AST SPACEMOBILE, INC. (ASTS): Modelo de negócios Canvas [Jan-2025 Atualizado]

Imagine uma abordagem revolucionária para a conectividade móvel global que transcenda a infraestrutura celular tradicional-por um espacemobile pioneiro em comunicação direta de satélite para smartphone que possa transformar as telecomunicações para bilhões de pessoas desconectadas em todo o mundo. Ao alavancar a tecnologia de satélite Bluewalker de ponta e parcerias estratégicas com operadores globais de rede móvel, esta empresa inovadora está pronta para fornecer cobertura móvel perfeita em regiões remotas e carentes, potencialmente preenchendo a divisão digital com um modelo de negócios inovador que desafia os paradigmas de conectividade convencionais.

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: Parcerias -chave

Serviços de lançamento de satélite SpaceX

O AST Spacemobile tem um contrato de lançamento confirmado com a SpaceX para implantar sua constelação de satélite Bluewalker. Em janeiro de 2024, a SpaceX concluiu um lançamento para a AST Spacemobile, com o satélite Bluewalker 3 lançado em 10 de setembro de 2022, usando um foguete Falcon 9.

Operadores de rede móvel

Parceiro	País	Status da parceria
Vodafone	Reino Unido	Contrato de Parceria Estratégica
Rakuten Mobile	Japão	Contrato de colaboração assinada
Grupo MTN	África do Sul	Contrato de parceria assinada

Fabricantes de equipamentos de telecomunicações

• Qualcomm Technologies, Inc. - Colaboração de Tecnologia
• MediaTek - Parceria de Desenvolvimento de Chipset
• Samsung Electronics - Integração potencial de dispositivos

Parceiros de investimento

AST Spacemobile garantiu investimentos significativos de parceiros estratégicos:

• Grupo Rakuten: US $ 180 milhões em dezembro de 2021
• American Tower Corporation: investimento de US $ 76 milhões em agosto de 2022
• Comunicações Novatel: Valor de investimento não revelado

Instituições de pesquisa

Instituição	Área de foco	Tipo de colaboração
Instituto de Tecnologia de Massachusetts (MIT)	Tecnologias de comunicação por satélite	Parceria de pesquisa
Universidade de Stanford	Rede sem fio avançado	Desenvolvimento de Tecnologia

Total de parcerias confirmadas: 12 operadores globais de rede móvel em janeiro de 2024

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: Atividades -chave

Design de constelação de satélite e implantação

AST Spacemobile planeja implantar uma constelação de 168 satélites na órbita baixa da terra. A empresa levantou US $ 533 milhões em financiamento para apoiar o desenvolvimento do satélite a partir do quarto trimestre 2023.

Parâmetros de constelação de satélite	Especificações
Satélites planejados totais	168
Altitude da órbita	500-700 km
Financiamento alocado	US $ 533 milhões

Tecnologia de conectividade móvel direta para células

O satélite de protótipo Bluewalker 3 da AST Spacemobile demonstrou recursos de conectividade direta para células em setembro de 2022.

• Tecnologia móvel direta para células de propriedade desenvolvida
• Usa bandas de espectro móvel padrão
• Tem como objetivo fornecer cobertura móvel global

Gerenciamento de espectro e conformidade regulatória

A empresa garantiu acordos de espectro em vários países, incluindo Estados Unidos, Brasil e Japão.

País	Status do contrato de espectro
Estados Unidos	Aprovação regulatória obtida
Brasil	Direitos do espectro garantidos
Japão	Discussões regulatórias em andamento

Fabricação e teste de satélite

A AST Spacemobile investiu US $ 89,4 milhões em pesquisa e desenvolvimento para tecnologia de satélite em 2022.

• Recursos internos de design e fabricação de satélite
• Extensos testes terrestres de protótipos de satélite
• Refinamento de tecnologia contínua

Desenvolvimento de infraestrutura de rede

A empresa está desenvolvendo uma rede terrestre abrangente para apoiar comunicações por satélite.

