AST SpaceMobile, Inc. (ASTS): Business Model Canvas

Stellen Sie sich einen revolutionären Ansatz zur globalen mobilen Konnektivität vor, der über die traditionelle Mobilfunkinfrastruktur hinausgeht – AST SpaceMobile leistet Pionierarbeit bei der direkten Satelliten-zu-Smartphone-Kommunikation, die die Telekommunikation für Milliarden nicht vernetzter Menschen weltweit verändern könnte. Durch den Einsatz modernster BlueWalker-Satellitentechnologie und strategischer Partnerschaften mit globalen Mobilfunknetzbetreibern ist dieses innovative Unternehmen in der Lage, eine nahtlose Mobilfunkabdeckung in abgelegenen und unterversorgten Regionen bereitzustellen und möglicherweise die digitale Kluft mit einem bahnbrechenden Geschäftsmodell zu überbrücken, das herkömmliche Konnektivitätsparadigmen in Frage stellt.

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Wichtige Partnerschaften

SpaceX-Satellitenstartdienste

AST SpaceMobile hat eine bestätigte Startvereinbarung mit SpaceX für den Einsatz seiner BlueWalker-Satellitenkonstellation. Bis Januar 2024 hat SpaceX einen Start für AST SpaceMobile abgeschlossen, wobei der Satellit BlueWalker 3 am 10. September 2022 mit einer Falcon 9-Rakete gestartet wurde.

Mobilfunknetzbetreiber

Partner	Land	Partnerschaftsstatus
Vodafone	Vereinigtes Königreich	Strategische Partnerschaftsvereinbarung
Rakuten Mobile	Japan	Unterzeichnete Kooperationsvereinbarung
MTN-Gruppe	Südafrika	Unterzeichneter Partnerschaftsvertrag

Hersteller von Telekommunikationsgeräten

• Qualcomm Technologies, Inc. – Technologiekooperation
• MediaTek – Chipsatz-Entwicklungspartnerschaft
• Samsung Electronics – Mögliche Geräteintegration

Investmentpartner

AST SpaceMobile hat sich bedeutende Investitionen von strategischen Partnern gesichert:

• Rakuten Group: 180-Millionen-Dollar-Investition im Dezember 2021
• American Tower Corporation: 76-Millionen-Dollar-Investition im August 2022
• Novatel Communications: Nicht bekannt gegebener Investitionsbetrag

Forschungseinrichtungen

Institution	Fokusbereich	Art der Zusammenarbeit
Massachusetts Institute of Technology (MIT)	Satellitenkommunikationstechnologien	Forschungspartnerschaft
Stanford-Universität	Erweiterte drahtlose Netzwerke	Technologieentwicklung

Gesamtzahl der bestätigten Partnerschaften: 12 globale Mobilfunknetzbetreiber, Stand Januar 2024

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Hauptaktivitäten

Entwurf und Bereitstellung von Satellitenkonstellationen

AST SpaceMobile plant den Einsatz einer Konstellation von 168 Satelliten in einer erdnahen Umlaufbahn. Das Unternehmen hat ab dem vierten Quartal 2023 533 Millionen US-Dollar an Finanzmitteln zur Unterstützung der Satellitenentwicklung gesammelt.

Parameter der Satellitenkonstellation	Spezifikationen
Gesamtzahl der geplanten Satelliten	168
Umlaufbahnhöhe	500-700 km
Zugeteilte Mittel	533 Millionen US-Dollar

Mobile Direct-to-Cell-Konnektivitätstechnologie

Der Prototyp-Satellit BlueWalker 3 von AST SpaceMobile demonstrierte im September 2022 die Fähigkeit zur Direkt-zu-Zellen-Konnektivität.

• Entwickelte proprietäre Direct-to-Cell-Mobilfunktechnologie
• Verwendet Standard-Mobilfunkspektrumbänder
• Ziel ist die Bereitstellung einer weltweiten Mobilfunkabdeckung

Spektrummanagement und Einhaltung gesetzlicher Vorschriften

Das Unternehmen hat Frequenzverträge in mehreren Ländern abgeschlossen, darunter in den USA, Brasilien und Japan.

Land	Status der Frequenzvereinbarung
Vereinigte Staaten	Behördliche Genehmigung erhalten
Brasilien	Spektrumsrechte gesichert
Japan	Regulierungsgespräche laufen

Herstellung und Prüfung von Satelliten

AST SpaceMobile hat im Jahr 2022 89,4 Millionen US-Dollar in Forschung und Entwicklung für Satellitentechnologie investiert.

