AST SpaceMobile, Inc. (AST): Canvas de modèle d'entreprise [Jan-2025 MISE À JOUR]

Imaginez une approche révolutionnaire de la connectivité mobile mondiale qui transcende les infrastructures cellulaires traditionnelles - le l'état de l'espacemobile est un pionnier de la communication directe par satellite à intelligence qui pourrait transformer les télécommunications pour des milliards de personnes non connectées dans le monde. En tirant parti de la technologie des satellites Bluewalker de pointe et des partenariats stratégiques avec les opérateurs mondiaux de réseaux mobiles, cette entreprise innovante est prête à offrir une couverture mobile transparente dans les régions éloignées et mal desservies, pour pôler la fracture numérique avec un modèle commercial révolutionnaire qui remet en question les paradigmes de connectivité conventionnels.

AST SpaceMobile, Inc. (ASTS) - Modèle commercial: partenariats clés

Services de lancement de satellite SpaceX

AST SpaceMobile a un accord de lancement confirmé avec SpaceX pour déployer sa constellation de satellite Bluewalker. En janvier 2024, SpaceX a terminé un lancement pour AST Spacemobile, avec le satellite Bluewalker 3 lancé le 10 septembre 2022, en utilisant une fusée Falcon 9.

Opérateurs de réseaux mobiles

Partenaire	Pays	Statut de partenariat
Vodafone	Royaume-Uni	Accord de partenariat stratégique
Rakuten mobile	Japon	Contrat de collaboration signé
Groupe MTN	Afrique du Sud	Accord de partenariat signé

Fabricants d'équipements de télécommunications

• Qualcomm Technologies, Inc. - Collaboration technologique
• MediaTek - Partenariat de développement du chipset
• Samsung Electronics - Intégration potentielle de l'appareil

Partenaires d'investissement

AST SpaceMobile a obtenu des investissements importants de partenaires stratégiques:

• Rakuten Group: 180 millions de dollars d'investissement en décembre 2021
• American Tower Corporation: 76 millions de dollars d'investissement en août 2022
• Communications Novatel: montant d'investissement non divulgué

Institutions de recherche

Institution	Domaine de mise au point	Type de collaboration
Institut de technologie du Massachusetts (MIT)	Technologies de communication par satellite	Partenariat de recherche
Université de Stanford	Réseau sans fil avancé	Développement technologique

Partenariats totaux confirmés: 12 opérateurs mondiaux de réseau mobile à partir de janvier 2024

AST SpaceMobile, Inc. (AST) - Modèle d'entreprise: Activités clés

Conception et déploiement de la constellation par satellite

AST SpaceMobile prévoit de déployer une constellation de 168 satellites en orbite terrestre basse. La société a levé 533 millions de dollars de financement pour soutenir le développement des satellites au quatrième trimestre 2023.

Paramètres de constellation par satellite	Caractéristiques
Total des satellites planifiés	168
Altitude d'orbite	500-700 km
Financement alloué	533 millions de dollars

Technologie de connectivité mobile directe aux cellules

Le satellite du prototype de Bluewalker 3 d'AST SpaceMobile a démontré des capacités de connectivité directe aux cellules en septembre 2022.

• Développé la technologie mobile propriétaire directe aux cellules
• Utilise des bandes de spectre mobile standard
• Vise à fournir une couverture mobile mondiale

Gestion du spectre et conformité réglementaire

La société a obtenu des accords de spectre dans plusieurs pays, notamment les États-Unis, le Brésil et le Japon.

Pays	État de l'accord de spectre
États-Unis	Approbation réglementaire obtenue
Brésil	Droits de spectre garantis
Japon	Discussions réglementaires en cours

Fabrication et tests satellites

AST SpaceMobile a investi 89,4 millions de dollars dans la recherche et le développement de la technologie satellite en 2022.

• Capacités de conception et de fabrication de satellites internes
• Essais au sol approfondi des prototypes satellites
• Raffinement de la technologie continue

Développement des infrastructures de réseau

L'entreprise développe un réseau de sol complet pour soutenir les communications par satellite.

