$ASTS: 🚨ROTH CAPITAL REITERATES $108 PRICE TARGET AND BUY RATING ASTS: Partner Approach Is Less Spectrum Intensive & Attractive to Sovereign Models ASTS has come under significant pressure (down 69% since late May; Nasdaq (COMP) down 3%) around the perceived Starlink competitive threat. More recently, this has been exacerbated by SpaceX (SPCX-NC) spectrum-hording events ($8B Grain acquisition). We believe this misses the point, as SPCX requires significant spectrum for direct competition with Tier 1 MNOs, while ASTS embraces a neutral partnership role. Additionally, we believe that neutral status for sovereign constellations continues to favor ASTS as SPCX Ukrainian disruption drives additional business to ASTS. With commercialization still targeting "early 2027," our rating on ASTS remains Buy, with expected near-term volatility. Still tracking to "early 2027": Despite recent reports and some launch slippage, ASTS continues to broadly track to an "early 2027" constellation commercialization. Bluebirds 14-16 have arrived at Cape Canaveral for launch, while bluebirds 17-50 are in some form of production. Meanwhile, the launch schedule remains more fluid and has generally lagged expectations. At present, ASTS is heavily dependent on SpaceX's Falcon-9 through year end, before Blue Origin's New Glenn 3 is expected to return to the launch pad. ASTS also remains engaged and in qualification with multiple other launch vehicles. Longer term, we believe that launch vehicle diversity is key to sustaining constellation expansion beyond the base 45 satellites required for commercialization. Overall, the ASTS constellation is "when, not if," and we highlight recent performance tests to validate constellation viability. Spectrum is nice, partnerships are better: Post SpaceX/Starlink's disclosure to acquire 14MHz of low-band spectrum from Grain Management for $8B (~$1.75 per MHz/pop), the market and investor concerns have heightened around the importance and requirement for spectrum. This provides SPCX with ~80MHz of aggregate spectrum (14MHz, low-band, 65 MHz mid-band). Lost in the discussion are the different models and go-to-market approaches; ASTS in partnership with 60+ MNOs (Mobile Network Operators) with 3B+ subs; and Starlink with a full-frontal competitive assault on traditional MNOs. Importantly, the average Tier 1 US carrier has over 300MHz of spectrum for terrestrial mobile services in comparison to 80MHz for Starlink. Additionally, each US MNO has 70k+ cell sites vs Starlink's constellation that will have 15k satellites servicing the globe (<1000 over the US at any point in time. Note: The US is ~6% of global landmass). The bottom line is that Starlink has significantly less capacity (<5% in our estimation) due to frequency reuse to support a large subscriber base for primary services, vs complementary satellite coverage to plug in terrestrial coverage gaps as targeted by ASTS. Sovereign constellations and other issues: ASTS continues to established itself as a unique and reliable neutral third-party partner for terrestrial MNOs and governmental organizations. While ASTS's 60+ MNOs with 3B+ subs validates this approach, we continue to see increasing opportunities as a prominent provider of dedicated sovereign constellations. Similar to the Japanese J-LEO constellation (The Rakutan-AST SpaceMobile JV subsidized by the Japanese Ministry of Communications to the tune of 150 billion yen (approximately $926 million)), we believe a LEO arms race for sovereign capacity in G-20 and other countries, particularly in the Mideast, could emerge in 2027+. Given recent events around Starlink/Starshield degrading Ukrainian communications infrastructure during Russian drone attacks, we believe that ASTS's position as a neutral third-party leader continues to be solidified. We believe SPCX actions continue to drive business (sovereign constellations, MNOs, government entities) to ASTS and other non-SpaceX vendors such as Gogo (GOGO-Buy). We maintain our Buy rating and believe investor sentiment will shift with continued manufacturing milestones, launches, and ultimate commercialization in 2027.

$ASTS: Roth Capital Buy Rating and $108 Price Target "ASTS is the preferred D2D partner: The SpaceX actions should push a cozier relationship with tier 1 mobile operators (Verizon, AT&T, T-Mo). ASTS becomes the preferred neutral D2D partner. This has already been underway with 60+ global MNO partnerships comprising over 3B existing mobile subs. We further note that T-Mo has distanced itself from SPCX after its mid-2025 satellite text service launch. Also, SPCX requires next-gen satellites to compete effectively with the ASTS D2D network, which we believe will provide ASTS with a time to market advantage in 2027."

