AST SpaceMobile (ASTS) posts Q2 2026 loss but boosts backlog and cash

Rhea-AI Filing Summary

AST SpaceMobile reported rapid top-line growth but heavy losses for the quarter ended June 30, 2026. Second quarter revenue was $31.5 million, up from $1.2 million a year earlier, driven by gateway deliveries and U.S. government milestones, and management reiterated full-year 2026 revenue guidance of $150–200 million.

Total operating expenses rose to $329.1 million, including an $125.9 million loss on involuntary conversion, leading to a quarterly net loss attributable to common stockholders of $230.9 million and a six‑month loss of $421.9 million. Non‑GAAP adjusted operating expenses were $119.1 million in the quarter, up from $91.2 million in Q1. Operating cash outflow was $145.2 million for the first half, alongside $859.2 million of capital expenditures.

AST SpaceMobile highlighted a $1.30 billion revenue backlog, over 60 mobile network operator partnerships covering more than 3 billion subscribers, and multiple U.S. government awards totaling over $125 million. As of June 30, 2026, it held $2.7 billion in cash, cash equivalents and restricted cash, and subsequently raised $1.150 billion via 1.625% convertible senior notes, bringing pro forma liquidity above $3.7 billion while continuing to invest in a 13‑satellite constellation and nearly 50 planned gateways.

Positive

• Revenue ramp and guidance: Q2 2026 revenue reached $31.5 million, up from $1.2 million a year earlier, and management reaffirmed full‑year 2026 revenue guidance of $150–$200 million.
• Strong contracted demand: Revenue backlog grew to approximately $1.30 billion in aggregate contracted revenue with commercial partners and U.S. government contract awards, supporting future revenue visibility.
• Government traction: The company received multiple U.S. government awards with an aggregate value of over $125 million for national‑security applications.
• Robust liquidity: Cash, cash equivalents and restricted cash totaled about $2.7 billion as of June 30, 2026, and exceeded $3.7 billion pro forma for a $1.150 billion 1.625% convertible notes offering.
• Network build-out progress: AST SpaceMobile now has 13 spacecraft in orbit, nearly 50 gateways in various stages of development, and BlueBird 17–46 in production, underpinning future service launches.

Negative

• Large and rising losses: Q2 2026 net loss attributable to common stockholders was $230.9 million, with a six‑month loss of $421.9 million, reflecting high operating costs and non‑cash charges.
• Expense escalation: Total operating expenses jumped to $329.1 million in Q2 2026 from $74.0 million a year earlier, including a $125.9 million loss on involuntary conversion and higher engineering and G&A costs.
• Heavy cash burn and capex: Net cash used in operating activities was $145.2 million and capital expenditures were $859.2 million for the first half of 2026, indicating significant ongoing funding needs for the constellation build‑out.
• High leverage and interest costs: Long‑term debt, net, stood at $2.96 billion as of June 30, 2026, with Q2 interest expense of $26.1 million, and additional convertible debt was issued in July.

Filing Explained

The operating build is advancing, while the July notes add senior-note obligations and conditional conversion exposure rather than documenting completed conversion.

Form 8-K reports specified material events; here, AST SpaceMobile furnishes its second-quarter results and business update as of August 10, 2026. The company reports 13 spacecraft in orbit, BlueBirds 14–16 ready to ship shortly, and BlueBirds 17–46 in production or assembly.

The disclosed operating state is network expansion and preparation for beta service in 2026, not completed commercial service. The July 2026 convertible senior-notes offering raised $1.150 billion of gross proceeds at an effective conversion price of $149.20 per share; the filing does not report a conversion, so the stated dilution of less than 2% is exposure tied to the notes rather than completed share issuance.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes. Separately, the filing reports 299,731,073 Class A shares outstanding on June 30, 2026, versus 285,449,911 on December 31, 2025; it does not identify that change as conversion of the July notes.

The next named milestone is shipment of BlueBirds 14–16, which remains subject to satisfactory assembly and testing and regulatory approvals.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $31.520 million Q2 2026 Net Loss to Common: $230.909 million Q2 2026 Total Operating Expenses: $329.097 million +5 more

8 metrics

Q2 2026 Revenue $31.520 million Total revenues for the three months ended June 30, 2026

Q2 2026 Net Loss to Common $230.909 million Net loss attributable to common stockholders for the quarter ended June 30, 2026

Q2 2026 Total Operating Expenses $329.097 million GAAP operating expenses including $125.911 million loss on involuntary conversion

Adjusted Operating Expenses Q2 2026 $119.055 million Non-GAAP adjusted operating expenses for the three months ended June 30, 2026

Revenue Backlog $1.30 billion Aggregate contracted revenue with commercial partners and U.S. government

Cash, Cash Equivalents and Restricted Cash $2.722 billion Balance as of June 30, 2026

Long-Term Debt, Net $2.963 billion Long-term debt, net, as of June 30, 2026

Convertible Senior Notes Offering $1.150 billion at 1.625% Gross proceeds from July 2026 1.625% convertible senior notes with $149.20 conversion price

Key Terms

revenue backlog, loss on involuntary conversion, convertible senior notes, Adjusted operating expenses, +2 more

6 terms

revenue backlog financial

"Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue"

Revenue backlog is the total value of confirmed sales, contracts, or orders that a company has committed to deliver but has not yet recognized as revenue; think of it as a queue of future income the business has already promised to customers. Investors care because backlog shows near-term sales visibility and growth potential—like knowing how many jobs are already scheduled—and it helps assess whether reported results are likely to continue, slow, or be at risk from cancellations or delays.

