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ASTS · AST SpaceMobile

10 filings

10-K

ASTS 10-K Annual Reports

AST SpaceMobile - 10 annual reports

Filing record · 2019–202610-K1010-Q228-K129

2025
AST SpaceMobile Annual Report, Year Ended Dec 31, 2025
AST SpaceMobile (ASTS) is building a space-based cellular broadband network designed to connect unmodified smartphones directly from low Earth orbit, with commercial agreements in place with AT&T, Verizon, Vodafone (via the SatCo joint venture), and STC, and partnerships with over 50 MNOs covering nearly 3 billion subscribers. The company is still pre-commercial: the SpaceMobile Service has not launched and generated no revenue. Fiscal 2025 revenue was $70.9 million (products $44.4 million, mostly gateway equipment sales to MNOs, and services $26.5 million, mostly U.S. government work), against a net loss attributable to common stockholders of $341.9 million, down from $300.1 million in 2024 once warrant and interest items are considered. The company ended 2025 with $2.78 billion of cash, cash equivalents and restricted cash, and it raised further capital after year-end, including $1.06 billion in net proceeds from 2036 2.25% convertible notes in February 2026. The balance sheet grew sharply in 2025. Total debt rose to about $2.26 billion principal, including $1.15 billion of 2036 2.00% notes, $575 million of 2032 2.375% notes, and a $420 million UBS bridge loan secured by cash collateral. Management plans roughly 45 to 60 Block 2 BlueBird satellites by the end of 2026, with an estimated $21 to $23 million per satellite in capital cost and about $489 million of purchase commitments. The company states it believes it is fully funded for a constellation of approximately 90 satellites, but this depends on continued access to capital markets and on closing the Ligado L-band spectrum transaction, which requires FCC approval and faces a pending dispute with Inmarsat. Investors should weigh the company's strong funding position and large spectrum and IP position against substantial execution risk: launch cadence, satellite performance, regulatory approvals, MNO contract conversion, dilution from ATM programs and convertibles, and concentrated voting control held by founder Abel Avellan (about 72% of combined voting power).
Mar 2, 2026
2024
AST SpaceMobile Annual Report, Year Ended Dec 31, 2024
AST SpaceMobile (ASTS) is building a space-based cellular broadband network intended to connect standard, unmodified smartphones directly from low Earth orbit, using a wholesale model in which mobile network operators (MNOs) such as AT&T, Vodafone and, pending a definitive agreement, Verizon resell the service. As of the FY2024 10-K (filed March 3, 2025), the company has not yet generated meaningful service revenue: 2024 revenue was $4.4 million, almost entirely from U.S. government prime-contractor work and gateway equipment resale. The company launched five Block 1 BlueBird satellites in September 2024, completed voice and video tests with AT&T, Verizon and Vodafone, and plans a launch campaign of roughly 60 larger Block 2 satellites in 2025-2026, with a 25-satellite constellation for noncontinuous service and about 90 satellites for continuous coverage. The financial picture is one of heavy investment ahead of revenue. The net loss attributable to common stockholders widened to $300.1 million in 2024 from $87.6 million in 2023, and operating expenses rose to $247.2 million. The headline driver was a $268.6 million non-cash loss on warrant remeasurement, reflecting the stock price rise. Operating cash burn was $126.1 million, while investing outflows rose to $174.1 million as satellite materials and launch payments were procured. Cash and equivalents ended 2024 at $567.5 million, supported by roughly $780 million of financing inflows during the year, including equity sales and warrant exercises. Post year-end, the company raised about $412 million of net proceeds (ATM plus 2032 convertible notes) and took on a Ligado spectrum transaction involving roughly $550 million of financing and about $80 million of annual spectrum payments, which would materially increase indebtedness and cash requirements if consummated. For investors, the key issues are execution and funding. Launch timing, FCC modification approval, and definitive MNO agreements are all prerequisites for revenue, and the Ligado transaction is still subject to definitive documentation and bankruptcy court approval. Dilution is significant, with 2034 convertible notes converted into shares and a new $460 million convertible issued. Governance is also concentrated: founder and CEO Abel Avellan controls about 76.6% of voting power through Class C shares. The company also reports two Delaware class actions were voluntarily dismissed and a federal securities class action was voluntarily dismissed in September 2024, while the company's disclosure controls and internal control over financial reporting were reported as effective.
