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Soumya Eswaran
Mon, May 25, 2026 astatine 9:54 AM CDT 4 min read
Crossroads Capital LLC, an concern absorption firm, published its first-quarter 2026 capitalist letter. You tin download a transcript here. The Fund accrued by 4.2% nett of fees and expenses during the quarter. Since its founding, the money has compounded astatine a gross complaint of 21.3% and a nett complaint of 17.1%. By the extremity of March 20206, the fund’s wide non-delta adjusted gross and nett exposures were 114.1% and 73.3%, respectively. The missive noted that the unchangeable marketplace trends from 20205 were breached by geopolitical tensions linked to Trump’s progressively unpredictable overseas policy, causing the S&P 500 to autumn astir 4.3%. Nonetheless, Q1’s fundamentals aligned with broader trends. Overall, the steadfast is pleased with its portfolio, maintaining its presumption arsenic peculiar situations statesman to accelerate. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2026.
In its first-quarter 2026 capitalist letter, Crossroads Capital highlighted AST SpaceMobile, Inc. (NASDAQ:ASTS). AST SpaceMobile, Inc. (NASDAQ:ASTS) is simply a US-based outer connection institution processing a space-based cellular broadband web designed to link straight to smartphones done its BlueBird satellites. On May 22, 2026, AST SpaceMobile, Inc. (NASDAQ:ASTS) closed astatine $105.86 per share. One-month instrumentality of AST SpaceMobile, Inc. (NASDAQ:ASTS) was 37.12%, and its shares gained 339.34% implicit the past 52 weeks. AST SpaceMobile, Inc. (NASDAQ:ASTS) has a marketplace capitalization of $41.08 billion.
Crossroads Capital stated the pursuing regarding AST SpaceMobile, Inc. (NASDAQ:ASTS) successful its Q1 2026 capitalist letter:
"AST SpaceMobile, Inc. (NASDAQ:ASTS): Q1 picked up precisely wherever Q4 near off. The company’s modulation from R&D-stage startup to operational scaleup, which we described past quarter, went from “underway” to “unmistakable” implicit the people of the past 3 months. There was 1 setback, arsenic BB7 was placed successful the incorrect orbit by the New Glenn 3 rocket, sparking a downturn that had everything to bash with Blue Origin’s conveyance misplacement, not immoderate nonaccomplishment of AST’s technology. Nonetheless, the setback served arsenic a steadfast reminder that navigating the abstraction frontier is ne'er without challenges, peculiarly for a ngo of this scale.
The company’s aboriginal March net update showed full-year 2025 gross came successful astatine $70.9M, astatine the apical extremity of the guided range, driven by 15 commercialized gateway deliveries crossed 9 MNO customers connected 5 continents and milestones against 10 progressive authorities contracts. 2026 gross guidance is $150–200M, astatine slightest a doubling, and absorption gave clarity and discourse to the $1.2B of contracted backlog and government-related scaling we should spot into adjacent year. Q1 2026 gross of $14.7M was airy comparative to consensus, but guidance was reaffirmed and absorption noted gross volition beryllium heavy weighted toward the 2nd fractional of the twelvemonth arsenic launches statesman and commercialized work activates…” (Click present to work the afloat text)
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