loss on involuntary conversion financial

"due to a $125.9 million loss on involuntary conversion"

convertible senior notes financial

"raised $1.150 billion of gross proceeds from a new 1.625% convertible senior notes offering"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

Adjusted operating expenses financial

"Adjusted operating expenses(1) for the second quarter of 2026 were $119.1 million"

Adjusted operating expenses are a company’s routine costs of running the business (like payroll, rent and supplies) after removing unusual, one‑time or nonrecurring items so investors can see the recurring spending level. Think of it like cleaning a household budget of a one‑off repair to understand typical monthly bills. It matters because it helps investors compare underlying performance across periods and companies, but the adjustments can vary by company.

space-based cellular broadband technical

"the first and only space-based cellular broadband network accessible directly by everyday smartphones"

phased arrays technical

"With the largest phased arrays ever deployed in low Earth orbit"

Phased arrays are groups of many small antennas or sensors that work together to send or receive signals and can steer the direction of those signals electronically rather than by moving parts — like changing the aim of a spotlight by adjusting many tiny lamps at once. Investors care because this capability can make products faster, smaller and more reliable, creating demand across telecoms, defense, automotive and imaging markets and affecting manufacturing cost, product differentiation and revenue potential.

Earnings Snapshot

Revenue: $31.520 million (Q2 2026) · Guidance included

three and six months ended June 30, 2026

Revenue $31.520 million (Q2 2026) up from $1.156 million in Q2 2025

Net loss attributable to common stockholders $230.909 million (Q2 2026) worse than $99.394 million in Q2 2025

Adjusted operating expenses $119.055 million (Q2 2026) up from $91.179 million in Q1 2026

Guidance

On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Understanding 8-K Material Events →

Available on EDGAR 08/10/2026 - 04:39 PM Accepted by SEC EDGAR 08/10/2026 - 04:38 PM Learn about SEC filing dates

FAQ

How much revenue did AST SpaceMobile (ASTS) generate in Q2 2026?

AST SpaceMobile generated $31.5 million in revenue in Q2 2026, primarily from gateway deliveries and U.S. government milestones. This compares to $1.2 million in the prior‑year quarter, reflecting early ramp in commercial and government programs.

What was AST SpaceMobile’s net loss in Q2 2026 and year-to-date 2026?

Net loss attributable to common stockholders was $230.9 million in Q2 2026 and $421.9 million for the first six months of 2026. Results include a $125.9 million loss on involuntary conversion and high engineering and administrative spending.

What guidance did AST SpaceMobile (ASTS) give for full-year 2026 revenue?

AST SpaceMobile stated it is on track to achieve full‑year 2026 revenue guidance of $150.0–$200.0 million. Management cited additional U.S. government contract awards and growing commercial activity as key drivers supporting this outlook.

How strong is AST SpaceMobile’s (ASTS) liquidity and debt position?

As of June 30, 2026, AST SpaceMobile held $2.7 billion in cash, cash equivalents and restricted cash, and $2.96 billion in long‑term debt, net. A subsequent $1.150 billion 1.625% convertible notes offering lifted pro forma liquidity above $3.7 billion.

What is AST SpaceMobile’s current revenue backlog and government award value?

The company reported a revenue backlog of approximately $1.30 billion from commercial partners and U.S. government contract awards. Within this, AST SpaceMobile highlighted multiple U.S. government awards totaling over $125 million supporting national‑security applications.

How far along is AST SpaceMobile (ASTS) in building its satellite network?

AST SpaceMobile has 13 spacecraft in orbit with about 20,000 square feet of combined aperture hardware deployed. BlueBirds 14–16 are ready to ship, BlueBirds 17–46 are in production, and nearly 50 gateways are in various development stages.

What are AST SpaceMobile’s key non-GAAP expense metrics for Q2 2026?

Non‑GAAP adjusted operating expenses were $119.1 million in Q2 2026, up from $91.2 million in Q1. Adjusted operating expenses excluding adjusted cost of revenues were $95.9 million, reflecting elevated engineering and administrative spending during network build‑out.

0001780312false00017803122026-08-102026-08-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2026

AST SpaceMobile, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-39040	84-2027232
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
Midland Intl. Air & Space Port 2901 Enterprise Lane
Midland, Texas				79706
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (432) 276-3966

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.0001 per share		ASTS		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 10, 2026, AST SpaceMobile, Inc. (“AST SpaceMobile” or the “Company”) issued a press release announcing financial results for the three and six months ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information included in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

AST SpaceMobile is also furnishing a Second Quarter 2026 Business Update, dated August 10, 2026 (the “Presentation”), attached as Exhibit 99.2 to this Current Report on Form 8-K, which may be referred to on the Company’s second quarter 2026 conference call to be held on August 10, 2026. The Presentation will also be available on the Company’s website at www.ast-science.com.

The information included in this Item 7.01 and in Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated August 10, 2026
99.2	Second Quarter 2026 Business Update
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			AST SpaceMobile, Inc.
Date:	August 10, 2026	By:	/s/ Andrew M. Johnson
			Name: Andrew M. Johnson Title: Executive Vice President, Chief Financial Officer and Chief Legal Officer

PRESS RELEASE EXHIBIT 99.1

AST SpaceMobile Provides Business Update and Second Quarter 2026 Results

Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers

Comprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis

Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government

BlueBird 17 through BlueBird 46 in various stages of production and assembly

MIDLAND, Texas, August 10, 2026 – AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, and designed for both commercial and government applications, is providing its business update and results for the second quarter ended June 30, 2026.