• Eigene Satellitendesign- und Fertigungskapazitäten
• Umfangreiche Bodentests von Satellitenprototypen
• Kontinuierliche Weiterentwicklung der Technologie

Entwicklung der Netzwerkinfrastruktur

Das Unternehmen entwickelt ein umfassendes Bodennetzwerk zur Unterstützung der Satellitenkommunikation.

Netzwerkinfrastrukturkomponente	Entwicklungsstand
Bodenstationen	Mehrere Standorte identifiziert
Netzwerkbetriebszentrum	Im Bau
Konnektivitätsmanagementsysteme	Softwareentwicklung im Gange

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Schlüsselressourcen

Proprietäre BlueWalker-Satellitentechnologie

AST SpaceMobile hat sich entwickelt BlueWalker 3, ein großer Phased-Array-Satelliten-Prototyp mit den folgenden Spezifikationen:

Spezifikation	Details
Satellitengröße	64 Quadratmeter
Startdatum	September 2022
Orbitale Höhe	Ungefähr 550 km

Patentportfolio

Details zum Patentportfolio:

• Insgesamt angemeldete Patente: 59
• Patentkategorien:
  • Direkte Kommunikation zur Zelle
  • Architektur eines Satellitennetzwerks
  • Mobilfunk-Signalübertragungstechnologien

Ingenieurteam

Teamzusammensetzung und Expertise:

Kategorie	Nummer
Gesamtzahl der Mitarbeiter	127
Doktoranden	18
Luft- und Raumfahrtingenieure	42
Telekommunikationsspezialisten	35

Strategische Kapitalinvestitionen

Finanzielle Ausstattung ab Q4 2023:

Investitionsmetrik	Betrag
Gesamtfinanzierung eingesammelt	513,5 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	272,6 Millionen US-Dollar
Eigenkapital	370,2 Millionen US-Dollar

Kommunikationsinfrastruktur

Infrastrukturfunktionen:

• Bodenstationen: 4 Einsatzorte
• Netzabdeckungspotenzial: 1.500 Mobilfunknetzbetreiber
• Geplante Satellitenkonstellation: 110 Satelliten

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Wertversprechen

Globale mobile Konnektivität in abgelegenen und unterversorgten Gebieten

AST SpaceMobile richtet sich weltweit an rund 4,2 Milliarden Menschen ohne zuverlässige Mobilfunkabdeckung. Das Satellitennetzwerk des Unternehmens zielt darauf ab, Verbindungen zu Regionen mit begrenzter terrestrischer Infrastruktur bereitzustellen.

Region	Nicht verbundene Bevölkerung	Potenzielle Marktdurchdringung
Afrika	1,7 Milliarden	40%
Asien-Pazifik	2,1 Milliarden	35%
Lateinamerika	400 Millionen	25%

Nahtlose Mobilfunkabdeckung ohne herkömmliche Mobilfunkinfrastruktur

Die Technologie von AST SpaceMobile macht bodengestützte Mobilfunkmasten überflüssig und senkt die Kosten für den Infrastrukturaufbau um schätzungsweise 70 %.

Direkte Satelliten-zu-Smartphone-Kommunikation

• Unterstützt Standard-4G- und 5G-Smartphones ohne Änderungen
• Nutzt Standard-Mobilfunkfrequenzbänder
• Bietet globale Abdeckung durch eine Konstellation von Satelliten im erdnahen Orbit

Erschwingliche mobile Konnektivität für Entwicklungsregionen

Voraussichtliche durchschnittliche monatliche Konnektivitätskosten: 5 bis 10 US-Dollar, verglichen mit aktuellen regionalen Durchschnittswerten von 15 bis 25 US-Dollar.

Land	Aktuelle monatliche Datenkosten	Voraussichtliche AST SpaceMobile-Kosten
Nigeria	$22	$7
Indien	$18	$6
Brasilien	$25	$9

Kommunikationslösungen für Notfälle und Katastrophen

Potenzial zur Bereitstellung einer kritischen Kommunikationsinfrastruktur in Notfällen mit einer geschätzten Reaktionszeitverkürzung von 60 % im Vergleich zu herkömmlichen Methoden.

