Ast Spacemobile, Inc.NASDAQ: ASTS

Q1 2026 Earnings Presentation

· Issued by Ast Spacemobile, Inc.

FIRST QUARTER 2026

BUSINESS UPDATE

May 11, 2026

NASDAQ: ASTS

BUILDING THE FIRST AND ONLY

SPACE-BASED CELLULAR BROADBAND NETWORK

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KEY HIGHLIGHTS

Network deployment targeting approximately 45 BlueBird satellites in orbit during 2026, supported by our manufacturing cadence and agreements with multiple launch providers, including Blue Origin, SpaceX, and others

On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million, primarily driven by mobile network partners and the U.S. Government

Continued momentum of network deployment and commercialization efforts across partner ecosystem ahead of scaled commercial service activation, beginning with scaled ground integration efforts in the United States, Canada, United Kingdom, India, Brazil, Spain, Germany, France, Romania, Saudi Arabia, Japan, New Zealand, the Philippines, Cote d'Ivoire, Kenya, Nigeria, and Senegal, targeting a combined population of

2.9 billion people

Company has the key assets - intellectual property, partnerships, balance sheet cash, access to shared MNO and MSS spectrum, over 500,000 square feet of manufacturing and operations space globally - to build and launch over 100 BlueBird satellites to enable global coverage of SpaceMobile Service

New record achieved with 98.9 Mbps peak data speeds from in-orbit Block 1 BlueBird satellite directly to an unmodified smartphone over international waters

Robust balance sheet with approximately $3.5 billion in cash, cash equivalents, and restricted cash as of March 31, 2026

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NETWORK DEPLOYMENT TARGETING APPROXIMATELY 45 BLUEBIRD SATELLITES IN ORBIT DURING 2026, SUPPORTED BY OUR MANUFACTURING CADENCE AND AGREEMENTS WITH MULTIPLE LAUNCH PROVIDERS, INCLUDING BLUE ORIGIN, SPACEX, AND OTHERS

BLUEBIRD 8, BLUEBIRD 9, AND BLUEBIRD 10 ORBITAL LAUNCH EXPECTED IN MID-JUNE







BlueBird 8, BlueBird 9, and BlueBird 10 on track for delivery to Cape Canaveral and an expected orbital launch in mid-June on a Falcon 9 launch vehicle







Vertically integrated production, supported by over 500,000 sq ft of manufacturing and operations space, is reaching scale with BlueBird 11 through BlueBird 33 in advanced stages of production and assembly and phased arrays completed through BlueBird 28



BlueBird 6 continues to operate as expected following successful deployment of the largest-ever phased array in low Earth orbit

ADVANCED STAGES OF PHASED ARRAY ASSEMBLY IN TEXAS

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SCALING GROUND NETWORK INTEGRATION EFFORTS AS PART OF NETWORK DEPLOYMENT



United States Population: 344M



Germany Population: 83M

Japan Population: 121M

Canada Population: 39M



Romania

Population: 19M



India Population: 1,464M

United Kingdom Population: 68M

ONGOING GROUND NETWORK INTEGRATION POPULATION REACH OF

2.G BILLION PEOPLE





Spain Population: 47M

Brazil Population: 219M

Saudi Arabia Population: 38M



France

Population: 65M



New Zealand

Population: 5M



Cote d'Ivoire

Population: 30M



Nigeria

Population: 238M



Senegal

Population: 19M



Kenya

Population: 58M



The Philippines



Population: 122M

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Population data from GSMA (as of Q1 2026)



NEW RECORD HIGH - PEAK DATA SPEEDS OF 98.9 MBPS ON BLOCK 1 SATELLITE

98.9

Mbps



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Speed test conducted in May 2026



CONTINUED MOMENTUM OF NETWORK DEPLOYMENT AND COMMERCIALIZATION EFFORTS ACROSS PARTNER ECOSYSTEM AHEAD OF SCALED COMMERCIAL SERVICE ACTIVATION



Potential coverage



FCC grant of Supplemental Coverage from Space authorizes provision of commercial SpaceMobile Service in the United States for direct-to-device broadband connectivity leveraging a network of up to 248 satellites

