AST SpaceMobile Q1 2026 Earnings Report

AST SpaceMobile EPS Results

• Actual EPS: -$0.66
• Consensus EPS: -$0.23
• Beat/Miss: Missed by -$0.43
• One Year Ago EPS: -$0.20

AST SpaceMobile Revenue Results

• Actual Revenue: $14.74 million
• Expected Revenue: $39.01 million
• Beat/Miss: Missed by -$24.27 million
• YoY Revenue Growth: +1,952.20%

AST SpaceMobile Announcement Details

• Quarter: Q1 2026
• Date: 5/11/2026
• Time: After Market Closes
• Conference Call Date: Monday, May 11, 2026
• Conference Call Time: 5:00PM ET

AST SpaceMobile (NASDAQ:ASTS) is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure. Its technology roadmap has included a series of demonstration satellites under the BlueWalker program, which are intended to validate the large aperture antenna technology and the ability to hand traffic with terrestrial mobile network operators. The company focuses on end-to-end system integration—payload design, satellite manufacturing, spectrum licensing support and network operations—to enable commercial service.

The company aims to serve global markets by partnering with wireless carriers and other ecosystem participants to extend mobile coverage into rural, maritime, and underserved regions as well as to provide supplemental capacity in populated areas. Rather than selling consumer terminals, AST SpaceMobile’s intended customers are mobile network operators that would integrate satellite-delivered connectivity into their existing networks and plans for subscribers.

AST SpaceMobile was founded by Abel Avellan, who serves as chief executive and has been the public face of the company’s strategy to bridge conventional cellular networks and space infrastructure. The business remains focused on completing its satellite constellation, obtaining required regulatory clearances and executing commercial agreements with carriers to bring direct-to-handset satellite coverage to market.

AST SpaceMobile Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: AST says it has scaled manufacturing and vertical integration (95% BOM control) with over half a million sq ft of facilities, producing ASICs and phased arrays and targeting a production cadence of up to six fully assembled satellites per month.
• Positive Sentiment: The company demonstrated a peak downlink of 98.9 Mbps to unmodified smartphones and expects to nearly double peak speeds with Block 2/ASIC-enabled satellites plus on‑orbit AI spectrum management.
• Positive Sentiment: AST is executing a multi-provider launch plan (Blue Origin, SpaceX and others), is returning to the pad in mid‑June with a Falcon 9 for BlueBirds 8–10, and is targeting approximately 45 satellites in orbit by year‑end 2026.
• Positive Sentiment: Commercial and regulatory momentum includes FCC authorization for U.S. operations on premium low‑band with Verizon/AT&T/FirstNet, a partner ecosystem of ~60 MNOs covering >3 billion subscribers, and >$1.2 billion of contracted commercial commitments plus growing U.S. government awards.
• Negative Sentiment: Cash runway and growth come with heavy near‑term spend—Q2 capex is guided to $575M–$650M, adjusted operating expenses to $85M–$95M, and the company has raised capital via convertible notes (effective strike $116.30), introducing dilution and elevated cash burn risk.

Presentation

[Operator]

Good day, thank you for standing by. Welcome to AST SpaceMobile's first quarter 2026 business update. Please be advised that today's call is being recorded. I will now turn the conference over to Max Colbert, Investor Relations Manager of AST SpaceMobile. Thank you. You may begin.

[Max Colbert, Investor Relations Manager at AST SpaceMobile]

Thank you, and good afternoon, everyone. Today, I'm also joined by Chairman and CEO, Abel Avellan, President, Scott Wisniewski, and CFO and Chief Legal Officer, Andy Johnson. Let me refer you to slide two of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year ending December 31, 2025 with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time.

[Max Colbert, Investor Relations Manager at AST SpaceMobile]

After our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. For those of you who may be new to our company and mission, there are nearly six billion mobile phones today around the world, but many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected to the global economy. The markets we are pursuing at AST SpaceMobile are massive, the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices, supported by our extensive IP and patent portfolio.

[Max Colbert, Investor Relations Manager at AST SpaceMobile]

It is now my pleasure to pass this over to Chairman and CEO, Abel Avellan, who will go through our activities since our last public update.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Thank you, Max. AST SpaceMobile start to 2026 reflect our progress in scaling manufacturing and production, mobile network operator partner expansion, ground network integration, multi-partner launch, and a fortress capital position. This advancement across nearly all initiative helped solidify why AST SpaceMobile is the only company whose technology is positioned to capture the direct-to-device cellular broadband opportunity in full. We continue to execute on key business objectives as the company transitioning from R&D stage to fully scaled operational deployment. On the manufacturing front, we have over 500,000 sq ft of manufacturing and operations space globally as we continue to scale our manufacturing effort. We're in advanced stages of producing an assembly through BlueBird 33. With phase arrays completed through BlueBird 28. A detailed cadence of our 2025 and 2026 deployment plan is shown in the accompanying quarterly presentation found on our IR website.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Our 95% vertically integrated manufacturing strategy is significant long-term advantage with our manufacturing team ramping up significantly over the past several quarters. I am thrilled to report that the leadership we have in place is now producing ASICs, phased arrays, stackable satellite composite structure at an accelerating pace to support our target cadence of six fully assembled satellites per month. Our custom ASIC is designed to support up to 10 GHz of processing bandwidth per satellite and is expected to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites, helping unlock true space-based cellular functionality and enabling native cellular capabilities that consumers now expect everywhere all the time. As a reminder, we're building the largest phased array in low Earth orbit. We possess the ability to deploy significant power to orbit at a meaningful scale and competitive cost.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

They give us an ample opportunity to scale our space-based cellular broadband constellation based on demand signal from our growing list of partners. That is a unique, important concept for the direct-to-device industry, with even broader implications as space become an energy-rich and data-native industrial environment. We continue to leverage these advantages by driving innovation into every aspect of our satellite capabilities. We are deploying a specific AI edge computing and AI spectrum management features for on-orbit capabilities to incorporate into novel AI platforms and maximize user experience. We currently expect to integrate these features into our next generation BlueBird satellites, targeting BlueBirds in production by year-end. Our multiple provider orbital launch strategy feature orbital launch aboard Blue Origin, SpaceX, and others.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

