AST SPACEMOBILE 2025 REVIEW 2025 has been an incredible year for the company, let's take a look at some key achievements Company - Opened European research center alongside Vodafone and University of Malaga - Collaboration with META to ensure optimisation with D2D - Joined 5G Automotive Association, which promotes 5G-based solutions for vehicles - Established coordination agreement with US National Science Foundation covering satellite and ground-based astronomy operations - Formed SatCo JV with Vodafone to serve European market, selects Luxembourg as headquarters - Established Germany as SatCo JV satellite operations centre - Filed EU constellation with ITU - 3,800 patent & patent pending claims - Hired JR Wilson as Chief of Networks and Spectrum, formerly AT&T VP of Tower Strategy - Hired Jennifer Manner as SVP of Regulatory Affairs and International Strategy, former NTIA Senior Advisor of Space and Policy and EchoStar SVP of Regulatory Affairs - Reconstituted to Russell 1000 from Russell 2000 Index - MoUs with over 50 MNO's covering over 3bn subscribers - Creation of AI engine to dynamically manage satellite capacity and spectrum efficiency Manufacturing - Expanded manufacturing capability to 500,000 square feet across five sites - Tripled global workforce to over 1,800 employees - AST5000 ASIC development finished and integration into Block-2 sats in Q1 2026 - Ramped micron production to 6 satellites a month by the end of Q3 2025 - Ramping composite control sat manufacturing to 6 per month by the end of 2025 Financial - $3.2bn pro forma cash and liquidity - Over $1bn in aggregate contracted revenue commitments - $460m 4.25% convertible debt funding due in 2032 - Repurchased $410m of $460m 4.25% convertible note in three separate transactions - $575m 2.375% convertible note due in 2032 with capped call struck at $120, to limit dilution - $1.15bn 2.0% convertible note maturing in 2036 - $420m bridge financing for Ligado spectrum transaction - $550m non-recourse senior secured term loan to fund Ligado spectrum lease - Secured $100m equipment loan facility Regulatory - FCC Chair Brendan Carr and Senator Ted Cruz visit Midland to view AST's facilities - FCC grants STA for Firstnet evaluation on public safety Band 14 - FCC accepts AST’s application for US commercial service - FCC grants STA for beta testing with AT&T, Verizon, Vodafone, Bell Canada, and Rakuten - Verizon and AT&T file spectrum lease agreements with FCC - Acquired global S-Band spectrum priority rights held with ITU - L-Band and S-Band spectrum to be incorporated into next 3GPP release ensuring widespread adoption - US Bankruptcy Court confirms AST and Ligado L-band spectrum transaction transaction, subject to FCC appoval Government - Signed deal with Singapore’s Defense Science and Technology Agency - Secured $43m through prime with US Space Development Agency - Secured $20m contract as a prime with Defense Innovation Unit - 9th government contract secured - Demonstrated World's first tactical NTN connectivity over standard mobile devices with defense prime Fairwinds Technologies Research Initiation of research coverage by: - Bank of America - Clear Street - Roth Capital - Cantor Fitzgerald - Oppenheimer - William Blair Launch - Completed multi-launch agreements with SpaceX and Blue Origin - Launched BlueBird 6 with ISRO, largest satellite launched by them - Shipped BlueBird 7 to Cape Canaveral MNO's - Verizon definitive commercial agreement - Saudi Telecom 10 year definitive commercial agreement with a contract value of over $1.8bn, also includes a $175m prepayment - Signed MoU with Vi based in India - Successful video and voice testing with Bell Canada - Successfully completed the first-ever native voice call (VoLTE) and text (SMS) with a standard cell phone using AT&T spectrum and core network - Successful video calls completed with AT&T, Verizon, Vodafone and Rakuten - Successful IoT testing with BeWhere across the globe $ASTS

