AST SpaceMobile Inc (NASDAQ:ASTS) shares are trading lower Wednesday afternoon as investors process a fresh regulatory filing linking CEO Abel Avellan's $14.2 million compensation to aggressive satellite-to-phone performance targets.

While the market weighed progress toward commercial direct-to-device cellular broadband, the newly released proxy statement revealed that several critical operational milestones remained unmet in the previous fiscal year. Here’s what investors need to know.

CEO Pay Focused On Satellite Performance Targets

Avellan has notably requested to receive no base salary since the company’s 2021 business combination, receiving $0 in fixed pay for the fiscal year 2025. Instead, his $14,222,500 in total 2025 compensation was comprised entirely of equity awards, a structure intended to tie his personal wealth directly to the successful deployment of the SpaceMobile network.

This “pay-for-performance” model has placed a spotlight on the company’s technical roadmap, as executive rewards remain pinned to specific launch and connectivity achievements.

Scrutiny Of Unmet Orbital And Connectivity Milestones

Market pressure appears to have intensified following disclosures that the company failed to meet specific performance-based stock unit goals related to its satellite fleet. A major measurement category for the “Number of satellites in orbit” by the end of February 2026 was marked as “Not achieved,” leading to a 0% payout for that portion of the executive performance awards.

Additionally, a goal regarding satellites in operation meeting certain connectivity standards resulted in only a 75% partial achievement payout. The company also reported 2025 revenue of $70.9 million, falling slightly short of its $75 million target and triggering a 95% payout for that metric.

Execution Risks Overshadow Regulatory Progress

These execution gaps have tempered enthusiasm for recent regulatory milestones, such as the Federal Communications Commission granting authority to operate a system of up to 248 satellites.

Although the company successfully launched BlueBird 6 on December 23 and maintains a robust balance sheet with $2.8 billion in cash and restricted cash, execution risks remain the primary focus for traders.

Management continues to target approximately 45 satellites in orbit by the end of 2026 with a launch cadence of one mission every one to two months, but the recent proxy filing underscores the high financial stakes of missing these internal benchmarks.

ASTS Stock: Key Technical Levels To Watch

ASTS is sitting in the lower half of its 52-week range ($22.07 to $129.89), which lines up with a stock that's been correcting from earlier highs. It's trading 21% below its 20-day simple moving average (SMA) and 23% below its 100-day SMA, a setup that points to sellers controlling the short-to-intermediate trend.

The moving average stack is mixed: the 20-day SMA is below the 50-day SMA (a bearish near-term alignment), but the golden cross from June 2025 (50-day SMA over the 200-day SMA) is still a reminder the longer trend only recently turned constructive. Right now, the stock is also 7% below its 200-day SMA, which signals the long-term trend is being tested rather than clearly intact.

Momentum gauges are also leaning heavy: the moving average convergence divergence (MACD), a trend/momentum measure, is below its signal line and the histogram is negative, which is consistent with downside momentum still having the edge. In everyday terms, when MACD stays under its signal line, rallies tend to fade faster because upward momentum hasn't reasserted itself.

  • Key Resistance: $86.50 — near the 20-day SMA area where rebounds have recently failed.
  • Key Support: $66.50 — a nearby floor traders may watch for demand to show up.

AST SpaceMobile Earnings Preview For May 11

The countdown is on: AST SpaceMobile is set to report earnings on May 11.

  • EPS Estimate: Loss of 21 cents (Down from a loss of 20 cents YoY)
  • Revenue Estimate: $36.91 million (Up from 72 cents million YoY)

Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $75.52. Recent analyst moves include:

  • Barclays: Underweight (Raises Target to $65.00) (April 9)
  • UBS: Neutral (Raises Target to $85.00) (March 4)
  • B. Riley Securities: Neutral (Lowers Target to $95.00) (Feb. 13)

ASTS Stock Price Movement on Wednesday

ASTS Stock Price Activity: AST SpaceMobile shares were down 5.38% at $68.01 at the time of publication on Wednesday, according to Benzinga Pro data.

Read Also: What's Going On With Upstart Holdings Stock?

Image: Shutterstock