Quarterly Report (10-Q)

AST SpaceMobile completed the deployment of five first-generation commercial BlueBird satellites in 2024 and achieved major milestones in 2025 including successful voice and video calls over its network with multiple carriers (AT&T, Verizon, Vodafone, Rakuten Mobile), demonstrating its direct-to-cell satellite technology. The company raised significant capital during the first half of 2025 through convertible notes ($460 million in January and $575 million in July) and at-the-market equity offerings, bringing cash to $923.6 million as of June 30, 2025, while incurring a net loss of $145.1 million on revenues of $1.9 million. Warrant liability remeasurement losses of $68.2 million and substantial capital expenditures of $430.6 million for satellite manufacturing and assembly reflected the company's heavy investment phase as it progresses toward commercial service deployment.