Nearly 60 MNO partners with over 3 billion subscribers globally







































Commercial partner ecosystem continues to expand through agreements with Telus in Canada in additional to existing partner Bell Canada and Axian Telecom in Africa, in addition to existing partners Vodacom, Orange and MTN - totaling nearly 60 global mobile network operator partners who cover over 3 billion subscribers



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ON TRACK TO ACHIEVE FULL YEAR 2026 REVENUE GUIDANCE OF $150.0 MILLION TO $200.0 MILLION, PRIMARILY DRIVEN BY MOBILE NETWORK PARTNERS AND THE

U.S. GOVERNMENT





First quarter revenue was $14.7 million, consistent with plans for quarterly revenue ramp during 2026

Approximately half of the full year 2026 revenue

guidance is expected to be achieved from existing

contracted revenue backlog



Won three new awards since March 2026 with the

U.S. Government, through prime contractors, as a result of successful on-orbit milestone activities

BLUEBIRD 6 CONTINUES TO OPERATE AS EXPECTED FOLLOWING SUCCESSFUL DEPLOYMENT OF THE LARGEST-EVER

PHASED ARRAY IN LOW EARTH ORBIT

G



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IN ADVANCED STAGES OF PRODUCTION AND ASSEMBLY THROUGH BLUEBIRD 33, WITH PHASED ARRAYS COMPLETED THROUGH BLUEBIRD 28





COMPANY HAS THE KEY ASSETS - INTELLECTUAL PROPERTY, PARTNERSHIPS, BALANCE SHEET CASH, ACCESS TO SHARED MNO AND MSS SPECTRUM, OVER 500,000 SQUARE FEET OF MANUFACTURING AND OPERATIONS SPACE GLOBALLY - TO BUILD AND LAUNCH OVER 100 BLUEBIRD SATELLITES TO ENABLE GLOBAL COVERAGE OF SPACEMOBILE SERVICE

DEDICATED MICRON PRODUCTION FACILITY NOW FULLY OPERATIONAL



ADDITIONAL SITE EXPANSION AT MIDLAND CAMPUS









Dedicated micron production facility in Texas is now fully operational, with capacity to support over 10 satellites' worth of microns per month

Innovative technology backed by shared MNO spectrum, controlled MSS spectrum, and IP with approximately 3,900 patent and patent pending claims

Robust balance sheet with approximately $3.5 billion in cash, cash equivalents, and restricted cash as of March 31, 2026



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ABILITY TO DEPLOY MORE MICRONS TO ORBIT, FASTER AND CHEAPER, ON LARGER ARRAYS THAN ANY SATELLITE MANUFACTURER IN HISTORY

200+ microns



650+ microns Purpose-built Largest in LEO1

End result

Used to form a phased array for one Block 2 BlueBird satellite

AST's differentiated satellite technology begins with its microns. Microns are the ~9 sq. ft. modular building blocks of the BlueBird satellites, comprised of many antennas roughly the size of small satellites in orbit today



On orbit today, growing to 10,000 microns with the successful deployment of approximately 45 satellites by year-end 2026

BlueBirds are designed for D2D from inception, increasing on-orbit redundancy and resilience while enabling efficient manufacturing scale

~2,400 sq. ft. in size enables digital beamforming across multiple different frequencies

Enabling true space-based cellular broadband,

not just basic texting

1 Largest commercial communications array ever deployed in low Earth orbit (LEO)

Human

~6 feet tall

Micron

~9 sq. ft.

Car

~100 sq. ft.

Block 1 satellite

~700 sq. ft.

