According to the FAQ:

"At the start of the Activation phase, after players have resolved all other abilities that trigger at the start of the Activation phase, each ship may spend

a cloak token to decloak, starting with the ship with the lowest pilot skill (using initiative to break ties)."

So I have one phantom. I move, I perform an action, then I decloak, then attack?

The last bit about starting with the ship with the lowest initiative is because it's assumed there's a ship with the cloak ability on the opposing team? Or an extra phantom in my squad?

According to the FAQ:

"At the start of the Activation phase, after players have resolved all other abilities that trigger at the start of the Activation phase, each ship may spend

a cloak token to decloak, starting with the ship with the lowest pilot skill (using initiative to break ties)."

So I have one phantom. I move, I perform an action, then I decloak, then attack?

The last bit about starting with the ship with the lowest initiative is because it's assumed there's a ship with the cloak ability on the opposing team? Or an extra phantom in my squad?

No, you decloak before anyone has moved and before the first dial is even revealed.

No before any dials are revealed you decloak.

Start of activation

So you decloak before anyone has moved

But after all Intelligence agents and other "at the start of" effects trigger.

I totally misunderstood the rule then. Thanks guys.

First things like intelligence agent happens.

Once all 'at the start of the activation phase' has resolved, cloaked ships may decloak. Lowest pilot skill first.

If there are two cloaked ships with the same PS wish to decloak, initiative will decide who goes first.

Once all ships have decloaked, if they want to, the regular movement proceeds.

Ok I think I get it now, so cards like IA and activation phase cards are resolved by both players then I decloak (lowest to highest) then the player with the lowest PS takes their turn from there?

Yes, That is correct.

Ok I get it now. Thank you all.