As a reflection of our multi-partner launch strategy, we are returning to the launch pad at Cape Canaveral in mid-June with BlueBirds 8, 9, and 10 aboard a Falcon 9 launch vehicle. We are excited to get back to the launch pad very soon and are targeting approximately 45 satellites in orbit by year-end through a combination of our launch providers. Our ground-based gateway architecture act as a native extension of our network operator partners, interfacing directly with Nokia, eNodeBs, and MNO cores over standard 3GPP protocols. This means our gateways architecture and our satellites network scales natively with 4G, 5G and future 6G standards, reducing network integration complexity.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

We're actively scaling our ground network integration efforts around the world, including in the United States, Canada, United Kingdom, India, Brazil, Spain, Germany, France, Romania, Saudi Arabia, Japan, New Zealand, the Philippines, Côte d'Ivoire, Kenya, Nigeria, and Senegal, targeting a combined population of 2.9 billion people. It is an incredible feat to scale our business outside of the United States, an effort which requires significant scale and commitment from our company, our partners, and global regulators. We continue to make progress on partner and ecosystem network integration as we move closer to service activation in key partner markets. We're actively deploying hundreds of fixed cells per week. As part of this effort, we achieved satellite-to-satellite cellular broadband connectivity handoff without disrupting the connectivity experience on the smartphones.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Additionally, we recently achieved peak data speed of an incredible 98.9 Mbps using our in-orbit Block 1 satellites. This latest record was conducted over international waters directly to unmodified off-the-shelf smartphones. This achievement is significant for several reasons. It further validates that our satellite technology is the only one specifically designed for space-based direct-to-device cellular broadband. Achieving these speeds that our partners expect for the customer no matter where they are located everywhere in the planet. We're just getting started. We expect our on-orbit Block 2 BlueBird satellite to nearly double the peak data speed recently achieved using our on-orbit Block 1 BlueBird satellites when enabled with enough spectrum on a region-by-region basis.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

AST SpaceMobile is mobile network operator partner of choice for space-based cellular broadband because our bent pipe system integration solution work natively with existing terrestrial infrastructure and is designed to support space-based cellular broadband connectivity. Our ecosystem includes nearly 60 global MNO partners covering over three billion subscribers, including key partners like AT&T, Verizon, Vodafone, Rakuten, stc, Bell Canada, and Telus. Our commercial advancements have enabled us to secure over $1.2 billion in contracted revenue commitment from our commercial partners, and we plan to accelerate this as we further deploy our network. On the regulatory front, we are granted FCC authorization to operate our BlueBird satellite constellation commercially in the United States, enabling direct-to-device connectivity in the U.S. on premium low-band spectrum in coordination with our partners Verizon, AT&T, and FirstNet.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

The grant also reflect the FCC recognition of our ability to deliver direct-to-device cellular broadband connectivity from space and operate alongside terrestrial communication network, further validating our unique technology and network design. We thank the current administration, the FCC, and Commissioner Carr for his leadership in bringing new technologies online to advance United States leadership in space. Our comprehensive spectrum strategy leverage our satellite technology, which is capable of tuning within approximately 1,100 MHz of low-band and mid-band tunable MNO spectrum globally, including 45 MHz of MSS lower mid-band spectrum and 60 MHz of licensed S-band spectrum priority right outside of North America. In particular, the 45 MHz of L-band spectrum is currently unused, providing us with an ample opportunity to drive business against the use of that spectrum. Additionally, the lower mid-band L-band spectrum feature higher quality propagation characteristics when compared to other MSS frequencies.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

This mean more opportunities to grow subscriber capacity and bring additional service to targeted market around the world alongside our MNO partners. We expect the combination of our satellite technology, featuring the largest phase array in low-Earth orbits and access to MNO shared spectrum, MSS spectrum, and AI spectrum management features, will enable us to effectively multiply spectrum efficiencies and develop a completely new layer of connectivity on a global scale. The combination of building a native space-based cellular broadband network with our partner, First Integration Design, is second to none. We are supported by our extensive IP and patent portfolio of approximately 3,900 patents and patent pending claims, and we successfully advanced from early-stage R&D to scale deployment of satellites and ground-based gateways.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

In closing, our company has key assets, including IP, manufacturing, partnerships, spectrum, and balance sheet cash with approximately $3.5 billion to build and launch over 100 BlueBird satellites to enable global coverage of a SpaceMobile service. Our team is focused, disciplined, and executing against our deployment plan. We are encouraged by the progress we are making and the momentum we see across our commercial, regulatory, and government initiatives. With that, I will turn the call back to Scott.

[Scott Wisniewski, President at AST SpaceMobile]

Thank you, Abel. Since our last business update 10 weeks ago, we have continued to execute against the broader commercialization priorities we laid out at the start of the year. Our key task leading the business is to leverage our revolutionary technology deployment and best-in-class partnerships to achieve our 2026 and 2027 revenue objectives as we build out the revenue platform for the company to maximize long-term shareholder value. The market pull for our network, the one we're deploying today, a global, resilient, space-based cellular broadband network with dual use capabilities, it remains extremely strong. Against this backdrop, we have recently signed additional mobile network operator contracts and received additional U.S. government awards. First, we announced an agreement with Telus as our second partner in Canada, who also made an equity investment in ASTS. Telus and Bell will be our commercial partners in Canada.

[Scott Wisniewski, President at AST SpaceMobile]

In Africa, we are pleased to be partnering with Axian Telecom, a Pan-African operator in 11 different countries, joining our existing agreements with Vodacom, Orange, and MTN. Our dialogue globally with mobile network operators has increased in both volume and depth, and we've been building out the broad organizational capabilities to support the rollout of commercial services in these markets. Looking ahead, we expect additional MNO agreements to be signed with increasing velocity throughout 2026. On the U.S. government side, we continue to grow the pipeline with three additional awards through prime contractors. These awards address three unique use cases across secure communications and non-communications capabilities, reflecting strong proof points ahead of larger contracts. Alongside further developing these important national security capabilities, including those related to Golden Dome, these awards are expected to contribute significantly to 2026 revenue objectives.