Componente de infraestrutura de rede	Status de desenvolvimento
Estações terrestres	Vários locais identificados
Centro de Operações de Rede	Em construção
Sistemas de gerenciamento de conectividade	Desenvolvimento de software em andamento

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: Recursos -chave

Tecnologia de satélite Bluewalker proprietária

AST Spacemobile desenvolveu Bluewalker 3, um grande protótipo de satélite de matriz em fases com as seguintes especificações:

Especificação	Detalhes
Tamanho de satélite	64 metros quadrados
Data de lançamento	Setembro de 2022
Altitude orbital	Aproximadamente 550 km

Portfólio de patentes

Detalhes do portfólio de patentes:

• Total de patentes arquivadas: 59
• Categorias de patentes:
  • Comunicação direta para células
  • Arquitetura de rede de satélite
  • Tecnologias de transmissão de sinal celular

Equipe de engenharia

Composição e experiência em equipe:

Categoria	Número
Total de funcionários	127
Titulares de doutorado	18
Engenheiros Aeroespaciais	42
Especialistas em telecomunicações	35

Investimentos estratégicos de capital

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica de investimento	Quantia
Financiamento total arrecadado	US $ 513,5 milhões
Caixa e equivalentes de dinheiro	US $ 272,6 milhões
Equidade dos acionistas	US $ 370,2 milhões

Infraestrutura de comunicação

Recursos de infraestrutura:

• Estações de terra: 4 locais operacionais
• Potencial de cobertura da rede: 1.500 operadores de rede móvel
• Constelação de satélite planejada: 110 satélites

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: proposições de valor

Conectividade móvel global em áreas remotas e carentes

AST Spacemobile alvo de aproximadamente 4,2 bilhões de pessoas sem cobertura móvel confiável em todo o mundo. A rede satélite da empresa visa fornecer conectividade a regiões com infraestrutura terrestre limitada.

Região	População não conectada	Penetração potencial de mercado
África	1,7 bilhão	40%
Ásia-Pacífico	2,1 bilhões	35%
América latina	400 milhões	25%

Cobertura móvel sem costura sem infraestrutura celular tradicional

A tecnologia da AST Spacemobile elimina a necessidade de torres celulares terrestres, reduzindo os custos de implantação de infraestrutura em cerca de 70%.

Comunicação direta de satélite para smartphone

• Suporta smartphones padrão 4G e 5G sem modificações
• Utiliza bandas de frequência celular padrão
• Fornece cobertura global através de uma constelação de satélites de órbita baixa terra

Conectividade móvel acessível para regiões em desenvolvimento

Custo médio de conectividade mensal projetado: US $ 5 a US $ 10, em comparação com as médias regionais atuais de US $ 15 a US $ 25.

País	Custo de dados mensais atual	Custo do Spacemobile AST projetado
Nigéria	$22	$7
Índia	$18	$6
Brasil	$25	$9

Soluções de comunicação de emergência e desastres

Potencial para fornecer infraestrutura crítica de comunicação durante emergências, com redução estimada de tempo de resposta de 60% em comparação com os métodos tradicionais.

• Conectividade imediata em zonas de desastre
• Apoio a esforços de socorro humanitário
• Comunicação de emergência em tempo real

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: Relacionamentos do cliente

Vendas diretas para operadores de rede móvel

A AST Spacemobile estabeleceu relacionamentos diretos de vendas com operadores de rede móvel globalmente. A partir do quarto trimestre 2023, a empresa relatou compromissos com operadoras de celular em:

Região	Número de parcerias operadoras
África	5 operadores de rede móvel
América latina	3 operadores de rede móvel
Médio Oriente	2 operadores de rede móvel

Aquisição de clientes orientada por parceria

As principais parcerias estratégicas incluem:

• Grupo Vodafone
• Rakuten Mobile
• American Tower Corporation

Serviços técnicos de suporte e integração

AST Spacemobile fornece suporte técnico abrangente por meio de:

