AST SpaceMobile is building the first global Cellular Broadband network in space, accessible directly by everyday smartphones (2G/4G-LTE/5G devices), for commercial and government use. The company has partnerships with over 50 Mobile Network Operators (MNOs), representing nearly 3 billion subscribers globally. Successful testing of the BlueWalker 3 (BW3) test satellite included two-way 5G voice calls to unmodified smartphones, download speeds above 21 megabits per second (Mbps), and spectral efficiency of approximately 3 bits per second per hertz. Five Block 1 BB satellites were launched on September 12, 2024, offering ten times higher throughput than the BW3 test satellite. Key testing milestones in 2025 included the first SpaceMobile video call with Vodafone (January), voice and video call tests with AT&T and Verizon (February), a two-way broadband video call with Rakuten (April), the first-ever Voice over LTE (VoLTE) call and short message service over satellite with AT&T (July 21), and Canada's first space-based 4G VoLTE call, data, and video streaming with Bell Canada (October 2). The first Block 2 BB satellite (BB6) was launched on December 23, 2025, and successfully deployed on February 10, 2026, featuring a 2,400 square feet phased array, designed to deliver up to 10 times the bandwidth capacity of Block 1 BB satellites. AST SpaceMobile acquired long-term access to up to 45 MHz of lower mid-band satellite spectrum in the United States and Canada through a transaction with Ligado Networks LLC, approved by the Bankruptcy Court on June 23, 2025. The company also acquired S-Band International Telecommunication Union (ITU) priority rights for up to 60 MHz of mid-band satellite spectrum globally on September 25, 2025. Definitive commercial agreements were signed with AT&T, Verizon, and Saudi Telecom Company (STC) for direct-to-cellular service, and a reseller agreement was established with SatCo (a joint venture with Vodafone) for European markets. Total revenues for the year ended December 31, 2025, increased significantly to $70.9 million, up from $4.4 million in 2024, primarily from sales of gateway equipment, software to MNOs, and services to the U.S. government. Net loss attributable to common stockholders increased to $341.9 million in 2025 from $300.1 million in 2024. Cash and cash equivalents and restricted cash on hand totaled $2.78 billion as of December 31, 2025. The company raised an additional $1.0575 billion in net proceeds from the issuance of 2036 2.25% Convertible Notes in February 2026.