[Scott Wisniewski, President at AST SpaceMobile]

As a reminder, our goal across all our contracts is to develop capabilities that could grow into programs of record with billions of annual revenue potential in aggregate over the medium and long term for missions important to U.S. national security. As a commitment to these efforts, we've made significant progress expanding our organizational capabilities through AST SpaceMobile's wholly owned government and defense subsidiary. This alignment enables us to better allocate resources and expand our organizational capabilities to best serve the U.S. government customer. Transitioning to revenue, we achieved nearly $15 million in reported revenue during Q1, again, driven by milestone achievements under our U.S. government contracts and commercial gateway deliveries to MNOs. On the commercial side, we saw execution with four different customers that contributed to revenue in the quarter.

[Scott Wisniewski, President at AST SpaceMobile]

With the hardware to deliver initial commercial services now in their respective regions across five continents, the ground readiness initiatives that Abel referenced are firmly underway. This is an important step to have started during 2025 because it gives the teams on the ground time to prepare, deploy real hardware solutions for backhaul, and integrate with customer network cores. This is a very significant operational effort that is an important leading indicator ahead of commercial service activation. 2026 revenue will benefit from this commercial deployment effort as we deliver against existing contractual orders and sign new contract wins, both of which show a deep pipeline. Turning to revenue from our U.S. government business, we executed across five existing contracts during the quarter, further demonstrating the in-orbit capabilities of our BlueBird satellites.

[Scott Wisniewski, President at AST SpaceMobile]

To give you some additional color, we advanced milestones under our prime contract with the Space Development Agency as part of the Europa Track 2 Commercial Solutions Program under HALO. This work is focused on delivering operationally relevant tactical communications capabilities directly to government end devices. We also advanced our communications efforts with milestones against contracts where Fairwinds is the prime contractor, some of which is a follow-on related to our previously demonstrated NTN tactical SATCOM capabilities. That field test showcased real-time connectivity to a tactical assault kit over a VPN with multimedia streaming via the tactical assault kit and secure multi-party video calls, all executed on standard, unmodified smartphones with active participation from U.S. INDOPACOM, including representation from multiple branches of the United States Armed Forces.

[Scott Wisniewski, President at AST SpaceMobile]

Lastly, we also continue to execute against our contract with the Space Development Agency through a prime contractor for non-communications on-orbit testing and capability development. The progress we are seeing across both commercial and government activities supports our confidence in reiterating our 2026 revenue guidance of $150 million-$200 million. This outlook is supported by our existing contracted pipeline with additional upside potential from new government awards. What we are seeing in the first half of 2026 is continued progress in building out the revenue base ahead of a large jump in 2027. As I described on the last call, we see the 2027 revenue opportunity approaching $1 billion, comprised of revenue both long-term contracted or highly recurring in nature.

[Scott Wisniewski, President at AST SpaceMobile]

We expect this growth to be driven from, one, our scaled network in orbit for cellular broadband service as it becomes available in some of the largest markets worldwide. Two, providing one or more increasingly scaled use cases for the U.S. government. Taken together, we are steadily executing across our key priorities, remaining focused on the critical near-term objectives like revenue generation, partner ecosystem, and scaled network deployment. I'm now happy to pass the call over to Andy to walk through our financial update.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

Thanks, Scott, good afternoon, everyone. During the first quarter of 2026, we began executing against our annual revenue plan. We continued our manufacturing expansion across our growing facilities in Texas and beyond. Importantly, as discussed on our 2025 year-end call in March, we took significant steps to raise critical capital to enable funding our constellation in support of our bold objectives in the months ahead. Revenue in Q1 came in consistent with our internal plans. We expect revenue to build sequentially each quarter during 2026, with contributions from both commercial gateway revenue and U.S. government contracts, which I will discuss further in just a moment. Importantly, we remain on track to meet our full-year 2026 revenue guidance of $150 million-$200 million.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

With respect to manufacturing, we continue to progress toward the achievement of our goals to support our active escalating launch schedule through the end of this year and beyond. We currently have BlueBird 11 to BlueBird 33 in advanced stages of assembly, with phased arrays completed through BlueBird 28. Our manufacturing progress positions us well to support our launch target of approximately 45 BlueBird satellites in orbit by the end of 2026.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

The strength of our balance sheet positions us to complete the full build-out and launch of a constellation of over 100 BlueBird satellites to provide worldwide SpaceMobile service while also funding the deployment of our controlled spectrum bands on a global basis, monetizing the capabilities of our proprietary technology to capture the evolving commercial opportunities related to artificial intelligence, enhancing investment in government space opportunities in the United States, reducing our higher interest debt, and pursuing opportunistic investments to accelerate our SpaceMobile services and capabilities. AST SpaceMobile is proud to be the creator and leader in the direct-to-device industry, and we continue making investments to move quickly and responsibly to bring space-based cellular broadband connectivity directly to unmodified smartphones.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

Our intentional focus on investing in operational growth led to higher adjusted operating expenses in Q1 of 2026, consistent with our expectations previously communicated during our fourth quarter and full-year 2025 earnings call. Moving to the operating and capital metrics slide, let's review the key metrics for the first quarter in more detail. On the first chart, for the first quarter of 2026, we incurred non-GAAP adjusted operating expenses of $91.2 million versus $95.7 million in the fourth quarter of 2025. As a reminder, non-GAAP adjusted operating expenses exclude non-cash operating costs, including depreciation and amortization and stock-based compensation.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

