Annual Report (10-K)

AST SpaceMobile is developing a satellite-based cellular broadband network designed to provide 4G/5G coverage directly to standard unmodified smartphones in underserved areas, with its BlueWalker 3 test satellite achieving successful voice calls and download speeds exceeding 10 Mbps in 2023. The company is assembling five Block 1 commercial satellites for launch between July and August 2024, followed by larger Block 2 satellites starting December 2024, and estimates needing $350-$400 million in additional capital to deploy 20 Block 2 satellites and operate a 25-satellite constellation, while having accumulated losses of $189.7 million through year-end 2023 with no revenue generated to date. AST has secured preliminary agreements with over 45 mobile network operators and strategic partnerships with Vodafone, Rakuten, AT&T, Google, and American Tower, while facing significant execution risks including regulatory approvals, manufacturing delays from supplier issues, and intense competition from established players like SpaceX's Starlink and upcoming services from Amazon and Apple.