$ASTS: 🚨🇺🇸🇯🇵JOINT STATEMENT ON US-JAPAN TECHNOLOGY PROSPERITY DEAL HIGHLIGHTS AST SPACEMOBILE-RAKUTEN JOINT DEVELOPMENT AND DEPLOYMENT OF LEO SATELLITE INFRASTRUCTURE The U.S. and Japanese governments are now jointly promoting AST SpaceMobile + Rakuten under the U.S.–Japan Technology Prosperity Deal for the development and deployment of LEO satellite infrastructure. That effectively places AST inside the broader strategic and economic relationship between the two countries. The significance is that AST/Rakuten is being framed not just as a telecom service, but as infrastructure that can advance economic development, technological leadership, resilient communications and national strategic interests. It seems very clear that the AST/Rakuten JV project aligns with priorities both US and Japanese governments want to see built, funded and scaled. This fits directly with the broader J-LEO opportunity and AST’s potential access to substantial non-dilutive government-backed capital. Japan wants sovereign, resilient next-generation connectivity, while the U.S. wants trusted American technology deployed across allied markets. AST + Rakuten sits right at the intersection of those objectives — commercial growth backed by strategic alignment at the government-to-government level. Full PR from US State Department: state.gov/releases/office-of…

$ASTS: Full Strategic Activity Mode Engaged Tonight @ 10PM ET xitter.cf/i/spaces/1yJAPwyyYLNGb

$ASTS: 🚨SATELLITE CONNECT EUROPE FILES FOR 344 SATELLITE CONSTELLATION THROUGH GERMANY AT THE ITU ON 9/24 Vodafone and AST’s European JV filed the D-BLUEBIRD constellation through Germany at the ITU: 344 satellites across six orbital shells, covering Europe’s 2 GHz MSS spectrum as well as 700–900 MHz and 2.5 GHz terrestrial mobile bands. Sovereignty. Satellite Connect Europe now has a concrete, Germany-sponsored regulatory architecture designed to work with European MNO spectrum, compete for dedicated 2 GHz MSS spectrum and support a network built, controlled and operated in Europe. ITU register reference D2026-84958, network name D-BLUEBIRD itu.int/ITU-R/space/asreceiv…

$ASTS: 🚨TODAY THE US SPACE DEVELOPMENT AGENCY FORMALLY BACKS AST SPACEMOBILE'S STA TO TEST NEW RADIOLOCATION SERVICES OVER 902-928MHz SPECTRUM USING BLUEBIRD SATELLITES IN SUPPORT OF NATIONAL SECURITY AND THE DEPARTMENT OF WAR ➡️ This builds on the testing AST and the SDA have been doing since June 2026 from a prior STA, so we can assume things are going very, very, very well. ➡️ This is WAY bigger than a routine experimental FCC license. The Space Development Agency is formally asking NTIA/FCC to approve AST SpaceMobile’s BlueBird testing because it directly supports an SDA prime contract and an on-orbit demonstration of “commercial-based tactical satellite capabilities.” ➡️ AST plans to use BlueBirds for radiolocation testing over 902–928 MHz spectrum near federal gateway sites in Maryland, Texas, Alabama and Hawaii. SDA says the testing needs to start imminently, is important to its program schedule, and advances a national security objective. ➡️ SDA says these capabilities are of “significant interest” to the Department of War, specifically the Space Based Sensing and Targeting portfolio, and will help evaluate proliferated commercial space architectures for tactical communications AND sensing. BlueBird satellite's largest phased arrays in LEO are being evaluated for radiolocation, sensing, targeting-related missions and tactical communications by the U.S. government. ➡️ Dual use capability --> AST is building a global constellation funded primarily around a massive commercial D2D opportunity, then layering in government/defense missions onto that same infrastructure. Communications. Sensing. Radiolocation. Potential PNT/ISR. ✅ SOVEREIGN CONNECTIVITY AND SENSING ✅ AST is already an SDA subcontractor under an active prime contract and the orbital demonstration is expected to run into 2027. 🔥DEFENSE IS NOT PRICED IN cc: @jusbar23