ASTS

1. Key Historical Highlights

• November 25, 2025: Expanded manufacturing to Midland, Texas and Homestead, Florida, doubling the U.S. workforce to over 1,800 and increasing BlueBird production capacity.
• November 21, 2025: Scheduled BlueBird 6 to launch on December 15, 2025 in India, featuring the largest commercial LEO phased array with roughly 10× data capacity.
• November 10, 2025: Reported Q3 2025 GAAP revenue of $14.7 million and disclosed over $1.0 billion in contracted revenue commitments with strengthened Verizon and stc partnerships.
• November 10, 2025: Shipped BlueBird 6 to India and prepared BlueBird 7 for shipment to Cape Canaveral as part of a multi‑provider launch campaign.
• November 07, 2025: Selected Germany for the SatCo European Satellite Operations Centre with Vodafone to support a sovereign EU constellation beginning in 2026.
• October 29, 2025: Signed a 10‑year commercial agreement with stc including a $175 million prepayment, three Saudi gateways, and a Riyadh Network Operations Center.
• October 21, 2025: Priced $1.0 billion of 2.00% convertible senior notes due 2036 and a registered direct equity offering to fund repurchase of $50 million of 2032 notes.
• October 03, 2025: Reiterated plans to reach 45–60 satellites in orbit by the end of 2026 while expanding U.S. government work and operator partnerships.
• August 15, 2025: Posted a Q2 2025 net loss of $99.4 million and advanced plans to launch over 60 Block 2 satellites by 2026 with Ligado spectrum agreements.
• August 11, 2025: Confirmed a fully funded plan to deploy 45–60 satellites by 2026 and highlighted expanded access to L‑ and S‑band spectrum.
• July 29, 2025: Closed $575 million of 2032 convertible notes, raising pro forma cash above $1.5 billion and planning to repurchase $135 million of existing notes.
• July 25, 2025: Priced the repurchase of $135 million of 2032 convertible notes funded by issuing approximately 5.8 million shares at $60.06.
• July 03, 2025: Secured a $100 million non‑dilutive equipment financing facility led by Trinity Capital to support manufacturing and deployment.
• June 30, 2025: Established SatCo headquarters in Luxembourg with Vodafone to enable European space‑based cellular broadband from 2026.
• June 26, 2025: Demonstrated tactical NTN connectivity with standard smartphones for U.S. defense stakeholders near Oahu, Hawaii.
• June 25, 2025: Announced a cash repurchase of $225 million of 2032 convertible notes funded by issuing about 9.45 million shares.
• June 18, 2025: Partnered with Vi (Vodafone Idea) to develop satellite‑enabled mobile connectivity across India.
• June 13, 2025: Reached a settlement term sheet for long‑term access to up to 45 MHz of lower mid‑band spectrum in North America linked to Ligado’s restructuring.
• June 10, 2025: Announced inclusion in the U.S. large‑cap Russell 1000 Index effective June 27, 2025.
• May 12, 2025: Guided to $50–$75 million in second‑half 2025 revenue and outlined five contracted launches over the next six to nine months.

2. Financial Performance Overview

• Revenue is transitioning from near‑zero to early commercialization: Q3 2025 GAAP revenue was $14.7 million (government milestones and gateways) with H2 2025 guidance of $50–$75 million; Gap: 2025 full‑year revenue not provided.
• Operating costs are elevated during the build‑out: adjusted opex rose from $51.7 million in Q2 2025 to $67.7 million in Q3 2025 (total opex $94.4 million in Q3); Q2 2025 net loss was $99.4 million.
• Capital intensity is high and front‑loaded: capex ran ~$124 million in Q1 2025 and ~$323 million in Q2 2025, driven by satellite materials and launch commitments.
• Liquidity improved markedly through financings: cash and restricted cash were $939.4 million as of June 30, 2025 and ~$1.2 billion as of September 30, 2025, with pro forma cash plus ATM availability of ~$(3.2) billion cited after October financings.
• Capital structure was actively managed: issued $460 million 4.25% 2032 converts (Jan), added $500–$575 million 2032 converts (Jul), and $1.0 billion 2.00% 2036 converts (Oct), while repurchasing ~$225 million + $135 million + $50 million of 2032 notes and securing $100 million in non‑dilutive equipment financing.
• Commercial backlog and cash inflows are building: more than $1.0 billion in contracted commitments as of November 10, 2025, including a $175 million prepayment from stc; Gap: timing of revenue recognition across multi‑year contracts not detailed.

