ASTS · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

AST SpaceMobile

31 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. Space Development Agency (SDA)

earns from · $43.0 million

To that end, we entered into a contract with the United States Space Development Agency (“SDA”) through a prime contractor with total expected revenue of $43.0 million to provide certain testing services utilizing the initial BB satellites, an agreement directly with the United States SDA for the Europa Track 2 commercial solutions program with a total contract value of approximately $30.0 million, and an indefinite-delivery/indefinite-quantity (IDIQ) contract award on the Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) program that enables us to pursue future task orders under the Missile Defense Agency’s multi-award framework.Business (Item 1)

Also named by GD, KTOS

U.S. government

earns fromnamed as a risk

Contracts with the U.S. government subject us to risks including early termination, audits, investigations, sanctions and penalties.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ATI, AVAV, AWK, BA, BWXT and 46 more

AT&T

earns fromnamed as a risk

We have entered into a space-based wireless connectivity agreement with AT&T to provide SpaceMobile Service to AT&T’s end users for use within the continental United States (excluding Alaska) and Hawaii.Business (Item 1)

Also named by CCI, CMCSA, ECHO, LUMN

Verizon

earns fromnamed as a risk

On October 8, 2025, we announced the signing of a definitive commercial agreement with Verizon to provide direct-to-cellular AST SpaceMobile service when needed for Verizon customers within the continental United States (excluding Alaska) and Hawaii starting in 2026.Business (Item 1)

Also named by CMCSA, ECHO, EXTR

Vodafone

earns fromnamed as a risk

On December 18, 2025, we entered into a reseller agreement with our jointly-owned European satellite service business with Vodafone (“SatCo”) to exclusively distribute SpaceMobile Service to MNOs in Europe, UK and certain other markets.Business (Item 1)

Saudi Telecom Company (STC)

earns from

On October 29, 2025, we entered into a ten-year commercial agreement with Saudi Telecom Company (“STC”) to enable direct-to-device satellite mobile connectivity across Saudi Arabia and key regional markets.Business (Item 1)

Suppliers

Launch service providers

depends onnamed as a risk

There are a limited number of third parties with the capabilities to launch our satellites, some of which have launched services that could compete with the SpaceMobile Service and some of which only have a limited track record of being capable of launching our satellites.Risk factors (Item 1A)

Sole source satellite component suppliers

depends onnamed as a risk

Some components, subsystems and services necessary for the assembly of our satellites are currently obtained from a sole source supplier or a limited group of suppliers.Business (Item 1)

Partners and platforms

Ligado Networks

depends on · $550.0 millionnamed as a risk

Any failure to consummate the Ligado Transaction would have a material adverse effect on our business, financial condition and results of operations.Risk factors (Item 1A)

Crown Castle MM Holding LLC

depends on · approximately $96.0 millionnamed as a risk

In addition, we may elect to pay certain sublease spectrum amounts payable under the sublease with Crown Castle MM Holding LLC in either cash or shares of Class A Common Stock, and we may elect to pay the annual spectrum usage fee owed to Ligado in cash or shares of Class A Common Stock.Risk factors (Item 1A)

FirstNet

depends on

We have executed lease agreements with Verizon and AT&T, and a similar agreement with FirstNet, and have filed notices of those agreements with the FCC.Business (Item 1)

Also named by T

Rakuten

We have developed relationships with companies, such as Vodafone, Rakuten, AT&T, Verizon, Google, American Tower, STC, Bell Canada and others that have innovative technologies and products, skilled personnel, and potential end-user customers that complement our strategy.Business (Item 1)

Other companies

Inmarsat Global Limited

$420.0 millionnamed as a risk

If the Bankruptcy Court’s ruling requiring Inmarsat to provide regulatory support is overturned on appeal, this could materially impair our ability to obtain regulatory approval for the Ligado Transaction.Risk factors (Item 1A)

Sound Point Credit Agreement

$550.0 millionnamed as a risk

SpectrumCo’s ability to draw the full amount of the loan under the Sound Point Credit Agreement is subject to the satisfaction of a number of conditions precedent, including receipt of regulatory applications currently pending before the Federal Communications Commission, which, for various reasons, may not occur.Risk factors (Item 1A)

UBS AG

$420.0 millionnamed as a risk

The UBS Loan Agreement provides for a cash collateralized term loan facility (the “UBS Loan Facility”) in an aggregate principal amount of $420.0 million.Risk factors (Item 1A)

