SECOND QUARTER 2025 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 identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "would," "potential," "projects," "predicts," "continue," or ...

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) AST SpaceMobile's financial statements show **$1.88 billion** in assets, increased liabilities, and a **$99.4 million** net loss [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached **$1.88 billion**, liabilities **$723.6 million**, and equity **$1.16 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $973,224 | $600,246 | | Cash and cash equivalents | $923,647 | $564,988 | | **Property and equipment, net** | $761,606 | $337,669 | | **TOTAL ASSETS** | **$1,881,362** | **$954,561** | | **Total Current Liabilities** | $118,316 | $75,942 | | **Long-term debt, net** | $482,534 | $155,573 | | Warrant liabilities | $109,485 | $41,248 | | **TOTAL LIABILITIES** | **$723,612** | **$285,415** | | **TOTAL STOCKHOLDERS' EQUITY** | **$1,157,750** | **$669,146** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue was **$1.2 million**, operating expenses rose to **$74.0 million**, resulting in a **$99.4 million** net loss Statement of Operations Summary - Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | $1,156 | $900 | | Total operating expenses | $73,953 | $63,893 | | Loss on remeasurement of warrant liabilities | ($65,032) | ($66,140) | | Net loss attributable to common stockholders | ($99,394) | ($72,550) | | Net loss per share (Basic and diluted) | ($0.41) | ($0.51) | Statement of Operations Summary - Six Months Ended June 30 (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | $1,874 | $1,400 | | Total operating expenses | $137,634 | $119,892 | | Loss on remeasurement of warrant liabilities | ($68,238) | ($47,926) | | Net loss attributable to common stockholders | ($145,100) | ($92,280) | | Net loss per share (Basic and diluted) | ($0.62) | ($0.70) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 cash flows show **$72.0 million** used in operations, **$430.6 million** in investing, and **$875.6 million** from financing, increasing cash by **$371.9 million** Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($72,024) | ($64,274) | | Net cash used in investing activities | ($430,622) | ($61,770) | | Net cash provided by financing activities | $875,627 | $325,743 | | **Net increase in cash, cash equivalents and restricted cash** | **$371,866** | **$199,470** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business progress, debt increases, purchase commitments, equity raising, and the Ligado spectrum transaction - The company launched five Block 1 BB satellites in September 2024 and has conducted successful tests, including video calls with partners like Vodafone, AT&T, and Verizon, and for U.S. government applications. Initial noncontinuous service is expected in select markets[19](index=19&type=chunk) - Revenue for Q2 2025 was **$1.2 million**, derived from U.S. government contracts and resale of gateway equipment. The company has not yet generated revenue from its core SpaceMobile Service[29](index=29&type=chunk) - As of June 30, 2025, the company had purchase commitments of approximately **$383.3 million** for satellite components and R&D, plus **$145.0 - $175.0 million** for future launches[73](index=73&type=chunk) - The company entered into a strategic agreement with Ligado for long-term access to mid-band spectrum in the U.S. and Canada. This involves a **$550.0 million** contingent payment, annual usage payments, and the issuance of **4.7 million penny warrants**[131](index=131&type=chunk)[132](index=132&type=chunk) - Subsequent to the quarter end, the company entered a joint venture with Vodafone for European service distribution and agreed to acquire S-Band spectrum priority rights for **$64.5 million**[137](index=137&type=chunk)[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses operational progress, financial results, and liquidity, highlighting satellite development, increased net loss, and funding for future launches [Overview](index=47&type=section&id=Overview) The company is building a space-based Cellular Broadband network, successfully tested, and now focuses on launching over **60** Block 2 BB satellites for continuous service - The company plans to launch **over 60 Block 2 BB satellites** during 2025 and 2026, with a cadence of **one launch every one to two months** on average[162](index=162&type=chunk)[163](index=163&type=chunk) - Management believes a total of **25 satellites (5 Block 1, 20 Block 2)** will enable noncontinuous service in key markets, while **45-60 satellites** will provide continuous coverage in markets like the US, Europe, and Japan[167](index=167&type=chunk) - The company has secured agreements for **substantially all materials needed to complete 40 Block 2 satellites** and **key components for 53 satellites**[165](index=165&type=chunk) [Results of Operations](index=58&type=section&id=Results%20of%20Operations) Q2 2025 revenues increased to **$1.2 million**, operating expenses rose **16%** to **$74.0 million**, widening the net loss to **$99.4 million** Comparison of Results - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $1,156 | $900 | $256 | 28% | | Engineering services costs | $28,598 | $21,202 | $7,396 | 35% | | General and administrative costs | $27,242 | $17,839 | $9,403 | 53% | | Research and development costs | $6,393 | $4,460 | $1,933 | 43% | | Depreciation and amortization | $11,720 | $20,392 | ($8,672) | (43)% | | **Net loss attributable to common stockholders** | **($99,394)** | **($72,550)** | **($26,844)** | **37%** | [Liquidity and Capital Resources](index=63&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had **$939.4 million** in cash, sufficient to fund operations and launch **20** Block 2 satellites, supported by significant capital raises - The company believes it is **fully funded** for operating expenses and capital expenditures to design, manufacture, and launch **20 Block 2 BB satellites**[230](index=230&type=chunk) - In July 2025, the company issued **$575.0 million** of **2.375% Convertible Notes due 2032** and repurchased **$360.0 million** of its **4.25% Convertible Notes**[178](index=178&type=chunk)[180](index=180&type=chunk)[262](index=262&type=chunk) - The company terminated its **2024 and 2025 ATM Equity Programs** after raising gross proceeds of approximately **$400 million** and **$500 million**, respectively[92](index=92&type=chunk)[95](index=95&type=chunk)[251](index=251&type=chunk) - A **non-recourse $550.0 million Sound Point Credit Facility** has been arranged to fund the Ligado spectrum transaction, contingent on regulatory and other approvals[238](index=238&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposure is largely unchanged, with new fixed-rate debt instruments introducing additional interest rate risk - The company's market risk is largely unchanged, with the main addition being interest rate risk exposure from new fixed-rate debt instruments: the **$460.0 million** 2032 **4.25% Convertible Notes** and the **$25.0 million** Trinity Capital Equipment Loan[280](index=280&type=chunk)[281](index=281&type=chunk) [Controls and Procedures](index=78&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2025, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were **effective as of June 30, 2025**[282](index=282&type=chunk) - **No material changes** to internal control over financial reporting occurred during the quarter ended June 30, 2025[283](index=283&type=chunk) Part II. Other Information [Legal Proceedings](index=79&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings, with two class action complaints related to the de-SPAC merger dismissed in April 2025 - Putative class action complaints in Delaware Court of Chancery related to the de-SPAC merger were **voluntarily dismissed** by plaintiffs and the case was **dismissed by the court in April 2025**[287](index=287&type=chunk) [Risk Factors](index=79&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2024 Form 10-K and Q1 2025 Form 10-Q - **No material changes from the risk factors previously disclosed** in the 2024 Form 10-K and Q1 2025 Form 10-Q[288](index=288&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) None [Other Information](index=79&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the quarter - **No directors or officers adopted or terminated a Rule 10b5-1 trading plan** during the quarter[292](index=292&type=chunk) [Exhibits](index=80&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report, including governance documents and material contracts

