Quarterly Report (10-Q)

AST SpaceMobile raised $1.6 billion in cash during the first nine months of 2025 through multiple convertible note issuances and equity offerings, while completing repurchases of earlier convertible notes and achieving significant operational milestones including first-ever VoLTE calls with AT&T and video calls with multiple carriers using standard unmodified smartphones. The company's cash position grew from $565 million to $1.2 billion as of September 30, 2025, though operating losses widened to $268 million for common stockholders in the nine-month period, primarily driven by $96 million in engineering services costs and $75 million in general and administrative expenses to support satellite constellation development and testing. Property and equipment increased substantially to $1 billion, reflecting $634 million in satellite materials, components, and advance launch payments for the constellation deployment, while the company also acquired $214 million in intangible assets related to spectrum rights in the United States and Canada.