# EDGAR Filing Document

**Accession Number:** 0001780312
**File Stem:** 0001780312-26-000005
**Filing Date:** 2026-3
**Character Count:** 58170
**Document Hash:** 87a970ab2199c0acfd92704899926d06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001780312-26-000005.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001780312-26-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260302

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AST SpaceMobile, Inc.
- **CENTRAL INDEX KEY:** 0001780312
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39040
- **FILM NUMBER:** 26708426

**BUSINESS ADDRESS:**
- **STREET 1:** MIDLAND INTL. AIR & SPACE PORT
- **STREET 2:** 2901 ENTERPRISE LANE
- **CITY:** MIDLAND
- **STATE:** TX
- **ZIP:** 79706
- **BUSINESS PHONE:** 432-276-3966

**MAIL ADDRESS:**
- **STREET 1:** MIDLAND INTL. AIR & SPACE PORT
- **STREET 2:** 2901 ENTERPRISE LANE
- **CITY:** MIDLAND
- **STATE:** TX
- **ZIP:** 79706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Providence Acquisition Corp.
- **DATE OF NAME CHANGE:** 20190620

?xml version='1.0' encoding='ASCII'? 8-K

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

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## FORM 8-K

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**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported):** March 2, 2026<br>

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AST SpaceMobile, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

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

---

**Registrant's Telephone Number, Including Area Code:** (432) 276-3966<br>

Not Applicable

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

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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:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On March 2, 2026, AST SpaceMobile, Inc. ("AST SpaceMobile" or the "Company") issued a press release announcing financial results for the three and twelve months ended December 31, 2025. 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 Fourth Quarter 2025 Business Update, dated March 2, 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 year-end 2025 conference call to be held on March 2, 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** |
| [<u>99.1</u>](asts-ex99_1.htm) | [<u>Press Release dated March 2, 2026</u>](asts-ex99_1.htm) |
| [<u>99.2</u>](asts-ex99_2.htm) | [<u>Fourth Quarter 2025 Business Update</u>](asts-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**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: | March 2, 2026 | By:  | */s/ Andrew M. Johnson* |
|  |  |  | Name: Andrew M. Johnson<br>Title: Executive Vice President, Chief Financial Officer and Chief Legal Officer |

---

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## Exhibit 99.1

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| | |
|:---|:---|
| **PRESS RELEASE** | **EXHIBIT 99.1** |

---

![img92124820_0.gif](img92124820_0.gif)

**AST SpaceMobile Provides Business Update and Fourth Quarter and Full Year 2025 Results**

*Reported revenue of $70.9 million for the full year 2025, driven by mobile network operator partners and the U.S. Government* 

*Secured over $1.2 billion in aggregate contracted revenue commitments from partners*

*Successfully completed unfolding of BlueBird 6, the largest commercial communications array ever deployed in low Earth orbit, expected to greatly exceed 120 Mbps peak data speeds*

*Continued orbital launch campaign with encapsulation of BlueBird 7 at Cape Canaveral in February and expected launch during March, with additional launches expected every one to two months on average to reach goal of 45 to 60 satellites in orbit by end of 2026*

MIDLAND, Texas, March 2, 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 fourth quarter and full year ended December 31, 2025.

"For the first time in 2025, AST SpaceMobile became a revenue generating business and it significantly advanced all key aspects of our operations including commercial, government, manufacturing, spectrum rights, IP portfolio, and capital position," commented Abel Avellan, AST SpaceMobile's Chairman and Chief Executive Officer. "In 2026, we expect to scale our space-based direct-to-device network from initial commercial activation toward the start of broader commercial service."