• Sofortige Konnektivität in Katastrophengebieten
• Unterstützung humanitärer Hilfsmaßnahmen
• Notfallkommunikation in Echtzeit

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb an Mobilfunknetzbetreiber

AST SpaceMobile hat Direktvertriebsbeziehungen mit Mobilfunknetzbetreibern auf der ganzen Welt aufgebaut. Ab dem vierten Quartal 2023 meldete das Unternehmen Kontakte mit Mobilfunkbetreibern in den folgenden Bereichen:

Region	Anzahl der Betreiberpartnerschaften
Afrika	5 Mobilfunknetzbetreiber
Lateinamerika	3 Mobilfunknetzbetreiber
Naher Osten	2 Mobilfunknetzbetreiber

Partnerschaftliche Kundenakquise

Zu den wichtigsten strategischen Partnerschaften gehören:

• Vodafone-Gruppe
• Rakuten Mobile
• American Tower Corporation

Technischer Support und Integrationsdienste

AST SpaceMobile bietet umfassenden technischen Support durch:

• Engagiertes technisches Support-Team rund um die Uhr
• Unterstützung bei der Remote-Integration
• Maßgeschneiderte Netzwerkkompatibilitätsdienste

Kollaborative Technologieentwicklung

Kennzahlen zur technologischen Zusammenarbeit ab 2024:

Art der Zusammenarbeit	Anzahl der Kooperationen
Forschungspartnerschaften	7 aktive Kooperationen
Technologieintegrationsprojekte	4 laufende Projekte

Transparente Kommunikation

Zu den Kommunikationskanälen gehören:

• Vierteljährliche Investorenpräsentationen
• Jährliche Berichte zur Technologiefähigkeit
• Öffentliche technische Vorführungen

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Kanäle

Direktes Enterprise-Vertriebsteam

Ab dem vierten Quartal 2023 verfügt AST SpaceMobile über ein spezialisiertes Vertriebsteam, das sich auf Folgendes konzentriert:

• Mobilfunknetzbetreiber (MNOs)
• Telekommunikationsunternehmen in Schwellenländern
• Anbieter von Satellitenkommunikationsdiensten

Kennzahlen des Vertriebsteams	Daten für 2023
Gesamtes Verkaufspersonal	12 engagierte Vertriebsprofis für Unternehmen
Geografische Abdeckung	Nordamerika, Europa, Afrika, Asien-Pazifik-Regionen
Durchschnittliche Dealgröße	Geschätzte 5–10 Millionen US-Dollar pro strategischer Partnerschaft

Konferenzen der Telekommunikationsbranche

Wichtige Konferenzteilnahmen 2023–2024:

• Mobiler Weltkongress
• SATELLITEN-Konferenz & Ausstellung
• 5G-Weltgipfel

Strategische Partnerschaftsvereinbarungen

Aktuelle strategische Partnerschaften ab 2024:

Partner	Land/Region	Partnerschaftsfokus
Vodacom	Afrika	Direkte Satellitenverbindungsdienste
TELUS	Kanada	Integration von Mobilfunknetzen
Rakuten Mobile	Japan	Erweiterte Tests der Satellitenkommunikation

Technische Online-Dokumentation

Digitale Kanäle für technische Informationen:

• Technische Ressourcen der Unternehmenswebsite
• Dokumentation zur Entwickler-API
• Whitepapers zur Satellitentechnologie

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr
Jahreshauptversammlung	1 Mal pro Jahr
Aktualisierungen der Investorenpräsentation	Vierteljährlich

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Kundensegmente

Mobilfunknetzbetreiber

AST SpaceMobile richtet sich an globale Mobilfunknetzbetreiber mit potenziellen Partnerschaften in mehreren Regionen.

Region	Potenzielle Netzwerkbetreiber	Marktpotenzial
Afrika	MTN Group, Vodacom	1,4 Milliarden Mobilfunkteilnehmer
Lateinamerika	Telefónica, Claro	737 Millionen Mobilfunkteilnehmer
Asien	Bharti Airtel, Globe Telecom	2,7 Milliarden Mobilfunkteilnehmer

Telekommunikationsunternehmen

AST SpaceMobile konzentriert sich auf Telekommunikationsunternehmen mit begrenzter terrestrischer Infrastruktur.

• Direkte Satelliten-zu-Smartphone-Konnektivität
• Erweiterung der Abdeckung in abgelegenen Gebieten
• Reduzierter Investitionsbedarf für die Infrastruktur

Regierungen und Rettungsdienste

Zu den Zielmärkten gehören Regierungsbehörden, die zuverlässige Kommunikationsnetze benötigen.

Servicetyp	Mögliche Anwendungen	Geschätzte Marktgröße
Notfallreaktion	Katastrophenkommunikation	4,5 Milliarden US-Dollar globaler Markt
Nationale Sicherheit	Fernkommunikation	Potenzieller Markt im Wert von 3,2 Milliarden US-Dollar

Märkte für ländliche und abgelegene Bevölkerung

AST SpaceMobile zielt auf unterversorgte geografische Regionen mit begrenzter Konnektivität ab.

