AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 2/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Patents, working connectivity and conditional exclusive agreements provide credible foundations, but the passages cannot establish an economic advantage over competitors. The uncertain verdict requires ungraded moat criteria.
durability · — · Patent expirations starting in 2039 and a conditional long-term distribution agreement establish legal horizons, but not sustained commercial protection.
customer dependency · — · Customer advances and gateway integration demonstrate commitment; they do not establish dependence on a revenue-generating service or material costs of replacing AST.
erosion resilience · — · No operating history establishes resilience against competing technology, customer substitution or regulatory disruption. Disclosed technological risks are possibilities, not realized competitive losses.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Government milestone contracts establish paid activity, but disclose no pricing outcomes or comparable unit prices. Intended revenue sharing and equipment revenue do not establish realized pricing power.
retention · 2/4 · Repeat gateway sales to SatCo in 2025 and 2026, a long-term Vodafone agreement and increased aggregate customer advances provide mixed indirect evidence of sustained commercial commitment. Related-party purchases and unfulfilled service obligations limit the inference; no service retention rate is established.
margin resilience · — · The passages do not establish comparable operating margins or the ability to preserve economics through pricing under cost pressure. SatCo losses do not isolate AST's service pricing economics.
contractual freedom · 1/4 · Freedom to change terms is constrained: government work uses fixed-price milestones, while the Vodafone agreement includes mutual exclusivity, revenue sharing and preferential commercial terms. The passages do not establish unilateral repricing rights; the constraints are disclosed contractual terms rather than hypothetical risks.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength50
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
Capital allocation—
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
Management44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Large cash resources, completed capacity investment and adjustable procurement and launch commitments support a mixed assessment. Debt and outstanding Class A shares increased, third-party commitments reached $775–795 million, and a $46.5 million principal repurchase cost approximately $180.5 million funded by equity. These are actual allocation and dilution decisions; returns on constellation investment remain unproven.
incentive alignment · 2/4 · Disclosed CEO economic interests and executive equity compensation create financial exposure to outcomes. However, removal of a cash-flow goal and 125% achievement determinations under modified PSU awards weaken confidence in fixed performance accountability. The disclosed awards and determinations are actual; future service vesting is not assumed.
execution · 2/4 · Connectivity demonstrations, completed capacity investments and $70.9 million of 2025 revenue demonstrate progress. Satellite orbit and production goals were not achieved, revenue fell short of the $75 million target, and production capacity must be distinguished from the targeted run rate. Commercial service execution remains unproven.
governance · 1/4 · Approximately 72% voting control at February 26, 2026 and the proxy's disclosed absence of an independent board majority materially limit minority accountability. Independent compensation and nomination arrangements and effective audited internal controls provide meaningful safeguards, but do not remove concentrated control.
Evidence
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.
Notes / intellectual property portfolio at June 30, 2026 · Filed 10/08/2026
Our patents have various terms expiring starting 2039.
MD&A / patent expiration terms · Filed 10/08/2026
Using the BW3 test satellite, the Company successfully completed two-way 5G voice calls directly to standard unmodified smartphones, achieved repeated successful download speeds of above 21 megabits per second (“Mbps”) to standard unmodified smartphones and spectral efficiency of approximately 3 bits per second per hertz.
Business / demonstrated BW3 smartphone connectivity · Filed 02/03/2026
In April 2025, together with Rakuten Mobile, Inc., we successfully conducted a two-way broadband video call in front of a live audience using unmodified smartphones on the SpaceMobile network enabled by a Block 1 BB satellite in orbit today.
MD&A / live broadband video call demonstration · Filed 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 / completed S-Band priority rights acquisition · Filed 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 / conditional Ligado spectrum access · Filed 10/08/2026
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.
Risk factors / competing satellite and terrestrial technology · Filed 02/03/2026
For us to keep pace with technological changes and remain competitive, we may need to make significant capital expenditures, including capital to design and launch new products and services.
Risk factors / investment required to remain competitive · Filed 02/03/2026
To date, the Company has not recognized any revenues from the SpaceMobile Service.
Revenue recognition / no SpaceMobile Service revenue to date · Filed 10/08/2026
To date, we have entered into definitive commercial agreements with AT&T, Verizon, STC and Vodafone and approximately 50 preliminary agreements and understandings with other MNOs.
Business / definitive and preliminary MNO agreements · Filed 02/03/2026
On December 9, 2024, AST LLC and Vodafone entered into a definitive long-term commercial agreement through 2034, subject to certain termination rights, which establishes the framework for Vodafone to offer space-based cellular broadband connectivity in its home markets, as well as to other operators via its Partner Markets program (the “Vodafone Commercial Agreement”).
Commercial relationships / Vodafone agreement term and termination rights · Filed 03/03/2025
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.
Commercial relationships / conditional exclusivity and commercial terms · Filed 03/03/2025
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 / customer advance consideration · Filed 10/08/2026
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.
Vodafone joint venture / 2026 related-party gateway sales · Filed 10/08/2026
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 / 2025 gateway sales · Filed 02/03/2026
16. Vodafone Joint Venture On July 7, 2025, the Company and Vodafone entered into an agreement to create SatCo, a jointly-owned European satellite service business headquartered in Luxembourg, to exclusively distribute the Company’s broadband satellite services to MNOs in European markets.