The quarter-over-quarter decrease of $4.5 million resulted primarily from a $17.6 million decrease in adjusted cost of revenues due to lower revenue in the quarter, together with a $1.9 million decrease in R&D costs, partially offset by a $9.2 million increase in adjusted engineering services costs and a $5.8 million increase in adjusted general and administrative costs. Our Q1 2026 adjusted operating expenses, excluding adjusted cost of revenues, were $79.8 million compared to $66.8 million in Q4 2025, which is within the $70 million-$80 million guidance for adjusted operating expenses previously provided.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

The primary drivers of the increase versus the prior quarter were growth in our workforce, including contractors and consultants, our expanded production facilities, and other professional fees, including legal fees related to our spectrum usage rights transactions and regulatory initiatives. Turning towards the second chart on this slide, our capital expenditures for the first quarter of 2026 were approximately $257 million versus approximately $407 million for the fourth quarter of 2025. This figure was made up primarily of capitalized direct materials and labor for our Block 2 BlueBird satellites, with the balance relating to facility and production equipment expenditures.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

This amount was below the quarterly guidance of $350 million-$425 million that I provided during our last earnings call due to a change in the timing of launch contract payments, which will now be reflected in our Q2 guidance. For the second quarter of 2026, we estimate that our adjusted operating expenses, excluding adjusted cost of revenues, will increase to the range of approximately $85 million-$95 million as we further absorb the full quarter cost of our recently expanded workforce and continue growing talent across our organization to scale our efforts to design, manufacture, launch, and operate our growing satellites constellation, as well as pursue the monetization of our L- and S-band spectrum usage rights.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

We expect our capital expenditures to increase in Q2 of 2026 to a range of $575 million-$650 million, primarily driven by the timing of launch payments related to our near-term launches, which, as I've previously explained, vary from quarter-to-quarter. To put this quarterly increase in capital expenditures into context, had the launch payments been made in Q1 like we originally planned, instead of making them in Q2, our guidance for Q2 capital expenditures would have remained in the same general range as Q1. Importantly, our continued spend on growth-related CapEx reflects our increasing satellite production in active orbital launch plans.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

We continue to estimate that the average capital costs, including direct materials and launch costs for our constellation of over 90 Block 2 BlueBird satellites, will fall in the range of $21 million-$23 million per satellite, excluding certain initial satellites that are used to validate performance and operations. Our cost per satellite estimates are subject to fluctuations based on dynamic geopolitical factors that could impact our costs. As a reminder, the timing of the changes in our adjusted operating expenses and capital expenditures, as I have just described, could be delayed or may not be realized due to a variety of factors. In the first quarter, we recognized revenue of $14.7 million, primarily driven by commercial gateway deliveries and various U.S. government service milestone achievements.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

Our revenue declined during the first quarter, as we expected, due to the timing of gateway deployment to our commercial customers and the timing of completion of certain government contract milestones. With respect to revenue generation, we believe we can enable continuous space mobile service across key markets such as the United States, Europe, Japan, and other strategic markets with the launch and operation of approximately 45 to 60 BlueBird satellites and additional strategic worldwide markets with the launch and operation of approximately 90 BlueBird satellites. Further, as we continue to launch and deploy our constellation, we will continue to support U.S. government applications currently ongoing and accelerating as our constellation grows. As we discussed in our Q4 2025 earnings call, we expect to generate full-year 2026 revenue in the range of $150 million-$200 million.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

We manage the top line with the focus on full-year performance, given the quarterly variability inherent in our business, including the timing of contract signings, equipment sales, and milestone achievements. We believe our revenue performance is best evaluated on a full-year basis. We continue advancing our launch and network activation initiatives, we expect revenue to grow meaningfully each subsequent quarter this year. We expect revenue to continue to be driven by gateway deliveries, achievement of contracted milestones for the U.S. government, MNO consulting services, with potential upside related to the recognition of initial commercial service revenue. Quarterly revenue will likely vary significantly depending on achievement of milestones and the timing of customer activities. I'd like to remind you that we believe that approximately half of a revenue opportunity within our commercial pipeline this year is already booked or contracted.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

The remaining portion consists of a combination of advanced stage opportunities that have not yet been signed, as well as net new business we expect to secure over the course of this year. The achievement of our revenue plan remains subject to several contingencies, including the successful launch and deployment of Block 2 BlueBird satellites related to U.S. government applications contractual milestone achievements, critical gateway equipment sales to our MNO partners in support of their anticipated commercialization efforts of SpaceMobile service, and service revenues in connection with the activation of our commercial service provided by our existing and plan deployed and operational satellites.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

On the final chart on the slide, our cash equivalents, and restricted cash as of March 31, 2026 was approximately $3.5 billion, inclusive of cash raised in February via the convertible notes offering with a 2.25% tenure coupon at an effective strike price of $116.30 per share. Our balance sheet continues to provide us with financial flexibility to make further investments to expedite the timing of and augment the capabilities of our SpaceMobile service. Consistent with our last update, we do not have any plans to pursue additional convertible debt in 2026. In closing, we're off to a solid start to the year at AST SpaceMobile, and critically, our 2026 objectives fully remain in place.

[Andy Johnson, CFO and Chief Legal Officer at AST SpaceMobile]

With full recognition of a significant amount of hard work ahead of us, revenue is building on plan and satellite manufacturing is increasing to support our orbital launch campaign. We look forward to sharing successful launch milestones with you in Q2 and throughout the second half of 2026. Thank you for your continued support as we continue the hard work of connecting the unconnected at AST SpaceMobile. With that, this completes the presentation component of our business update call, and I'll pass it back to Scott.

[Scott Wisniewski, President at AST SpaceMobile]

Thank you, Andy. Before we go to the queue of analyst questions, we'd like to address a few of the questions submitted by our investors. Operator, could you please start us off with the first question?

[Operator]

Scott from Indiana asks, "Historically, guidance for Block 2 BlueBird has targeted peak download speeds of 120 Mbps, presumably requiring your proprietary ASIC chips. In the last quarterly update, it was stated that FM-1, which does not have this ASIC chip, is expected to greatly exceed 120 Mb peak download speeds. Can you clarify current expectations on how FM-1 versus ASIC-enabled BlueBird are expected to perform?"