Block 2 satellite

~2,400 sq. ft. 12



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 spectrum of 50+ MNO partners 80+ MHz of spectrum in the U.S. for satellite

and terrestrial usage

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TARGET OF APPROXIMATELY 45 SATELLITES IN ORBIT DURING 2026

Launch #

1

2

3

4

5

6

7

8

9

10

11

12

13

Microns For Phased Array Completed

Satellite(s) Ready to Ship

Satellite Completion Date

Sep 2025 (BB6)

Dec 2025 (BB7)

May 2026 (BB8-10)

Jun 2026

Jul 2026

Jul 2026

Aug 2026

Sep 2026

Oct 2026

Nov 2026

Dec 2026

Jan 2027

Feb 2027

Approximately 45 satellites

Note: Plans for expected satellite(s) ready to ship as of May 11, 2026. The timing of shipment of the Block 2 BlueBird satellites are contingent on a number of factors including 14

satisfactory and timely completion of the assembly and testing of the Block 2 BlueBird satellites, regulatory approvals for the shipment, many of which are beyond our control.



$B

Liquidity4

$3.5

$2.8

As of

12/31/2025

As of

03/31/2026



Capital Expenditures3

$M

$406.7

$256.8

Q4 2025

Q1 2026

Property and equipment



Adj. Operating Expenses1

$M

$95.7

$28.9

$91.2

$11.3

$79.82

$66.82

$44.9

$35.7

$7.2

$9.1

$22.0

$27.8

Q4 2025

Q1 2026

Adj. Cost of revenues

Adj. Engineering services costs Research and development costs Adj. General and administrative costs



OPERATING AND CAPITAL METRICS

  1. Non-GAAP. See appendix for a reconciliation. Adjusted operating expenses is equal to total operating expense adjusted to exclude depreciation and amortization and stock based-compensation expense. Depreciation and amortization for the three months ended March 31, 2026 and December 31, 2025 was $17.6 million and $15.7 million, respectively. Stock-based compensation for the three months ended March 31, 2026 and December 31, 2025 consisted of $39.2 million and $10.4 million of engineering services costs, $15.9 million and $4.3 million of general and administrative costs, and $0.3 million and $0.5 million of cost of revenues, respectively.

  2. Non-GAAP. See appendix for a reconciliation. Adjusted operating expenses, excluding Adjusted cost of revenues is equal to total operating expense adjusted to exclude depreciation and amortization expense, stock based-compensation expense, and Adjusted cost of revenues. Adjusted operating expenses in Q1 2026 and Q4 2025 included cost of revenue related to our products and services revenue during the quarter. If you further adjust for these costs, our Adjusted operating expenses, excluding Adjusted cost of revenues were closer to $79.8 million during Q1 2026 and $66.8 million during Q4 2025, respectively.

  3. Gross property and equipment as of March 31, 2026, December 31, 2025, and March 31, 2025 was approximately $1,829.3 million,

    $1,572.5 million, and $584.1 million, respectively. Accumulated depreciation and amortization as of March 31, 2026, December 31, 2025, and March 31, 2025 was approximately $191.0 million,

    $173.7 million, and $133.3 million, respectively.

  4. Cash Position as of March 31, 2026 and December 31, 2025 includes $429.3 million and $444.3 million of restricted cash, respectively.

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RECONCILIATION TO NON-GAAP MEASURES

Adj. operating expenses - 3 months ended

($ in thousands)

Mar 31, '26

Dec 31, '25

Mar 31, '25

Cost of revenues (exclusive of items shown below)

11,649

29,413

-

Engineering services costs

84,097

46,164

27,204

General and administrative costs

43,657

26,231

18,384

Research and development costs

7,129

9,057

7,135

Depreciation and amortization

17,615

15,717

10,958

Total operating expenses

164,147

126,582

63,681

Less: Depreciation and amortization

(17,615)

(15,717)

(10,958)

Less: Stock-based compensation expense 1

(55,353)

(15,152)

(7,826)

Total adj. operating expenses

91,179

95,713

44,897

Less: Adjusted cost of revenues2

(11,383)

(28,954)

-

Total adj. operating expenses, excluding Adjusted cost of revenues

79,796

66,759

44,897

  1. Stock-based compensation for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025 consisted of $39.2 million, $10.4 million, and

    $4.0 million of engineering services costs, $15.9 million, $4.3 million, and $3.8 million of general and administrative costs, and $0.3 million, $0.5 million, and $0.0 million of cost of revenues, respectively.

  2. Adjusted cost of revenues is equal to cost of revenues adjusted to exclude stock based-compensation expense.

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