Core Viewpoint - AST SpaceMobile (ASTS) is set to report its second-quarter 2025 earnings on August 11, 2025, with revenue expectations of $5.15 million and a loss of 19 cents per share, indicating a challenging financial outlook for the company [1][7]. Earnings Performance - The company has experienced a negative earnings surprise of 2.59% on average over the past four quarters, with a significant negative surprise of 17.65% in the last reported quarter [2][3]. Earnings Whispers - ASTS currently has an Earnings Surprise Prediction (ESP) of +26.32% but holds a Zacks Rank of 4 (Sell), indicating low chances of an earnings beat this time [4]. Strategic Collaborations - ASTS has formed a strategic partnership with Vodafone Idea (Vi) to provide satellite-based mobile connectivity in India, which could enhance its service offerings in various sectors [5][8]. Financial Management - The company has retired $225 million of its 2032 convertible notes, reducing its debt burden and freeing up cash for research and development [9]. Competitive Landscape - ASTS operates in a highly competitive mobile satellite services market, facing challenges from major players like SpaceX's Starlink and Globalstar, necessitating continuous innovation to maintain its competitive edge [10]. Market Performance - Over the past year, ASTS shares have increased by 136.3%, outperforming the industry average growth of 31.5% and competitors like Viasat and Iridium [11]. Valuation Metrics - ASTS shares are currently trading at a price/sales ratio of 62.01, significantly higher than the industry average of 3.58, indicating a premium valuation [12]. Future Plans - The company plans to deploy around 60 satellites in the next two years, but it is still in the pre-commercial phase without a consistent revenue source [15]. Macroeconomic Challenges - ASTS faces unfavorable macroeconomic conditions, including rising inflation and higher interest rates, which negatively impact its operations and growth prospects [16]. Industry Competition - Competitors like Viasat and Iridium are ramping up investments in direct-to-device satellite services, posing challenges to ASTS's growth initiatives [17]. Long-term Prospects - While ASTS has a comprehensive patent portfolio and collaborations with major telecom operators, geopolitical volatility and tariff uncertainties may hinder its growth in the near term [18]. Investment Sentiment - The company's premium valuation and downward estimate revisions reflect bearish sentiment regarding its growth potential, suggesting that investors may want to avoid investing in ASTS at this time [19].

