Correct. SAS must notify on funding. GomSpace may have...

Correct. SAS must notify on funding.

GomSpace may have undertaken to do the work at risk, but then they would have to report that as it's material given the size of the contract relative to their annual revenue.

More likely than not, there are some innovations or research that GomSpace must do to deliver the Pearls. Perhaps they are working on that and funding it from R&D since if the SAS project doesn't get up then GomSpace still figure they can sell the tech to another sat partner.