Composant d'infrastructure réseau	Statut de développement
Stations de sol	Plusieurs emplacements identifiés
Centre d'opérations réseau	En cours de construction
Systèmes de gestion de la connectivité	Développement de logiciels en cours

AST SpaceMobile, Inc. (AST) - Modèle commercial: Ressources clés

Technologie de satellite Bluewalker propriétaire

AST SpaceMobile a développé Bluewalker 3, un grand prototype satellite à réseau phasé avec les spécifications suivantes:

Spécification	Détails
Taille de satellite	64 mètres carrés
Date de lancement	Septembre 2022
Altitude orbitale	Environ 550 km

Portefeuille de brevets

Détails du portefeuille de brevets:

• Total des brevets déposés: 59
• Catégories de brevets:
  • Communication directe à cellule
  • Architecture du réseau satellite
  • Technologies de transmission de signaux cellulaires

Équipe d'ingénierie

Composition et expertise de l'équipe:

Catégorie	Nombre
Total des employés	127
Titulaires de doctorat	18
Ingénieurs aérospatiaux	42
Spécialistes des télécommunications	35

Investissements en capital stratégique

Ressources financières au quatrième trimestre 2023:

Métrique d'investissement	Montant
Financement total collecté	513,5 millions de dollars
Equivalents en espèces et en espèces	272,6 millions de dollars
Capitaux propres des actionnaires	370,2 millions de dollars

Infrastructure de communication

Capacités d'infrastructure:

• Stations au sol: 4 emplacements opérationnels
• Potentiel de couverture du réseau: 1 500 opérateurs de réseaux mobiles
• Constellation par satellite prévue: 110 satellites

AST SpaceMobile, Inc. (AST) - Modèle d'entreprise: propositions de valeur

Connectivité mobile mondiale dans les zones éloignées et mal desservies

AST SpaceMobile cible environ 4,2 milliards de personnes sans couverture mobile fiable dans le monde. Le réseau satellite de la société vise à fournir une connectivité aux régions avec une infrastructure terrestre limitée.

Région	Population non connectée	Pénétration potentielle du marché
Afrique	1,7 milliard	40%
Asie-Pacifique	2,1 milliards	35%
l'Amérique latine	400 millions	25%

Couverture mobile sans couture sans infrastructure cellulaire traditionnelle

La technologie d'AST SpaceMobile élimine le besoin de tours cellulaires au sol, réduisant les coûts de déploiement des infrastructures d'environ 70%.

Communication directe par satellite à intelligence

• Prend en charge les smartphones 4G et 5G standard sans modifications
• Utilise des bandes de fréquences cellulaires standard
• Fournit une couverture globale à travers une constellation de satellites en orbite à terre basse

Connectivité mobile abordable pour les régions en développement

Coût de connectivité mensuel moyen projeté: 5 à 10 $, par rapport aux moyennes régionales actuelles de 15 $ à 25 $.

Pays	Coût des données mensuelles actuelles	Coût de l'espacemobile AST projeté
Nigeria	$22	$7
Inde	$18	$6
Brésil	$25	$9

Solutions de communication d'urgence et de catastrophe

Potentiel à fournir une infrastructure de communication critique en cas d'urgence, avec une réduction estimée du temps de réponse de 60% par rapport aux méthodes traditionnelles.

• Connectivité immédiate dans les zones de catastrophe
• Soutien aux efforts de secours humanitaire
• Communication d'urgence en temps réel

AST SpaceMobile, Inc. (AST) - Modèle d'entreprise: relations avec les clients

Ventes directes vers les opérateurs de réseaux mobiles

AST SpaceMobile a établi des relations de vente directes avec les opérateurs de réseaux mobiles dans le monde. Au quatrième trimestre 2023, la société a signalé des engagements avec des opérateurs mobiles dans:

Région	Nombre de partenariats opérateurs
Afrique	5 opérateurs de réseaux mobiles
l'Amérique latine	3 opérateurs de réseaux mobiles
Moyen-Orient	2 opérateurs de réseaux mobiles

Acquisition de clients axée sur le partenariat

Les partenariats stratégiques clés comprennent:

• Vodafone groupe
• Rakuten mobile
• American Tower Corporation

Services de support technique et d'intégration

AST SpaceMobile fournit un soutien technique complet à travers:

• Équipe de support technique dédiée 24/7
• Assistance à l'intégration à distance
• Services de compatibilité réseau personnalisés

Développement de technologies collaboratives

Métriques de la collaboration technologique à partir de 2024:

Type de collaboration	Nombre de collaborations
Partenariats de recherche	7 collaborations actives
Projets d'intégration technologique	4 projets en cours

Communication transparente

Les canaux de communication comprennent:

• Présentations des investisseurs trimestriels
• Rapports de capacités technologiques annuelles
• Démonstrations techniques publiques

AST SpaceMobile, Inc. (AST) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Au quatrième trimestre 2023, AST SpaceMobile dispose d'une équipe de vente spécialisée Ciblage:

• Opérateurs de réseaux mobiles (OMN)
• Sociétés de télécommunications sur les marchés émergents
• Fournisseurs de services de communication par satellite

Métriques de l'équipe de vente	2023 données
Total des ventes	12 professionnels des ventes d'entreprises dédiées
Couverture géographique	Régions d'Amérique du Nord, d'Europe, d'Afrique, d'Asie-Pacifique
Taille moyenne de l'accord	Estimé 5 à 10 millions de dollars par partenariat stratégique

Conférences de l'industrie des télécommunications

Participation clé de la conférence au 2023-2024:

• Congrès mondial mobile
• Conférence par satellite & Exposition
• Sommet mondial 5G

Accords de partenariat stratégique

Partenariats stratégiques actuels à partir de 2024:

Partenaire	Pays / région	Focus de partenariat
Vodacom	Afrique	Services de connectivité satellite direct
Télus	Canada	Intégration du réseau mobile
Rakuten mobile	Japon	Test de communication par satellite avancée

Documentation technique en ligne

Canaux numériques pour des informations techniques:

• Ressources techniques du site Web de l'entreprise
• Documentation de l'API du développeur
• TECHNOLOGIE SATELLITE

Communications des relations avec les investisseurs

Canal de communication	Fréquence
Appels de résultats trimestriels	4 fois par an
Réunion des actionnaires annuelle	1 fois par an
Mises à jour de la présentation des investisseurs	Trimestriel

AST SpaceMobile, Inc. (AST) - Modèle d'entreprise: segments de clientèle

Opérateurs de réseaux mobiles

AST SpaceMobile cible les opérateurs mondiaux de réseaux mobiles avec des partenariats potentiels dans plusieurs régions.

Région	Opérateurs de réseau potentiels	Potentiel de marché
Afrique	Groupe MTN, Vodacom	1,4 milliard d'abonnés mobiles
l'Amérique latine	Telefónica, Claro	737 millions d'abonnés mobiles
Asie	Bharti Airtel, Globe Telecom	2,7 milliards d'abonnés mobiles

Sociétés de télécommunications

AST SpaceMobile se concentre sur les sociétés de télécommunications avec une infrastructure terrestre limitée.

• Connectivité directe par satellite à intelligence
• Expansion de la couverture dans les zones reculées
• Réduction des exigences d'investissement des infrastructures

Gouvernements et services d'urgence

Les marchés cibles comprennent les agences gouvernementales nécessitant des réseaux de communication fiables.

Type de service	Applications potentielles	Taille du marché estimé
Réponse d'urgence	Communication	4,5 milliards de dollars sur le marché mondial
Sécurité nationale	Communication à distance	Marché potentiel de 3,2 milliards de dollars

Marchés de population ruraux et éloignés

AST SpaceMobile cible les régions géographiques mal desservies avec une connectivité limitée.

• 3,6 milliards de personnes sans haut débit mobile fiable
• Régions avec moins de 50% de pénétration sur Internet mobile
• Zones avec des infrastructures terrestres difficiles

Pays en développement avec une infrastructure limitée

Concentrez-vous sur les régions nécessitant des solutions de communication innovantes.

