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$ASTS: AST SPACEMOBILE CATALYST SEASON A review of what has been and what is to come Upcoming Catalysts: ☑️$1B J-LEO Japan Project Decision ☑️BB11 - BB13 Delivery to Florida and Launch on Falcon 9 ☑️BB8 - BB10 Deployment and Confirmation of Operations ☑️Achievement of ~200Mbps Performance for Block-2 Sats ☑️BB14 - BB16 Delivery to Florida and Launch on Falcon 9 ☑️BB17 - BB19 Delivery to Florida and Launch on Falcon 9 ☑️BB20 - BB22 Delivery to Florida and Launch on ULA Vulcan Centaur or Falcon 9 ☑️FCC STA to Test 900MHz Military Applications with US Space Development Agency ☑️T-Mobile Definitive Commercial Agreement ☑️Block-2 BlueBird batch launches every month ☑️Executing MLAs w/ United Launch Alliance, Ariane, Mitsubishi, Relativity and others ☑️Golden Dome (SHIELD Awarded, NOBLE Up Next) ☑️Execution of other DoW, SDA, DIU, and other Military Awards ☑️FirstNet Investment and Definitive Commercial Agreement ☑️FCC Approval of Ligado Modification Application ☑️Execution of more Definitive Commercial Agmts w/ Prepaid Revenue and/or Investment w/ More ~60 global MNOs ☑️Beta Testing w/ AT&T and FirstNet in 2H 2026 ☑️Updates on Google Services Agmt Partnership ☑️Initiation of Research Coverage by JP Morgan, Morgan Stanley, Goldman Sachs, others ☑️Expansion of 13x contracts w/ Department of Defense, Space Development Agency, Defense Innovation Unit, Missile Defense Agency and more ☑️FCC 5G Fund grant ☑️Progress on 12 to 37x Block-2 BlueBirds in currently in Production ☑️Proposal for PNT Service Accepted by FCC as Alternative to GPS ☑️Initial Commercial Service w/ AT&T, Rakuten, Verizon, Vodafone in early 2027 ☑️Securing +$500M of EXIM and IFC non-dilutive Funding ☑️Pursuit of L- and S-Band Spectrum Licenses Globally ☑️Pursuit of Additional Lowband Spectrum in US ☑️EU Allocation of 2GHz MSS Spectrum to SatCo JV ☑️Strategic Partnerships and Investments to Focus on AI Data Center Opportunity ☑️Catalysts the SpaceMob have yet to Contemplate Recently Completed Milestones: ✅BB8 - BB10 Launch on Falcon 9 🚨Brazilian Regulator Anatel Approved AST SpaceMoble for Commercial Service and Allocated 10MHz x 10MHz of S-Band Spectrum ✅Reached +3,900 Patent & Patent pending Claims ✅AT&T, Verizon and T-Mobile Joint Venture Formation ✅Achieved 99Mbps performance with Block-1 BlueBird 🚨 FCC Approval for Full US SCS Commercial Service ✅$45M Verizon Commercial Prepayment Unlocked ✅BB7 💐 Launch on Blue Origin New Glenn-3 ✅Demonstrated +150mbps Peak Speed w/ Block-2 BlueBird ✅7x New Design Composite Rings Delivered to Midland ✅Acquisition of New Manufacturing Space in Midland, TX focused exclusively on Micron production ✅Telus Definitive Commercial Agreement w Strategic Investment and $200M Committed Revenue (speculated) ✅Partnership with Orange ✅Partnership with Taiwan Mobile ✅Partnership with AXIAN Telecom ✅Satellite Connect Europe Partnership (“SCE”) with Telefonica ✅SCE Partnership with Orange ✅SCE Partnership with CK Hutchinson ✅SCE Partnership with Sunrise Switzerland ✅SCE Partnership with Vodafone Romania ✅SCE Partnership with VodafoneThree UK ✅SCE Partnership with Vodafone Ireland ✅AST Awarded $30M Prime Contract by US SDA for Halo Europa Program ✅Development of AI Engine to Dynamically Manage Satellite Capacity and Spectrum Efficiency = Seeking 3-10x Capacity Improvement ✅Disclosed over $1.2 billion in Aggregate Contracted Revenue Commitments from Commercial Partners ✅Raised $1.08B 2.25% Convertible Note resulting in $4B of Pro Forma Cash ✅BB6 Unfolding Phased Array ✅AST Awarded Prime Contract Position on US Missile Defense Agency SHIELD Program ✅Filed w/ FCC to modify Existing License to use S-Band spectrum outside of the US ✅$175M Saudi Telecom prepayment to be made by 2025YE ✅BB6 Launched from India on ISRO LVM3 ✅Micron Production to Support 6x a Month by End of Q3 2025 ✅Expanded Manufacturing Floor Space to 500,000 Square Feet ✅2,000 Global Workforce ✅Established Germany as SatCo JV operations center, filed constellation with ITU ✅Closed $420M bridge financing to support Ligado spectrum transaction ✅Saudi Telecom 10-Year Definitive Commercial Agreement w/ $175M prepayment and over $1.8B value ✅Confirmed L- and S- band Spectrum to be Incorporated into Next 3GPP release ✅Verizon Definitive Commercial Agreement ✅Raised $1.15B 2.0% Convertible Note resulting in $3.2B of Pro Forma Cash and Liquidity ✅Successful Video and Voice Testing with Bell Canada ✅US Bankruptcy Court confirms AST and Ligado L-band spectrum transaction transaction, deal now only subject to FCC appoval ✅Acquired Global S-Band Spectrum Priority Rights held Under International Telecommunication Union ✅Successfully Completed the First-ever Native Voice Call (VoLTE) and Rext (SMS) with a Standard Cell Phone using AT&T Spectrum and Core Network ✅Hired JR Wilson as Chief of Networks and Spectrum, formerly AT&T VP of Tower Strategy, Roaming & In-Building Solutions ✅Raised $575M 2.375% Convertible Note w/ Capped Call struck at $120, resulting in $1.5B of Pro Forma Cash on Balance Sheet ✅Repurchased $360M of $460M 4.25% Convertible Note ✅Entered into $550M of Non-Recourse Senior Secured Term Loan to fund Ligado Transaction ✅Secured $100M Equipment Loan Facility ✅Moved to Russell 1000 from Russell 2000 Index ✅Demonstrated World's First Tactical NTN Connectivity over Standard Mobile Devices with Defense Prime Fairwinds Technologies ✅Announced Latest MNO Partnership with Vodafone Idea of India ✅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 ✅FCC Accepts AST’s Application for US Commercial Service ✅FCC Chair Brendan Carr and Senator Ted Cruz visit HQ in support of AST ✅Verizon and AT&T Spectrum Lease Agreements filed w/ FCC ✅FCC grants STA for beta testing w/ AT&T, Verizon, Vodafone, Bell Canada, and Rakuten ✅FCC grants STA for Firstnet Evaluation on Public Safety Band 14 ✅AST SpaceMobile Forms SatCo Joint Venture w/ Vodafone to Better Serve European market, Selects Luxembourg as HQ and Germany for NOC ✅Secured $43M and $20M Contracts w/ US Space Development Agency and Defense Innovation Unit ✅AST5000 ASIC Development Finished and Integration into Block-2 Sats in Q2 2026 ✅Successful Video Calls Completed w/ AT&T, Verizon, Vodafone and Rakuten ✅Exercised Multi-launch Agmts w/ SpaceX, Blue Origin and ISRO ✅Initiation of Research Coverage by Bank of America, Clear Street, Roth Capital, Cantor Fitzgerald, Oppenheimer and William Blair ✅Established Coordination Agmt w/ US National Science Foundation Covering Satellite and Ground-based Astronomy Operations ✅Closed $460M 4.25% Convertible Debt Funding ✅Opened European Research Center w/ Vodafone and University of Malaga in Spain ✅Signed Deal w/ Singapore’s Defense Science and Technology Agency ✅Joined 5G Automotive Association, which Develops and Promotes 5G-based Solutions for Connected Autonomous Vehicles

