Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 2/6 · 22/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Patents, manufacturing control, demonstrated connectivity and acquired spectrum priority rights provide potential barriers. The catalog does not establish their economic superiority over alternatives or a durable operating advantage.
durability · — · Patent expirations beginning in 2039 and multiyear agreements provide legal duration, but commercial protection has not been established through operating results. Technology substitution and conditional spectrum access remain unresolved.
customer dependency · — · Gateway purchases and integration demonstrate engagement, but noncommercial beta preparations and absent SpaceMobile Service revenue prevent establishing dependence on a working commercial service.
erosion resilience · — · The passages disclose potential technological erosion, but no sustained commercial record through competitive pressure. Neither resilience nor realized competitive defeat is established.
Pouvoir de fixation des prix—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Reported gateway and government revenue confirms transactions, but supplies no comparable unit prices, concessions or price changes. Prepayments and backlog establish commitments rather than observed pricing strength or weakness.
retention · 2/4 · Repeat gateway sales to SatCo in 2025 and first-half 2026, long-term agreements and received prepayments provide indirect evidence of continuing demand and engagement. Related-party sales and prospective service commitments do not establish subscriber retention or exercised renewals.
margin resilience · — · Product and service revenues and costs are disclosed, but the early delivery mix and absence of SpaceMobile Service revenue do not establish ability to preserve economics through pricing or input-cost pressure. Forecast cost reductions are conditional.
contractual freedom · 1/4 · Disclosed terms constrain unilateral flexibility: AT&T compensation depends on partner-billed revenue, Vodafone has mutual exclusivity and preferential terms, and government work uses fixed-price milestones. The catalog establishes restricted freedom without disclosing a general repricing right.
Prévisibilité—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Solidité financière50
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 100.00
- interestCoverageGrade
- 0.00
- currentRatioGrade
- 100.00
- Interest coverage (x)
- -9.05
- Current ratio (x)
- 16.35
Allocation du capital—
Missing required inputs: dilution, sbcRevenue. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- -89.52
- cashConversionGrade
- 0.00
Qualité du management44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Customer advances, substantial cash and adjustable procurement commitments support funding discipline. First-half operating cash use of $145.2 million and investing outflows of $979.7 million required $1,068.3 million of financing; debt and Class A shares increased, and BB7 incurred a $125.9 million write-off net of recoveries. Capital deployment has produced assets and technical progress, but economic returns remain unproven.
incentive alignment · 2/4 · Avellan's disclosed economic interests and earned equity awards with continued-service conditions provide actual alignment evidence. Eliminating a cash-flow goal and subsequently awarding maximum achievement under modified PSUs weaken confidence in fixed performance accountability. Voting control is assessed separately from economic ownership.
execution · 2/4 · Demonstrated smartphone speeds, FCC authorization, constellation expansion, revenue and contracted backlog show delivery. Missed construction and orbit goals, the BB7 write-off and continued noncommercial beta preparations show material limitations. This is a mixed assessment from direct achievements and disclosed setbacks, without inferring full-scale commercial reliability.
governance · 1/4 · Approximately 72% voting control as of February 26, 2026 and the elected absence of a majority-independent board weaken minority oversight. Independent compensation and nomination processes and audited effective financial controls provide meaningful mitigants.
Preuves
As of June 30, 2026, the Company has approximately 3,900 patent and patent pending claims worldwide, of which approximately 2,100 have been officially granted or allowed.
Business description: patent and patent-pending claims as of June 30, 2026 · Dépôt 10/08/2026
Our patents have various terms expiring starting 2039.
MD&A overview: patent expiration terms · Dépôt 10/08/2026
We own the IP and control the manufacturing process, either internally at our AIT facilities or with contract manufacturers, for approximately 95% of the sub-systems used in our Block 2 BB satellites.