SCOTIABANK RAISE AST SPACEMOBILE TO A BUY RATING $55 and now a BUY The ASTS selloff triggered by SpaceX’s acquisition of low-band spectrum in the U.S. was, in our view, justified. Our worst fears regarding an erosion in ASTS’s technical lead in the direct-to-device (DTD) segment have come true; Starlink’s new GEN2 satellites, which will start launching next year (approved constellation size of 15,000 units), will narrow the advantage Bluebirds had over GEN1s. While SpaceX aims to lead an Industrial Revolution where AI agents and humanoids will take over means of production (combining robotics, larger rockets, more powerful telecom networks and massive compute), ASTS’s DTD niche is relatively modest. The paradox, however, is that SpaceX’s oversized ambitions to become a planetary carrier make ASTS’s wholesale 5G model especially valuable to terrestrial networks, which will fight to defend their business model. At US$37.00/share, ASTS has fallen +70% since May, rendering valuation reasonably attractive, if not a bargain. To us, upside depends entirely on its ability to orbit enough satellites to hit contiguous coverage. Hence, our focus is on rocket development by SpaceX’s competitors. Under a new US$55.70/share target, we have upgraded ASTS to Buy. This remains a race between two horses; gaining access to launching platforms is the key to the ASTS story. On October 12, 2026, SpaceMobile announced that Bluebirds 12, 13 and 14 arrived at the Florida spaceport. However, investors are concerned at the company not providing a specific target date for the launch, driving speculation that SpaceX may be limiting access to Falcon 9. Investors know well ASTS’s manufacturing capabilities and the technical specifications of the Bluebirds. But without launching vehicles with which to orbit satellites, the company’s competitive position suffers. India’s TakeMe2Space, which we featured in our recent orbital data centers report, told us that Falcon 9 is now booked two years in advance. On the flip side, rocket scarcity is impacting the entire space ecosystem (not just ASTS) and no company other than Starlink is close to ASTS’s 5G DTC capabilities. Consolidation has driven higher margins and lower capex intensity by global telecom giants, giving them firepower with which to lease satellite capacity from ASTS to defend their business from SpaceX. We expect ASTS to have continuous coverage in developed markets by Q4/27. Over the next six months, we expect significant development of launching capacity: Blue Origin’s New Glenn. 45 Tons to LEO (3x greater than Falcon 9). Mission 4.1 tentatively scheduled for December 28, 2026. Relativity’s Terran R. 23.5 tons to LEO. First demo flight expected late 2026. Firefly’s Eclipse. 16 tons to LEO. First launch no earlier than late 2026. RocketLab’s Neutron. 13 tons to LEO. First launch expected by Q2/27. $ASTS

The pad build continues 💪

Ewwwww Scotia 🤢

AST SPACEMOBILE RAMP UP THE COMMERCIAL STORY Good to see the company raising awareness of what's going to into creating always on connectivity 🧇 $ASTS

BRAZILIAN MNOS TO CONTRIBUTE THEIR 700MHZ SPECTRUM Each of the three operators won auctions in 2026 to use 2 x 10MHz sub bands - 708–718 MHz - 763–773 MHz This will be great spectrum to use for D2D across Brazil 💪 $ASTS

Source - financenews.com.br/2026/10/u…

RAKUTEN VISIT MIDLAND 🧇 Like previous MNO partners, I wonder if Rakuten signed the next of satellites before being sent to the Cape 👀 $ASTS

ANDY JOHNSON SIGNS NEW EMPLOYMENT CONTRACT WITH AST SPACEMOBILE It appears to be a stronger retention package for a key executive as AST moves into its next phase of commercial execution. What are the differences? ⬇️ $ASTS

AST SPACEMOBILE CONFIRMS THEY PLAN TO START BETA SERVICE BY THE END THE YEAR 💪 $ASTS

They've been on top for the last few months but the tables will be turned soon 🔥 $ASTS

Wonder who they'll decide to use the spectrum with if they get it awarded 🤷‍♂️ There's only one D2D provider who partners with MNO's rather than competes with them 🧇 $ASTS $SPCX

This is the first PR that features a comment from the new Chief Commercial Officer, Wayne Thorsen 👀 $ASTS