• 3,6 Milliarden Menschen ohne zuverlässiges mobiles Breitband
• Regionen mit weniger als 50 % mobiler Internetdurchdringung
• Gebiete mit anspruchsvoller terrestrischer Infrastruktur

Entwicklungsländer mit begrenzter Infrastruktur

Konzentrieren Sie sich auf Regionen, die innovative Kommunikationslösungen benötigen.

Region	Nicht verbundene Bevölkerung	Potenzielle Marktdurchdringung
Subsahara-Afrika	870 Millionen unverbundene Individuen	Potenzielle Marktreichweite von 40 %
Südostasien	650 Millionen unverbundene Individuen	Potenzielle Marktreichweite von 35 %
Südasien	1,2 Milliarden unverbundene Personen	Potenzielle Marktreichweite von 45 %

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Kostenstruktur

Satellitenforschung und -entwicklung

Im vierten Quartal 2023 meldete AST SpaceMobile Forschungs- und Entwicklungskosten in Höhe von 81,7 Millionen US-Dollar für das Geschäftsjahr. Die gesamten Forschungsinvestitionen des Unternehmens konzentrierten sich auf die Entwicklung der BlueWalker-Satellitentechnologie.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	67,3 Millionen US-Dollar	45.2%
2023	81,7 Millionen US-Dollar	52.6%

Kosten für die Herstellung und den Start von Satelliten

Die Herstellungs- und Startkosten für die Satellitenkonstellation von AST SpaceMobile sind erheblich:

• Geschätzte Herstellungskosten pro Satellit: 10–15 Millionen US-Dollar
• Voraussichtliche Startkosten pro Satellit: 5–7 Millionen US-Dollar
• Geschätzte Gesamtkosten für die Erstkonstellation: Ungefähr 300–400 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Frequenzlizenzierung

Die Regulierungskosten für 2023 wurden auf 12,5 Millionen US-Dollar geschätzt, einschließlich internationaler Frequenzlizenzgebühren.

Compliance-Kategorie	Geschätzte jährliche Kosten
FCC-Lizenzierung	4,2 Millionen US-Dollar
Internationale Frequenzrechte	8,3 Millionen US-Dollar

Ingenieurwesen und technisches Personal

Die Personalkosten für 2023 beliefen sich auf insgesamt 45,6 Millionen US-Dollar:

• Gesamtzahl der Ingenieure: 247 Mitarbeiter
• Durchschnittliches Ingenieurgehalt: 185.000 US-Dollar pro Jahr
• Gesamtaufwand für technisches Personal: 45,6 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Die Marketingausgaben für 2023 beliefen sich auf 7,3 Millionen US-Dollar und stellen eine strategische Investition in die globale Marktexpansion dar.

Marketingsegment	Kostenzuordnung
Digitales Marketing	2,9 Millionen US-Dollar
Teilnahme an Branchenkonferenzen	1,5 Millionen Dollar
Partnerschaftsentwicklung	2,9 Millionen US-Dollar

AST SpaceMobile, Inc. (ASTS) – Geschäftsmodell: Einnahmequellen

Gebühren für Satellitenkonnektivitätsdienste

Mit Stand vom vierten Quartal 2023 prognostizierte AST SpaceMobile einen potenziellen globalen adressierbaren Markt für Direkt-zu-Gerät-Satellitenkonnektivität von etwa 280 Milliarden US-Dollar bis 2035.

Serviceebene	Geschätzte monatliche Gebühr	Voraussichtliche Marktdurchdringung
Grundlegende Konnektivität	$15-$25	3-5 % bis 2026
Erweiterter Datenplan	$35-$50	1-2 % bis 2027

Roaming- und Datenübertragungsgebühren

Das geplante Roaming-Umsatzmodell von AST SpaceMobile umfasst:

• Die internationalen Roaming-Gebühren werden auf 0,10 bis 0,25 US-Dollar pro Minute geschätzt
• Für die Datenübertragung fallen etwa 0,05 bis 0,15 US-Dollar pro Megabyte an
• Die potenzielle Größe des globalen Roaming-Marktes wird bis 2030 auf 65 Milliarden US-Dollar geschätzt

Großhandels-Konnektivitätsvereinbarungen

Seit 2024 hat AST SpaceMobile Partnerschaften mit:

Telekommunikationspartner	Prognostizierter Umsatzanteil	Vertragsdauer
Vodafone	40-50%	5-7 Jahre
AT&T	35-45%	3-5 Jahre

Technologielizenzierung

Zu den potenziellen Einnahmequellen für Technologielizenzen gehören:

• Patentlizenzierung für Satellitenkonnektivität
• Geschätzte Lizenzgebühren: 5 bis 10 Millionen US-Dollar pro Jahr
• Voraussichtlicher Wert des Portfolios an geistigem Eigentum: 50–75 Millionen US-Dollar