Business: subsystem intellectual property and manufacturing control · Dépôt 02/03/2026
In cases where we have invested or co-invested with our suppliers in the design and development of satellite components and subsystems but do not own the IP design and in cases where we select suppliers to manufacture our own custom designed components and subsystems, we generally have contractual restrictions on the suppliers prohibiting the use of these design, development, and manufacturing processes for certain number of years to supply the same or similar satellite components and subsystems to any other third parties.
Business: contractual restrictions on supplier reuse · Dépôt 02/03/2026
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
May 2026 business update: demonstrated smartphone peak data speed · Dépôt 11/05/2026
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
May 2026 business update: FCC commercial service authorization · Dépôt 11/05/2026
To date, the Company has not recognized any revenues from the SpaceMobile Service.
Revenue recognition note: absence of SpaceMobile Service revenue · Dépôt 10/08/2026
Orbital launch of BlueBird 8-13 marks six spacecraft launched within 50 days, increasing network to 13 in-orbit spacecraft, with combined aperture hardware of approximately 20,000 sq ft Beta service initiative to offer scaled non-commercial usage with strategic MNO partners in select markets globally Continued progress towards beta service in 2026 with initial 3,000 digital cells activated across the Continental United States from seven gateways Preparation for space-based cellular broadband beta service in 2026 as AST SpaceMobile network infrastructure continues to scale BlueBirds 14, 15, and 16 are ready to ship shortly, with BlueBird 17 through BlueBird 46 in various stages of production and assembly NEARLY 50 gateways in various stages of completion, installation, and planning ahead of service ahead of service = Gateway rollout
August 2026 presentation: constellation progress and planned noncommercial beta usage · Dépôt 10/08/2026
third parties may independently develop technologies that are the same or similar to ours;
Intellectual property risk factors: independent development by third parties · Dépôt 02/03/2026
Particular technological developments that could adversely affect the business plan may include the deployment by our competitors of new satellites with greater power, flexibility, efficiency or capabilities than ours, as well as continuing improvements in terrestrial wireless technologies.
Technology risk factors: competing satellite capabilities and terrestrial improvements · Dépôt 02/03/2026
The Vodafone Commercial Agreement includes mutual exclusivity, conditioned upon AST meeting certain service commitments and applicable regulatory or governmental approvals for the services, within certain Vodafone home markets for five years; preferential commercial terms in Vodafone partner markets; a revenue share for the SpaceMobile Service; and the procurement, building and operating of mobile network ground stations at a mutually agreed cost by Vodafone.
Vodafone relationship: conditional mutual exclusivity and commercial terms · Dépôt 03/03/2025
On October 29, 2025, we entered into a ten-year commercial agreement with Saudi Telecom Company (“STC”) to enable direct-to-device satellite mobile connectivity across Saudi Arabia and key regional markets.
Business: ten-year STC commercial agreement · Dépôt 02/03/2026
As of December 31, 2025, we have received the prepayment from STC net of applicable withholding taxes.
Commercial prepayments: received STC prepayment · Dépôt 02/03/2026
In addition, the Company recognized revenue of $2.1 million from gateway equipment sales to SatCo for the year ended December 31, 2025 and eliminated the intra-entity profit on such sale through an increase in loss from equity method investment and the carrying value of the equity method investment.
Vodafone joint venture note: 2025 gateway equipment sales to SatCo · Dépôt 02/03/2026
In addition, the Company recognized related party revenue of $1.9 million and $9.8 million from gateway equipment sales to SatCo for the three and six months ended June 30, 2026, respectively, and eliminated the intra-entity profit on such sale through an increase in loss from the equity method investment.
Joint venture note: first-half 2026 related-party gateway sales to SatCo · Dépôt 10/08/2026
The AT&T Commercial Agreement expires on December 31, 2030, subject to auto-renewal for successive two-year periods unless either party terminates in accordance with the terms of the AT&T Commercial Agreement.
