Q1 2026 Earnings Presentation

FIRST QUARTER 2026

BUSINESS UPDATE

May 11, 2026

BUILDING THE FIRST AND ONLY

SPACE-BASED CELLULAR BROADBAND NETWORK

3

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

4

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 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

5

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

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

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

7

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

8

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

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

G

10

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 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

11

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)

~6 feet tall

~9 sq. ft.

~100 sq. ft.

~700 sq. ft.

~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

and terrestrial usage

13

TARGET OF APPROXIMATELY 45 SATELLITES IN ORBIT DURING 2026

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.

15

RECONCILIATION TO NON-GAAP MEASURES

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.

16