ASTS AST SpaceMobile, Inc.

Operator (Operator): Good day, and thank you for standing by. Welcome to AST SpaceMobile's Fourth Quarter 2025 Business Update. Please be advised that today's call is being recorded. I will now turn the conference over to Max Colbert, Investor Relations Manager of AST SpaceMobile. Thank you. You may begin. Maxwell Colbert (Investor Relations Manager): Thank you, and good afternoon, everyone. Today, I'm also joined by Chairman and CEO, Abel Avellan; President, Scott Wisniewski; and CFO and Chief Legal Officer, Andy Johnson. Let me refer you to Slide 2 of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year ended December 31, 2025, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time. Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. For those of you who may be new to our company and mission, there are nearly 6 billion mobile phone users today around the world, but many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected to the global economy. The markets we are pursuing at AST SpaceMobile are massive, and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices, supported by our extensive IP and patent portfolio. It is now my pleasure to pass this over to Chairman and CEO, Abel Avellan, who will go through our activities since our last public update. Abel Avellan (Chairman and CEO): Thank you, Scott. For the first time in 2025, AST SpaceMobile became a revenue-generating business as we significantly advanced all key aspects of our operations, including commercial, government, manufacturing, spectrum rights, IP portfolio, and capital position. The combination of these efforts resulted in the successful launch and unfolding of our next-generation BlueBird satellite, BlueBird 6, the largest ever commercial communication array deploying load at orbit to enable the first and only global space cellular broadband network for government and commercial customers. On the financial front, during 2025, we raised over $3.5 billion in capital and reported revenue of over $70 million for the full year and signed over $1 billion of minimum committed revenue. Operationally, we plan to ramp our satellite manufacturing efforts and launch cadence this year, while we're rapidly accelerating our government and commercial businesses. We entered 2026 with a strong momentum and clear vision as we lead the space-based cellular broadband industry, a market that we invented. 2026 will be the year we scale our space-based direct-to-device constellation from initial commercial activation to start of commercial service with mobile network operator partners in key markets like the United States, Europe, Japan, Saudi Arabia, and other key strategic markets like the U.S. government. In just over one year since the orbital launch of our first five Block 1 BlueBird satellites, we developed our Block 2 BlueBird program, which is roughly 3.5 times larger and 10 times the capacity of BlueBird 1 to 5, breaking our previous record on both size and capabilities and then scaling, testing, launching, and successfully unfolding BlueBird 6, our next-generation satellite of approximately 2,400 square feet. BlueBird 7, identical to BlueBird 6, is encapsulated and ready to launch within the next New Glenn launch vehicle at Cape Canaveral and is awaiting orbital launch, which is expected in March. Our upcoming launch advances our deployment goals of New Glenn will feature a 7-meter fairing, enabling twice the payload volume of the 5-meter class commercial launch vehicles to support up to eight of our largest ever Block 2 BlueBird satellites. We expect to fully utilize New Glenn fairing capacity as we progress through our orbital launch plans. We are especially excited to share this milestone with many of you who we hope will join us in Florida during our next launch. Looking ahead, we're expecting 2026 to be a very active year, particularly as we progress into the second half. We remain on track to achieve our target of deploying 45 to 60 satellites into loaded orbit by the end of this year, with current expectations closer to 60 satellites ready to ship and 45 ... [transcript truncated at 5,000 chars — full text available via API]

Scott Wisniewski (President): Good day, and thank you for standing by. Welcome to the AST SpaceMobile third quarter 2025 business update call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Scott Wisniewski, president of AST SpaceMobile. Please go ahead. Thank you, and good afternoon, everyone. Today, I'm also joined by Abel Avellan, CEO, and Andy Johnson, CFO and Chief Legal Officer. Let me refer you to Slide two of the presentation, which contains our Safe Harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year that ended 12/31/2024, Form 10-Q filed with the SEC on 05/12/2025, Form 10-Q filed with the SEC on 08/11/2025, the Form 10-Q filed with the SEC today, as well as other documents filed by AST SpaceMobile from time to time. Also, after our initial remarks, we'll be starting our Q&A section with questions submitted by our shareholders. For those of you who may be new to our company and mission, there are nearly 6 billion mobile phones in use today around the world. But many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected from the global economy. The markets we are pursuing here are massive, the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices and supported by our extensive IP and patent portfolio. It is now my pleasure to pass the conversation over to Chairman and CEO, Abel Avellan, who will go through our activities since our last public update. Thank you, Scott. Abel Avellan (CEO): AST SpaceMobile delivered standout progress in the third quarter and we continued seizing the advantages of our leadership position in the space-based direct-to-device industry. We're executing against all of our key initiatives in this rapidly developing market, especially on deepening our commercial ecosystem with customers and partners over the past few months. We continue to build commercial momentum, most recently highlighted by our definitive agreements with Verizon and Saudi Telecom Group. Scott will discuss our business progress in more detail, but I want to highlight the traction we are achieving with our commercial initiatives. We signed a definitive commercial agreement with Verizon in the United States and STC in Saudi Arabia and other key markets across the Middle East and North Africa. These definitive commercial agreements demonstrate the meaningful progress in our commercial ecosystem, which includes agreements with over 50 MNO partners with nearly 3 billion subscribers globally. These agreements are the product of our trusted long-standing relationship with both partners and their confidence in our ability to deliver space-based cellular broadband connectivity to their subscribers. Our definitive commercial agreement with Verizon is an extension of our transformational partnership which has been cultivated over several years, including the $100 million commitment in May. The agreement also provides us with a formal commercial pathway to provide direct-to-device cellular broadband services to their customers starting in 2026. Our opportunity to bridge the digital divide and target 100% coverage of the Continental United States has never been stronger. Together with partner AT&T, in premium 850 megahertz low band spectrum. Our definitive agreement with STC provides us with a long-term partner in a key region with a large geographical area, significant population growth, and a strong need for broadband connectivity. More broadly, our ten-year long-term agreement is a promising look into how AST SpaceMobile can collaboratively shape the future of direct-to-device mobile connectivity and we continue to grow our mobile network operator partner ecosystem. Our direct-to-device satellite technology enables native cellular broadband capabilities directly to modified mobile devices including voice, text, data, video, and full internet access to native cellular apps. As an example of our native cellular capability, we recently completed a Blue Bird satellite-enabled technology milestone with Verizon, completing direct voice and video calls as well as two-way RCS messaging between standard and modified smartphones. This follows additional milestones with Bell Canada in anticipation of a broader commercial rollout. Specific ... [transcript truncated at 5,000 chars — full text available via API]

Operator (Operator): Good day, and thank you for standing by. Welcome to the AST SpaceMobile Second Quarter 2025 Business Update Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Scott Wisniewski, President of AST SpaceMobile. Please go ahead. Scott Wisniewski (President): Thank you, and good afternoon, everyone. Today, I'm also joined by Chairman and CEO, Abel Avellan, and our Chief Financial Officer, Andy Johnson. Let me refer you to Slide 2 of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's annual report on Form 10-K for the year that ended December 31, 2024, Form 10-Q filed with the SEC on May 12, 2025, and Form 10-Q filed with the SEC on August 11, 2025, all with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time. Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. For those of you who may be new to our company and mission, there are over 5 billion mobile phones in use today around the world, but many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected to the global economy. The markets we are pursuing are massive and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices and supported by our extensive IP and patent portfolio. It is my pleasure to now pass over to Chairman and CEO, Abel Avellan, who will go through our activities since our last public update. Abel Avellan (Chairman and CEO): Thank you, Scott. The second quarter was one of our most productive quarters ever for AST SpaceMobile. We note our progress to date across many important areas, including manufacturing, regulatory, commercial and government efforts, capital raising, and readiness for intermittent nationwide service in the United States by the end of this year. Just three months ago, I highlighted that the company had reached an inflection point as we progress towards scale commercialization of our network. Since our first quarter conference call, we have made significant advances in our commercialization initiative, while continuing to secure highly valuable spectrum creating a further barrier for entry when combined with our portfolio of over 3,700 patents and patent pending claims. This progress comes as we continue to improve our manufacturing program, including the shipping of the largest satellites ever created for low Earth orbits. I