AST SpaceMobile Provides Business Update and Third Quarter 2025 Results

MIDLAND, Texas--( BUSINESS WIRE)-- AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, and designed for both commercial and government applications, is providing its business update and results for the third quarter ended September 30, 2025.

“AST SpaceMobile continues to lead the direct-to-device space-based cellular broadband industry,” commented Abel Avellan, Founder, Chairman and CEO of AST SpaceMobile. “During the past few months, commercial activity has significantly accelerated, demonstrating the robust demand for our solution across the ecosystem.”

Avellan added, “Our definitive commercial agreements with Verizon and stc Group are milestone achievements, representing transformational partnerships stemming from our commercial and network operator partner strategy as we continue to build long-term commercial relationships with industry leaders around the world, which includes agreements with over 50 MNO partners with nearly 3 billion subscribers globally.”

Business Update

Third Quarter 2025 Financial Highlights

(1) See reconciliation of Adjusted operating expenses to Total operating expenses, 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 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, November 10, 2025. 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 filed with the SEC on March 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025 and November 10, 2025.

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 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025 and November 10, 2025. 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.

Third Quarter 2025 Financial Results

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands, except share data)

As of

September 30, 2025

December 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

1,204,282

564,988

Restricted cash

15,841

2,546

Accounts receivable, net

11,491

1,400

Inventory

10,885

1,062

Prepaid expenses

9,267

7,887

Other current assets

25,237

22,363

Total current assets

1,277,003

600,246

Non-current assets:

Property and equipment, net

1,007,844

337,669

Intangible assets, net

213,766

Operating lease right-of-use assets, net

15,482

14,014

Other non-current assets

36,807

2,632

TOTAL ASSETS

2,550,902

954,561

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

50,707

17,004

Accrued expenses and other current liabilities

48,717

12,195

Current contract liabilities

23,067

41,968

Current operating lease liabilities

2,137

1,856

Current portion of long-term debt

8,947

2,919

Total current liabilities

133,575

75,942

Non-current liabilities:

Warrant liabilities

4,616

41,248

Non-current operating lease liabilities

13,771

12,652

Non-current contract liabilities

43,497

Long-term debt, net

697,628

155,573

Other non-current liabilities

31,797

Total liabilities

924,884

285,415

Commitments and contingencies

Stockholders' Equity:

Class A Common Stock, $.0001 par value; 800,000,000 shares authorized;

271,981,894 and 208,173,198 shares issued and outstanding as of

September 30, 2025 and December 31, 2024, respectively.

Class B Common Stock, $.0001 par value; 200,000,000 shares authorized;

11,227,292 shares issued and outstanding as of September 30, 2025 and

December 31, 2024, respectively.

Class C Common Stock, $.0001 par value; 125,000,000 shares authorized;

78,163,078 shares issued and outstanding as of September 30, 2025 and

December 31, 2024, respectively.

Additional paid-in capital

1,996,974

969,004

Accumulated other comprehensive income (loss)

1,174

(176

)

Accumulated deficit

(757,719

)

(489,745

)

Noncontrolling interest

385,551

190,031

Total stockholders' equity

1,626,018

669,146

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

2,550,902

954,561

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

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

For The Three Months

Ended September 30,

For The Nine Months

Ended September 30,

2025

2024

2025

2024

Revenues

14,739

1,100

16,613

2,500

Operating expenses:

Cost of revenues (exclusive of items shown below)

5,511

5,803

Engineering services costs

40,836

21,828

96,346

62,546

General and administrative costs

29,822

15,551

75,448

45,677

Research and development costs

5,530

14,724

19,058

23,435

Depreciation and amortization

12,716

14,543

35,394

54,880

Total operating expenses

94,415

66,646

232,049

186,538

Other (expense) income:

Gain (loss) on remeasurement of warrant liabilities

2,938

(236,912

)

(65,300

)

(284,839

)

Interest expense

(7,545

)

(5,400

)

(17,938

)

(14,732

)

Interest income

12,239

4,014

28,452

8,886

Other (expense) income, net

(91,409

)

1,410

(91,852

)

1,661

Total other (expense) income, net

(83,777

)

(236,888

)

(146,638

)

(289,024

)

Loss before income tax expense

(163,453

)

(302,434

)

(362,074

)

(473,062

)

Income tax expense

(374

)

(646

)

(1,284

)

(1,172

)

Net loss before allocation to noncontrolling interest

(163,827

)

(303,080

)

(363,358

)

(474,234

)

Net loss attributable to noncontrolling interest

(40,953

)

(131,134

)

(95,384

)

(210,008

)

Net loss attributable to common stockholders

(122,874

)

(171,946

)

(267,974

)

(264,226

)

Net loss per share attributable to holders of Class A Common Stock

Basic and diluted

(0.45

)

(1.10

)

(1.09

)

(1.89

)

Weighted-average number of shares

Basic and diluted

272,831,168

155,644,888

246,490,060

139,485,036

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

(Dollars in thousands)

