AST SpaceMobile (ASTS) investor relations material

Executive summary

• Signed partnerships with over 60 mobile network operators (MNOs) globally, covering 3 billion subscribers and expanding the commercial partner ecosystem.

• Revenue backlog reached $1.3 billion from commercial and U.S. government contracts, with a minority from government but expected to scale rapidly.

• Achieved over $30 million in Q2 2026 revenue, more than doubling Q1, driven by gateway deliveries and U.S. government contracts.

• Expanded satellite constellation to 13 in orbit, with manufacturing and deployment progressing toward 45 by early 2027 and scaling to over 90–100 for global coverage.

• Preparing for beta launch of space-based cellular broadband in 2026, with commercial service targeted for 2027 and mission-critical applications in development.

Financial highlights

• Q2 2026 revenue was $31.5 million, up sequentially and year-over-year, primarily from product sales and government services.

• Adjusted operating expenses for Q2 2026 were $119.1 million; excluding adjusted cost of revenues, $95.9 million.

• Q2 capital expenditures reached $610 million, primarily for launch contracts and satellite production.

• Net loss attributable to common stockholders for Q2 2026 was $230.9 million, or $(0.77) per share.

• Cash, cash equivalents, and restricted cash totaled $2.7 billion as of June 30, 2026, and exceeded $3.7 billion pro forma for July 2026 convertible notes.

Outlook and guidance

• On track for full-year 2026 revenue guidance of $150–$200 million, with sequential revenue growth expected each quarter and revenue weighted toward Q4.

• Targeting 45 satellites in orbit by early 2027, with plans to scale to over 90–100 for global coverage.

• Beta service in 2026 to offer scaled non-commercial usage with strategic MNO partners; commercial service launch targeted for 2027.

• Adjusted operating expenses (excluding cost of revenues) expected to average $100 million per quarter for 2026.

• Goal to approach $1 billion in revenue in the first full year of commercial service.