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for AST SpaceMobile, Inc. despite higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The consensus estimate predicts a quarterly loss of $0.19 per share, reflecting a year-over-year change of -35.7% [3]. - Expected revenues are projected at $5.15 million, which is an increase of 472.2% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +26.32% for AST SpaceMobile, suggesting recent bullish sentiment among analysts [12]. - However, the company holds a Zacks Rank of 5, complicating the prediction of an earnings beat [12]. Historical Performance - In the last reported quarter, AST SpaceMobile was expected to post a loss of $0.17 per share but actually reported a loss of -$0.20, resulting in a surprise of -17.65% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates twice [14]. Conclusion - AST SpaceMobile does not appear to be a strong candidate for an earnings beat, and investors should consider additional factors when evaluating the stock ahead of its earnings release [17].

Group 1 - AST SpaceMobile, Inc. (NASDAQ: ASTS) is planning to launch in the second half of fiscal year 2025 while executing government contracts and building its satellite constellation [1] - The upcoming Q2 '25 earnings report is scheduled for August 11, 2025 [1] - Michael Del Monte, an equity analyst with over 5 years of experience, emphasizes that investment recommendations should consider the entire investment ecosystem rather than evaluating a company in isolation [1]

[Form 8-K Current Report](index=1&type=section&id=Form%208-K) [Results of Operation and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operation%20and%20Financial%20Condition) AST SpaceMobile provided supplementary disclosures on July 24, 2025, including preliminary financial information and an ATM program update, related to proposed convertible notes and common stock offerings - The company announced a proposed offering of convertible senior notes due 2032 (the "New Notes Offering") and a registered direct offering of its Class A common stock[6](index=6&type=chunk) - The disclosures in this section are intended to supplement and update information from prior SEC filings[6](index=6&type=chunk) [Liquidity Update](index=2&type=section&id=Liquidity%20Update) As of June 30, 2025, the company reported preliminary cash of **$939.4 million** and total consolidated debt of **$278.6 million**, subject to finalization Preliminary Financial Position as of June 30, 2025 | Metric | Amount (Approx. in USD) | | :--- | :--- | | Total Cash, Cash Equivalents, and Restricted Cash | $939.4 million | | Total Consolidated Indebtedness | $278.6 million | | - Existing Convertible Notes (Principal) | $235.0 million | | - Senior Secured Indebtedness | $43.6 million | - The provided financial information is a preliminary estimate and has not been audited, reviewed, or compiled by independent auditors; the final figures may change[7](index=7&type=chunk) [ATM Program Update](index=2&type=section&id=ATM%20Update) The company terminated its 2025 ATM program on July 23, 2025, having sold approximately **13.6 million shares** for **$488.7 million** in net proceeds - The 2025 ATM Program was terminated on July 23, 2025, after having utilized virtually its entire **$500.0 million** capacity[8](index=8&type=chunk) 2025 ATM Program Results (as of July 16, 2025) | Metric | Value | | :--- | :--- | | Shares Sold | ~13.6 million | | Aggregate Net Proceeds | $488.7 million | [Other Events](index=3&type=section&id=Item%208.01%20Other%20Events) On July 24, 2025, the company announced a proposed **$500.0 million** private offering of convertible notes and a registered direct stock offering to fund a **$135.0 million** note repurchase - Announced a proposed private offering of **$500.0 million** of Convertible Senior Notes due 2032 to qualified institutional buyers[10](index=10&type=chunk)[12](index=12&type=chunk) - Announced a proposed registered direct offering of Class A common stock to fund a concurrent repurchase of up to **$135.0 million** of its Existing Convertible Notes[10](index=10&type=chunk)[12](index=12&type=chunk) [Financial Statements and Exhibits](index=3&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits filed with the Form 8-K, including press releases on proposed financing activities and the interactive data file Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press release on the proposed private offering of $500.0 million of Convertible Senior Notes due 2032 | | 99.2 | Press release on the proposed repurchase of up to $135.0 million of convertible notes funded by a concurrent registered direct offering of Class A common stock | | 104 | Cover Page Interactive Data File |

