Crossroads Capital LLC, an investment management firm, published its first-quarter 2026 investor letter. You can download a copy here. The Fund increased by 4.2% net of fees and expenses during the quarter. Since its founding, the fund has compounded at a gross rate of 21.3% and a net rate of 17.1%. By the end of March 20206, the fund’s overall non-delta adjusted gross and net exposures were 114.1% and 73.3%, respectively. The letter noted that the stable market trends from 20205 were broken by geopolitical tensions linked to Trump’s increasingly unpredictable foreign policy, causing the S&P 500 to fall about 4.3%. Nonetheless, Q1’s fundamentals aligned with broader trends. Overall, the firm is pleased with its portfolio, maintaining its position as special situations begin to accelerate. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its first-quarter 2026 investor letter, Crossroads Capital highlighted AST SpaceMobile, Inc. (NASDAQ:ASTS). AST SpaceMobile, Inc. (NASDAQ:ASTS) is a US-based satellite communication company developing a space-based cellular broadband network designed to connect directly to smartphones through its BlueBird satellites. On May 22, 2026, AST SpaceMobile, Inc. (NASDAQ:ASTS) closed at $105.86 per share. One-month return of AST SpaceMobile, Inc. (NASDAQ:ASTS) was 37.12%, and its shares gained 339.34% over the past 52 weeks. AST SpaceMobile, Inc. (NASDAQ:ASTS) has a market capitalization of $41.08 billion.
Crossroads Capital stated the following regarding AST SpaceMobile, Inc. (NASDAQ:ASTS) in its Q1 2026 investor letter:
“AST SpaceMobile, Inc. (NASDAQ:ASTS): Q1 picked up exactly where Q4 left off. The company’s transition from R&D-stage startup to operational scaleup, which we described last quarter, went from “underway” to “unmistakable” over the course of the last three months. There was one setback, as BB7 was placed in the wrong orbit by the New Glenn 3 rocket, sparking a downturn that had everything to do with Blue Origin’s vehicle misplacement, not any failure of AST’s technology. Nonetheless, the setback served as a healthy reminder that navigating the space frontier is never without challenges, particularly for a mission of this scale.
The company’s early March earnings update showed full-year 2025 revenue came in at $70.9M, at the top end of the guided range, driven by 15 commercial gateway deliveries across nine MNO customers on five continents and milestones against ten active government contracts. 2026 revenue guidance is $150–200M, at least a doubling, and management gave clarity and context to the $1.2B of contracted backlog and government-related scaling we should see into next year. Q1 2026 revenue of $14.7M was light relative to consensus, but guidance was reaffirmed and management noted revenue will be heavily weighted toward the second half of the year as launches begin and commercial service activates…” (Click here to read the full text)
