Net Loss per Share

12 Months Ended

Dec. 31, 2025

13.

Net Loss per Share

Basic and diluted net loss per share attributable to the holders of Class A Common Stock is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of Class A Common Stock outstanding during the period.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net loss per share of Class A Common Stock (in thousands, except share data):


	Year Ended December 31,
	2025			2024			2023
Numerator
Net loss before allocation to noncontrolling interest	$	(461,011	)	$	(526,330	)	$	(222,677	)
Net loss attributable to the noncontrolling interest		(119,071	)		(226,247	)		(135,116	)
Net loss attributable to common stockholders - basic and diluted	$	(341,940	)	$	(300,083	)	$	(87,561	)
Denominator
Weighted-average number of shares of Class A Common Stock outstanding - basic and diluted		253,502,780			154,501,344			81,824,122
Weighted-average number of penny warrants - basic and diluted		2,479,812			-			-
Weighted-average number of shares - basic and diluted		255,982,592			154,501,344			81,824,122
Net loss per share attributable to holders of Class A Common Stock - basic and diluted	$	(1.34	)	$	(1.94	)	$	(1.07	)

In accordance with FASB ASC 260, Earnings Per Share, penny warrants are warrants that would be exercised for no or little consideration and therefore should be included in the calculation of weighted average shares outstanding for purposes of calculating basic and diluted net income (loss) per share. The Penny Warrants became exercisable (subject to a lockup until March 22, 2026 which lockup was waived by the Company in February 2026) and are included in basic and diluted net loss per share from June 23, 2025 when the Bankruptcy Court (as defined below) approved the Spectrum Usage Rights Transaction (as defined below) with Ligado, LLC.

At December 31, 2025, the Company excluded from the calculation of diluted net loss per share 11,227,292 shares of Class B Common Stock, 78,163,078 shares of Class C Common Stock, 122,000 Private Placement Warrants, 11,835,421 shares of Class A Common Stock that may be issued pursuant to awards outstanding under the AST LLC Incentive Plan, the 2020 Plan and the 2024 Plan, and 21,772,975 shares of Class A Common Stock issuable upon conversion of the 2032 4.25% Convertible Notes, the 2032 2.375% Convertible Notes, and the 2036 2.00% Convertible Notes (on an as-converted basis) as their effect would have been to reduce the net loss per share. Therefore, the weighted-average number of shares of Class A Common Stock outstanding used to calculate both basic and diluted net loss per share of Class A Common Stock is the same.

Shares of the Company’s Class B and Class C Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted loss per share of Class B and Class C Common Stock under the two-class method has not been presented.