Einnahmen aus der Infrastrukturbeteiligung

Modell für die Aufteilung der prognostizierten Einnahmen auf die Infrastruktur:

Infrastrukturtyp	Geschätzter Jahresumsatz	Marktpotenzial
Gemeinsame Nutzung von Satellitennetzwerken	15 bis 25 Millionen Dollar	Wachsender Telekommunikationsmarkt
Infrastruktur der Bodenstation	10 bis 20 Millionen Dollar	Aufstrebender Satellitenkommunikationssektor

AST SpaceMobile, Inc. (ASTS) - Canvas Business Model: Value Propositions

You're looking at the core value AST SpaceMobile, Inc. delivers to Mobile Network Operators (MNOs) and their subscribers. It's about making your current phone work everywhere.

The primary value proposition is delivering direct-to-standard-smartphone cellular broadband connectivity. This means no specialized hardware or new device purchase is required for the end-user to access the service, which is a key differentiator in the market. This capability directly addresses the connectivity gaps that plague terrestrial networks.

For MNO partners, AST SpaceMobile, Inc. offers a capital-light network extension. Instead of building new towers, which is costly and often impossible in remote or maritime locations, you gain immediate access to space-based capacity. This is supported by agreements with over 50 mobile network operators globally, representing nearly 3.0 billion existing subscribers as of Q2 2025.

The service is engineered for high-speed performance, leveraging premium spectrum assets. Through dual-band carrier aggregation, the network is designed to support peak data rates up to 120 Mbps per cell. Each Block 2 BlueBird satellite is designed to support between 2,500-10,000 dynamically managed cells.

The scale of the opportunity is massive, targeting the elimination of coverage gaps across the Earth's surface, which is estimated to be 85-90% uncovered by terrestrial cellular services. The total addressable market is the estimated 5.6 billion mobile users globally.

Here's a quick look at the deployment targets and market reach:

Metric	Target/Figure
Peak Speed Per Cell	120 Mbps
Global Addressable Users	5.6 billion
MNO Partners (as of Q2 2025)	More than 50
Subscribers Covered by MNO Agreements	Nearly 3.0 billion
Satellites for Key Market Continuous Coverage	45 to 60
Satellites for Continuous Global Coverage	Approximately 90

The core capabilities you receive are:

• Direct connectivity to unmodified smartphones.
• Service supporting voice, text, data, and video.
• Elimination of coverage gaps for MNOs.
• Leveraging premium spectrum including S-Band and L-Band.

The company is preparing to deploy nationwide intermittent service in the United States by the end of 2025, with expansion to the United Kingdom, Japan, and Canada planned for Q1 2026.

Finance: review the Q3 2025 capital expenditure report against the planned satellite production cadence for early 2026.

AST SpaceMobile, Inc. (ASTS) - Canvas Business Model: Customer Relationships

AST SpaceMobile, Inc. (ASTS) focuses on building defintely strong, trust-based relationships with anchor partners, primarily Mobile Network Operators (MNOs) and the U.S. Government, to drive the commercialization of its space-based cellular broadband network.

Long-term definitive commercial agreements with MNOs are the backbone of the commercial strategy. As of late 2025, AST SpaceMobile has secured over $1.0 billion in aggregate contracted revenue commitments from partners. The company currently partners with 50+ MNO partners globally, representing nearly 3 billion subscribers.

Key definitive agreements include:

Partner	Agreement Term	Upfront/Prepayment Amount	Targeted Service Start	Geographic Focus
stc Group	10-year	$175 million prepayment	Q4 2026	Saudi Arabia, Middle East, Africa
Verizon	Definitive Commercial Agreement	(Implied prepayments/investment)	2026	Continental United States (targeting 100% coverage)
Vodafone Group	Ten-year Commercial Agreement	(Part of broader investment)	(Services via SatCo in 2026)	Europe (via SatCo JV)

The stc Group deal is the first for AST SpaceMobile in the Middle East and North Africa (MENA) region and includes a commitment for AST SpaceMobile, Inc. to build three ground gateways and a Network Operations Center (NOC) in Riyadh.

Strategic, high-touch integration support is evident through infrastructure commitments. For the Vodafone joint venture, SatCo, a main Satellite Operations Centre is planned for Germany, near Munich or Hannover, to manage the European constellation. This level of integration support helps MNO network teams deploy the service seamlessly.

Joint ventures and distribution entities are central to European market penetration. The SatCo joint venture with Vodafone Group, announced in March 2025, is headquartered in Luxembourg. SatCo will operate under a unified wholesale model, and its offering has already garnered interest from operators in 21 EU member states. Commercial services via SatCo are targeted for launch in 2026.