Mar 3, 2025
2023
AST SpaceMobile Annual Report, Year Ended Dec 31, 2023
AST SpaceMobile (ASTS) is a pre-revenue company building a space-based cellular broadband network designed to connect standard, unmodified smartphones directly from low Earth orbit, with an initial plan for five Block 1 BlueBird satellites to launch in 2024 and a larger Block 2 constellation to follow. For fiscal 2023 the company reported no revenue (versus $13.8 million in 2022, all from the since-sold Nano subsidiary), operating expenses of $222.4 million, and a net loss attributable to common stockholders of $87.6 million, with cumulative losses of about $189.7 million since inception. Cash and equivalents were $85.6 million at year-end 2023, and management estimated roughly $210.8 million of cash as of March 31, 2024 after January 2024 financings, which it believes will fund operations for the next 12 months. Total debt rose to about $71.8 million principal during 2023, including a 14.75% senior secured Atlas facility. The filing's central investor question is funding and execution. Management estimates it needs $350 million to $400 million more to build 20 Block 2 satellites and operate a 25-satellite constellation, and the Block 1 launch has already slipped. The company's commercial model depends on definitive agreements with mobile network operators and on FCC approvals, several of which remain pending and opposed by competitors. Control is also concentrated: CEO Abel Avellan holds about 81.5% of combined voting power through Class C stock, and the company is a controlled company that relies on governance exemptions. The near-term catalysts are the Block 1 launch, the Block 2 first launch window (December 2024 to March 2025), definitive MNO and government contracts, and FCC rulings. Investors should weigh the significant technical and regulatory execution risk against the large addressable market and existing strategic partners such as AT&T, Vodafone, Google, and Rakuten.
Apr 1, 2024
2022-A
AST SpaceMobile Annual Report (Amendment), Year Ended Dec 31, 2022
This 10-K filing for AST SpaceMobile, Inc. (ASTS) focuses on the company's corporate governance, executive compensation, and security ownership as of May 1, 2023. The report details the composition and responsibilities of the Board of Directors and its committees, highlighting the expertise of key individuals. It provides an overview of executive compensation for the Named Executive Officers (NEOs) in 2022, with a significant portion tied to long-term equity incentives, and notes the unique compensation structure of the CEO. The filing also outlines the significant equity holdings of major stakeholders like Rakuten, Invesat, and Vodafone, as well as the ownership by directors and executive officers. The structure of the company's common stock, with multi-class voting rights, is also detailed. Key relationships and related transactions are disclosed, including commercial agreements with strategic partners such as Vodafone, American Tower, and Rakuten, which are crucial for the development and deployment of AST SpaceMobile's satellite-based communication services. These agreements often include exclusivity clauses, revenue-sharing models, and commitments for ground infrastructure. The company also reports on the fees paid to its independent registered public accounting firm, KPMG, for audit and tax services.
May 1, 2023
2022
AST SpaceMobile Annual Report, Year Ended Dec 31, 2022
AST SpaceMobile's FY2022 10-K (filed March 31, 2023) describes a pre-revenue company building a space-based cellular broadband network intended to work with standard, unmodified smartphones through partnerships with mobile network operators (MNOs). The company has no SpaceMobile Service revenue: it sold its 51% interest in Nano (satellite manufacturer) on September 6, 2022, which generated a $24.5 million one-time gain and was the source of all 2022 revenue ($13.8 million, all pre-sale). Operating expenses rose 67% to $152.9 million, driven by engineering services, G&A and R&D as headcount and BlueWalker 3 (BW3) and Block 1/Block 2 BlueBird satellite programs expanded. The net loss attributable to common stockholders was $31.6 million, but the consolidated net loss before noncontrolling interest was $103.1 million, with non-cash warrant remeasurement gains and the Nano gain cushioning results. Cash fell to $239.3 million at year-end, with operating cash burn of $156.5 million, so the company will need to raise substantial additional capital. The key near-term catalysts are the planned launch of five Block 1 BlueBird satellites on SpaceX in Q1 2024, followed by limited noncontinuous service subject to regulatory approvals and definitive MNO agreements, which remain unsigned (only preliminary agreements with over 35 MNOs). Management estimates it needs $550–650 million more to launch 20 Block 2 satellites and operate a 25-satellite constellation, with a long-term goal of about 95 satellites. Liquidity relies on a $75 million B. Riley equity line, a $150 million ATM program and prior offerings, and management believes this suffices for 12 months. Investors should weigh significant risks: a controlled-company structure where CEO Abel Avellan holds about 86.5% of voting power, a potential $10.0 million Rakuten payment if KPIs are missed by June 2023 (management does not expect to meet them), a pending FCC V-band application with opposition from competitors, a Delaware Section 205 petition to validate the 2021 charter, and a history of cumulative losses of about $105 million. The BW3 test satellite has not yet achieved confirmed direct-to-unmodified-phone communications as of the filing date.
