• Starlink for cell phones.
• A global Verizon or AT&T, powered by satellites.
• Iridium or Inmarsat, but for your standard smartphone.

• Direct-to-Cellular Broadband Service: A satellite-based service designed to provide cellular connectivity (voice, text, and data) directly to unmodified 4G and 5G smartphones worldwide, aiming to eliminate dead zones.

AST SpaceMobile (ASTS) sells primarily to other companies, specifically Mobile Network Operators (MNOs). These MNOs partner with AST SpaceMobile to offer space-based cellular broadband connectivity directly to standard, unmodified smartphones for their subscribers, leveraging AST SpaceMobile's network and technology.

Its major customers and strategic partners, who will integrate and offer AST SpaceMobile's service to their end-users, include:

• AT&T (Symbol: T)
• Vodafone Group Plc (Symbol: VOD)
• Rakuten Group, Inc. (Symbol: TYO:4755) - parent company of Rakuten Mobile
• Telefonica S.A. (Symbol: TEF)
• Telecom Argentina S.A. (Symbol: TEO)
• Globe Telecom, Inc. (Symbol: PHS:GLO)

• SpaceX
• Nokia (NOK)
• AT&T (T)
• Vodafone Group Plc (VOD)
• American Tower Corporation (AMT)

Abel Avellan, Chairman & Chief Executive Officer

Mr. Avellan is the founder of AST SpaceMobile. Prior to founding AST SpaceMobile, he founded and served as CEO of Emerging Markets Communications (EMC), a satellite-based communications company. EMC was acquired by Global Eagle Entertainment in 2017 for an enterprise value of approximately $550 million. Mr. Avellan also founded and was CEO of Kubi Wireless, a WiFi internet service provider in Latin America, which was acquired by AIS in 2004.

Scott Wisniewski, Chief Financial Officer

Mr. Wisniewski has served as the Chief Financial Officer of AST SpaceMobile since 2020. Before joining AST SpaceMobile, he was a Managing Director in the Investment Banking Division at Barclays, where he advised clients in the technology, media, and telecommunications sectors on mergers & acquisitions, debt, and equity financings.

Sean Wallace, Chief Operating Officer

Mr. Wallace joined AST SpaceMobile in October 2020. Prior to this, he held leadership roles at a number of companies, including as Executive Vice President of Global Operations at Global Eagle Entertainment. He also spent over 16 years at EMC, where he served as Executive Vice President of Global Operations.

Brian Birney, Chief Commercial Officer

Mr. Birney has served as Chief Commercial Officer of AST SpaceMobile since 2020. Before joining AST SpaceMobile, he spent 14 years at Emerging Markets Communications (EMC), where he held various leadership positions, including Senior Vice President of Sales and Marketing.

Chris Ivory, Chief Strategy Officer

Mr. Ivory has been the Chief Strategy Officer of AST SpaceMobile since February 2021. Prior to joining AST SpaceMobile, he held the position of Senior Vice President of Corporate Development and M&A at Global Eagle Entertainment. He also held several roles at EMC, including Vice President of Corporate Development and M&A.

The key risks to AST SpaceMobile's business (ASTS) are primarily centered around its financial viability, the complex execution of its technology, and competitive market pressures.

1. Financial Health, High Cash Burn, and Dilution: AST SpaceMobile is an early-stage company with significant operating and net losses, as well as negative margins, reflecting the heavy investment required for its satellite constellation build-out. The company reported a net loss attributable to common stockholders of $300.1 million for the year ended December 31, 2024, and has incurred approximately $489.7 million in net losses since its inception through that date. It has not yet generated significant revenue from its SpaceMobile Service. The company is burning cash at a substantial rate to fund its ambitious satellite deployment, necessitating considerable additional capital, which will likely lead to further dilution for existing stockholders. As of September 2025, Capital Expenditure (CapEx) for the trailing twelve months stood at -$779.04 million, with expectations for continued high spending.
2. Execution Risk and Delays in Satellite Deployment: The design, manufacture, and launch of satellite systems are inherently complex and have historically been subject to frequent delays and cost overruns. AST SpaceMobile faces significant challenges in developing and deploying its new and complex technology, including the successful assembly, testing, and launch of its satellites, as well as securing necessary regulatory approvals. Delays in these critical phases, or issues with achieving continuous service, could materially and adversely affect the company's prospects and profitability. The successful transition from contracted revenue to realized cash flow is dependent on the timely deployment and activation of its satellite service.
3. Competition and Market Acceptance: The burgeoning direct-to-device satellite communication market is experiencing intensifying competition. Elon Musk's Starlink has entered the satellite-to-cell space, significantly raising competitive stakes for AST SpaceMobile. While AST SpaceMobile aims to provide broadband connectivity to unmodified mobile phones, other competitors, such as Lynk, also exist in this sector. There is also a risk regarding the market's acceptance and the willingness of consumers to pay for supplemental satellite coverage on top of their existing cellular bills, which could impact revenue projections.