Trinity Capital

$50.5 million

We have executed four draws under the MEFA borrowing a total of $50.5 million.Market risk (Item 7A)

Competitors

SpaceX Starlink

competes withnamed as a risk

We face competition from existing and new companies including SpaceX’s Starlink, which is developing satellite communications technology using LEO constellations to provide competitive services in the direct-to-device segment of the mobile satellite services industry.Risk factors (Item 1A)

Globalstar

competes withnamed as a risk

In addition, we face competition from existing service providers such as Inmarsat, Globalstar, Thuraya Telecommunications Co., Iridium Communications and Skylo that offer a range of mobile and fixed communications options.Risk factors (Item 1A)

Iridium Communications

competes withnamed as a risk

Places

Israel

operates in · approximately 37,000 square foot facilitynamed as a risk

We have engineering and development centers in India and Scotland, and engineering, development and production centers in Spain and Israel.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, AMGN, APP, AVY, BSX, CVX and 31 more

Spain

operates in · 59,000 square foot facilitynamed as a risk

We have engineering and development centers in India and Scotland, and engineering, development and production centers in Spain and Israel.Risk factors (Item 1A)

Also named by DCI, FWONA, HROW, TJX

Texas

concentrated in · approximately 450,000 square feet

Our primary AIT facilities include approximately 450,000 square feet facilities in Texas for assembly and testing of our BB satellites, as well as an approximately 30,000 square feet facility in Florida for assembly and testing of batteries, propulsion systems, and solar panels, 59,000 square foot facility in Spain for assembly and testing of avionics and reliability components, and an approximately 37,000 square foot facility in Israel for assembly and testing of electronic components.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ATO, AXP, AZO and 70 more

Hazards

Space debris

named as a risk

If our satellites collide with space debris or other spacecraft, the SpaceMobile Service could be impaired.Risk factors (Item 1A)

Also named by IONQ

Solar radiation

named as a risk

Radiation-induced failure of satellite components may result in damage to, or loss of, a satellite before the end of its expected life.Risk factors (Item 1A)

Commodities and inputs

Launch insurance

exposed to its price · approximately 3.0% to 20.0% of the insured valuenamed as a risk

Launch insurance currently costs approximately 3.0% to 20.0% of the insured value of the satellite (including launch costs) but will vary depending on market conditions and the safety record of the launch vehicle.Risk factors (Item 1A)

Also named by RKLB

Regulators

Federal Communications Commission (FCC)

subject tonamed as a risk

If the FCC does not provide approval, our business will be significantly, adversely affected, and the provision of the SpaceMobile Service could be delayed or diminished, which could have a material adverse effect on our business, financial condition and results of operations.Risk factors (Item 1A)

Also named by AIOT, AMT, ANET, CCI, CMCSA, DIS, ECHO, EXTR and 26 more

International Telecommunication Union (ITU)

subject tonamed as a risk

The orbital location and frequencies for our satellites are subject to the ITU’s regulations, including its frequency registration and coordination procedures, and its various provisions on spectrum usage.Business (Item 1)

Also named by ECHO, SPIR, VSAT

Laws and programs

U.S. tariffs

exposed to its pricenamed as a risk

The implementation of these or other actions has begun to and may continue to lead to increased costs for our product components or reduce availability in our supply chain, which could impact the cost to design, develop and manufacture our satellites.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

False Claims Act

subject tonamed as a risk

In addition, if we fail to comply with government contracting laws, regulations and contract requirements, our contracts may be subject to termination, and we may be subject to financial and/or other liability under our contracts, the Federal Civil False Claims Act (the “False Claims Act”) (including treble damages and other penalties), or criminal law.Risk factors (Item 1A)

Also named by ACN, CDW, CHE, CI, CVS, DGX, FLR, GE and 13 more

Federal Acquisition Regulation

subject tonamed as a risk

U.S. government contracts subject us to statutes and regulations applicable to companies doing business with the government, including the Federal Acquisition Regulation, which governs aspects of U.S. government contracting, including contractor qualifications and acquisition procedures.Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, AXON, BWXT, CACI, CDRE, CLS and 12 more

Communications Act of 1934

subject to

For example, in the U.S., commercial use of RF spectrum is subject to the jurisdiction of the Federal Communications Commission (“FCC”) under the Communications Act of 1934, as amended.Business (Item 1)

Also named by CMCSA, ECHO, NXST, RHP, T, TMUS, VZ