{
  "docId": "019dd923-622c-750b-8b98-28769ac23caa",
  "docSlug": "eb80172c6938",
  "documentTitle": "AST SpaceMobile, Inc. (ASTS)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 20,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a narrative structure to expose management's lack of transparency and technical immaturity.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-28769ac23caa/11",
  "deckHref": "/decks/019dd923-622c-750b-8b98-28769ac23caa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-28769ac23caa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-28769ac23caa#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The stonewalling, evasion and general lack of transparency simply speaks to how poorly the program is developing, and the company's growing difficulties in bringing Bluebird-1 to fruition.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed4-98d77d21d8b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.77,
        "x": 0.117,
        "y": 0.635
      },
      "kind": "paragraph",
      "text": "As far back as last November, AST described ramping the procurement process for BlueBird-1. Indeed, our checks confirm that Requests for Information (RFIs) went out in the first quarter of this year...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d5c3291-78fb-4138-9751-85b3098cec4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.77,
        "x": 0.117,
        "y": 0.578
      },
      "kind": "paragraph",
      "text": "Our research into BlueBird-1's development uncovered three areas of concern: the maturity of BlueBird-1's engineering design plans, the cost and availability of solar panels, and the cost and timing of launch services.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94f3671f-9b7b-43ad-b9e2-b69762ff2129",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.43,
        "w": 0.77,
        "x": 0.117,
        "y": 0.093
      },
      "kind": "paragraph",
      "text": "The Phase 1 constellation by 14%, AST announced the first five satellites would no longer be BlueBird-1s, but rather upgraded versions of the BW3 test satellite...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9572082f-5a1d-4af4-b374-705088b375f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "According to the consultant, with experience overseeing all supply chain aspects for multi-billion space programs, concern over the \"maturity of engineering\" from AST was a key reason as to why his client, a highly qualified and well-resourced machine shop, declined to bid on the project.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed4-9c3ac5d61064",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.382,
        "x": 0.117,
        "y": 0.538
      },
      "kind": "title",
      "text": "(Im)maturity of Engineering",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56cc3812-8946-4a79-aa98-d1af6beceec9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "ccf0c33b-ceec-4b72-87d8-d43c7dc0e90b",
      "evidence": "The slide systematically dismantles management claims regarding satellite readiness and engineering maturity.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 7,
      "beatId": "9a11c370-b4cf-49e1-805e-ba92c4aa9610",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Detailed critique of AST SpaceMobile Inc.'s technical limitations, design and deployment challenges, and inflated market claims",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 7,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "83110eb4-9dda-40a8-927b-7907bc525551",
      "evidence": "The document highlights the risks and limitations of AST SpaceMobile Inc.'s business model and technological capabilities",
      "position": 0,
      "objective": "What are the consequences of investing in AST SpaceMobile Inc.?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}