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Thank you, Scott, for the question. Well, this morning we did announce that from the middle of nowhere, in the middle of the ocean on international water, we did achieve peak data rates, very close to 100 Mbps. As we into standard device without any modification to the device, neither require any firmware or software upgrade to the device. This device as is today. With the BB6, which is already in orbit, and BB8, 9, and 10, we expect to nearly double that capacity.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

We think that this in addition to AI features that we will implement into the satellites, large block of spectrum that we'll be adding to the network, particularly the L-band and the S-band MSS spectrums that we plan to add into the constellation and AI spectrum management features that help us to multiply the perceived performance of the network, make this a complete change of what is possible, far, far ahead of any other technology that is attempting to enter the market.

[Operator]

Andreas from New York asks, "You have repeatedly emphasized that you are in a race against yourself in the field of D2C broadband technology. Given the increasing attempts by other companies to enter the market, is this still true? What lead do you currently see over your competitors? What role do your patents play in keeping the competition at bay?"

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Thank you, Andreas. That's a great question. We always, from the very, very beginning, have focused on delivering cellular broadband and for which you need a very large array, you need spectrum and you need the ability to integrate that to partners MNOs. On that end, we have a very unique position. We had access through our MNO partners to around three billion subscribers. We are delivering broadband capacity, provided obviously there is enough spectrum attached to the satellites today with in-orbit satellites. As I said earlier, we are on the hundreds of megabits already. We plan to nearly double that as we continue to activate 8, 9, and 10 as we launch them in the next few weeks.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

When you put in perspective that when you combine a very, very large satellite array with significant block of spectrum that are a combination between IMT, MNO, partner provider spectrum with our own MSS, we have access to more spectrum than anybody else also. We believe that as of today, we are the only technology that have a space-based cellular broadband capability, given the size and our architecture and the 3,900 patent and patent pending claims that we have around our technology.

[Operator]

Ben from Virginia asks, "Can you update us on your composite readiness specifically? Are you now manufacturing all structural carbon fiber reinforced polymer components and reflectors entirely in-house? If not, is the plan to?"

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Thank you, Ben, for the question. Listen, the way that we stack the satellites is think about tuna cans, where you put three of them, one on top of another on the Falcon 9, up to eight of them on the Blue Origin New Glenn rocket, or up to five of them in the Vulcan ULA rocket. That structure is our design. It was a very difficult design to achieve because of everything that you have in term of mass get multiplied by the G of the rocket. You have extraordinary amount of forces that get applied to the bottom satellites in that stack. The answer is yes, we are now producing them at rate. We own all the IP of how this is done. We are extending.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

We did grew. We have over 1,000 people dedicated to build these composite structures all across our satellites. We are now also extending and automating and robotizing how we do these structures in Midland. All of this to achieve and keep our six satellite per month fully assembled every month. Where the composite structure, it is a very important aspect of what we needed to do. We are fully vertically integrated. We own the IP. We control the manufacturing of everything on our satellites, around 95% of the bill of material from the composite structures, the new composite structures. That how you see that the, in the pictures of the manufacturing, they turn from aluminum structures to composite that are where they look black. We also own and control everything down to our ASIC in the supply chain of how we build and produce our satellites.

[Operator]

Scott from Indiana also asks, "Any perspective you can share on progress made related to Golden Dome, HALO, Europa or other government contracts?"

[Scott Wisniewski, President at AST SpaceMobile]

I'll take that one. As I said in my remarks, you know, the backdrop for U.S. government contracts is, continues to be really strong. We most recently saw a budget request for the Space Force of over $70 billion, which was by far the largest, and there was a heavy emphasis on space activities. It's, it's a good environment for our capability to be maturing. We've been doing a lot, both communications and non-communications with the agencies who are the big buyers right now of space capabilities. This is the right backdrop. We have the right capability. Remember, we're currently deploying the largest ever phased arrays in low Earth orbit, and that gives us really an unprecedented capability to go to regular, small, low-profile handsets as well as do radar capabilities.

[Scott Wisniewski, President at AST SpaceMobile]

When you look at the backdrop of awards and budgets over the last three to six months, there's been a real strong uptick, as expected, in the Space Force budget and in allocations related to Golden Dome. Specifically, you know, we're in a stage now where RFPs are being issued, awards are being made for key elements of Golden Dome that'll relate to us. Things that you see that are space-based radar and others. This is a really big moment for us. You're gonna see some revenue coming in through U.S. government that's gonna be a big contributor to our 2026 revenue. For 2027, those awards that we'll receive or expect to receive over the next six months are gonna be very significant for that effort. With that, I'd like to thank our shareholders for submitting those questions. Operator, let's open up the call to analyst questions now.

[Operator]

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing these star keys. One moment please while we poll for questions. Our first question comes from the line of Chris Schoell with UBS. Please proceed with your question.

[Chris Schoell, Analyst at UBS]

Great. Thank you for taking the questions. Now that you've had a few weeks to digest, can you just walk us through what happened with BlueBird 7 and what gives you comfort this will not repeat going forward and that New Glenn can scale accordingly? Last quarter, you mentioned you began to integrate your satellites with another heavy launch vehicle, and I believe I heard you say ULA earlier. Where does the integration process stand, and could we see you rely upon them this year? Is this more a consideration for 2027 and beyond? Thank you.

[Scott Wisniewski, President at AST SpaceMobile]

Hey, Chris. I'll dive in. You know, we were pretty open on BlueBird 7, you know, the day of. You know, we knew what happened immediately and we were very open on what it is. At the end of the day, remember we have 30 through 33 satellites in advanced stage of production at the factory. While it was a loss, we're onto the next. Yeah, I would say that we're working closely with Blue. It's, they're working through the investigation. An upper stage anomaly like this is not uncommon early in programs and, you know, we feel optimistic about them getting back to the pad soon.