------

**Business Update**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Reported revenue of $70.9 million for the full year 2025, driven by mobile network operator partners and the U.S. Government** 

oProduct revenue underpinned by delivery of 15 gateways across five continents

oService revenue across multiple contracts and use cases under development with the U.S. Government

oRevenue expected to grow during 2026 ahead of commercial service activation, supported by backlog of mobile network operator partner revenue and U.S. Government contract milestones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Continued orbital launch campaign with encapsulation of BlueBird 7 at Cape Canaveral in February and expected launch during March, with additional launches expected every one to two months on average to reach goal of 45 to 60 satellites in orbit by end of 2026**

oSuccessfully completed unfolding of BlueBird 6, the largest commercial communications array antenna ever deployed in LEO, expected to greatly exceed the 120 Mbps peak data speeds

oBlueBird 8 to BlueBird 29 are in various stages of production and expect to complete assembly of 40 satellites equivalent of microns by first half of 2026

oAcquired fourth site in Midland, Texas for dedicated micron production, increasing total manufacturing square footage soon to be over 500,000 globally

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Continued to grow partner ecosystem through multiple agreements as SpaceMobile network commercialization efforts advance ahead of scaled commercial and government activation**

oSecured over $1.2 billion of aggregate contracted revenue commitments from commercial partners

oReceived $175.0 million commercial prepayment from stc Group as part of 10-year, regional definitive commercial agreement

oExpanded commercial partnerships globally with Orange, Telefonica, CK Hutchison, Taiwan Mobile, Sunrise, and progressed initiatives with Vodafone

oAwarded $30.0 million prime contract award by the Space Development Agency for HALO Europa Track 2 commercial solutions program as demand for differentiated on-orbit capabilities and tactical use cases grows

oAwarded prime contract position on U.S. Missile Defense Agency SHIELD Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Robust balance sheet with over $3.9 billion in cash, cash equivalents, restricted cash and liquidity, pro forma for the convertible notes offering and availability under the ATM facility (as of December 31, 2025)** 

oIn February 2026, raised $1.075 billion of gross proceeds from a new 10-year convertible senior notes offering, with a 2.250% coupon and effective conversion price of $116.30 per share of Class A common stock

oIn February 2026, efficiently managed capital structure and financial assets, equitizing $250.0 million of the 2.375% convertible senior notes due 2032 and $46.5 million of the 4.250% convertible senior notes due 2032

------

**Fourth Quarter and Full Year 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fourth quarter revenue of $54.3 million and full year revenue of $70.9 million, driven by gateway deliveries and U.S. Government milestones met

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total operating expenses for the fourth quarter of 2025 were $126.6 million, including $30.9 million of depreciation and amortization and stock-based compensation expense. This represents an increase of $32.2 million as compared to $94.4 million in the third quarter of 2025 due to a $23.9 million increase in cost of revenues mainly attributable to increased volume of gateway deliveries, a $5.4 million increase in engineering services costs, a $3.5 million increase in research and development costs, and a $3.0 million increase in depreciation and amortization expense, partially offset by a $3.6 million decrease in general and administrative costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted operating expenses<sup>(1)</sup>for the fourth quarter of 2025 were $95.7 million, an increase of $28.0 million as compared to $67.7 million in the third quarter of 2025 due to a $23.4 million increase in Adjusted cost of revenues<sup>(1)</sup>, a $3.0 million increase in Adjusted engineering services costs<sup>(1)</sup>, a $3.5 million increase in research and development costs, partially offset by a $1.9 million decrease in Adjusted general and administrative costs<sup>(1)</sup>. Our Adjusted operating expenses<sup>(1)</sup> for the fourth quarter of 2025 excluding Adjusted cost of revenues<sup>(1)</sup>, was $66.8 million, compared to $62.2 million in the third quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of December 31, 2025, we had cash, cash equivalents, and restricted cash of $2.8 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of December 31, 2025, we had incurred approximately $1.6 billion of gross capitalized property and equipment costs and accumulated depreciation and amortization of $173.7 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

<sup>(1)</sup> 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 and Adjusted general and administrative costs to General and administrative costs 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 and Adjusted general and administrative costs. 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, March 2, 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 to be 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 to be 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.

