The Fast Affordable Science and Technology Satellite (FASTSAT) project is a path finding effort to produce reliable satellite busses for different applications at an unprecedented speed and low cost. The project is designed to be a generational project and the first satellite produced is the Huntsville -01 (HSV-01) spacecraft. The subject of this report is the lessons learned gained during the development, testing, and up to the delivery of the FASTSAT HSV -01 spacecraft. The purpose of this report is to capture the major findings that will greatly benefit the future FASTSAT satellites and perhaps other projects interested in pushing the boundaries for cost and schedule. The FASTSAT HSV -01 primary objectives, success criteria, and team partners are summarized to give a frame of reference to the lessons learned.