[Scott Wisniewski, President at AST SpaceMobile]

When you look at their cadence for the year, you know, we all know that they landed their booster, which was a great milestone for their cadence. Now they have two boosters, you know, sitting in their integration facility, ready to get into the cycle. We think the outlook there looks good and, like I said, we're optimistic. On the second part of the question, you know, we mentioned that we have contracts with SpaceX and Blue Origin and others. We're also doing some integration activities in there with others to get ready for potential launches. Listen, we've designed the rocket, as you know, and our business strategy to be launch vehicle agnostic, and we're buyers of launch and across the entire heavy launcher footprint.

[Scott Wisniewski, President at AST SpaceMobile]

We were prepared for this years ago with our strategy. We think we selected the right partners, and we've got good partners on top of that that we're working with.

[Chris Schoell, Analyst at UBS]

Okay, great. Thank you.

[Operator]

Thank you. Our next question comes from the line of Scott Searle with ROTH Capital Partners. Please proceed with your question.

[Scott Searle, Analyst at ROTH Capital Partners]

Hey, good afternoon. Thanks for taking the question. Maybe just a quick follow-up. Is there a timeline associated with the FAA investigation of when you would expect that to be concluded? Looking to the expected commercial launch of services at the end of this year, how many MNOs are you expecting to be live at launch? What are you guys thinking about in terms of the ground station number that we should be expecting by the end of calendar 2026?

[Scott Wisniewski, President at AST SpaceMobile]

Hey, Scott. To the first part of the question on Blue, no, there hasn't been a publicly disclosed timeline, but like I said, these sorts of investigations are pretty commonplace. And there's been some, you know-Good track record recently. With other launchers who have had similar issues. Listen, we think, we're really focused on our next launch, obviously, with Falcon 9 and the next three BlueBirds. Like I said, we're optimistic with Blue Origin and I think, you know, we'll be in a good position there. As you know, we have a multi-launcher strategy. That's been the strategy from the get-go. In terms of, what was the second question again, Scott?

[Scott Searle, Analyst at ROTH Capital Partners]

Scott, just in terms of the number of MNOs you would expect to be live with, you know, provided you got 45 satellites up in the sky, in the fourth quarter, you know, how many carriers, how many covered subs should we be thinking about in terms of that are adjustable from day one of launch?

[Scott Wisniewski, President at AST SpaceMobile]

Well, it's a global network, as you know. We put a lot more disclosure in our remarks today about the regions we're focused on and the countries we're focused on. All in all, where we are currently doing ground integration now, efforts, some which are quite advanced, like in the United States and other countries in Europe, some others that are getting started. It's a pipeline. There's a lot of countries to focus on. Just on the countries listed in our deck, you see a population coverage of about 2.9 billion. In terms of how we prioritized amongst that, you've heard from us before, key markets like the U.S., Canada, U.K., Japan, Saudi.

[Scott Wisniewski, President at AST SpaceMobile]

We're looking at that list, and it's growing every day, but we wanted to give a little bit more incremental detail today with that in our deck and in our remarks on the other countries we're focused on.

[Scott Searle, Analyst at ROTH Capital Partners]

Great. Thanks so much.

[Operator]

Thank you. Our next question comes from the line of Michael Funk with Bank of America. Please proceed with your question.

[Michael Funk, Analyst at Bank of America]

Yeah, great. Yeah. Thank you for the question. I want to go back to the launch target. I think you talked last quarter about stacking up to eight satellites per launch. Just wondering about the hurdles, authorizations required to get to the eight. Abel, earlier in the call, you mentioned, you know, deploying AI edge computing features, I think, in the next generation of satellite. Want to get a better understanding of how that's going to improve either the efficiency or performance of next generation satellites.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Yeah. Let me answer first the first question. As I explained it earlier in the call, we do have now the technology, and we are manufacturing that at rate, which is basically the technology to be able to stack multiple launches, multiple satellites in a single launch. The way that we do it is basically on New Glenn, we can stack up to eight. In Vulcan, we can stack up to five, and in Falcon 9, we can stack up to three. This is a self-contained structure, full composite. It is manufactured under an IP. We are also growing. We have over 1,000 people dedicated to build these structures where they are very difficult to build and test.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

We are now very close to getting six of them every month and being able to stack it with each of the different launch partners. What we are incorporating to our satellites, which you will start seeing in the production batches towards the end of the year, is the ability to edge compute and load AI capabilities on board that can be very efficiently integrated also to the UEs for a variety of uses around AI. As it relate to AI spectrum management, basically, as you fly, you have resources to do to administrate dynamically basically power and spectrum.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

As you know, we can tune within 1,100 MHz of a spectrum, and then we have blocks of a spectrum with our MNO partners, that's called IMT spectrum, that we can tune country by country, location by location. Also we had our MSS. The AI spectrum management is a system behind all of that basically predict traffic, predict location, predict where people are, and then allocate that very, very intelligently. Remember, on a satellite, you have 2,800 sq km of view of what's going on underneath you. AI basically has the ability to predict where the traffic will be as the satellites move and dynamically allocate resources into the satellite. That's typically the power or spectrum.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

The end result of that is that the perceived user perception of what amount of spectrum it is used or how efficient it is a multiple because you basically can play with the whole field of view in how you allocate dynamically the spectrum square kilometer by square kilometer.

[Michael Funk, Analyst at Bank of America]

Great. Thank you so much for that.

[Operator]

Thank you. Our next question comes from the line of Mike Crawford with B. Riley Securities. Please proceed with your question.

[Mike Crawford, Analyst at B. Riley Securities]

Thank you. Just to clarify, with the AST5000 ASIC, that's been expected to enable 120 Mbps peak data speeds. Is it the AI spectrum management that gets you up closer to 200 Mbps by year-end? Also, on the non-communications capabilities that you're developing in conjunction with the SDA, would we be correct in assuming we're talking about mid-band military radar, so that's something that we're not gonna see with your initial BlueBirds that are launching now, but once you incorporate L-band and, excuse me, S-band, into the satellites?