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**Investor Contact:**

Scott Wisniewski

<u>investors@ast-science.com</u>

**Media Contact:**

Allison

Eva Murphy Ryan

917-547-7289

<u>ASTSpaceMobile@allisonpr.com</u>

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**Fourth Quarter and Fiscal Year 2025 Financial Results**

**AST SPACEMOBILE, INC.** 

**CONSOLIDATED BALANCE SHEETS**

***(Dollars in thousands, except share data)*** 

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| **<u>ASSETS</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Current assets:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2335683 | $564988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 877 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net (includes related party accounts receivable of $2,091 and $0 at December 31, 2025 and 2024, respectively) | 37726 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 12007 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 11955 | 7887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 60264 | 22363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 2458512 | 600246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Non-current assets:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 443400 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 1398761 | 337669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 245093 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 19420 | 14014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets (includes related party loan receivable of $18,187 and $0 at December 31, 2025 and 2024, respectively) | 449201 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $5014387 | $954561 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Current liabilities:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $46763 | $17004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 69246 | 12195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current contract liabilities | 19887 | 41968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 2449 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 11999 | 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 150344 | 75942 |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Non-current liabilities:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liabilities | 7471 | 41248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 17479 | 12652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current contract liabilities | 207093 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 2207583 | 155573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 32092 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2622062 | 285415 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commitments and contingencies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Stockholders' Equity:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock, $.0001 par value, 800,000,000 shares authorized, 285,449,911 and 208,173,198 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 27 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock, $.0001 par value, 200,000,000 shares authorized, 11,227,292 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Common Stock, $.0001 par value, 125,000,000 shares authorized, 78,163,078 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2671770 | 969004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 1351 | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (831685) | (489745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 550850 | 190031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 2392325 | 669146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $5014387 | $954561 |

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**AST SPACEMOBILE, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **<u>Revenues:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Products revenues (includes related party revenues of $2,091, $0 and $0 for the years ended December 31, 2025, 2024 and 2023 respectively) | $44389 | $500 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Services revenues | 26529 | 3918 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 70918 | 4418 | - |
| **<u>Operating expenses:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of items shown separately below) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues - products (includes related party cost of revenues of $1,329, $0 and $0 for the years ended December 31, 2025, 2024 and 2023, respectively) | 33032 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues - services | 2184 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineering services costs | 142510 | 93491 | 78811 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative costs | 101679 | 61566 | 41601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs | 28115 | 28783 | 47486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 51111 | 63340 | 54469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 358631 | 247180 | 222367 |
| **<u>Other (expense) income:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on remeasurement of warrant liabilities | (68154) | (268627) | 8986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (36071) | (18681) | (4511) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (includes related party interest income of $564, $0 and $0 for the years ended December 31, 2025, 2024 and 2023, respectively) | 49233 | 14164 | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (114408) | 1867 | (10290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | - | (10963) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other (expense) income, net** | (169400) | (282240) | 1371 |
| **Loss before income tax expense** | (457113) | (525002) | (220996) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (3898) | (1328) | (1681) |
| **Net loss before allocation to noncontrolling interest** | (461011) | (526330) | (222677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest | (119071) | (226247) | (135116) |
| **Net loss attributable to common stockholders** | $(341940) | $(300083) | $(87561) |
| Net loss per share attributable to holders of Class A Common Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(1.34) | $(1.94) | $(1.07) |
| Weighted-average number of shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 255982592 | 154501344 | 81824122 |

---

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**AST SPACEMOBILE, INC.** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

***(Dollars in thousands)***

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net loss before allocation to noncontrolling interest | $(461011) | $(526330) | $(222677) |
| Other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 2049 | (586) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) | 2049 | (586) | (6) |
| Total comprehensive loss before allocation to noncontrolling interest | (458962) | (526916) | (222683) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss attributable to noncontrolling interest | (118549) | (226430) | (135120) |
| Comprehensive loss attributable to common stockholders | $(340413) | $(300486) | $(87563) |

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**AST SPACEMOBILE, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