Mar 31, 2023
2021-A
AST SpaceMobile Annual Report (Amendment), Year Ended Dec 31, 2021
This filing for AST SpaceMobile, Inc. (ASTS) for the period ending December 31, 2021, provides details on its leadership team, executive compensation, and significant shareholder structures. The company's Board of Directors and executive officers possess extensive experience in technology, telecommunications, and finance, with key leadership roles held by Abel Avellan (CEO) and Thomas Severson (CFO/COO). Executive compensation is designed to attract and retain talent, aligning with shareholder interests through a mix of salary and long-term equity incentives. Significant equity awards were granted, particularly to Brian Heller, reflecting performance and service-based vesting. Director compensation includes retainers and equity awards, with specific committee assignments and independence status highlighted. Major shareholders, including Rakuten Mobile, Invesat LLC, and Vodafone Ventures Limited, hold substantial voting power, primarily through Class B and Class C common stock, with the CEO, Abel Avellan, wielding significant control via Class C shares and their multi-vote provisions. The company has established strategic relationships with key industry players like Vodafone, American Tower, and Rakuten, outlining potential commercial partnerships and service agreements. These collaborations are crucial for the development and deployment of AST SpaceMobile's satellite-based communication services. The filing also details the company's independent auditors and associated fees, indicating a transition in auditing services during the fiscal year.
Apr 22, 2022
2021
AST SpaceMobile Annual Report, Year Ended Dec 31, 2021
AST SpaceMobile's FY2021 10-K (filed March 31, 2022) describes a pre-revenue company building a planned constellation of 168 LEO satellites to deliver direct-to-standard-phone cellular broadband through partner mobile network operators (MNOs). The company completed its SPAC merger with New Providence Acquisition Corp. on April 6, 2021, which brought in $416.9 million of net cash, and ended 2021 with $324.5 million of cash, cash equivalents and restricted cash. Management says this covers operations for at least 12 months, but the filing estimates roughly $1.9 billion of capital expenditure to complete the full constellation and $260-300 million for the first 20 satellites, so significant additional financing will be needed before commercial service. The first commercial BlueBird satellites are targeted for launch in 2023, with substantial global coverage after 110 satellites by end-2024. Financially, 2021 revenue was $12.4 million, all from the 51%-owned subsidiary Nano (satellite manufacturing), up 108% year over year. Operating expenses rose sharply to $91.6 million, led by R&D, G&A and engineering costs. Net loss attributable to common stockholders was $30.6 million, though this was flattered by a $15.8 million non-cash gain on warrant liability remeasurement. The consolidated net loss before noncontrolling interest was $73.3 million, and the accumulated deficit reached $70.5 million. Cash used in operations was $80.1 million. Governance and structural risks are significant. Founder and CEO Abel Avellan controls about 88.3% of the combined voting power through Class C super-voting shares, which makes the company a Nasdaq 'controlled company'. The Up-C structure leaves AST LLC's noncontrolling holders with about 71.5% of economic interest, and the Tax Receivable Agreement obligates the company to pay 85% of realized tax savings. Core regulatory approvals are still pending, including the FCC market access application for V-band feeder links and the spectrum-sharing approvals needed to use MNO terrestrial frequencies. The BW3 test satellite is targeted for a summer 2022 launch.