“AST SpaceMobile's differentiated technology platform and deep intellectual property portfolio, partner-first mobile network operator strategy, vertically integrated manufacturing capabilities, and comprehensive spectrum strategy are foundational to the space-based cellular broadband market we invented,” commented Abel Avellan, AST SpaceMobile’s Chairman and Chief Executive Officer. “With the largest phased arrays ever deployed in low Earth orbit and a native cellular architecture designed to work directly with standard, unmodified smartphones, we believe we are uniquely positioned to deliver scalable direct-to-device connectivity for both commercial and government customers around the world.”

“Following the recent orbital launch of BlueBirds 11, 12, and 13, our space-based cellular broadband network has now grown to 13 spacecraft in orbit, each the largest ever in low Earth orbit, with approximately 20,000 square feet of combined aperture hardware deployed,” continued Avellan. “As we get ready to ship BlueBirds 14, 15, and 16 and continue expanding our constellation with production ongoing through BlueBird 46, we are preparing to initiate beta services with select strategic partners.”

“AST SpaceMobile is positioned at the forefront of large, diverse, and rapidly expanding market opportunity as the direct-to-device cellular broadband pioneer,” added Avellan. “Beyond addressing the connectivity needs of billions of mobile subscribers, we are pursuing a broad range of mission critical applications, including government communications and non-communications, radar, emergency response, Internet of Things, AI edge compute and other advanced connectivity solutions. Our growing commercial and government programs,

expansive spectrum portfolio, and fortified balance sheet provide us with the flexibility to capture opportunities across an expanding total addressable market. We are continuing to scale our network, advance vertical integration, and secure additional access to orbit to take advantage of the growing number of opportunities in front of us.”

Business Update

•Differentiated technology platform and comprehensive spectrum strategy enables space-based cellular broadband connectivity as well as many other mission-critical applications

oLargest phased arrays ever placed into low Earth orbit means more power and bandwidth, with more precise beams for communications with small, unmodified smartphones, in addition to facilitating additional use cases beyond consumer communications

oBlock 2 satellites expected to deliver peak data rates approaching 200 Mbps with space-based cellular broadband recently demonstrated at nearly 100 Mbps on the Block 1 BlueBird

oComprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis

oProprietary ASIC with up to 10 GHz of processing bandwidth, per satellite enables 10x throughput improvement relative to Block 1 satellites and up to 10x improvement in user experience unlocked through AI-enabled spectrum management

oNative cellular architecture favors MNOs and regulators using existing commercially trusted baseband ground-based hardware, with traffic remaining in-country

•Partner-first strategy positions AST SpaceMobile as the direct-to-device partner of choice for mobile network operators globally

oSigned partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers

oNew joint-venture planned by top three U.S. MNOs expected to enable space-based cellular broadband connectivity to every American

oNetwork integration and testing activities now underway across European countries with Vodafone, Orange, Telefónica, Vodafone Ukraine, and Deutsche Telekom as well as in other key markets including Canada, Japan, and Saudi Arabia, subject to final regulatory approvals

•Total Addressable Market (TAM) continues to grow with direct-to-device market maturity and additional applications

oAdditional applications include non-communications, USG secure communications, additional funded networks, Internet of Things (IoT), federal emergency, and AI edge compute

oPreliminary selection of Rakuten and AST SpaceMobile joint-venture by Japan MIC for J-LEO initiative with total expected value up to approximately $1 billion in non-dilutive, non-debt government capital

oMission-critical federal communications attractive for direct-to-device applications with FirstNet United States, Japan and most recently in Europe with Vodafone Ireland using dedicated emergency spectrum bands

•Preparation for space-based cellular broadband beta service in 2026 as AST SpaceMobile network infrastructure continues to scale

oBeta service initiative to offer scaled non-commercial usage with strategic MNO partners in select markets globally

oContinued progress towards beta service in 2026 with initial 3,000 digital cells activated across the Continental United States

oOrbital launch of BlueBird 8-13 marks six spacecraft launched within 50 days, increasing network to 13 in-orbit spacecraft, with combined aperture hardware of approximately 20,000 sq ft

oBlueBirds 14, 15, and 16 will be ready to ship shortly, with BlueBird 17 through BlueBird 46 in various stages of production and assembly

•On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million, supported by additional contract awards from the U.S. Government

oRevenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government

oReceived multiple awards from the U.S. Government with an aggregate value of over $125 million supporting multiple national-security applications

oContinued to build out global gateway footprint with nearly 50 gateways in various stages of completion, installation, and planning ahead of service

oSecond quarter revenue was $31.5 million from commercial and government customers, consistent with plans for quarterly revenue ramp during 2026

•Fortified balance sheet to pursue an expanding universe of growth opportunities, continue vertical integration, and secure additional access to orbit

oOver $3.7 billion in pro forma cash, cash equivalents, restricted cash as of June 30, 2026

oIn July 2026, raised $1.150 billion of gross proceeds from a new 1.625% convertible senior notes offering, with an effective conversion price of $149.20 per share and effective dilution of less than 2%

Second Quarter 2026 Financial Highlights

•Second quarter revenue of $31.5 million driven by gateway deliveries and U.S. Government milestones met