Dedicated account management for U.S. Government contracts is showing traction. AST SpaceMobile has secured eight contracts with the U.S. government as of its Q2 2025 earnings call. One specific contract with the U.S. Space Development Agency (SDA) was valued at $43 million. The company also received a new contract award with the U.S. Government as a prime contractor, pending final negotiations.

The trust built with anchor partners is demonstrated by initial operational success, where the first five Block 1 BlueBird satellites successfully conducted video calls with AT&T, Verizon, and Vodafone. The company is scaling its satellite production, aiming to reach 45 to 60 satellites in orbit by the end of 2026 to support these commercial and government rollouts.

• Total MNO Partners: 50+.
• Total Subscribers Covered by Agreements: Nearly 3 billion.
• Total Contracted Revenue Commitments: Over $1.0 billion.
• U.S. Government Contracts Secured: Eight.
• SatCo Interest: Operators in 21 EU member states.

AST SpaceMobile, Inc. (ASTS) - Canvas Business Model: Channels

You're looking at how AST SpaceMobile, Inc. gets its service-and its hardware-into the hands of customers as of late 2025. It's a multi-pronged approach, relying heavily on existing mobile infrastructure rather than building a new consumer brand from scratch.

Wholesale capacity sales directly to Mobile Network Operators (MNOs)

This is the core of the commercial channel. AST SpaceMobile, Inc. sells access to its satellite network capacity directly to established Mobile Network Operators (MNOs) who then offer the service to their existing subscribers under their own brand. This avoids the massive cost and complexity of direct consumer acquisition.

The scale of this channel is impressive based on current agreements:

• Agreements are in place with over 50 MNO partners globally.
• These partners collectively cover nearly 3 billion subscribers worldwide.
• AST SpaceMobile, Inc. has secured over $1.0 billion in aggregate contracted revenue commitments from these commercial partners as of the third quarter of 2025.

The definitive commercial agreements really anchor this channel. For instance, the agreement with stc Group covers Saudi Arabia and other key regional markets in the Middle East and North Africa, featuring a 10-year term and a $175.0 million prepayment for future services. The expanded strategic partnership with Verizon positions AST SpaceMobile, Inc. to target 100% geographical coverage in the continental United States.

Here's a snapshot of the key commercial commitments:

Partner	Geographic Scope	Contract Term	Prepayment/Commitment Highlight
Verizon	Continental United States	Not specified in detail	Positions for 100% geographical coverage target
stc Group	Saudi Arabia and MENA markets	10-year term	$175.0 million prepayment for future services
Total Commercial Partners	Global	Various	Over $1.0 billion in aggregate contracted revenue commitments

MNO existing retail and enterprise sales channels to reach end-users

AST SpaceMobile, Inc. does not operate its own retail stores or direct-to-consumer sales force for the SpaceMobile service. Instead, the MNO partners use their established infrastructure to reach end-users. This means the service is sold as an extension of the MNO's existing offerings, whether that's a standard consumer mobile plan upgrade or a specialized enterprise solution.

The goal is to fill coverage gaps, which is critical infrastructure for carriers. For example, the Verizon agreement targets 100% geographical coverage in the continental U.S., suggesting enterprise and remote coverage are key targets alongside consumer reach.

Direct contract sales to U.S. Government and defense customers

This represents a distinct, high-value channel, separate from the MNO wholesale agreements. The U.S. Government acts as a direct customer, utilizing the technology for critical communications.

The traction here is evidenced by multiple awards:

• AST SpaceMobile, Inc. has secured eight contracts with the U.S. government as of the second quarter of 2025.
• A specific contract with the U.S. Space Development Agency (SDA) was valued at $43 million.
• Another contract award was with the Defense Innovation Unit (DIU) for up to $20.0 million in revenue, via a prime contractor, for capabilities supporting multiple U.S. Government agencies.

Revenue recognized in the third quarter of 2025 was partly driven by achieving milestones on these U.S. Government contracts. This channel provides crucial, often high-margin, revenue while the broader commercial rollout scales. That $43 million SDA contract definitely shows the government is putting money down to test the technology.

Sales of ground gateway equipment to MNO partners

Before MNOs can offer service, they must install ground gateway equipment to connect their terrestrial network to the SpaceMobile constellation. The sale and installation of this hardware is an upfront revenue stream for AST SpaceMobile, Inc.