• Equipe de suporte técnico dedicado 24/7
• Assistência de integração remota
• Serviços de compatibilidade de rede personalizados

Desenvolvimento de Tecnologia Colaborativa

Métricas de colaboração de tecnologia em 2024:

Tipo de colaboração	Número de colaborações
Parcerias de pesquisa	7 colaborações ativas
Projetos de integração de tecnologia	4 projetos em andamento

Comunicação transparente

Os canais de comunicação incluem:

• Apresentações trimestrais dos investidores
• Relatórios anuais de capacidade de tecnologia
• Demonstrações técnicas públicas

AST Spacemobile, Inc. (ASTS) - Modelo de Negócios: Canais

Equipe de vendas da empresa direta

A partir do quarto trimestre 2023, o AST Spacemobile possui uma equipe de vendas especializada segmentando:

• Operadores de rede móvel (MNOs)
• Empresas de telecomunicações em mercados emergentes
• Provedores de serviços de comunicação por satélite

Métricas da equipe de vendas	2023 dados
Pessoal de vendas total	12 profissionais de vendas empresariais dedicados
Cobertura geográfica	América do Norte, Europa, África, Regiões da Ásia-Pacífico
Tamanho médio de negócios	Estimado US $ 5 a 10 milhões por parceria estratégica

Conferências da indústria de telecomunicações

Participação da conferência-chave em 2023-2024:

• Congresso Mundial Mobile
• Conferência de Satélite & Exposição
• 5G Summit World

Acordos de parceria estratégica

Parcerias estratégicas atuais em 2024:

Parceiro	País/região	Foco em parceria
Vodacom	África	Serviços de conectividade direta de satélite
TELUS	Canadá	Integração de rede móvel
Rakuten Mobile	Japão	Testes avançados de comunicação por satélite

Documentação técnica online

Canais digitais para informações técnicas:

• Site da empresa Recursos técnicos
• Documentação da API do desenvolvedor
• Tecnologia de satélite Papers White Papers

Comunicações de Relações com Investidores

Canal de comunicação	Freqüência
Chamadas de ganhos trimestrais	4 vezes por ano
Reunião Anual dos Acionistas	1 tempo por ano
Atualizações de apresentação do investidor	Trimestral

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: segmentos de clientes

Operadores de rede móvel

AST Spacemobile tem como alvo os operadores globais de redes móveis com parcerias em potencial em várias regiões.

Região	Operadores de rede em potencial	Potencial de mercado
África	Grupo MTN, Vodacom	1,4 bilhão de assinantes móveis
América latina	Telefónica, Claro	737 milhões de assinantes móveis
Ásia	Bharti Airtel, Globe Telecom	2,7 bilhões de assinantes móveis

Empresas de telecomunicações

AST Spacemobile se concentra em empresas de telecomunicações com infraestrutura terrestre limitada.

• Conectividade direta de satélite para smartphone
• Expansão de cobertura em áreas remotas
• Requisitos de investimento em infraestrutura reduzidos

Governos e serviços de emergência

Os mercados -alvo incluem agências governamentais que exigem redes de comunicação confiáveis.

Tipo de serviço	Aplicações em potencial	Tamanho estimado do mercado
Resposta de emergência	Comunicação de desastres	Mercado global de US $ 4,5 bilhões
Segurança Nacional	Comunicação remota	Mercado potencial de US $ 3,2 bilhões

Mercados populacionais rurais e remotos

Alvos da AST Spacemobile Regiões geográficas carentes com conectividade limitada.

• 3,6 bilhões de pessoas sem banda larga móvel confiável
• Regiões com menos de 50% de penetração da Internet móvel
• Áreas com infraestrutura terrestre desafiadora

Países em desenvolvimento com infraestrutura limitada

Concentre -se nas regiões que exigem soluções inovadoras de comunicação.

