Annual Report (10-K)

AST SpaceMobile completed its business combination with New Providence Acquisition Corp. in April 2021, becoming a publicly traded satellite communications company focused on developing a space-based cellular broadband network accessible via standard unmodified mobile phones. The company reported a net loss of $30.6 million for fiscal year 2021 and had accumulated losses of approximately $70.5 million from inception through year-end, with no revenue generated yet as the SpaceMobile Service remains in development and is not expected to launch commercially until 2023 at the earliest. AST estimates it will need approximately $1.9 billion in total capital to manufacture and launch its planned constellation of 168 satellites and has stated it has sufficient capital for the next 12 months but will need to raise additional funds to complete its business plan.