AT&T commercial agreement: duration and automatic renewal terms · Dépôt 03/03/2025
MNOs expected to enable space-based cellular broadband connectivity to every American Partner-first strategy positions AST SpaceMobile as the direct-to-device partner of choice for mobile network operators Potential coverage Over 60 MNO partners with over 3 billion subscribers globally Network integration and testing activities now underway across European countries with Vodafone, Orange, Telefónica, Vodafone Ukraine, and Deutsche Telekom as well as in other key markets including Canada, Japan, and Saudi Arabia, subject to final regulatory approvals
August 2026 presentation: potential partner coverage and ongoing network integration · Dépôt 10/08/2026
We will rely on MNOs and require regulatory approvals to access the spectrum we need to provide SCS service.
Risk factors: reliance on MNOs and regulatory approvals for spectrum access · Dépôt 02/03/2026
AT&T will pay to AST LLC a percentage of the gross monthly revenue AT&T bills to its end users for the services enabled by the satellite services.
AT&T commercial agreement: percentage of partner-billed monthly revenue · Dépôt 03/03/2025
These contracts typically contain a single performance obligation and include a series of fixed-price milestones for which the Company has the right to invoice upon completion and customer acceptance.
Revenue recognition note: fixed-price government contract milestones · Dépôt 10/08/2026
As of June 30, 2026 and December 31, 2025, $266.9 million and $227.0 million, respectively, of current and non-current contract liabilities were recorded for advance consideration received from customers for which the associated performance obligations were not yet satisfied.
Revenue recognition note: customer advance consideration and unsatisfied obligations · Dépôt 10/08/2026
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands, except share data) As of June 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 2,288,253 $ 2,335,683 Restricted cash 6,181 877 Accounts receivable, net (includes related party accounts receivable of $4,370 and $2,091 at June 30, 2026 and December 31, 2025, respectively) 79,297 37,726 Inventory 28,417 12,007 Prepaid expenses 16,729 11,955 Other current assets 74,743 60,264 Total current assets 2,493,620 2,458,512 Non-current assets: Restricted cash 428,400 443,400 Property and equipment, net 2,069,336 1,398,761 Intangible assets, net 298,724 245,093 Operating lease right-of-use assets, net 21,224 19,420 Other non-current assets (includes related party loan receivable of $18,785 and $18,187 at June 30, 2026 and December 31, 2025, respectively) 543,581 449,201 TOTAL ASSETS $ 5,854,885 $ 5,014,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 60,615 $ 46,763 Accrued expenses and other current liabilities 103,340 69,246 Current contract liabilities 14,840 19,887 Current operating lease liabilities 3,749 2,449 Current portion of long-term debt 8,494 11,999 Total current liabilities 191,038 150,344 Non-current liabilities: Warrant liabilities - 7,471 Non-current operating lease liabilities 18,066 17,479 Non-current contract liabilities 252,093 207,093 Long-term debt, net 2,963,422 2,207,583 Other non-current liabilities 32,688 32,092 Total liabilities 3,457,307 2,622,062 Commitments and contingencies (Note 8) Stockholders' Equity: Class A Common Stock, $0.0001 par value; 800,000,000 shares authorized; 299,731,073 and 285,449,911 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.