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Yeah. Let me start with the defense capability. I will not be able to describe it on this forum, but basically it's a non-communication capability that use the same hardware that we use on our commercial satellites. That's been in use today. As Scott mentioned, they're using it today. They plan to extend drastically how they use it and that is a non-communication application for defense purposes.

[Scott Wisniewski, President at AST SpaceMobile]

Before we leave that topic, Mike, it's important to note that that does not require mid-band spectrum. That's something we can do with low-band spectrum, which we've deployed today, right?

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Correct. As it relate to the ASIC, the ASIC complete is being incorporated into the production line. The ASIC basically allow us to upgrade the amount of bandwidth we can manage with the for each satellites. On the FPGA satellites, we had around a 1 GHz of a spectrum. With the ASIC satellite, we have 10 GHz of a spectrum, so it's a factor of 10 increase on number of gigahertz that can be constantly used per satellite. The big data rates are actually not dependent on the FPGA or ASIC.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

That's how many of those connections you can have simultaneously and do not rely on the AI in order to get to the 100 Mbps that we have on an FPGA satellites that are actually the smaller initial satellites. We expect to double the 98 Mbps that we have. We are using the BB6, which is already in orbit, and the A9 and 10 that we will launch here very quickly. That do not require the ASIC or the AI management, and that's pure big data rate per se.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

The AI management is basically a way to intelligently distribute that big pipe of 10 GHz or 1 GHz, depending on the version of the satellite, intelligently where the users are and predicting where the users are going to be in order to allocate a slice of that, 10 GHz, where the traffic is needed. Do it dynamically and proactively, using an AI agent of our own.

[Mike Crawford, Analyst at B. Riley Securities]

Okay. Thank you very much.

[Operator]

Thank you. Our next question comes from the line of Bryan Kraft with Deutsche Bank. Please proceed with your question.

[Bryan Kraft, Analyst at Deutsche Bank]

Hi, good afternoon. Apologies for the multi-part kind of long question, but I really had a few questions I wanted to ask you around launch. I guess first, do you have contracted launch capacity to do an average of basically one launch per month from June through December? Cause I think that's what you need to do in order to get close to that 45 number. How diversified is the launch mix? What if you can only do, say, one more New Glenn launch this year? Could you still get close to that 45? You know, I don't know if this is the first time I think you've mentioned Vulcan. I was wondering, you know, how much launch you were able to secure there and if that could fill that gap in.

[Bryan Kraft, Analyst at Deutsche Bank]

It sounds like you've made great progress on the manufacturing side. With 11 through 33 in production, is the next batch of satellites gonna be ready to ship for, say, a July launch? The last thing I wanted to ask you about is on the stacking, do you sort of need to work your way up to the max of those ranges? In other words, you know, on the next New Glenn, can you go right to eight, or do you have to or would you prefer to, say, do three or four to make sure it goes smoothly and then, you know, five to six, and then go to seven to eight? Or are you just gonna kind of fill these things up going forward? Thank you.

[Scott Wisniewski, President at AST SpaceMobile]

Hey, Bryan. Yes, we do have contracted launch capacity to meet our target for 2026. The way to think about it is basically, you know, a handful of Blue Origin launches and a handful of SpaceX or equivalent launches. That's what gets us to the approximately 45. You know, we know that Blue Origin just suffered an anomaly, right? We're optimistic about their return to the pad, and the fact that they land, they have two boosters is a massive support for the cadence that we have always expected and that we have contracted. That's how we think about the mix and how we get to that 45 number.

[Scott Wisniewski, President at AST SpaceMobile]

On the manufacturing side, we definitely, yeah, we have capacity to keep knocking out launches, one after another. Absolutely. You can see that on the page in the deck. Given where we are, we expect to have more satellites each month to be ready for launch. We'll of course, as we have, update the public, you know, 30 to 60, 90 days ahead of launch as those are down selected and confirmed. On stacking, I think you pretty much captured it, Bryan. I mean, we expect on the next New Glenn, we'll launch four satellites. Part of that is kind of ramping into the stacking capability and also, of course, managing where they are in the program.

[Scott Wisniewski, President at AST SpaceMobile]

You know, we're very mature now in the three-stack and we're gonna be doing that very shortly. The four-stack, likely shortly thereafter. Yeah, six, seven, eight, you know, that's how we get to our constellation size, right? That's why we've selected the vehicles we have and plan to make use of as much of the capacity of each of the rockets as we have available.

[Bryan Kraft, Analyst at Deutsche Bank]

That's very helpful, Scott. If I could just ask one follow-up. Where does ULA fit into that? You mentioned handful of Blue Origin, handful of SpaceX. Is Vulcan sort of the backup, or are you gonna use them as well? Just curious, you know, why that came into the conversation today.

[Scott Wisniewski, President at AST SpaceMobile]

Well, our strategy has always been to have many launch providers, right? I put that in that category. We've been developing other heavy launch providers for some time, and we'll have more updates as appropriate. You know, we plan to use Blue Origin and SpaceX and equivalents to the max.

[Bryan Kraft, Analyst at Deutsche Bank]

Okay. Thank you.

[Operator]

Thank you. Our next question comes from the line of Louie DiPalma with William Blair. Please proceed with your question.

[Louie DiPalma, Analyst at William Blair]

Good afternoon, Abel, Scott, and Andy. Abel,

[Scott Wisniewski, President at AST SpaceMobile]

Hey. How you doing, Louie?

[Louie DiPalma, Analyst at William Blair]

Great. Abel and Scott and Andy, what do you view as the impact of Amazon's acquisition of Globalstar? Do you view any potential partnership opportunities with Amazon as they seem to be very much in the early stages of entering this industry?

