Ironically, it could have been written far more concisely and clearly by using IIFE, if-then statements and reordering the logic:
const result = (() => {
if (!conditionA) return 'Not A';
if (conditionB) return 'A & B';
return 'A';
})();
Yes, I know, I "need" to use curlies. But there's really no reason why someone shouldn't be able to quickly make sense of this. The ternary, on the other hand, is unnecessarily cryptic.