am increasingly confident in our direction, strategy, and position in the growing direct-to-device cellular broadband market that we created. I want to cover several updates, including highlights of the past few months before Scott and Andy discuss the details. As of today, we have completed the assembly of microns and phase arrays for eight Block 2 BlueBird satellites in addition to six we currently have in operations and expected to complete assembly of approximately 40 satellites equivalents of microns and phased array by early 2026. Our differentiated approach to satellite manufacturing with 95% vertical integration remains on track to reach a manufacturing cadence of six satellites per month during 2025. And now globally, we will soon have a manufacturing footprint with over 400,000 square feet of manufacturing space supported by a great team of over 1,200 global workforce. We currently anticipate at least five orbital launches by the end of Q1 2026, with orbital launches occurring every one to two months on average to reach our goal of 45 to 60 satellite launches during 2025 and 2026, which will drive continuous coverage in key markets such as the United States, Europe, Japan, and other strategic markets like the U.S. Government. Regarding our orbital launch campaign, FM1, our first next generation Block 2 BlueBird satellite will be ready to ship in August. We're working with our launch provider on determining the earliest possible launch date. A detailed cadence of our 2025 and 2026 deployment plan is now shown in the accompanying quarterly presentation found on our IR website. Our Block 2 BlueBirds are approximately 3.5 times larger with 10 times the capacity as compared to our Block 1 BlueBirds. We previously held the record for the largest ever com ... [transcript truncated at 5,000 chars — full text available via API]

Operator (Operator): Good day, and thank you for standing by. Welcome to the AST SpaceMobile First Quarter 2025 Business Update Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Scott Wisniewski, President of AST SpaceMobile. Please go ahead. Scott Wisniewski (President): Thank you, and good afternoon, everyone. Today, I'm also joined by Chairman and CEO, Abel Avellan; and CFO and Chief Legal Officer, Andy Johnson. Let me refer you to Slide 2 of the presentation, which contains our Safe-Harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's Annual Report on Form 10-K for the year that ended, December 31, 2024, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time-to-time. Also, after our initial remarks, we will be starting our Q&A section with questions submitted by our shareholders. For those of you who may be new to our company and mission, there are over 5 billion mobile phones in use today around the world, but many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband and who remain unconnected to the global economy. The markets we are pursuing are massive, and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with everyday unmodified mobile devices and supported by our extensive IP and patent portfolio. It's now my pleasure to pass over to Chairman and CEO, Abel Avellan, who will give us an update on our activity since our last public call two months ago. Abel Avellan (Chairman and CEO): Thank you, Scott. The first quarter was a strong start for us and we're currently in an incredible inflection point for the company. I will start to accelerate the launch and scaling of our network, and revenue is starting to come in. We continue executing on satellite manufacturing, commercialization, regulatory initiatives and today we are on building our orbital launch plan with five scheduled launches over the next six to nine months. I will touch on each of those key pieces in more detail. Let me start by discussing our orbital launches schedule. We expect to deploy over 60 satellites during '25 and '26, which will drive continuous coverage in key markets such as the United States, Europe, Japan, the U.S. government and other strategic markets. We anticipate five orbital launches occurring over the next six to nine months, with orbital launches occurring every one to two months on average during '25 and '26. Our campaign will begin with the achievement of our first Block 2 BlueBird satellite in Q2. We have launches scheduled during July. Simply put, speed to orbit means speed to commercial services. Building our constellation is critical to delivering on the global opportunity of providing space-based cellular connectivity to the unmodified phone in your pocket today. Satellite manufacturing remains on-track, accelerating our target of building 40 Block 2 BlueBird satellites, each the largest ever commercial communication satellites in orbit alongside contracted orbit launches for every 60 satellites as of today. We have accelerated our manufacturing efforts in order to move at the rapid speed to reach our goals. Scaling our satellite manufacturing will enable us to match or exceed the launch cadence necessary to build out our space-based cellular network for continued cellular broadband coverage, beginning with the key markets mentioned earlier. In doing so, we're also on-track to reach a manufacturing cadence of six satellites per month during the fourth quarter of this year. We also expect to reach an equivalent manufacturing cadence for our microns and phased array production during the third quarter of this year. We expect to achieve this cadence through our expanded global footprint, streamlined process, and 95% vertical integration strategy. Our content manufacturing house or through third-party using our own intellectual property helps drive speed, certainty, lower cost, flexibility, and reliability. Specifically, the production of our microns, our main building block for our satellites, are fully vertically integrated within our manufacturing ecosystem. This is an extremely important process. We have helped right-size our lines of production, enabling us to operate with complete control over the entire micron production process. Now that our satellite manu ... [transcript truncated at 5,000 chars — full text available via API]

