Crossroads Capital LLC, an investment management firm, released its Q1 2026 investor letter. You can download a copy here. The Fund increased 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%. At the end of March 20206, the fund’s delta-free overall adjusted gross and net exposures were 114.1% and 73.3%, respectively. The letter noted that stable market trends from 20205 onwards were disrupted by geopolitical tensions linked to Trump’s increasingly unpredictable foreign policy, causing the S&P 500 to fall about 4.3%. However, first-quarter fundamentals aligned with broader trends. Overall, the company is satisfied with its portfolio and is maintaining its position as special situations begin to accelerate. Also, check out the Fund’s top five holdings to learn your best picks in 2026.
In its Q1 2026 investor letter, Crossroads Capital highlighted AST SpaceMobile, Inc. (NASDAQ:ASTS). AST SpaceMobile, Inc. (NASDAQ:ASTS) is a US-based satellite communications company developing a space cellular broadband network designed to connect directly to smartphones via its BlueBird satellites. On May 22, 2026, AST SpaceMobile, Inc. (NASDAQ:ASTS) closed at $105.86 per share. AST SpaceMobile, Inc. (NASDAQ:ASTS) monthly performance was 37.12% and its stock gained 339.34% in 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): The first quarter picked up exactly where the fourth left off. The company’s transition from early R&D to operational scale-up, which we described last quarter, went from “ongoing” to “clear” over the course of the last three months. There was a setback, as the New Glenn 3 rocket put BB7 in the wrong orbit, causing a downturn that had a lot to do with poor placement of Blue Origin’s vehicle, not a failure of AST’s technology. Still, the setback served as a salutary reminder that navigating the space frontier is never without its challenges, particularly for a mission of this scale.
The company’s early March results update showed that full-year 2025 revenue totaled $70.9 million, at the high end of the forecast range, driven by 15 commercial portal deliveries across nine MNO clients across five continents and milestones across ten active government contracts. Revenue guidance for 2026 is between $150 million and $200 million, at least a doubling, and management provided clarity and context to the $1.2 billion outstanding contract pipeline and the government-related expansion we should see next year. Q1 2026 revenue of $14.7 million was light relative to consensus, but guidance was reaffirmed and management noted that revenue will be heavily weighted into the second half of the year as launches begin and commercial service goes live…” (Click here to read full text)