For The Three Months

Ended September 30,

For The Nine Months

Ended September 30,

2025

2024

2025

2024

Net loss before allocation to noncontrolling interest

(163,827

)

(303,080

)

(363,358

)

(474,234

)

Other comprehensive income (loss)

Foreign currency translation adjustments

105

529

1,883

190

Total other comprehensive income (loss)

105

529

1,883

190

Total comprehensive loss before allocation to noncontrolling interest

(163,722

)

(302,551

)

(361,475

)

(474,044

)

Comprehensive loss attributable to noncontrolling interest

(40,914

)

(130,906

)

(94,851

)

(209,944

)

Comprehensive loss attributable to common stockholders

(122,808

)

(171,645

)

(266,624

)

(264,100

)

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

For The Nine Months

Ended September 30,

2025

2024

Cash flows from operating activities:

Net loss before allocation to noncontrolling interest

(363,358

)

(474,234

)

Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:

Depreciation and amortization

35,394

54,880

Amortization of debt issuance costs

1,206

3,047

Amortization of debt commitment fee

1,833

Loss on disposal of property and equipment

1,045

2,221

Induced conversion expense on convertible notes

84,317

Loss on remeasurement of warrant liabilities

65,300

284,839

Stock-based compensation

32,338

20,617

Non-cash interest expense

845

2,959

Changes in operating assets and liabilities:

Accounts receivable

(10,091

)

Prepaid expenses and other current assets

(5,148

)

(7,079

)

Inventory

(9,823

)

(861

)

Accounts payable and accrued expenses

17,728

(7,998

)

Operating lease right-of-use assets and operating lease liabilities

(83

)

357

Contract liabilities

24,597

22,468

Other assets and liabilities

(12,586

)

1,081

Net cash used in operating activities

(136,486

)

(97,703

)

Cash flows from investing activities:

Purchase of property and equipment

(669,045

)

(92,095

)

Purchase of spectrum intangibles

(27,961

)

Net cash used in investing activities

(697,006

)

(92,095

)

Cash flows from financing activities:

Proceeds from debt

1,043,779

145,000

Repayments of debt

(2,940

)

(187

)

Payment for debt issuance costs

(5,907

)

(9,435

)

Proceeds from issuance of common stock

576,617

338,911

Payments for third party equity issuance costs

(11,304

)

(6,903

)

Proceeds from warrants exercises

153,307

Issuance of equity under employee stock plan

8,043

3,058

Employee taxes paid for stock-based compensation awards

(18,679

)

(3,325

)

Purchase of capped call transactions

(98,578

)

Payments for debt commitment fee

(11,000

)

Proceeds from share issuances to repurchase 2032 4.25% convertible notes

849,827

Payments for repurchase of 2032 4.25% convertible notes

(842,805

)

Net cash provided by financing activities

1,487,053

620,426

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(972

)

161

Net increase in cash, cash equivalents and restricted cash

652,589

430,789

Cash, cash equivalents and restricted cash, beginning of period

567,534

88,097

Cash, cash equivalents and restricted cash, end of period

1,220,123

518,886

Supplemental disclosure of cash flow information:

Non-cash activities:

Right-of-use assets obtained in exchange for operating lease liabilities

3,204

Non-cash investing and financing activities:

Purchases of property and equipment in accounts payable and accrued expenses

43,726

5,086

PIK interest paid through issuance of PIK notes

497

2,959

Deferred asset acquisition costs paid by issuance of penny warrants

121,156

Spectrum intangibles acquisition costs accrued or paid by issuance of shares

64,649

2034 Convertible Notes settled by issuance of Class A Common Stock

139,620

Settlement of warrant liabilities by issuing shares

101,930

257,337

Cash paid for:

Interest

4,215

6,694

Income taxes, net

1,662

1,135

AST SPACEMOBILE, INC.

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

(Dollars in thousands)

For the Three Months Ended September 30, 2025

GAAP Reported

Stock-Based

Compensation Expense

Adjusted

Cost of revenues (exclusive of items shown below)

5,511

Engineering services costs

40,836

(8,047

)

32,789

General and administrative costs

29,822

(5,940

)

23,882

Research and development costs

5,530

Depreciation and amortization

12,716

Total operating expenses

94,415

(13,987

)

80,428

Less: Depreciation and amortization

(12,716

)

Adjusted operating expenses

67,712

For the Three Months Ended June 30, 2025

GAAP Reported

Stock-Based

Compensation Expense

Adjusted

Engineering services costs

28,598

(3,341

)

25,257

General and administrative costs

27,242

(7,184

)

20,058

Research and development costs

6,393

Depreciation and amortization

11,720

Total operating expenses

73,953

(10,525

)

63,428

Less: Depreciation and amortization

(11,720

)

Adjusted operating expenses

51,708

Adjusted operating expenses, 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 engineering services costs and Adjusted general and administrative costs as engineering services costs and general and administrative costs adjusted to exclude stock-based compensation expenses.

We believe Adjusted operating expenses, 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 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, Engineering services costs and General and administrative costs.