AST SpaceMobile announced a proposed offering of $1.0 billion in convertible senior notes due 2036 and concurrent registered direct offerings of Class A common stock, along with a plan to repurchase up to $300 million of existing convertible notes. The company reported preliminary 2025 financial results showing revenues of $63-71 million, operating expenses of $355-363 million, cash and equivalents of $2.78 billion, and total consolidated indebtedness of $2.26 billion as of December 31, 2025. The company also disclosed that it has sold approximately $706.3 million of its $800 million at-the-market offering program through February 10, 2026.