ASTS AST SpaceMobile, Inc.

Since prior filing, company recognized revenue from U.S. government agreements and from sale of gateway equipment to MNOs, with plans for revenue continuation as MNOs develop infrastructure for commercial readiness.

The current filing on 2026-03-02 added detailed discussion about the Ligado Transaction including specific payment amounts ($550 million total, with breakdowns of $420M paid, $100M and $15M pending payments), description of the Backstop Commitment of $520 million, and litigation with Inmarsat involving the Bankruptcy Court ordering regulatory support. Previous filing discussed the transaction more generally with $550 million financing commitment subject to conditions without payment breakdowns or litigation details.

The current filing increased the estimated capital cost per satellite for a constellation of over 90 Block 2 BB satellites to $21.0M - $23.0M (from prior $19.0M - $21.0M). It also clarified that initial launches would be higher and outlined a launch campaign commenced with BB6 satellite launched on December 23, 2025, planning for 45 to 60 launches by end of 2026. The prior filing mentioned planned launches during 2025 and 2026 totaling approximately 60 satellites.

The current filing reports a net loss attributable to common stockholders of $341.9 million for 2025 and aggregate losses since inception of approximately $831.7 million. The prior filing reported $300.1 million for 2024 and losses of $489.7 million through 2024.

Current filing describes the risk of government shutdowns (notably from Oct 1-Nov 13, 2025) impacting federal agencies like the FCC potentially delaying regulatory submissions, which could materially affect the business. It also discusses contracts with the U.S. government including a $43 million award in 2025. The earlier filing referenced government contracts generally but without mention of shutdowns or contract award amounts.

Current filing provides detailed discussion on the UBS Loan Agreement for $420 million term loan to finance Ligado payment, including collateralization and covenants that may lead to default and seizure risk. Also discusses Sound Point Credit Facility delaying-draw loan of $550 million with similar risks. Prior filing mentions a $550 million senior secured delayed-draw term loan facility but with less detailed terms and no UBS loan description.

On March 22, 2025, the company and its subsidiaries entered into definitive agreements with Ligado LLC for usage rights of mid-band spectrum, which were approved by the Bankruptcy Court on June 23, 2025, and the Chapter 11 plan was confirmed on or about September 29, 2025. This agreement is expected to enhance the network by providing long-term access to up to 45 MHz of lower mid-band satellite spectrum in the US and Canada.

On September 25, 2025, the company completed acquisition of an entity holding certain S-Band ITU priority rights to Mobile Satellite Services frequencies globally, expected to further enhance network spectrum by up to 60 MHz of mid-band satellite spectrum.