ASTS 已验证其技术并锁定重要合作与授权，但仍未实现盈利，在卫星部署和收入增长目标方面面临较高的执行风险。

The last stock I want to talk about in today's video is "AST Space Mobile". Now, this business, if you're not familiar with it, is building what they describe as the world's first satellite-based cellular broadband network.

It is designed to connect directly to regular, unmodified smartphones. Therefore, there is no need for a special satellite phone or application; just your regular phone connects to a satellite in the same way it connects to a regular communications tower.

So, instead of competing with mobile network operators like Verizon or Vodafone, the way a company like Starlink does with internet providers, AST's strategy is actually to partner with them.

Thus, telecommunications companies gain expanded satellite coverage for their existing customers in places that their terrestrial towers cannot reach. AST receives payment for providing that expanded network capacity.

Therefore, it was a partnership-first approach, designed to make telecom companies view AST Space Mobile as an ally rather than a competitor.

If you've been following this business at all, the stock has risen significantly over the past few years due to major advances in its satellite direct-to-device network and major partnerships in the telecommunications sector.

They have strategic agreements with giants such as AT&T, Verizon, T-Mobile, and Rakuten. This gave them access to a subscriber base with a target market of approximately 3 billion users.

They also successfully manufactured, shipped, and launched their "Blue Bird" satellites to build their constellation in low Earth orbit.

And of course, as you know, the more market validation there is, which represents the momentum of the sector and the multi-million and multi-billion dollar deals in the space economy, the more interest there has been in this business.

But for AST Space Mobile, it's interesting because mobile carriers control the actual customer relationship, spectrum rights in most countries, and, of course, regulatory approval that a space company might have to fight to obtain from scratch.

Thus, by designing technology to truly complement rather than supersede these existing communication networks, AST Space Mobile has transformed what might have been obstacles into a vital distribution channel.

Therefore, I have mentioned some of the companies with which they have signed agreements. AST has partnered with more than 60 mobile network operators worldwide. So, this was very fundamental, and in 2026 the Federal Communications Commission granted AST Space Mobile a license for commercial service in the United States under what is called supplemental coverage from space.

Now, AST Space Mobile has achieved a new data speed record of 98.9 megabytes per second from its satellite in orbit directly to an unmodified smartphone, and is in the midst of an intensive satellite deployment campaign.

They are aiming to launch between 45 and 60 satellites into orbit by the end of this year. This means there will be launches approximately every month or two.

Now, to put some numbers into context, they reported revenues of $32 million in the second quarter of 2026. This was compared to $14.7 million in the first quarter. Therefore, they have essentially doubled their revenues on a quarterly basis.

Looking ahead to the entire year of 2026, management anticipates revenues of up to $200 million. So, they are expanding rapidly, and this is again driven primarily by two things: mobile network operators' partners, and US government contracts.

Now, their accumulated business volume is approximately one billion dollars. Therefore, this also provides a lot of clarity regarding future growth. And now, like many of these companies operating in the space economy, this remains a highly unprofitable enterprise according to generally accepted accounting principles.

Their operating margins were extremely negative. They maintain a very large cash position, but again, you are not looking at a profitable business and it probably won't be for at least a few more years.

Now, you pointed out how management is projecting revenues in the hundreds of millions for 2026. They have previously stated that they want to reach $1 billion in annual revenue by 2027 as they transition from initial commercial operation to a broader commercial service.

It is a huge leap from current levels and depends entirely on their ability to expand the deployment of satellites and transform their large network of partners into a continuous, paying subscriber movement.

Now, the planned joint venture involving the three largest US mobile carriers, which I mentioned—AT&T, T-Mobile, and Verizon—if it comes to fruition, would be an important and sustained vote of confidence that the company needs, as well as being key to its growth story.

So, it has overcome many of the biggest non-financial hurdles a company like this faces, which of course include getting telecom companies to sign on, obtaining a business license from a major regulatory body such as the Federal Communications Commission (FCC), and of course proving that the underlying technology is working in orbit at viable data speeds.

None of this was guaranteed even a few years ago. So, we have seen a lot of changes in business in just the last two years.

Now, investors will want to watch. Of course, this is still a largely unproven business. You are looking at quarterly revenues that are far from the company's long-term goals. They have a long history of diluting equity to finance their capital-intensive expansion.

It is clear that the company is operating at a loss, and as always, technical execution remains a risk. Building and maintaining constellations of large and complex satellites is a challenge.

But I think this is a business that has turned a really new idea—connecting regular phones directly to satellites—into what we now see: signed partnerships covering billions of potential subscribers, and a balance sheet strong enough to fund its continued expansion.

So, this is AST Space Mobile, perhaps one to add to your watchlist. Yes, it's me, it's definitely on the watch list. It's not on my shopping list for various reasons, but maybe we'll talk about that in another video.