•Total operating expenses for the second quarter of 2026 were $329.1 million, including $84.1 million of depreciation and amortization and stock-based compensation expense. This represents an increase of $165.0 million as compared to $164.1 million in the first quarter of 2026 due to a $125.9 million loss on involuntary conversion, a $20.3 million increase in general and administrative costs, a $11.9 million increase in cost of revenues, a $3.2 million increase in engineering services costs, a $3.1 million increase in depreciation and amortization expense, and a $0.6 million increase in research and development costs

•Adjusted operating expenses(1) for the second quarter of 2026 were $119.1 million, an increase of $27.9 million as compared to $91.2 million in the first quarter of 2026 due to a $12.3 million increase in Adjusted engineering services costs(1), a $11.9 million increase in Adjusted cost of revenues(1), a $3.1 million increase in Adjusted general and administrative costs(1), and a $0.6 million increase in research and development costs. Our Adjusted operating expenses, excluding Adjusted cost of revenues(1) for the second quarter of 2026 was $95.9 million, compared to $79.8 million in the first quarter of 2026

•As of June 30, 2026, we had cash, cash equivalents, and restricted cash of approximately $2.7 billion

•As of June 30, 2026, we had incurred approximately $2.3 billion of gross capitalized property and equipment costs and accumulated depreciation and amortization of $211.9 million. The capitalized costs include costs of satellite materials for BlueBird satellites, advance launch payments, capital advances, Block 1 and BlueWalker 3 satellites, assembly and integration facilities including assembly and test equipment, and ground antennas

(1) See “Non-GAAP Financial Measures” below for additional information. See reconciliation of Adjusted operating expenses to Total operating expenses; Adjusted cost of revenues to Cost of revenues; Adjusted engineering services costs to Engineering services costs; Adjusted general

and administrative costs to General and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues to Total operating expenses in the tables accompanying this press release.

Non-GAAP Financial Measures

We refer to certain non-GAAP financial measures in this press release, including Adjusted operating expenses; Adjusted cost of revenues; Adjusted engineering services costs; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues. We believe these non-GAAP financial measures are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measures. Reconciliation of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

Conference Call Information

AST SpaceMobile will hold a quarterly business update conference call at 5:00 p.m. (Eastern Time) on Monday, August 10, 2026. The call will be accessible via a live webcast on the Events page of AST SpaceMobile’s Investor Relations website at https://ast-science.com/investors/. An archive of the webcast will be available shortly after the call.

About AST SpaceMobile

AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio, and designed for both commercial and government applications. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, X (Formerly Twitter), LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission.

Forward-Looking Statements

This communication contains “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile’s control and are difficult to predict.

Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile’s strategies and future financial performance, including AST’s future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing of the launch of the Block 2 BlueBird satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST SpaceMobile’s ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile Service that would supersede preliminary agreements and memoranda of understanding and the ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile’s responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those in the Risk Factors section of AST SpaceMobile’s Form 10-K filed with the SEC on March 2, 2026, its Form 10-Q for the fiscal quarter ended March 31, 2026 filed with the SEC on May 11, 2026 and the future reports that it may file from time to time with the SEC.

AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile’s Form 10-K filed with the SEC on March 2, 2026, its Form 10-Q for the fiscal quarter ended March 31, 2026 filed with the SEC on May 11, 2026 and the future reports that it may file from time to time with the SEC. AST SpaceMobile’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Investor Contact:

investors@ast-science.com

Media Contact:

Allison Worldwide

ASTSpaceMobile@allisonpr.com

Second Quarter 2026 Financial Results

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands, except share data)

		As of
		June 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	2,288,253			$	2,335,683
Restricted cash			6,181				877
Accounts receivable, net (includes related party accounts receivable of $4,370 and $2,091 at June 30, 2026 and December 31, 2025, respectively)			79,297				37,726
Inventory			28,417				12,007
Prepaid expenses			16,729				11,955
Other current assets			74,743				60,264
Total current assets			2,493,620				2,458,512
Non-current assets:
Restricted cash			428,400				443,400
Property and equipment, net			2,069,336				1,398,761
Intangible assets, net			298,724				245,093
Operating lease right-of-use assets, net			21,224				19,420
Other non-current assets (includes related party loan receivable of $18,785 and $18,187 at June 30, 2026 and December 31, 2025, respectively)			543,581				449,201
TOTAL ASSETS		$	5,854,885			$	5,014,387
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	60,615			$	46,763
Accrued expenses and other current liabilities			103,340				69,246
Current contract liabilities			14,840				19,887
Current operating lease liabilities			3,749				2,449
Current portion of long-term debt			8,494				11,999
Total current liabilities			191,038				150,344
Non-current liabilities:
Warrant liabilities			-				7,471
Non-current operating lease liabilities			18,066				17,479
Non-current contract liabilities			252,093				207,093
Long-term debt, net			2,963,422				2,207,583
Other non-current liabilities			32,688				32,092
Total liabilities			3,457,307				2,622,062
Commitments and contingencies
Stockholders' Equity:
Class A Common Stock, $0.0001 par value; 800,000,000 shares authorized; 299,731,073 and 285,449,911 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.			27				27
Class B Common Stock, $0.0001 par value; 200,000,000 shares authorized; 11,215,111 and 11,227,292 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.			3				4
Class C Common Stock, $0.0001 par value; 125,000,000 shares authorized; 78,163,078 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.			8				8
Additional paid-in capital			3,146,053				2,671,770
Accumulated other comprehensive income			1,532				1,351
Accumulated deficit			(1,253,606	)			(831,685	)
Noncontrolling interest			503,561				550,850
Total stockholders' equity			2,397,578				2,392,325
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	5,854,885			$	5,014,387