Vodafone joint venture / exclusive European distribution · Filed 02/03/2026
We will need to execute definitive commercial agreements with those MNOs that will supersede the preliminary agreements and understandings before we can offer our SpaceMobile Service in jurisdictions where they operate.
Business / preliminary agreements require definitive contracts · Filed 02/03/2026
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 / fixed-price government milestones · Filed 10/08/2026
We intend to seek to use a revenue-sharing business model for the SpaceMobile Service in our agreements with MNOs.
MD&A / intended revenue-sharing model · Filed 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.
Condensed balance sheets / cash, debt, investment and outstanding shares · Filed 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.
Liquidity / third-party contractual commitments · Filed 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.
Liquidity / procurement adjustment rights · Filed 10/08/2026
We have contractual rights to cancel these launches or terminate the related agreements at any time by paying a termination fee, and in certain cases without incurring a termination fee, and any excess payments made to the launch providers for these launches will be refunded to us.
Liquidity / launch cancellation and refund rights · Filed 10/08/2026
On February 20, 2026 and February 23, 2026, the Company completed an additional repurchase of approximately $46.5 million of the outstanding principal amount of the 2032 4.25% Convertible Notes in separate, privately negotiated repurchase transactions with a limited number of note holders for an aggregate repurchase price of approximately $180.5 million.
Debt / completed February 2026 note repurchases · Filed 10/08/2026
The repurchase was funded with the net proceeds from a registered direct offering of 1,862,741 shares of the Company’s Class A Common Stock to the same note holders participating in the note repurchase.
Debt / equity financing of note repurchases · Filed 10/08/2026
Mr. Avellan owns economic interests in AST LLC which are redeemable into either shares of Class A Common Stock on a one-for-one basis or cash at the option of the Company.
Stockholders' equity / CEO economic interests in AST LLC · Filed 10/08/2026
Specifically, the Compensation Committee approved: ● Elimination of the Company performance goal number 3: Cash flow milestones during a performance measurement period ended August 15, 2025.
Executive compensation / removal of cash-flow performance goal · Filed 28/04/2026
Close and finance certain strategic agreement Achieved 100% Accordingly, the Compensation Committee determined that the modified 2024 PSUs had been earned as follows, and would vest 33% per year on each of the first, second and third anniversary of August 15, 2024 subject to continued service through the vesting date: Executive Target PSUs Percent Achievement PSUs Earned Scott Wisniewski 75,000 125.00% 93,750 Andrew Johnson 75,000 125.00% 93,750 The Compensation Committee will determine the Individual performance achievement with respect to the modified 2024 PSUs for Mr.
Executive compensation / modified PSU achievement and service vesting · Filed 28/04/2026
Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($)(1) Non-Equity Incentive Plan Compensation ($)(2) All Other Compensation ($) Total ($) Abel Avellan(3) 2025 - - 14,222,500 (4) - - 14,222,500 Chairman of the Board and Chief Executive Officer 2024 - - - - - - 2023 - - - - - - Andrew Johnson 2025 250,000 - 8,841,500 (5) (6) 475,000 64,938 (8) 9,631,438 Executive Vice President, Chief Financial Officer, and Chief Legal Officer 2024 163,826 125,000 2,531,250 - 184 2,820,260 Scott Wisniewski 2025 250,000 - 8,841,500 (5) (6) 475,000 150 9,566,650 President, Chief Strategy Officer 2024 250,000 - 2,336,750 - 120 2,586,870 Shanti Gupta 2025 250,000 - 8,841,500 (5) (6) 475,000 225 9,566,725 Executive Vice President, Chief Operating Officer 2024 250,000 400,000 2,671,750 - 180 3,321,930 Dr.
Summary compensation table / actual 2025 executive compensation awards · Filed 28/04/2026
Number of satellites in orbit By end of February 2026 Not achieved 0% 3.
Executive performance assessment / satellite orbit goal not achieved · Filed 28/04/2026
Number of satellites built Fiscal 2025 Not achieved 0% 8.
Executive performance assessment / satellite production goal not achieved · Filed 28/04/2026
Our actual revenue during this period was $70.9 million, and the Compensation Committee approved payouts at 95% of target.
Executive performance assessment / actual revenue against target · Filed 28/04/2026
We have completed our planned investments to increase the capacity to assemble, integrate, and test up to six Block 2 BB satellites per month.
MD&A / completed investment in assembly and testing capacity · Filed 10/08/2026
As the planned capacity has been achieved, we continue to accelerate our manufacturing, assembly, integration and testing to reach the production run rate of up to six Block 2 BB satellites per month to meet our planned launches in 2026 and 2027.
MD&A / production run rate remains a target · Filed 10/08/2026
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 at February 26, 2026 · Filed 02/03/2026
We have elected not to have a majority of independent directors on our Board.
Corporate governance / absence of independent board majority · Filed 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 and nomination arrangements · Filed 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.
Auditor report / effective internal control at December 31, 2025 · Filed 02/03/2026
As of June 30, 2026, the carrying value of the equity method investment went to zero as a result of recording losses against the balance.
Vodafone joint venture / equity investment reduced to zero · Filed 10/08/2026
Additional losses were taken against the receivable balance.
Vodafone joint venture / additional losses against receivable · Filed 10/08/2026
