker 1: it seems, definitely. And you know that this innovation has

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Speaker 1: also seen new companies such as space Flight who kind

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Speaker 1: of organize everything from you know, if you've let's say

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Speaker 1: you have a satellite, right, you have a five kilogram

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Speaker 1: satellite with a temperature sensor on it. You've cre you've

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Speaker 1: created it, you kind of outsourced the manufacturing. It didn't

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Speaker 1: cost you too much, and you want to get this

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Speaker 1: into space. Someone like space Flight will do all of

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Speaker 1: the launch services for you, and you kind of go

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Speaker 1: to them. You give them your satellite, you pay a price,

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Speaker 1: and they'll organize the whole launch and put you on

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Speaker 1: a on a vehicle. So it's kind of like a

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Speaker 1: an airline ticket market. Yeah, is it working. Yeah, it's

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Speaker 1: working pretty well. In my uninitiated perspective, it seems like

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Speaker 1: there wouldn't be enough demand for a business like space

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Speaker 1: flight to be viable. But it seems like you're telling

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Speaker 1: me otherwise that there are plenty of satellites to go

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Speaker 1: up on, plenty of rockets, and there's a lot to

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Speaker 1: be organized. I think that the reason why there is

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Speaker 1: a huge demand for it is again because the capabilities

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Speaker 1: of these companies don't extend to the launch services industry.

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Speaker 1: It's historically been an industry dominated by military and government.

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Speaker 1: It's historically not been a commercial industry. SpaceX is new

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Speaker 1: Rocket Lab, all becks. These are brand new commercialized companies

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Speaker 1: that are entering this industry for the first time, so

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Speaker 1: not many companies are well versed in the area of

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Speaker 1: launching something into space. So what's the next big thing

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Speaker 1: in this sector? What are you most excited about seeing.

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Speaker 1: I think I'm most excited about seeing the new technologies

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Speaker 1: that are coming from these miniaturized satellites. You know, the

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Speaker 1: more time goes on, the more technological improvements that are

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Speaker 1: miniaturization of subsystems, the more we'll be able to do

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Speaker 1: with these satellites. And I'm most excited to see if

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Speaker 1: we can get minute by minute coverage, if we can

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Speaker 1: get five minute coverage, yeah, that would be amazing. Would

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Speaker 1: be Another really exciting innovation that's happening is on the

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Speaker 1: data analytics side of things, which isn't really talked about

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Speaker 1: that much. It's everyone loves space and everyone talks about rockets,

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Speaker 1: you know, going into space. But you know, either side

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Speaker 1: of the launch industry, the manufacturing industry is seeing a

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Speaker 1: lot of digitalization and mass production, three D printing, advanced

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Speaker 1: materials being used, you know, nanodiamond coatings or on night

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Speaker 1: triede things like that. I think I think a lot

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Speaker 1: of the new materials coming out are really interesting. And

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Speaker 1: then at the other end of the value chain, you've

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Speaker 1: got data analytics where like we discussed before, there are

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Speaker 1: a lot of companies just in this area who are

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Speaker 1: investing in data scientists and looking at how you can

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Speaker 1: create cool you know, mL models and applying different algorithms

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Speaker 1: to analyze this vast amount of data. So the hardware

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Speaker 1: is getting better, but the software is getting better as well,

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Speaker 1: which will lead to more use cases and more that

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Speaker 1: we can do with this data. So it's no secret

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Speaker 1: that b NF itself is new to this area to

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Speaker 1: to looking at space. How did it start? I guess

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Speaker 1: why did we start looking into space? And can you

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Speaker 1: tell us a bit about the approach to the research.

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Speaker 1: BENF has historically not covered space. The reason why I

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Speaker 1: think that we're going into this kind of these kind

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Speaker 1: of endeavors now is to push the boundaries of being efforts.