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except share and per share data)

		For the Three Months ended June 30,								For the Six Months ended June 30,
		2026				2025				2026				2025
Revenues:
Products revenues (includes related party revenues of $1,918 and $0 for the three months ended June 30, 2026 and June 30, 2025, respectively, and $9,770 and $0 for the six months ended June 30, 2026 and June 30, 2025, respectively)		$	24,428			$	50			$	37,834			$	425
Services revenues			7,092				1,106				8,421				1,449
Total revenues			31,520				1,156				46,255				1,874
Operating expenses:
Cost of revenues (exclusive of items shown separately below)
Cost of revenues - products (includes related party cost of revenues of $1,741 and $0 for the three months ended June 30, 2026 and 2025, respectively, and $6,611 and $0 for the six months ended June 30, 2026 and June 30, 2025, respectively)			22,402				-				33,465				-
Cost of revenues - services			1,165				-				1,751				-
Engineering services costs			87,286				28,598				171,384				55,802
General and administrative costs			63,901				27,242				107,558				45,626
Research and development costs			7,768				6,393				14,896				13,528
Depreciation and amortization			20,664				11,720				38,279				22,678
Loss on involuntary conversion			125,911				-				125,911				-
Total operating expenses			329,097				73,953				493,244				137,634
Other (expense) income:
Loss on remeasurement of warrant liabilities			-				(65,032	)			(1,174	)			(68,238	)
Interest expense			(26,077	)			(5,657	)			(50,355	)			(10,393	)
Interest income			27,700				8,017				54,698				16,213
Other (expense) income, net			(2,852	)			308				(103,399	)			(443	)
Total other (expense) income, net			(1,229	)			(62,364	)			(100,230	)			(62,861	)
Loss before income tax expense			(298,806	)			(135,161	)			(547,219	)			(198,621	)
Income tax expense			(1,113	)			(742	)			(2,281	)			(910	)
Net loss before allocation to noncontrolling interest			(299,919	)			(135,903	)			(549,500	)			(199,531	)
Net loss attributable to noncontrolling interest			(69,010	)			(36,509	)			(127,579	)			(54,431	)
Net loss attributable to common stockholders		$	(230,909	)		$	(99,394	)		$	(421,921	)		$	(145,100	)
Net loss per share attributable to holders of Class A Common Stock
Basic and diluted		$	(0.77	)		$	(0.41	)		$	(1.43	)		$	(0.62	)
Weighted-average number of shares
Basic and diluted			299,061,662				241,985,507				294,898,761				233,101,209

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

(Dollars in thousands)

		For the Three Months ended June 30,								For the Six Months ended June 30,
		2026				2025				2026				2025
Net loss before allocation to noncontrolling interest		$	(299,919	)		$	(135,903	)		$	(549,500	)		$	(199,531	)
Other comprehensive income
Foreign currency translation adjustments			555				1,396				183				1,777
Total other comprehensive income			555				1,396				183				1,777
Total comprehensive loss before allocation to noncontrolling interest			(299,364	)			(134,507	)			(549,317	)			(197,754	)
Comprehensive loss attributable to noncontrolling interest			(68,882	)			(36,123	)			(127,577	)			(53,938	)
Comprehensive loss attributable to common stockholders		$	(230,482	)		$	(98,384	)		$	(421,740	)		$	(143,816	)

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

			For the Six Months Ended June 30,
			2026				2025
Cash flows from operating activities:
Net loss before allocation to noncontrolling interest			$	(549,500	)		$	(199,531	)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:
Depreciation and amortization				38,279				22,678
Amortization of debt issuance costs				4,235				721
Amortization of debt commitment fee				4,400				-
Loss on disposal of property and equipment				2,051				-
Induced conversion expense on convertible notes				88,654				-
Loss on remeasurement of warrant liabilities				1,174				68,238
Stock-based compensation				118,820				18,351
Non-cash interest expense				1,294				497
Non-cash interest income				(648	)			-
Loss from equity method investment				6,862				-
Loss on involuntary conversion				125,911				-
Changes in operating assets and liabilities:
Accounts receivable				(41,571	)			1,225
Prepaid expenses and other current assets				(8,598	)			(2,939	)
Inventory				(16,410	)			(268	)
Accounts payable and accrued expenses				45,552				20,675
Contract liabilities				39,952				1,086
Other assets and liabilities				(5,669	)			(2,757	)
Net cash used in operating activities				(145,212	)			(72,024	)
Cash flows from investing activities:
Purchase of property and equipment				(859,215	)			(430,622	)
Capital advances to Ligado				(100,000	)			-
Purchase of spectrum intangibles				(42,103	)			-
Insurance proceeds received from BB7 launch				21,595				-
Net cash used in investing activities				(979,723	)			(430,622	)
Cash flows from financing activities:
Proceeds from debt				1,060,608				473,498
Repayments of debt				(20,178	)			(926	)
Payment for debt issuance costs				(3,070	)			(6,516	)
Proceeds from issuance of common stock				85,723				462,776
Payments for third party equity issuance costs				(458	)			(9,843	)
Issuance of equity under employee stock plan				4,418				7,193
Employee taxes paid for stock-based compensation awards				(62,025	)			(6,027	)
Purchase of capped call transactions				-				(44,528	)
Proceeds from share issuances to repurchase 2032 4.25% Convertible Notes				180,537				-
Payments for repurchase of 2032 4.25% Convertible Notes				(180,537	)			-
Proceeds from share issuances to repurchase 2032 2.375% Convertible Notes				433,739				-
Payments for repurchase of 2032 2.375% Convertible Notes				(430,424	)			-
Net cash provided by financing activities				1,068,333				875,627
Effect of exchange rate changes on cash, cash equivalents and restricted cash				(524	)			(1,115	)
Net (decrease) increase in cash, cash equivalents and restricted cash				(57,126	)			371,866
Cash, cash equivalents and restricted cash, beginning of period				2,779,960				567,534
Cash, cash equivalents and restricted cash, end of period			$	2,722,834			$	939,400
Supplemental disclosure of cash flow information:
Non-cash activities:
Right-of-use assets obtained in exchange for operating lease liabilities			$	2,786			$	1,505
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses			$	61,703			$	22,155
Stock-based compensation capitalized in property and equipment				4,080				-
PIK interest paid through issuance of PIK notes				-				497
Deferred asset acquisition costs paid by issuance of penny warrants				-				121,156
Convertible notes settled by issuance of Class A Common Stock				-				139,620
Spectrum intangibles acquisition costs accrued or paid by issuance of shares				11,528				-
Settlement of warrant liabilities by issuing shares				8,645				-
Cash paid for:
Interest			$	23,556			$	813
Income taxes, net				2,109				1,323