One clear emerging threat to AST SpaceMobile is SpaceX's Starlink Direct to Cell service. Starlink is actively developing and deploying a similar space-based cellular broadband network designed to connect directly to unmodified mobile phones, competing directly with AST SpaceMobile's core value proposition. SpaceX has launched V2 mini satellites with Direct to Cell capabilities, demonstrated initial text messaging, and announced partnerships with major mobile network operators (MNOs) such as T-Mobile in the U.S., Rogers in Canada, and Optus in Australia, with plans for voice and data services. Given SpaceX's significant manufacturing and launch infrastructure, and an existing large satellite constellation, this represents a formidable and direct competitor that could achieve faster rollout and potentially lower costs.

Another emerging threat is Lynk Global. Lynk is also pursuing a "cell towers in space" model, aiming to provide connectivity directly to unmodified mobile phones. Lynk has already launched multiple satellites, successfully demonstrated two-way voice calls, and has initiated commercial services through partnerships with MNOs in various regions. While potentially operating on a different scale than Starlink or AST SpaceMobile, Lynk Global is a validated direct competitor that is ahead in some aspects of initial commercial deployment and market entry.

AST SpaceMobile (symbol: ASTS) focuses on providing a space-based cellular broadband network designed to connect directly with standard, unmodified mobile phones (4G/5G) and supporting IoT devices globally.

The addressable markets for their main products and services are substantial and global in scope:

• The global direct satellite-to-phone cellular market was valued at $2.5 billion in 2024 and is projected to reach $43.3 billion by 2034.
• The direct-to-phone segment of the satellite connectivity market eyed over 2 billion subscribers globally in 2022. This includes 1.9 billion individuals without terrestrial network coverage and 130 million mobile users facing connectivity issues due to poor terrestrial coverage or travel to unserved areas.
• Projections anticipate a global addressable market of 10.6 billion cellular IoT devices by 2032.
• A broader estimate for the total addressable market, encompassing cellular connectivity, the IoT market, and Department of Defense (DoD) alternative use cases (ISR, EO, and communications), is well over $1 trillion globally.
• The serviceable addressable market (SAM) for global satellite broadband across geostationary (GEO), medium Earth orbit (MEO), and low Earth orbit (LEO) satellites is expected to reach 330 million premises, equivalent to 1.3 billion household members, by 2026.
• The direct satellite-to-device market is estimated to be worth $93.1 billion globally between 2021 and 2031.
• Direct-to-phone services are projected to connect nearly 130 million average monthly users globally by 2032.

• Commercialization of Direct-to-Cell Services with Mobile Network Operators (MNOs): A primary driver of revenue growth is the successful deployment and commercialization of AST SpaceMobile's direct-to-cell satellite broadband services through partnerships with various MNOs globally. As the network of satellites becomes operational, AST SpaceMobile expects to generate revenue by enabling MNO partners to offer seamless cellular connectivity to their subscribers in unserved and underserved areas. This includes monetizing services like voice, text, and eventually broadband data directly to unmodified cell phones.
• Expansion of Satellite Constellation and Coverage: The continued launch and successful deployment of AST SpaceMobile's Block 1 satellites are critical for expanding their coverage footprint and increasing network capacity. As more satellites become operational, the company can extend its service offerings to a larger geographical area and accommodate a greater number of users and MNO partners, directly leading to increased revenue generation from a broader customer base and enhanced service capabilities.
• Growth in Subscriber Adoption and Data Usage: As the direct-to-cell service becomes widely available through MNO partners, growth in the number of subscribers utilizing the service and an increase in their data consumption will be a significant revenue driver. AST SpaceMobile's revenue model is often tied to the usage generated by the MNOs' subscribers, so higher adoption rates and increased demand for satellite-powered connectivity will directly translate to revenue growth.
• Introduction of Enhanced Services and Features: Beyond initial voice and text services, the future introduction of higher-bandwidth services and advanced features, such as enhanced broadband data speeds and potential IoT (Internet of Things) applications, could unlock new revenue streams. As the technology matures and the constellation expands, AST SpaceMobile can offer more sophisticated and valuable services, commanding potentially higher tariffs or attracting new customer segments.

Share Issuance

• Generated over $460 million in gross proceeds from its business combination with New Providence Acquisition Corp. in April 2021.
• Closed a registered direct offering of 20,000,000 shares of Class A common stock at $6.00 per share, yielding gross proceeds of $120 million in October 2023.
• Sold $100 million of Class A common stock through an "at-the-market" offering program as of March 2024.

Inbound Investments

• Secured a $155 million strategic investment led by AT&T, Google, and Vodafone, announced in December 2023.
• Received a $20 million investment from Vodafone in October 2023.
• Announced a $100 million strategic investment from AT&T in November 2023, consisting of convertible senior notes.

Capital Expenditures

• Reported capital expenditures of approximately $44.5 million for the nine months ended September 30, 2023, and $55.0 million for the full year 2022.
• Expected capital expenditures for the full year 2023 were projected to be between $110 million and $120 million.
• The primary focus of capital expenditures is on satellite production, launch preparation, and ground infrastructure for its broadband network.