ASTS - Why it's not my cup of tea

$AST SpaceMobile, Inc.(ASTS)$ has become one of the most discussed stocks on FinTwit, but I'm staying out. Why?

1. Little revenue and it's unclear what the revenue profile and ROI of satellites will look like in the future.

1a: I've heard incredible profit projections, but they're based on economics that are uncertain at-best.

2. No, there's no "exclusivity" with mobile operators. Every telecom will want multiple sources of supply in time.

3. The revenue share model limits upside based on capacity, which currently stands at 10 GHz total per satellite.

4. Limites use cases in low/no coverage areas. In every case, a WiFi/5G signal will be faster.

5. AST needs to spend several billion over several years to complete coverage. That means it will need to raise billions more in capital.

6. Why does a pre-revenue company have debt?

Look, maybe this works and I'm sure lots of people will disagree with details above. But this seems like a classic "story" stock that doesn't have fundamentals to back up the story. I see $Plug Power(PLUG)$ $Virgin Galactic(SPCE)$, Molycorp, etc all over again.

In a few years, we will know if AST can make money. Until then, I'm happy to watch from the sidelines. I wish the bulls luck, but hopefully that helps explain why it's not my cup of tea.

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