$ASTS: Real-time short interest has hits another all-time high at 74.2M. I believe the ramp up in short interest is related to folks that own pre-IPO $SPCX shares looking to hedge. Newly listed options for SPCX should help alleviate some hedging demand. However the short interest in ASTS seems likely to increase over the coming weeks until the first SPCX lockup expiry of 20-30% of outstanding shares occurs on August 20th. The short will likely start unwinding ahead of that expiry, which coincides with several big catalyst that are occurring in the next few weeks. Bottom line = we are coiling for a big move higher. 6/17: 74.2M 6/16: 73.6M 6/15: 71.4M 6/12: 66.5M 6/11: 64.8M 6/10: 64.1M

$ASTS: 🍆 AST SpaceMobile Block-2 BlueBirds feature a 15m x 15m phased array (1/2 size basketball court) that enables the satellite to deliver 200Mbps to an unmodified mobile phone Starlink's 650x DtC V1 sats feature a 2.3m x 2.7m phased array enabling narrowband texting & data with a peak speed of 7Mpbs to newer phones with an updated modem ✅ Starlink's total phased array area deployed for its 650x DtC satellites is ~4,037 square meters ✅ AST's total phased array area deployed for its 5x Block-1 and 4x Block-2 satellites is ~1,220 square meters 💡 AST only has to deploy 13x more Block-2 satellites to surpass Starlink DtC V1 constellation's entire phased array area ➡️ AST SpaceMobile's planned 248x satellite constellation will feature ~55,000 square meters of phased array area for full broadband communications, radar, sensing, PNT (positioning/navigation/timing), and other applications

Some of my favorite names are currently underperforming for different reasons that are not bad fundamentals and that is exactly why I am interested. $ASTS is AST SpaceMobile, building the first space based cellular broadband network designed to connect ordinary smartphones directly to satellites with no special hardware. The BlueBird constellation aims to deliver true direct to device coverage across dead zones worldwide, with carrier partnerships already in place. The weakness is mechanical not fundamental. Since the SpaceX IPO, space names have been bundled into a basket that insiders are shorting to lock in gains, and ASTS gets dragged down with the group regardless of its own progress. That dislocation is the opportunity. $AAOI is Applied Optoelectronics, a vertically integrated maker of optical transceivers and networking components for hyperscale data centers, cable broadband, and telecom. As AI buildouts push bandwidth demand higher, its optics sit directly in the path of that spend. The overhang here is the roughly 600M ATM facility weighing on the stock as the market braces for dilution. That pressure should clear once the raise runs its course, and I expect the supply side drag to be largely finished soon, leaving the fundamentals to reassert. $ONDS, $KRKNF / $PNG.V and $EOS.AX span autonomous drone platforms, marine robotics and directed energy counter UAS systems, three corners of a defense complex being rearmed for a more contested world. Each occupies a real niche rather than chasing a crowded category. Defense simply is not a hot sector for capital right now, which is precisely why these are cheap. The fundamentals are sound and the positioning is strong for where spending is headed, so the patience tax today looks like a discount rather than a warning. I see all of those as very attractive entries here Will revisit in a month