ASTS

Service Activation and Market Rollout

Cluster Description

Commitments to initiate and expand commercial SpaceMobile service, from limited initial activation to broader national and international rollouts; the August 15, 2025 guidance updates earlier “nationwide intermittent” language by focusing 2025 starts on targeted markets, with broader coverage building through 2026.

Commitments

• August 15, 2025: Initiate a limited, noncontinuous SpaceMobile Service in targeted markets, including the United States, in H2 2025 (updates and narrows earlier “nationwide intermittent” 2025 language), contingent on regulatory approvals and initial 25-satellite deployment.
• August 15, 2025: Achieve continuous SpaceMobile coverage across key markets by late 2026 with approximately 45–60 satellites, aligning key-market targets while global continuity may require more assets.
• August 11, 2025: Prepare to deploy nationwide intermittent service in the U.S. by the end of 2025 with AT&T and Verizon, now superseded in scope by the August 15 targeted-market 2025 start.
• August 11, 2025: Deploy service in the United Kingdom, Japan, and Canada in Q1 2026 as the first international rollouts following the U.S.
• April 30, 2025: Begin limited, noncontinuous SpaceMobile Service in 2025, subject to regulatory approvals and MNO agreements, an earlier commitment now refined by August 2025 guidance.
• January 30, 2025: Target approximately 100% nationwide U.S. coverage from space with over 5,600 cells as satellites and ground integration progress under STA testing, serving as a stepping stone toward commercial activation.

Satellite Deployment, Launches, and Manufacturing

Cluster Description

Fleet buildout and production cadence to meet service goals, including launch schedules, manufacturing throughput, and in-orbit milestones; the most recent plan emphasizes a 2025–2026 cadence and the 45–60 satellite target for key-market continuity.

Commitments

• August 15, 2025: Execute a phased satellite deployment plan with launches roughly every one to two months starting in 2025, ultimately enabling continuous service (global continuity may require ~90 satellites).
• August 11, 2025: Achieve a manufacturing cadence of six satellites per month during 2025 to produce ~40 Block 2 satellites by early 2026.
• August 11, 2025: Conduct orbital launches on average every one to two months throughout 2025 and 2026 to reach the 45–60 satellite goal.
• August 11, 2025: Complete at least five orbital launches by the end of Q1 2026 as an interim milestone to scale deployment.
• August 11, 2025: Complete assembly of phased-array microns equivalent to 40 satellites by early 2026, with eight already finished, to support full voice, data, and video services.
• August 11, 2025: Ship FM1 in August 2025 for subsequent launch to become the seventh satellite on orbit, contributing incremental capacity.
• May 12, 2025: Plan five launches over six to nine months and scale manufacturing to six satellites per month by Q4 2025, an earlier plan consistent with August cadence and volume targets.
• November 14, 2024: Maintain launch services agreements for up to ~60 Block 2 satellites during 2025–2026 as capacity underpinning the cadence and continuity goals.

Spectrum Strategy and Regulatory Approvals

Cluster Description

Acquisition and use of L‑Band and S‑Band spectrum, regulatory approvals, and associated financing/payment schedules; the August 15, 2025 updates clarify timing for the Ligado transaction closing in late 2025 and continued country-level approvals for S‑Band.

Commitments

• August 15, 2025: Obtain regulatory approvals for Block 2 satellite operations during 2025 to enable service readiness and launch execution.
• August 15, 2025: Finalize the Spectrum Usage Rights Transaction with Ligado Networks for up to 45 MHz of lower mid‑band (L‑Band) spectrum, with closing expected in late 2025 pending approvals, superseding earlier June expectations of a June 2025 close.
• August 11, 2025: Acquire and utilize 60 MHz of global S‑Band spectrum priority rights to expand capacity, subject to country‑level approvals.
• August 11, 2025: Secure long‑term access to up to 45 MHz of L‑Band spectrum in the U.S. and Canada (subject to regulatory approvals) to augment subscriber capacity.
• June 13, 2025: Commit to long‑term access to up to 45 MHz of lower mid‑band spectrum for D2D, with closing originally expected before end of June 2025 but now updated to late 2025 per August guidance.
• June 13, 2025: Make spectrum payments to Inmarsat totaling $535 million ($420 million due October 31, 2025; $100 million due March 31, 2026; $15 million upon regulatory approval and closing).
• June 13, 2025: Start spectrum access usage payments to Ligado on September 30, 2025 as part of the broader spectrum arrangement.
• January 30, 2025: Operate under FCC Special Temporary Authority to test service with five BlueBird satellites in the U.S., supporting regulatory momentum for commercial approvals.

Government and Defense Programs

Cluster Description

Growth of U.S. Government business, continued contract execution, demonstrations, and associated revenue; recent guidance ties H2 2025 revenue to both government and commercial milestones.

