• Starlink for smartphone connectivity.
• A global T-Mobile or Verizon, but with satellites instead of ground cell towers.

• SpaceMobile Service: This service provides space-based cellular broadband connectivity for mobile phones, enabling coverage in areas without terrestrial mobile services on land, at sea, or in flight.

AST SpaceMobile (ASTS) primarily sells its space-based cellular broadband network service to other companies, specifically major Mobile Network Operators (MNOs) around the world. These MNOs intend to integrate SpaceMobile's service to extend their own network coverage to their subscribers, particularly in areas without terrestrial mobile services.

Major customer companies and strategic partners include:

• Vodafone Group Plc (VOD)
• AT&T Inc. (T)
• Telefónica S.A. (TEF)
• Orange S.A. (ORAN)
• Rakuten Mobile (part of Rakuten Group, Inc. - RKUNY)

• SpaceX

Abel Avellan - Founder, Chairman & Chief Executive Officer

Abel Avellan founded AST SpaceMobile (originally AST & Science LLC) in 2017 and has served as its Chairman and CEO since April 2021. He is a co-inventor on 21 to 24 U.S. patents. Prior to AST SpaceMobile, he founded Emerging Markets Communications (EMC) in 1999/2000, which he built into a leading satellite services company before selling it to Global Eagle for $550 million in 2016. He then served as President & Chief Strategy Officer at Global Eagle until April 2017. Avellan also served as Chairman of NanoAvionics until its sale by AST SpaceMobile. Born in Venezuela, he trained as an engineer and previously worked for Ericsson. He has not received a salary or bonus from AST SpaceMobile since the April 2021 business combination. Avellan has led significant capital raises for AST SpaceMobile, attracting strategic investors such as AT&T, Google, Vodafone, American Tower, and Rakuten. There is no information indicating a pattern of managing companies backed by private equity firms; EMC was bootstrapped.

Andrew Johnson - Chief Financial Officer & Chief Legal Officer

Andrew Johnson was appointed Chief Financial Officer in June 2024, in addition to his role as Chief Legal Officer. He joined AST SpaceMobile in May 2024. Before joining AST SpaceMobile, Johnson held various senior roles at 3D Systems Corporation, including EVP, Chief Corporate Development Officer, Chief Legal Officer, interim President and CEO, and interim CFO. He is responsible for overseeing all aspects of accounting, reporting, treasury, compliance, risk management, and global legal matters for AST SpaceMobile. Information regarding him founding or selling other companies, or a pattern of managing private equity-backed companies, is not available in the provided sources.

Scott Wisniewski - President & Chief Strategy Officer

Scott Wisniewski assumed the additional role of President in June 2024, alongside his position as Chief Strategy Officer. He joined AST SpaceMobile in March 2021. Wisniewski oversees commercialization efforts, corporate development, financing strategy, capital markets, and investor relations. Since joining the company, he has been instrumental in driving significant corporate agreements and milestones, including raising over $600 million of capital in the form of equity, convertible notes, and non-dilutive prepayments for AST SpaceMobile. Prior to his time at AST SpaceMobile, he spent over a decade as Managing Director of Technology, Media & Telecommunications Investment Banking at Barclays, where he advised clients on capital raising and mergers & acquisitions, including advising AST SpaceMobile on its 2021 business combination and 2019 strategic investment. His early career included roles as a management consultant and a mechanical design engineer.

Shanti Gupta - Chief Operating Officer

Shanti Gupta was promoted to Chief Operating Officer from Chief Accounting Officer in June 2024. In his role, he drives many aspects of the company's operations, including supply chain, vendor relationships and negotiations, cost optimization, risk management, and information technology. His focus as COO is on enhancing operational excellence, driving cost efficiencies, and managing global expansion as AST SpaceMobile transitions to full-scale manufacturing and production.

Dr. Huiwen Yao - Chief Technology Officer

Dr. Huiwen Yao serves as the Chief Technology Officer at AST SpaceMobile. Details of his specific professional background, including previous companies founded, managed, or sold, or involvement with private equity-backed firms, are not available in the provided search results.

Key Risks for AST SpaceMobile (ASTS)

1. High Cash Burn and Profitability Challenges: AST SpaceMobile is currently a pre-commercial infrastructure builder, incurring substantial net losses due to heavy investments in satellite constellation build-out, research and development (R&D), and manufacturing. The company's financial performance reflects significant development investments that have yet to translate into consistent revenue and profitability. While AST SpaceMobile has secured some contracted revenue commitments and has liquidity, there remains a risk that it will require additional capital infusions, which could lead to further dilution for existing shareholders. The ability to transition from a cash-burning development phase to a profitable operational phase, generating positive cash flow, is a critical risk.
2. Execution Risk in Satellite Deployment and Technology Validation: The successful realization of AST SpaceMobile's business model hinges on its ability to successfully manufacture, launch, and reliably operate a large constellation of advanced satellites, known as BlueBird satellites. This includes the challenging transition from low-rate hardware production to an assembly line process capable of producing numerous large satellites at scale. Any bottlenecks in component supply, manufacturing delays, launch failures, or issues with satellites unfolding and operating as intended in orbit could significantly disrupt the company's rollout timeline, increase costs, and negatively impact its business prospects and financial condition.
3. Intense Competition and Market Adoption Uncertainty: The satellite communications industry is highly competitive, with established players and new entrants, such as SpaceX's Starlink, actively pursuing direct-to-cell services. AST SpaceMobile must rapidly scale its operations, secure robust carrier commitments, and validate its unique technology to effectively compete in this evolving market. There is also an inherent risk that the market for direct-to-device satellite cellular broadband may not adopt the service at the scale or speed the company anticipates, or that rapid technological advancements by competitors could lead to obsolescence of AST SpaceMobile's offerings.