AST SPACEMOBILE, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED MEASURES (UNAUDITED)

(Dollars in thousands)

		For the Three Months Ended June 30, 2026
		GAAP Reported				Stock-Based Compensation Expense				Adjusted
Cost of revenues (exclusive of items shown below)		$	23,567			$	(394	)		$	23,173
Engineering services costs			87,286				(30,120	)			57,166
General and administrative costs			63,901				(32,953	)			30,948
Research and development costs			7,768								7,768
Depreciation and amortization			20,664								20,664
Loss on involuntary conversion			125,911								125,911
Total operating expenses		$	329,097			$	(63,467	)		$	265,630
Less: Depreciation and amortization											(20,664	)
Less: Loss on involuntary conversion											(125,911	)
Adjusted operating expenses											119,055
Less: Adjusted cost of revenues											(23,173	)
Adjusted operating expenses, excluding Adjusted cost of revenues										$	95,882

		For the Three Months Ended March 31, 2026
		GAAP Reported				Stock-Based Compensation Expense				Adjusted
Cost of revenues (exclusive of items shown below)		$	11,649			$	(266	)		$	11,383
Engineering services costs			84,097				(39,209	)			44,888
General and administrative costs			43,657				(15,878	)			27,779
Research and development costs			7,129								7,129
Depreciation and amortization			17,615								17,615
Total operating expenses		$	164,147			$	(55,353	)		$	108,794
Less: Depreciation and amortization											(17,615	)
Adjusted operating expenses											91,179
Less: Adjusted cost of revenues											(11,383	)
Adjusted operating expenses, excluding Adjusted cost of revenues										$	79,796

Adjusted operating expenses; Adjusted cost of revenues; Adjusted engineering services costs; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues are alternative financial measures used by management to evaluate our operating performance as a supplement to our most directly comparable U.S. GAAP financial measure. We define Adjusted operating expenses as Total operating expenses adjusted to exclude amounts of stock-based compensation expense, loss on involuntary conversion, and depreciation and amortization expense. We define Adjusted cost of revenues, Adjusted engineering services costs, and Adjusted general and administrative costs, as cost of revenues, engineering services costs, and general and administrative costs, respectively, adjusted to exclude stock-based compensation expenses. We define Adjusted operating expenses, excluding Adjusted cost of revenues as Total operating expenses adjusted to exclude amounts of stock-based compensation expense, loss on involuntary conversion, depreciation and amortization expense, and Adjusted cost of revenues.

We believe Adjusted operating expenses; Adjusted cost of revenues; Adjusted engineering services costs; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. Adjusted operating expenses; Adjusted cost of revenues; Adjusted engineering services costs; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measure of Total operating expenses, Cost of revenues, Engineering services costs, and General and administrative costs.

BUSINESS UPDATE Second Quarter 2026 August 10, 2026 NASDAQ: ASTS

Forward Looking Statements This communication contains “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile’s control and are difficult to predict. Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile’s strategies and future financial performance, including AST’s future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing of the launch of the Block 2 BlueBird satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST SpaceMobile’s ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile Service that would supersede preliminary agreements and memoranda of understanding and the ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile’s responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company’s filings with the Securities and Exchange Commission (SEC), including those in the Risk Factors section of AST SpaceMobile’s Form 10-K filed with the SEC on March 2, 2026. AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile’s Form 10-K filed with the SEC on March 2, 2026. AST SpaceMobile’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Use of Non-GAAP Financial Measures We refer to certain non-GAAP financial measures in this press release, including Adjusted operating expenses; Adjusted cost of revenues; Adjusted engineering services costs; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues. We believe these non-GAAP financial measures are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measures. Reconciliation of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the tables accompanying this press release. Industry and Market Data This presentation includes market data and other statistical information from sources believed to be reliable, including independent industry publications, governmental publications or other published independent sources. Although AST SpaceMobile believes these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness. Trademarks and Trade Names AST SpaceMobile owns or has rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with AST SpaceMobile, or an endorsement or sponsorship by or of AST SpaceMobile. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that AST SpaceMobile will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names.

