AST SpaceMobile: Strong Progress, But Valuation Still Outruns Fundamentals (NASDAQ:ASTS)

A Hold thesis (biased towards caution) for AST SpaceMobile ( ASTS ) in May 2025 had argued that while the vision was extraordinary, valuations embedded expectations of moderate adoption despite minimal revenues and high dilution risks. Since then, ASTSI am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a former Vic ...