June 2026 balance sheet: cash, debt and Class A share count · Dépôt 10/08/2026
Amortization of debt issuance costs
4,235
721
Amortization of debt commitment fee
4,400
Loss on disposal of property and equipment
2,051
Induced conversion expense on convertible notes
88,654
Stock-based compensation
118,820
18,351
Non-cash interest expense
1,294
497
Non-cash interest income
(648
Loss from equity method investment
6,862
Changes in operating assets and liabilities:
(41,571
1,225
Prepaid expenses and other current assets
(8,598
(2,939
(16,410
(268
Accounts payable and accrued expenses
45,552
20,675
Contract liabilities
39,952
1,086
Other assets and liabilities
(5,669
(2,757
Net cash used in operating activities
(145,212
(72,024
Cash flows from investing activities:
Purchase of property and equipment
(859,215
(430,622
Capital advances to Ligado
(100,000
Purchase of spectrum intangibles
(42,103
Insurance proceeds received from BB7 launch
21,595
Net cash used in investing activities
(979,723
(430,622
Cash flows from financing activities:
Proceeds from debt
1,060,608
473,498
Repayments of debt
(20,178
(926
Payment for debt issuance costs
(3,070
(6,516
Proceeds from issuance of common stock
85,723
462,776
Payments for third party equity issuance costs
(458
(9,843
Issuance of equity under employee stock plan
4,418
7,193
Employee taxes paid for stock-based compensation awards
(62,025
(6,027
Purchase of capped call transactions
(44,528
Proceeds from share issuances to repurchase 2032 4.25% Convertible Notes
180,537
Payments for repurchase of 2032 4.25% Convertible Notes
(180,537
Proceeds from share issuances to repurchase 2032 2.375% Convertible Notes
433,739
Payments for repurchase of 2032 2.375% Convertible Notes
(430,424
Net cash provided by financing activities
1,068,333
875,627
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(524
(1,115
Net (decrease) increase in cash, cash equivalents and restricted cash
(57,126
371,866
Cash, cash equivalents and restricted cash, beginning of period
2,779,960
567,534
Cash, cash equivalents and restricted cash, end of period
2,722,834
939,400
Supplemental disclosure of cash flow information:
Non-cash activities:
Right-of-use assets obtained in exchange for operating lease liabilities
2,786
1,505
Non-cash investing and financing activities:
First-half 2026 cash flow statement: operating, investing and financing cash flows · Dépôt 10/08/2026
Loss on involuntary conversion of $125.9 million for the six months ended June 30, 2026 consisted of the loss recognized for the asset write-off of the BB7 satellite, net of related insurance recoveries.
MD&A: BB7 asset write-off net of insurance recoveries · Dépôt 10/08/2026
We have various rights to adjust the quantity of satellite components on the purchase orders and/or change the delivery timelines in accordance with our ongoing business plan.
Commitments: rights to adjust satellite component quantities and delivery timelines · Dépôt 10/08/2026
As of June 30, 2026, we had contractual commitments with third parties in the aggregate amount of approximately $775.0 - $795.0 million primarily related to R&D programs, operational services, capital improvements and procurement of BB satellite components needed, in accordance with our production plan, for the assembly, integration and testing necessary to complete the planned constellation of over 90 BB satellites, gateway equipment, and other projects.
Commitments: aggregate third-party contractual commitments · Dépôt 10/08/2026
Mr. Avellan owns economic interests in AST LLC which are redeemable into either shares of Class A Common Stock on a one-for-one basis or cash at the option of the Company.
Equity note: Avellan's actual economic interests in AST LLC · Dépôt 10/08/2026
Specifically, the Compensation Committee approved: ● Elimination of the Company performance goal number 3: Cash flow milestones during a performance measurement period ended August 15, 2025.
Executive compensation: elimination of cash-flow performance goal · Dépôt 28/04/2026
Close and finance certain strategic agreement Achieved 100% Accordingly, the Compensation Committee determined that the modified 2024 PSUs had been earned as follows, and would vest 33% per year on each of the first, second and third anniversary of August 15, 2024 subject to continued service through the vesting date: Executive Target PSUs Percent Achievement PSUs Earned Scott Wisniewski 75,000 125.00% 93,750 Andrew Johnson 75,000 125.00% 93,750 The Compensation Committee will determine the Individual performance achievement with respect to the modified 2024 PSUs for Mr.
Executive compensation: modified PSU achievement and continued-service vesting · Dépôt 28/04/2026
Number of satellites in orbit By end of February 2026 Not achieved 0% 3.
Executive compensation performance assessment: satellite orbit goal not achieved · Dépôt 28/04/2026
Number of satellites built Fiscal 2025 Not achieved 0% 8.
Executive compensation performance assessment: satellite construction goal not achieved · Dépôt 28/04/2026
As of February 26, 2026, Mr. Avellan and his permitted transferees controlled approximately 72.0% of the combined voting power of our Common Stock as a result of their ownership of all of our Class C Common Stock.
