AST SpaceMobile : Q1 2026 Earnings Presentation

About this update from Ast Spacemobile, Inc.

FIRST QUARTER 2026 BUSINESS UPDATE May 11, 2026 NASDAQ: ASTS BUILDING THE FIRST AND ONLY SPACE-BASED CELLULAR BROADBAND NETWORK 3 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 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 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 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 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 6 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 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 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 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 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) 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 13 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 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. 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. 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. Cash Position as of March 31, 2026 and December 31, 2025 includes $429.3 million and $444.3 million of restricted cash, respectively. 15 RECONCILIATION TO NON-GAAP MEASURES Adj. operating expenses - 3 months ended ($ 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 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. Adjusted cost of revenues is equal to cost of revenues adjusted to exclude stock based-compensation expense. 16 Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

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