Região	População não conectada	Penetração potencial de mercado
África subsaariana	870 milhões de indivíduos desconectados	Alcance potencial de 40% no mercado
Sudeste Asiático	650 milhões de indivíduos desconectados	Alcance potencial de 35% no mercado
Sul da Ásia	1,2 bilhão de indivíduos desconectados	Alcance potencial de 45% no mercado

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: estrutura de custos

Pesquisa e desenvolvimento de satélite

A partir do quarto trimestre de 2023, a AST Spacemobile registrou despesas de P&D de US $ 81,7 milhões no ano fiscal. O investimento total de pesquisa da empresa se concentrou no desenvolvimento da tecnologia de satélite Bluewalker.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 67,3 milhões	45.2%
2023	US $ 81,7 milhões	52.6%

Despesas de fabricação e lançamento de satélite

Os custos de fabricação e lançamento da constelação de satélite da AST Spacemobile são significativos:

• Custo estimado por fabricação por satélite: US $ 10-15 milhões
• Custo de lançamento projetado por satélite: US $ 5-7 milhões
• Custo total estimado para constelação inicial: aproximadamente US $ 300-400 milhões

Conformidade regulatória e licenciamento de espectro

As despesas regulatórias para 2023 foram estimadas em US $ 12,5 milhões, incluindo taxas de licenciamento internacional de espectro.

Categoria de conformidade	Custo anual estimado
Licenciamento da FCC	US $ 4,2 milhões
Direitos do Espectro Internacional	US $ 8,3 milhões

Pessoal de Engenharia e Técnico

Os custos de pessoal para 2023 totalizaram US $ 45,6 milhões:

• Equipe total de engenharia: 247 funcionários
• Salário médio de engenharia: US $ 185.000 por ano
• Despesas totais de pessoal técnico: US $ 45,6 milhões

Marketing e desenvolvimento de negócios

As despesas de marketing de 2023 foram de US $ 7,3 milhões, representando um investimento estratégico na expansão do mercado global.

Segmento de marketing	Alocação de despesas
Marketing digital	US $ 2,9 milhões
Participação da conferência da indústria	US $ 1,5 milhão
Desenvolvimento de Parceria	US $ 2,9 milhões

AST Spacemobile, Inc. (ASTS) - Modelo de negócios: fluxos de receita

Taxas de serviço de conectividade por satélite

A partir do quarto trimestre 2023, a AST Spacemobile projetou potencial mercado endereçável global para conectividade de satélite direta para dispositivos em aproximadamente US $ 280 bilhões até 2035.

Nível de serviço	Taxa mensal estimada	Penetração de mercado projetada
Conectividade básica	$15-$25	3-5% até 2026
Plano de dados aprimorado	$35-$50	1-2% até 2027

Roaming e cobranças de transmissão de dados

O modelo de receita projetado do AST Spacemobile inclui:

• Taxas internacionais de roaming estimadas em US $ 0,10 a US $ 0,25 por minuto
• A transmissão de dados cobra em torno de US $ 0,05 a US $ 0,15 por megabyte
• Tamanho potencial do mercado de roaming global estimado em US $ 65 bilhões até 2030

Acordos de conectividade por atacado

A partir de 2024, a AST Spacemobile estabeleceu parcerias com:

Parceiro de telecomunicações	Participação de receita projetada	Duração do contrato
Vodafone	40-50%	5-7 anos
AT&T	35-45%	3-5 anos

Licenciamento de tecnologia

Os fluxos potenciais de receita de licenciamento de tecnologia incluem:

• Licenciamento de patente de conectividade de satélite
• Taxas de licenciamento estimadas: US $ 5 a US $ 10 milhões anualmente
• Portfólio de propriedade intelectual projetada Valor: $ 50- $ 75 milhões

Receita de compartilhamento de infraestrutura

Modelo de receita projetada de compartilhamento de infraestrutura:

Tipo de infraestrutura	Receita anual estimada	Potencial de mercado
Compartilhamento de rede de satélite	US $ 15 a US $ 25 milhões	Mercado de telecomunicações em crescimento
Infraestrutura da estação terrestre	US $ 10 a US $ 20 milhões	Setor de comunicação por satélite emergente

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.