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

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| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **<u>Revenues:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Products revenues (includes related party revenues of $2,091, $0 and $0 for the three months ended December 31, 2025, 2024 and 2023 respectively) | $36218 | $500 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Services revenues | 18087 | 1418 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 54305 | 1918 | - |
| **<u>Operating expenses:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of items shown separately below) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues - products (includes related party cost of revenues of $1,329, $0 and $0 for the three months ended December 31, 2025, 2024 and 2023, respectively) | 27229 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues - services | 2184 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineering services costs | 46164 | 30945 | 19992 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative costs | 26231 | 15889 | 10528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs | 9057 | 5348 | 10766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 15717 | 8460 | 19592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 126582 | 60642 | 60878 |
| **<u>Other (expense) income:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on remeasurement of warrant liabilities | (2854) | 16212 | (12468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (18133) | (3949) | (3024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (includes related party interest income of $564, $0 and $0 for the three months ended December 31, 2025, 2024 and 2023, respectively) | 20781 | 5277 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (22556) | 206 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | - | (10963) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other (expense) income, net** | (22762) | 6783 | (14158) |
| **Loss before income tax expense** | (95039) | (51941) | (75036) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (2614) | (156) | (2088) |
| **Net loss before allocation to noncontrolling interest** | (97653) | (52097) | (77124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest | (23687) | (16239) | (45198) |
| **Net loss attributable to common stockholders** | $(73966) | $(35858) | $(31926) |
| Net loss per share attributable to holders of Class A Common Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(0.26) | $(0.18) | $(0.35) |
| Weighted-average number of shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 284150650 | 199219379 | 90008459 |

---

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**AST SPACEMOBILE, INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)**

***(Dollars in thousands)***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net loss before allocation to noncontrolling interest | $(97653) | $(51941) | $(77124) |
| Other comprehensive income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 166 | 190 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income | 166 | 190 | 520 |
| Total comprehensive loss before allocation to noncontrolling interest | (97487) | (51751) | (76604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss attributable to noncontrolling interest | (23698) | (16486) | (44894) |
| Comprehensive loss attributable to common stockholders | $(73789) | $(35265) | $(31710) |

---

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**AST SPACEMOBILE, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

***(Dollars in thousands)***

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss before allocation to noncontrolling interest | $(461011) | $(526330) | $(222677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss before noncontrolling interest to cash <br>used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 51111 | 63340 | 54469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 2728 | 3734 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt commitment fee | 4033 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write off of unamortized debt issuance costs | - | 5483 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal/sale of property and equipment | 4605 | 2221 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Induced conversion expense on convertible notes | 99681 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on remeasurement of warrant liabilities | 68154 | 268627 | (8986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 47490 | 32039 | 13289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 1361 | 2959 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income | (564) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investment | 1205 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (36326) | 380 | (1780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (27622) | (13334) | 13862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (10945) | (1062) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 32251 | (6257) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 161516 | 41968 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (9184) | 89 | 1765 |
| Net cash used in operating activities | (71517) | (126143) | (148942) |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (1064741) | (174127) | (118807) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital advances to Ligado | (420000) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of spectrum intangibles | (56397) | - | - |
| Net cash used in investing activities | (1541138) | (174127) | (118807) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt | 2611523 | 145000 | 63500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (5120) | (48752) | (242) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for debt issuance costs | (11588) | (9435) | (9653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 1295894 | 551947 | 64639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for third party equity issuance costs | (24320) | (12151) | (872) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from warrant exercises | - | 153618 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of equity under employee stock plan | 11808 | 4941 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee taxes paid for stock-based compensation awards | (23018) | (5201) | (865) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of capped call transactions | (98578) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from capped call sales | 74522 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for debt commitment fee | (11000) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from share issuances to repurchase 2032 4.25% Convertible Notes | 1010887 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for repurchase of 2032 4.25% Convertible Notes | (1003522) | - | - |
| Net cash provided by financing activities | 3827488 | 779967 | 116732 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2407) | (260) | (142) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2212426 | 479437 | (151159) |
| Cash, cash equivalents and restricted cash beginning of period | 567534 | 88097 | 239256 |
| Cash, cash equivalents and restricted cash end of period | $2779960 | $567534 | $88097 |
| Supplemental disclosure of cash flow information: |  |  |  |
| Non-cash activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for operating lease liabilities | $7231 | $2238 | $6739 |
| Non-cash investing and financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment in accounts payable and accrued expenses | $56708 | $9309 | $18409 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest paid through issuance of PIK notes | 497 | 2959 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred asset acquisition costs paid by issuance of penny warrants | 121156 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Spectrum intangibles acquisition costs accrued or paid by issuance of shares | 67540 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;2034 Convertible Notes settled by issuance of Class A Common Stock | 139620 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of warrant liabilities by issuing shares | 101930 | 257337 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of equity investment in and loan receivable from SatCo by contributing exclusive distribution rights | 23497 | - | - |
| Cash paid during the fiscal year for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $7855 | $11988 | $3243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net | 6798 | 1669 | 492 |