SPACE-BASED CELLULAR BROADBAND NETWORK BUILDING THE FIRST AND ONLY

KEY HIGHLIGHTS Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers Comprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue agreements with partners and contract awards with the United States Government BlueBird 17 through BlueBird 46 in various stages of production and assembly

ADDITIONAL HIGHLIGHTS Differentiated technology platform and comprehensive spectrum strategy enables space-based cellular broadband connectivity as well as many other mission critical applications On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million, supported by additional contract awards from the U.S. Government Total Addressable Market (TAM) continues to grow with direct-to-device market maturity and additional applications Preparation for space-based cellular broadband beta service in 2026 as AST SpaceMobile network infrastructure continues to scale Partner-first strategy positions AST SpaceMobile as the direct-to-device partner of choice for mobile network operators globally Fortified balance sheet to pursue an expanding universe of growth opportunities, continue vertical integration, and secure additional access to orbit

Block 2 satellites expected to deliver peak data rates approaching 200 Mbps with space-based cellular broadband recently demonstrated at nearly 100 Mbps on the Block 1 BlueBird Comprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis Largest phased arrays ever placed into low Earth orbit means more power and bandwidth, with more precise beams for communications with small, unmodified smartphones, as well as facilitating additional use cases beyond consumer communications technology platform and comprehensive spectrum strategy enables space-based cellular broadband connectivity as well as many other mission critical applications Native cellular architecture favors MNOs and regulators using existing commercially trusted baseband ground-based hardware, with traffic remaining in-country Proprietary ASIC with up to 10 GHz of processing bandwidth per satellite enables 10x throughput improvement relative to Block 1 satellites and up to 10x improvement in user experience unlocked through AI-enabled spectrum management

Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers New joint-venture planned by top three U.S. MNOs expected to enable space-based cellular broadband connectivity to every American Partner-first strategy positions AST SpaceMobile as the direct-to-device partner of choice for mobile network operators Potential coverage Over 60 MNO partners with over 3 billion subscribers globally Network integration and testing activities now underway across European countries with Vodafone, Orange, Telefónica, Vodafone Ukraine, and Deutsche Telekom as well as in other key markets including Canada, Japan, and Saudi Arabia, subject to final regulatory approvals

Preliminary selection of Rakuten and AST SpaceMobile joint-venture by Japan MIC for J-LEO initiative with total expected value up to approximately $1 billion in non-dilutive, non-debt government capital Mission-critical federal communications attractive for direct-to-device applications with FirstNet United States, Japan and most recently in Europe with Vodafone Ireland using dedicated emergency spectrum bands Additional applications including non-communications, USG secure comms, additional funded networks, Internet of Things (IoT), federal emergency, and AI edge compute Total Addressable Market (TAM) continues to grow with direct-to-device market maturity and additional applications Non-comms and radar Funded networks Secure gov’t comms IoT Federal emergency AI edge compute

Orbital launch of BlueBird 8-13 marks six spacecraft launched within 50 days, increasing network to 13 in-orbit spacecraft, with combined aperture hardware of approximately 20,000 sq ft Beta service initiative to offer scaled non-commercial usage with strategic MNO partners in select markets globally Continued progress towards beta service in 2026 with initial 3,000 digital cells activated across the Continental United States from seven gateways Preparation for space-based cellular broadband beta service in 2026 as AST SpaceMobile network infrastructure continues to scale BlueBirds 14, 15, and 16 are ready to ship shortly, with BlueBird 17 through BlueBird 46 in various stages of production and assembly NEARLY 50 gateways in various stages of completion, installation, and planning ahead of service ahead of service = Gateway rollout

NEARLY 50 global gateways across five continents in various stages of completion, installation, and planning ahead of service 10

Continued to build out global gateway footprint with nearly 50 gateways in various stages of completion, installation, and planning ahead of service Second quarter revenue was $31.5 million, consistent with plans for quarterly revenue ramp during 2026 Received multiple awards from the U.S. Government with an aggregate value of over $125 million supporting multiple national-security applications On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million, supported by additional contract awards from the U.S. Government Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue agreements with partners and contract awards with the United States Government

TEXAS, SITE 1 TEXAS, SITE 2 TEXAS, SITE 3 TEXAS, SITE 4 FLORIDA MARYLAND EDINBURGH BARCELONA GLOBAL manufacturing and operations FOOTPRINT will exceed 1 million square feet, with over 900,000 square feet in the UNITED STATES once completed

IN various STAGES OF PRODUCTION AND ASSEMBLY THROUGH BLUEBIRD 46 over 500,000 square feet of manufacturing and operations space globally 13

Enabling true space-based cellular broadband, not just basic texting Car ~100 sq. ft. Block 2 satellite ~2,400 sq. ft. Block 1 satellite ~700 sq. ft. Human ~6 feet tall On orbit today, growing to 11,000+ microns with the successful deployment of approximately 45 satellites by early 2027 Used to form a phased array for one Block 2 BlueBird satellite BlueBirds are designed for D2D from inception, increasing on-orbit redundancy and resilience while enabling efficient manufacturing scale ~2,400 sq. ft. in size enables digital beamforming across multiple different frequencies 1 Largest phased arrays ever deployed in low Earth orbit (LEO) Micron ~9 sq. ft. 200+ microns 2,000+ microns Purpose-built Largest in LEO1 End result ABILITY TO deploy more microns to orbit, faster and cheaper, on larger arrays than any satellite manufacturer in history ~20,000 sq ft Combined aperture hardware in space today