Organizational structure: voting control as of February 26, 2026 · Dépôt 02/03/2026
We have elected not to have a majority of independent directors on our Board.
Corporate governance: election against a majority-independent board · Dépôt 28/04/2026
However, as a matter of good corporate governance, the Board has voluntarily chosen to have a Compensation Committee that is composed entirely of independent directors and to have director nominees be selected or recommended to our Board by independent directors.
Corporate governance: independent compensation committee and nomination process · Dépôt 28/04/2026
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Independent auditor report: effective internal control over financial reporting · Dépôt 02/03/2026
Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government
August 2026 business update: aggregate contracted commercial and government backlog · Dépôt 10/08/2026
(Dollars in thousands, except share and per share data)
For the Three Months ended
June 30,
For the Six Months ended
June 30,
2026
2025
2026
2025
Revenues:
Products revenues (includes related party revenues of $1,918 and $0 for the three months ended June 30, 2026 and June 30, 2025, respectively, and $9,770 and $0 for the six months ended June 30, 2026 and June 30, 2025, respectively)
$
24,428
$
50
$
37,834
$
425
Services revenues
7,092
1,106
8,421
1,449
Total revenues
31,520
1,156
46,255
1,874
Operating expenses:
Cost of revenues (exclusive of items shown separately below)
Cost of revenues - products (includes related party cost of revenues of $1,741 and $0 for the three months ended June 30, 2026 and 2025, respectively, and $6,611 and $0 for the six months ended June 30, 2026 and June 30, 2025, respectively)
22,402
-
33,465
-
Cost of revenues - services
1,165
-
1,751
-
Engineering services costs
87,286
28,598
171,384
55,802
General and administrative costs
63,901
27,242
107,558
45,626
Research and development costs
7,768
6,393
14,896
13,528
Depreciation and amortization
20,664
11,720
38,279
22,678
Loss on involuntary conversion
125,911
-
125,911
-
Total operating expenses
329,097
73,953
8,421
1,449
Total revenues
31,520
1,156
46,255
1,874
Operating expenses:
Cost of revenues (exclusive of items shown separately below)
Cost of revenues - products (includes related party cost of revenues of $1,741 and $0 for the three months ended June 30, 2026 and 2025, respectively, and $6,611 and $0 for the six months ended June 30, 2026 and June 30, 2025, respectively)
22,402
-
33,465
-
Cost of revenues - services
1,165
-
1,751
-
Engineering services costs
87,286
28,598
171,384
55,802
General and administrative costs
63,901
27,242
107,558
45,626
Research and development costs
7,768
6,393
14,896
13,528
Depreciation and amortization
20,664
11,720
June 2026 operating statement: product and service revenues and costs · Dépôt 10/08/2026
The estimated average capital cost per Block 2 BB satellite excludes cost of certain initial satellites used to validate satellite performance and operations and is based on securing future launch contracts with more favorable terms, diversifying our supply chain to include cost-effective and low-cost suppliers, cost reductions due to the benefits of economies of scale, continuous process improvements, and other factors.
MD&A: assumptions underlying future average satellite capital costs · Dépôt 10/08/2026
Subject to the completion of certain conditions, including regulatory approval, as a result of the transaction with Ligado, we expect our network will be enhanced by our long-term access to up to 45 MHz of the lower mid-band satellite spectrum in the United States (“U.S.”) and Canada through our usage agreements.
MD&A overview: Ligado spectrum access remains subject to conditions and approval · Dépôt 10/08/2026
In addition, on September 25, 2025, we completed the acquisition of an entity that holds certain S-Band International Telecommunication Union (“ITU”) priority rights to Mobile Satellite Services frequencies in the range of 1980-2010 MHz and 2170-2200 MHz, for use in LEO.
MD&A overview: completed acquisition of S-band ITU priority rights · Dépôt 10/08/2026