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Speaker 1: See what's really on the edges now. Space is an

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Speaker 1: industry that is related to all of the current sectors

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Speaker 1: that we currently look at, wind, polar oil, gas, I

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Speaker 1: mean even from simple things like monitoring oil and gas operations,

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Speaker 1: wind turbines using IoT sensors to track predictive maintenance. These

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Speaker 1: small satellites are related to everything we already cover. Then

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Speaker 1: on top of that, benef could also leverage the satellite

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Speaker 1: data for our own research. The manufacturing industry for satellites

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Speaker 1: is growing and using things like three D printing additive manufacturing,

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Speaker 1: which ties into our advanced materials team. So I think

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Speaker 1: there's a lot of crossover and it was just waiting

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Speaker 1: to happen. In terms of what I found during my research,

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Speaker 1: I a pretty surprised at how little publicly available data

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Speaker 1: there there is on satellites and on the space industry

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Speaker 1: in general. I'm guessing that because of the history, if

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Speaker 1: it being mostly military government, funder didn't necessarily have to disclose. Yeah, exactly,

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Speaker 1: And I think that's definitely changing. I think next year,

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Speaker 1: and you know, the next five years, will will have

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Speaker 1: a lot more data given this. You know, just even

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Speaker 1: things like the launch industry has now become a bit

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Speaker 1: more commercialized and the manufacturing industry. There are a ton

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Speaker 1: of startups evolving in in this space that are trying

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Speaker 1: to specialize in tiny cube SATs and in technologies, and

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Speaker 1: you know, even in the data analytics side. Given that

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Speaker 1: this whole sort of value chain is transitioning from military

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Speaker 1: and governmental to commercial, I think we'll we'll definitely have

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Speaker 1: a lot more data in the next five years. So

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Speaker 1: following under that, how did you actually end up getting

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Speaker 1: the data you needed? So it was a tricky one. Um.

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Speaker 1: I definitely had to reach out to a bunch of

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Speaker 1: different companies and try and gather as much data as

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Speaker 1: possible from what they were willing to disclose. As the

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Speaker 1: industry is so private and you know these companies that

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Speaker 1: are emerging are all startups, it was definitely difficult to

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Speaker 1: get a lot of this data. So imagine going forward

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Speaker 1: it could be a bit of a slog Yes, yeah,

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Speaker 1: I think I think the industry definitely needs to be

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Speaker 1: a bit more transparent, and I think that will naturally

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Speaker 1: happen given how commercialize it's becoming. All sectors start off

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Speaker 1: like this. I remember back in the in the early

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Speaker 1: days of any f we this is the exact approach

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Speaker 1: we took with wind and solar and geothermal and carbon

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Speaker 1: captured data. You know, it just didn't exist and so

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Speaker 1: somebody has to go out and collect it. So you're

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Speaker 1: not only on the forefront of technology here, but you're

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Speaker 1: on the forefront of research in terms of analyzing a

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Speaker 1: new market. Can we go into the industry growth just

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Speaker 1: a little bit. Some people listening might think, like, all

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Speaker 1: these startups are emerging, they're sending up more and more satellites.

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Speaker 1: There's got to be a point where there's just too

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Speaker 1: much you know, space junk up there. In terms of

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Speaker 1: space junk, there really are three main options here. There

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Speaker 1: are some companies like Leo Apps who are investigating things

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Speaker 1: like collision avoidance and signing contracts with a bunch of

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Speaker 1: small satellite operators to monitor this for them, which obviously

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Speaker 1: in the long term saves them, you know, a lot

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Speaker 1: of money in case there's satellites crash into each other.

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Speaker 1: Are they attempting to be an air traffic controller? Yeah,

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Speaker 1: pretty much. Yeah, I mean that there doesn't seem to

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Speaker 1: be too many of those in the industry. So we

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Speaker 1: have these constellations that are making scanners around the Earth,

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Speaker 1: and I'm using the camera to look down at the

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Speaker 1: Earth to gather data. But I think you alluded to

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Speaker 1: in the report at least you mentioned several times in

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Speaker 1: the report that there are several different technologies available on

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Speaker 1: these cube sets and small satellites that go beyond cameras.

