• AST SpaceMobile (NasdaqGS:ASTS) has secured a major U.S. government contract with the Space Development Agency to provide direct to device tactical satellite communications.
• The company plans to use its BlueBird satellite constellation to support low latency defense communications under this new agreement.
• AST SpaceMobile has also announced new partnerships with Orange, Verizon, and stc Group as it moves toward commercial service.
• Recent satellite deployments and carrier agreements indicate a shift from a research focused model toward operating a global connectivity infrastructure.

AST SpaceMobile is building a space based cellular broadband network designed to connect standard mobile phones directly to satellites. The new SDA contract and carrier partnerships sit at the intersection of defense and commercial telecom, an area that is drawing attention as direct to device services move from testing into early deployment. For investors watching the sector, these developments help clarify how NasdaqGS:ASTS aims to monetize its BlueBird constellation across different customer groups.

Looking ahead, the key questions are how quickly AST SpaceMobile can scale service availability, integrate with mobile operators, and meet technical requirements for both defense and consumer use. As the company progresses, investors may want to track contract milestones, launch cadence, and partner adoption to understand how its role in global connectivity is evolving.

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The SDA contract and new carrier partnerships give you a clearer picture of how AST SpaceMobile is trying to turn its technology into a commercial business. On the one hand, the Europa Track 2 agreement adds a defined US$30 million government program that leans on the same BlueBird satellites the company intends to use for consumer service. On the other hand, deals with Orange, Verizon and stc Group speak to demand from large mobile operators that already reach hundreds of millions of subscribers. That mix of government and carrier work helps explain why quarterly revenue reached US$54.31 million in Q4 2025 and full year revenue reached US$70.92 million, up from a much smaller base a year earlier.

At the same time, AST SpaceMobile is still loss making, with a Q4 net loss of US$73.97 million and a full year loss of US$341.94 million. For you as an investor, the key question is whether contracts tied to real usage can eventually offset the capital and operating costs of building a global network.

How This Fits Into The AST SpaceMobile Narrative

• The SDA award and carrier agreements support the narrative that commercial deals with mobile network operators can provide multi year visibility as service goes live across different regions.
• Rising net losses and heavy investment needs highlight the narrative risk that scaling to dozens of satellites could pressure margins if service adoption or pricing do not keep pace.
• The direct to device defense use case, using a software defined bent pipe architecture, adds a government focused angle that is not fully reflected in a story centered mainly on consumer coverage gaps.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for AST SpaceMobile to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

• ⚠️ Analysts have flagged a highly volatile share price over the past 3 months, which can make timing your entry and exit points more challenging.
• ⚠️ The company remains loss making, with sizeable quarterly and annual losses, so execution risk around scaling the constellation and controlling costs is significant.
• 🎁 Earnings are forecast to grow strongly according to analysts, if contracted revenue and new partnerships convert into ongoing service usage.
• 🎁 The mix of a US$30 million SDA contract and long term carrier deals provides multiple potential revenue streams from both government and commercial customers.

What To Watch Going Forward

From here, you may want to watch how quickly AST SpaceMobile converts its more than US$1 billion of contracted commitments into recurring service revenue, as well as any updates on additional defense work beyond the current SDA program. Progress toward deploying 45 to 60 BlueBird satellites by the end of 2026, gateway build outs, and integration timelines with partners like Orange, Verizon and stc Group will be important markers. Given the company reported sizeable annual losses, management commentary on cash usage, capital spending per satellite and any moves around its 2032 convertible debt are also worth tracking.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.