AST SpaceMobile : Q1 2025 Earnings Presentation

Published: 2025-05-15 12:17:07 ET ASTS

Published on 05/15/2025 at 12:17

Transforming how the world connects

NASDAQ: ASTS

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Block 1 satellites

693 square feet size 10x BW3 Capacity

Block 2 satellites

2,400 square feet size

100x BW3 Capacity

New contract awards

Contracted launch for over 60 satellites

STA approval for mission-critical

capabilities

Completed video calls in U.S.,

Europe, and Japan

Established

Coordination Agreement

Announced multi-provider satellite orbital launch plan with five contracted launches over the next six to nine months

Advanced SpaceMobile network commercialization efforts,

with expected second half 2025 revenue opportunity of

$50 million to $75 million

Activation of two-way video broadband calls with AT&T, Rakuten Mobile, Verizon, Vodafone using unmodified smartphones on the SpaceMobile network enabled by a Block 1 BlueBird satellite in orbit today

Continued to make strong progress on regulatory approvals and

spectrum-related topics with partners and key industry groups

Robust balance sheet with $874.5 million in cash, cash equivalents, and restricted cash of as March 31, 2025, with continued access to diverse capital markets

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SOLAR PANEL ASSEMBLY

Announced multi-provider satellite orbital launch plan

with five contracted launches over the next six to nine months

Anticipate orbital launches every one to two months on average during 2025 and 2026

On track with satellite manufacturing of 40 Block 2 BlueBird satellites and the procurement of components and materials needed to complete fully assembled microns and phased arrays for over 50 satellites in total

Satellite manufacturing expected to reach a cadence of six satellites per month during 2025, with phased array equivalent cadence reaching the target during Q3 2025

Manufacturing cadence and orbital launch schedules support continuous cellular broadband coverage goals in key markets such as the U.S., Europe, Japan, the U.S. Government and other strategic markets during 2026

PHASED ARRAY ASSEMBLY

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Company plans to activate initial cellular broadband capabilities across the United States, Europe and Japan with AT&T, Rakuten, Verizon, and Vodafone using premium low-band wireless spectrum

Ramping up activities under the previously announced $43 million U.S. Space Development Agency contract and signed a new contract with the Defense Innovation Unit (DIU) for up to $20 million in revenue, via a prime contractor, for SpaceMobile capabilities with multiple U.S. Government agencies in support of government communications over land, sea, and air

Gateway equipment bookings of $13.6 million in Q1 2025, with expected gateway equipment bookings of approximately $10 million on average, per quarter during 2025, as precursor to the rollout of SpaceMobile service

DEPLOYMENT OF GLOBAL NETWORK INFRASTRUCTURE

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Two-way broadband video calls using unmodified smartphones

enabled by a Block 1 BlueBird satellite over U.S., Europe, and Japan

Currently conducting in-country activations across voice, text,

data, video calling and other native cellular capabilities

ACTIVATION OF TWO-WAY BROADBAND VIDEO CALL CAPABILITIES WITH AT&T, VERIZON, VODAFONE, AND RAKUTEN

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Received Special Temporary Approval (STA) from the FCC for FirstNet evaluation on public safety's Band 14 spectrum, supporting mission-critical capabilities with direct-to-device cellular broadband connectivity

Established coordination agreement

SENATOR CRUZ AND FCC CHAIRMAN CARR VISIT AST SPACEMOBILE FACILITIES IN MIDLAND, TX

with the U.S. National Science Foundation covering satellite and

ground-based astronomy operations

Well positioned to complete full regulatory authorizations for commercial service in the U.S. and Europe

Signed definitive agreements for long-term access to up to 45 Mhz of premium lower mid-band spectrum in the U.S. for direct-to-device applications

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Adj. Operating Expenses 1

Capital Expenditures 2

$124.1

Liquidity 3

$874.5

$86.0

$567.5

$44.9

$14.5

$12.8

$5.4

$7.2

$22.6

$23.2

$40.8

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 March 31, 2025 and December 31, 2024 was $11.0 million and $8.5 million, respectively. Stock-based compensation for the three months ended March 31, 2025 and December 31, 2024 consisted of $4.0 million and

$8.3 million of engineering services costs and $3.8 million and $3.1 million of general and administrative costs, respectively.

Gross property and equipment as of March 31, 2025, December 31, 2024 and March 31, 2024 was $584.1 million, $460.0 million, $326.4 million, respectively. Accumulated depreciation and amortization as of March 31, 2025, December 31, 2024 and March 31, 2024 was $133.3 million, $122.4 million, and $81.1 million, respectively.

Cash Position as of March 31, 2025 and December 31, 2024 includes

$0.7 million and $2.5 million of restricted cash, respectively.

Q4 2024 Q1 2025

Adj. Engineering services costs Research and development costs

Q4 2024 Q1 2025

As of 12/31/2024 As of 3/31/2025

Cash position

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Adj. operating expenses - 3 months ended

($ in thousands)

Mar 31, '25

Dec 31, '24

Mar 31, '24

Engineering services costs

27,204

30,945

19,511

General and administrative costs

18,384

15,889

12,287

Research and development costs

7,135

5,348

4,257

Depreciation and amortization

10,958

8,460

19,945

Total operating expenses

63,681

60,642

56,000

Less: Depreciation and amortization

(10,958)

(8,460)

(19,945)

Less: Stock-based compensation expense

(7,826)

(11,422)

(4,933)

Total adj. operating expenses 44,897 40,760 31,122

1. Stock-based compensation for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024 consisted of $4.0 million, $8.3 million, and $1.6 million of engineering services costs and $3.8 million, $3.1 million, and $3.3 million of general and administrative costs, respectively.

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Disclaimer

AST Spacemobile Inc. published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 16:16 UTC.