• Starlink's Direct to Cell service: Backed by SpaceX's significant launch and constellation capabilities, Starlink has announced plans and partnerships (e.g., with T-Mobile) to offer direct satellite-to-phone connectivity for text, voice, and data, directly competing with AST SpaceMobile's core offering.
• Lynk Global: This company is also actively developing and launching its own satellite-to-phone technology, demonstrating capabilities for text and voice, and aiming for broadband services directly to unmodified mobile phones, positioning itself as a direct competitor in the same market.

AST SpaceMobile (symbol: ASTS) is poised for future revenue growth over the next two to three years, driven primarily by the following factors:

1. Accelerated Deployment and Scaling of the BlueBird Satellite Constellation: A key driver of future revenue for AST SpaceMobile is the rapid deployment and scaling of its BlueBird satellite constellation. The company aims to deploy 45 to 60 satellites into low Earth orbit by the end of 2026, with current expectations closer to 60 satellites ready to ship and 45 satellites in orbit. Manufacturing capacity has reached six satellites worth of micron and phased arrays per month. These Block 2 BlueBird satellites are significantly more advanced, being 3.5 times larger and offering 10 times the capacity of their predecessors, enabling more robust and widespread service. The goal is to achieve continuous service in initial markets and expand to "all targeted" markets with a constellation of approximately 90 satellites by 2027. This expansion is critical for delivering reliable, global space-based cellular broadband.
2. Commercial Service Activation and Expansion with Mobile Network Operator (MNO) Partners: AST SpaceMobile has established a broad commercial ecosystem, securing over $1.2 billion in minimum committed revenue from more than 50 mobile network operator partners globally, covering nearly 3 billion subscribers. The company is transitioning from initial commercial activation to broader commercial service with these partners in key markets such as the United States, Europe, Japan, and Saudi Arabia. The delivery of commercial gateways to MNO partners and the eventual rollout of direct-to-device (D2D) services are expected to translate these commitments into significant recurring service revenue.
3. Growth in Government Contracts and Specialized Services: Revenue growth is also expected from continued and expanding engagement with government entities. The company has already reported revenue driven by U.S. government service milestone achievements and gateway hardware sales. AST SpaceMobile is positioning itself as a key federal government contractor and anticipates ongoing support for U.S. government applications as its constellation matures.
4. Geographic Market Penetration and Subscriber Growth: As the BlueBird constellation expands and commercial agreements with MNOs progress, AST SpaceMobile plans to broaden its service footprint to new geographic markets. The company expects to enable intermittent nationwide service in selected markets by early 2026, progressing to continuous service later in 2026 across the U.S., Europe, and Japan, with further expansion into other strategic markets. This penetration into new regions, coupled with the ability to capture a growing subscriber base for direct-to-cell services, will be a significant long-term revenue driver.

Share Repurchases

• In February 2026, AST SpaceMobile announced proposed cash repurchases of approximately $300 million of its convertible senior notes due 2032, comprising $46.5 million of 4.25% notes and $250.0 million of 2.375% notes.
• In June 2025, the company repurchased $225 million of its 4.25% convertible notes due 2032, effectively removing approximately 8.3 million underlying shares from potential dilution.

Share Issuance

• In February 2026, AST SpaceMobile issued approximately 6.3 million shares of Class A common stock at $96.92 per share to noteholders participating in the repurchase of convertible notes.
• The company's outstanding shares increased by 437% over the past five years, indicating shareholder dilution.
• In 2025, AST SpaceMobile's financing activities were supported by $1.30 billion from common stock issuance. An 'at the market offering' program was also announced in October 2025, allowing for the sale of up to $800 million in Class A common stock over three years, with approximately $277.4 million raised as of October 20, 2025.

Inbound Investments

• In February 2026, AST SpaceMobile raised $1.075 billion in gross proceeds from a new 10-year convertible senior notes offering.
• During 2025, the company raised over $3.5 billion in capital, including approximately $2.2 billion of net proceeds from two convertible notes offerings (October 2025 and February 2026).
• AST SpaceMobile received a $175.0 million prepayment from stc Group in 2025 as part of a 10-year regional agreement.

Capital Expenditures

• For the full year 2025, AST SpaceMobile incurred approximately $1.6 billion in capitalized property and equipment.
• Capital expenditures for Q4 2025 were approximately $407 million, an increase from $259 million in Q3 2025.
• Estimated capital expenditures for Q1 2026 are projected to be between $350 million and $425 million, primarily due to the timing of launch payments for its satellite constellation, with a goal to deploy 45-60 satellites by the end of 2026.