AST SpaceMobile Inc - Ordinary Shares - Class A

Strong operational momentum + revenue ramp outlook (2026 guidance reiterated): - Q2 2026 revenue was $31.5M, up sequentially and year-over-year, driven by commercial gateway deliveries and U.S. government milestone achievements. - Company reiterated full-year 2026 revenue guidance of $150M–$200M and expects revenue to grow sequentially each quarter but be weighted toward Q4 (typical timing variability). - Positive signal: revenue performance and gateway delivery pace are described as consistent with internal plans.

Commercial deployment building toward scale (gateways + MNO ecosystem): - Platform scaling is progressing with beta-ready hardware and expanding ground infrastructure: in Q2 they delivered 13 gateways to 7 customers across 5 continents; they’re targeting deployment of roughly ~50 gateways across ~20 markets as satellites come online. - Commercial ecosystem: 60+ MNO partners covering ~3B subscribers globally; integration/testing activity reported in Europe with Vodafone, Orange, Telefonica, Deutsche Telekom (and others referenced). - Challenge/constraint: balancing launch/deployment beyond early markets (U.S., Canada, Europe, Japan, Saudi Arabia, U.S. government) by engaging 20+ MNOs across 50+ country markets.

Manufacturing & constellation cadence are central—CapEx-heavy reality: - Manufacturing progress: BlueBird 14–16 ready to ship shortly; 17–46 in production/assembly. - They aim for ~45 BlueBird satellites in orbit by early 2027 (supporting continuous service concepts across key regions). - CapEx: Q2 2026 capital expenditures were ~$610M (vs ~$257M in Q1), near the guidance midpoint previously given ($575M–$650M). - Updated forward-looking cost/capex expectations: - Q3 adjusted OpEx (ex cost of revenue): ~$105M–$115M - Full-year 2026 adjusted OpEx (ex cost of revenue): ~$400M total (~$100M/quarter) - Q3 CapEx: ~$350M–$425M (launch-payment timing dependent).