Commitments

• August 11, 2025: Significantly expand organizational capabilities to serve the U.S. Government, targeting substantial near‑term revenues and broader non‑communications applications.
• August 11, 2025: Execute on eight U.S. Government contracts to date, advancing milestones and delivery under awarded programs.
• August 11, 2025: Demonstrate tactical NTN connectivity with standard mobile devices alongside multiple U.S. armed forces branches under the DIU effort, validating defense use cases.
• August 11, 2025: Expect $50–$75 million in H2 2025 revenue from commercial activations and government contract milestones, providing near‑term financial impact.
• June 26, 2025: Conduct additional prototype demonstrations of tactical NTN connectivity in coming months to support defense evaluation and resiliency needs.
• February 26, 2025: Secure a $43 million SDA-related contract award through a prime contractor, building on prior demonstrations for U.S. Government applications.
• April 30, 2025: Continue recognizing revenue from U.S. Government contracts, including $43 million (SDA) and up to $20 million (DIU), as performance obligations are met.

Commercial Partnerships and Market Development

Cluster Description

Global MNO partnerships, regional commercialization vehicles, and market entries; the most recent items confirm >50 MNO relationships, India expansion with Vi, and the European SatCo structure progressing from agreement to HQ establishment.

Commitments

• August 15, 2025: Maintain and expand commercial agreements with over 50 MNOs targeting nearly 3 billion subscribers, with plans to finalize agreements ahead of service launch.
• August 11, 2025: Expand commercialization with MNOs across consumer, enterprise, and IoT segments based on agreements exceeding 50 operators.
• August 11, 2025: Pursue partnership with Vi to expand space‑based mobile connectivity in India, targeting one of the largest telecom markets.
• August 11, 2025: Advance SatCo distribution following expressions of interest from operators in 21 of 27 EU member states to prepare for sovereign D2D services.
• June 30, 2025: Establish SatCo headquarters in Luxembourg to deliver European space‑based cellular broadband with commercial launches expected from 2026.
• March 3, 2025: Create SatCo, a jointly‑owned European D2D satellite service provider targeting 100% geographic coverage and 340 million customers across 15 countries during 2025–2026.
• December 9, 2024: Enter a definitive long‑term commercial agreement with Vodafone through 2034 to offer space‑based cellular broadband across Europe and Africa.

Financial Strategy and Capital Structure

Cluster Description

Balance sheet strengthening, debt management, and liquidity to fund constellation buildout and spectrum payments; later 2025 financings and cash levels supersede earlier funding disclosures and materially improve liquidity.

Commitments

• August 15, 2025: Raise additional funding through equity and debt, targeting $500 million under the 2025 ATM Equity Program to support operations and satellite deployment.
• August 11, 2025: Fortify the balance sheet to maintain over $1.5 billion in cash, enabling network build and capital structure discipline.
• July 29, 2025: Close $575 million of new convertible senior notes due 2032, boosting pro forma cash to over $1.5 billion and enabling repurchase of a portion of 4.25% notes.
• July 31, 2025: Repurchase $135 million principal of 4.25% convertible senior notes due 2032 funded by a registered direct equity offering to reduce debt and ~$37.8 million of future interest.
• July 29, 2025: Price $500 million (plus $75 million option) of new convertibles due 2032 and allocate proceeds, including for capped calls and general corporate purposes.
• July 3, 2025: Secure $100 million non‑dilutive equipment financing available through 2031 to support accelerated manufacturing and deployment.
• June 25, 2025: Repurchase $225 million of 4.25% convertibles via a registered direct equity issuance to materially reduce debt and ~$63.8 million of remaining interest.
• January 27, 2025: Close $400 million convertibles due 2032 (with capped call) and report nearly $1 billion pro forma cash, structured to mitigate dilution to ~3% effective.
• June 13, 2025: Arrange a $550 million non‑recourse delayed draw term loan to fund spectrum payments upon FCC approval, aligning financing with transaction milestones.

Technology, Performance, and Ground Infrastructure

Cluster Description

Core technology targets and infrastructure buildout enabling D2D performance, including the AST5000 ASIC, gateway networks, and manufacturing footprint; later disclosures confirm peak per‑cell performance goals and expanded facilities.

Commitments

• August 15, 2025: Implement the AST5000 ASIC in Block 2 satellites to deliver up to 40 MHz per beam and peak data rates up to 120 Mbps while reducing operating costs.
• August 11, 2025: Provide a true broadband experience directly to smartphones with peak data speeds up to 120 Mbps per cell globally via combined S‑Band and L‑Band strategies.
• August 11, 2025: Expand the manufacturing footprint to over 400,000 square feet and a workforce exceeding 1,200 by year‑end 2025 to deepen 95% vertical integration and capacity.
• June 30, 2025: Deploy a small network of European earth stations integrated with terrestrial networks to enable automatic switching between space and land.
• January 30, 2025: Install five U.S. gateways to integrate with AT&T and Verizon networks and support STA testing with off‑the‑shelf handsets.
• November 14, 2024: Operationalize initial U.S. ground stations and plan expansions to Europe and Japan to support thousands of U.S. cells and regional gateways.
• December 3, 2024: Advance AST5000 ASIC development and validation with ecosystem partners to realize a 10x processing bandwidth improvement per satellite.