AST SpaceMobile Stock Forecast Today12-Month Stock Price Forecast:$45.34-21.37% Downside Moderate BuyBased on 8 Analyst RatingsCurrent Price$57.67High Forecast$63.00Average Forecast$45.34Low Forecast$30.00AST SpaceMobile Stock Forecast DetailsShares of AST SpaceMobile NASDAQ: ASTS ignited a powerful rally, surging to new highs after the company announced a definitive agreement with a U.S. government prime contractor on July 18. The event triggered a dramatic re-evaluation of the company's prospects, with th ...

AST SpaceMobile (ASTS -0.12%) stock is losing ground in Tuesday's trading, although it has also seen a big recovery from its low in the session. The company's share price was down 1.9% as of 2 p.m. ET but had been down as much as 9.6% earlier in the day.The broader market saw strong bearish momentum early in today's session, with sell-offs concentrated in the tech sector, but the pullback has moderated as the day has progressed. In addition to valuation pressures impacting growth-dependent tech stocks, AST ...

Company Overview - AST SpaceMobile is developing a satellite network to provide broadband connections for regular cellphones globally, with a focus on the United States, Europe, and Japan [2][4] - The company is partnering with major telecom companies like AT&T and Verizon to offer its services, which will include monthly subscriptions and temporary options for users [4] Financial Aspects - AST SpaceMobile has secured a $100 million loan backed by its satellite projects, indicating improved financial prospects as the service nears launch [5] - The stock price has increased over 500% in the past three years and more than 250% in the last year, reflecting investor enthusiasm [7] - The price-to-sales ratio is currently over 1,000, suggesting that Wall Street anticipates significant future revenue despite the company's early-stage development [9] Investment Considerations - The company's current financial metrics, such as the price-to-earnings ratio, are not meaningful due to ongoing losses and expected long-term capital expenditures [8] - Investors are faced with uncertainty regarding the company's future potential, making it a challenging investment decision [10] - Conservative investors may find the current valuation excessive, while value investors are advised to be cautious given the company's untested status [11]

Core Insights - AST SpaceMobile and Viasat are leading providers in satellite broadband access, with AST SpaceMobile focusing on a global cellular broadband network in space, while Viasat operates GEO satellites for high-speed internet access [2][3] AST SpaceMobile - AST SpaceMobile has launched its first five commercial satellites, known as Bluebird, which feature the largest commercial communications arrays at 693 square feet, providing non-continuous service across the U.S. [5] - The company has a patent portfolio of over 3,650 patents related to direct-to-cell satellite technology, enhancing its competitive position [5][6] - Partnerships with major carriers like AT&T and Verizon have been established to expand cellular coverage and eliminate dead zones in the U.S. [6] - Despite advancements, AST SpaceMobile faces challenges from macroeconomic conditions and competition from companies like SpaceX's Starlink and Globalstar, which may pressure its financial performance [7] Viasat - Viasat is investing in the ViaSat-3 broadband communications platform, which will have nearly 10 times the bandwidth capacity of its predecessor, ViaSat-2, and aims to cover one-third of the world [8][9] - The company has shown strong growth in key metrics such as ARPU and revenues, driven by a solid retail distribution network and increasing adoption of in-flight Wi-Fi services [10] - Viasat's competitive advantages include bandwidth economics, global coverage, and flexibility, positioning it well in the market [10] - However, Viasat also faces challenges from competition, price reductions, and operational risks associated with complex technology [11] Financial Performance - AST SpaceMobile has seen a significant stock price increase of 325.1% over the past year, while Viasat's stock has declined by 4.2% [8][15] - The Zacks Consensus Estimate for AST SpaceMobile's 2025 sales indicates a year-over-year growth of 1314.6%, while Viasat's sales growth is projected at 2.7% [12][14] - Viasat's shares trade at a price/sales ratio of 0.43, significantly lower than AST SpaceMobile's 76.3, indicating a more attractive valuation for Viasat [15] Market Position - AST SpaceMobile is ranked 4 (Sell) by Zacks, while Viasat is ranked 5 (Strong Sell), reflecting differing market perceptions [19] - Despite AST SpaceMobile's higher growth expectations, Viasat has demonstrated steady revenue growth over the years, indicating a more stable business model [20]