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Speaker 1: Can you tell us about some of those and what

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Speaker 1: those might be used for a lot of these satellite

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Speaker 1: operators and companies in the space have found their niche.

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Speaker 1: So you've got companies like Capella Space Sat a Loogic Planet,

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Speaker 1: which are, like you say, focusing on these miniaturized cameras.

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Speaker 1: But then you've got a bunch of other companies like

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Speaker 1: Spire who are really leading into terms of atmospheric monitoring.

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Speaker 1: So some other technologies include atmospheric sensors that measure water pressure, temperature, humidity,

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Speaker 1: and these can be obviously really helpful to insurance companies

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Speaker 1: and for monitoring weather, daily weather and pretty accurate. You've

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Speaker 1: got other technologies including IoT sensors which can be useful

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Speaker 1: for the smart agriculture, predictive maintenance of wind turbines, vehicle

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Speaker 1: accidents were kind of fourth other main area for these

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Speaker 1: technologies would be geolocations. So you've got a I S

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Speaker 1: and a D S B sensors that's kind of a

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Speaker 1: use for tracking I somehow can't get past the demand

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Speaker 1: side of this that it seems to me like these

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Speaker 1: companies are launching these satellites with all these capabilities and

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Speaker 1: then are going to these companies and saying, hey, insurance company,

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Speaker 1: you could use this you want to buy it? Is

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Speaker 1: it pushers at pool? You know that the insurance companies

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Speaker 1: are saying, actually, I really could use some better weather data. Hey,

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Speaker 1: how that you go along to satellite? Is there one

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Speaker 1: that's winning there or is it equal? How should I

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Speaker 1: think about this? I think that it varies. That demands

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Speaker 1: from customers is a lot stronger, right, And that's where

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Speaker 1: these satellite operators have come in and said, we see

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Speaker 1: this need for more data. For example of insurance companies,

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Speaker 1: if you just take the number of fraudulent claims per year,

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Speaker 1: looking at that, they obviously want to reduce that. And

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Speaker 1: the answer to that is more more data. A great

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Speaker 1: way of getting that data is to get this data

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Speaker 1: from a constellation of satellites monitoring the Earth every single day.

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Speaker 1: So I think that in terms of a push and pull,

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Speaker 1: it definitely varies. At the same time, these satellite operators

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Speaker 1: have noticed a kind of I guess, a gap in

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Speaker 1: the market where if you have great engineering capabilities, perhaps

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Speaker 1: from other endeavors that you've you've gone for, and you

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Speaker 1: have that capability to create these you know, these nano

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Speaker 1: satellites with these materials, there is a market. So where

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Speaker 1: is the technology coming from Is it coming from startups

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Speaker 1: you know that are just getting these ideas, or is

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Speaker 1: it coming from large corporates that have already been in

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Speaker 1: the space industry for decades. It definitely varies. What's common is,

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Speaker 1: for example, a university research lab will design a sensor,

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Speaker 1: for example, to measure things like atmospheric composition or space radiation. Now,

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Speaker 1: usually this kind of research facility or university is is

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Speaker 1: definitely well versed in sense of manufacturing and scientific instruments

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Speaker 1: with the sensor. However, they probably don't have the expertise

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Speaker 1: to build a satellite and launch a satellite operator satellite

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Speaker 1: in that case. What we've been seeing is a lot

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Speaker 1: of universities and research labs and and even companies kind

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Speaker 1: of building out this sensor. I mean an example is

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Speaker 1: blue Field who have a mething sensor and will outsource

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Speaker 1: everything else with another satellite operator, and that would be

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Speaker 1: as a hosted payload. How common is that where you

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Speaker 1: have a satellite that has multiple technologies from multiple companies,

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Speaker 1: So it's becoming more and more common. Companies like Planet

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Speaker 1: Inspire initially started off with just their own As they've

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Speaker 1: kind of grown in the industry, they are now doing

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Speaker 1: a lot more hosted payloads from various other startups, various

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Speaker 1: research institutes who have these specialized sensors, specialized scientific instruments,

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Speaker 1: but no capability of engineering and launching. It seems to

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Speaker 1: be the mark of an industry that is maturing. You know.