Mar 31, 2022
2020-A
AST SpaceMobile Annual Report (Amendment), Year Ended Dec 31, 2020
This is Amendment No. 1 (Form 10-K/A) to the 2020 annual report of New Providence Acquisition Corp., a Delaware blank check company (SPAC) that became AST SpaceMobile, Inc. (ASTS) after its business combination with AST & Science, LLC closed on April 6, 2021. The filing is a restatement, not a new operating report. The SEC's April 12, 2021 staff statement on SPAC warrants led management to reclassify 17.6 million warrants (11.5 million public and 6.1 million private, exercisable at $11.50) from equity to liabilities measured at fair value. At December 31, 2020, warrant liabilities were $68.1 million, up from $16.0 million a year earlier. The restatement turned the originally reported 2020 net income of $191,177 into a net loss of $51,960,823, driven by a non-cash $52.2 million fair value loss. Accumulated deficit rose by $55.7 million. The company says there was no effect on cash, revenue, operating costs or liquidity. The pre-merger SPAC itself had little operating substance. It held $232.2 million in its trust account (U.S. Treasury bills), had $131,151 in cash outside the trust, and a working capital deficit of $337,484. Its auditor, Marcum LLP, included a going concern paragraph. Management identified a material weakness in internal control over accounting for equity instruments, and disclosure controls were concluded to be not effective as of December 31, 2020. Investors should treat the restated figures as historical SPAC accounting. Because the warrants are now liabilities, the company will record non-cash fair value gains or losses each period, so reported earnings will move with the warrant price, which may be volatile. For investors, the forward-looking importance lies in the post-closing AST SpaceMobile structure described in the filing. The business combination was an Up-C structure in which substantially all operating assets sit in AST & Science, LLC, with a $230 million PIPE of 23 million Class A shares committed. The filing does not describe AST's satellite business in detail, so the operating thesis must come from other filings.
May 6, 2021
2020
AST SpaceMobile Annual Report, Year Ended Dec 31, 2020
This Form 10-K, filed by New Providence Acquisition Corp. (NPA) for fiscal 2020, is the annual report of a blank check company (SPAC), not of AST SpaceMobile's operating business. NPA is the public shell that agreed on December 15, 2020 to merge with AST & Science LLC, which would be renamed AST SpaceMobile, Inc. and list under ASTS. The filing describes AST's satellite cellular broadband plans only as background for the pending transaction. NPA has no revenue, no operations, and no employees, so the 10-K itself says little about AST's technology, customers, or financial performance. Investors evaluating the eventual combined company should rely on the proxy statement/prospectus filed February 16, 2021 for that information. NPA's financial position is simple. At December 31, 2020 it held $232.2 million in its trust account, roughly $10.10 per public share, including about $2.2 million of accumulated interest. Net income for 2020 was $191,177, driven by $1.48 million of trust interest income that was largely offset by $1.12 million of operating costs and $166K of taxes. Cash outside the trust was only $131,151, against a working capital deficit of $337,484. Auditor Marcum LLP included a going-concern paragraph, and the company's only near-term funding is non-interest-bearing loans from its sponsor, with $300K drawn as of February 26, 2021. The key near-term risks are the deadline and the litigation. NPA must complete a business combination by March 15, 2021, and a stockholder vote on March 12, 2021 would extend that to June 15, 2021. If the deadline is missed, public shares would be redeemed at roughly $10.00 each and the warrants would expire worthless. Three stockholder lawsuits challenging the adequacy of the proxy disclosures are pending, which management considers without merit. The proposed deal also includes a $230 million PIPE for 23 million Class A shares, which would dilute existing holders.
Mar 1, 2021
2019
AST SpaceMobile Annual Report, Year Ended Dec 31, 2019
AST SpaceMobile, Inc. (ASTS), formerly known as New Providence Acquisition Corp., is a newly formed blank check company with no operating history or revenues as of its 2020 10-K filing. Its primary objective is to complete a merger, acquisition, or similar business combination with one or more businesses. The company's management team possesses extensive experience in the consumer industry, private equity, and operational management, aiming to identify and enhance value in a target business. As of the filing date (March 30, 2020), ASTS had not yet identified or entered into any definitive agreement for a business combination, and it had a limited timeframe (18 months from its IPO) to do so, after which it would liquidate. Investors should be aware that ASTS is classified as a "shell company" and an "emerging growth company," allowing for certain regulatory exemptions. The company's financial position as of December 31, 2019, showed approximately $223 million held in a trust account, intended for the business combination. The primary risks for investors revolve around the company's ability to successfully execute a business combination within the specified timeframe, potential dilution from future share issuances, and the possibility of liquidation if no combination is achieved, in which case stockholders may receive less than their initial investment.
Mar 30, 2020