Région	Population non connectée	Pénétration potentielle du marché
Afrique subsaharienne	870 millions de personnes non connectées	Porte de marché potentielle de 40%
Asie du Sud-Est	650 millions de personnes non connectées	Poute de marché potentielle de 35%
Asie du Sud	1,2 milliard de personnes non connectées	Poute de marché potentielle de 45%

AST SpaceMobile, Inc. (AST) - Modèle d'entreprise: Structure des coûts

Recherche et développement par satellite

Au quatrième trimestre 2023, AST SpaceMobile a déclaré des dépenses de R&D de 81,7 millions de dollars pour l'exercice. L'investissement total de recherche de l'entreprise s'est concentré sur le développement de la technologie des satellites Bluewalker.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	67,3 millions de dollars	45.2%
2023	81,7 millions de dollars	52.6%

Fabrication par satellite et dépenses de lancement

Les coûts de fabrication et de lancement de la constellation du satellite AST SpaceMobile sont importants:

• Coût de fabrication estimé par satellite: 10 à 15 millions de dollars
• Coût de lancement prévu par satellite: 5 à 7 millions de dollars
• Coût total estimé pour la constellation initiale: environ 300 à 400 millions de dollars

Conformité réglementaire et licence de spectre

Les dépenses réglementaires pour 2023 étaient estimées à 12,5 millions de dollars, y compris les frais de licence de spectre international.

Catégorie de conformité	Coût annuel estimé
Licence FCC	4,2 millions de dollars
Droits internationaux du spectre	8,3 millions de dollars

Ingénierie et personnel technique

Les coûts du personnel pour 2023 ont totalisé 45,6 millions de dollars:

• Personnel d'ingénierie total: 247 employés
• Salaire d'ingénierie moyen: 185 000 $ par an
• Total des dépenses du personnel technique: 45,6 millions de dollars

Marketing et développement commercial

Les frais de marketing pour 2023 étaient de 7,3 millions de dollars, ce qui représente un investissement stratégique dans l'expansion du marché mondial.

Segment marketing	Allocation des dépenses
Marketing numérique	2,9 millions de dollars
Participation de la conférence de l'industrie	1,5 million de dollars
Développement de partenariat	2,9 millions de dollars

AST SpaceMobile, Inc. (ASTS) - Modèle d'entreprise: sources de revenus

Frais de service de connectivité par satellite

Au quatrième trimestre 2023, AST SpaceMobile a projeté un marché mondial potentiel adressable pour la connectivité satellite directe sur les appareils à environ 280 milliards de dollars d'ici 2035.

Niveau de service	Frais mensuels estimés	Pénétration du marché projeté
Connectivité de base	$15-$25	3-5% d'ici 2026
Plan de données amélioré	$35-$50	1-2% d'ici 2027

Frais d'itinérance et de transmission de données

Le modèle de revenus itinérant projeté d'AST SpaceMobile comprend:

• Frais d'itinérance internationaux estimés à 0,10 $ à 0,25 $ par minute
• La transmission de données facture environ 0,05 $ et 0,15 $ par mégaoctet
• Taille potentielle du marché mondial de l'itinérance estimée à 65 milliards de dollars d'ici 2030

Accords de connectivité en gros

En 2024, AST SpaceMobile a établi des partenariats avec:

Partenaire de télécommunications	Part des revenus projetés	Durée du contrat
Vodafone	40-50%	5-7 ans
AT&T	35-45%	3-5 ans

Licence de technologie

Les flux de licences technologiques potentiels comprennent:

• Licence de brevet de connectivité satellite
• Frais de licence estimés: 5 à 10 millions de dollars par an
• Valeur du portefeuille de propriété intellectuelle projetée: 50 à 75 millions de dollars

Infrastructures partageant les revenus

Partage d'infrastructure Modèle de revenus projeté:

Type d'infrastructure	Revenus annuels estimés	Potentiel de marché
Partage de réseau satellite	15 à 25 millions de dollars	Marché croissant des télécommunications
Infrastructure de station sol	10 à 20 millions de dollars	Secteur de la communication par satellite émergente

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.