Annual Report (10-K)

AST SpaceMobile is building a satellite-based cellular broadband network designed to provide 4G/5G coverage directly to standard unmodified smartphones anywhere globally, with definitive commercial agreements signed with AT&T, Verizon, Vodafone, and Saudi Telecom Company representing access to billions of subscribers. The company successfully launched and tested its Block 1 satellites in 2024-2025, achieving milestone demonstrations including VoLTE calls and video streaming with major carriers, and in December 2025 launched its first Block 2 satellite (BB6) featuring the largest commercial phased array ever deployed in low Earth orbit with capacity for 10 times greater bandwidth than Block 1. AST SpaceMobile raised significant capital through multiple convertible debt offerings and equity placements throughout 2025, secured a $550 million non-recourse credit facility from Sound Point, completed acquisition of S-Band spectrum rights globally, and entered into definitive agreements with Ligado Networks for access to 45 MHz of mid-band spectrum in North America, positioning the company to launch 45-60 Block 2 satellites by end of 2026 and achieve continuous service coverage across major markets.