Atmos Lab

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$ASTS: And just like that 🫰 AST SpaceMobile has locked up 65% of the North American Market 🇺🇸 AT&T 🇺🇸 Verizon 🇨🇦 Bell 🇨🇦 Telus

$ASTS: This $30M award is a "prototype" under SDA's HALO Europa Track 2. So how much potential $ are we talking here? 1) A successful Track 2 demo can lead to additional task orders - repeat orders for additional exercises, new waveform/radio integrations, more coverage areas, higher availability, etc = "Low hundreds of millions over time" 2) If SDA/DoD decide AST’s commercial D2D/tactical concept meaningfully reduces risk for operational layers, the prize is in the tranches. SDA is already placing multi-billion-dollar satellite orders for Proliferated Warfighter Space Architecture layers = "hundreds of millions over time" 3) AST frames the opportunity as a "data products as-a-service" using existing commercial infrastructure. If DoD procurement shifts toward buying commercial satcom service the program could be "in the multi-billion range over time"

$ASTS: 🚨 AST SPACEMOBILE AWARDED $30M PRIME CONTRACT BY US SPACE DEVELOPMENT AGENCY FOR HALO EUROPA PROGRAM Selection for Europa Track 2 Commercial Solutions highlights the capability of AST SpaceMobile’s technology to rapidly deliver resilient, direct-to-device tactical communications using its dual-use commercial BlueBird constellation Selection marks the first-ever prime contract award supported by AST SpaceMobile USA, a wholly owned defense subsidiary of AST SpaceMobile MIDLAND, Texas -- February 23, 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, designed for both commercial and government applications, today announced that it has entered into an agreement with the United States Space Development Agency (SDA) for the Europa Track 2 Commercial Solutions program. The agreement, executed under the Hybrid Acquisition for proliferated Low-earth Orbit (HALO) program, has a total contract value of approximately $30 million. This Other Transaction (OT) agreement focuses on the rapid demonstration and delivery of innovative capabilities to the United States warfighter. Under the contract, AST will utilize its BlueBird satellite constellation to demonstrate resilient, low-latency tactical satellite communications directly between government end devices. “Selection for SDA’s Europa Track 2 program validates AST SpaceMobile’s ability to rapidly operationalize commercial space capabilities for national security,” said Chris Ivory, CEO of AST SpaceMobile USA. “By leveraging our existing low Earth orbit (LEO) dual-use satellite technology, we support the Government’s defense efforts, delivering immediate connectivity with our BlueBird satellites and scaling quickly to advanced tactical use cases.” The Europa Track 2 effort is focused on delivering immediate, operationally relevant tactical communications capabilities. Unlike traditional proprietary military satellite communications, AST SpaceMobile’s space-based architecture utilizes a software-defined “bent-pipe” structure to enable high-bandwidth data transport directly from low Earth orbit. Through a series of on-orbit demonstrations, the program will validate seamless integration with existing tactical military radios and demonstrate how commercial satellite infrastructure can be rapidly applied for defense applications and deliver data products as-a-service to the Space Development Agency. This award further solidifies AST SpaceMobile’s position as a trusted partner to the Department of War, demonstrating how commercial space innovation can be rapidly integrated into national security missions. It directly supports the DoD’s vision for resilient, hybrid architectures, including the Proliferated Warfighter Space Architecture (PWSA), by enabling scalable, interoperable capabilities through existing commercial infrastructure. 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 enable 4G and 5G space-based cellular broadband to every device, everywhere, for today’s nearly 6 billion mobile subscribers globally. For more information, follow AST SpaceMobile on YouTube, X (Formerly Twitter), LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission. Full PR: businesswire.com/news/home/2026…

@tottaway22 If I make a calculation: 40 BBs * $35mil = $1.4Bn and 5 launches 5* 85 mil (avg Glenn/Falcon) = $425mil. Total ~$1.8Bn I hope this to have happened but it seems huge. Imagine that even chips' tariffs have gone a few weeks before (supply cost secured).

I estimate based on language in the Q3 10q that $ASTS has now fully paid for ~40 Block 2 BBs including launch payments for 5+ launches.