3. Management Effectiveness

• Executing a partner‑led commercialization strategy with 50+ MNOs, a European JV (SatCo) with Vodafone, and initial U.S. government traction, aligning distribution and regulatory access to accelerate service activation; Evidence lacking: customer adoption metrics and ARPU uplift.
• Demonstrated capital allocation discipline by terming out debt at a lower coupon (2.00% 2036 converts), opportunistically repurchasing 2032 notes, and adding non‑dilutive equipment financing while supporting rapid capex needs.
• Advanced vertical integration (≈95%) and scaled manufacturing cadence (target six satellites/month exit‑2025), shipping BlueBird 6 and preparing BlueBird 7 to de‑risk launch schedules and cost.
• Proactively secured spectrum (L/S‑band access and priority rights) to strengthen long‑term capacity and service quality, indicating foresight on regulatory and competitive moats.
• Communicated clear milestones (launch cadence every 1–2 months, 45–60 satellites by end‑2026, ASIC integration in early 2026), reflecting operational rigor; Evidence lacking: proof points on path to free cash flow with 25 satellites.

4. Key Quotes from Management

• "Our roots are firmly in Texas, and always will be... This is about building more satellites, faster - and doing it right here at home so we can deliver on our mission to close the connectivity gaps and deliver cellular broadband where it is needed the most." — Abel Avellan, Founder, Chairman and CEO, AST SpaceMobile (AST SpaceMobile Expands Manufacturing Footprint in Both Texas and Florida, Accelerates Next-Generation BlueBird Production, November 25, 2025)
• "Our next-generation satellites will soon enable ubiquitous cellular broadband coverage direct to everyday smartphones from space." — Abel Avellan, Founder, Chairman and CEO, AST SpaceMobile (BlueBird 6 Launch Date, the Largest Commercial Communications Array Ever Deployed in Low Earth Orbit, November 21, 2025)
• "AST SpaceMobile continues to lead the direct-to-device space-based cellular broadband industry." — Abel Avellan, Founder, Chairman and CEO, AST SpaceMobile (Provides Business Update and Third Quarter 2025 Results, November 10, 2025)
• "AST SpaceMobile delivered standout progress in the third quarter and we continued seizing the advantages of our leadership position in the space-based direct-to-device industry." — Abel Avellan, CEO, AST SpaceMobile (Q3 2025 Earnings Call Transcript, November 10, 2025)
• "We are confirming our fully-funded plan to deploy 45 to 60 satellites into orbit by 2026 to support continuous service in the US, Europe, Japan, and other strategic markets, including the U.S. Government. We also have planned orbital launches every one to two months on average during 2025 and 2026." — Abel Avellan, Founder, Chairman and CEO, AST SpaceMobile (AST SpaceMobile Provides Business Update and Second Quarter 2025 Results, August 11, 2025)
• "This successful financing meaningfully strengthens our company resources above $1.5 billion in cash, positioning us to scale quickly with the deployment of the world’s first and only space-based cellular broadband network." — Abel Avellan, Founder, Chairman and CEO, AST SpaceMobile (Closing of Private Offering of Convertible Senior Notes, July 29, 2025)
• "Adding premium lower mid-band spectrum access in the United States to the AST SpaceMobile network gives us long-term access to a large block of a scarce resource, significantly enhancing our planned space-based cellular broadband offering." — Abel Avellan, Chairman and CEO, AST SpaceMobile (Announcement of Long-Term Spectrum Access Agreement for Satellite Applications, January 06, 2025)