AST SpaceMobile, Inc. · Q2 2026 call

Today, you can see that trend as we are announcing three new contract awards with funded near-term value of over $100 million in total, expected during 2026 and 2027. We plan to talk more about these awards publicly soon, but they represent near-term capabilities that have been in development with the U.S. Department of War for years

In Q2 specifically, we delivered against 13 gateways to seven customers across five continents, and we remain confident in our ability to achieve our full-year 2026 revenue goals and are reiterating our guidance of $150 million - $200 million

For the full-year of 2026, we expect adjusted OpEx, excluding adjusted cost of revenues, to average approximately $100 million per quarter, or $400 million total for the year. Consistent with average quarterly CapEx spend during the first half of 2026, we expect our capital expenditures in Q3 of 2026 to be in the range of approximately $350 million - $425 million

in July, we executed a convertible debt transaction for $1.15 billion aggregate principal amount of 1.625% convertible senior notes due in 2034. As part of the transaction, we purchased a capped call hedge to increase the effective conversion price to $149.20 per share, a price well above our all-time high trading price. […] The notes have our lowest coupon ever at 1.625%, providing cost-efficient capital with effective dilution of less than 2%.

What we are seeing is that this opportunity is going to start scaling up into a recurring multi-billion dollar a year opportunity starting in 2027.

Well, spectrum is like fuel for our business. But of course, also how efficient is the machine to utilize that fuel is super important. […] We were the first company in direct-to-device that started this trend of direct-to-device operators to own spectrum, but we had the largest combined spectrum access, when you combine our MNO partners' spectrum plus our own spectrum, in addition to a very large phased array with a lot of power.

Well, we are currently getting to six per month. We want to expand that in order to be able to supply enough capacity for our government and non-government applications. […] We want to continue expanding our capability of producing them to even larger satellites that allow us to support communications, radar, GPS, AI, cloud computing, IoT, and other very strategic applications that we have.

Our existing agreements are not affected. Frankly, as we said when this was announced, the joint venture frankly frees up a third and fourth customer for us in the U.S., so we were happy and supportive of it.

We've been consistent now for several quarters that we are falling between $21 million and $23 million per satellite. That includes launch, that includes our direct labor and so forth. […] over the life of the 90 satellites, we feel good with that number.

Between low-band and mid-band, we had around close to 1,200 MHz of capacity that we can tune our satellites. We can do this per country. […] the 100 MHz of spectrum is roughly what you see from our acquisition of a spectrum through Ligado, plus access to spectrum of our MNO partners here in the United States.

The principles there were based on a first full-year of commercial service. Nothing's changed on our expectation and our goal of approaching $1 billion of revenue in our first year of commercial service. Next year, the way to think about it is still a really strong opportunity in government that could contribute to probably as much as half of that. […] It's just a question of when we kick it off and when we hit to run rate.

In terms of our about 25 satellites, like you said, there's a lot of variance there, but think about it as about half the day coverage.

This represents roughly half on the investment on those satellites in capital that is non-dilutive and non-debt for global usage of these satellites, but with a flag, a Japanese satellite for that subset of satellites.