DJ

$ASTS: I told the shorts to cover yesterday and they didn’t listen. 🤷‍♂️ Big things are coming. Real-time short interest 3/16: 49.8M 3/13: 50M 3/12: 49.2M 3/11: 49.6M 3/10: 49.2M 3/9: 49.4M

Our engine shop at Rocket Park continues to hum. The next BE-4 shipset is ready for install on our third New Glenn booster.

$ASTS at 250$ they will say there were no signs.

🚨 $ASTS Q4 UPDATES & CALL HIGHLIGHTS 🛰️ You can’t be bullish enough. • AST beat Q4 revenue by nearly 38%. $54.3M vs $39.44M expected. Not close. • Full year 2025 revenue came in at $70.9M. That is 641% revenue growth in 12 months. • $3.9 billion on the balance sheet. Fully funded for 100+ satellites. No more converts planned. The dilution conversation is over. Launch and manufacturing 🚀 • BB7 is encapsulated and sitting on the pad. March launch incoming. • After BB7 every single launch is stacked. 3, 4, 6 or 8 satellites per rocket. The single launch era is done. • Next batch of 6 satellites shipping in April. Abel confirmed it on the call. • Target is 45 satellites in orbit and 60 ready to ship by end of 2026. • BlueBirds 8 through 29 are already in production right now. The money 💰 • 2026 revenue guidance is $150M to $200M. At least doubling 2025 in a year where commercial service hasn’t even fully kicked in yet. • 2027 revenue target approaching $1 billion. • Scott said steady state EBITDA margins could hit 90% or higher. On a recorded earnings call. To institutional investors. • $1.2 billion in contracted commercial backlog already sitting on the books. Government 🇺🇸 • 11 government awards secured and counting. • ASTS took 60% of the entire $50M SDA pool. 19 vendors were in that room. They picked one. • Golden Dome SHIELD IDIQ position is now unlocked. • Government revenue scales with every new satellite launched. No full constellation needed to keep collecting. • Scott said these contracts are designed to grow into programs of record worth billions annually. He said that on a live call. MNO ecosystem 📱 • 50+ global MNO partners now covering nearly 3 billion subscribers. • stc Group paid a $175M prepayment upfront. That is not a handshake deal. That is conviction with a wire transfer attached. • Q4 gateway deliveries went to 9 different customers across 5 continents. • Orange, Telefónica, CK Hutchison and Taiwan Mobile all added to the ecosystem. • Satellite Connect Europe joint venture with Vodafone formally launched at MWC Barcelona this week. More to highlight:👇 • Abel confirmed radar, geolocation, AI spectrum management and on orbit compute are all real future applications of the platform they already built. • Spectrum AI could multiply their existing licensed spectrum by 3x to 10x through intelligent management. Same satellites. More capacity. • Scott compared their flow through margins to the best performing segments of the satellite industry today. Those businesses run at 90%+. • Abel said they invented this market. Nothing on this call suggested anyone is within years of catching them. Let’s ride SpaceMob 🅰️

$ASTS: AST SPACEMOBILE UPSIDE CATALYST SEASON A review of what has been and what is to come Upcoming Catalysts: ☑️BB7 Launch on Blue Origin New Glenn ☑️BB8 - BB10 Delivery to Florida and Launch on Falcon 9 ☑️BB11 - BB13 Delivery to Florida and Launch on Falcon 9 ☑️Block-2 Launches in Batches of 3-4x or 6-8x satellites every 1-2 months ☑️FCC approval for full US SCS commercial service ☑️Execution of more definitive commercial agmts w/ prepaid revenue and/or investment w/ Bell Canada, Telefonica, Etisalat and more than 50 global MNOs ☑️FirstNet Investment and Definitive Commercial Agreement ☑️Golden Dome (SHIELD Awarded, NOBLE Up Next) ☑️Unlocking portion of $20M, $25M, and $65M in revenue prepayments from AT&T, Vodafone and Verizon upon completion of milestones ☑️Beta testing w/ AT&T and FirstNet in 1H 2026 ☑️Updates on Google services agmt partnership ☑️Initiation of Research Coverage by JP Morgan, Morgan Stanley, Goldman Sachs, others ☑️Expansion of 11x contracts w/ Department of Defense, Space Development Agency, Defense Innovation Unit, Missile Defense Agency and more ☑️FCC 5G Fund grant ☑️Progress on 8 to 25x Block-2 BlueBirds in currently in production ☑️Confirmation of production ramp to 6x satellites a month ☑️Acquisition of new manufacturing space in Midland, TX focused exclusively on Micron production ☑️Proposal for PNT service accepted by FCC as alternative to GPS ☑️Initial Commercial Service w/ AT&T, Rakuten, Verizon, Vodafone in late 2026 ☑️Securing +$500M of EXIM and IFC non-dilutive funding ☑️Pursuit of L- and S-Band spectrum licenses globally ☑️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: ✅AST Awarded $30M Prime Contract by US SDA for Halo Europa Program ✅$63M to 71M of 2H 2026 Revenue ✅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 ✅Disclosed over $1 billion in aggregate contracted revenue commitments from commercial partners ✅Development of AI Engine to dynamically manage satellite capacity and spectrum efficiency ✅Micron production to support 6x a month by end of Q3 2025 ✅Expanded manufacturing floor space to 500,000 square feet ✅1,800 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 text (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 Q1 2026 ✅Successful video calls completed w/ AT&T, Verizon, Vodafone and Rakuten ✅Exercised Multi-launch Agmts w/ SpaceX, Blue Origin and ISRO ✅Reached +3,800 patent & patent pending claims ✅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 ✅Signed 2-3x additional Global MNOs, bringing the total to +53x covering +3.2B Subscribers ✅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

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