424B3

AST SpaceMobile reported a net loss of $37.9 million for the first quarter of 2022, with cash and equivalents declining to $253.7 million from $321.8 million at year-end 2021, as the company invested heavily in BlueWalker 3 satellite construction ($82.7 million capitalized to date) and BlueBird constellation development ahead of its planned Summer 2022 launch. The company signed a Multi-Launch Agreement with SpaceX in March 2022 for approximately $22.8 million covering BW3 and future BlueBird satellite launches, while generating only $2.4 million in revenue during the quarter, primarily from its 51%-owned Nano subsidiary, as the SpaceMobile Service remains pre-commercial with revenue not expected until after the planned 2023-2024 constellation deployment.