>200 MOUs, they said after announcing satellite build award they...

>200 MOUs, they said after announcing satellite build award they would go back to the largest 20 and try and get bankable contracts signed not just MOUs. That was something they said they wouldn't do before but if EOS doesn't want to commit money until it has contracts in hand, the customers aren't going to want to sign contracts if they don't know that the satellites are going into space and then investors aren't going to value spacelink if there are no contracts in hand.

NASA ISS demonstration was a big de-risker for me. It'd be nice that they got some huge valuation for Spacelink upfront and that it got funded to launch but as I said before that was for the equity portion pretty much close to EOS market cap which would be a pretty big ask.

Debt portion is now lower at 40% and costs seem to be lower end of the estimate of $800m USD with satellites lower than estimate at around $500m. Sounds like they are paying for the deposits to commence satellite construction and then looking for funding for the ground segment and further milestones for satellite construction after they get contracts.

UAE payments have had huge disruption with COVID then procurement being transferred under Tawazun and with the delays in delivery sounds like the UAE wanted some modifications to the equipment that was delivered as the contract was started in 2018 and they would have improved product since then.

Their relationship can't be that bad if they came to an agreement to develop a new system in the UAE with Tawazun back in Feburary and that might have been the modification to the contract which would have needed to be agreed with various government agencies and withholding payment by going slow on acceptance of delivery would be a great negotiation tactic and with all the covid disruption all you would need to do is not prioritise things for a huge slide in timelines and cause a huge cash crunch for EOS.

This looked like it would reverse by 2022 but now they have redirected that cash towards Spacelink instead to firm up the business case to grow the valuation and it seems like there would be a condition for the equity injection probably somewhere around the level of $150m pa of contracts where the constellation is cashflow positive and profitable.