AST SpaceMobile Inc at UBS Global Media and Communications Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christopher Schoell - UBS AG - Analyst : Maybe we can just start with a launch calendar. Can you just give us an update? Where does the launch cadence look for BlueBird 6 and 7 here in the coming weeks? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 6:30PM, ASTS.OQ - AST SpaceMobile Inc at UBS Global Media and Communications Conference

Question: Christopher Schoell - UBS AG - Analyst : And I think last earnings call, you reiterated you expected five launches by the end of 1Q. Can you just remind us, through the different rocket providers, how many satellites can fit on each of the different rockets and what that might imply for a number of satellites in orbit by the end of 1Q?

Question: Christopher Schoell - UBS AG - Analyst : And you mentioned the different launch providers. Can you just talk a little bit about the flexibility you have as you try to work towards that 45 to 60 satellites by the end of next year? Do you have the ability to pivot between the different providers? Any color there would be great.

Question: Christopher Schoell - UBS AG - Analyst : And I think the first Block 2 satellites have been a little bit later than maybe first envisioned. Can you just talk about what drove the shift, and is this just natural growing pains? And once you get past the first Block 2 being launched, do you have confidence that there's not going to be any sort of bottlenecks that materialize here over the next 12 months?

Question: Christopher Schoell - UBS AG - Analyst : And as you mentioned, the new ASIC chip will be incorporated into the satellite starting in 1Q. Can you just remind us what that does for the total processing power and capacity on Block 2 satellites?

Question: Christopher Schoell - UBS AG - Analyst : So just remind us with the ASIC chip what it does for total capacity and the total processing.

Question: Christopher Schoell - UBS AG - Analyst : And then you mentioned the manufacturing milestone of reaching six satellites per month by the end of the year. It seems like you're close. Is it fair to say that these new facilities in Florida and Texas, they're fully operational? And it also feels like that pace is maybe a bit faster than what you're launching now. Do you need to be at six satellites per month? Or eventually, do you anticipate that on an annual basis you will be launching that many satellites going forward?

Question: Christopher Schoell - UBS AG - Analyst : Maybe just shifting over to the commercial momentum that you cited earlier. So over $1 billion of revenue commitments with your carrier partners. Over how many years do these contracts typically run, and how will these revenues ultimately be recognized? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 6:30PM, ASTS.OQ - AST SpaceMobile Inc at UBS Global Media and Communications Conference

Question: Christopher Schoell - UBS AG - Analyst : Just how do the revenues get recognized, and how long are these contracts typically?

Question: Christopher Schoell - UBS AG - Analyst : And I think in -- it was September when you announced the new definitive agreement with Verizon. Can you just help us understand how did that agreement expand upon the initial partnership you announced back in May of 2024? And how did this definitive agreement stack up to prior definitive agreements in terms of the revenue share elements or even just the go-to-market approach that you're thinking?

Question: Christopher Schoell - UBS AG - Analyst : And now that you have a few definitive agreements in hand, are you finding that with your other commercial partners that conversations are progressing more quickly towards a definitive agreement?

Question: Christopher Schoell - UBS AG - Analyst : And then you also recently announced the Saudi telecom deal in October. Can you just talk a little bit about the opportunity you see in that region? And again, how those terms might compare to some of your other relationships that you have to date?

Question: Christopher Schoell - UBS AG - Analyst : And maybe shifting over to the government side, I think there's been a lot more headlines around the government opportunity for your business here in the past year. Can you just remind us how you're thinking about the TAM and the types of use cases that AST might be well-positioned to target? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 6:30PM, ASTS.OQ - AST SpaceMobile Inc at UBS Global Media and Communications Conference

Question: Christopher Schoell - UBS AG - Analyst : And I think within the government sector, the end goal is usually transitioning these initial use cases into programs of record. What gives you confidence that some of these initial use cases you're supporting for the government will turn into programs of record, and what does the typical timeline look for something like that?

Question: Christopher Schoell - UBS AG - Analyst : Maybe if we shift over to the spectrum conversation. So it seems like your thinking has evolved a bit here since when we first started speaking. And so maybe just kind of talk about why you think it's important for you to own your own spectrum now, as opposed to relying just on the carriers for your capacity.

Question: Christopher Schoell - UBS AG - Analyst : Maybe just to follow up on the S-Band deal you announced earlier this year, you now have a seat at the table to try to secure these licenses on a country-by-country basis. Where does that process stand? And outside of the US and Canada, do you feel that you have everything you need from a spectrum standpoint, or could we see you be opportunistic to secure other airwaves as well? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 6:30PM, ASTS.OQ - AST SpaceMobile Inc at UBS Global Media and Communications Conference

Question: Christopher Schoell - UBS AG - Analyst : A frequent question we get talking to investors is about competition in this space. Maybe can you just talk about what you believe are the advantages your technology offers versus what other players like a Starlink might be bringing into the market?

Question: Christopher Schoell - UBS AG - Analyst : It's how the technology you have compares to what someone like Starlink is offering. And what advantages do you have that maybe investors don't appreciate?

Question: Christopher Schoell - UBS AG - Analyst : And we saw the EchoStar and Starlink announcement back in September where they purchased a large amount of spectrum. What implications does this have for your business? And what was your reaction to those headlines?

Question: Christopher Schoell - UBS AG - Analyst : And I appreciate this question's a little early, but can you just help us think about once this constellation gets in the middle and you start to see the monetization flow through the financials, how are you thinking about the operating leverage of this business and maybe compare that margin potential to what you see from other satellite players that are public today?

Question: Christopher Schoell - UBS AG - Analyst : And then you've made a lot of funding progress over the past year. I think on the earnings call, you said you now have funding in place to launch over 100 satellites. As you look out into 2026, is it fair that we could still continue to see you be opportunistic as you fund the future business, or is it going to be a little bit of a digestion period there?

Question: Christopher Schoell - UBS AG - Analyst : I think when we've talked about the long-term business model, we used to talk about continuous coverage, I think like 90 or 100 satellites to meet your business goals. But is it fair based on the demand drivers you're seeing today that your plans can go well beyond 100 satellites over time?