The booking and revenue recognition for this equipment is tracked closely:

• Gateway equipment bookings in the first quarter of 2025 reached $13.6 million.
• Bookings in the second quarter of 2025 increased to $14.9 million, driven by accelerated global network infrastructure deployment.
• The company replenished the pipeline in the third quarter of 2025 with approximately $14 million in new gateway equipment sales bookings.
• Management projected expected quarterly bookings of approximately $10 million on average throughout the second half of 2025.

The company reiterated its belief that it has a total revenue opportunity in the range of $50 million to $75 million for the second half of 2025, which is contingent upon factors including these critical gateway equipment sales.

AST SpaceMobile, Inc. (ASTS) - Canvas Business Model: Customer Segments

You're looking at the core of AST SpaceMobile, Inc.'s (ASTS) market strategy-who they are selling access to, which is primarily through Mobile Network Operators (MNOs).

Mobile Network Operators (MNOs) seeking to expand coverage and reduce churn

AST SpaceMobile, Inc. has built a foundation on agreements with global telecom carriers. As of late 2025, the company cited agreements with over 50 MNO partners globally. These partners collectively represent nearly 3 billion subscribers globally. The value proposition for these MNOs is extending their network reach without building new terrestrial infrastructure, directly addressing customer churn in dead zones.

The initial commercial focus is geographically targeted:

• Preparing to deploy nationwide intermittent service in the United States by the end of 2025.
• Following up with service in the United Kingdom, Japan, and Canada in Q1 2026.
• The goal is continuous service coverage in key markets using a constellation of 45 to 60 satellites by the end of 2026.
• The partnership with stc Group includes a 10-year term and a $175.0 million prepayment for services across Saudi Arabia and other Middle East/North Africa markets.
• Vodafone Idea (Vi) partnership targets India's 1.1 billion mobile subscribers.

U.S. Government and defense agencies requiring secure, global communications

Traction with the U.S. defense sector is a significant, early revenue stream, leveraging the large phased-array satellites for both communication and non-communication applications. Multiple branches of the U.S. Armed Forces have tested the operational satellites.

Key government contract figures as of mid-to-late 2025 include:

Customer/Program	Contract Value (Approximate)	Status/Context
Total U.S. Government Contracts	8 total contracts	Multiple branches of U.S. Armed Forces testing/using satellites.
U.S. Space Development Agency (SDA)	$43 million	Awarded through a prime contractor.
Defense Innovation Unit (DIU)	Up to $20 million	Agreement for prototype demonstration projects.

The company stated it is fully funded to reach the planned 45 to 60 satellite level, which supports this government service deployment. Revenue recognized in Q3 2025 was driven in part by U.S. Government milestones.

Enterprise customers needing connectivity for logistics, maritime, and IoT

While the primary commercial focus is MNO-driven consumer service, the technology is positioned for enterprise use cases. The partnership with Vodafone Idea in India specifically seeks to expand solutions for the enterprise and IoT sectors in that market. Peer company analysis shows that satellite providers are enhancing integration for outdoor, maritime, and enterprise users, supporting safety, tracking, and two-way messaging.

Consumers in underserved or unconnected regions (indirectly via MNOs)

This segment is served entirely through the MNO partners. The core mission is to eliminate connectivity gaps for the billions of mobile subscribers who lack service from traditional terrestrial infrastructure. The technology supports up to 120 Mbps peak data rates per cell globally, enabling voice, text, and video directly to standard smartphones.

Finance: review Q4 2025 revenue projections against the H2 2025 target range of $50 million to $75 million by end of next week.

AST SpaceMobile, Inc. (ASTS) - Canvas Business Model: Cost Structure

You're looking at the heavy investment required to get the SpaceMobile network operational, and honestly, the cost structure is dominated by building the actual constellation. This isn't a software company burn rate; this is hardware at scale.

The upfront capital required for satellite production is massive. For instance, AST SpaceMobile, Inc. reported $322.8 million in Capital Expenditures in the second quarter of 2025 alone, which reflects that intensified investment in satellite production and infrastructure. This spending is directly tied to the Block 2 BlueBird satellites.

Satellite launch and deployment costs are a significant component of the overall capital outlay. Management continues to estimate the average capital cost for over 90 Block 2 BlueBird satellites, which includes direct materials and launch expenses, to be in the range of $21 million to $23 million per satellite. The company has a secured launch manifest aiming for at least five orbital deployments by the end of Q1 2026, with a planned cadence of one launch every one to two months on average during 2025 and 2026.

Research and Development (R&D) remains a necessary cost, though it appears to be managed relative to CapEx. For the three months ended September 30, 2025, Research and development costs were reported as $5,530 thousand. This compares to the twelve months ending September 30, 2025, where annual R&D expenses were $0.024B.