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Listen, that's a complicated transaction in the sense that that capacity and that capability, it is already on the phones through the iPhones. Basically, we see that capability as a SOS emergency system. We also see that here really at the end of the day to provide broadband, you need to have hundreds of megahertz of a spectrum allocated. We're obviously here talking about, in the case of Globalstar, on a very small fraction of that. We don't see that changing dramatically in the foreseeable future of what the capability is today. We don't see any real change of the landscape, at least for the next several years.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

When you think about some of our partners and you combine their spectrum, IMT, 3GPP already on the phone spectrum that they are allocating to us, plus our 50 MHz of the spectrum in MSS, either on the L-band and the S-band, you're talking about, in some cases with some partners, all the way up to 100 MHz of allocated spectrum. Our focus is broadband. Our focus is, of course, that broadband will come as we enable a spectrum, in a combination of our partner spectrum in low band and then later our mid-band, low-band spectrum in the L-band. We see that that's a complete different proposition and different.

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

We quite frankly, nobody is nowhere close to the capability that we have technically, to deliver hundreds of megabits directly to a phone from something that is flying at 70,000 mph, 500 km above you. That competitive advantage and that capability is unique, and that's that what we make available to our MNO partners.

[Louie DiPalma, Analyst at William Blair]

Great. Another question. I'm following up on the trial that was announced this morning that generated the peak downlink of 99 Mbps. Do you have a sense of what the average downlink, you know, would look like, you know, Block 2 satellites when you and your partners launch the trials later this year?

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Yeah. I think the talk about peak and average is tricky because it also depends on what is transiting through the, through the applications on the phone. That what we tend to focus about peak. The peak data rate for our larger, BB6, which is in orbit, and BlueBird 9 and 10, it is approximately double of what we disclosed this morning. You're talking about closer to the 200 Mbps. That's, that's peak. Average, it depend what you're transiting. Is it small packages or large packages and, and how you interact. In term of network capacity, is pretty much double of what we disclosed this morning. Around double of what we disclosed this morning.

[Louie DiPalma, Analyst at William Blair]

Great. Thanks everyone.

[Operator]

Thank you. Our next question comes from the line of Chris Quilty with Quilty Space. Please proceed with your question.

[Chris Quilty, Co-CEO and President at Quilty Space]

Thanks, guys. I just wanted to do a quick follow-up on the, excuse me, the non-communication satellite effort on the defense side. You know, since your satellites were specifically designed as a communication platform, does that imply that you're gonna have to do, you know, large redesign of satellites in adding things like optical cross links and onboard processing and pointing mechanisms? If so, is that something that would be customer, you know, NRE funded or something that, you know, you're putting the capital for?

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Hey, Chris. I mean, we didn't start working with our Department Award this year, not even last year. This has been many years in the coming. All the capabilities that they require are already built in in what we are producing on the line. There will be additions as per the request that I'm not permitted to discuss. Basically, the core capability of what they're using, it was incorporated many years back.

[Chris Quilty, Co-CEO and President at Quilty Space]

Great. Speaking of government defense budgets, assuming the administration, you know, gets through this reconciliation package, there's a huge generational budget increase. Can you name the specific programs where you think AST, you know, has an opportunity to target? Or are you expecting that most of your opportunities are gonna be on the classified side?

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

It is a combination. A lot related as the government have make it public by themselves around the Golden Dome. We are basically in all aspects of government usage, we're present. From FirstNet, from the classified to all the way to the Golden Dome. For communication and non-communication capabilities. We see ourself as a very important asset to our government, multi-utility. As I said, this is have been years developing for them. They're using it today. We expect a very significant growth in revenue and opportunity in all aspects of government usage of our technology.

[Chris Quilty, Co-CEO and President at Quilty Space]

All right. Thank you.

[Operator]

Thank you. Our next question comes from the line of Greg Pendy with Clear Street. Please proceed with your question.

[Greg Pendy, Analyst at Clear Street]

Hey, guys. Just a real quick one. If when you do hit 45 satellites, on the launch side, what is the commissioning time period we should be thinking about until sort of, the activation with service with MNOs?

[Abel Avellan, Chairman and CEO at AST SpaceMobile]

Yeah. Currently, you know, we do it on the first satellites. I mean, our satellite, these satellites are the largest satellites phase arrays ever deployed. It took longer than it would take on the coming satellites. The target is 45 days. That's what we are planning with the MNOs. Every time that we launch in 45 days, we should be using either 5G or 4G connectivity through them. As we keep launching, we plan to reduce that timeframe from 45 all the way down to two weeks. We don't want to promise that in the early batches of satellites.

[Greg Pendy, Analyst at Clear Street]

Great. Just one more. As you're looking at this multi-launch strategy, plan and adding new launch partners, any thoughts if Neutron from Rocket Lab is available in 2027 on what type of capacity, and if that would be a potential other partner in the launch strategy?

[Scott Wisniewski, President at AST SpaceMobile]

Hey. Yeah, we're not gonna comment on, you know, other launch providers. You've heard our commentary today about who we're looking at. We like launch providers. We like to launch with them. Our satellites are designed to fit in all the standard 5 m fairings and larger ones as well. We, I think that's what we'll say at this time.

[Greg Pendy, Analyst at Clear Street]

Okay, great. Appreciate it. Thanks.

[Operator]

Thank you. We have reached the end of the question and answer session. I would now like to turn the floor back over to Scott Wisniewski for closing remarks.

[Scott Wisniewski, President at AST SpaceMobile]

Thank you, operator. We want to thank all of our shareholders and research analysts for joining the call. Really appreciate it. Have a great week.

[Operator]

Thank you. This concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

Participants

Executives

• Abel Avellan, Chairman and CEO
• Andy Johnson, CFO and Chief Legal Officer
• Max Colbert, Investor Relations Manager
• Scott Wisniewski, President

Analysts

• Bryan Kraft, Analyst at Deutsche Bank
• Chris Quilty, Co-CEO and President at Quilty Space
• Chris Schoell, Analyst at UBS
• Greg Pendy, Analyst at Clear Street
• Louie DiPalma, Analyst at William Blair
• Michael Funk, Analyst at Bank of America
• Mike Crawford, Analyst at B. Riley Securities
• Scott Searle, Analyst at ROTH Capital Partners