$ASTS: Brilliant Tech, Toxic Management

Hi everyone,

I’ll start by saying this: I am a believer in the future of D2C technology. The market is clearly there, and Starlink’s recent earnings have proven even the most optimistic bulls right, the demand for global connectivity is massive and highly profitable.

However, we need to have a serious talk about ASTS and its management’s ability to actually execute. While I want this company to succeed, their track record in 2025 was, frankly, a masterclass in over-promising and under-delivering.

Let’s look at the Promises vs Reality from last year:

So, why am I still here?

Despite the management’s poor execution, I still believe ASTS has a place in the future. The space market is vast enough for both Starlink and ASTS.

1. Anti-Trust & Market Competition: Global regulators and telecom giants (MNOs) have a vested interest in preventing a Starlink monopoly. There is a systemic demand for a viable second provider.
2. Sovereignty & Security: For many nations, relying solely on SpaceX represents a strategic risk. ASTS offers a necessary alternative for data sovereignty.
3. Risk Diversification: The "Key Man Risk" associated with Elon Musk encourages partners to seek a more traditional corporate counterparty.

ASTS has a "moat" not because of its management, but because the world needs it to exist as a counterbalance to SpaceX.

My Bottom Line: I’m not selling, but I’m done eating the hopium management is serving. My stance will only change when I see real results (any one of them):

• Operational Leadership Transition: Integrating seasoned aerospace manufacturing executives to fix the production mess.
• Verifiable Throughput: Meeting the Q1 2026 launch windows without further excuses.

The market is big enough for both Starlink and ASTS. But "being there" isn't enough; ASTS must prove it can build its way there.

Until then, ASTS remains a brilliant technology trapped in a cycle of management incompetence.