$ASTS As of 12/31/25 estimated gross Capitalized Property & Equipment is $1.6b an increase of $435m from 9/30 above guide of $275-$325m implying a pull forward of spending While having ~$4b in cash AST has already spent ~$1.1b on Block 2 satellites & launch payments

@tottaway22 @StillPlaysCrick This is actually very bullish: ✔️ Launch cost is not a permanent margin drag ✔️ Unit economics improve automatically with scale ✔️ Incremental satellites after break-even are extremely profitable ✔️ Depreciation understates future cash generation

They capitalize & depreciate launch costs. The line in the 10q is “satellite materials and advance payments, satellites under construction, and advance launch payments.” From 10k description “Property and Equipment   We design and self-construct the BB satellites intended to be used to provide SpaceMobile Service to customers. The BB satellites are not intended to be held for sale in the ordinary course of business. The costs incurred to complete the design is expensed as incurred. The cost incurred to complete the construction is capitalized as property and equipment. The cost of self-constructed BB satellite assets consists of direct materials, direct labor, launch costs and other direct costs attributable to bringing the asset to a working condition and desired location for the intended use. Costs incurred, including direct materials purchased, launch payments made, direct labor costs and overheads such as launch insurance and satellite transportation costs to the launch site, until the completion of the construction and launch of the BB satellites, are reported as satellite materials, satellites under construction, and advance launch payments within construction-in-progress. Once launched in orbit, the costs of the BB satellites are reported as satellites in orbit and depreciation of the satellites commences once the BB satellites are ready for their intended use. We capitalize the costs of the test satellites if there is an alternative future use for the test satellites. We capitalize only those expenditures and ancillary costs that are directly attributable to assembly and testing and necessarily incurred to place the test satellites into their intended location and use. These costs include materials costs, launch cost, and other non-recurring costs directly associated with the development of the test satellites. The other non-recurring costs primarily include third-party vendors who are hired solely for the design, assembly, and testing of the test satellite and are responsible for the value and progression of the project. The costs for internal, recurrent engineering employees and consultants are expensed as engineering services costs and not capitalized to the cost of the test satellites, as these employees are not directly associated with the development of the test satellites.”

@tottaway22 @StillPlaysCrick The confusion comes from mixing two different perspectives: 1️⃣ Accounting definition (GAAP / balance sheet) vs 2️⃣ Cash deployment / near-term build-out economics The 10-K has how costs are capitalized on the balance sheet, not how cash flows behave in early vs late deployment.

@JoshGregersen @thekookreport Why this distinction is critical 1️⃣ “Average” ≠ “Marginal” In capital-intensive infrastructure, CFOs often quote: Average cost at full scale, not cash cost per unit today Average cost=Total satellitesTotal/constellation capex

@AtmosLab @thekookreport On the last earnings call the CFO said, “We continue to estimate that the average capital costs, including direct materials and launch costs for our constellation of over 90 Block 2 Bluebird satellites, will fall in the range of $21 million-$23 million per satellite.”

🚨🚨 $ASTS WEEK IN REVIEW🚨🚨 ASTS once again attempts to scare everyone into selling. The Company is raising mountains of cash and expands its stated uses of proceeds. The future looks brightest right as its pitch black - why pitch black? FM-1 blocked out the sun. But it unfolded! (fine Scott...you win). That, and more, on this week's Weekly…

@JoshGregersen @thekookreport ❌ It is NOT: The near-term cost for the first 45–60 satellites The marginal cost per satellite on early launches The cash cost per satellite if deployment stops at 45–60

@JoshGregersen @thekookreport What the CFO actually means (correct interpretation) ✅ The $21–23M figure is: A fully averaged, steady-state, at-scale capital cost per satellite, amortized across a ~90+ satellite constellation, including launch.

@JoshGregersen @thekookreport $21–23M per Block-2 satellite, this figure refers to: Satellite hardware & materials Assembly & integration Testing and quality control Factory overhead allocated per unit Yield improvements at scale (“mature production”) It is not an all-in deployed cost.

@AtmosLab @thekookreport Yes, it’s much too conservative. I am saying the satellite production cost in the low 20s/satellite includes average launch cost/satellite. That means you’re underestimating current funding by nearly $1bn. And again, that also doesn’t include expenses already prepaid.

@JoshGregersen @thekookreport The $22M does NOT include: 🚀 Launch services (Falcon 9, New Glenn, etc.) Insurance Launch integration fees Ground segment / network capex Spectrum / regulatory costs Launch is always disclosed and modeled separately.