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Speaker 1: It seems like in the very beginning stages of something,

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Speaker 1: you'd have everything in house, everything home built, right, and

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Speaker 1: as you grow, you'd have companies specializing, and then you'd

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Speaker 1: have other companies that just bring things together and get

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Speaker 1: things going. Yeah, so we are actually seeing more vertical

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Speaker 1: integration within satellite companies in the industry. A bunch of

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Speaker 1: companies are actually fully vertically integrated, obviously excluding launch and

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Speaker 1: launch services, but you know, all the way through from

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Speaker 1: senser manufacturing through to satellite manufacturing obviously outsourcing launch, but

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Speaker 1: then ground station operation to the data and analytics, which is,

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Speaker 1: you know, a really big emerging subsector. You've got companies

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Speaker 1: in data analytics, specifically only analyzing satellite data without operating

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Speaker 1: their own constellations. From what I've seen, there are several

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Speaker 1: of those that have popped up in just recent years.

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Speaker 1: Right when we first started looking at this as as

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Speaker 1: ben if there weren't that many companies doing this. They

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Speaker 1: were all launching and then providing imagery and then leaving

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Speaker 1: you kind of on your own to do the analysis.

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Speaker 1: But in the last couple years, there's been a lot

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Speaker 1: of companies that I've seen that have been offering to

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Speaker 1: analyze the data force and just give us a data

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Speaker 1: stream at the end of the day, right exactly. And

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Speaker 1: there are there are countless companies. There's Orbital inside Descarte

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Speaker 1: Labs that there are. There are a bunch of companies

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Speaker 1: in that area just kind of pulling data from different

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Speaker 1: satellite operators. So they might pull atmospheric data combined with imagery,

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Speaker 1: mind with ragar data and putting this all together on

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Speaker 1: a platform, analyzing it for you and offering these kind

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Speaker 1: of packages based on different layers of data. And you know,

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Speaker 1: a lot of these satellite operators are also going into

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Speaker 1: data and analytics with their own platforms. What's next in

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Speaker 1: your line of research in this area. I really want

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Speaker 1: to delve into the industry changes within manufacturing these things,

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Speaker 1: because ultimately these need to be designed faster, they need

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Speaker 1: to be built faster, and they need to be launched faster.

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Speaker 1: And you know that kind of all comes from a

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Speaker 1: speedy manufacturing process. So I think looking at that process

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Speaker 1: and seeing how that's changing, and and you know, how

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Speaker 1: we utilizing advanced materials in this process. What sort of

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Speaker 1: carbon composites are we using? How are we using three

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Speaker 1: D printing to make these satellite components. I think we'll

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Speaker 1: leave it there, Sarah, thanks for joining us, Thank you

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Speaker 1: for having me. Bloomberginnia is a service provided by Bloomberg

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Speaker 1: Finance LP and its affiliates. This recording does not constitute,

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Speaker 1: nor should it be construed as investment advice, investment recommendations,

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Speaker 1: or a recommendation as to an investment or other strategy.

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Speaker 1: Bloomberginny F should not be considered as information sufficient upon

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Speaker 1: which to base an investment decision. Neither Bloomberg Finance LP

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Speaker 1: nor any of its affiliates makes any representation or warranty

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Speaker 1: as to the accuracy or completeness of the information contained

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Speaker 1: in this recording, and any liability as a result of

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Speaker 1: this recording. Did expressly disclaim