Annual Report (10-K)

AST SpaceMobile is building a satellite-based cellular broadband network designed to deliver 4G LTE/5G speeds directly to standard smartphones, with five first-generation commercial satellites launched in September 2024 and plans to deploy approximately 60 next-generation Block 2 satellites during 2025-2026 to enable continuous service coverage in key markets. The company has secured definitive commercial agreements with AT&T and Vodafone and approximately 50 preliminary agreements with other mobile network operators, positioning it to generate revenue through wholesale revenue-sharing arrangements once the SpaceMobile Service becomes commercially operational. As of December 31, 2024, AST SpaceMobile had accumulated losses and was investing heavily in satellite manufacturing, assembly, and ground infrastructure, with approximately 578 employees worldwide supporting development of proprietary technology including over 3,500 patent and patent-pending claims.