Operator (Operator): Good afternoon, everyone. Today, I am also joined by our Chairman and CEO, Abel Avellan, and our Chief Financial Officer, Andy Johnson. Let me refer you to slide two of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the risk factors section of AST SpaceMobile, Inc.'s annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission, and other documents filed by AST SpaceMobile, Inc. with the SEC from time to time. Also, after our initial remarks, we will be starting our Q&A section with questions submitted by our shareholders. For those of you who may be new to our company mission, there are over five billion mobile phones in use today around the world. But many of us still experience gaps in coverage as we live, work, and travel. Additionally, there are billions of people without cellular broadband who remain unconnected to the global economy. The markets we are pursuing are massive, and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile, Inc. is building the first and only global cellular broadband network in space. Operate directly with everyday unmodified mobile devices and supported by our extensive IP and patent portfolio. We have made significant progress over the past year, and I am excited to pass the call to our Chairman and CEO, Abel Avellan, who will discuss our achievements and our vision going into 2025. Abel Avellan (CEO): Thank you, Scott. The past year and a half have been transformational for AST SpaceMobile, Inc. We continue to accelerate manufacturing, expand our partner ecosystem, and demonstrate unique and differentiated space-based durable product availability. 2024 was the year we validated AST SpaceMobile, Inc.'s position as a technology leader and inventor in this new industry. In 2025, we will leverage this position alongside our expansive IP portfolio of more than 3,500 patents and patent-pending claims to further enable twist-pay connectivity to the device in your pocket today. Simply put, we enter 2025 with Italian partners, technology, intellectual property, access to space, and spectrum, and we are moving at an accelerated pace in this fast-developing market. Key pieces of our business are now in place. Our technology has the capacity to deliver voice, data, video calls, and other native server capabilities, making us a truly differentiated offering for us and our network partners. We are now moving forward to integrate with our partner networks, which will enable initial service with our mobile network partners, AT&T and Verizon in the United States, Vodafone in the United Kingdom and Turkey, and Rakuten in Japan. Our mobile network operator partners include some of the largest telco providers in the world, and the number of partnerships continues to grow. We now have agreements with approximately 50 mobile network operators globally, which have nearly three billion existing subscribers around the world. This year is about building our constellation to reach commercial service. As a reminder, our technology has been designed from the beginning to support broadband, not just text messaging or emergency SOS. As noted recently by our partners AT&T, Verizon, and Vodafone, who each completed video calls over our in-orbit network, we have the capability for voice and data services at broadband speed to unmodified smartphones. Since our last business update call, we have achieved several major milestones. First, we solidified our balance sheet with significant financing with an attractive structure. And with that, we are accelerating our manufacturing, which I will speak to shortly. Second, we signed an agreement that, once completed, will provide us with the largest block of high-value lower mid-band spectrum, all made available and operated by our partners. Third, we are scaling the satellite manufacturing effort with the planning and production of 40 Block 2 Bluebird satellites underway, alongside additional components and materials needed for outfitting. Fourth, we continue to expand our commercial ecosystem, both with MNOs developing agreements and with government contracts. In fact, just this past week, we announced a new $43 million contract in support of the United States Space Development Agency, or SDA. Our recent contract is just the beginning of what we expect to achieve with the government. And last, we continue to solidify the regulatory framework for our service with the FCC. Let me briefly elaborate on each of these achievements. We completed a $460 million co ... [transcript truncated at 5,000 chars — full text available via API]