Satellite and NTN tracker, Q1 2025

To charge or not to charge?

Direct to cell (D2C) continues to be the main attraction for operators due to the monetisation opportunities from an extended coverage footprint. IoT is an interesting storyline in 2025 given that the latest standards (Release 19) incorporate new functionality for non-terrestrial network (NTN) services geared at IoT applications such as sensors, telematics and energy monitoring. 

AST SpaceMobile’s momentum has continued into Q1 2025, including a key partnership with Vodafone to cover its pan-European footprint and a video call demonstration with Verizon. Competitors on the mobile satellite service side (e.g. Viasat, Intelsat) have the advantage of secure spectrum but their D2C services will only work on handsets manufactured the last four years, making their addressable market smaller.

On pricing, so far (and it is very early days) there is a mixed approach between charging a premium versus bundling as a value add. Based on published tariffs, the implied satellite-associated uplift for an average contract customer sits at 10–30%. The impact on overall revenues is not yet known, as services are largely pre-commercial. But this will be a crucial metric to track over the course of 2025.