1,150 MHz low and mid-band tunable MNO spectrum globally 45 MHz of MSS controlled mid band spectrum access in North America 60 MHz of AST SpaceMobile-licensed S-band spectrum priority rights globally on a market-by-market basis Allocated spectrum of 60+ MNO partners Targeting ~100 MHz access in the U.S. with MNO and controlled spectrum Comprehensive Global Spectrum Strategy with Shared MNO Frequencies and Controlled MSS Frequencies

Note: Plans for expected satellite(s) ready to ship as of August 10, 2026. The timing of shipment of the Block 2 BlueBird satellites are contingent on a number of factors including satisfactory and timely completion of the assembly and testing of the Block 2 BlueBird satellites, regulatory approvals for the shipment, many of which are beyond our control. target of approximately 45 satellites in orbit in early 2027

$M Non-GAAP. See appendix for a reconciliation. Adjusted operating expenses is equal to total operating expense adjusted to exclude depreciation and amortization, loss on involuntary conversion, and stock based-compensation expense. Depreciation and amortization for the three months ended June 30, 2026 and March 31, 2026 was $20.7 million and $17.6 million, respectively. Loss on involuntary conversion was $125.9 million and $0.0 million for three months ended June 30, 2026 and March 31, 2026, respectively. Stock-based compensation for the three months ended June 30, 2026 and March 31, 2026 consisted of $30.1 million and $39.2 million of engineering services costs, $33.0 million and $15.9 million of general and administrative costs, and $0.4 million and $0.3 million of cost of revenues, respectively. Non-GAAP. See appendix for a reconciliation. Adjusted operating expenses, excluding Adjusted cost of revenues is equal to total operating expense adjusted to exclude depreciation and amortization expense, loss on involuntary conversion, stock based-compensation expense, and Adjusted cost of revenues. Adjusted operating expenses in Q2 2026 and Q1 2026 included cost of revenue related to our products and services revenue during the quarter. If you further adjust for these costs, our Adjusted operating expenses, excluding Adjusted cost of revenues were closer to $95.9 million during Q2 2026 and $79.8 million during Q1 2026, respectively. Gross property and equipment as of June 30, 2026, December 31, 2025, and June 30, 2025 was approximately $2,278.9 million, $1,572.5 million, and $906.9 million, respectively. Accumulated depreciation and amortization as of June 30, 2026, December 31, 2025, and June 30, 2025 was approximately $211.9 million, $173.7 million, and $145.3 million, respectively. Capital expenditures adds back decrease in gross balance due to BB7 write off. Cash Position as of June 30, 2026 and March 31, 2026 includes $434.6 million and $429.3 million of restricted cash, respectively. Over $3.7 billion in cash, cash equivalents, and restricted cash, pro forma for convertible notes offering (as of June 30, 2026) Adj. Operating Expenses1 Capital Expenditures3 Liquidity4 $M $B $79.82 $95.92 $11.3 OPERATING AND CAPITAL METRICS Over $3.7 5

RECONCILIATION TO NON-GAAP MEASURES Adj. operating expenses - 3 months ended Stock-based compensation for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025 consisted of $30.1 million, $39.2 million, and $3.3 million of engineering services costs, $33.0 million, $15.9 million, and $7.2 million of general and administrative costs, and $0.4 million, $0.3 million, and $0.0 million of cost of revenues, respectively. Adjusted cost of revenues is equal to cost of revenues adjusted to exclude stock based-compensation expense. Stock-based compensation for the six months ended June 30, 2026 and 2025, respectively, consisted of $69.3 million and $7.4 million of engineering services costs and $48.8 million and $11.0 million of general and administrative costs, and $0.7 million and $0.0 million of cost of revenues, respectively. ($ in thousands)  Jun 30, ‘26 Mar 31, ‘26 Jun 30, ‘25 Cost of revenues (exclusive of items shown below) 23,567 11,649 - Engineering services costs 87,286 84,097 28,598 General and administrative costs 63,901 43,657 27,242 Research and development costs 7,768 7,129 6,393 Depreciation and amortization 20,664 17,615 11,720 Loss on involuntary conversion 125,911 - - Total operating expenses 329,097 164,147 73,953 Less: Depreciation and amortization (20,664) (17,615) (11,720) Less: Stock-based compensation expense 1 (63,467) (55,353) (10,525) Less: Loss on involuntary conversion (125,911) - - Total adj. operating expenses 119,055 91,179 51,708 Less: Adjusted cost of revenues2 (23,173) (11,383) - Total adj. operating expenses, excluding Adjusted cost of revenues 95,882 79,796 51,708 Adj. operating expenses - 6 months ended ($ in thousands)  Jun 30, ‘26 Jun 30, ‘25 Cost of revenues (exclusive of items shown below) 35,216 - Engineering services costs 171,384 55,802 General and administrative costs 107,558 45,626 Research and development costs 14,896 13,528 Depreciation and amortization 38,279 22,678 Loss on involuntary conversion 125,911 - Total operating expenses 493,244 137,634 Less: Depreciation and amortization (38,279) (22,678) Less: Stock-based compensation expense 3 (118,820) (18,351) Less: Loss on involuntary conversion (125,911) - Total adj. operating expenses 210,234 96,605 Less: Adjusted cost of revenues2 (34,556) - Total adj. operating expenses, excluding Adjusted cost of revenues 175,678 96,605

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 805.6 KB
• EX-99.2 EX-99.2 24.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 25.4 KB