---

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**AST SPACEMOBILE, INC.** 

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

***(Dollars in thousands)***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended December 31, 2025** | **For the Three Months Ended December 31, 2025** | **For the Three Months Ended December 31, 2025** |
|  | **GAAP Reported** | **Stock-Based Compensation Expense** | **Adjusted** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of items shown below) | $29413 | $(459) | 28954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineering services costs | 46164 | (10428) | 35736 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative costs | 26231 | (4265) | 21966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs | 9057 | - | 9057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 15717 | - | 15717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | $**126582** | $**(15152)** | $**111430** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation and amortization |  |  | (15717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted operating expenses** |  |  | $**95713** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** |
|  | **GAAP Reported** | **Stock-Based Compensation Expense** | **Adjusted** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of items shown below) | $5511 | $- | $5511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineering services costs | 40836 | (8047) | 32789 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative costs | 29822 | (5940) | 23882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs | 5530 | - | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12716 | - | 12716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | $**94415** | $**(13987)** | $**80428** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation and amortization |  |  | (12716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted operating expenses** |  |  | $**67712** |

---

Adjusted operating expenses, Adjusted cost of revenues, Adjusted engineering services costs, and Adjusted general and administrative costs 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 expense as Total operating expenses adjusted to exclude amounts of stock-based compensation expense 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 believe Adjusted operating expenses, Adjusted cost of revenues, Adjusted engineering services costs, and Adjusted general and administrative costs 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, and Adjusted general and administrative costs 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.

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## Exhibit 99.2

![Slide 1](asts-ex99_2s1.jpg)

BUSINESS UPDATE FOURTH QUARTER 2025 March 2, 2026 NASDAQ: ASTS

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![Slide 2](asts-ex99_2s2.jpg)

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 and Adjusted general and administrative costs. 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.

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![Slide 3](asts-ex99_2s3.jpg)

SPACE-BASED CELLULAR BROADBAND NETWORK BUILDING THE FIRST AND ONLY

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![Slide 4](asts-ex99_2s4.jpg)

KEY HIGHLIGHTS Reported revenue of $70.9 million for the full year 2025, driven by mobile network operator partners and the U.S. Government Continued orbital launch campaign with encapsulation of BlueBird 7 at Cape Canaveral in February and expected launch during March, with additional launches expected every one to two months on average to reach goal of 45 to 60 satellites in orbit by end of 2026 Successfully completed unfolding of BlueBird 6, the largest commercial communications array ever deployed in low Earth orbit, expected to greatly exceed 120 Mbps peak data speeds Robust balance sheet with over $3.9 billion in cash, cash equivalents, restricted cash and liquidity, pro forma for convertible notes offering and availability under the ATM facility (as of December 31, 2025) Secured over $1.2 billion in aggregate contracted revenue commitments from partners

