AST SpaceMobile Provides Business Update and First Quarter 2026 Results

Network deployment continues with next orbital launch in mid-June with BlueBird 8, BlueBird 9 and BlueBird 10 on a Falcon 9 launch vehicle

Vertical integration reaching scale with BlueBird 11 through BlueBird 33 in advanced stages of production and assembly

Achieved 98.9 Mbps peak data speeds using in-orbit Block 1 BlueBird satellite over international waters

FCC authorizes commercial SpaceMobile Service in the United States with grant of Supplemental Coverage from Space for direct-to-device broadband connectivity

MIDLAND, Texas--(BUSINESS WIRE)--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 first quarter ended March 31, 2026.

“AST SpaceMobile is accelerating manufacturing, regulatory progress, commercial partnerships, and government programs, furthering our position as the only technology positioned to capture the massive direct to device broadband opportunity in full,” commented Abel Avellan, AST SpaceMobile’s Chairman and Chief Executive Officer. “BlueBird 8, BlueBird 9, and BlueBird 10 will be launched into low Earth orbit in mid-June, and we are in advanced stages of production and assembly of BlueBird 11 through BlueBird 33.

“Our network deployment for 2026 is targeting approximately 45 satellites in orbit, supported by our manufacturing cadence and multi-partner launch strategy,” added Avellan. “We have a robust global spectrum portfolio, the industry’s largest global commercial ecosystem, and a fortress balance sheet, positioning us for success as we create the space-based cellular broadband market.”

Business Update

• Network deployment targeting approximately 45 BlueBird satellites in orbit during 2026, supported by our manufacturing cadence and agreements with multiple launch providers, including Blue Origin, SpaceX, and others

• BlueBird 8, BlueBird 9, and BlueBird 10 on track for delivery to Cape Canaveral and an expected orbital launch in mid-June on a Falcon 9 launch vehicle
• Vertically integrated production, supported by over 500,000 sq ft of manufacturing and operations space, is reaching scale with BlueBird 11 through BlueBird 33 in advanced stages of production and assembly and phased arrays completed through BlueBird 28
• BlueBird 6 continues to operate as expected following successful deployment of the largest-ever phased array in low Earth orbit

• Continued momentum of network deployment and commercialization efforts across partner ecosystem ahead of scaled commercial service activation, beginning with scaled ground integration efforts in the United States, Canada, United Kingdom, India, Brazil, Spain, Germany, France, Romania, Saudi Arabia, Japan, New Zealand, the Philippines, Cote d’Ivoire, Kenya, Nigeria, and Senegal, targeting a combined population of 2.9 billion people

• FCC grant of Supplemental Coverage from Space authorizes provision of commercial SpaceMobile Service in the United States for direct-to-device broadband connectivity leveraging a network of up to 248 satellites
• Commercial partner ecosystem continues to expand through agreements with Telus in Canada in addition to existing partner Bell Canada and Axian Telecom in Africa, in addition to existing partners Vodacom, Orange and MTN – totaling nearly 60 global mobile network operator partners who cover over 3 billion subscribers

• New record achieved with 98.9 Mbps peak data speeds from in-orbit Block 1 BlueBird satellite directly to an unmodified smartphone over international waters

• Block 2 BlueBird satellite in orbit today is expected to nearly double the peak data speeds recently achieved using our on-orbit Block 1 BlueBird satellites
• Developing AI edge computing and AI spectrum management features for on-orbit capabilities, with BlueBird integration targeted by year-end

• On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million, primarily driven by mobile network partners and the U.S. Government

• First quarter revenue was $14.7 million, consistent with plans for quarterly revenue ramp during 2026
• Approximately half of the full year 2026 revenue guidance is expected to be achieved from existing contracted revenue backlog
• Won three new awards since March 2026 with the U.S. Government through prime contractors, as a result of successful on-orbit milestone activities

• Company has the key assets – intellectual property, partnerships, balance sheet cash, access to shared MNO and MSS spectrum, over 500,000 square feet of manufacturing and operations space globally – to build and launch over 100 BlueBird satellites to enable global coverage of SpaceMobile Service

• Dedicated micron production facility in Texas is now fully operational, with capacity to support over 10 satellites’ worth of microns per month
• Innovative technology backed by shared MNO spectrum, controlled MSS spectrum, and IP with approximately 3,900 patent and patent pending claims
• Robust balance sheet with approximately $3.5 billion in cash, cash equivalents, and restricted cash as of March 31, 2026

First Quarter 2026 Financial Highlights

• First quarter revenue of $14.7 million driven by gateway deliveries and U.S. Government milestones met
• Total operating expenses for the first quarter of 2026 were $164.1 million, including $73.0 million of depreciation and amortization and stock-based compensation expense. This represents an increase of $37.5 million as compared to $126.6 million in the fourth quarter of 2025 due to a $37.9 million increase in engineering services costs, a $17.4 million increase in general and administrative costs, and a $1.9 million increase in depreciation and amortization expense, partially offset by a $17.8 million decrease in cost of revenues mainly attributable to decreased volume of gateway deliveries and a $1.9 million decrease in research and development costs
• Adjusted operating expenses⁽¹⁾ for the first quarter of 2026 were $91.2 million, a decrease of $4.5 million as compared to $95.7 million in the fourth quarter of 2025 due to a $17.6 million decrease in Adjusted cost of revenues⁽¹⁾ and a $1.9 million decrease in research and development costs, partially offset by a $9.2 million increase in Adjusted engineering services costs⁽¹⁾ and a $5.8 million increase in Adjusted general and administrative costs⁽¹⁾. Our Adjusted operating expenses, excluding Adjusted cost of revenues⁽¹⁾ for the first quarter of 2026 was $79.8 million, compared to $66.8 million in the fourth quarter of 2025
• As of March 31, 2026, we had cash, cash equivalents, and restricted cash of approximately $3.5 billion
• As of March 31, 2026, we had incurred approximately $1.8 billion of gross capitalized property and equipment costs and accumulated depreciation and amortization of $191.0 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