Quarterly Report (10-Q)

AST SpaceMobile raised $460 million in convertible notes in January 2025 and converted $147.96 million in prior convertible notes into 25.8 million shares of common stock, significantly bolstering its cash position to $873.8 million by quarter-end while expanding its satellite constellation with five operational Block 1 satellites that successfully completed testing with major carriers including AT&T, Verizon, and Vodafone. The company incurred a net loss of $63.6 million in Q1 2025 driven by rising engineering and development expenses as it scaled satellite manufacturing and testing operations, and separately secured rights to 40-45 MHz of mid-band spectrum from Ligado Networks subject to bankruptcy court approval, with anticipated annual usage fees and a $550 million contingent payment funded through a separate credit facility.