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![Slide 5](asts-ex99_2s5.jpg)

Commercial gateway deliveries across five continents Service revenue across multiple contracts and use cases under development with the U.S. Government Product equipment revenue underpinned by delivery of 15 gateways across five continents Revenue expected to grow during 2026 ahead of commercial service activation, supported by backlog of mobile network operator partner revenue and U.S. Government contract milestones Reported revenue of $70.9 million for the full year 2025, driven by mobile network operator partners and the U.S. Government

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![Slide 6](asts-ex99_2s6.jpg)

Successfully completed unfolding of BlueBird 6, the largest commercial communications array antenna ever deployed in LEO, expected to greatly exceed 120 Mbps peak data speeds BlueBird 7, identical to BlueBird 6, is encapsulated within the New Glenn launch vehicle at Cape Canaveral awaiting orbital launch during March BlueBird 8 to BlueBird 29 are in various stages of production and expect to complete assembly of 40 satellites equivalent of microns by first half of 2026 Acquired fourth site in Midland, Texas for dedicated micron production, increasing total manufacturing square footage soon to be over 500,000 globally Continued orbital launch campaign with encapsulation of BlueBird 7 at Cape Canaveral in February and expected launch during March, with additional launches expected every one to two months on average to reach goal of 45 to 60 satellites in orbit by end of 2026 BlueBIRD 6 LAUNCHED DEC 2025 BLUEBIRD 6 UNFOLDED FEB 2026 BLUEBIRD 7 ENCAPSULATED FEB 2026

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![Slide 7](asts-ex99_2s7.jpg)

BlueBird 8 to BlueBird 29 are in various stages of production and expect to complete assembly of 40 satellites equivalent of microns by first half of 2026

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![Slide 8](asts-ex99_2s8.jpg)

Largest Commercial Communications Array Ever Deployed in Low Earth Orbit

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![Slide 9](asts-ex99_2s9.jpg)

Expanded commercial partnerships globally with Orange, Telefonica, CK Hutchison, Taiwan Mobile, Sunrise, and progressed initiatives with Vodafone Secured over $1.2 billion of aggregate contracted revenue commitments from commercial partners Potential coverage 50+ MNO partners with nearly 3 billion subscribers globally Awarded prime contract position on U.S. Missile Defense Agency SHIELD Program Awarded $30.0 million prime contract award by the Space Development Agency for HALO Europa Track 2 commercial program as demand for differentiated on-orbit capabilities and tactical use cases grows Received $175.0 million commercial prepayment from stc Group as part of 10-year, regional definitive commercial agreement Continued to grow partner ecosystem through multiple agreements as SpaceMobile network commercialization efforts advance ahead of scaled commercial and government activation

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![Slide 10](asts-ex99_2s10.jpg)

Note: Expected satellite(s) ready for shipment plans as of March 2, 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. Launch # 1 2 3 4 5 6 7 8 9 10 11 12 13 Microns For Phased Array Completed         Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Satellite(s) Ready to Ship   Apr 2026 May 2026 May 2025 Jun 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 Oct 2026 Nov 2026 Dec 2026 New stackable configuration Target Block 2 BlueBird Deployment Plan to Reach 45-60 Satellites in Orbit During 2025 and 2026

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![Slide 11](asts-ex99_2s11.jpg)

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 10,000-14,000 microns with the successful deployment of 45-60 satellites by year-end 2026 AST's differentiated satellite technology begins with its microns. Microns are the ~9 sq. ft. modular building blocks of the BlueBird satellites, comprised of many antennas roughly the size of small satellites in orbit today 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 commercial communications array ever deployed in low Earth orbit (LEO) Micron ~9 sq. ft. 200+ microns 650+ 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

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![Slide 12](asts-ex99_2s12.jpg)