Operating Expenses (OpEx) show the day-to-day costs of running the business while scaling. The GAAP Total operating expenses for AST SpaceMobile, Inc. in the third quarter of 2025 totaled $94.415 million. However, when you look at the Non-GAAP adjusted operating expenses, which exclude certain non-cash costs like depreciation and amortization and stock-based compensation, the figure for Q3 2025 was $67.7 million.

Here's a quick breakdown of the components driving those Q3 2025 operating costs:

• Engineering services costs (Adjusted): $32,789 thousand
• General and administrative costs (Adjusted): $23,882 thousand
• Research and development costs (GAAP): $5,530 thousand
• Depreciation and amortization (Included in GAAP total): $12,716 thousand

The expansion of the manufacturing footprint and workforce is a clear cost driver, showing commitment to vertical integration. AST SpaceMobile, Inc. has a global workforce of nearly 1,800 people as of late 2025. This is supported by nearly 500,000 square feet of manufacturing and operations facilities worldwide, with roughly 400,000 square feet located in the United States.

To put the scale of the fixed asset investment into perspective, consider the gross property and equipment:

Metric	As of June 30, 2025	As of March 31, 2025
Gross Property and Equipment (in millions)	$906.9 million	$584.1 million
Accumulated Depreciation and Amortization (in millions)	$145.3 million	$133.3 million

Finance: draft 13-week cash view by Friday.

AST SpaceMobile, Inc. (ASTS) - Canvas Business Model: Revenue Streams

You're looking at the early monetization phase for AST SpaceMobile, Inc. (ASTS), where revenue is starting to flow from non-service activities while the core wholesale capacity business is being locked in. Honestly, the numbers right now reflect the build-out, not the scale, but the commitments show where the future value is being priced.

The primary future stream, wholesale service fees from MNOs for network capacity, is being telegraphed through massive contractual commitments. Management announced securing over $1.0 billion in aggregate contracted revenue commitments from commercial partners as of the third quarter of 2025. This signals the MNOs view this capacity as essential, not optional, for plugging coverage gaps.

Revenue from U.S. Government contract milestones and services is an immediate, recognized stream. For the third quarter of 2025, GAAP revenue hit $14.7 million. This recognized revenue was explicitly driven by hitting milestones on U.S. Government contracts, alongside gateway deliveries. Earlier in the fiscal year, AST SpaceMobile highlighted specific government work, including a $43 million contract with the U.S. Space Development Agency and a new contract up to $20 million with the Defense Innovation Unit.

Sales of ground gateway equipment to MNO partners also contribute to the top line now. In the third quarter of 2025, the company replenished its pipeline with approximately $14 million in new gateway equipment sales. Management continues to believe they will book over $10 million of new gateway equipment sales per quarter on average.

The expected H2 2025 revenue guidance remains firm, despite the Q3 results, at $50 million-$75 million, which is expected to come from these initial services and sales activities. This implies a significant ramp in Q4 revenue to hit that range, suggesting certainty around specific, large deliveries or milestone payments before year-end.

Here's a quick look at the key financial metrics tied to these revenue drivers as of late 2025:

Revenue Stream Component	Latest Reported/Confirmed Figure	Context/Timing
Aggregate Contracted Revenue Commitments	$1.0 billion	Total secured from commercial partners
Expected H2 2025 Revenue Guidance	$50 million-$75 million	Reaffirmed guidance for the second half of 2025
Q3 2025 GAAP Revenue	$14.7 million	Primarily from government milestones and gateway deliveries
New Gateway Bookings (Q3 2025)	$14 million	New equipment sales replenishing the pipeline
stc Group Prepayment	$175.0 million	Prepayment for future services under a 10-year agreement
Projected New Gateway Sales (Average)	Over $10 million per quarter	Management expectation for future equipment sales

The commercial traction is further evidenced by the definitive agreements signed, which are the foundation for the future wholesale fees. For instance, the definitive commercial agreement with stc Group includes a $175.0 million prepayment for future services. This prepayment is non-dilutive funding now, which is incredibly valuable for a company scaling satellite production.

The current revenue recognition is a mix of upfront payments and milestone achievements, which you can see reflected in the Q3 results. The sources of that $14.7 million in Q3 2025 revenue were:

• U.S. Government contract milestones
• Gateway deliveries and installations
• Gateway hardware sales
• Various commercial service milestone achievements

Also, initial technical trials with a Mobile Network Operator (MNO) partner were completed in Q3, with revenue recognition contingent on providing future services, which points directly to the future wholesale service fee model. You've got over 50 MNO partners globally signed up, covering nearly 3 billion potential subscribers, all waiting on constellation deployment.

Finance: draft 13-week cash view by Friday.