AST SpaceMobile Gears Up for Five Satellite Launches and Eyes Revenue Growth in 2025

AST SpaceMobile reported operational and financial results for the first quarter of 2025, outlining significant momentum in satellite production, regulatory advancements, and government contracts. The company plans five orbital launches within the next six to nine months, with the first Block 2 BlueBird satellite scheduled for deployment in July. Manufacturing is accelerating toward a target of six satellites per month, supporting commercial cellular broadband coverage in key markets such as the U.S., Europe, and Japan by 2026.

Financially, the company ended the quarter with $874.5 million in cash and equivalents. Operating expenses for Q1 totaled $63.7 million, with adjusted operating expenses at $44.9 million. AST reported a net loss attributable to shareholders of $45.7 million, reflecting ongoing investments in network buildout and operations.

Commercial opportunities are also expanding. AST projects $50–$75 million in second-half 2025 revenue from initial cellular broadband activations in partnership with AT&T, Verizon, Rakuten, and Vodafone. The company secured a new $20 million contract through the Defense Innovation Unit, complementing a $43 million award from the U.S. Space Development Agency. Gateway equipment bookings reached $13.6 million for the quarter, with expectations of $10 million in average quarterly bookings throughout the year.

Regulatory progress included Special Temporary Authority from the FCC for FirstNet testing and coordination agreements with the National Science Foundation. AST also finalized access to up to 45 MHz of mid-band spectrum in the U.S. for direct-to-device services.

With active contracts, a strengthened balance sheet, and increasing market readiness, AST SpaceMobile affirmed its trajectory toward commercial operations and global coverage by 2026.

AST SpaceMobile Launches $500 Million At-the-Market Offering Program

AST SpaceMobile, Inc. (NASDAQ: ASTS) has entered into a new Equity Distribution Agreement with several major investment banks to initiate an at-the-market (ATM) equity offering of up to $500 million of its Class A common stock. The offering is registered under AST’s shelf registration statement (File No. 333-281939) and may span up to three years.
Key Details:
• Sales Agents: B. Riley Securities, Barclays, BofA Securities, Cantor Fitzgerald, Deutsche Bank, Roth Capital Partners, Scotia Capital, UBS Securities, and William Blair.
• Compensation: Agents may receive a commission of up to 3% of the gross sales price per share sold.
• Use of ATM: Shares will be sold from time to time using methods deemed “at the market” per SEC Rule 415.
• Termination Triggers: The agreement may be terminated upon (1) sale of the full $500 million, (2) mutual termination by parties, or (3) expiration on May 13, 2028.
• Legal Counsel: AST’s opinion on the legality of the shares was provided by McGuireWoods LLP (Exhibit 5.1).
Additional Notes:
• This new ATM agreement replaces a prior equity distribution agreement dated September 5, 2024.
• AST is not obligated to sell any shares and can suspend the program at any time.

This move provides AST SpaceMobile with flexible access to capital as it continues advancing its space-based mobile broadband initiatives.

AST SpaceMobile reported its fourth-quarter and full-year 2024 financial results, highlighting progress in commercializing its space-based cellular broadband network. The company secured key commercial agreements, including a definitive agreement with Vodafone through 2034, a $43 million contract with the U.S. Space Development Agency, and plans to form a European distribution entity with Vodafone.

AST SpaceMobile achieved full operational status for its first five BlueBird satellites and conducted successful two-way video call demonstrations with AT&T, Verizon, and Vodafone using unmodified smartphones. Testing with these telecom partners is set to begin in the U.S., UK, Turkey, and Japan. The company also received FCC approval to provide initial services with AT&T and Verizon, covering nearly 100% of the U.S.

Manufacturing efforts accelerated, with 40 Block 2 BlueBird satellites in production and procurement for over 50 additional satellites underway. The company secured additional launch options, expanding contracted capacity for approximately 60 satellites through 2025 and 2026. A key technology milestone was the validation of a custom low-power chip enabling peak data speeds of up to 120 Mbps per satellite.

Financially, AST SpaceMobile bolstered its balance sheet with nearly $1 billion in cash, cash equivalents, and restricted cash, following a $460 million convertible senior notes offering. The company continues to pursue non-dilutive capital sources, with over $500 million in potential funding applications in progress.

For the fourth quarter, AST SpaceMobile reported $60.6 million in total operating expenses, a decline from the previous quarter due to lower R&D and depreciation costs. Adjusted operating expenses were $40.8 million. As of December 31, 2024, the company had capitalized $460 million in property and equipment costs.

Looking ahead, AST SpaceMobile remains focused on scaling satellite production, launching new satellites, and expanding commercial partnerships, with a goal of achieving commercial-scale revenues in 2025.

AST SpaceMobile announced changes to its board of directors. Christopher Sambar resigned as AT&T's designee on January 29, 2025. Keith Larson was appointed to fill the vacancy, effective January 30, 2025. Larson, a former Intel executive, is currently a consultant for AT&T and a director at Northwest Pipe Company. He declined compensation for his board service.

Additionally, Andrew Johnson was appointed as a director on January 30, 2025, filling an existing vacancy. Johnson has been AST SpaceMobile’s Chief Financial Officer since June 2024 and Chief Legal Officer since May 2024. He previously held senior leadership roles at 3D Systems Corporation.

These appointments follow the terms of the company’s stockholders’ agreement.

AST SpaceMobile announced that its 2025 Annual Meeting of Stockholders will be held on May 15, 2025. Due to the meeting date differing by more than 30 days from the 2024 Annual Meeting, stockholder proposals and director nominations must be submitted by February 14, 2025, to be considered. The company will provide further details in its proxy statement.