AST SpaceMobile proposes $1.0B convertible notes; preliminary 2025 revenue $63-71M

AST SpaceMobile, Inc.

Proposed $1.0B convertible senior notes due 2036 to qualified institutional buyers.
Proposed registered direct offerings of Class A common stock to fund up to $300M repurchase of existing convertible notes.
Preliminary FY2025: revenue $63-71M, adjusted operating expenses $257-263M, cash & equivalents ~$2.78B as of Dec 31, 2025.
ATM program: ~10.1M shares sold for ~$706.3M net proceeds; $80M remaining as of Feb 10, 2026.
Total indebtedness ~$2.26B as of Dec 31, 2025, including $1.15B of 2.00% convertible notes due 2036 and $420M term loan.

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