AST SpaceMobile ASTS Form 8-K filing Earnings

AST SpaceMobile Provides Business Update and Second Quarter 2026 Results Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers Comprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government BlueBird 17 through BlueBird 46 in various stages of production and assembly

MIDLAND, Texas, August 10, 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 second quarter ended June 30, 2026.

“AST SpaceMobile's differentiated technology platform and deep intellectual property portfolio, partner-first mobile network operator strategy, vertically integrated manufacturing capabilities, and comprehensive spectrum strategy are foundational to the space-based cellular broadband market we invented,” commented Abel Avellan, AST SpaceMobile’s Chairman and Chief Executive Officer. “With the largest phased arrays ever deployed in low Earth orbit and a native cellular architecture designed to work directly with standard, unmodified smartphones, we believe we are uniquely positioned to deliver scalable direct-to-device connectivity for both commercial and government customers around the world.”

“Following the recent orbital launch of BlueBirds 11, 12, and 13, our space-based cellular broadband network has now grown to 13 spacecraft in orbit, each the largest ever in low Earth orbit, with approximately 20,000 square feet of combined aperture hardware deployed,” continued Avellan. “As we get ready to ship BlueBirds 14, 15, and 16 and continue expanding our constellation with production ongoing through BlueBird 46, we are preparing to initiate beta services with select strategic partners.”

“AST SpaceMobile is positioned at the forefront of large, diverse, and rapidly expanding market opportunity as the direct-to-device cellular broadband pioneer,” added Avellan. “Beyond addressing the connectivity needs of billions of mobile subscribers, we are pursuing a broad range of mission critical applications, including government communications and non-communications, radar, emergency response, Internet of Things, AI edge compute and other advanced connectivity solutions. Our growing commercial and government programs, expansive spectrum portfolio, and fortified balance sheet provide us with the flexibility to capture opportunities across an expanding total addressable market. We are continuing to scale our network, advance vertical integration, and secure additional access to orbit to take advantage of the growing number of opportunities in front of us.”

Business Update

• Differentiated technology platform and comprehensive spectrum strategy enables space-based cellular broadband connectivity as well as many other mission-critical applications
• Largest phased arrays ever placed into low Earth orbit means more power and bandwidth, with more precise beams for communications with small, unmodified smartphones, in addition to facilitating additional use cases beyond consumer communications
• Block 2 satellites expected to deliver peak data rates approaching 200 Mbps with space-based cellular broadband recently demonstrated at nearly 100 Mbps on the Block 1 BlueBird
• Comprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis
• Proprietary ASIC with up to 10 GHz of processing bandwidth, per satellite enables 10x throughput improvement relative to Block 1 satellites and up to 10x improvement in user experience unlocked through AI-enabled spectrum management
• Native cellular architecture favors MNOs and regulators using existing commercially trusted baseband ground-based hardware, with traffic remaining in-country
• Partner-first strategy positions AST SpaceMobile as the direct-to-device partner of choice for mobile network operators globally
• Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers
• New joint-venture planned by top three U.S. MNOs expected to enable space-based cellular broadband connectivity to every American
• 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
• Total Addressable Market (TAM) continues to grow with direct-to-device market maturity and additional applications
• Additional applications include non-communications, USG secure communications, additional funded networks, Internet of Things (IoT), federal emergency, and AI edge compute
• Preliminary selection of Rakuten and AST SpaceMobile joint-venture by Japan MIC for J-LEO initiative with total expected value up to approximately $1 billion in non-dilutive, non-debt government capital
• Mission-critical federal communications attractive for direct-to-device applications with FirstNet United States, Japan and most recently in Europe with Vodafone Ireland using dedicated emergency spectrum bands
• Preparation for space-based cellular broadband beta service in 2026 as AST SpaceMobile network infrastructure continues to scale
• 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
• 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
• BlueBirds 14, 15, and 16 will be ready to ship shortly, with BlueBird 17 through BlueBird 46 in various stages of production and assembly
• On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million, supported by additional contract awards from the U.S. Government
• Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government
• Received multiple awards from the U.S. Government with an aggregate value of over $125 million supporting multiple national-security applications
• Continued to build out global gateway footprint with nearly 50 gateways in various stages of completion, installation, and planning ahead of service
• Second quarter revenue was $31.5 million from commercial and government customers, consistent with plans for quarterly revenue ramp during 2026
• Fortified balance sheet to pursue an expanding universe of growth opportunities, continue vertical integration, and secure additional access to orbit
• Over $3.7 billion in pro forma cash, cash equivalents, restricted cash as of June 30, 2026
• In July 2026, raised $1.150 billion of gross proceeds from a new 1.625% convertible senior notes offering, with an effective conversion price of $149.20 per share and effective dilution of less than 2%

Second Quarter 2026 Financial Highlights

• Second quarter revenue of $31.5 million driven by gateway deliveries and U.S. Government milestones met
• Total operating expenses for the second quarter of 2026 were $329.1 million, including $84.1 million of depreciation and amortization and stock-based compensation expense. This represents an increase of $165.0 million as compared to $164.1 million in the first quarter of 2026 due to a $125.9 million loss on involuntary conversion, a $20.3 million increase in general and administrative costs, a $11.9 million increase in cost of revenues, a $3.2 million increase in engineering services costs, a $3.1 million increase in depreciation and amortization expense, and a $0.6 million increase in research and development costs
• Adjusted operating expenses(1) for the second quarter of 2026 were $119.1 million, an increase of $27.9 million as compared to $91.2 million in the first quarter of 2026 due to a $12.3 million increase in Adjusted engineering services costs(1), a $11.9 million increase in Adjusted cost of revenues(1), a $3.1 million increase in Adjusted general and administrative costs(1), and a $0.6 million increase in research and development costs. Our Adjusted operating expenses, excluding Adjusted cost of revenues(1) for the second quarter of 2026 was $95.9 million, compared to $79.8 million in the first quarter of 2026
• As of June 30, 2026, we had cash, cash equivalents, and restricted cash of approximately $2.7 billion
• As of June 30, 2026, we had incurred approximately $2.3 billion of gross capitalized property and equipment costs and accumulated depreciation and amortization of $211.9 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

(1) 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; Adjusted general

and administrative costs to General and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues to Total operating expenses 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; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues. 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, August 10, 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.

AST SPACEMOBILE, INC.

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

(Dollars in thousands)

Adjusted operating expenses; Adjusted cost of revenues; Adjusted engineering services costs; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues 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 expenses as Total operating expenses adjusted to exclude amounts of stock-based compensation expense, loss on involuntary conversion, 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 define Adjusted operating expenses, excluding Adjusted cost of revenues as Total operating expenses adjusted to exclude amounts of stock-based compensation expense, loss on involuntary conversion, depreciation and amortization expense, and Adjusted cost of revenues.

We believe Adjusted operating expenses; Adjusted cost of revenues; Adjusted engineering services costs; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues 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; Adjusted general and administrative costs; and Adjusted operating expenses, excluding Adjusted cost of revenues 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.