1,150 MHz low and mid-band tunable MNO spectrum globally 45 MHz of MSS mid band spectrum access in North America 60 MHz of AST SpaceMobile-licensed S-band spectrum priority rights globally Allocated spectrum of 50+ MNO partners 80+ MHz of spectrum in the U.S. for satellite and terrestrial usage Comprehensive Global Spectrum Strategy with Shared MNO Frequencies and Controlled MSS Frequencies

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![Slide 13](asts-ex99_2s13.jpg)

$M Non-GAAP. See appendix for a reconciliation. Adjusted operating expenses is equal to total operating expense adjusted to exclude depreciation and amortization and stock based-compensation expense. Depreciation and amortization for the three months ended December 31, 2025 and September 30, 2025 was $15.7 million and $12.7 million, respectively. Stock-based compensation for the three months ended December 31, 2025 and September 30, 2025 consisted of $10.4 million and $8.0 million of engineering services costs, $4.3 million and $6.0 million of general and administrative costs, and $0.5 million and $0.0 million of cost of revenues, respectively. Adjusted operating expenses in Q3 and Q4 2025 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 were closer to $62.2 million during Q3 and $66.8 million during Q4, respectively. Gross property and equipment as of December 31, 2025, September 30, 2025 and December 31, 2024 was $1,572.5 million, $1,165.8 million, and $460.0 million, respectively. Accumulated depreciation and amortization as of December 31, 2025, September 30, 2025 and December 31, 2024 was $173.7 million, $158.0 million, and $122.4 million, respectively. Cash Position as of December 31, 2025 and September 30, 2025 includes $444.3 million and $15.8 million of restricted cash, respectively. Over $3.2 billion in cash, cash equivalents, restricted cash and liquidity, pro forma for convertible notes offering, monetized capped call, and aggregate proceeds and availability under the ATM facility (as of September 30, 2025). Over $3.9 billion in cash, cash equivalents, restricted cash and liquidity, pro forma for convertible notes offering and availability under the ATM facility (as of December 31, 2025). Adj. Operating Expenses1 Capital Expenditures3 Liquidity4 5 $M $B $62.22 $66.82 $5.5 6 OPERATING AND CAPITAL METRICS

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![Slide 14](asts-ex99_2s14.jpg)

RECONCILIATION TO NON-GAAP MEASURES Adj. operating expenses - 3 months ended Stock-based compensation for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 consisted of $10.4 million, $8.0 million, and $8.3 million of engineering services costs, $4.3 million, $6.0 million, and $3.1 million of general and administrative costs, and $0.5 million, $0 million, and $0 million of cost of revenues, respectively. Stock-based compensation for the twelve months ended December 31, 2025 and 2024, respectively, consisted of $25.8 million and $15.4 million of engineering services costs, $21.2 million and $16.6 million of general and administrative costs, and $0.5 million and $0.0 million of cost of revenues, respectively. ($ in thousands) Dec 31, '25 Sep 30, '25 Dec 31, '24 Cost of revenues (exclusive of items shown below) 29,413 5,511 - Engineering services costs 46,164 40,836 30,945 General and administrative costs 26,231 29,822 15,889 Research and development costs 9,057 5,530 5,348 Depreciation and amortization 15,717 12,716 8,460 Total operating expenses 126,582 94,415 60,642 Less: Depreciation and amortization (15,717) (12,716) (8,460) Less: Stock-based compensation expense 1 (15,152) (13,987) (11,422) Total adj. operating expenses 95,713 67,712 40,760 ($ in thousands) Dec 31, '25 Dec 31, '24 Cost of revenues (exclusive of items shown below) 35,216 - Engineering services costs 142,510 93,491 General and administrative costs 101,679 61,566 Research and development costs 28,115 28,783 Depreciation and amortization 51,111 63,340 Total operating expenses 358,631 247,180 Less: Depreciation and amortization (51,111) (63,340) Less: Stock-based compensation expense 2 (47,490) (32,039) Total adj. operating expenses 260,030 151,801 Adj. operating expenses - 12 months ended

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![Slide 15](asts-ex99_2s15.jpg)