Ast Spacemobile, Inc. · NASDAQ:ASTS
Ast Spacemobile — Q4 2025 Earnings Presentation
15 slides from Ast Spacemobile's earnings presentation, Mar 2, 2026
Slide 1: Fourth Quarter 2025 Business Update
FOURTH QUARTER 2025 BUSINESS UPDATE March 2, 2026 NASDAQ: ASTS
Slide 2: Forward Looking Statements
Forward Looking Statements This communication contains “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be id
Slide 3: Building the First and Only Space-Based Cellular Broadband Network
BUILDING THE FIRST AND ONLY SPACE-BASED CELLULAR BROADBAND NETWORK 3
Slide 4: Key Highlights
KEY HIGHLIGHTS Reported revenue of $70.9 million for the full year 2025, driven by mobile network operator partners and the U.S. Government Secured over $1.2 billion in aggregate contracted revenue commitments from partners Successfully completed unfolding of BlueBird 6, the largest commercial commu
Slide 5: Reported Revenue of $70.9 Million for Full Year 2025
REPORTED REVENUE OF $70.9 MILLION FOR THE FULL YEAR 2025, DRIVEN BY MOBILE NETWORK OPERATOR PARTNERS AND THE U.S. GOVERNMENT Product equipment revenue underpinned by delivery of 15 gateways across five continents Service revenue across multiple contracts and use cases under development with the U.S.
Slide 6: Continued Orbital Launch Campaign with BlueBird 7 Encapsulation
CONTINUED ORBITAL LAUNCH CAMPAIGN WITH ENCAPSULATION OF BLUEBIRD 7 AT CAPE CANAVERAL IN FEBRUARY AND EXPECTED LAUNCH DURING MARCH, WITH ADDITIONAL LAUNCHES EXPECTED EVERY ONE TO TWO MONTHS ON AVERAGE TO REACH GOAL OF 45 TO 60 SATELLITES IN ORBIT BY END OF 2026 Successfully completed unfolding of Blu
Slide 7: BlueBird 8 to BlueBird 29 in Various Stages of Production
BLUEBIRD 8 TO BLUEBIRD 29 ARE IN VARIOUS STAGES OF PRODUCTION AND EXPECT TO COMPLETE ASSEMBLY OF 40 SATELLITES EQUIVALENT OF MICRONS BY FIRST HALF OF 2026 7
Slide 8: Largest Commercial Communications Array Ever Deployed in Low Earth Orbit
LARGEST COMMERCIAL COMMUNICATIONS ARRAY EVER DEPLOYED IN LOW EARTH ORBIT 8
Slide 9: Continued Growth of Partner Ecosystem Through Multiple Agreements
CONTINUED TO GROW PARTNER ECOSYSTEM THROUGH MULTIPLE AGREEMENTS AS SPACEMOBILE NETWORK COMMERCIALIZATION EFFORTS ADVANCE AHEAD OF SCALED COMMERCIAL AND GOVERNMENT ACTIVATION Secured over $1.2 billion of aggregate contracted revenue commitments from commercial partners Received $175.0 million commerc
Slide 10: Target Block 2 BlueBird Deployment Plan to Reach 45-60 Satellites
TARGET BLOCK 2 BLUEBIRD DEPLOYMENT PLAN TO REACH 45-60 SATELLITES IN ORBIT DURING 2025 AND 2026 Launch # 1 2 3 4 5 6 7 8 9 10 11 12 13 Microns For Phased Array Completed Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Satellite(s) Ready to Ship Apr 2026 May 2026 May 2026 Jun 2026 Ju
Slide 11: Ability to Deploy More Microns to Orbit, Faster and Cheaper
ABILITY TO DEPLOY MORE MICRONS TO ORBIT, FASTER AND CHEAPER, ON LARGER ARRAYS THAN ANY SATELLITE MANUFACTURER IN HISTORY 200+ microns Used to form a phased array for one Block 2 BlueBird satellite AST’s differentiated satellite technology begins with its microns. On orbit today, growing to 10,000-14
Slide 12: Comprehensive Global Spectrum Strategy
COMPREHENSIVE GLOBAL SPECTRUM STRATEGY WITH SHARED MNO FREQUENCIES AND CONTROLLED MSS FREQUENCIES 1,150 MHz low and mid-band tunable MNO spectrum globally 45 MHz of MSS mid band spectrum access in North America 60 MHz of AST SpaceMobile-licensed S-band spectrum priority rights globally Allocated spe
Slide 13: Operating and Capital Metrics
OPERATING AND CAPITAL METRICS Adj. Operating Expenses1 Capital Expenditures3 Liquidity4 1. Non-GAAP. See appendix for a reconciliation. Adjusted operating expenses is equal to total operating expense adjusted to exclude $M $M $B depreciation and amortization and stock based-compensation expense. Dep
Slide 14: Reconciliation to Non-GAAP Measures
RECONCILIATION TO NON-GAAP MEASURES Adj. operating expenses - 3 months ended ($ in thousands) Dec 31, ‘25 Sep 30, ‘25 Dec 31, ‘24 Cost of revenues (exclusive of items shown below) 29,413 5,511 - Engineering services costs 46,164 40,836 30,945 General and administrative costs 26,231 29,822 15,889 Res
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