Thread by @spacanpanman

1/ $ASTS Q1 2023 Update: First how crazy is it America's top MNO @ATT ($300BN EV) views its work with AST as a major historic milestone in achieving the first 2-way voice call over cellular spectrum with an unmodified mobile phone. Hard Launch imminent? 🤯
#5GSpace #D2D #spacemob

@ATT 2/ $ASTS added 5 more MNOs bringing the total to 40 globally representing well over 2 billion potential customers for service. These sophisticated MNOs are undertaking their own due diligence and are choosing AST over other potential competitors like Lynk and Starlink.

@ATT 3/ $ASTS Abel confirmed testing has validated the entire architecture and no major changes to the design of Block 1 BlueBirds. It appears they've successfully achieved 3G connectivity and have the signal strength required to test and validate 4G/5G speeds (more on that later).

@ATT 4/ $ASTS BlueWalker3 has also confirmed compatibility across all major brands of mobile phones = 5 Billion phones in circulation representing a $1.1 trillion TAM. That doesn't include other devices like tablets, watches, IoT, etc that operate on cellular spectrum.

@ATT 5/ $ASTS I think it's critical to point out, NO ONE ELSE is attempting to provide broadband connectivity to unmodified phones. This is a hard problem to solve that requires a unique approach that AST has solved and is executing with a moat of 2,600 patent/claims.

@ATT 6/ $ASTS Block 1 5x BlueBirds already in production with $40M of ~$105M budgeted already spent targeted to launch in Q1 24. Pictures here are site 2 where initial manufacture of Block 2 20x BlueBirds already underway. ASIC tape out is also nearing completion.

@ATT 7/ $ASTS Roadmap highlights performance improvement from BW3 test sat through Block 2 BlueBirds=100x more capacity. Notably Block 2 BB now 15m^2 in size. Perhaps learnings from BW3 suggest 15m^2 vs. 20m^2 is enough to achieve desired performance and opens up more launch options.

@ATT 8/ $ASTS $185.7M vs. $239.3M cash on hand together w/ equity facilities give AST more than 12 months of runway. Notably the company did not sell any shares via ATM in Q1. Class A share increases were result of employee option exercises upon expiration of 2 yr lockup.

@ATT 9/ $ASTS CFO highlighted that Abel is the largest shareholder, does not draw salary and he and most of mgmt team's future returns are driven solely by AST stock. They are fully aligned w/ shareholders = IF they have to raise equity, it's for good reason.

@ATT 10/ $ASTS CFO encouraged by funding alternatives now being evaluated, which include:
1) Export/Import agencies
2) Structured debt providers
3) Debt and loan capital markets (as portions of constellation unlock $)
4) $ from MNOs, component suppliers, space cos and others

@ATT 11/ $ASTS Co highlighted its recently inked leasing agmt that covers majority of AT&T's low-band spectrum, which was part of FCC waiver request for US market access.

@ATT 12/ $ASTS AT&T and AST submitted final comments to FCC NPRM for Supplemental Coverage from Satellite (SCS). Is this market important? These cos think so:
Apple
SpaceX
FirstNet
Amazon/Kuiper
Lockheed Martin
Verizon
T-Mobile
Iridium
OneWeb
Viasat
Dish/Echostar
and others

@ATT 13/ $ASTS AST also dropped this big nugget at end FCC filing. Consulting report w/ up-to-date testing data showing that AST's beamforming technology accurately creates cells on earth that do not cause interference/overlap with nearby terrestrial towers.

@ATT 14/ $ASTS BTW owning IP + vertical integration critical. Hard in beginning but you control your destiny. Starlink, Planet Labs and others understand this. Just look Echostar's Jupiter 3 satellite which was originally slated for launch in 2021. spacenews.com/maxar-to-compe…

@ATT 15/ $ASTS Based on required signal strength by elevation learned from BW3, AST projects constellation needed for global coverage is ~90 vs 110 sats. Combine this w/ new 15m^2 form factor, it appears testing may be proving some initial assumptions were too conservative?

@ATT 16/ $ASTS Another Q&A nugget, Abel states that BW3 array supports signal strength of 3 bits per hertz which when used w/ 10 mhz of low-band spectrum would support 30mbps, 15mhz of low-band spectrum would support 45mbps. This is before MIMO or carrier aggregation.

@ATT 17/ $ASTS B Riley just published Q1 2023 covering some of the same topics in this thread. Thanks Kook.

@ATT 18/ $ASTS Overall great update:
1) TECH WORKS, 4G/5G next
2) Block 1 BB in production for Q1 24 launch
3) Commercial agmt and funding alts in process
3) FCC US mkt access waiver in process
4) Block 2 BB dev in full swing
5) More MNO wins

Russell 2000 up this Friday AH